Category Archives: Offshore Ocean News and Information

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BP report sees energy-emissions ‘mismatch’

Citing a “growing mismatch” between hope and action, BP executives released the company’s annual Statistical Review of World Energy featuring slow progress on climate change and rapid growth in energy demand and emissions of carbon dioxide. The report also noted that the US recorded the largest-ever annual production increases by any country for oil and…

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Third KG D6 project off India sanctioned

Reliance Industries and BP have sanctioned the third of three projects in the integrated natural gas development of Block KG D6 in deep water off eastern India. The new project, MJ, is a high-pressure, high-temperature gas condensate field with well depths of 4,200 m below mean sea level in 700-1,100 m of water. It’s also…

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World Bank: Global gas flaring up 3% in 2018

Flaring of natural gas rose 3% year-to-year in 2018 to an estimated 145 billion cu m, the World Bank’s Global Gas Flaring Reduction Partnership disclosed on June 12. The growth was associated with increased US crude oil production, although US flaring intensity—the volume of gas flared per barrel of produced oil—remained low at 0.3 m/bbl…

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EIA: Oil price forecast lower for 2019 on demand concerns

Brent crude oil spot prices are expected to average $67/bbl this year, which is $3/bbl lower than forecast last month in the US Energy Information Administration’s Short-Term Energy Outlook. In this month’s STEO, EIA reports expecting Brent to remain at $67/bbl in 2020. EIA’s lower Brent price path for this year reflects rising uncertainty about…

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Culzean field starts production off UK

Production has begun from Culzean gas condensate field in the Central Graben area of the UK North Sea. Development by Total SA and partners involved the drilling of six wells and construction of three bridge-linked platforms and a floating storage and offloading unit.

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Lukoil, KazMunayGaz mull Kazakh block JV

Lukoil and KazMunayGaz have signed a heads of agreement calling for negotiation of mineral rights on the I-P-2 block offshore Kazakhstan. The block is 130 km off Aktau in 300-400 m of water. Lukoil said 2D seismic surveys have been shot over the area.

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Petrobras, SBM sign LOI for Mero 2 FPSO

Petroleo Brasileiro SA (Petrobras) signed a letter of intent with SBM Offshore for a 22.5-year lease and operation of the Mero 2 floating production, storage, and offloading vessel to be installed on giant Mero oil field in the Santos basin offshore Brazil.

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ExxonMobil proceeds with Vaca Muerta expansion

ExxonMobil Corp. announced plans to proceed with long-term oil development on Bajo del Choique-La Invernada block within Argentina’s Vaca Muerta basin. The project is expected to produce as much as 55,000 boe/d within 5 years. The project will include 90 wells, a central production complex, and export infrastructure connected to the Oldeval pipeline and refineries.

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Baker Hughes: US rig count down 9 units to 975

The US drilling rig count fell 9 units, reaching 975 rigs working for the week ended June 7, according to Baker Hughes data. The count is down 87 units from the 1,062 rigs working this time a year ago.

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Baker Hughes: International rig count jumps 64 units

The international rig count for May reached 1,126, up 64 units from 1,062 in April and up 159 units from 967 in May 2018, according to Baker Hughes data. The international offshore rig count for May was 240, down 11 units from 251 in April and up 42 units from 198 in May 2018.

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