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Wednesday, February 20, 2019
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In response to an increased demand for our unique NDT inspection services in the North-East of Scotland, Sonomatic, a global leader specialising in Advanced and Conventional NDT Inspections, Engineering, Integrity and Rope Access services, is announcing expansion plans to provide additional radiography capacity within its base at The Core, Bridge of Don, bringing the total number of bays available...
Global drilling and engineering contractor KCA Deutag (“KCAD”) today announces that its land drilling operation has won new contracts and contract extensions worth approximately $110M. These contracts are for onshore drilling in the Middle East, Russia and Africa.
Nigeria is about to ship the first cargo of crude oil from a new deposit about 90 mi off its coast. The 1 MMbbl consignment, which will head toward the Dutch port of Rotterdam, comes at a tricky moment for the West African country, given a pledge it has made to OPEC and other oil producing countries to help them avert a glut of crude. The tanker, the Achilleas, will export from a mooring linked to the Total SA-operated Egina field. When fully up and running, the European oil company anticipates flows reaching about 200,000 bopd.
Even as OPEC begin implementing the output cuts they agreed in December, the world’s crude requirements are shrinking further, suggesting that they will need to extend the deal through the second half of the year. The latest forecasts from supply-and-demand studies of the oil industry’s most-watched organizations – the International Energy Agency, the U.S. Energy Information Administration, and OPEC itself – show the need for OPEC crude diminishing as demand forecasts are trimmed and U.S. supply outlooks are increased.
In the first few weeks of 2019 there have been four high impact discoveries of conventional oil and gas, finding 25% of the high impact volume discovered globally in the whole of 2018. According to Westwood Insight, one of these discoveries, Glengorm in the UK North Sea, is reported to be the biggest there since 2008.
Egypt is finalizing details of a new type of oil and gas contract to attract even more foreign investment than the $10 billion already coming into its energy industry this year. The contract will provide investors with incentives to explore for fossil fuels in undeveloped areas, Egypt’s oil minister Tarek El-Molla said in an interview. He didn’t provide details of the changes to the contract.
The fraction of oil monies accruable to Nigeria from Production Sharing Contracts (PSCs) related agreements it has with International Oil Companies (IOCs) has remained the lowest among other oil producing jurisdictions with same PSC arrangements, the Nigeria Natural Resource Charter (NNRC), has disclosed.
Exactly seven months after the Minister of State for Petroleum, Dr. Ibe Kachikwu, directed the Nigerian National Petroleum Corporation (NNPC) and Shell Nigeria Exploration and Production Company (SNEPCo) to commence the tendering process for the execution of $10 billion Bonga South West/Aparo (BSWA) deepwater project, the corporation and its partners have invited prospective bidders to tender for the project.
Venezuela’s oil minister made a surprise appearance at an energy event in India, as the embattled OPEC producer seeks closer ties with major crude customers in the face of crippling U.S. sanctions. Manuel Quevedo said on Monday his nation wants to sell more crude to India, and that U.S. measures have resulted in a $20 billion loss to the Latin American country’s economy. He’s also the head of state producer Petroleos de Venezuela -- a post the career military man was appointed to in late 2017 as President Nicolas Maduro began to purge large swathes of the firm’s managerial ranks.
“Strong operational performance and high production gave solid results and cash flow in a quarter with significant market volatility. We delivered growing returns for the full year and expect continued earnings growth. Following strong improvements in recent years, the board proposes an increase in quarterly dividend of 13% to $0.26 per share,” says Eldar Sætre, president and CEO of Equinor ASA.
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