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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. Work has resumed on Energan’s Singapore FPSO; subsea installation for the Karish project continues as planned. The fire at the Terra Nova FPSO comes 6 months after C-NLOPB found Suncor noncompliant with regulatory requirements and suspended operations. FPSO sanctioning is at a minimum and few opportunities remain for FPSO suppliers to find new work and redeploy their vessels. Suppliers may be forced to accept day rate reductions in order to keep their vessels working.
Potential suitors to acquire Chevron’s stake in the LNG project include co-owner and operator Woodside. This contract is for the development of the Lambert Deep and Phase 3 offshore Northwest Australia. The company announced both contract awards simultaneously. The new contract awards could be worth up to $800 million. The Australian company upped its forecast of initial oil production out of the field from 50,000 B/D to somewhere between 75,000 and 100,000 B/D.
Askeladd Vest is Phase 2 of the Snøhvit gas development, which is expected to see an FID this year. Sleipner’s share in net-zero emissions savings will be more than 150,000 tonnes per year. Although these look like ordinary tankers, they are unique and run on LNG and recovered oil vapors. The Norwegian wind farm is expected to start up in 2022. The wind farm is also expected to create spinoff effects during the project’s life.
A 3-year study of air quality, soils, groundwater, and waterways found few to no effects as a result of hydraulic fracturing operations in Surat Basin coal seam formations. When two engineers lost their jobs during the industry downturn, they used the misfortune as an opportunity to develop an innovative concept that aims to make it a lot easier to move subsea gas long distances.
The data analytics firm projects US dry gas output growth will shrink to 2 Bcf/D next year from 8–9 Bcf/D in 2018 and 2019. For the past 20 years, the diagnostic fracture injection test has been used across the frontlines of the shale revolution to paint a picture of what cannot be seen. However, that picture has not always been so clear in the eyes of subsurface engineers. The decision comes 2 months after UK shale operator Cuadrilla Resources halted stimulation work at its Preston New Road site in Lancashire because of a magnitude 2.9 seismic event. The green light for Santos Energy’s drilling program in the McArthur Basin comes after a moratorium on hydraulic fracturing in the Northern Territory was lifted in 2018.
As the fallout deepens from the coronavirus pandemic and the global collapse in oil and gas prices, oil- and gas-producing regions around the world are feeling the pain. Landmark deal called most significant since 1979 peace treaty. The largest natural gas field in the rising Eastern Mediterranean region is now flowing after being discovered a decade ago. The succession at the top role comes amid the independent’s expansion beyond the Eastern Med, with recent acquisitions of North Sea and US Gulf of Mexico assets. The discovery will be tied back to the 775-MMcf/D Energean Power FPSO, advancing Israel’s aim of becoming a regional gas supply hub.
Oil companies large and small have pulled out the stops to stay on solid ground. Putting together the billions of dollars needed to develop deepwater finds has become tougher, but when the discoveries are huge, companies will make every effort to find a way to tap what may be a cheap source of oil. As the fallout deepens from the coronavirus pandemic and the global collapse in oil and gas prices, oil- and gas-producing regions around the world are feeling the pain. Guyana continues to strengthen its reputation as the world’s fastest growing offshore exploration hotspot. First oil from the 120,000-B/D Liza Destiny FPSO is flowing ahead of schedule.
With US oil prices struggling to top $25, oil companies and service providers are making deeper cuts this month to cope. The biggest come from Halliburton which may have shed 5,000 total jobs since the start of the year. Anchored by the Khaleesi-Mormont and Samurai fields, the King’s Quay FPS will receive and process up to 80,000 B/D of crude oil. Murphy Oil to Buy Deepwater US Gulf Assets for up to $1.625 Billion The El Dorado, Arkansas-based Murphy has quickly found a home for some of the cash it will receive from the sale of its Malaysia business. The company has been rapidly expanding its US gulf footprint while simplifying its portfolio and targeting more oil.
YPF’s data analytics experts are eagerly seeking partnerships with oilfield operations experts who can help blend elegant data analysis with the messy reality of oil production. The firms are now partners on multiple blocks in the North Argentina Basin. Up to 55,000 BOE/D of output is expected from the ExxonMobil-operated Bajo del Choique-La Invernada block in the Argentine shale play, with a possible second phase producing up to 75,000 BOE/D. The state-owned firm is looking within its home country, around Southeast Asia, and to the Americas—including shale—in an effort to maintain its forecast average yearly production of 1.7 million BOE/D over the next 5 years. Thirteen companies placed bids on 18 blocks in the Austral, North Argentina, and Malvinas West basins as part of Argentina’s first open bid round for offshore acreage in more than 20 years.
As capital markets dry up and shale producers look for pathways to growth, oil and gas data analytics firm Enverus predicts the US sector will see a “surge” in mergers and acquisitions in 2020. The latest move to consolidate the US shale sector will add 1,500 drilling locations to the buyer's portfolio. It also reflects that all-stock or mostly-stock deals are now the sector’s preferred acquisition vehicle. Occidental Petroleum has closed on deals totaling $1.7 billion as part of its divestment program following its $38-billion takeover of Anadarko Petroleum. The US major has had a stake in the field since it started production in 1997.