The most bountiful petroleum plays in the Middle East may no longer be storied gushers from the past but more technical offshore areas.
In the 2000’s national oil companies (NOCs) investing abroad were viewed as new competition to the international oil companies (IOCs). NOCs began acquiring international assets, whether to bolster security of supply for their growing economies, for energy diplomacy or simply to generate new profit streams abroad capitalizing on their domestic capabilities.
Siemens Gamesa Renewable Energy is moving forward in its strategy of making sustainability a key element of all aspects of its business, including its funding strategy.
Shane Guidry, CEO of Harvey Gulf International Marine has announced the purchase of Harvey’s 30 percent ownership in Quality Liquefied Natural Gas Transport (QLNG). The CEO previously owned 70 percent of QLNG with Harvey and now controls 100 percent.
Saudi Aramco is continuing to focus significant efforts on crude oil expansion, according to GlobalData, a leading data and analytics company.
The world’s oil and gas explorers powered ahead and discovered 12.2 billion barrels of oil equivalent (boe) in 2019, the highest volume since 2015, according to estimates from Rystad Energy. Last year recorded 26 discoveries of more than 100 million boe, with offshore regions dominating the list of new oil and gas deposits.
Seabras 1 Bermuda Ltd (“Parent”) and Seabras 1 USA LLC (“OpCo” and, together with Parent, the “Companies”) filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (the “Filings”).
Rystad Energy’s base-case production profile for the Perth Basin in Western Australia has it reaching a peak gas production rate of over 400 million cubic feet per day (MMcfd) by about 2024, surpassing that of South Australia’s once mighty Cooper Basin.
In retrospect, 2019 was another strong year for offshore exploration and production companies. Free cash flow remained strong and telltale signs have emerged that we are entering a new offshore investment cycle.
Talos Energy Inc. has announced the finalization of the third-party contingent resource evaluation of the Company's globally recognized Zama discovery commissioned from Netherland, Sewell & Associates, Inc. ("Netherland Sewell" or "NSAI"). Talos is the operator of Zama, located offshore Mexico, and holds a 35% working interest in Block 7 in a consortium with its partners Sierra Oil & Gas, a Wintershall DEA company, and Premier Oil plc (the "Consortium").
The 14-country OPEC bloc, Russia, and a host of other OPEC+ countries agreed on December 6, 2019, to bump up the group’s target oil-production cuts by just over half a million barrels per day, from 1.195 million to 1.699 million bpd, effective 1 January 2020.
Leading Aberdeen engineering outfit, Balmoral Group, has invested a six-figure sum in Blaze Manufacturing Solutions Ltd taking a 70% stake in the Aberdeenshire-based company.
Jonathan Moss, head of marine and trade at DWF, comments on the impact that the ensuing Middle Eastern crisis is having on the insurance market.
A dark cloud of capacity constraints is casting a shadow over the oilfield service industry heading into 2020, mirroring the sharp growth in the number of new projects being brought forward by oil and gas operators.
Fugro has entered into an agreement to acquire CGG’s 40% shareholding in Seabed Geosolutions and to terminate the Seabed Geosolutions’ joint venture agreement effective December 30, 2019 in exchange for a cash consideration of USD 35 million, paid by CGG before year-end 2019. The proceeds will be used to lower Fugro’s outstanding debt position and strengthen Seabed Geosolutions’ balance sheet.
As 2019 draws to a close, Anna Belova, Senior Oil and Gas Analyst at leading data and analytics company GlobalData, looks at the key trends that will shape the industry in 2020, ranging from stronger focus on gas developments to a push for shorter-cycle investments:
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