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State-run Abu Dhabi National Oil Corporation (ADNOC) has entered into an agreement with Chinese oil major, CNOOC to collaborate in the upstream and downstream sectors and LNG. The agreement requires the firms to share knowledge, best strategies and technologies in ultra-sour gas development. ADNOC and CNOOC will also consider business opportunities in the downstream sector. Adnoc Group CEO and CNOOC chairman exchanged the Strategic Framework Agreement.
World’s largest oilfield services company, Schlumberger has inked an agreement with Russian state-run Gazprom Neft for technological cooperation in well logging. The two sides will join forces to integrate the latest logging technologies into the expert geophysics company. The oilfield services giant will offer engineering support to its partners and train staff of the operating units of the company.
Russian gas giant, Gazprom has signed a Memorandum of Understanding (MoU) with Japan’s Itochu Corporation on the Baltic LNG project. Chairman of the Gazprom Management Committee and CEO, Itochu Corporation held a working meeting in St. Petersburg. With this agreement, Gazprom and Itochu have confirmed their interest in potential collaboration in the framework of the project.
BHGE and the world-renowned Advanced Forming Research Centre (AFRC) at the University of Strathclyde have come together to work on advanced manufacturing for oil and gas. They will jointly explore the way latest advanced manufacturing tools and processes are driving more efficient, smarter techniques to cut cost and improve productivity across BHGE’s operations. The AFRC will assist BHGE in identifying prospects to reduce costs and cycle time.
Equinor has strengthened its alliances with the global service provider companies, TechnipFMC and Aker Solutions. After entering into several framework agreements with both supplies in December 2017, new collaboration agreements have been signed recently to “establish a framework to ensure continuous improvements”. The main objective of this collaboration is to improve the safety, quality, cost and technology by subsea operation services and project execution.
Speaking at the Nigerian Oil and Gas conference in Abuja, Chevron Nigeria’s MD advocated the need of collaboration among the oil firms so as to realize sustained investment and growth in the oil and gas industry in the country. He stressed over the creation of an enabling environment for investment to prosper, all the while congratulating the Nigerian government for its efforts in the direction.
A C$2.8bn ($2.13bn) merger agreement has been signed by the Canada-based Baytex Energy and its rival oil company, Raging River Exploration. The merged entity will trade under the name Baytex Energy, with a total worth of approximately $5bn. The combined firm will have an approximate production capacity of 94,000 boe/d, with a very diverse oil asset portfolio across Canada and in Texas.
Marking the beginning of the offshore mobilization of the giant field, which will be in production for more than 50 years, up to 2,400 men and women have started to mobilize for the hook-up and completion of Johan Sverdrup field in the North Sea. This is seen as a big day for Statoil and the Johan Sverdrup partnership.
In collaboration with Geoex and Ghana Geophysical, ION Geophysical Corporation announced that acquisition has begun on a new 2D multi-client program offshore Ghana. Together with its partners, ION will acquire about 7,200 km of data in advance to understand better the hydrocarbon potential of the area.
W&T Offshore and Baker Hughes, a GE company (BHGE), have come together in a strategic partnership for 14 drilling projects, most of which are operated by W&T in the Gulf of Mexico (GOM). The idea is to utilize the BHGE’s expertise in engineering, products and services to reduce total project costs and time, consequently enhancing the execution efficiency.
SABIC has signed an agreement to become a part of the UK Plastics Pact. Led by WRAP, a non-profit organization, it is a unique initiative which aims to transform the plastic packaging system in the UK and keep the plastic in the economy and out of the environment. Businesses will collaborate with UK government and NGOs to tackle plastic waste.
Total and Google Cloud have collaborated to jointly develop artificial intelligence (AI) solutions for oil and gas exploration and production aimed at subsurface data analysis. These programs will allow Total’s geologists, geophysicists, reservoir and geo-information engineers to explore and assess oil and gas fields faster and more effectively.