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Chevron in talks with Eni to sell stake in Indonesia Deepwater Development: officials

Chevron in talks with Eni to sell stake in Indonesia Deepwater Development: officials   Oil major Chevron is in talks with Italy's Eni over the possibility of selling its stake in the Indonesia Deepwater Development project in offshore East Kalimantan in Southeast Asia, two senior government officials said Aug. 5. The talks are happening against the backdrop of Chevron's rece...

ExxonMobil to use Noble Corp drillship for Guyana project

ExxonMobil to use Noble Corp drillship for Guyana project   Noble Corp. has announced that ExxonMobil has hired the drillship Noble Sam Croft on a new 6-month contract to drill offshore Guyana, with operations commencing in 4Q20 after the rig finishes its current programme offshore Suriname. This contract was awarded under the previously-announced Commercial Enabling Agreement (CEA) established with ExxonMobil for Guyana earlier this year. With this award, all four of Noble's h...

Exxon: 20 Percent Of Global Oil And Gas Reserves May Be Wiped Out

Exxon: 20 Percent Of Global Oil And Gas Reserves May Be Wiped Out   After a grim Q2 season for Big Oil, the world’s third-most valuable energy company is warning that 20% of the world’s oil and gas reserves may no longer be viable, according to Bloomberg. According to Exxon Mobil, one-fifth of the world’s oil and gas reserves will no longer qualify as “proved reserves” at the end of this year if oil prices fail to recover before then. A flurry of oi...

Weatherford does remote installation on Russian offshore platform

Weatherford does remote installation on Russian offshore platform   Weatherford International announced it has successfully and remotely used a restricted crew to install a 16-inch liner hanger on an offshore platform in Sakhalin Island, Russia during the Covid-19 lockdown. Remote training and monitoring procedures enabled the successful installation of the liner hanger system, cementing products and tubular running services.   The operator objectives were clear: First, install...

The Last Oil Drilling Rig Leaves Venezuela

The Last Oil Drilling Rig Leaves Venezuela   The last oil rig has officially left the premises. In Venezuela, that is. There, Nabors said it had shut down its final active drilling rig as of Monday. As reported by Sergio Chapa at the Houston Chronicle, this action now brings the active rig count in that formerly prosperous socialist nation to zero. A complete flatline. Think about that for a moment: Venezuela is home to larger oil reserves than any other nation on earth, including...

Brent Oil Tops $45 a Barrel With U.S. Crude Stockpiles Easing

Brent Oil Tops $45 a Barrel With U.S. Crude Stockpiles Easing   Oil climbed to a five-month high in London, topping $45 a barrel after U.S. industry data showed a decline in the nation’s stockpiles. Brent futures gained for a fourth day, rising as much as 1.7% to the highest price since March 6. The American Petroleum Institute reported a 8.59 million-barrel drop in crude inventories last week, according to people familiar with the figures. Meanwhile, European equities and U....

Spirit Energy drills dry well near Ivar Aasen field

Spirit Energy drills dry well near Ivar Aasen field   Spirit Energy Norway AS, operator of production licence 780, is in the process of concluding the drilling of wildcat well 16/1-33 S. The well was drilled about 5 km north of the Ivar Aasen field in the central part of the North Sea, and about 200 km west of Stavanger. The objective of the well was to prove petroleum in reservoir rocks in the Middle Jurassic (Sleipner Formation) and the Upper Triassic (Skagerrak Formation)....

Shell gets NOPSEMA’s approval for development of Crux gas field

Shell gets NOPSEMA’s approval for development of Crux gas field   Royal Dutch Shell has secured approval from Australia’s National Offshore Petroleum Safety and Environmental Management Authority (NOPSEMA) for the development of the Crux gas field, offshore Western Australia. The company’s subsidiary Shell Australia submitted an offshore project proposal (OPP) to the Australian regulator in 2018. The Crux gas field, which is located in the Browse Basin will be...

ConocoPhillips gets drilling permit for Norwegian Sea well

ConocoPhillips gets drilling permit for Norwegian Sea well   The Norwegian Petroleum Directorate (NPD) has granted ConocoPhillips a drilling permit for a well located in the Norwegian Sea. The NPD said on Monday that the 6507/4-1 well would be drilled from the Leif Eiriksson drilling rig after concluding the drilling of wildcat well 16/1-33 S for Spirit Energy in production licence 780. The drilling programme for the well relates to the drilling of wildcat wells in production li...

PTTEP contracts two Borr jackups

PTTEP contracts two Borr jackups   Borr Drilling Ltd. has issued an update on its jackup drilling rig fleet. PTTEP has awarded the Saga a one-year contract and the Gunnlod a six-month contract. Both are expected to start in September offshore Malaysia. ExxonMobil has rescinded the notices of early termination and replaced with suspension notices for the Gerd and Groa. The rigs are currently warm stacked. ROC Oil has rescinded the notice of termination and replaced it with a s...

SNC-Lavalin announces transformation of resources business

SNC-Lavalin announces transformation of resources business   SNC-Lavalin Group Inc. announces it is transforming its Resources Business to focus on a Services offering in a limited number of existing primary markets, that complement the Company’s broader engineering services capabilities and strategy, which should return the Resources Business to profitability in 2021. The Company announced in July 2019 that it would be exploring all options with regard to its Resources Busin...

Oil dips near $40 with OPEC+ starting to unwind output cuts

Oil dips near $40 with OPEC+ starting to unwind output cuts   Oil edged lower near $40 a barrel in New York as OPEC and allied producers started supplying more crude to a global market where many countries are still struggling to contain the coronavirus. OPEC+ will pump about 1.5 million barrels more this month than in July as it starts to unwind its historic virus-driven output curbs, with Russia already having lifted its output slightly last month. The increase in supply comes...

Zion Oil & Gas receives approval to drill new well

Zion Oil & Gas receives approval to drill new well   Israel-based firm Zion Oil & Gas, Inc. has secured approval from the Energy Ministry for its new drilling plan. The plan, which was submitted for approval on April 12, was finally approved on July 29. The plan should begin in the mid to late third quarter of 2020, based on the firm's projections, and it will take around five months to drill the Megiddo Jezreel #2 well. Civil work on the pad location is expected to...

OGV Energy oil, gas and energy review

OGV Energy oil, gas and energy review   Royal Dutch Shell PLC provided the truly heavyweight news in the oil & gas sector this week, by revealing it is to maintain its downgraded dividend as the crude oil price trough continues to squeeze its financial performance. Shell announced a second-quarter dividend of 16 cent per share, in-line with the 65% reduction seen in the first quarter. It came as the FTSE 100-listed Anglo0-Dutch giant reported an IFRS earnings loss of US$18.1...

Rosneft Strikes Oil At New Field In Siberia

Rosneft Strikes Oil At New Field In Siberia   Rosneft has discovered oil in a new field in Western Siberia, with reserves estimated at 20 million tons of crude oil (146.6 million barrels) and some 1 billion cubic meters of natural gas, the company said. The discovery will help Rosneft fulfill its reserve replacement program, which aims at a replacement rate of 100 percent. The Novoognennoye field is the fourth new oil field discovered as part of the Vankor project, which is expl...

Energy Observer Developments (EODev) introduces its REXH2 onboard HYNOVA Yachts's first prototype

Energy Observer Developments (EODev) introduces its REXH2 onboard HYNOVA Yachts's first prototype   Energy Observer Developments (EODev) will present at the next Cannes Yachting Festival from September 8 to 13, 2020 its REXH2 (Range Extender Hydrogen) solution, integrated for the first time in a vessel other than Energy Observer: a 40-foot open boat developed with HYNOVA Yachts, the first production electro-hydrogen tender to be launched on the market. The REXH2 is a modular so...

Oxy reportedly in talks to sell $4.5bn energy assets to Pertamina

Oxy reportedly in talks to sell $4.5bn energy assets to Pertamina   International oil and gas exploration and production company Occidental Petroleum (Oxy) is reportedly holding talks to sell energy assets in Africa and the Middle East to Indonesian oil and natural gas company Pertamina. The assets under the proposed sale are valued at $4.5bn. Occidental took the latest decision in a bid to ease its debt load, Bloomberg News reported. Citing people familiar with the matter, B...

Apache Posts Smaller-than-expected Loss as Cost-cuts Pay Off

Apache Posts Smaller-than-expected Loss as Cost-cuts Pay Off   Oil and gas producer Apache Corp. reported a smaller-than-expected quarterly loss on July 29 and said it made a third oil discovery offshore Suriname, sending its shares up 17% after hours. U.S. crude prices fell below $0 for the first time ever in April as coronavirus-led lockdowns drained demand and a feud between the world's top producers flooded the market with oil. To cushion the hit from lower production an...

GE to sell remaining stake in Baker Hughes within three years

GE to sell remaining stake in Baker Hughes within three years   General Electric (GE) said that it has launched a programme to sell its remaining stake of 36.6% in its oil field services subsidiary Baker Hughes within a period of three years. The US conglomerate said that taking up the programme over the course of time will allow it to offload a substantial non-core asset, redeploy capital, improve financial flexibility, and boost its balance sheet. GE plans to use proceeds from...

Equinor gains drilling permit for wildcat wells in Norwegian Sea

Equinor gains drilling permit for wildcat wells in Norwegian Sea   The Norwegian Petroleum Directorate (NPD) has granted Equinor a drilling permit for wells located in the Norwegian Sea. The well 6407/1-8 S and A will be drilled from the West Hercules drilling rig after concluding the drilling of wildcat well 34/11-24 S for Equinor in production licence 248 C. The drilling programme for well 6407/1-8 S & A relates to the drilling of wildcat wells in production licence 263 D....
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