Exclusives

A new pipeline will create a new export route for natural gas to European markets.

Offshore Drillers Ensco, Rowan To Combine In $2.4 Billion Merger

The merger of offshore drillers Ensco and Rowan will result in the world’s largest jackup contractor with a combined enterprise value of $12 billion.

As the oil price continues to climb from recent lows, there is a higher demand for funding. However, some smaller players face a challenging funding landscape, according to financial experts speaking at ONS2018.

The development, which includes two new bridge-linked platforms, has been designed to produce until 2050 with a peak production capacity of 120,000 barrels per day.

Paradigm, Emerson, E&P software, digital oil field, Pat Babka, oil and gas workflow, Roxar Software Solutions,  Emerson Automation Solutions

With the acquisition of Paradigm, which was completed in late 2017, Emerson believes it can meet the market’s growing demand for an independent, global provider of E&P software solutions.

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

Norwegian oil company DNO raised its bid for Britain's Faroe Petroleum after its hostile bid in November as inadequate and "opportunistic."

DNO's combined ownership and bid acceptances now stands at 43.8%, up from about 43% but still short of a controlling stake in British independent oil and gas company Faroe Petroleum.

DNO had previously required the backing of 57.5% of Faroe shareholders for the takeover offer, but that fell to 50% after DNO lifted its stake in the U.K. company slightly on Jan. 3.

The Nigerian government filed a $1.1 billion lawsuit against Shell and Eni in a commercial court in London on Dec. 13 in relation to a 2011 oilfield deal involving block OPL 245.

Chrysaor has signed up investment banks Jefferies and BMO for the discussions as a deadline for the bids for Chevron's British North Sea oil and gas fields approaches, the four sources said.

Production

Despite that, oil output in 2017 of 86.2 million cubic meters (MMcm), or 542 million barrels (MMbbl), missed the 90.2 MMcm forecast made a year ago, the Norwegian Petroleum Directorate said Jan. 10.

The government has capped Groningen production at 19.4 billion cubic meters (Bcm) in the year starting October 2018 and said it would reduce output to zero in the coming decade.

Turkey has resumed imports of Iranian crude oil after a one-month hiatus in November when U.S. sanctions on Iran were reimposed, trading and shipping sources said.

Oil and gas investment in Norway is expected to grow for a second year in a row in 2019 but will fall back between 2020 and 2023, an industry lobby group said on Jan. 7.

OPEC said on Dec. 12 it had offset a drop in sanctions-hit Iranian oil exports and lowered the 2019 forecast of demand for its crude, underlining the challenge the producer group faces to prevent a glut even after last week's decision to trim output.

Subsea Engineering

Greece’s Energean Oil & Gas listed on the London Stock Exchange on March 16, raising $460 million to develop two Israeli offshore gas fields.

subsea oil and gas, subsea technology, dual pipe separator, Seabed Separation

Norwegian subsea technology firms are pushing ahead with technologies to enable a new wave of seafloor field development.

Subsea 7, subsea oil and gas, Jean Cahuzac

Subsea 7 CEO Jean Cahuzac expects the subsea market will see more awards coming its way in first-half 2018 for subsea umbilicals, risers and flowlines as well as conventional projects.

Britain plans to introduce tax changes to oil and gas companies operating in the North Sea, finance minister Philip Hammond said, in a bid to spur investment in the aging basin.

Upstream activity offshore Norway and the U.K. has seen a steady increase in the last couple of weeks, coinciding with a general rise in global crude prices.

Technology

Total has appointed Brendan Warn to succeed Mike Sangster as the company’s senior vice president of investor relations.

Oil services group TechnipFMC said on Jan. 10 Doug Pferdehirt would replace Thierry Pilenko as its executive chairman, following Pilenko’s imminent retirement.

The Italian government is planning to block the issuing of about 36 permits to look for oil and gas as part of plans to cut the country's carbon footprint.

Any attempt to stop the Russian-backed Nord Stream 2 pipeline would be difficult now that it is being built, European Commissioner Guenther Oettinger said.

The two Netherlands-based firms expect to have a joint production in 2019 of 35,000 barrels of oil equivalent per day (boe/d), they said.