We Were Wrong: OML 11 Renewal Isn’t Concluded

  By Fred Akanni, Editor in Chief Anglo Dutch major Shell has not concluded negotiations with the Nigerian Government regarding the renewal of its licence to Oil Mining Lease (OML) 11 for the next 20 years. NNPC, the state hydrocarbon company, has also not taken over operatorship of the asset as directed by President Muhammadu …

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IEA Stands Ready to Act

  The International Energy Agency is closely monitoring developments in the Strait of Hormuz and is ready to act to ensure global markets remain adequately supplied. The International Energy Agency (IEA) has revealed that it is closely monitoring developments in the Strait of Hormuz and is “ready to act” to ensure global markets remain adequately …

Vaalco pays $4.5M breakup fee for Angola offshore block

Oil and as firm Vaalco Energy has paid a $4.5 million settlement fee to Angola National Agency of Petroleum, Gas, and Biofuels (ANPG), for offshore block termination. Photo by Jorge Sá Pinheiro on UnsplashVaalco paid the fee under the settlement agreement signed in the first quarter of the year. The settlement finalized the termination of Vaalco’s rights, liabilities …

Rystad: Offshore project sanctioning in 2019 on track to surpass 2014 levels

Overall offshore project sanctioning in 2019 has surpassed the $50 billion mark, driven by Saudi Aramco’s recently announced $18 billion worth of project commitments associated with the Marjan and Berri expansion projects, Rystad Energy said on Thursday.  Illustration. Author: SP Mac This is yet another signal that the offshore industry has turned a corner and can reach a …

TOTAL Returns to the Cape of Storms in Q1 2020

  French major TOTAL will be returning, within the next one year, for further exploration and appraisal of the prospects in South Africa’s Block 11B/12B offshore South Africa, where it discovered large gas condensate pools in January 2019. The Paris headquartered company has secured the Deepsea Stavanger for a multi-well drilling programme, beginning with the spud of …

Seabed Geosolutions gets ocean bottom node job in West Africa

Hugin Explorer; Source: Flickr; Author: nz_willowherb – under the CC BY-NC 2.0 license Seabed Geosolutions, a joint venture between Fugro and CGG, has been awarded a 4D ocean bottom node (OBN) monitor survey in West Africa from an unnamed major oil company. The project, for which the data is expected to be acquired over a two-month period during …

Weatherford, Unable to Weather the Storm, Goes Under

  By John Odigalu Weatherford International, the oil services giant often compared with the likes of Schlumberger, Baker Hughes and Halliburton, has filed for Chapter 11 bankruptcy. The Switzerland headquartered company, listed on the New York Stock Exchange until last May, caved in under the weight of its own growth. Since 1998, the company has …

Cost Overruns Threaten Offshore Development

Even with funding based on a thorough engineering definition, operators could still see a cumulative $111-billion cost overrun. The prospect of oil prices remaining at about $60 a barrel, combined with impressive cuts in development and operational costs since 2014, have encouraged E&P companies to accelerate development of their offshore projects including Mad Dog Phase …