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As the spending on clean energy seems to be growing by leaps and bounds while investments in fossil fuels are not keeping up with this pace, the International Energy Agency (IEA) believes that this pivot to green and low-carbon sources is paving the way for peak oil demand to come into view. Is black gold... Continue Reading →
Active floating drilling rig utilization has rebounded from a low of 65% in 2018 to over 85% in 2023, energy intelligence group Wood Mackenzie said Monday, adding that the growth in demand and rates could even spur construction of new offshore rigs. "According to Woodmac, the number of contracted ultra-deepwater (UDW) benign rigs has returned... Continue Reading →
(OET) UK-headquartered oil and gas company Tullow Oil is mulling over all options for its interest in an oil field located offshore the Ivory Coast. This comes after BW Offshore secured a short-term contract extension for one of its floating, production, storage and offloading (FPSO) vessels, which is working at the field. As Tullow Oil’s... Continue Reading →
Italian oilfield services provider Saipem has completed works for the subsea production network for Azule Energy’s Agogo field development project offshore Angola. Saipem reported on 2 June that its team had completed the subsea production network for the Early Phase 2 development of the Agogo field on behalf of the joint venture between BP and Eni. The scope... Continue Reading →
(OET) Challenger Energy Group, the Isle of Man-headquartered oil and gas company focused on the Caribbean and Americas, has started a farm-out process for a shallow water exploration block located offshore Uruguay, which has already attracted attention from several oil companies. Challenger Energy was awarded the AREA OFF-1 block in May 2020 by Uruguay’s state-owned oil and gas... Continue Reading →
French oil major TotalEnergies, operator of OML130 offshore licens in Nigeria, confirmed Monday it had secured the renewal of the production license on this offshore block for 20 years. Located 150 kilometers off the Nigerian coast, the OML130 block contains the prolific Akpo and Egina fields which came into production in 2009 and 2018 respectively. ... Continue Reading →
China-based Wison Offshore & Marine has awarded NOV's APL a contract to supply a Submerged Swivel and Yoke (SSY) system for deployment in shallow waters offshore West Africa. APL said the SSY would be used as a mooring and gas export solution for an FLNG floater producing liquefied natural gas (LNG) for global export, while... Continue Reading →
(Reuters) Nigeria's state-owned oil company NNPC Ltd said on Thursday it had renewed a production sharing contract with Total, China National Offshore Oil Corp and others, a major step to resolving disputes on a deepwater oil block in the Niger Delta. Oil Mining Lease 130 is located offshore Niger Delta at water depths of over 1000... Continue Reading →
(OM) BW Energy says a 3D seismic survey has finished over its license offshore Namibia, with gravity and magnetic datasets also acquired. It plans to use the results to refine its depositional model, de-risk additional upside targets, and provide improved data to support FEED programs for the Kudu gas field development 130 km offshore southwest... Continue Reading →
(Reuters) - Chevron (CVX.N) has launched a sale process for its oil and gas assets in Congo as the U.S. energy giant continues to focus operations on newer and more profitable production, industry sources said. The Congo assets could fetch up to $1.5 billion, according to two sources close to the process. Chevron received bids for the... Continue Reading →
Brazil Energy Insight 