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Parkmead Group Secures New UK Offshore Blocks

Parkmead Group Secures New UK Offshore Blocks   Parkmead Group PLC - Netherlands-focussed gas explorer - Secures an offer for four offshore blocks and part blocks spanning three new licences in the UK 32nd licensing round awards. The first of these provisional licence awards covers blocks 14/20g & 15/16g situated in the central North Sea, adjacent to Parkmead's extensive Greater...

Innovative Subsea startup nominated for multiple business awards

Innovative Subsea startup nominated for multiple business awards   Aberdeenshire start-up company, Legasea, has now been nominated for three business awards in quick succession. Despite having only established the business in 2019, the impact that the organisation has made, in a very short time, has been recognised by the judges of the following awards: UK Enterprise Awards – Subsea Company of the Year 2020 – Winner Great British Entrepreneur Awards 2020 –...

Europe could see $35 billion in CCS spending till 2035, with most capacity coming in the UK

Europe could see $35 billion in CCS spending till 2035, with most capacity coming in the UK   It’s been a long and costly two decades of carbon capture and storage (CCS) studies and test centers. Now Europe has reached a stage where big-scale developments make financial sense and could trigger up to $35 billion in development spending until 2035 – by which time as much as 75 million tonnes of CO2 could be captured and stored per year on the continent, a Rystad Energy analy...

Simulators help shape new universal drilling language to reduce human factors

Simulators help shape new universal drilling language to reduce human factors   The way drilling crews speak on rigs could soon be standardised across the globe to improve safety and maximise efficiencies thanks to ground-breaking research by the University of Oklahoma using Drilling Systems’ simulators. The University of Oklahoma conducted detailed studies into drilling language and commands using real-life scenarios on a Drilling Systems’ DrillSIM:50 simulator (OU has...

Oil Industry Talent Has Fled Or Been Fired, So What Comes Next?

Oil Industry Talent Has Fled Or Been Fired, So What Comes Next?   Talk of a talent shortage when the oil industry is laying off workers en masse may sound counterintuitive. However, a few years from now, the industry will recover, if its past cyclical boom-and-bust nature is any guide. And when that happens, the oil industry will have to hire again. But it may not find enough talent to fill in the gap.   U.S. Layoffs Reach 100,000 and Counting Some of the more than 100,0...

Total relinquishes operatorship of five blocks off Brazil

Total relinquishes operatorship of five blocks off Brazil   French oil major Total has opted to resign from its role of operator for five exploration blocks, located in the Foz do Amazonas Basin offshore Brazil. Total said on Monday that the blocks in question were the FZA-M-57, FZA-M-86, FZA-M-88, FZA-M-125, and FZA-M-127 blocks. According to the company, it notified its partners that it was resigning the operator role on August 19. The five blocks are located some 120 kilometr...

Cairn Energy confirms sale of Senegal assets to Woodside

Cairn Energy confirms sale of Senegal assets to Woodside   Cairn Energy on Monday confirmed that it had agreed to sell its entire stake in offshore oil blocks in Senegal to Woodside. The deal will be put to shareholders on September 23. Cairn last month said Woodside had exercised pre-emptive rights to buy its 40% share in the assets for up to $400m after initially agreeing in July to sell the stake to the joint venture partner Lukoil on the same terms. Source: Sharecast Read...

J&S Subsea in control following management buyout

J&S Subsea in control following management buyout   The Aberdeen based subsea controls engineering division of SEA, a subsidiary of the independent technology group Cohort plc, has undergone a management buyout as it looks to grow its core business in the North Sea European energy sector. Since the divestment completed, the company has reverted to a new version of its original trading name, J&S Subsea Limited. The business is now wholly owned and managed by the senior leade...

OGV Energy weekly Update

OGV Energy weekly Update   It was a busy week in AIM's oil and gas sector, especially for those in the North Sea. A number of AIM-quoted explorers were this week awarded new acreage in the North Sea as part of the UK’s latest licensing round. All told, the Oil and Gas Authority (OGA) offered 113 licence awards, representing over 259 blocks or part-blocks, to 65 companies in the 32nd Offshore Licensing Round. The round primarily comprised blocks in mature, producing...

OGV Energy's Europe Energy Review - September 2020

OGV Energy's Europe Energy Review - September 2020   In recent weeks, the biggest European oil and gas companies have reported their second-quarter results, while governments, associations, and analysts have published reports on how clean energy solutions could accelerate the economic recovery in the UK and Europe after the coronavirus crisis. Oil & Gas Norway’s Equinor reported significantly lower adjusted earnings for the second quarter, compared to the same peri...

U.S. oil companies gird for major policy shift as presidential elections loom

U.S. oil companies gird for major policy shift as presidential elections loom   U.S. oil producers are bracing for a Democratic victory in the November presidential elections, which many fear will mean significant restrictions on new drilling. Former Vice President Joe Biden won the Democratic nomination in mid-August, setting up a showdown with President Donald Trump in November. Biden, who is leading Trump in the polls, has vowed to cease all new drilling on federal lands and in...

Jersey Oil & Gas tipped for substantial upside as it advances expanded Buchan project

Jersey Oil & Gas tipped for substantial upside as it advances expanded Buchan project   Jersey Oil & Gas PLC is on a steeply positive trajectory, according to stockbroker WH Ireland, which with a 268p per share fair value estimate sees some 106% upside. It comes after Jersey expanded its North Sea footprint in the UK’s latest offshore licensing round, effectively bolting on further acreage to its Greater Buchan Area (GBA) field development project. WH Ireland analy...

Premier awarded 3 licences in UK’s 32nd Round

Premier awarded 3 licences in UK’s 32nd Round   Premier is pleased to announce that its three applications in the UK’s 32nd Offshore Licensing Round have been successful with the award of two licences directly adjacent to its Tolmount Field Development Area (FDA) in the Southern Gas Basin as well as a licence next to its operated Catcher Area fields in the Central North Sea. Premier was awarded a 50 per cent operated interest in Blocks 42/28e and 42/29b in the licence d...

LMS up for global growth recognition award

LMS up for global growth recognition award   Load monitoring specialists announced as finalists in this year’s Northern Star Business Awards Aberdeen based, Load Monitoring Systems Ltd. (LMS), specialists in intelligent load monitoring and measurement products is proud to announce they have been shortlisted for the ‘Going Global’ award at the Aberdeen Grampian Chamber of Commerce (AGCC) 2021 Northern Star Business Awards. The ‘Going Global’ award re...

Worst is over for oil and gas sector

Worst is over for oil and gas sector   AmInvestment Bank Research has upgraded the oil and gas sector to "overweight" despite the ongoing volatility in crude oil prices as the downcycle may have hit a bottom. Following the recent quarterly earnings season, the research house has five "buy" calls in the sector and only two "sell" calls and one "hold", leading to the sector upgrade. Two of the nine oil and gas companies under the research ho...

EODev (Energy Observer Developments) and Monnoyeur Group, through its subsidiary ENERIA, have just signed an innovative partnership for the industrialization of hydrogen-based solutions

EODev (Energy Observer Developments) and Monnoyeur Group, through its subsidiary ENERIA, have just signed an innovative partnership for the industrialization of hydrogen-based solutions   EODev and the Monnoyeur Group, through its subsidiary Eneria, have signed a partnership agreement for the industrialization by Eneria of the hydrogen power generator GEH2 developed by EODev. To discover EODev's GEH2 in operation, visit Eneria's site in Montlhéry (91310) between Septemb...

Subsea 7 awarded contract extensions in Brazil

Subsea 7 awarded contract extensions in Brazil   Subsea 7 today announced an agreement with Petrobras to extend by one year the current long-term day-rate contracts for three pipelay support vessels (PLSVs) operating offshore Brazil. The extensions have a combined value of approximately USD 155 million, net of agreed reductions to the current day-rates, and increase the backlog relating to the four Brazilian PLSVs to USD 493 million at 31 August 2020. Seven Waves, Seven Rio and...

Prosafe and Shell agree on 2021 North Sea campaign

Prosafe and Shell agree on 2021 North Sea campaign   Prosafe and Shell U.K. Limited (‘Shell’) have agreed to defer and amend the contract for the Safe Zephyrus to provide accommodation services in support of the Shearwater platform turnaround. The revised firm duration of the contract of 115 days commences in March 2021 although Shell has the option of adding either 30 or 45 days to the front end resulting in an earlier commencement date. Shell retains the option to ext...

Government licensing review is opportunity to shine light on changing industry

Government licensing review is opportunity to shine light on changing industry   The leading representative body for the UK’s offshore oil and gas industry has embraced a UK government review into future licensing rounds as an opportunity to shine a light on how the sector is changing to support the country’s climate ambitions while still ensuring it contributes to the UK’s ongoing security of energy supply. Speaking in response to the announced review, OGUK Chief...

OGV Energy's Middle East Energy Review – September 2020

OGV Energy's Middle East Energy Review – September 2020   Just as OPEC and its Russia-led partners in the OPEC+ group began to ease the record crude oil production cuts in August, the cartel downgraded its global oil demand outlook for 2020, citing longer-lasting impact from the coronavirus on economies and oil consumption.  Major oil exporters from the Middle East saw their oil revenues further sliding and deficits widening in the second quarter, while the single b...
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