Oil Projects News

Schlumberger CFO Ayat to Retire Soon

will have to increase spending to overcome declining output from existing fields and meet future demand.Ayat's successor will face pressure from investors concerned about past investments by the company's Schlumberger Production Management, or SPM business, which takes direct stakes in oil projects."It's something that investors don't like. You buy Schlumberger because it is an oil services company, not a producer," said Cowen & Co analyst Marc Bianchi. The new CFO would have to continue selling assets from the unit, Bianchi said.Last year, Schlumberger launched a reorganiza

Ghana Climbing Oil Producer Ranks

ship.   "Based on existing fields and field development plans Ghana crude oil output is estimated to be over 240,000 bpd by 2019. This could potentially make Ghana the fourth largest oil producer in Sub Saharan Africa by 2020," the report said.   Production costs for Ghana's oil projects, which are all in deep water, mean that the crude remains viable if global prices fall to $40 per barrel, allowing it to remain attractive to investors in the event of price fluctuations, it said.   Gas from TEN, Sankofa and MTA could eliminate the need for Ghana to import gas from Nigeria

The artificial island at Cuarteron Reef, one of many being developed by China in the South China Sea, saw most of its construction and dredging during the summer of 2014. Construction of buildings and facilities continues today.  (Photo: CSIS Asia Maritime Transparency Initiative)

South China Sea Ruling Won't Stop Plundering of Ecosystem

damage to an already plundered ecoystem, scientists and academics said.   The Permanent Court of Arbitration in The Hague ruled on Tuesday that China did not have historic rights to the South China Sea and that it had breached Philippine sovereignty by endangering its ships and fishing and oil projects in the energy-rich waters.   China claims more than 90 percent of the South China Sea, an area which accounts for more than a tenth of global fisheries production and is also claimed in part by the Philippines, Vietnam, Malaysia, Brunei and Taiwan.   "China will take no notice

Greece to Evaluate Deep-sea O&G Exploration Bids

Greece will conclude the evaluation of deep-sea oil and gas exploration bids in the coming weeks and will name the preferred bidders soon after, its energy minister said on Friday, as the country seeks to tap into its limited oil reserves.   Plunging crude oil prices have cut spending on oil projects around the world but cash-strapped Greece is pushing ahead with investment in the industry in a bid to reduce dependence on oil imports and boost public finances.   "We are evaluating three bids made by oil companies whose financial strength, experience and infrastructure ensure they

Mexico Aims to Spur Deep Water Oil Projects

Oil companies operating in Mexico's deep waters must use national suppliers for 8 percent of the projects by 2025, the government said on Tuesday, a relatively low rate meant to encourage foreign and private firms to bid on contracts. Mexico's oil regulator has scheduled its first-ever deep water auction in early December for 10 blocks in the Gulf of Mexico, after constitutional amendments in 2013 ended a nearly eight-decade monopoly by state oil firm Pemex. The low rate would allow companies to rely less on Mexican suppliers, which have limited expertise in the country's largely unexplored deep

Photo courtesy of Statoil

Statoil Wins Stakes in 12 New UK Licenses

by the Department of Energy and Climate Change, the company added. 11 of the licences are in the North Sea and one is west of the Hebrides, the company said. "This new acreage holds the potential for new high-value barrels in our greater North Sea core area, both near our existing heavy oil projects and in new areas," Erling Vaagnes, senior vice president for exploration in Statoil, said in statement. (Reporting by Stine Jacobsen, editing by Terje Solsvik

Courtesy Foster Wheeler

Foster Wheeler Contracted For Terrace WallTM Steam Reformer Heater

  Foster Wheeler AG (Nasdaq:FWLT) announced today that a subsidiary of its Global Engineering and Construction Group has been awarded a contract by Glencore Oil Projects AG for the engineering and material supply of a steam reformer heater for hydrogen production for the Orsknefteorgsyntez Refinery at Orsk, Russia. The value of Foster Wheeler’s contract was not disclosed and was included in the company’s first-quarter 2014 bookings. The heater will be based on Foster Wheeler's Terrace WallTM design. Foster Wheeler’s scope of work is scheduled to be completed in the second

Jim McCaul, IMA

Offshore Floating Production Market Update

go to contract by the end of 2014. This would bring the 2014 orders to within the forecast range, though at the lower end of the forecast range. But near term underlying market conditions have been trending a bit south.   Energy companies have been reducing Capex budgets and unconventional oil projects are drawing investment resources from deepwater.  This could delay some investment decisions and dampen production floater contracts over the next 6 to 12 months.     Breakdown of Planned Projects by Location of Field (As of June 1, 2014) Project Location  

Shell's Fresh Arctic Oil Exploration Attempt

Shell to sign Russian Arctic deal with Gazprom Neft, Kremlin reveals. The companies are preparing to sign an agreement that will cover joint offshore drilling in the Russian Arctic as well as shale oil projects onshore in Western Siberia, reports The Telegraph. Gazprom Neft is the majority-owned, oil-focused arm of gas giant Gazprom, which is in turn majority-owned by the Russian state. The deal comes just weeks after Shell was forced to delay its high-profile exploration campaign in the Alaskan Arctic for another year after a series of setbacks blighted its campaign in 2012. Source: The Telegraph

Deepwater Gulf of Mexico: Bright Future

prime movers. Recent discoveries of large deep and ultra-deepwater reserves have drastically increased the reserve and production expectations of the region. Five years ago, the Gulf of Mexico was a region with a mix of major and independent operators executing standalone and subsea tiebacks gas and oil projects. Today, oil dominates the region with offshore gas all but unable to compete in a sub $4/mmcf gas price environment. Many independent operators have exited the region, but some major operators and large independents have increased their exposure, betting on ultra-deepwater projects that promise

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