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EMEC award HyFlyer hydrogen refuelling contract to Fuel Cell Systems

EMEC award HyFlyer hydrogen refuelling contract to Fuel Cell Systems   The European Marine Energy Centre (EMEC) have awarded a contract to fuel cell technology solutions provider, Fuel Cell Systems Limited (FCSL) to supply a mobile hydrogen refuelling vehicle for the HyFlyer project. Funded by Innovate UK, the HyFlyer project aims to demonstrate hydrogen fuel cell powertrain technolo...

Big E&P spending still needed, but fields with break-even above $60 are priced out

Big E&P spending still needed, but fields with break-even above $60 are priced out   Energy projects that need oil prices above $60 per barrel in order to break even risk being uncommercial going forward, according to Rystad Energy. However, massive investments in exploration and sanctioning are still needed to meet growing global demand. As the world transitions to a less carbon-intensive future, Rystad Energy forecasts that the global inventory of already discovered oil field...

Chevron to reduce funding to Kitimat LNG project and other gas projects

Chevron to reduce funding to Kitimat LNG project and other gas projects   Chevron said that it will cut funding to its Appalachia shale operations in the US and also the CAD40bn ($30.23bn) Kitimat LNG project and other gas-related international projects. Furthermore, the US oil and gas company is exploring strategic alternatives for the gas assets, including their sale. The company expects to take $10bn-$11bn after-tax impairment charges in its fourth quarter 2019 results owing...

Diving deep into the Mediterranean frontier

Diving deep into the Mediterranean frontier   Based on currently available geophysical data, the Lebanese government estimates that the offshore oil and gas frontier areas in the East Mediterranean may hold around 25 trillion cubic feet of natural gas reserves, though this has yet to be proven. An initial exploration well is expected to be drilled in block 4 by the end of 2019, or in early 2020. Once an exploration blind spot, the Eastern Mediterranean is now a hot region of intere...

Ocean LNG leads global long-term LNG contracted capacity signed by purchasing companies in 2019, says GlobalData

Ocean LNG leads global long-term LNG contracted capacity signed by purchasing companies in 2019, says GlobalData   Ocean LNG has dominated in terms of long-term liquefied natural gas (LNG) import volumes for contracts signed by key purchasing companies for the year 2019, with almost 47% of the global contracted capacity, according to GlobalData, a leading data and analytics company. The company’s latest report, ‘Global Long-Term LNG Contracts Review, 2019 – Golden...

His Majesty the King will open Johan Sverdrup

His Majesty the King will open Johan Sverdrup On 7 January next year, His Majesty the King will perform the official opening of the Johan Sverdrup field centre. Norway’s Prime Minister Erna Solberg and the Minister of Petroleum and Energy Kjell-Børge Freiberg will also be present. The official opening will take place at the field centre in the North Sea. Equinor and its partners Lundin Norway, Petoro, Aker BP and Total will invite guests and field centre personnel to attend...

Halliburton lays off 70 employees at Bakersfield plant in California

Halliburton lays off 70 employees at Bakersfield plant in California   Halliburton Co. is laying off employees at its Bakersfield plant in California in its latest round of job cuts this year, as the U.S. oilfield services firm struggles with falling profits amid slowing oil and gas activity. The layoffs are expected to impact about 70 employees at the plant, the company said in a filing with California authorities. Halliburton said the move was in addition to job cuts at other...

Weekly Energy Recap: Keeping Things In Balance

Weekly Energy Recap: Keeping Things In Balance   Summary Brent crude rose above $64 per barrel after OPEC+ producers unanimously agreed to deepen output cuts by 503,000 barrels per day to a total of 1.7 million bpd till the end of the first quarter of 2020. OPEC November crude oil output levels at 29.8 million bpd show that producers were already over-complying with its current 1.2 million bpd output cuts deal by around 400,000 bpd. The over-compliance will result in cuts of...

OPEC agrees to 500,000 barrel per day production cut: statement

OPEC agrees to 500,000 barrel per day production cut: statement   The OPEC group of oil producing countries and their allies — including Russia — agreed on Friday to a production cut of 500,000 barrels per day in addition to their current agreement. Ministers gathered at OPEC headquarters in Vienna “decided for an additional adjustment of 500 (thousand barrels per day)”, effective as of 1 January 2020, according to a statement issued after the meeting....

Baker Hughes Announces November 2019 Rig Counts

Baker Hughes Announces November 2019 Rig Counts   Baker Hughes announced today that the Baker Hughes international rig count for November 2019 was 1,096, down 34 from the 1,130 counted in October 2019, and up 105 from the 991 counted in November 2018. The international offshore rig count for November 2019 was 247, up 5 from the 242 counted in October 2019, and up 41 from the 206 counted in November 2018. The average U.S. rig count for November 2019 was 810, down 38 from the 848 co...

The ‘Power of Siberia’ gas pipeline: Everything you need to know

The ‘Power of Siberia’ gas pipeline: Everything you need to know   On December 2, Russia began delivering gas supplies to China via the newly-built ‘Power of Siberia’ pipeline, Gazprom’s most ambitious project to date. Here’s why it’s so significant. Why do Russia & China need it? The ‘Power of Siberia’ project is probably the most evident proof of Russia’s “pivot to the East”, some Russian experts say....

North American shale supply set to grow even if oil prices drop

North American shale supply set to grow even if oil prices drop   North American shale supply will continue growing even in an environment with lower oil prices, Rystad Energy forecasts. The OPEC countries and Russia are meeting in Austria’s capital, Vienna this week to agree on oil production quotas for 2020. Without deeper cuts, Rystad Energy forecasts a substantial build of global crude stocks and a corresponding drop in oil prices (link). However, even with potentially...

Oil supply shadowing demand puts OPEC in tough spot

Oil supply shadowing demand puts OPEC in tough spot   Global oil supply overshadowing overall oil demand in the world put OPEC in a difficult situation during the oil price slump years of 2014 through 2016, OPEC Conference president said on Dec. 5. "Three years ago, the oil market was in a perilous condition," Venezuelan Minister of Petroleum Manuel Salvador Quevedo Fernandez said during a speech at the beginning of a meeting of the OPEC Conference in Vienna. In that t...

Saudis pledge to cut production, but only if other OPEC members stop cheating

Saudis pledge to cut production, but only if other OPEC members stop cheating   Saudi Arabia appeared to be on track to forge a new quid pro quo with fellow OPEC+ members: If you stop cheating, we’ll keep on cutting. A few hours before the Organization of Petroleum Exporting Countries’ meeting in Vienna, a committee that oversees its deal with non-members, including Russia, recommended the wider group adopt the Saudi proposal and reduce its output quota by 500,000 barre...

EnQuest secures Block PM409 PSC offshore Malaysia from Petronas

EnQuest secures Block PM409 PSC offshore Malaysia from Petronas   Oil and gas production and development firm EnQuest has secured Block PM409 production sharing contract (PSC) offshore Peninsular Malaysia from Petronas. EnQuest’s wholly owned subsidiary EnQuest Petroleum Production Malaysia (EnQuest) has secured the PSC in partnership with Petronas Carigali (PCSB), as part of the 2019 Malaysia Bidding Round. The companies have signed the PSC and joint operating agreement (JOA...

Oil may fall to $40, experts warn OPEC

Oil may fall to $40, experts warn OPEC   Experts at an energy research group, Rystad Energy, have predicted that there will be a substantial build of global crude stocks and a corresponding drop in oil prices if the Organisation of Petroleum Exporting Countries fails to deepen production cuts in 2020. OPEC and its allies, including Russia, will gather in Vienna, Austria, on Thursday (today) and Friday to discuss oil output levels in 2020. The Head of Oil Market Research at Rysta...

Oil companies swap stakes in Mexico as government holds off on auctions

Oil companies swap stakes in Mexico as government holds off on auctions   With Mexico’s government insisting that energy companies increase oil and gas output before it auctions off more of the country’s vast reserves or offers more partnerships with state-run Pemex, firms ranging from foreign majors to local players are scrambling to buy and sell blocks they already own. The negotiations are creating a dynamic secondary market for oil acreage, which could be the only i...

CNRL 2020 budget rises by $250M on oil curtailment ease; putting more rigs to work

CNRL 2020 budget rises by $250M on oil curtailment ease; putting more rigs to work   Canadian Natural Resources Ltd. says its 2020 capital budget will be $250 million higher than last year as it adds about 60 drilling locations across Alberta and puts three additional rigs to work. The company says the increased spending will create the equivalent of about 1,000 full-time jobs. Canadian Natural says it made the decision after the Alberta government eliminated curtailments for so...

Non-OPEC production is growing at record speed

Non-OPEC production is growing at record speed   Oil production from non-OPEC countries is expected to grow at record speed in 2020, creating a headache for the Organization of the Petroleum Exporting Countries (OPEC), which is scheduled to meet this week in Vienna to discuss extending oil production cuts. Rystad Energy predicts that total non-OPEC production (crude oil and condensate) will grow by around 2.26 million barrels per day (bpd) in 2020, creating a challenge for OPEC and...

Semco Maritime to upgrade Odfjell rig ahead of Total gig

Semco Maritime to upgrade Odfjell rig ahead of Total gig   Offshore drilling contractor Odfjell Drilling and Semco Maritime have signed a contract for preparation and modification of Deepsea Stavanger rig prior to its start of a nine-month drilling campaign for Total in the harsh waters outside South Africa. Back in July 2019, Total signed a firm contract with Odfjell Drilling to use the 6th generation semi-submersible Deepsea Stavanger for drilling offshore South Africa. The drill...
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