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This will include up to £10bn for hydrogen production and £3bn for a technology called carbon capture, usage and storage - where carbon emissions are either turned into other products such as plastics or buried.The government says the deal should cut pollution by up to 60 million tonnes by 2030, while also supporting up to 40,000 jobs across the supply chain.
(Bloomberg) -- A new company soon to be created by Chrysaor Holdings Ltd and Premier Oil Plc will likely retain its stake in the giant Zama oil development in Mexico, reversing an earlier decision by the indebted North Sea driller to exit the project.
Baker Hughes and Akastor ASA have announced an agreement to create a joint venture company that will bring together Baker Hughes’ Subsea Drilling Systems business with Akastor’s wholly-owned subsidiary, MHWirth AS. The JV will deliver a global full-service offshore drilling equipment offering that will provide customers with a broad portfolio of products and services. The Company will be owned 50-50 by Baker Hughes and Akastor. Merrill A. “Pete” Miller will serve as chairman and chief executive officer.
Gardner Denver High Pressure Solutions (HPS), a leading total solutions provider for the drilling, well servicing and frac pumps market, has announced the new GD 2500Q Heavy Duty Frame (HDF) quintuplex pump, designed to extend pump service life through an optimized power end frame design. The frame upgrade has been developed to increase component thickness and allow for larger, stronger welds, to boost structural integrity.
According to the SEC classification, Russia’s Lukoil proved hydrocarbon reserves totaled 15.4 billion barrels of oil equivalent, 76% of which is comprised of liquids.The proved reserves replacement ratio, excluding the effect of changes in macroeconomic factors used for reserves estimate, totaled 93% in 2020. The company's proved hydrocarbon reserves life is 20 years.
NOV, a leading manufacturer of directional drilling technologies, has launched its new Tolteq Hellfire measurement-while-drilling (MWD) configuration, which is specifically designed for harsh, vibration-prone, and high-temperature conditions in North America wellbores. The Hellfire MWD configuration includes real-time pressure-while-drilling (PWD) measurements, providing operators with access to advanced drilling optimization capabilities on every run. The modules are rated to 347°F (175°C) and 20,000 psi (1379 bar) to ensure performance in challenging applications.
Creditors of Argentina’s state-run oil company, YPF SA, sending mixed signals as one group of bondholders rejected company’s latest debt restructuring plan while another voiced support. The YPF Ad Hoc Bondholder Group, which says it holds 45% of YPF’s bond, it wouldn’t tender its bonds in the company’s $6.2billion debt swap, said Clifford Chance LLP, one of group’s legal advisers.
Neptune Energy and its joint venture partners bp and JAPEX, announced drilling has commenced on Seagull project in the UK Central North Sea. The Gorilla VI (JU-248) jack-up rig, operated by Valaris, will drill four wells for development over the course of drilling campaign which is expected to last 18 months. Seagull is expected to produce 50,000 boe/day (gross).
The billionaire’s SpaceX intends to drill wells close to company’s Boca Chica launchpad. Production has yet to start because of legal dispute between SpaceX subsidiary Lone Star Mineral Development and another energy company. While it’s unclear what exactly the gas would be used for, SpaceX plans to utilize super-chilled liquid methane and liquid oxygen as fuel for its Raptor engines.
President Joe Biden's promised ban on new oil and gas drilling on federal lands would take years to shut off production from top shale drillers because they already have stockpiled permits. Biden's vow to toughen regulations and stop issuing new permits on federal lands, part of his sweeping plan to combat climate change and bring the economy to net zero emissions by 2050.
Following the tracks of Noble Energy and Diamond Offshore Drilling, Valaris Plc has also filed for Chapter 11 bankruptcy. The firm's revenue has taken a major hit due to the slump in the oil prices. Oil companies have canceled or delayed drilling programs while asking for price concessions and other contract modifications. Valaris ended the first quarter with $6.8 billion of debt against roughly $200 million in cash and $1.3 billion available on its credit facility.
Chaparral Energy Inc, an Oklahoma oil & gas producer filed for Chapter 11 bankruptcy protection on Sunday. This is the second time the company has filed for bankruptcy protection. Lenders have been reining in on credit for shale drillers and Chaparral’s borrowing limit was recently reduced to $175 million from $325 million. Chaparral had around $421 million of debt outstanding at the end of 2019
Britain’s Neptune Energy and its partners have discovered oil at a jointly owned drilling license in the Norwegian part of the North Sea, and will now consider options for how to develop the find. The Dugong well is estimated to contain between 40 million and 120 million barrels of oil equivalent, making it the largest find off Norway so far this year.
Trendsetter Engineering, privately-owned oil and gas service company based in Houston, has launched the Trident Intervention System. The intervention systems have been designed for rapid field reconfiguration, providing the flexibility to perform intervention riser, riserless wireline intervention and hydraulic stimulation operations all with one system. This modular intervention approach will result in lower costs for well maintaining, improved production and increased operational efficiency of the intervention.
The deal is the single-largest energy infrastructure investment in the region, and the biggest in the world in 2020. It brings $10.1 billion in foreign direct investment to the UAE. According to the agreement, the consortium will acquire a 49% stake in a newly-formed subsidiary, ADNOC Gas Pipeline Assets, with lease rights to 38 pipelines. ADNOC will hold the majority stake of 51% and will retain ownership of the pipelines.
The Norwegian engineering firm, Aker Solutions has developed a new workover system to enable safe well access for subsea installation and completion. The system vouches to enable faster and cost-effective planned well interventions. The company noted that the new workover concept will first be applied to Norwegian firm Equinor’s Visund field in the northern part of the North Sea. The field has a water depth of 335m.
Oilfield services giant, Weatherford International has introduced the Velox™ wellhead system, a best-in-industry solution for operators needing to lock in pressure integrity while enhancing safety and improving efficiency. Velox delivers unmatched isolation between casing strings with quick-connect components that maintain pressure control, reduce potential leak paths, and minimises non-productive time during installation in many applications, including high-pressure, high-temperature, and sour-gas wells.