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Global Energy Advisory Deals, Mergers And Acquisitions

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A United States Appeals court has dismissed the lawsuit Canadian mine Crystallex brought against Venezuela’s PDVSA, seeking to take control over its U.S. business, Citgo, as compensation for the nationalisation of assets under the late Hugo Chavez. A World Bank tribunal had awarded Crystallex $1.2 billion plus interest in 2016 but Venezuela has only made part of the payments. Contrary to Crystallex’s hopes, the court this time sided with the Venezuelan attorneys, who argued PDVSA and Citgo are entities separate from the country, which was the defendant in the original lawsuit.
Russian Alrosa, the world’s top producer of rough diamonds has put up for sale gas assets in the Yamal-Nenets region, in northwestern Siberia, which Novatek plans to bid for next month. The starting price of the package is $520 million. In December, Novatek launched the first shipment of LNG from its Arctic LNG project, also in Yamal-Nenets.
Shell has finalized the first phase of the divestment of its LPG marketing business in Hong Kong and Macau for $150 million. The buyer of the company is DCC, the international sales and marketing group. The supermajor will remain operator of the Hong Kong LPG plant. Its sale will be completed in the second phase of the divestment plan.
Suncor and Teck Resources have settled a commercial dispute over the Fort Hills oil sands project by raising their stakes in it. Suncor will now hold 53.06% in Fort Hills, up from 50.8%, and Teck will have a 20.89% interest, up from 20%. The two companies are partners with Total in the Fort Hills project.
Tenders, Auctions & Contracts
Tullow Oil’s Ghana unit has awarded Danish Maersk Drilling a four-year contract for the Maersk Venturer drillship, to be deployed at the Jubilee and TEN fields offshore Ghana. The two are among the most promising new fields discovered in Africa in the last few years
Discovery & Development
Spain’s Repsol has begun commercial production from the Sagari natural gas field in Peru. The field, according to Repsol, will produce 5.6 million cum of gas daily, which will represent a quarter of Peru’s natural gas demand. The launch of production at the field will also raise the overall output from Block 57, in which it is located, by a fourth. The Sagari field holds an estimated at 1-2 trillion cu ft of gas.
Transneft has completed the expansion of the East Siberia-Pacific Ocean crude oil pipeline, doubling the export capacity for China to 30 million tons of crude annually or an average 600,000 barrels daily. China has become the world’s top crude oil importer and Russia last year became its largest supplier, overtaking Saudi Arabia.
TransCanada has commissioned the construction of the Leach Xpress natural gas pipeline that will run between West Virginia and Ohio. The $1.6-billion project will have a capacity to transport some 1.5 billion cubic feet of gas daily from the Appalachian fields to the national market. In addition to this news, TransCanada also said this week the FERC had greenlit another two gas projects: the Mountaneer Xpress and the Gulf Xpress. The two will cost a combined $3.2 billion.
The U.S. administration has plans to open up more Arctic and Atlantic waters for oil and gas exploration, cancelling the five-year leasing programme approved by the Obama administration. This could offer explorers a lot more drilling opportunities, although it remains doubtful to what extent they would be willing to exploit the opportunity in the face of high offshore project development costs and strong environmental opposition.
Company News
Petrobras has agreed to cough up almost $3 billion to put an end to shareholder lawsuit it got hit with because of its involvement in what has turned out to be a major corruption scandal that toppled former Brazil president Dilma Roussef. As part of the investigation into the corruption scheme, senior Petrobras executives were implicated of receiving bribes in exchange for inflating the prices for services performed by companies working for Petrobras.
Source: Oilprice Report For 5/01/2018

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SPDC Confirms Leak On Sea Eagle FPSO

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The Shell Petroleum De- velopment Company of Nigeria Limited has confirmed a water leak incident on its Floating Production Storage and Offloading vessel, Sea Eagle, offshore Warri.
The Floating Production Storage and Offloading vessel, Sea Eagle, which is owned and operated by SPDC JV, is moored in the EA field, located southwest of Warri in water depths of around 25 metres.
Speaking, spokesperson for the Shell Petroleum Development Company of Nigeria Limited, Michael Adande, said the incident did not affect the area where crude oil is stored on the FPSO.
Adande explained that the relevant authorities have been notified, adding that measures to contain the water inflows as well as repairs were ongoing.
“On Sunday, 24 July 2022, our Offshore Installation Manager on board of the Floating Production Storage and Offloading vessel, Sea Eagle, reported a leak in the hull of the vessel.
“The FPSO is anchored in the shallow waters. Relevant authorities were notified.
“The leak did not affect the section of the FPSO where any crude is stored. Measures to contain the water inflow have been adopted successfully. The repair works are ongoing”, he said.

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Theft: Nigeria’s 180,000b/d TNP Pipeline Runs Dry

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An oil pipeline capable of hauling 180,000 barrels a day across Nigeria has ceased transporting crude since mid-June due to theft, according to a source.
The Trans-Niger Pipeline, TNP, has yet to be formally shut, said the source, who prefers being anonymous because the information has not been made public.
The link’s capacity is about 15% of Nigeria’s most recent average daily output, according to Bloomberg calculations.
Nigeria, Africa’s largest oil producer and a member of the Organization of Petroleum Exporting Countries,  has tried to stamp out sabotage on its pipeline network in recent years. Oil theft remains a chronic problem for the midstream system known as the TNP.
Producers received as little as 5% of crude volumes pumped through the pipeline between October 2021 and February, an industry union reported earlier this year.
It reflects a larger issue for Nigeria, which is facing shrinking investment and hasn’t been able to meet its OPEC+ oil-production quota in order to benefit from a surge in prices.
The TNP was illegally tapped in about 150 places, the Petroleum and Natural Gas Senior Staff Association of Nigeria said in March when local government checked some of the areas where the theft occurred.

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Commissioner Hails TotalEnergies Over Projects At GTC

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The Rivers State Commissioner for Education, Prof  Chinedu Mmom, has commended TotalEnergies over their infrastructural projects at Government Technical College (GTC), Port Harcourt.
Mmom, who made this statement at the ground breaking ceremony at the College, said it was joyful that multinationals were giving back to the communities in which they operate.
The Commissioner noted that Total Energies was complimenting the efforts of the State Government in providing better learning environments for students in the state, adding that the Ministry of Education will do all that is needed to provide the enabling environment for the timely completion of the project.
He said towards this end, a monitoring team will be set-up to liaise with TotalEnergies and the contractor to ensure that the project was completed according to specifications and in record time.
On his part, the Managing Director, TotalEnergies EP Nigeria LTD, Mr. Mike Sangster, stated that the school’s infrastructural project was in line with the IKIKE Offfshore Development project designed to upgrade the standard of the infrastructure in the school, create a good learning atmosphere, improve the standard of living for the students as as the vocationally students  with life skills.
According to him, “It represents our full alignment with the initiatives of the Nigerian Content Development and Monitoring Board (NCDMB) to develop technical expertise and professionalism in the Nigerian oil & gas sector.
Sangster, who was represented by Deputy Managing Director, Joint Venture (JV) Asset, TotalEnergies, Mr Guillaume Dulout, explained that the Infrastructure Development Project, which consists of a technical workshop, a 200-bed hostel, and a 25-block classroom, was in fulfillment of TotalEnergies commitment to the Nigerian NCDMB priority on Human Capital Development (HCD).
He stated further that “under the human capital development requirement for the Ikike project, 53 refreshers were trained, 11 of whom were employed by Ikike contractors.
“Thirty entry-level geoscience students are currently being trained at Laser Engineering, Port Harcourt. The Ikike project achieved 92% Nigerian content and over 5,500,000 Nigerian content man-hours during the project life.
“Ikike recorded a total of 2,128 MT of in-country fabrication and 2,352 pipes coated in-country. Of particular worth for mention, is that drilling operations on Ikike field were performed by a Nigerian company.
“TotalEnergies’ IKIKE project with investment decision in 2019 achieved First Oil few days ago. It is very remarkable to highlight that this milestone was achieved without any Lost Time Injury (LTI) or incident.
“Ikike recorded significant local content milestones. Overall, the construction of the jacket, modules, topsides, and risers in Nigerian yards, the offshore campaign with vessels domiciled in Nigeria, and drilling with Nigerian companies, boosted local employment with about 3000 direct and indirect jobs.
“In the course of the ptoject, several subcontracts were awarded to local yards/companies, while corporate social responsibility projects were undertaken for the benefit of the people of the Niger Delta,” he disclosed.

By: Tonye Nria-Dappa & Theresa Frederick

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