Azule Energy to Use FutureOn’s Digital Twin Software on Four Oil Projects
a three-year contract with extension options to Norwegian company FutureOn for its FieldTwin digital design and visualization platform.Azule Energy – a standalone integrated energy company combining the local assets of bp and Eni – will use FieldTwin to develop and accelerate four of its projects in the West Africa region.This includes the Agogo Integrated West Hub Development Project, one of the major upstream projects being developed in Angola with approximately one billion barrels estimated reserves and the potential to reach peak production of 175,000 barrels a day.Yinson Bags $5.3B
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
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
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
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
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
February 2024
