oil and gas industry

Norway finds improvement points at Lundin’s Barents Sea well testing

PSA Norway conducted an audit of Lundin Norway’s extended well testing of well 7220/11-5 S in the Barents Sea. The audit included Ocean Rig as the holder of the AoC for the Leiv Eiriksson drilling facility. The audit was conducted between 22 March and 28 June 2018 and found points that can be improved.

Equinor allowed to supply power from onshore to Johan Sverdrup

PSA Norway has given Equinor consent to use a facility to supply power from onshore to the Johan Sverdrup field. Electrical power will be obtained from the onshore grid and converted to DC at a transformer station at Haugsneset close to the Kårstø facility in Rogaland. 

IEA: 2017 global energy investment fails to keep up with sustainability

Global energy investment totaled USD 1.8 trillion in 2017, a 2% decline in real terms from the previous year, according to IEA’s World Energy Investment 2018 report. The electricity sector attracted the largest share of investments in 2017, exceeding the oil and gas industry for the second year in row.

Norway sees high exploration activity with 20 offshore projects underway

A total of 20 development projects are currently underway on the Norwegian Shelf, and 13 exploration wells in the first half of 2018 have yielded 6 discoveries. Production has been a little lower in the first six months of the year as compared with the same period last year, says Norwegian NPD.

OPEC to be key factor to price recovery until 2040

Despite the fact that non-OPEC production will ensure supply to 2030, OPEC has to continue leveraging its available reserves. This is what Wood Mackenzie says, noting that OPEC will be the key to price recovery through 2040. It also expects crude and condensate production to reach around 11 million b/d in the mid to late-2020s.

UK oil and gas skills strategy project launched

A new project to develop a UK oil and gas skills strategy has been launched following release of the UKCS Workforce Dynamics Review. Launched in May 2018, the study found that if the sector achieves energy transition ambitions, around 40,000 people will need to be recruited into the sector over the next 20 years.

UK sees increased production efficiency in 2017

UK’s Oil and Gas Authority released its Production efficiency for 2017. OGA reports the PE continued its rise for the fifth year in a row. Namely, in 2017 it reached 74%, increasing production in the UK Continental Shelf. Th total UKCS production potential in 2017 was 800 million boe, a slight increase from 2016.

Over 1,000 failures reported in Gulf of Mexico rigs in 2017

Through its SafeOCS program, the US BSEE released its annual report Blowout Prevention System Safety, informing that through 2017, 18 of 25 operators associated with rig operations in the Gulf of Mexico reported 1,129 equipment component failure events, which represents a decrease from 2016. 

US announces new Gulf of Mexico oil and gas lease sale

The US Bureau of Ocean Energy Management will offer about 78 million acres offshore Texas, Louisiana, Mississippi, Alabama, and Florida for oil and gas exploration and development. The region-wide lease sale is scheduled for August 15, 2018, and includes all available unleased areas in federal waters of the Gulf of Mexico.

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