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Upstream sector led global oil and gas M&A deals in 2019, says GlobalData

Upstream sector led global oil and gas M&A deals in 2019, says GlobalData   The upstream sector accounted for the bulk of mergers and acquisitions (M&A) in the global oil and gas industry in 2019, generating some high-value transactions during the process. The acquisition of Anadarko Petroleum by Occidental Petroleum in April 2019 for a purchase consideration of US$57bn was the...

Global Oil Demand Growth Evaporates As Coronavirus Keeps Planes Grounded

Global Oil Demand Growth Evaporates As Coronavirus Keeps Planes Grounded   The coronavirus epidemic in China has triggered restrictions in the country’s public transport and air travel, both at a domestic and an international level, reducing demand for oil, which has lost about a fifth of its value since the start of the year. What does that mean for the world’s 2020 oil demand? Assessing the impact of the virus, Rystad Energy is heavily revising its annual global oi...

Equinor to dramatically increase wind investment under new climate strategy

Equinor to dramatically increase wind investment under new climate strategy   Energy major Equinor has pledged to grow its renewable energy generation capacity tenfold over the next six years, in a major shake-up to its climate targets. The firm announced late last week a new ambition to reduce the net carbon intensity of its energy by at least 50% by 2050, against a 2019 baseline. Emissions from across the value chain, from initial production to final consumption, will be measured...

Hiretech Limited Makes Significant Investment in Subsea Capabilities

Hiretech Limited Makes Significant Investment in Subsea Capabilities   Hiretech Limited has invested significantly in personnel and equipment to enhance its capabilities and offerings in the subsea and decommissioning sectors. Duncan Duthie has recently joined the firm as Business Development Manager for Subsea and Decommissioning rentals. Commenting on his new role, Mr Duthie said, “I am delighted to be joining Hiretech during a sustained period of growth and investment....

IMCA Diving CPD App Exceeds Expectations In Trial Phase

IMCA Diving CPD App Exceeds Expectations In Trial Phase   The International Marine Contractors Association (IMCA) has successfully completed trials of its Diving Supervisor CPD App. IMCA launched a pilot Continuing Professional Development (CPD) scheme for diving supervisors in September 2019. This followed announcements of the programme in November 2018, outlining the development of an App based scheme incorporating the very latest in training techniques to support diving supervis...

Petronas tops 2020 oil and gas brand strength ranking

Petronas tops 2020 oil and gas brand strength ranking   Malaysia’s national oil and gas company has steadily risen through the ranks of oil and gas brands, rising from 10th place in 2015 to the top spot in 2020, according to brand valuation authority Brand Finance. Measured on the Brand Strength Index which is scored out of 100, this is judged on a brand’s performance on intangible measures relative to its competitors, according to Brand Finance. Here, Petronas scored 8...

STATS Group Bolster Management Team With Chief Operating Officer

STATS Group Bolster Management Team With Chief Operating Officer   STATS Group has strengthened its management team with the appointment of Garry North as Chief Operating Officer. With more than 40 years’ experience in the engineering and oil and gas industries, Mr North has held senior operational management roles in Europe, North America and the Middle East. STATS Group are market leaders in the supply of pressurised pipeline isolation, hot tapping and plugging services...

Diamond Offshore wins £39million rig extension on North Sea with Apache

Diamond Offshore wins £39million rig extension on North Sea with Apache   A new £39million extension with Apache has been announced by Diamond Offshore in the North Sea, following the £480million of new work that was secured in 2019. The Ocean Patriot vessel has since obtained a 12-month extension with the US company, which is currently working in the Beryl Area, north-east of Aberdeen. On top of this, Diamond won an extension with Shell contracted until March...

Egypt signs gas exploration deal in Nile Delta worth $43 million with Germany's Wintershall DEA

Egypt signs gas exploration deal in Nile Delta worth $43 million with Germany's Wintershall DEA   Egypt signed a new oil and gas exploration deal at Nile Delta with Germany's Wintershall DEA with minimum investments of $43 million, the petroleum ministry announced on Monday. Petroleum minister Tarek El-Molla signed the agreement covering Nile Delta's East Damanhour exploration bloc between Egyptian Natural Gas Holding Co. (EGAS) and Wintershall Dea. The signing cere...

Forum’s ROV to Support Amundsen Science’s Arctic research

Forum’s ROV to Support Amundsen Science’s Arctic research   Forum Energy Technologies has secured an order from Amundsen Science (Université Laval, Canada) to supply a light work-class remotely operated vehicle (ROV) to support its Arctic scientific research activities. The vehicle will be installed on board the Canadian research icebreaker CCGS Amundsen and will support the exploration of Arctic and Sub-arctic seafloor eco-systems. Equipped with 85 scientific sy...

Subsea Expo has international flavour with VIPs from Africa and Azerbaijan

Subsea Expo has international flavour with VIPs from Africa and Azerbaijan   Mozambique’s oil and gas regulator, the National Petroleum Institute, and senior representatives from SOCAR, the State Oil Company of the Azerbaijan Republic, will be actively promoting business opportunities for UK subsea companies at Subsea Expo. Following the discovery of natural gas reserves in the Rovuma basin, Mozambique is expected to become a major LNG supplier to global markets by 2023. N...

Fugro awarded Aker Energy contract for Pecan field surveys offshore Ghana

Fugro awarded Aker Energy contract for Pecan field surveys offshore Ghana   Aker Energy has awarded Fugro a contract for geotechnical and geophysical survey services in relation to the Pecan field, offshore Ghana. The surveys will obtain critical seabed and sub-seabed information to facilitate the planning and emplacement of the Pecan subsea infrastructure and the floating, production, storage and offloading (FPSO) ship. “This project will build on the extensive experience that...

Touchstone confirms gas discovery onshore Trinidad and Tobago

Touchstone confirms gas discovery onshore Trinidad and Tobago   Touchstone Exploration has confirmed significant liquids-rich gas discovery following the flowback testing of the first stage of the Cascadura-1ST1 exploratory well in the onshore Ortoire exploration block in Trinidad and Tobago. Touchstone is the operator of the exploratory well and owns 80% working interest while Heritage Petroleum owns the remaining 20% working interest. Results of the Cascadura-1ST1 exploratory...

Energy Observer and CMA CGM join forces to make hydrogen one of the energy sources of tomorrow

Energy Observer and CMA CGM join forces to make hydrogen one of the energy sources of tomorrow   The CMA CGM Group, a world leader in shipping and logistics and a pioneer in the field of energy transition, is joining forces with Energy Observer, the first hydrogen vessel around the world. A common ambition: zero-emission shipping Energy Observer, formerly a legendary race boat, is now a genuine experimental platform for tomorrow’s energy sources. It is sailing round the wo...

Overview: The Subsea Industry’s Comeback

Overview: The Subsea Industry’s Comeback   While industry observers were following the slowdown in US shale growth, OPEC’s production cuts, and the geopolitical turmoil in the Middle East in 2019, the global offshore oil and gas industry and the subsea market were making their comeback after years of setbacks, signalling improved market conditions for the offshore sector. Growing investment in deepwater exploration and production is set to be the key market driver for t...

Year in review - 2019 marked a breakthrough for integrated subsea contracts

Year in review - 2019 marked a breakthrough for integrated subsea contracts By Henning Bjørvik, Senior Analyst Oilfield Service Research, Rystad Energy   Record-high number of subsea trees awarded via integrated contracts. After hitting rock bottom in 2016, the subsea equipment market has gradually recovered, reaching over 300 awards of subsea trees in both 2018 and 2019 – three times more than in 2016. Integrated subsea contracts took center stage in 2019 and had a...

Oil and gas giants Shell and Total get serious about solar

Oil and gas giants Shell and Total get serious about solar   Oil and gas majors have made forays into solar power and renewable energy over the past decades but it always seemed more like public relations than full-on commitment. That might be changing. Reluctant oil efforts into solar and renewables The history of photovoltaic commercialization was launched, in part, by Exxon in the 1970s. Atlantic Richfield’s efforts in solar manufacturing and solar power plants were...

Azerbaijan likely to support deeper OPEC+ oil output cuts

Azerbaijan likely to support deeper OPEC+ oil output cuts   Azerbaijan is likely to support further oil output cuts by OPEC and its allies, the ex-Soviet country’s energy minister said, should the move be necessary to balance demand fears after a coronavirus outbreak in China. A technical panel that advises the Organization of the Petroleum Exporting Countries and its allies led by Russia, the group known as OPEC+, proposed this week a provisional cut of around 600,000 barrel...

Aberdeen oil and gas firm, ICR INTEGRITY, hails 12% hike in revenue

Aberdeen oil and gas firm hails 12% hike in revenue   ICR INTEGRITY, the Aberdeen-based oil and defence industries services provider, has lifted revenue by 12 per cent to £31 million in a year in which it expanded operations in the Middle East and the US. Underlying earnings before interest, taxes and amortisation (Ebitda) was £8.8m against £8.7m the year before after £1.1m investment in global operations, it said. The company’s expansion activity i...

Somalia president signs new petroleum bill into law

Somalia president signs new petroleum bill into law   Somali President Mohamed Abdullahi Farmajo has signed landmark petroleum legislation into law to help open up a new frontier market, the oil ministry said on Saturday. The upper house of Somalia’s parliament in January approved the petroleum law aimed at providing a regulatory framework that will help attract investment in exploration by major oil companies. “The Petroleum Law demonstrates the capacity of the Soma...
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