TotalEnergies SE wants to sell its remaining stake in UK North Sea gas fields in the Greater Laggan area, according to people with knowledge of the matter. The move follows TotalEnergies’ sale of a 20% stake in the Greater Laggan area to Kistos Plc last year for $125 million and contingent payments of up to $40 million. Viaro Energy Ltd. and Ineos AG each have a 20% stake in the fields. TotalEnergies declined to comment. The sale of the assets by TotalEnergies would continue the trend of oil majors and private equity firms abandoning the aging North Sea. This has…
Author: Automotivedealernews.com
The OPEC Fund has committed $10 million to a $200 million credit line for Egypt for the import of vital food and agricultural products. “Egypt is the world’s largest importer of wheat and relies heavily on global trade in essential commodities such as cereals, vegetable oil and animal protein to meet domestic demand,” the development lender noted in a recent press release which announced the contribution for the syndicated facility led by the International Islamic Trade Finance Corp. “Following the global repercussions of the war in Ukraine and rising commodity and food prices, Egypt has prioritized securing grain supplies and…
UK-focused Union Jack Oil plc has acquired a 3.22 per cent stake in Beacon Energy plc. Beacon is a full-cycle oil and gas company with a portfolio of production, development, appraisal and exploration onshore in Germany through its wholly-owned subsidiary Rhein Petroleum GmbH, Union Jack said in a press release on Wednesday . Following Union Jack’s recent fundraising, the company said it now owns 430 million no-par ordinary shares in Beacon, representing 3.22 percent of Beacon’s issued share capital. The share acquisition was confirmed in a document posted by Beacon on its website. “In line with our stated strategy to…
The outlook for Vietnam’s upstream sector is brightening as the government aims to accelerate progress on two major offshore projects that are part of ambitions for a clean energy transition. This is what analysts at BMI, a Fitch Solutions company, stated in a new report sent to Rigzone, which highlighted the Block BO Mon and Ca Voi Xanh (Blue Whale) projects. In the report, the analysts noted that Block BO Mon development is targeting gas resources in three offshore blocks in the Malay-Tho Chu Basin, adding that the project is expected to require an investment of approx. 10 billion dollars.…
McDermott has secured a contract from PRIO, formerly known as PetroRio, to transport and install pipelines and associated structures for the Wahoo field, offshore Brazil. The contractor said in its press release that the scope of the agreement includes the transportation and installation of approximately 19 miles (30 kilometers) of 10-inch rigid coated pipe and associated subsea structures. Once installed, the pipelines will connect the Wahoo field to Frade’s floating production storage and offloading unit. The contract also includes an extension option for a second pipeline, McDermott said. “This award is a reflection of our expertise in offshore facilities in…
The US Department of Energy (DOE) has announced $47.7 million in potential grants for research and development projects on technologies that will enable the commercial-scale deployment of clean hydrogen. The 16 projects selected as potential recipients “aim to reduce technology costs, improve hydrogen infrastructure, and improve the performance of hydrogen fuel cells, supporting DOE’s efforts to reduce costs and enable deployment commercial-scale clean hydrogen, which is a versatile energy resource that can be produced with zero or near-zero emissions,” the department said in a recent press release. DOE has set a goal of reducing the cost of low-carbon hydrogen production…
W&T Offshore Inc. has completed its acquisition of working interests in eight producing shallow water oil and gas assets in the central and eastern Gulf of Mexico (GOM) shelf region from an undisclosed private seller. The assets were acquired for gross consideration of $32 million, subject to customary purchase price adjustments subsequent to the effective date, W&T said in a news release Thursday. W&T used its cash on the balance sheet to pay the net purchase price. The acquisition has a closing date of September 20 and an effective date of June 1. W&T said the assets, which encompass eight…
Oil hit annual highs, capping a tumultuous week in which the Federal Reserve flagged another rate hike and Russia banned diesel exports. While Russia’s announcement of a temporary moratorium on gasoline and diesel exports has tightened an already stressed global fuel market, signs that the Federal Reserve will keep borrowing costs higher for longer have cooled the recovery of oil West Texas Intermediate posted its first weekly loss in a month, after reaching its highest level this year. Still, crude oil rose this quarter as Saudi Arabia and Russia extended their production cuts through the end of the year. The…
Russia’s ban on foreign diesel shipments is unlikely to last long, as a combination of peak demand from agriculture and a lack of space to store the fuel create a push to resume exports. Thursday’s decision to halt deliveries by one of the world’s main diesel suppliers has sent prices up in Europe. However, the rebound in its premium for Brent oil, by a couple of dollars a barrel, did not bring the fuel to levels seen as recently as last week. Russia has not specified how long the ban will be in place, saying only that it imposed the…
The United States Coast Guard (USCG) announced this week that it performed CPR on a man after a crane collapsed near Memphis, Tennessee. “At approximately 10.15 [on September 19]a Wepfer Marine drydock crane fell into the water with a crane operator inside,” the USCG said in a statement posted on its site. “A good Samaritan in a nearby towboat entered the water and was able to locate the unresponsive crane operator,” he added. “The crew of the Coast Guard Cutter Ouachita and a crew member of the Coast Guard Cutter Obion were nearby when the crane collapsed and responded to…