On 2 July, Odfjell’s Deepsea Stavanger started its long journey from Norway to spud the Luiperd-1 on Block 11B/12B offshore South Africa. The rig, operated by French oil major Total, was used for drilling in Brulpadda well in South Africa, which resulted in a discovery, in 2019.
Eleven major players from the oil, gas and shipping industry, shake their hands and formed an international coalition in order to develop and accelerate the energy transition.
Total joined the Getting to Zero Coalition, supporting the maritime industry’s decarbonization plans and collaborating with companies across maritime, energy, infrastructure and finance sectors.
The oil major players, Equinor, Shell and Total recently shake their hands and agreed to invest in Norway’s first exploitation licence for CO₂ storage, called as “Northern Lights project”.
The major energy player, Total recently announced its ambition to achieve net-zero emissions by 2050. In fact, the company plans to improve its products and develop new low-carbon businesses.
Although the COVID-19 has already disrupted the shipping industry in several ways, the offshore sector is also feeling the impact of the pandemic, as many offshore companies are experiencing lower prices or COVID-19 cases.
Following the coronavirus situation, two of the biggest European energy companies denied a Chinese force majeure upon the LNG deals. Specifically, Royal Dutch Shell Plc and Total SA did not accept the legal grounds of China National Offshore Oil Corp. (CNOOC) decision.
A giant LNG bunker vessel, which will be operated by French energy giant Total and owned by Japanese shipping company Mitsui O.S.K. Lines (MOL), has completed its sea trials in China earlier this week. The 18,600 cbm newbuilding, which is the world’s largest vessel of this type, is currently under construction at Hudong-Zhonghua Shipbuilding’s shipyard near Shanghai.
The world’s oil and gas explorers discovered 12.2 billion barrels of oil equivalent (boe) in 2019, the highest volume since 2015, according to estimates from Rystad Energy. Last year recorded 26 discoveries of over 100 million boe, with offshore regions leading the list of new oil and gas deposits.
Oil and gas giants are looking to sell assets that could fetch a total of $27.5 billion, as they are actively shedding mature assets on a massive scale in a bid to finance higher-yielding investments elsewhere, according to energy research firm Rystad Energy.
