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VIDEO: Statoil Unveils New Subsea Concept

April 21, 2016

Norway’s Statoil has presented a new subsea concept at the Barents Sea Conference in Hammerfest, designed to reduce cost and increase efficiency. The new concept, called Cap-X, is estimated to cut costs by as much as 30% compared with conventional technology. According to Statoil’s video, which further explains the concept, this could be the standard… Continue Reading »

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Norway’s Oil Firms, Unions Seek Opening of Arctic Islands to Exploration

April 21, 2016

Oil firms and trade unions in Norway made a joint call on Monday for the opening of a pristine Arctic archipelago to oil exploration as soon as possible to counter an expected decline in offshore production. Oil exploration off the Lofoten islands has been suspended for the life of the current minority government since it… Continue Reading »

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Hurricane Energy Finds New Investor to Finance North Sea Exploration

April 20, 2016

Hurricane Energy has found a new investor in private equity fund manager Kerogen Capital which is injecting 44.1 million pounds ($62 million) into the company for a nearly 30 percent stake, showing some rare appetite in oil deals amid weak prices. The share placement is also raising another 8 million pounds from existing shareholders Crystal… Continue Reading »

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Saipem Bags USD 487M Worth of Contracts

April 20, 2016

Italian contractor Saipem has been awarded new E&C (Engineering & Construction) contracts valued at approximately €430 million ($487 million). The first is a contract with Statoil, for the lift and mating operations of offshore floating wind turbines for the Hywind Scotland project. The 30 MW project is the first floating wind farm being built by Statoil off… Continue Reading »

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Sanders Opposes Constitution Pipeline Between Pennsylvania, NY

April 20, 2016

U.S. Democratic presidential candidate Bernie Sanders on Monday said he opposes a proposed natural gas pipeline between Pennsylvania and New York and called on New York officials to reject the project. “The possibility of methane leaks from the proposed Constitution Pipeline would be catastrophic to our air and our climate – and if this pipeline… Continue Reading »

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Oil Pares Drop as Kuwait Worker Strike Counteracts Doha Failure

April 20, 2016

Oil narrowed a decline as a labor strike in Kuwait cut output for a second day, counteracting the failure of producing nations to reach an output-freeze agreement in Doha. Kuwait was seeking to restore crude production as thousands of oil workers stayed off their jobs for a second day in a strike that’s slashed the… Continue Reading »

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Egypt to Launch New Oil Exploration Round Next Week

April 19, 2016

Egypt plans to launch a new oil exploration round next week, offering 11 blocks in the Western desert and the Gulf of Suez, Petroleum Minister Tarek al-Molla said on Tuesday. He said that Egypt also plans to launch two gas exploration rounds this year. Egypt, which used to be a net energy exporter, has become… Continue Reading »

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Statoil And Partners Strike Oil Off Brazil

April 19, 2016

Energy company Statoil and partners Repsol Sinopec Brasil and Petrobras have struck oil off the coast of Brazil, in a deepwater offshore area called the Campos Basin, the Norwegian firm said on Monday. The appraisal well encountered a 175-meters hydrocarbon column and produced around 16 million standard cubic feet of gas and 4,000 barrels per… Continue Reading »

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Aker Solutions Grabs Petrobras Prize

April 19, 2016

Aker Solutions has secured an agreement to provide maintenance and other services for subsea facilities at Petrobras-operated oil and gas fields offshore Brazil. The contract is for a fixed term of three years valued at BRL 435 million net of taxes (NOK 1 billion) and may be extended by another three years. It covers maintenance,… Continue Reading »

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