Regional News

Statoil plans to drill five to six wells in Arctic Barents Sea in 2018

November 28, 2017 | Drilling / Completions, Exploration / Discoveries, North Sea & Western Europe

London, UK | – Norwegian multinational oil and gas company and the world’s largest offshore operator, Statoil will continue to drill for oil in the Arctic Barents Sea next year even though its 2017 campaign was mostly disappointing, the company’s head of exploration told Reuters on Nov. 28. Statoil plans to drill between 25 and 30 wells in Norwegian waters in 2018. Of these wells five or six are expected in the Barents and the rest will be split between the North Sea and the …

Total strikes first oil from offshore Brazilian mega-field

November 28, 2017 | Deepwater, Rigs & Vessels, South America

London, UK | – French multinational oil giant, Total SA, have announce the first oil from the Libra mega-field, located 180 kilometres of Rio de Janeiro. The floating production, storage and offloading (FPSO) unit Pionerio de Libra is located in unltra-deep water and has a 50,000 barrel capacity. The start-up phase of production will focus on generating initial revenue and capturing technical data to streamline the development stage. The Libra development will continue to search for further investment  in the Libra 1 FSPO, which has …

U.S shale producers renew challenge to OPEC

November 28, 2017 | Shale oil & gas, United States & Canada

London, UK | –  U.S. shale producers have started adding more drilling rigs in response to rising oil prices and improving confidence about the outlook for 2018. Experience shows changes in the number of rigs drilling for oil in the United States tends to follow changes in WTI prices with a lag of about 16 to 20 weeks. The active rig count peaked in mid-August and then declined through September and October, in response to the earlier peak and fall in prices between February and …

UK Government signs off $2 billion loan to Saudi Aramco as listing race heats up

November 10, 2017 | Government & Regulations, Middle East

  London, UK | – Saudi Aramco has been preparing for a Western stock market listing for some time, and the US and UK have both gone to great lengths to court the company – now, Theresa May’s government has signed off on a US$2 billion dollar loan guarantee for the firm. The British government is poised to sign off a US$2 billion loan guarantee for Saudi Aramco, as London scrambles to host the stock market flotation of Saudi Arabia’s state energy giant — an initial public offering analyst believe could be …

Saudi Aramco signs oil, gas deals worth $4.5 billion

November 10, 2017 | Contracts, Government & Regulations, Middle East

Agreements inked with companies from the UAE, Spain, Italy and China London, UK | – Saudi Aramco has signed agreements worth nearly $4.5 billion with multinational oil and gas contractors, in what the company dubbed as an effort to diversify the economy. The deals were signed with companies including Spain’s Tecnicas Reunidas, Italy’s Saipem, China Petroleum Pipeline and Abu Dhabi’s National Petroleum Construction. The investments “reflect our concerted effort… to diversify our economy, promote local manufacturing, support a sustainable environment and strengthen our business and …

Iraq wants control of Kurdish region’s oil exports: state firm

November 02, 2017 | Development / Production, Middle East, OPEC

Baghdad, Iraq | – Iraq wants the Kurdistan region to stop independent crude exports and to hand over sales operations to the Iraqi state-oil marketer SOMO, the company’s director said on Thursday. Iraq is talking to Turkey to allow SOMO to sell the Kurdish crude that arrives by pipeline in Ceyhan, the Turkish terminal on the Mediterranean, acting SOMO director general Alaa al-Yasiri told reporters in Baghdad. About 530,000 barrels per day (bpd) used to arrive in Ceyhan via the pipeline until mid-October, of which …

Africa unites to garner investment at Africa Oil Week in Cape Town

November 02, 2017 | Africa, Energy Trading & Markets, South Africa, Upstream

Cape Town, South Africa | – The African oil industry met this week to discuss the potential, but also the challenges, that the industry faces as the continent moves towards the commercialization of its huge gas and oil reserves. Six of Africa’s oil ministers from Cote d’Ivoire, Namibia, Nigeria, Ghana, Mali, South Africa attended, including US Secretary for Energy Rick Perry. The event drew speakers from the highest echelons of government, operators, service providers, legal, advisory and research firms. The key themes discussed were the …

Shell buys charging station firm in first electric vehicle deal

October 13, 2017 | Mergers, Acquisitions & JVs, North Sea & Western Europe, Products, Services & Techniques

Amsterdam, Netherland  | – Multinational oil giant,  Royal Dutch Shell Plc has agreed to buy Dutch-based NewMotion, the owner of one of Europe’s largest electric vehicle charging networks, marking the company’s first deal in electric mobility as demand for cleaner vehicles is expected to soar. Shell said NewMotion, which manages over 30,000 charging points for electric vehicles in Western Europe and offers access to thousands more, will operate in parallel to Shell’s program of rolling out fast charging points at its forecourts. “They’re complementary offers. …