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Oil and Gas Industry News

Oil Price

$54.57/bbl on 14 Feb 2019. Current and historical NASDAQ oil prices can be viewed here: www.nasdaq.com/markets/crude-oil.aspx



Contracts

TechnipFMC Wins EPCI Contract for Mero 1

Tokyo Gas, Centrica, Shell pen Mozambique gas deals with Anadarko

McDermott to manage FEED for Scarborough gas field floater

Adnoc awards UAE firm Dh5bn contract to develop offshore Ghasha concession



Business

BP's 2018 profit doubles to five-year high as output soars

Exxon, Chevron fourth-quarter profits lifted by U.S. shale gains

Total eyes more output growth in 2019 after profit jump

Equinor hit by earnings miss, soft 2019 production outlook

Lundin commits $300 million to exploration offshore Norway

ExxonMobil, Qatar Petroleum to proceed with Golden Pass LNG export project

Total makes significant discovery offshore South Africa

Nord Stream 2: EU agrees tighter rules for Russian pipeline



Reports and Trends

Oil market to be relatively balanced amid heightened complexity in 2019

This survey considers: the global economy; global oil demand; worldwide oil supply; current stocks; US oil demand; US oil production; US oil trade; refining; US oil inventories; and US natural gas. Includes much statistical information in the form of charts and tables. Makes a number of predictions about the market in 2019.

Oil & Gas Journal, 7 Jan. 2019. pp.18-30.



UK offshore exploration gains momentum

Westwood Global Energy Group estimates 17 exploration wells could be drilled on the UK Continental Shelf within 18 months, testing unrisked resources estimated by oil companies to total more than 2 billion boe. Of that total, more than 1 billion boe are in West of Shetlands plays, with more than 600 million boe in the Central North Sea, researchers said on the release of Westwood's UK Offshore Exploration Performance 2008-17 report.

Oil & Gas Journal, 7 Jan. 2019. pp.36-38.



Romania's offshore opportunities enhanced by low royalties, taxes

In 2018 the Romanian Parliament set the scene for future offshore investments in the Black Sea by passing a bill to regulate offshore legislative framework. Details the law which includes technical and fiscal provisions for offshore oil exploration activities, including exploration permits, transportation conditions and the availability of data. The bill also adds taxes on additional revenues obtained from the offshore wells, out of which investments in the upstream segment are deducted.

E&P, Jan. 2019. pp.16,18.



First oil and new discoveries in the North Sea

Details a report issued by GlobalData in October 2018, saying that energy companies are set to spend $43bn on new projects in the North Sea through 2025. Despite substantial oil price fluctuations in late 2018, investments in major projects in the North Sea are likely to continue over the course of the next several years. Reports on some key projects.

E&P, Jan. 2019. pp.86-87.



Technology

Potential of AI-powered directional drilling

The art of directional drilling often relies on experts, who are in high demand and short supply. To address this scarcity, improve the economics and deliver consistently better outcomes, Oceanit was challenged to develop an artificial intelligence-driven system that performed as well as the experts and could augment or replicate their capabilities. The result is a system that, so far, delivers results within a 1.5% margin of expert drillers.

E&P, Jan. 2019. pp.126-128.



Digitalization in pressure testing

IPT Global has created a software suite specifically designed to address the challenges commonly experienced in digital pressure testing. The software was created as a digital alternative to properly design, plan, test, report and archive the results of all required pressure tests throughout the life cycle of a well. It addresses the pressure testing workflow with a single integrated software platform designed to be the principal system of record for all pressure testing in upstream operations.

E&P, Jan. 2019. pp.132-134.



Selected topic coverage in journals published in Jan 2019

TopicHydrocarbon EngineeringOffshoreOil and Gas JournalOilfield Technology
Asset management/life extension 0 0 0 1
Corrosion 0 0 0 0
Decommissioning 0 0 0 0
Digitisation/data 3 2 0 1
Harsh environments 1 2 0 0
Pipeline integrity/inspection 0 0 0 0

 

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