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BP starts up Thunder Horse Northwest Expansion ahead of schedule and under budget

BP has announced that it has started up the Thunder Horse Northwest Expansion project in the deepwater Gulf of Mexico, four months ahead of schedule and 15% under budget. This is the fourth upstream major project to begin production for BP globally so far this year, following seven that started up in 2017 and six in 2016. BP expects that new projects beginning production between 2016 and 2021, part of its strategic focus on growing gas and advantaged oil production, will provide it with 900,000 BOED of new production by 2021. “Our business in the Gulf of Mexico demonstrates our Upstream strategy in action,” Bernard Looney, BP’s Upstream Chief Executive, said. “Leveraging our world-class position and facilities, we are bringing new barrels ...

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AFGlobal commences engineered bolting business

AFGlobal announced that it is launching a new API certified fastener business to enhance the company’s offshore and onshore production capabilities. This business is a natural extension of the company’s established OEM position with drilling and production technologies. The new offering will feature engineered bolting for offshore and onshore oil and gas applications. Backed by API Monogram (20E and 20F standards), these fasteners will be built to withstand harsh high pressure/high temperature (HP/HT) environments, improving the safety and reliability of critical-surface and subsea applications. These critical fasteners will be commercially available in Q1 2019, answering client expectations of improved product traceability for unparalleled safety. AFGlobal will secure all three bolting specification levels, including the highest stringency level (BSL-3) for technical, quality ...

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Maersk Drilling lands one-well extension for Maersk Resolute

Petrogas has exercised an option with Maersk Drilling to extend the current contract of jackup rig Maersk Resolute. The contract extension is for one well, A15 on the Dutch continental shelf, with an expected duration of 21 days. The exercised option extends Maersk Resolute’s confirmed work scope into March 2019. The high-efficiency jackup Maersk Resolute, which was launched in 2008, restarted operations in the Dutch sector in June 2018, after it was originally reactivated from warm-stacking and worked in the sector from June to December 2017. The Maersk Resolute jackup is currently on a rig-share contract between Petrogas, TAQA Energy and Dana Petroleum. There are now two remaining options in the contract – one with TAQA Energy of approximately 72 days, ...

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Rowan Stavanger to drill for Equinor on Gudrun field

Rowan Norway has been awarded a contract for drilling two wells at the Gudrun field by use of the Rowan Stavanger jackup rig. The rig has furthermore been awarded five options for drilling of single wells. Equinor has signed a framework agreement with Rowan Norway, based on terms that will also apply to future rig contracts with the company. The contract with the Rowan Stavanger jackup is based on the framework format and gives Equinor exclusive right to use the rig up to 2025 if the rig is kept in continuous operation. The value of the fixed part of the contract is estimated at $23 million. In addition to drilling services, the rig owner is responsible for casing running, slop treatment ...

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BP receives OGA approval to develop Alligin field in North Sea

BP has confirmed it has received approval from the Oil and Gas Authority (OGA) to proceed with the Alligin development west of Shetland, which will target 20 million BOE and is expected to produce 12,000 BOED at peak. The Alligin development will consist of two wells, which will be tied back into the existing Schiehallion and Loyal subsea infrastructure, utilizing the processing and export facilities of the Glen Lyon floating, production storage, offload vessel. It is expected to come on stream in 2020. The development will include new subsea infrastructure, consisting of gas lift and water injection pipeline systems, and a new controls umbilical. The wells will be drilled by the Deepsea Aberdeen rig. Alligin (BP 50% operator; Shell 50%) is part ...

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Talos Energy announces transaction with Pan American Energy

Talos Energy has announced that the company entered into a transaction with Hokchi Energy, a subsidiary of Pan American Energy to cross assign the company’s participating interest (PI) in Block 2 and Hokchi’s PI in Block 31, both in the Sureste Basin offshore Mexico. Under the agreed conditions for the swap, Talos will assign a 25% PI in Block 2 to Hokchi in exchange for a 25% PI in Block 31, which is immediately to the south of Block 2. Once the transaction is completed, Hokchi will be the operator of both blocks and Talos will own a 25% PI on Block 2 and a 25% PI on Block 31. The transaction is subject to approval by the Mexican oil & ...

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Shell agrees to sell upstream interests in Denmark to Noreco for $1.9 billion

Shell, through its affiliate Shell Overseas Holdings, has reached an agreement with publicly listed Noreco to sell its shares in Shell Olie-og Gasudvinding Danmark B.V. (SOGU) for a consideration amount of $1.9 billion. SOGU is a wholly owned Shell subsidiary that holds a 36.8% non-operating interest in the Danish Underground Consortium (DUC). The sale is subject to regulatory approval and expected to be completed in 2019. The transaction’s effective date is 1 January 2017. ‘’Today’s announcement is consistent with Shell’s strategy to simplify its portfolio through a $30 billion divestment program, and contributes to our goal of reshaping the company into a world-class investment case,” Andy Brown, Shell’s Upstream Director, said.  As part of the agreement, Noreco will assume all of Shell’s ...

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Devon Energy provides operational update for Jackfish Complex

Devon Energy has reported that additional facilities work at its Jackfish 1 heavy oil project in Alberta, Canada, is now complete, and full-scale operations have been restored. The work at Jackfish 1 was related to minor facility repairs the company identified during recent turnaround startup activities. The company elected to perform the incremental maintenance work that temporarily curtailed production as opposed to deferring the repairs to a future date. The company estimates that its Q3 2018 net production in Canada will be approximately 104,000 BOED as a result of the maintenance at Jackfish 1. The temporary curtailment of volumes at Jackfish represents less than 1% of total expected company-wide production in 2018. Production at the company’s Jackfish 2 and Jackfish 3 facilities were at nameplate ...

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Wood Mackenzie analysis shows US unconventionals are crucial to majors

The majors have made big strategic bets on the Lower 48. The scale, returns and investment flexibility offered by tight oil and gas has made it an essential part of most major players’ portfolios. ”US unconventionals have enormous potential – and the majors have taken note,” Roy Martin, a research analyst in Wood Mackenzie’s corporate upstream team, said. “Following BP’s US$10.5 billion deal with BHP, all of the supermajors have a footprint in the Permian Basin, and are poised to deliver an unprecedented phase of production growth that will see output reach new highs over the next decade.” Wood Mackenzie has released “The Majors in US Unconventionals”, an in-depth study on the International Oil Company’s comparative positions in the Lower 48. ...

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The changing US energy trade balance is still dominated by crude oil imports

During the past decade, the US trade gap for energy products has narrowed. From 2003 to 2007, the value of energy imports was about 10 times greater than the value of exports. By 2017, imports were only about 1.5 times greater than exports according to data from the US Census Bureau. The primary US energy import is crude oil, which generally accounts for about two-thirds of the total value of energy imports. Petroleum products—including liquefied petroleum gas (LPG), gasoline, and diesel fuels—are the next largest category of imports, accounting for about 20% of the total value of energy imports. Canada is the largest US trading partner for energy products. In 2017, energy imports from Canada were valued at $73 billion. ...

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