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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.
Maersk Supply Service announced that it has sold two of its Anchor Handler Tug Supply Vessels (AHTS). The divestitures of the Maersk Advancer and Maersk Asserter vessels were made due to the current market situation and the global oversupply of offshore supply vessels, Maersk Supply Service outlined. The vessels have been sold to an “international buyer” and will be modified for use in a non-competing industry, according to the company.
bp has announced that it will write-down $17.5 bn worth of assets in the wake of coronavirus crisis, the biggest writedown on the value of its business since the Deepwater Horizon disaster a decade ago. After a revision, the British giant cut its estimates for oil and gas prices in the coming decades between 20% and 30%. It also expects the cost of carbon emissions to be twice as high as before.
India will on Monday get its very own natural gas trading platform that will help discover local market price for gas through transparent demand-supply matching. Oil Minister Dharmendra Pradhan will launch the Indian Gas Exchange (IGX) to kickstart natural gas trading, official sources said. IGX is India's first automated national level trading platform to promote and sustain an efficient and robust gas market and foster gas trading in the country.
Russian oil pipeline monopoly, Transneft yesterday reported a 13% jump in the first-quarter net earnings Y/Y to 56.7 billion roubles ($822 million). The firm climbed on the back of higher sales to register a 1.3% jump in net revenue to 263.3 billion roubles. Transneft has also paid oil suppliers a whopping sum of $71 million for the April oil contamination.
Connector Subsea Solutions has completed the acquisition of Isotek Oil and Gas Limited. The acquisition adds Isotek’s remote welding technology to CSS’s existing range of subsea pipeline repair capabilities. The Isotek workforce which numbers 15 people is transferring over to CSS with immediate effect. Remote subsea welding is seen as a key link into future operational scenarios for tie-ins, repair, hot-tapping, and in particular, larger diameter pipeline applications.
Saudi Arabia's export revenue was Riyal 197.84 billion ($52.69 billion) in Q1 2020, down 20.7% from the same quarter in 2019, mainly due to a 21.9% decline in oil export revenue, the kingdom's General Authority for Statistics announced June 7. Total oil export revenue for Q1 was Riyal 149.95 billion, down from Riyal 192.03 billion for the same quarter the previous year.
Massachusetts attorney general Maura Healey has called on the Massachusetts Department of Public Utilities (DPU) to open an investigation into the future of the natural gas industry as Massachusetts transitions away from fossil fuels and toward a clean renewable energy future by 2050. Massachusetts could become the third state to launch a regulatory proceeding to proactively manage the state’s transition away from natural gas.
The OOC Oil & Gas Blockchain Consortium has concluded a blockchain pilot with Data Gumbo for automating water management at the Bakken shale field in North Dakota. The trial was able to reduce process workflow to less than a week, down from 90-120 days. The OOC Consortium consists of ten prominent oil and gas players namely Chevron, ConocoPhillips, Equinor, ExxonMobil, Hess, Marathon Oil, Noble Energy, Pioneer Natural Resources, Shell and Repsol.
The conversion of the Cheyenne HollyFrontier Refinery to renewable diesel production cause a loss of about 200 jobs in Cheyenne over the next 12-18 months, according to a release from the company. This conversion will cost about $125 million to $175 million. When the process is finished the Cheyenne site will produce about 90 million gallons per year of renewable diesel.
Mexico-based company Libre Abordo announced that it was bankrupt. Venezuelan President Nicolas Maduro also ended an oil-for-food agreement that had allowed the firm to supply water trucks in exchange for millions of barrels of Venezuelan crude. The Mexican companies proclaimed that they were targets of an international political campaign, driven by the U.S., which had led to a loss of over $90 million and the suspension of Venezuelan crude lifting.
Halliburton introduced the DynaTrac Real-Time Wireless Depth Correlation System, a new technology that reduces uncertainty and saves rig-time by enabling operators to accurately position packers, perforating guns and the bottom-hole assembly without running wireline or moving the work string. This system takes static measurements to determine the position of the BHA before and after setting the retrievable packer.
San Ramon oil and gas giant Chevron Corp. will lay off up to 15% of its 45,000-person global workforce amid the economic havoc wrought on the energy sector by the coronavirus. The oil producer previously disclosed a 30% reduction in its 2020 spending and some voluntary job cuts amid this year's sharp drop in oil prices and lower demand for oil.
CPCL had reported widening of net loss in Q4 of 2019-20 fiscal to Rs 1,637.56 crore, from Rs 29.33 crore, a year ago on lower crude production and inventory losses. Operational revenue dipped to Rs 11,769.39 crore in January-March from Rs 12,765.15 crore a year back. In 2019-20 fiscal, the company saw its net loss widen to Rs 2,077.58 crore, from Rs 213.36 crore net loss in the previous FY.
Petronas has completed a 50% farm-down of its participating interest in Block 52 offshore Suriname to ExxonMobil. The block covers an area of 4,749 sq. km, and is north of Paramaribo. Located in the Suriname-Guyana basin, where several major discoveries were made. Petronas’ upcoming exploration activities for Block 52 will involve the drilling of a well during Q3, while acquiring new 3D seismic data to evaluate the block's potential.
OVO Energy, which bought the household supply business of SSE for £500m just months ago, has announced plans to slash 2,600 jobs. The company said its integration plans, including a drive for digital and investment in a zero-carbon future, had been accelerated by the COVID-19 pandemic. OVO said it had initially expected the mergers to have taken a number of years but it hoped to achieve the cuts through volunteers.
Total will no longer pursue the acquisition of Occidental’s assets in Ghana, following a snag in the sale of assets in Algeria. When Occidental Petroleum completed one of the largest oil mergers and acquisitions of the past few years, buying Anadarko Petroleum and assuming its debt in a transaction valued at a total of US$55 billion, Occidental had signed a binding agreement to sell Anadarko’s assets.