Offshore Production News - page 10


Oil Prices Hit a Fresh Three-year High on Supply Deficit Concerns

Oct 15, 2021

Oil prices hit a fresh three-year high on Friday, climbing above $85 a barrel on forecasts of a supply deficit over the next few months as rocketing gas and coal prices stoke a switch to oil products.Brent crude futures were up 80 cents, or 0…

Shah Deniz Field: Azerbaijan Signs New Gas Supply Deal with Turkey

Oct 14, 2021

Azerbaijan has signed a new deal with Turkey to supply gas from its giant offshore Shah Deniz I field, Azerbaijan's energy minister Parviz Shahbazov told Reuters on Thursday.Azerbaijan halted gas supplies from Shah Deniz I to Turkey in April after the contract expired…

Oil Rises on IEA Demand Forecast

Oct 14, 2021

Oil prices rose by about 1% on Thursday after the International Energy Agency said that record natural gas prices will boost demand for oil and top oil producer Saudi Arabia dismissed calls for additional OPEC+ supplies.Brent crude futures gained 87 cents…

BP to Buy All Oil Produced from Cliff Head Offshore Field (Australia)

Oct 14, 2021

BP Singapore has agreed to offtake crude oil produced from the Cliff Head oil field, offshore W. Australia.BP has signed a binding deal to buy the oil from the offshore oil field with the Cliff Head Joint Venture consisting of Triangle Energy and Pilot Energy…

Suriname's Staatsolie Pens 30-year PSC with Chevron for Offshore Block

Oct 14, 2021

Suriname state oil company Staatsolie on Wednesday said it had signed a 30-year production sharing contract with U.S. producer Chevron Corp for the South American country's offshore Block 5.Chevron Exploration Suriname Ltd and a consortium by TotalEnergies and Qatar Petroleum (QATPE…

Occidental Sells Stakes in Jubilee and TEN Fields Offshore Ghana

Oct 13, 2021

Occidental Petroleum Corp agreed to sell its interests in two Ghana offshore fields for $750 million to Kosmos Energy and Ghana National Petroleum Corp, the oil and gas producer said on Wednesday, as it looks to cut the debt it took on with its purchase of Anadarko Petroleum…

Putin: Russia Not Using Gas as a Weapon

Oct 13, 2021

President Vladimir Putin said on Wednesday Russia was not using gas as a weapon and was ready to help ease Europe's energy crunch as the region's bloc called an emergency summit to tackle skyrocketing prices.Energy demand has surged as economies have rebounded from the pandemic…

Gazprom Supplying Gas to Europe at Maximum Levels, Kremlin Says

Oct 13, 2021

The Kremlin said on Wednesday that Russian gas giant Gazprom was supplying gas to Europe at maximum levels under existing contracts and any increase would need to be negotiated with the company.'Nothing can be delivered beyond the contracts…

Equinor's Barents Sea Johan Castberg Project Faces Further Delay, Cost Overrun

Oct 12, 2021

Equinor's Johan Castberg Arctic oilfield will cost some 10% more to develop than expected a year ago, and will start production later than expected, primarily due to the pandemic, the Norwegian government's budget showed on Tuesday.The project…

OKEA Drops Vette Oil Discovery Development

Oct 12, 2021

Norwegian oil company OKEA, the operator of the Vette license offshore Norway said Tuesday it had decided to propose to the license partners not to develop the Vette discovery further, 'due to the project’s insufficient financial robustness…

Tailwind Wraps Drilling at Evelyn Development. First Oil in Q4, 2022

Oct 11, 2021

The UK-focused oil company Tailwind has completed the drilling of the Evelyn field development well, at the Triton Cluster on the UK North Sea.In February this year, Tailwind sanctioned the Evelyn field project in the North sea, following approval by the UK oil and gas regulator OGA…

BW Energy Gets Hold of Two Offshore Blocks in Gabon

Oct 11, 2021

Oil and gas company BW Energy has been provisionally awarded operatorship of two blocks in the 12th Offshore Licensing Round in Gabon.The award by the Direction Generale des Hydrocarbures (DGH) in Gabon is subject to finalizing the production sharing contracts (PSC) with the DGH…

Azerbaijan: Lukoil to Buy Petronas' Shah Deniz Field Stake for $2.25B

Oct 07, 2021

Russian oil and gas company Lukoil has agreed to acquire a 15.5% stake in the Shah Deniz offshore gas field in the Azerbaijan sector of the Caspian Sea from Malaysia's Petronas.Lukoil said the value of the transaction was $2.25 billion, with the completion is subject to certain conditions precedent…

BP Wins Over Greenpeace in North Sea Oil Field Court Case

Oct 07, 2021

A Scottish court handed BP a win over Greenpeace on Thursday after the environmental group tried to void the energy company's licence to exploit a North Sea oilfield, saying the climate impact of the end-use of oil should not affect permits…

No Decision Yet on Albacora Fields Sale, Petrobras Says

Oct 07, 2021

Brazilian oil company Petrobras said Thursday it had not yet picked the winner in a bidding race for its Albacora and Albacora Leste fields in the Campos Basin, offshore Brazil.The company issued an update after Reuters on Thursday said the…

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