|Theme||Visible||Selectable||Appearance||Zoom Range (now: 0)|
Among the top 50 oilfield service firms, downsizing is estimated to land at a headcount of 610,000, down from the 760,000 maintained after the 2016 downturn. The fully remote inspection was conducted with an ROV to increase worker safety and security and reduce environmental exposure on an offshore platform. The partnership will deliver autonomous robots for safe work in adverse land, sea, and downhole environments. A recent test proved the feasibility of using LiDAR on remote-controlled drones to create 3D maps of the inside of tanks, increasing the safety and efficiency of inspections. The fire at the Terra Nova FPSO comes 6 months after C-NLOPB found Suncor noncompliant with regulatory requirements and suspended operations.
The EPSO surveys were completed offshore Mexico for Total and Cairn in compliance with requirements of Mexico’s National Agency for Safety, Energy, and Environment. With contracts canceled and pressures mounting, offshore oil drillers struggle to stay afloat. With contracts canceled and pressures mounting, offshore oil drillers struggle to stay afloat. Sandvik and Van Oord’s announcements come a week after oil major BP said it’s slashing 10,000 jobs. Texas LNG’s CEO Vivek Chandra and ALNGE Principal Luc Speeleveld outlined key issues and concerns facing the US LNG industry now and in the future as market dynamics remain affected by COVID-19.
Facing a minimum 1-year delay to startup, Husky Energy discussed the West White Rose extension project’s challenges and risks with Canadian local and federal governments. Cancellation is a possibility, according to a Husky executive. As the company aims to become carbon net zero by 2050, it is undertaking a three-pronged approach focused on transforming its core, investing for growth, and positioning for the future. An economic downturn and global pandemic are among many issues US midstream operators are dealing with in 2020, including exposure to upstream bankruptcies, limited M&A activity, and regulatory issues. The company deferred three of four pipelines as it continues to push toward final investment decision.
Gas demand is expected to grow by just 2 Bcm in 2020, down from previous expectations of 6 Bcm. The Netherlands, UK, Germany, and Spain are expected to see the biggest impact. As the debate continues about oil prices and supply and demand, the SPE Production and Facilities technical director examines data published by various organizations on the short- and long-term industry outlook.
Gas demand is expected to grow by just 2 Bcm in 2020, down from previous expectations of 6 Bcm. The Netherlands, UK, Germany, and Spain are expected to see the biggest impact. More than 200 companies could become insolvent in the UK and Norway. This number may be larger when including the rest of Europe. Global OPEX is falling, and the UK has emerged as a cost-cutting powerhouse among global offshore regions feeling the squeeze of uncertain oil prices.
Sandvik and Van Oord’s announcements come a week after oil major BP said it’s slashing 10,000 jobs. Gas demand is expected to grow by just 2 Bcm in 2020, down from previous expectations of 6 Bcm. The Netherlands, UK, Germany, and Spain are expected to see the biggest impact. More than 200 companies could become insolvent in the UK and Norway. This number may be larger when including the rest of Europe.
Companies are planning smaller LNG plants, which may be COVID-proof, but the industry still faces a 100-mtpa supply shortfall in the mid-2020s. Among the top 50 oilfield service firms, downsizing is estimated to land at a headcount of 610,000, down from the 760,000 maintained after the 2016 downturn. US crude exports to China have decreased from peak levels in May and June, but Vortexa said there may be unique opportunities looking forward. The contraction of the shale sector and its operations such as drilling and completions due to COVID-19 and the drop in oil price has sifted down to the frac sand suppliers. The drop in US LNG exports comes amid a combination of weak demand, ample supply, additional capacity coming on line, and flexibility to cancel US cargoes.
Africa (Sub-Sahara) An 816-mile 2D seismic acquisition program was completed on the Ampasindava block, located in the Majunga deepwater basin offshore northwest Madagascar. The data will provide improved subsurface imaging of the large Sifaka prospect and will potentially mature additional prospects in the Ampasindava block to drill-ready status. Sterling Energy (UK) holds a 30% interest in the Ampasindava production sharing contract, which is operated by ExxonMobil Exploration and Production (Northern Madagascar) (70%). Asia Pacific Production began on the Liuhua 19-5 gas field in the Pearl River Mouth basin in the South China Sea. The field is expected to hit peak production of 29 MMcf/D this year. China National Offshore Oil Corporation (100%) is the operator. Drilling began on the YNG 3264 and the CHK 1177 development wells onshore in Myanmar.
Africa (Sub-Sahara) A drillstem test was performed on the Zafarani-2 well--located about 80 km offshore southern Tanzania. Two separate intervals were tested, and the well flowed at a maximum of 66 MMscf/D of gas. Statoil (65%) is the operator, on behalf of Tanzania Petroleum Development Corporation, with partner ExxonMobil Exploration and Production Tanzania (35%). The FA-1 well--located in 600 m of water in the Foum Assaka license area offshore Morocco--was spudded. The well targets Eagle prospect Lower Cretaceous resources. Target depth is 4000 m. Kosmos Energy (29.9%) is the operator, with partners BP (26.4%),
Africa (Sub-Sahara) Kosmos Energy has made a significant deepwater gas discovery off Senegal. The Guembeul-1 well in the northern part of the St. Louis Offshore Profond license in 8,858 ft of water encountered 331 net ft of gas pay in two excellent-quality reservoirs, the company reported. The results demonstrate reservoir continuity and static pressure communication with the Tortue-1 well, which suggests a single gas accumulation. The mean gross resource estimate for the Greater Tortue complex has risen to 17 Tcf from 14 Tcf as a result of the Guembeul discovery, the company said. Kosmos, the operator, has a 60% interest in the well. Timis (30%) and Petrosen (10%) hold the remaining interest. In Salah Gas has started production from its Southern fields in Algeria.