Exclusives

Environmental Defense Fund, Fred Krupp, methane emissions, oil and gas methane emissions, TED2018, TED Talk, Audacious Project

Working with Harvard University and the Smithsonian Astrophysical Observatory, EDF’s goal is to launch a satellite within three years in an effort to cut methane emissions from oil and gas facilities by 45% by 2025.

Aker BP, Karl Johnny Hersvik, Data Liberation Front, oil and gas data, oil and gas technology, ABB

Giving vendors access to performance data could bring operators significant benefits while ushering new business models into the supply chain.

Wood Mackenzie,  Angus Rodger, final investment decisions, FID, oil and gas spending, oil and gas projects, sanction

About 30 major projects will reach FID this year as companies lower costs, pursue smaller project footprints and step up use of subsea tiebacks and existing infrastructure, according to an energy consultancy.

Equipping problem solvers for tomorrow’s challenges.

Check out the latest activity highlights from around the world.

Deepwater International

According to WoodMac, its analysis of 2,222 oil fields suggests that if Brent crude falls to US $40/barrel, which is entirely possible, 1.6% of global oil supply could turn cash negative on an operating cost basis. 

At PETEX 2014, Richard Herbert, COO, Exploration at BP, highlighted a number of global trends in exploration that he believes will be factors as energy demand continues on its ongoing growth curve. 

Exploration

Italian oil major Eni has no plans to pull out of its joint venture with Russia's Rosneft despite escalating sanctions against Russia, CEO Claudio Descalzi says.

China’s shale gas production will likely reach 17 billion cubic meters (Bcm) in 2020, nearly double the 2017 level, as local oil companies make big progress with drilling technology and cost cutting.

Fourteen companies have expressed interest in oil and natural gas exploration and development contracts to be auctioned by Iraq on April 25, the oil ministry in Baghdad said on April 14.

Exploration Briefs For April 5

Santos said April 3 it would "engage with" Harbour Energy after receiving a $10.4 billion takeover offer from the U.S. company, its fourth unsolicited bid since August 2017.

Production

The natural gas treatment plant project worth nearly US$600 million is of "great significance" to the development of oil and gas for Petrobras pre-salt, according to the company press release.

Oil prices steadied on April 13, heading for their largest weekly gain since July after U.S. President Donald Trump’s comments about possible military action in Syria and reports of dwindling global oil stocks.

OPEC's output-limiting pact with Russia and several other non-OPEC producers runs until the end of the year and OPEC is set ot meet in June to decide its next course of action.

OPEC said its collective output fell 201,000 bbl/d to 31.96 million bbl/d in March from February, driven by declines in Angola, Algeria, Venezuela, Saudi Arabia and Libya.

Asked about the objective of the alliance, UAE's energy minister said the aim was to build on progress made since the oil cut deal began on sharing information and building trust.

Technology

Weir also said it would start a process to sell its flow- control division, which designs and manufactures process pumps and valves for power, oil and gas industries.

Seadrill aims to expand relations with Schlumberger and other service firms following approval of its multibillion-dollar debt restructuring plan, CEO Anton Dibowitz told Reuters.

Proserv has secured a contract worth over $5.5 million with Repsol to upgrade and build new subsea production control equipment for the Yme field redevelopment in the Norwegian North Sea.

BP also plans to invest up to $500 million per year on renewable energies such as solar, wind and power storage.

Statoil is focused mostly on future deepwater opportunities in Mexico but does not rule out others, CEO Eldar Saetre said in an interview late on April 12.