News
IEA: OPEC delivering on its promise to cut output
The estimated OPEC production in January was at 32.1 mb/d and the cuts achieved a record initial compliance rate of 90%, the International Energy Agency (IEA) said in its Oil Market Report. To remind, the OPEC members and Russia in November 2016 reached a deal to reduce oil production in order to de
When is a final investment decision (FID) not a FID?
Large upstream projects are more often delivered by a group of partners rather than a single 100% owner.
Total CEO says first Yamal LNG cargo expected by October
Total Chief Executive Patrick Pouyanne said on Thursday that the first shipment from the $27 billion Yamal LNG project it is developing in Russia with Novatek could be sent before October this year. Pouyanne said during a presentation to investors on Total’s 2016 financial results that Novatek’s CEO
Aibel to Assist with Hywind Scotland Commissioning
Aibel has been awarded further work on Hywind Scotland Pilot Park after Statoil assigned the company to assist with the commissioning of five floating wind turbines for the project.
Gas Natural Fenosa buys LNG carriers despite profit drop
Spanish LNG operator Gas Natural Fenosa increased its investment in 2016, acquiring two LNG carriers during the year, despite a decline in net profit.
Nyhamna expansion to boost Shell’s Ormen Lange output
The Norwegian Petroleum Directorate (NPD) has granted consent for the start of the expansion of the Nyhamna gas plant in the Møre Og Romsdal County, Norway. The onshore facility processes gas from the Shell operated Ormen Lange field. According to NPD’s statement on Friday, the expansion will allow
Aberdeen’s new O&G tech center opens its doors
UK Government Minister for Scotland, Lord Dunlop, and MSP Paul Wheelhouse have opened the new £180 million ($225 million) Oil & Gas Technology Centre (OGTC) in Aberdeen. The center, which opened on Friday, is a core part of the £250 million Aberdeen City Region Deal which aims to become the go-to ce
UK eyes more Norwegian gas imports
The United Kindom expects to import more natural gas from Norway as it is looking to reduce carbon dioxide emissions. This was revealed on Friday after the UK Energy Minister Jesse Norman and his Norwegian counterpart Terje Søviknes held their first meeting in Oslo. “British interest in Norwegian ga
Gazprom, CNPC talk Power of Siberia progress
Vitaly Markelov, deputy chairman of Gazprom and Wang Dongjin, vice president of CNPC held talks on the progress of the Power of Siberia pipeline.
Spectrum’s full-year loss deepens. Worst not over
Offshore seismic player Spectrum doesn’t expect the marine seismic market conditions to improve much this year, as it expects 2016 and 2017 will represent the bottom of the current downcycle. The Oslo-listed company posted a positive result in the fourth quarter, with a net profit of 2.5 million ver
Atlantis Partners with NEW on Wyre Tidal Project
Atlantis Resources has signed an agreement to partner with Natural Energy Wire (NEW) to develop the Wyre tidal project. The project is planned to be built between Fleetwood and Knott’s End on the Lancashire coast in England. The Wyre project, which has been under development for several years, compr
Court: Elbe Dredging “Partially Illegal”
Germany’s Federal Administrative Court (Bundesverwaltungsgericht) in Leipzig has approved in principle the plan to dredge the river Elbe, stating that it needs to be revised by taking into account environmental concerns. Although the court has not rejected the plan, it has declared that the existing
Bourbon stacked more than hundred offshore vessels in 2016
French offshore ship owner Bourbon Offshore has revealed a whopping number of more than a hundred of its offshore vessels stacked at the end of 2016. The vessel owner, with a fleet of over 500 offshore vessels, said that it has maintained an “active stacking policy” to maximize the utilization rat
Report: Eni CEO charged with international corruption
By Bartolomej Tomic Italian prosecutors have reportedly charged Eni and its CEO Claudio Descalzi with international corruption over the controversial acquisition of an offshore block in Nigeria in 2011. Apart from Descalzi, the charge reportedly extends to the former CEO Paolo Scaroni and nine other