Eni SpA has announced that it and Vår Energi ASA have reached an agreement to acquire Neptune Energy Group Limited. In a statement sent to Rigzone, Eni noted that it will acquire assets that make up Neptune’s entire portfolio, apart from its operations in Germany and Norway. The German operations will take place before the Eni transaction and the Norwegian operations will be acquired by Vår directly from Neptune under a separate share purchase agreement, Eni said in the statement. The Vår transaction will close immediately before the Eni transaction and proceeds from the sale in Norway will remain with…
Author: Automotivedealernews.com
China has completed the installation of its longest deepwater oil and gas pipeline in a project led by China National Offshore Oil Corporation (CNOOC) Ltd, achieving a breakthrough in the country’s construction capacity for the deep-sea technology, according to a report by the China Global Television Network (CGTN). According to the report, the submarine pipeline is a crucial component of the phase 2 project of China’s first independently developed ultra-deep water power station, Shenhai-1, or Deep Sea-1, which entered operation in June 2021. The maximum operating depth in the area is nearly 3,280.8 feet (1,000 meters). Subsea pipelines serve as…
Western Canadian natural gas production has been on a roll over the past two years, reaching a record 17.3 Bcf/d in 2022. Another year of strong growth was expected in 2023, but Mother Nature he had other plans, as usual. First, a milder-than-average heating season left plenty of gas in storage, pushing natural gas prices lower in North America. Second, dry conditions in some of the best gas producing areas in Alberta and British Columbia led to what has been a very active wildfire season so far and forced producers to reduce their gas production numerous times in May and…
The University of Strathclyde in Scotland has announced that it has become the first university in the UK to offer a Master of Science (MSc) in offshore energy transition. In a statement sent to Rigzone, the university emphasized that the course is aimed at engineers and managers and said it “introduces the innovative technologies, organizational strategies and business models that will sustain zero”. The course is offered part-time and is taught entirely online, according to the university’s website, which notes that it lasts an average of 36 months. It is designed for those who work full-time in the industry and…
Oil settled below $70, erasing all of this week’s gains as worries about high interest rates rattled investors. West Texas Intermediate fell more than 4% to its lowest close in a week as risk-on sentiment in broader markets overshadowed data showing a drop in US crude inventories. U.S. crude stockpiles fell by about 4 million barrels last week, government data showed, but it was still not enough to offset negative sentiment, traders said. Federal Reserve Chairman Jerome Powell’s comments on Wednesday that more rate hikes were likely warranted to curb inflation were followed by rate hikes in England and Norway…
The Chinese company Cnooc Ltd. is planning offshore oil and gas exploration with state-owned Tanzania Petroleum Development Corp. as the East African nation looks to boost development of its natural resources. The joint work will take place on TPDC’s deepwater Blocks 4/1B and 4/1C, according to Tanzanian Energy Minister January Makamba. The acreage is located near large gas fields discovered by a consortium of international energy companies led by Equinor ASA, Shell Plc and Exxon Mobil Corp. who plan to build a $42 billion liquefied natural gas terminal. “There is also an agreement in the works” between Tanzania and Cnooc…
A total of 51 rigs have joined the non-profit Offshore Bird Portal (OBP) since energy consultancy Xodus launched it in January. Oil and gas operators from across the UK Continental Shelf (UKCS) have signed up to the portal to help record and safeguard offshore species visiting assets based in the North Sea. OBP has expanded its reach into the North Sea energy sector in the past six months with interest from offshore wind developers and seafarers, the company said in its statement. “We are satisfied with the response of the portal in its first months of operation. With more than…
A group of Saudi Arabian oil tankers idling in the Red Sea are showing tentative signs of easing, suggesting that whatever problems caused the build-up may be starting to abate. At one point in the past week, up to 9 Saudi and two Chinese supertankers were anchored near Ain Sukhna, a terminal in Egypt from which oil can be delivered to storage tanks in the Mediterranean Sea. It has now been reduced to two, including the longest-waiting Saudi carrier, which is now moored at the facility. Saudi officials have not commented on what caused the build-up, but the most likely…
German energy company LEAG is building a renewable energy system at its Boxberg coal-fired power plant as part of its “transformation into Germany’s green power plant,” a press release said. LEAG signed an initial agreement with energy storage manufacturer ESS Tech Inc. to deploy renewable generation and long-duration energy storage (LDES) using ESS iron flow battery technology. The companies expect to complete definitive agreements and financial close in the third quarter of 2023, after which they will build a 50 megawatt (MW) / 500 megawatt-hour (MWh) iron flow battery system at the Boxberg power plant. The battery module, which will…
Shell Plc’s return to oil and gas was too much for one of the company’s energy traders. After the company announced its plan to shift a larger proportion of its investment from fossil fuels in the coming years, Steffen Krutzinna decided to step down, according to a post on LinkedIn. The change in strategy, announced by CEO Wael Sawan last week, showed Shell is putting short-term profits ahead of social and environmental responsibilities, the trader wrote. “I see this as a fundamental shift in corporate values,” Krutzinna told the publication. “I don’t want to be a part of that, so…