China Puts First ‘Home-Made’ Subsea Xmas Tree Into Operation
Oil Corporation (CNOOC) has put into operation the first domestically developed subsea Xmas tree.CNOOC’s subsea Xmas tree is 3.5 meters long, 3.2 meters wide and 3 meters high, with an overall weight of nearly 22 tons.It is a piece of equipment used in subsea production systems in the offshore oil industry, can efficiently increase oil output of oilfields. The Xmas tree is able to pump seawater with a maximum pressure of about 17 MPa into the reservoir, to increase the overall oil production.To remind, CNOOC recently started production from its Suizhong 36-1/Luda 5-2 discovery, located in Liaodong
Norwegian Seismic Specialists TGS and PGS Set to Merge
Seismic group TGS, a supplier of key data to the oil industry, has agreed to buy loss-making rival PGS in an all-share deal valued at 9.3 billion Norwegian crowns ($864 million), the two Oslo-listed companies said on Monday.The groups expect "significant economies of scale" from the combination, with a preliminary estimate of cost cuts amounting to $50 million, they said in a joint statement.The deal, if approved by regulators, will give TGS ownership of seven modern seismic ships, a significant shift in strategy for the company that has so far relied on chartering vessels from ship owners
EXPLAINER-Why Does Norway Want to Mine the Seabed?
robots and drilling machines to collect mineral samples at the ocean floor. Extraction of minerals from the seabed in Norway would likely involve cutting and crushing the rocks before bringing those to surface.Some Norwegian companies that provide technology and services to the oil industry are looking at deep sea mining as well. GRAPHIC-Norway to open its deep-sea waters to mining https://tmsnrt.rs/3re8slV (Reuters - Reporting by Victoria Klesty and Nerijus Adomaitis, editing by Gwladys Fouche and Timothy Gardner
Celtic Sea Floating Wind in Focus
The Celtic Sea is well positioned to maximize its position as an early hub for floating offshore wind. Still, it’s’ going to be a huge industrial challenge not unlike the oil industry faced when developing the Brents in the 1980s, today’s Floating Offshore Wind conference in Aberdeen heard.The region currently has 4-5 100MW scale projects in progress, including the TwinHub project, which received the UK’s only CFD (contract for difference – a funding mechanism) for floating offshore wind earlier this year, said Helen Donovan, senior business development manager, Energy
NOC's Boaty McBoatface Monitors Marine Environment at North Sea Oil Fields
the current approach for environmental monitoring for decommissioning that requires dedicated ships and teams of people offshore."The NOC’s AT-SEA project will be taking place over a 10-day period using state-of-the-art technology, with the aim to provide future-proof solutions for the oil industry focusing on the need to reach better net-zero targets. The robots will gather data on the water, pollutants and currents, as well as taking images of the sea floor," the NOC said.The team will test whether these robotic systems can gather equivalent information to the surveys currently done
How the Blue Economy Will Shape the Future of Canada’s Oceans
;s future blue economy. Under the simplest logic, the production of offshore oil and gas — non-renewable resources — cannot be part of a blue economy approach defined by equity and sustainability. This is clear given the historically uneven concentration of economic benefits from the oil industry and its chronic — and sometimes catastrophic — pollution of local ecosystems.The inclusion of oil is especially problematic considering its contribution to climate change. Governments can propose arguments and new book-keeping to deflect accountability for downstream emissions linked
Subsea 7 Rises on Improved Outlook, Cash Dividend
Engineering firm, a major supplier to the oil industry, has decided to pay a regular dividend and buy back stock as it swung to a full-year profit in 2021 and its outlook improved, the company said on Thursday.Subsea 7 said it "firmly" believed that the market recovery was underway based on increased interest from its customers and it now expects its 2022 earnings to be "in line or better" than last year.Its Oslo-listed shares rose 6.5% by 1019 GMT, on track for their biggest daily gains in some 18 months, following the release of its October-December and full-year earnings.Analysts
Aker Solutions Raises 2022 Revenue Outlook
its earnings margin is likely to increase this year while order intake is headed for a record high, sending its shares sharply higher.The company now expects revenue to rise by more than 20% to at least 35 billion Norwegian crowns ($3.97 billion), up from earlier guidance of a 15% increase, as the oil industry is expected to step up spending amid supply tightness.Its Oslo-traded shares had risen 7.5% by 0856 GMT to a three-year high, outperforming the wider European oil and gas index which was up 0.75%.The company will pay a dividend of 0.20 crowns per share for 2021, the first such payout to owners
A Seismic Shift
Despite oil prices recently edging past $80 a barrel, scars from two recent oil industry downturns in five years have forced offshore seismic surveyors to look at ways to diversify.Marine seismic survey companies provide essential data to offshore oil and gas explorers to make better-informed drilling decisions. However, with every oil industry downturn, seismic players are among the first to feel the pang, as exploration budgets usually get cut significantly and revenue streams for seismic data firms dry up.This was particularly the case last year when the industry was hit with a double whammy:
February 2024
