Exclusives

OPEC, extends, oil production, cuts

Demand is expected to pick up in the second quarter, according to OPEC’s president. But that doesn’t mean another extension is off the table.

Improving drilling efficiencies through effective solids control helps offshore operators manage costs and deliver value.

Companies from Britain bring significant expertise to the offshore community.

Kongsberg, Kognifai, technology, digital, big data, oil, Subsea Valley

Kognifai is an open ecosystem for customers, partners and suppliers that allows them to harness the power of data on their own terms.

Optime Subsea, Subsea Valley Conference

The company’s subsea control and installation light system does not require a hydraulic umbilical from the support vessel, reducing both the cost and complexity of the topside structure.

Deepwater International

Norway’s Polarcus has been hired to conduct a 3-D marine seismic survey offshore Egypt.

Various subsea equipment will be delivered throughout 2015 and 2016.

GE Oil & Gas has invested more than $20.5 million across its subsea manufacturing facilities in Montrose, Scotland, in a move to enhance its business’s test and assembly and manufacturing capabilities.

Ceona has successfully installed a 570-mt multiple pipelay vertical lay system (VLS) and twin 400-mt cranes onto its next-generation flagship asset, the Ceona Amazon.

Kosmos Energy is taking a fresh look at a handful of new and existing exploration prospects in frontier waters offshore Ireland, according to partner Europa Oil & Gas.

Exploration

Greece’s oil and gas resources management company will launch a tender for licenses to drill in the respective blocks by the end of next month, aiming to conclude the procedure by the end of the year.

The oil ministry proposed 102 blocks, comprising 93 in the Barents Sea and nine in the Norwegian Sea, despite calls from the Norway’s Environment Agency to remove about 20 blocks near Bear Island, an important nesting site for Arctic birds.

Centrica said June 9 it would sell its 60% stake in its Canadian oil and gas E&P joint venture to a consortium for about 240 million pounds (US$305 million).

The EU concluded that the merger of GE and Baker Hughes would not harm competition in European markets for various products where both U.S.-based companies were active.

Greece has made several fruitless attempts over the last 50 years to find big oil and gas reserves, but its debt crisis has prompted it to step up those efforts.

Production

Imports from Norway, Qatar likely to increase as UK prepares to lose its largest gas storage site.

Production from the field, which is 240 km east off the Aberdeen coast, is expected to begin in 2019. The Culzean Field will cover 5% of U.K. natural gas demand in 2020-2021, the press release added.

A Bulgarian-Romanian gas pipeline partially funded with EU funds and linking the two states to Austria would also be finalized in 2019, the government said, meaning Romania could become a net gas exporter, Reuters reported.

Adjusted net profit for the first quarter rose to 744 million euros (US $810 million) from breakeven a year earlier and topped the 610 million ($663 million) expected by analysts.

Partridge is a stratigraphic trap comprising deepwater mass flow sands of the Lower Cretaceous scapa sandstone member, the press release said.

Subsea Engineering

Economic development agency Scottish Enterprise is making a push to keep Scotland at the top of the global subsea market, despite the challenges offered by competition from other regions around the world and the harsh realities of the severe industry downturn.

After meeting in August, Turkish President Recep Tayyip Erdogan and Russian President Vladimir Putin hope to remove some barriers preventing the development of a number of joint projects, especially the planned Turkish Stream gas pipeline under the Black Sea. 

The Norwegian Petroleum Directorate is facilitating a competition in hopes of strengthening its technological expertise and capacity.

Subsea technology provider Forum Energy Technologies (UK) Ltd. has unveiled a deepwater test facility and received industry accreditation for the calibration laboratory at its new European Operational Centre in Aberdeen. 

The Irish government has offered 14 new licensing options in the Irish offshore following the conclusion of the 2015 Atlantic Margin Licensing Round.

Technology

The Skudeneshavn, Norway-headquartered company, which also has activity in the renewable energy sector, has a fleet of about 150 vessels. Currently, two well vessels and a harvest vessel are under construction.

French energy minister Nicolas Hulot said on June 23 the government planned to present a draft law this autumn that would stop granting licenses for oil and gas exploitation in France and overseas territories.

Africa-focused oil company Tullow Oil Plc said it had appointed Les Wood as its finance head, after its CFO Ian Springett stepped down due to ill health.

New sanctions on Russian energy projects proposed by the U.S. Senate are aimed at boosting LNG exports from the U.S. to Europe, an official from Gazprom was quoted as saying.

The French oil services firm, which specializes in geoseismic surveys and is listed in Paris and New York, said the restructuring would eliminate $1.95 billion in debt from its balance sheet.