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

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.

DONG said it was uncertain whether the Hejre project, which was halted more than a year ago, would resume. It estimates the field holds 171 million barrels of oil equivalent, Reuters reported.

SNC-Lavalin Group is expanding its global consulting, design and project management capabilities with the takeover of U.K.-based WS Atkins.

Production

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.

The project will simplify the process to bring gas from offshore to the North Morecambe terminal and start later this month, Centrica said on Wednesday.

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

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.

Moody's upgraded BP Plc's credit rating on June 8, citing a strong performance despite oil price volatility and greater fiscal clarity following a $20 billion settlement of the deadly 2010 Gulf of Mexico spill.

About 150 oil platform workers would go on strike, potentially disrupting output from several Norwegian fields, if they fail to get a pay deal by midnight June 9, their union said on June 6.

Lederne, the smallest of the three Norwegian unions representing oil industry workers, said the strike would target platforms at Eni’s Goliat, Shell’s Draugen and Statoil’s Kvitebjoern, Oseberg East and Gudrun fields.