Saipem, the major engineering, drilling and construction company in the energy industries, has secured two offshore drilling contracts, one in the Middle East and one in the Mediterranean Sea. Together, the two contracts are worth approximately $550 million. In the Middle East, Saipem said it has secured the continuity of the ongoing activity of the Perro Negro 7 jack-up drilling unit from the second half of the year through a 10-year extension of the existing contract . The Perro Negro 7, a jack-up capable of operating at depths of up to 375 feet and equipped with the most advanced equipment,…
Author: Automotivedealernews.com
Oil rose after a US government report showed inventories across the country fell the most in two months, beating market expectations. Prices: WTI for August delivery rose $1.86 to settle at $69.56 a barrel Brent for August settlement rose $1.77 to settle at $74.03 a barrel. U.S. crude stockpiles fell 9.6 million barrels last week, the Energy Information Administration said Wednesday. In another bullish data point, gasoline demand rose to the highest since December 2021 at a four-week average. “Despite a tight physical market, oil had been dragged down by sentiment,” said Matt Sallee, portfolio manager at Tortoise. “This…
The transfer of Russian crude between tankers at sea has moved away from Ceuta, a Spanish enclave in North Africa, amid growing pressure from local authorities and European Union restrictions on oil transport. No ship-to-ship transfers of the Urals grade from Russia to Ceuta have been observed since mid-April, ship tracking data compiled by Bloomberg show. Instead, some activity has moved to the Atlantic Ocean, near Cape Verde, the Canary Islands and the Azores. Western sanctions on Russian oil have forced the nation to find other markets, particularly in Asia, following the invasion of Ukraine last year. Meanwhile, a vast…
TechnipFMC announced that Azule Energy has awarded it a “significant” contract to supply subsea production systems for the Block 18 Infills development, offshore Angola. According to the company, the contract is worth anywhere from $75 million to $250 million. The company said in its statement that this is its first contract for subsea production systems with Azule Energy and follows the announcement of a contract to supply flexible pipes for the integrated development of the west center of Agogo d ‘Blue. This contract is one of TechnipFMC’s largest awards for flexible pipelines in West Africa and covers the engineering, procurement…
The Electric Reliability Council of Texas (ERCOT) recently issued a weather watch through June 30 “due to expected warmer temperatures and increased electricity demand.” In a statement posted on its website, ERCOT noted that grid conditions are expected to be normal during a weather watch. The organization said it continues to monitor conditions closely, adding that it will deploy all available tools to manage the network and continue its “reliability operations first approach.” ERCOT noted in the release that it set a new June peak demand record of 79,304 MW on June 19. The organization also noted in the release…
Seplat Energy Plc remains committed to buying Nigerian oil and gas assets from Exxon Mobil Corp. through the realization of an agreement that the West African state maintains for more than a year. The Lagos- and London-listed company hopes President Bola Tinubu, the new leader of Africa’s biggest crude producer, will take a different approach than his predecessor, who reversed an initial decision to approve the transaction. “We’re still interested in the assets,” Seplat CEO Roger Brown said in an interview at the company’s U.K. offices. “We still like the company we’re buying. We think it’s a game-changing transaction.” Under…
Aker BP ASA has advanced towards the start of construction in October for the electrification of its Yggdrasil development project with the award of the latest construction contract to LinjePartner AS. Earlier this month, the independent exploration and production company received parliamentary approval for the Yggdrasil and Valhall field extension projects, which collectively hold about 1.07 billion barrels of oil equivalent (boe). in combined bookings. The green light paves the way for final approval from the Ministry of Petroleum and Energy, Aker BP announced on June 5. LinjePartner has been selected for the delivery of overhead lines in a contract…
With final investment decisions looming, the Rosebank and Cambo fields act as barometers for the future of UK North Sea oil and gas production. That’s what Malcolm Forbes-Cable, Wood Mackenzie’s EMEA Upstream Energy Consulting Vice President, said in a recent Wood Mackenzie market note sent to Rigzone. “If none of these fields reach full development, it will be difficult to make a clear economic case for the fields with less potential,” Forbes-Cable said in the note. The development of the Rosebank and Cambo oil fields in the North Sea would save 17 million tonnes of CO2 emissions over their expected…
Nigeria’s sovereign wealth fund sees the potential for a 10-fold expansion of a carbon credit program with Vitol SA in a company currently valued at $50 million, according to its chief executive. Nigeria’s Sovereign Investment Authority, which manages up to $5 billion in assets, formed a $50 million venture with Vitol in April known as CarbonVista. The company announced an agreement to sell the credits to a unit of Saudi Arabia’s sovereign wealth fund this month. The pact sees the sovereign wealth funds of two of the world’s biggest oil producers partner with one of the biggest oil traders to…
Historic US legislation went into effect Monday in the state of California that penalizes companies that inflate gas prices beyond maximum gross refining margins. Senator Nancy Skinner last year introduced House Bill No. 2 of the Senate, which amends the Public Resources Code, stating that gasoline prices remained high despite the drop in crude oil and taxes were maintained. Gov. Gavin Newsom signed it into law on March 28, making California the first state to legislate against gas price hikes. “California is making good on our promise to hold Big Oil accountable. These new transparency laws will help us track…