Statoil and Petrobras have agreed that Statoil will acquire a 25% interest in Roncador, a large oil field in the Campos basin in Brazil. The transaction nearly triples Statoil’s production in Brazil, with attractive break-evens and potential for additional value creation for both parties…
Egypt’s Eni SpA-operated Zohr natural gas field has started production, bringing the country closer to its goal of energy self-sufficiency. Gas from the Mediterranean’s largest offshore field is pumped to a facility in Port Said city, to be prepared for delivery to the national…
Petrobras and ExxonMobil have signed a memorandum of understanding regarding a strategic alliance to identify and evaluate potential business opportunities jointly. The memorandum of understanding was signed in Rio de Janeiro by Pedro Parente, president of Petrobras, Brad Corson, president of ExxonMobil Upstream Ventures…
Ophir Energy expects to take a Final Investment Decision (FID) for its Fortuna FLNG project off Equatorial Guinea early next year, once an agreement with an Asian bank to provide funding of up to US$1.2 billion has been confirmed. Fortuna sits within the Block…
Rapid fluctuations in both the price per barrel of oil, coupled with shifts in the global political landscape, make predicting the industry’s future impossible. However one area where forecasts can be made with some accuracy is on the issue of decommissioning oil rigs – which…
The Van Aalst Group, Dordrecht, has announced that it has become a majority stakeholder in Techano AS, an offshore crane specialist from Norway. The transaction was closed on the 1st November 2017, following the purchase of a 3D crane technology from another Norwegian company…
Lebanon’s energy and water minister says the country will start exploratory offshore drilling for oil and gas in 2019. Cesar Abi Khalil, speaking to reporters on the 15th December, said between 55 to 71 percent of drilling revenues will go to the country. He…
Sudan lost three-quarters of its oil reserves when the south seceded in 2011. A four-year civil war in Africa’s youngest nation may be letting it reassert control. Electricity, building materials, safe lodgings for workers — South Sudan’s former ruler is offering them all to…
Aker BP has submitted Plans for Development and Operation (PDOs) for three projects. The total investments will amount to approximately NOK 15.5 billion. Valhall western flank One of the PDOs concerns the Valhall western flank in the North Sea. The development will take place…
The two most critical forecasts of global oil markets offer contrasting visions for 2018: one in which OPEC finally succeeds in clearing a supply glut, and another where that goal remains elusive. In the estimation of the Organisation of Petroleum Exporting Countries, production curbs…
