The Norwegian Petroleum Directorate’s expects that, after a minor reduction in 2019, oil and gas production will increase from 2020 and up to 2023. Overall production will then reach the record year of 2004. Exploration activity was higher last year, with the number of exploration wells increasing dramatically.
A group of House Democrats introduced a suite of eight bills, on December 8, aimed at blocking President Trump’s proposal to expand offshore oil and natural gas drilling around the country. The bills occurred as Trump administration is to release the Bureau of Ocean Energy Management’s (BOEM) Proposed Outer Continental Shelf Oil and Gas Leasing Program, that will define the administration’s vision of drilling procedures.
According to Wood Mackenzie, five themes will dominate the market in 2019, including the comeback of North Sea exploration and, although the deal spend will slow, it will remain the seller’s market. WoodMac also sees an increase in development expenditure in 2019 but production will remain flat. In the end, companies with the lowest-cost projects will be the winners this year.
Luxembourg-based dredging and engineering company Jan De Nul Group has successfully completed its first major installation and burial of the two main subsea umbilicals for the exploitation of new gas fields in the West Nile Delta concessions, located in the North Alexandria region.
The worldwide offshore rig count in December 2018 increased by 30 units from November of the same year and increased by 49 units year-over-year, according to a report by Baker Hughes, a GE company. The worldwide offshore rig count for December 2018 was 260, up 30 from the 230 counted in November 2018, and up 49 from 211 counted in December 2017.
BP announced that it has discovered two new oilfields in the Gulf of Mexico and has found one billion barrels of oil at an existing field with the help of a new seismic technology. The company, years after the 2010 Deepwater Horizon Spill, announced its plans on expanding its production at its Atlantis oilfield in the Gulf of Mexico.
Brazilian state-owned oil company Petrobras confirmed occurrence of an oil leak on 2 January in one of the tanks of the FPSO ‘Cidade de Rio de Janeiro’, chartered by the company and operated by Modec do Brasil in the Espadarte field in the Campos Basin, approximately 130 km from the Macaé coastline, on the north coast of Rio de Janeiro.
ExxonMobil signed an agreement with IBM to promote the potential use of quantum computing in developing next-generation energy and manufacturing technologies. The partnership was announced during the 2019 Consumer Electronics Show in Las Vegas.
The Canadian Environmental Assessment Agency (CEAA) has allocated $302,327.65 in federal funds to 19 recipients to assist their participation in the environmental assessment of the proposed Bay du Nord Development Project, located 450 kilometres east of St. John’s, Newfoundland and Labrador, in the Atlantic Ocean.
In this video, IEA explains how the oil markets are changing. With developing economies now contesting for more demand, they will account for all of the growth in oil consumption by 2040 and over 80% in gas use. What is more, global oil production is continuing its increase fueled by the transport sectors and petrochemicals.
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