oil, production, tanker

The release of floating oil volumes will introduce additional supply into an already saturated market and exacerbate the number of unsold Mediterranean, North Sea and West African cargoes in the Atlantic Basin.

Exmar will transfer its assets to Flex LNG in return for 323.7 million new shares in the company, giving it a 64.6% stake, London-based Flex LNG said in a statement July 1. 

The East Bay Field produced about 2,050 barrels of oil per day (bbl/d) net on average for fiscal 2015, with net reserves associated with the East Bay Field estimated at about 9.4 million barrels of oil equivalent (boe), 94% liquids, as of June 30, a news release said.

BETA, which focuses on the topsides, utilities, refineries and facilities sector, employs about 100 people across its Canada, U.S., China and Malaysia locations, a news release said. 

Starting July 1, Sembcorp Marine will be one brand focusing on four key capabilities: rigs and floaters; repairs and upgrades; offshore platforms; and specialized shipbuilding, a news release said.

Key changes involve the development and production Norway and technology, projects and drilling departments. There will be one new research and technology unit. Overall project development will be simplified.

Norwegian Shipowners’ Association represents employers in mediation with Industri Energi union, DSO union members. Without deal, workers on two Teekay-owned ships in Knarr and Varg fields will strike, Bloomberg said. 

Qatar Petroleum plans overseas expansion amid less oil output after restructuring, foreign investment sector takeover. Company pumped 650Mbbl/d of crude in May, Bloomberg said. Qatar is largest exporter of LNG.

A wealth of oil and gas has contributed to the world’s bountiful supplies and lower oil prices, which in turn have impacted budgets and spending both onshore and offshore.

Taas-Yuriakh Neftegazodobycha LLC’s blocks near China’s northern border will supply the planned Tianjin refinery on the east coast, according to OAO Rosneft, which sold the 20% holding last week.

Proactive approaches will set shale players up for long-term success.

Construction of the 10 million-ton-a-year LNG plant would probably be complete around 2020, said Willington Hudson, a director at state-run Tanzania Petroleum Development Corp. BG Group Plc and Statoil ASA are still drilling the fields that would feed the plant, he said.