Department: World News

World News

August 2017, Vol. 244, No. 8

Cepsa Celebrates 30 Years in Algeria Madrid-based Cepsa celebrated its 30th anniversary of uninterrupted operations in Algeria at a recent event attended by Spanish and Algerian officials and representatives from Cepsa, Sonatrach and Mobadala. Algeria has played a key role in Cepsa’s growth which began exploration and production activities there working with Sonatrach before expanding to locations worldwide. In partnership with Sonatrach, it operates in three major oilfields in the Berkine basin to produce a total of 137,279 gross bpd.  It also has a 42% stake in the MEDGAZ subsea pipeline and participates with Total...

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World News

July 2017, Vol. 244, No. 7

U.S. Tops World Hydrocarbon Production in 2016  The United States remained the world’s top producer of petroleum and natural gas hydrocarbons in 2016 for the fifth straight year, despite production declines for both petroleum and natural gas relative to their 2015 levels, the U.S. Energy Information Institute (EIA) reported in June. The United States has been the world’s top producer of natural gas since surpassing Russia in 2009 and the top producer of petroleum hydrocarbons since 2013, when its production exceeded Saudi Arabia’s. Crude oil and lease condensate accounted for roughly 60% of total U.S....

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World News

June 2017, Vol. 244, No. 6

Myanmar Oil Pipeline Starts Operations A crude pipeline completed three years ago through Myanmar to southwestern China has begun operations, allowing the world’s second-biggest oil user to receive supplies faster from the Middle East and Africa, Bloomberg reported. The link allows China to import crude from the Middle East and Africa without having to ship through the Straits of Malacca and into the South China Sea. Trial operations began in 2015 on the 771-kilometer (479-mile) pipeline, which is designed to carry 22 million tons of crude a year (about 442,000 barrels a day). Myanmar can...

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World News

May 2017, Vol. 244, No. 5

CERI: Technology Reduces Oil Sands Costs, Emissions The Canadian Energy Research Institute (CERI) released a study identifying new technologies and processes that will enable the oil sands industry to significantly reduce costs and greenhouse gas emissions. The report identifies six technology configurations, any of which will reduce the chances of reaching the 100 MtCO2eq. a year cap to zero within the study period (2016-2036). The configurations that meet minimum costs and emissions objectives can potentially lower bitumen supply costs by 34-40% and reduce fuel-derived emissions from in situ oil sands production by over 80%. The...

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World News

April 2017, Vol. 244, No. 4

Fluor JV Nets FEED Contract for Pump Project in Kazakhstan w/photo  Fluor Corp.’s joint venture team, KPJV, was selected by Tengizchevroil LLP (TCO) to execute the front-end engineering and design (FEED) for the multi-phase pump project in Kazakhstan. The project scope includes FEED, detail design and procurement services. Part of TCO’s major capital program, the project will implement multi-phase pump technology across the gathering network of existing oil and gas facilities at the Tengiz and Korolev fields to maintain crude production by reducing wellhead pressure and increasing well deliverability. The project includes the modification or...

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World News

March 2017, Vol. 244, No. 3

Douglas–Westwood Offers 2017 Outlook The past year has undoubtedly been one of the toughest for the oil and gas industry in recent memory. The London–based firm considers three key themes that could shape the industry over the year ahead. A North America–Led OFS Recovery: OFS markets are expected to bounce back in 2017 and it is expected North America onshore activity will be at the forefront. These projects are characterized by short lead times, and drilling and completion costs have nearly halved since 2014. Rig activity is recovering fast with more than 600 rigs working...

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World News

February 2017, Vol. 244, No. 2

Pipeline Gas, LNG Will Compete for European Demand Europe is set to retain numerous gas supply options throughout 2017 as traditional pipeline suppliers continue their market-share offensive and LNG imports rally from their unexpected lows in 2016. With European demand – especially in the power sector – likely to continue its recovery from the past two years, focus will again be placed on declining domestic gas production and the need for increased imports. European Union gas demand is expected to have increased by 6% in 2016 to almost 16 Tcf, according to industry group Eurogas,...

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World News

January 2017, Vol. 244, No. 1

Global Oil, Gas Exploration Likely to Return to Profitability in 2017 A new study by Wood Mackenzie on what to expect from global oil and gas exploration in the year ahead Global Exploration: What to look for in 2017 indicates exploration should return to profitability in 2017 after five years of only single-digit returns. Dr Andrew Latham, vice president of exploration at Wood Mackenzie said: “The industry has a good chance of achieving double digit returns in 2017. Smarter portfolio choices and lower costs are already paying off.”  Wood Mackenzie’s analysis of the 2017 global...

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World News

December 2016, Vol. 243, No. 12

Offshore Production Accounts for 30% of Global Crude Output A report from the U.S. Energy Information Administration showed global offshore oil production in 2015 was at the highest level since 2010, accounting for nearly 30% of total global crude oil production. Offshore production rose in both 2014 and 2015, reversing consecutive annual declines from 2010-13. Production from onshore tight oil plays has risen faster over the past several years and accounts for an increasing amount of total oil production. The report said over 27 MMbbls of oil were produced offshore in 2015 in over 50...

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World News

November 2016, Vol. 243, No. 11

Petrobras to Sell 90% of Gas Pipeline Unit to Brookfield-Led Consortium Brazilian state-run oil company Petrobras will sell a 90% stake of its natural-gas pipeline unit to a consortium led by Brookfield Asset Management Inc. for $5.2 billion as part of its debt-reduction plan. Petrobras will keep a 10% stake in the unit, Nova Transportadora do Sudeste SA, or NTS. Canada-based Brookfield said the consortium also includes CIC Capital Corporation, GIC Private Limited and others. NTS is a 2,048-km (1,273-mile) pipeline system that transports natural gas in Brazil’s most industrialized and populated states in the...

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World News

October 2016, Vol. 243, No. 10

Petrobras Sells Gas Pipeline Unit to Canadian-Led Group Brazil’s state-run oil company Petroleo Brasileiro SA agreed to sell 90% of its natural gas pipeline unit to a group of investors led by Canada’s Brookfield Asset Management Inc. for $5.2 billion. The investor group includes British Columbia’s pension fund and Chinese and Singaporean sovereign wealth funds CIC and GIC. The deal will be the largest divestment so far in the heavily indebted oil company’s $15 billion asset sale plan. Reuters reported earlier that Brookfield had entered exclusive talks to acquire Nova Transportadora do Sudeste SA, or...

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World News

September 2016, Vol. 243, No. 9

PDVSA’s Future Clouded by Venezuelan Crisis National oil company PDVSA may badly need money and could be in such a precarious condition that it causes the demise of the wider Venezuelan oil sector, according to an article in Oilprice.com. Oilfield union officials in the Lake Maracaibo region leaked news to Platts that all is not well in the drilling sector there, with sources saying major international operator Schlumberger halted the majority of its operations. Union leaders said Schlumberger shut down four of six rigs it was operating for offshore oil production in Lake Maracaibo because...

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