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When it comes to longer cycle investments in the oil and gas industry, offshore developments come to mind along with their hefty price tags.
Technology can be a blessing and a curse. Just ask any engineer that spends chunks of the work day navigating in and out of software programs while tackling engineering, procurement, construction and installation (EPCI) jobs.
When it comes to improving field economics, industry leaders say subsea boosting should be considered a “default solution” when developing hydrocarbon resources offshore.
Work on the next generation of all-electric subsea production systems is being advanced, albeit not swiftly, as there is a three-way competition amongst big hardware companies.
Hurricane Energy has already put in the hard yards for development options for its Halifax prospect, with engineering studies performed by Costain Upstream during an 18-month period to select the best concept.
Oil and gas companies have taken some stalled projects off the shelves, pushing the number of developments reaching final investment decisions so far in 2017 above that of last year, according to Norway-based energy consulting firm, Rystad Energy.
Operational efficiency is the watchword for E&P within the current low oil price scenario, and at the heart of this is innovation. That’s why Statoil established Statoil Technology Invest (STI) to support small and medium enterprises with new technologies.
There is a wildcard among the world’s oil market players that some believe could be a game-changer, throwing a production curveball.
Anadarko Petroleum Corp. reported a bigger-than-expected quarterly loss this month, as expenses rose about 53%, failing to offset gains from higher crude prices.
Oil services company Subsea 7 reported first-quarter margins that were better than most investors had expected and upgraded its full-year profitability forecast.
Business Briefs For June 22
Wood Group has appointed Dean Harwood as president of strategy and development for the Western region, a new position, according to a news release. He will handle strategy, M&A, business development, marketing and proposals.
Business Briefs For May 25
Business Briefs For May 11
Business Briefs For April 20
With the oil price relatively low, the whole industry still faces challenges. However, the surge of collaboration and optimization, in tandem with a general belief that an upturn is coming in 2018, gives the subsea sector some cause for cautious optimism, delegates were told at last week’s Subsea North East Conference & Exhibition in Newcastle, England.
Norway, like the rest of the offshore world, has spent the last two and a half years suffering through the worst downturn since it began producing oil more than 40 years ago. That appears to be over now.
Four of the biggest oil and gas operators in Australia have joined forces in an effort to combat an issue offshore Australia that is costing the industry hundreds of millions of dollars: replacing subsea equipment that fails prematurely.
The subsea sector will have to keep its overcoat on for a few more years, as the cold wind that has been blowing through the industry since the oil price crash of late 2014 is forecast to continue.
The future of the U.K. sector of the North Sea seems likely to be based on developing 350 marginal fields.
Floater Briefs For May 25
Floater Briefs For May 11
Floater Briefs For April 20
Floater Briefs For April 6
Floater Briefs For March 23
ITC Global has turned its attention to offshore Brazil following the installation of communications services to four FPSO vessels off the coast of West Africa.
Stavanger, Norway-based Ocean Installer has landed a subsea umbilicals, risers and flowlines project in the Al Jurf oil field offshore Libya, the company said on June 20.
For the first time, the U.S. Department of Energy has granted approval for a floating gas terminal to export LNG to countries not in a free-trade agreement with the U.S.
Equatorial Guinea has short-listed Royal Dutch Shell and oil traders Gunvor and Vitol for an offtake agreement at its Fortuna floating LNG export terminal and expects to make a final decision by August, its oil minister said June 5.
Woodside is starting work on a new study to find the best development concept for its Browse project offshore Western Australia now that it has officially ruled out the use of a floating LNG (FLNG) solution.
A regulatory move by the U.S. Bureau of Safety and Environment Enforcement (BSEE) gives offshore drillers more time for development operations.
Brazil’s presalt fields have the potential to make the country self-sufficient in gas production; however, energy policy changes are needed to reach the goal, according to a study released by the Federal University in Rio de Janeiro.
Iran's top security body is still reviewing the Iran Petroleum Contract (IPC) model, Oil Minister Bijan Zanganeh was quoted as saying on April 9, as the contracts aimed at attracting foreign investors appear to face fresh delays.
Nigeria’s senate will debate a long-awaited oil industry reform bill after receiving the draft law on April 6, the latest step in efforts to overhaul the energy sector in Africa’s largest economy.
Moves by Brazilian authorities to create new rules to ease existing local content policy have pleased oil companies that perform E&P activities in the country.
Exploration Briefs For Dec. 2
Development Briefs For Nov. 18
Exploration Briefs For Nov. 4
Development Briefs For Nov. 4
Mexico’s oil regulator announced on Nov. 28 a final list of 17 oil companies representing a dozen countries that have prequalified to bid on the country’s first-ever deepwater oil auctions, set for Dec. 5.
Norway has enjoyed a boost to its flagging exploration scene over the last week, with the Barents Sea proving to be the hot spot.
India’s ONGC Ltd. is evaluating hydrocarbon prospects located beyond the continental shelf of Mumbai High in the Arabian Sea after the discovery of gas.
The Kashagan oil field has started commercial output, Kazakhstan’s energy minister said on Nov. 21, marking a milestone for a $55 billion project that is more than a decade behind its original production plan.
Eni has finalized plans to develop Mozambique’s Coral South offshore gas project, part of a larger scheme that will see Italy’s top energy company and partners spend an estimated $50 billion.
Amid the disconcerting economic news of the past several years, a quiet revolution has been taking place. Pre-engineered, capital-efficient solutions are carving a niche in the industry product roster.
As the quest to find new sources of oil and gas takes operators farther and deeper offshore into harsher environments, so does the need for technologies capable of withstanding higher temperatures and pressures.
The oil industry’s top equipment and services suppliers are hawking vastly cheaper ways of designing and equipping subsea wells, aiming to slash the cost of offshore projects to compete with the faster-moving shale industry.
The concept of the digital oil field has been on the technology radar in earnest since the turn of the century but it remains a tantalizing vision, seemingly always just out of reach.
The Offshore Technology Conference (OTC), which takes place May 1-4 in Houston, has named 17 technologies that will receive the 2017 Spotlight on New Technology Award.