Oil and gas producer Hess Corp on Monday forecast a small drop in output and set a $1.9 billion budget for 2021, most of which will go to Guyana, touted as one of the most important new oil and gas discoveries in the last decade. The company has been relying on its investment in offshore... Continue Reading →
Report: Sumitomo to Stop Investing in New Oil Projects
Japanese trading house Sumitomo Corp will stop investing in new oil development projects as it shifts away from fossil fuels businesses amid a global push to cut greenhouse gas emissions, the Nikkei business daily reported on Sunday. The move comes as global miners and Japanese trading companies cut their exposure to coal operations, including mining... Continue Reading →
Tullow Starts Drilling Ops at GVN-1 Exploration Well, Offshore Suriname
Oil and gas company Tullow Oil is set to start drilling at its Goliathberg Voltzberg North-1 (GVN-1) exploration well, offshore Suriname, targeting 235 million barrels of oil. The news of the drilling operation startup was shared by Tullow's partner Ratio Petroleum. "Ratio Petroleum is reporting that Tullow, the operator of Block 47, has commenced the... Continue Reading →
BP in oil exploration team cuts as climate change-driven reorganisation continues
Oil major BP has drastically cut its fossil fuel exploration team in an attempt to keep up with the fast-moving revolution focused around renewables and climate change. BP’s team of geologists, engineers, and scientists have been cut to less than 100 from a peak of more than 700 a few years ago, according to company... Continue Reading →
Big Oil hits brakes on search for new fossil fuels
(Reuters) - Top oil and gas companies sharply slowed their search for new fossil fuel resources last year, data shows, as lower energy prices due to the coronavirus crisis triggered spending cuts. Acquisitions of new onshore and offshore exploration licences for the top five Western energy giants dropped to the lowest in at least five... Continue Reading →
Subsea 7 grabs Angola contract
Subsea 7 has won a contract from Cabinda Gulf Oil Company (CABGOC) for the Sanha Lean Gas Connection (SLGC) project offshore Angola. Specifically, the project comprises the construction and installation of the Lean Gas Platform (LGP) system in Block-0 off Angola. It takes place at a water depth of approximately 70 metres. Project management and... Continue Reading →
PETRO RIO CLOSING OF THE ACQUISITION OF 30% INTEREST IN FRADE
Petro Rio S.A. ("Company" or "PetroRio") (B3: PRIO3), in accordance with art. 26 of the Novo Mercado Regulation, and in addition to the Material Fact of November 28, 2019, informs its shareholders that the country’s National Petroleum, Gas and Biofuels Agency (“ANP”) has approved the concession of the 30% interest in Frade Field, currently held... Continue Reading →
These Countries Offer Best Profit Conditions for Large Offshore Developments
The United Kingdom, Kuwait, Canada, United States, Colombia top energy intelligence firm Rystad's list of countries that offer the best fiscal conditions for the development of large offshore oil fields. After what has been described as a disappointing year for offshore sanctioning, Rystad expects offshore sanctioning to rebound to at least $56 billion in 2021... Continue Reading →
This ‘snake robot’ can fix pipelines on the ocean floor
(CNN Business)The deep-sea oil and gas industry has a vast and costly infrastructure to maintain. Wells, other equipment, and thousands of kilometers of pipeline must be installed, inspected and repaired. Now, cutting-edge underwater drones and robots are being developed that could make the work safer, cheaper and less polluting. Among them is Eelume, a six-meter-long,... Continue Reading →
Ecopetrol sells 50% share in Offshore International Group
(Reuters) - Colombia’s majority state-owned oil company Ecopetrol has sold its 50% stake in Offshore International Group (OIG) via a share purchase agreement with a subsidiary of De Jong Capital LLC, it said on Tuesday. The divestment follows a successful bidding process carried out by Ecopetrol and its partner Korea National Oil Corporation with a... Continue Reading →
