Oilrun.net

Statoil’s Rig Strategy on the Norwegian Continental Shelf: Worth a Total of NOK 9.4 Billion

Statoil has awarded contracts to Island Offshore Management and Eide Marine Services for the charter of a total of three light well intervention (LWI) vessels. The rig market on the Norwegian continental shelf is characterised by an aging rig fleet, therefore the company found it necessary to have sufficient rig capacity at sustainable rates by putting LWI vessels – category A units – into service on a grand scale.

There’s also a financial gain here, Statoil can reduce well intervention costs by about 60% by utilising a LWI vessel instead of a conventional rig.

The contracts are worth a total of NOK 9.4 billion (around $1.56 billion). Eide Well Intervention which is a new supplier in this segment for Statoil, has been awarded an eight-year contract for their newbuild, with completely new technology.
(more…)

Eni’s Strategy to Refocus Exploration Activities in Egypt: Oil Discovery in the Western Desert

Italian multinational oil and gas company Eni has made a significant oil discovery 290 kilometers south west of Alexandria, at the Emry Deep exploration prospect in the Western Desert of Egypt. The drilling of the well is part of Eni’s strategy to refocus exploration activities in Egypt by targeting the Western Desert. The short time that this discovery will market is also a part of Eni’s strategy to focus on fast track development of conventional assets.

Eni, through its fully owned affiliate IEOC, has been present in Egypt since 1954 and is the largest foreign energy player in Egypt. In the Western Desert, Eni’s activities are currently producing approximately 36,000 barrels of oil equivalent per day.
(more…)

National Iranian Oil Company Discovers Oil Reserves In Caspian Sea

National Iranian Oil Company announces that managing director of KEPCO, Ali Osouli has stated that drilling operations are held in newly oil layers found in Caspian Sea (thickness of between 24 and 30 meters). NIOC reports that the details of its oil field discovery in the Caspian Sea – often classed as the world’s largest lake- were made by minister of petroleum Rostam Qasemi.

How the oil discovery will affect the long lasting territorial dispute between the countries surrounding the sea is yet unclear. The countries involved are Russia, Kazakhstan, Azerbaijan, Turkmenistan and Iran. However, NIOC has now found oil reserves in what they believe to be their territorial waters in the Caspian Sea, which is estimated at about eight to ten billion barrels.
(more…)

New Projects in India: Essar Oil and L&T sign MoU for Bitumen Supply

Oil and gas company, Essar Oil and technology-driven company Larsen & Toubro have signed a MoU for supplies of high quality bitumen (commonly known as “asphalt”) for infrastructure projects in Gujarat, India.

Larsen & Toubro is one of India’s top engineering and construction companies, while Essar Oil is amongst India’s top private sector refiners (with more than 1,600 Essar-branded oil retail outlets across India) and has the capacity to produce over 700,000 metric tons of bitumen per annum.
(more…)

Oil and Gas Production are Today a Big Part of Turkmenistan’s Strategic Areas

A program of cooperation in trade, economic, cultural and humanitarian fields between Turkmenistan and the Republic of Tatarstan (Russian Federation) was signed in Kazan Kremlin for 2012-2014. The document was signed by President of Turkmenistan (Gurbanguly Berdimuhamedov) and President of the Republic of Tatarstan (Rustam Minnikhanov).

During the event, Berdimuhamedov stated that oil and gas production, petrochemicals, engineering, processing industries, along with high technology manufacturing and experimental studies are today’s strategic areas for Turkmenistan. He continued by emphasizing the importance of long-term partnership with companies such as OAO TATNEFT, OAO KAMAZ and OAO Kazan Helicopter Plant for their economy.
(more…)

BP Orders Four Platform Support Vessels Built by Hyundai

BP has ordered four platform support vessels (PSV) to help deliver its long term business strategy in the North Sea. The vessels will be deployed to support its West of Shetland (WoS) and Norwegian operations. BP Shipping has contracted Hyundai to build the vessels and will hire them to BP Exploration Operating Company on a 15 year bareboat term charter. With these four vessels the company is trying to stay consistent with its strategy for marine offshore supply vessels that endorses vessel ownership where long term “life of field” can be shown.
(more…)