BW Energy has started production at the third well of the Hibiscus/Ruche Phase 1 development on the Dussafu license offshore Gabon, the company said in a press release on Thursday. BW Energy said the well’s performance, estimated at 6,000 barrels per day (bpd), is in line with expectations. BW Energy drilled DHIBM-5H as a horizontal well from its MaBoMo offshore production facility to a total depth of 13,927 feet (4,245 meters) in the Gamba sandstone reservoir in the Hibiscus field. According to the press release, the company’s Borr Norve jack-up has begun drilling operations for the fourth production well, DHIBM-6H.…
Author: Automotivedealernews.com
Vattenfall AB is to halt development of an offshore wind project in the UK after costs soared, marking a major setback for a key part of the UK’s climate plans. The Swedish company said a planned wind farm in the North Sea, which would provide power to 1.5 million UK homes, is no longer viable after the costs of the technology soared by 40 per cent. Vattenfall will take a hit of 5.5 billion Swedish crowns ($537 million) because of the decision, it said in a report published on Thursday. “Although the demand for fossil-free electricity is greater than ever,…
Independent producer United Oil & Gas PLC saw its revenue for the first half of 2023 fall to $6.4 billion from $9.9 billion in the year-ago period, hit by difficulties at its Egyptian operations, the company said. Egypt’s average realized oil price per barrel in the first half was approximately $78, compared to $105 in the first half of 2022, United Oil said, adding that “the continued impact of macroeconomic challenges affecting the Egyptian economy has resulted in increasing difficulty and foreign exchange cost to repatriate funds from our Egyptian operations.” The company added that it incurred significant additional foreign…
In the early 2000s, the outlook for energy security in the US was bleak. Domestic oil production had been in steady decline since 1985 and gas production was also well past its peak in the 1970s. M. King Hubbert’s concept of peak oil led to fears of an eventual energy shortage. Given the ubiquity of fossil fuels underlying our entire Western economic and industrial structure, it’s no wonder people were worried. But then the shale revolution changed everything. It has often been said that necessity is the mother of invention, and after much trial and considerable ingenuity, American producers learned…
Nevada-based NV Energy will convert its only coal-fired power plant to a natural gas plant, the company said in a news release Wednesday. NV Energy plans to file a fifth amendment to its 2021 Integrated Resource Plan (IRP) with the Public Utilities Commission of Nevada (PUCN) in late July. The amendment advances the company’s commitment to retire its final coal-fired generating plant by the end of 2025, as well as propose new renewable resources in the state for power generation, NV Energy said in the press release. NV Energy’s North Valmy coal-fired power plant, located in northern Nevada near Battle…
Kinder Morgan Inc. on Wednesday reported $586 million in net income and $3.501 billion in revenue for the second quarter, both down from last year on lower oil and gas prices. Earnings before deductions from April to June represented a $49 million decline from the corresponding quarter in 2022, while revenue fell $1.65 billion. Although earnings per share fell to $0.24, the midstream-focused company on Wednesday declared a higher cash dividend of $0.2825 per unit for the second quarter of 2023. Kinder Morgan has increased the dividend by two percent from April to June 2022, although it expected to end…
Oil edged higher in a session marked by choppy trading and reduced liquidity, as a mixed fundamental picture clashed with negative sentiment in broader markets. The number of oil futures contracts traded fell to its lowest level since late January, partly due to the expiration of the August West Texas Intermediate contract. On the fundamental front, the outlook remains mixed as global supply has tightened as China tries to revive its flagging economic growth. “Open interest has fallen sharply this week, reflecting lackluster trading action and reinforcing the view that systematic traders continue to be in control of price action,”…
China would not be able to buy oil from U.S. emergency reserves under legislation scheduled for a Senate vote on Thursday. The amendment to the National Defense Authorization Act that must be passed comes amid a renewed focus on the nation’s Strategic Petroleum Reserve, which is at a 40-year low after the Biden administration cut 180 million barrels last year to help control oil prices following Russia’s invasion of Ukraine. The measure, sponsored by Senator Joe Manchin, Democrat of West Virginia, and Senator Ted Cruz, Republican of Texas, needs 60 affirmative votes to be adopted. The SPR amendment had been…
Saudi Arabian Oil Co. (Aramco), TotalEnergies SE and SABIC have successfully converted oil derived from plastic waste into ISCC Plus certified circular polymers, they said in a joint press release. Plastic pyrolysis oil, also called waste plastic oil, was processed at the Saudi Aramco Total Refining & Petrochemical Company (SATORP) refinery, jointly owned by Aramco and TotalEnergies, in Jubail, Saudi Arabia. The product was used as a raw material by PETROKEMYA, a subsidiary of SABIC, to produce certified circular polymers, according to the statement. The project is the first successful certified conversion of plastic waste in the Middle East and…
QatarEnergy has signed a long-term condensate supply agreement with Dubai-based ENOC Group, it said recently. Under the 10-year sales agreement, QatarEnergy will supply up to 120 million barrels of condensate to ENOC starting in July. The deal was by QatarEnergy, for and on behalf of Qatar Petroleum for the Sale of Petroleum Products Company Ltd., and ENOC Supply & Trading LLC, a subsidiary of ENOC, QatarEnergy said in a press release. The terms of the agreement allow the parties to further increase condensate volumes, as additional condensate volume is expected to be exported from Qatar once the North Field East…