Digitalization: Leveraging Digital Innovation in Offshore Energy
There is an increasing expectation that oil and gas firms can demonstrate their value and efficiency through more data-centric processes, managing costs and reacting more quickly to changing market conditions. While the sector has typically been slow to adopt digital innovations, today’s offshore energy markets are fluid and fast-changing, and the ‘business as usual’ model will not necessarily yield the best future results.AI, automation and data-driven solutions are helping companies across industries to reduce costs, improve efficiency and cut emissions. Implementing digital
TDI-Brooks' New Vessel Completes Its First Projects
sites CTD/water/rosette casts were acquired. On the deep water program, plankton nets were also deployed and lowered ADCP measurements were acquired to measure current profiles.(Photos: TDI-Brooks)In the past three years, TDI-Brooks has acquired 19 EBS or EPOS programs in Mexico for eight major oil and gas firms all safely and efficiently without any incidences. The company teams with Maxon Consulting who provides the regulatory and interpretative reporting components(Image: TDI-Brooks
Industrial Internet to Help Upstream Sector
the Industrial Internet would enable companies in digitalizing oilfield operations and creating digital twins to reduce risks and optimize performance, said the report.Industrial Internet has the potential to transform traditional processes and workflows and boost the technological capabilities of oil and gas firms.This could help them achieve two primary objectives: firstly, companies would be able to overcome operational challenges while venturing into new frontiers in search of hydrocarbon resources; and secondly, Industrial Internet adoption will improve productivity and efficiency, thereby strengthening
Powering the Seafloor: Put a Socket in It
and reach fields further from shore, in deeper and even Arctic waters, a subsea power revolution is in progress. Several multinationals are developing systems to provide electric power across the seafloor – think subsea power sockets.Giving access to subsea power this way would help oil and gas firms move processing equipment to the seafloor, instead of hosting it on platforms. On the seafloor, equipment, including pumps and compressors, would be more effective and efficient at boosting production rates. Reduced reliance on platforms would also help reduce oil firms’ footprints, reducing
Subsea 7: Offer Could Change if McDermott Cooperates
it can't do that without more information from McDermott. Subsea repeated on Wednesday its proposal was subject to the termination of McDermott's planned transaction with CB&I. Italian oil services group Saipem, which competes with Subsea in providing undersea solutions for oil and gas firms, has said the bid for McDermott is a sign of industry consolidation that has to be monitored closely. The move comes after Schlumberger and Subsea started talks earlier this year to form a joint venture to deliver undersea installations and services. Oil firms have returned to profit
Subsea 7 Makes Hostile Bid for McDermott
offer worth about $2 billion for U.S. rival McDermott, potentially breaking up the U.S. company's agreed deal with onshore engineering firm Chicago Bridge & Iron (CB&I).The deal could make Oslo-listed Subsea 7 the market leader in supplying and installing subsea equipment for oil and gas firms with a combined market share of 24 percent, followed by TechnipFMC with 20 percent and Saipem with 15 percent, an Oslo-based consultancy, Rystad Energy, said.The flurry of M&A activity comes as oil prices have risen to more than $70 a barrel, lifting the need for offshore services and the
Oil Industry Suppliers See Light at the End of the Tunnel
remain, however, including the level of spending by oil companies. This week BP and Statoil said their capital spending would be lower this year than planned. While shell has already made significant cuts earlier in the year. Consultancy Wood Mackenzie estimates the world's top 56 oil and gas firms have cut 2016 exploration and production spending by 49 percent or $230 billion relative to 2014 levels. Goldman Sachs said in a research note that the industry's investment cycle was nearing a trough, which was a positive for oil services. Panic Over The more positive outlook
Subsea 7 to Slash Workforce, Cull Fleet
Oil services firm Subsea 7 plans to cuts its workforce by close to 20 percent and reduce its fleet of 39 by up to 11 vessels as global oil and gas firms continue to cut spending after the plunge in crude oil prices. Subsea 7, which focuses on the North Sea but has a global operation, expects to cuts it workforce by around 2,500 by early 2016 from about 13,000 at the end of end of 2014, it said in a statement. "The global fleet will be reduced by up to 11 vessels, based on a mixture of non-renewal of charter vessels and either disposal or stacking of owned vessels," it said in a statement
Europe Deliberates Avoidance of a Second 'Deepwater Horizon'
A provisional deal on proposed legislation for the safety of offshore oil and gas operations has been struck by MEPs and Council negotiators. Before oil and gas firms can get a licence to drill, the directive would require them to submit major hazard reports and emergency response plans and prove their ability to remedy any environmental damage caused. "Europe learned its lessons from the Deepwater Horizon catastrophe and wants to reduce the risks of offshore oil and gas drilling to a minimum. Especially now that several member states are exploring new drilling operations, we need an efficient
February 2024
