Author: Rigs & Barge World
19/06/2024 In 2023, a group under the FORCE umbrella drew up a guideline for sharing ensemble data in production licences. Now it’s time for a review. When multiple models are created for a specific reservoir (ensemble), this results in a lot of data. The sharing of too much or too little are both problematic. The consequence could be that licensees are unable to exercise due diligence, or that they cannot participate in a constructive manner when decisions are made. Read the guideline here. “The initiative to create the guideline came up due to the variable degree of…
Tethys Oil, now under Chinese ownership, is shifting its focus in Oman away from its only producing asset Blocks 3&4 (CCED 50%op, Tethys 30%, Mitsui E&P 20%), where output continues its steady downwards trajectory, hitting a decade-low 27,000 b/d for 2024. The company is hoping that Block 56 (Tethys 65%, Biyaq 25%, Medco 5%, Intag 5%), where its field development plan was approved in November, can reverse its fortunes (MEES, 29 November 2024). The firm is looking to develop the Al Jumd discovery over 2025-2026 and the Sarha and Menna discoveries from 2026-2027. (CONTINUED – 306 WORDS) Read this article…
The Abu Dhabi National Oil Company (ADNOC) announced that it signed a 15-year Sales and Purchase Agreement (SPA) with Mitsui & Co., Ltd., to supply up to 0.6 million tons per annum (mtpa) of lower-carbon liquified natural gas (LNG) from its Ruwais LNG project. This marks the fifth long-term LNG SPA for Ruwais LNG and further reinforces ADNOC’s commitment to Japan’s energy security and the supply of cleaner energy worldwide. Ruwais LNG, set to commence operations in 2028, is expected to become one of the lowest-carbon intensity LNG plants globally, powered by clean energy and advanced AI-driven technology. With up…
Companies have shown significant interest in storing CO2. (Illustration of CO2 storage) 20/06/2024 Six companies have been offered exploration licences to store CO2 in four areas in the North Sea. The authorities have reviewed applications from eight companies following announcement of two suitable acreage in March 2024. “We see great interest from the companies and find it gratifying that four offers are now being sent out. This is the highest number of offers that have been sent out simultaneously”, says Hilde Braut, assistant director for new industries. The six companies that have received…
Minister of Petroleum and Mineral Resources, Karim Badawi, met with Elkhan Polukhov Ambassador of the Republic of Azerbaijan to Cairo, and his accompanying delegation, which included Zaur Hasanov, Director of Business Development at the State Oil Company of the Republic of Azerbaijan (SOCAR). The meeting was attended by Salah Abdel Karim, CEO of the Egyptian General Petroleum Corporation (EGPC); Moataz Atef, Undersecretary of the Ministry for the Minister’s Office and Technical Office and Official Spokesperson; Samir Raslan, the Ministry’s Undersecretary for Agreements and Exploration; and Osama El Samannoudi, Vice President of the Egyptian Natural Gas Holding Company (EGAS) for Operations…
US major ExxonMobil’s highly prospective Elektra well on Cyprus’ Block 5 has failed to discover commercial quantities of gas, MEES learns. Drilling encountered an active petroleum system, but the reservoir didn’t hold significant volumes of gas, a source involved in the drilling operations tells MEES. An official statement from Nicosia will be made next week. Neither Exxon nor the Cyprus Ministry of Energy responded to a request for comment. Results had been expected at the end of March, but drilling encountered technical problems related to the high-pressure nature of the well, MEES understands. (CONTINUED – 533 WORDS) Read this article…
26/06/2024 In connection with the first licensing round for mineral activities on the seabed, the Ministry of Energy has sent blocks nominated for announcement on a public consultation process. Updated: 26/06/2024 Latest news Drilling permit for wellbore 30/11-16 S 15/04/2025 The Norwegian Offshore Directorate has granted Aker BP ASA drilling permit for wellbore 30/11-16 S in production licence 873, cf. Section 13 of the Resource Management Regulations. An APA overview 09/04/2025 Through APA the industry has gained regular access to new acreage on the Norwegian continental shelf. Today,…
The Organization of the Petroleum Exporting Counties (OPEC) announced that it revised down the oil demand growth expectations for 2025 to 1.3 million barrels per day (mmbbl/d) compared to last year. It attributed this adjustment to the impact of the recently announced US tariffs. The organization explained that the oil demand in the Organization of Economic Cooperation and Development (OECD) is projected to increase by 0.04 mmbbl/d, while non-OECD demand is forecast to expand by almost 1.25 mmbbl/d in 2025. OPEC added that the oil demand growth forecast for 2026 also declined to about 1.3 mmbbl/d. It noted that OECD…
Mubadala Energy, the upstream arm of Abu Dhabi state investor Mubadala, is joining compatriot Adnoc and its parent company in investing in US LNG. The firm announced on 10 April that it is purchasing a 24.1% interest in Kimmeridge’s SoTex HoldCo LLC (“SoTex”), which is developing an integrated wellhead-to-LNG gas system in the US. SoTex owns two portfolio companies; Kimmeridge Texas Gas, which operates an unconventional gas production business in Texas’s Eagle Ford shale basin, and Commonwealth LNG, which plans to develop a 9.3mn t/y LNG export plant at the mouth of the Calcasieu Pass in Louisiana. Kimmeridge Texas Gas…
28/06/2024 Director General Torgeir Stordal shares his thoughts on the trends in activity on the Norwegian Continental Shelf (NCS) in the first half of 2024. “First of all, I’d like to emphasise the broad range of activities on the NCS, which clearly shows that this shelf is developing. Petroleum continues to be the dominant industry, but we see a step-up in actvitity in potential new industries; both CO2 storage, offshore wind and deep sea minerals”, Stordal says. “We’re seeing high and stable oil and gas production , many projects are under construction at yards around the country,…