Tag: oil and gas industry

Shell won four exploration blocks on its own, one with its partner Pemex Exploración y Producción and four with its partner Qatar Petroleum International Limited. Qatar Petroleum has won exploration rights in 5 offshore blocks in Mexico. Qatar Petroleum won the exploration rights for blocks 3, 4, 6, and 7 in the Perdido basin as part of a consortium comprising Shell and Qatar Petroleum. 

Chevron Corporation informed that it found a significant oil discovery at the Ballymore prospect in the deepwater U.S. Gulf of Mexico. The Ballymore well was drilled by Pacific Drilling’s Sharav deepwater drillship. Ballymore is based in the Mississippi Canyonarea of the US Gulf of Mexico, about three miles from Chevron’s Blind Faith platform, in water depth of 6,536 feet.

The CEOs of Occidental Petroleum Corporation, NuStar Energy, Buckeye Partners, Howard Energy Partners, Plains All American Pipeline and Cheniere Energy asked President Donald Trump to fund $60 million for deepening and widening of the Corpus Christi Channel, in order to meet the increasing oil and gas demand from the US. 

Gas projects developing in east Mediterranean countries like Cyprus, Israel and Egypt can be proven to be key to Europe, as it tries to diversify its gas imports, seeing that North Sea output is decreasing, while in the same time Russian supplies are on the rise. The head of the Italian Eni, Claudio Descalzi, mentioned that especially Egypt is important for gas exports, because it already has the necessary infrastructure.

Fifty oil and gas fields in South East Asia, with a combined 4 billion barrels of oil equivalent resources, will begin development operation from 2018 through 2020. These fields require $28 billion of capex from final investment decision to first production.

The Oil and Gas Climate Initiative and Brazil's Petrobras announced that the Brazilian company will join the initiative. This commitment is subject to the approval of the OGCI Climate Investments Members’ Agreement by the Petrobras Board of Directors.

The research team say there are “many questions and uncertainties” around seabed mining, including legal issues and the difficulties of predicting the scale and extent of impacts in advance, and of monitoring and regulating mining activity once it takes place in the deep sea.

Back in 2013, the New York-based ABI Research consultancy said that cyber-attacks against oil and gas infrastructure will drive $1.87 billion in cybersecurity spending by 2018. Here we are today...

A new research that was published by DNV GL, predicts an increase in the capitals of the oil and gas industry, as well as an increase in the R&D expenses. However, the industry says that it will still a certain limit to the costs. The oil and gas industry is expected to remain its tight control, investing in smarter projects in order to be sustainable.

Decommissioning is entering more and more into the operations of those involved in the North Sea Oil & Gas industry. With c.$102bn of decommissioning related expenditure forecast to 2040 in Western Europe, it is an opportunity for a supply chain which can adapt to the North Sea basin.