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Survivex invests in GWO wind training to support energy transition

Survivex invests in GWO wind training to support energy transition   Safety training specialist, Survivex is launching GWO wind training in Aberdeen to service Scotland’s fast-growing wind industry and support the oil and gas sector’s energy transition. More than £100,000 has been invested at Survivex in new facilities and equipment to align the centre to the highes...

Schlumberger introduces real-time oil and gas data management service

Schlumberger introduces real-time oil and gas data management service   Schlumberger introduced its Performance Live digitally connected service that optimizes remote wellsite operations control while improving safety, efficiency and footprint. The service includes technology and domain expertise within a digital ecosystem, leveraging cloud-based applications and automated data workflows through a secure and robust data network. The Performance Live service provides customers with...

OPEC+ Is Still Producing Too Much Oil

OPEC+ Is Still Producing Too Much Oil   OPEC further restricted its oil production in June compared to May as it aims to withhold a record volume of supply from the market together with its non-OPEC allies led by Russia, according to tanker-tracking company Petro-Logistics. However, the cartel still produced more than its collective quota. OPEC has reduced its collective oil production in June by 1.25 million barrels per day (bpd) compared to May, Petro-Logistics told Reuters in...

Iraq’s OPEC+ compliance doomed to fall short of target as costs too high to bear

Iraq’s OPEC+ compliance doomed to fall short of target as costs too high to bear   Iraq produced more than 650,000 barrels per day (bpd) above its target output level in May and is now being asked to make up for its non-compliance in future months. Rystad Energy estimates Iraq’s actual ability to cut more barrels is limited to between 300,000 and 500,000 bpd. Achieving any output target below 4 million bpd is overambitious given Iraq’s dire economic need for oil reve...

CNOOC makes new discovery offshore China

CNOOC makes new discovery offshore China   Chinese oil and gas company CNOOC has announced that it has made a significant discovery of Huizhou 26-6 in the Eastern South China Sea. According to CNOOC, the discovery is expected to become the first ‘mid-to-large’ sized condensate oil and gas field of the Pearl River Mouth Basin in Eastern South China Sea. At a depth of 113m, the Huizhou 26-6 structure is situated in Huizhou Sag in Zhu1 Depression of Pearl River Mouth ba...

Ampelmann secures five new offshore wind contracts in the North Sea

Ampelmann secures five new offshore wind contracts in the North Sea   Ampelmann, the Dutch offshore access provider, has secured five new contracts in offshore wind over the course of a month with Norwegian companies BOA, Volstad, Olympic Shipping, Siem Offshore and DOF. The company will provide two A-type and three E1000 systems, which will aid the installation and maintenance work at Offshore Wind farms in the North Sea. In total, this will add up to 380 days of firm work, with poss...

Aker BP Awards Aker Solutions $175,5M Offshore Maintenance Work

Aker BP Awards Aker Solutions $175,5M Offshore Maintenance Work   Norwegian oil company Aker BP has awarded an offshore maintenance and modification contract worth around $175,5 million to its compatriot offshore services provider Aker Solutions. The contract is for two years and is for maintenance and modification services at Aker BP's Ula, Valhall, and Tambar fields in the North Sea, and the Skarv in the Norwegian Sea. Work under the contract will start from December 1, 20...

Second FPSO starts production at presalt Iara cluster offshore Brazil

Second FPSO starts production at presalt Iara cluster offshore Brazil   Total and consortium partners have announced the commencement of the floating production storage and offloading (FPSO) P-70 on the Iara cluster in the deepwater Santos Basin pre-salt in Brazil. The vessel is receiving oil and gas from the Atapu field in the eastern part of the pre-salt area. Atapu is located near the Búzios field offshore Brazil. In November last year, Total and consortium partners an...

Oil declines as Covid-19 infections stand strong - Rystad Energy comment

Oil declines as Covid-19 infections stand strong - Rystad Energy comment   As Covid-19 cases go up, the oil prices cool down. Brent is again sputtering, losing some of this month’s hard-earned gains, a telltale sign that it’s break over $40 isn’t sustainable on the prospect of more lockdowns and mobility restrictions in key markets, from the US to Brazil. Another negative harbinger for oil also came out of the US after Chesapeake Energy filed for bankruptcy on Sun...

BP to sell petrochemicals business to INEOS for $5 billion

BP to sell petrochemicals business to INEOS for $5 billion   BP has struck a deal to sell its petrochemicals business to INEOS for $5 billion. The deal comes as new chief executive Bernard Looney looks to strengthen the company's balance sheet in the face of collapsing oil prices. Under the terms of the agreement, INEOS will pay BP a deposit of $400 million and will pay a further $3.6 billion on completion. An additional $1 billion will be deferred and paid in three separ...

Osbit celebrates 10 years in business

Osbit celebrates 10 years in business   Northumberland-based offshore technology supplier Osbit is celebrating a decade in business. Osbit began operations at its Riding Mill headquarters 10 years ago with three owner-directors, now four, all engineers and soon established a powerful engineering team. Over the course of 10 years, Osbit has delivered a number of offshore technology firsts to support its global customer-base. This includes world-first well intervention technology...

Chesapeake Energy, fracking pioneer, files for bankruptcy owing $9bn

Chesapeake Energy, fracking pioneer, files for bankruptcy owing $9bn   Chesapeake Energy, the shale gas drilling pioneer that helped to turn the United States into a global energy powerhouse, has filed for bankruptcy protection. The Oklahoma City-based company said on Sunday that it had been forced to enter chapter 11 protection because its debts of $9bn were unmanageable. It has entered a plan with lenders to cut $7bn of its debt and said it will continue to operate as usual du...

Energean excludes Norway unit from Edison deal

Energean excludes Norway unit from Edison deal   Energean said it had agreed to exclude Edison E&P's Norwegian subsidiary from its takeover deal, and cut capital expenditure guidance as oil companies wrestle with a slump in prices amid the coronavirus crisis. The deal, originally worth $750m, will now cost Energean a gross $284m after ditching Edison's Algerian assets in April. Edison's UK North Sea subsidiaries, including interests in the Glengorm and Isabella gas-...

How Scotland can kickstart the economy through green energy

How Scotland can kickstart the economy through green energy   Scotland is set to restart its economy as the country emerges from the Covid-19 crisis by harnessing “limitless quantities of renewable energy potential” and could wipe out gas central heating with “green hydrogen” in a bid to cut carbon emissions and create more than 100,000 new jobs over the next 30 years. The Scottish Government hopes to kick-start a green revolution to boost the economy which...

OGV Energy week 26 oil, gas and energy review

OGV Energy week 26 oil, gas and energy review   Union Jack Oil PLC has struck a deal to acquire additional interests in the Biscathorpe project so that its stake increases to 30%. The company is acquiring 3% of Biscathorpe in a deal with Egdon Resources Ltd, and, separately it will pick up another 3% in a deal with Montrose Industries. Bahamas Petroleum Company PLC told investors that all the administrative formalities in the set-up of its Bahamian mutual fund have now been complet...

Online technology platform to support UK energy transition

Online technology platform to support UK energy transition   TechnologyCatalogue.com, the fastest-growing technology platform in the Energy industry, and Carjon NRG, an Aberdeen headquartered Technology Deployment Service Company, delivering energy innovation around the world, announced today that they will join forces for the delivery of a UK Energy Technology Platform. The Goal of the new UK Online platform is to connect technologies to Operators, Developers and end-users in the UK...

Vestas wins wind turbine supply contract in Vietnam

Vestas wins wind turbine supply contract in Vietnam   Danish wind turbine manufacturer Vestas has secured a 48MW order from Phong Lieu Wind Power (PLWP). The company has bought the turbines for construction of a wind project in Quang Tri Province of Vietnam. As per the terms of the contract, Vestas will carry out the supply, transport, installation and commissioning of 12 V150-4.2 MW wind turbines. Vestas Asia Pacific president Clive Turton said: “Vietnam is the most ac...

Turkey's drillship Fatih embarks on long-awaited Black Sea mission

Turkey's drillship Fatih embarks on long-awaited Black Sea mission   Turkey’s first oil and gas drilling vessel, Fatih, set sail from northeastern Turkey’s Trabzon Friday morning for its long-awaited drilling mission in the Black Sea following the completion of installation works. Fatih's 103-meter towers were disassembled in Istanbul's Haydarpaşa port in late May to allow the vessel’s safe passage under the bridges in the Bosporus before it arrived in...

AMS Global Group boosts growth with new director appointment

AMS Global Group boosts growth with new director appointment   Marine consulting and safety specialists AMS Global Group has announced the appointment of a new board director as it focuses on growth markets and record revenues. The Aberdeen-based group said Graeme Reid brings with him a wealth of management and board experience in the marine consulting market. Previous roles he has held include director-level positions at a number of well-known organisations including Maritime Assu...

Oil gains as the market ignores new Covid-19 cases and corrects earlier losses - Rystad Energy comments

Oil gains as the market ignores new Covid-19 cases and corrects earlier losses - Rystad Energy comments   Traders show some reserved positivity in today’s session. Although oil prices saw some modest gains earlier in the day, the contracts retreated a bit, only to tick up again. Prices had a good run some days ago and both contracts enjoyed levels above 40 USD. These levels were lost in the last trading sessions as valid concerns about the continuous rise in infections in the...
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