Author hkrichiedistribution
OPEC is getting smaller, again. Ecuador said Tuesday it will leave the Organization of Petroleum Exporting Countries in January. For OPEC, the departure matters more in symbolism than barrels — Ecuador is one of its smallest producers, but stated clearly it wants to leave the group to boost oil revenues at a moment when the
This year, the oil market has faced some of the worst supply disruptions in recent times and yet prices remain stuck in the $60s. OPEC’s oil production tumbled the most in 16 years last month after the worst-ever attack on Saudi Arabia’s energy infrastructure temporarily halved its output. Earlier in the summer, Russia’s Druzhba contamination
The Norwegian Petroleum Directorate has granted consent to start up the Valhall West Flank facility in the North Sea. Start-up will take place this autumn. The reserves are estimated at 60 MMboe. The reserve estimate is a median value, and indicates some uncertainty regarding how much can be recovered. This facility is a further development
Equinor has awarded Saipem a subsea service contract using a wireless underwater intervention drone and an ROV. This contact will make Equinor the first user of technology expected to be completed in 2020.? “This is a historic contract in the oil and gas industry. It is the first contract signed for the use of advanced
CGG Subsurface Imaging has delivered broadband 4D seismic results ahead of schedule from BP Angola’s latest monitor survey offshore Angola. This achievement builds on previous 4D seismic processing projects undertaken for BP Angola. Hot Tip Thousands of recruiters use oilandgaspeople.com to post jobs and find suitable candidates. We are the industry’s most popular job and
The Texas Railroad Commission assessed and cleaned up more than 400 abandoned oil field sites in fiscal year 2019, more than double the performance measure goal set by the Texas Legislature to assess and clean up 188 abandoned sites. Most operators clean up their own oilfield sites when the wells are no longer productive. To
Oceaneering has been awarded a contract to support a decommissioning project off the east coast of Canada. This is the first decommissioning contract for Oceaneering in Canada. The contract’s work scope includes internal cutting, external cutting, and local soil displacement. Work is expected to start in Q2 2020. Hot Tip Thousands of recruiters use oilandgaspeople.com
The auction of drilling rights off the coast of Brazil planned for November, potentially offering more oil than all the proven reserves in Mexico, has attracted interest from some of the world’s largest producers. Chevron, Exxon Mobil and Royal Dutch Shell are among 14 companies registered, the government said Monday. Brazil expects to raise as
Oil rose after its biggest quarterly slump of the year, yet ongoing concerns that a faltering global economy will erode demand continued to weigh on the market. Futures increased 1.1% in New York, having tumbled 7.5% in the past three months as Saudi Arabia fully restored its output following devastating attacks that had temporarily halved
ConocoPhillips has completed its previously announced transaction to sell two ConocoPhillips UK subsidiaries to Chrysaor E&P Limited for $2.675 billion, plus interest and customary adjustments. Together, the subsidiaries indirectly held the company’s exploration and production assets in the UK, as well as approximately $1.8 billion in asset retirement obligations. ConocoPhillips also announced that it has