August 28, 2016

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    Amec Foster Wheeler raises cost-cut target, halves dividend

    British oil and gas services company Amec Foster Wheeler Plc raised its cost-savings target for the year and cut its dividend in half, pressured by the slump in oil prices. Ian McHoul, the chief financial officer at Amec Foster Wheeler, told CNBC Thursday that any cut in dividend is always “poorly received” and said the company was “very disappointed” that it had to make this decision. “This is about setting the business up for stability in what are very choppy waters now,” he said. “We’re active in solar, in wind, in mining…so there are pockets of strength. But what we’re…

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    LEKOIL – Acquisition of Interest in OPL 325, Offshore Nigeria

    Proposed Placing of New Ordinary Shares to raise up to US$40 million (approximately £26 million) Lekoil (AIM: LEK), the oil and gas exploration and production company with a focus on Nigeria and West Africa, is pleased to announce the acquisition of an indirect controlling interest in OPL 325, (located to the south of OPL 310 in the Dahomey Basin) offshore Nigeria, for an initial consideration of US$16.08 million, with other payments due at developmental milestones totalling US$24.12 million (the “OPL 325 Acquisition”).  Lekoil considers that the OPL 325 Acquisition is consistent with its continuing strategy to assemble a balanced portfolio…

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    Equatorial Guinea Promotes New Offshore Exploration in 2016

    Ministry of Mines, Industry and Energy will launch bidding round in 2016 The Ministry will not extend ExxonMobil Zafiro PSC license upon expiration. Sale of Hess assets to foreign bidders and Noble Energy Carla and Diega developments will not be approved by Government. Following the success of its 2012 and 2014 bidding rounds, the Ministry of Mines, Industry and Energy of Equatorial Guinea has announced it will launch a new bidding round for all remaining deep and ultra-deepwater blocks in 2016. Two operators have confirmed they will further explore prospects in Equatorial Guinea in 2016: RoyalGate Energy will drill Block…

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    NPD Commissions Study on Unmanned Wellhead Platforms

    A new study will look into the benefits and disadvantages of unmanned wellhead platforms (UWP) after the Norwegian Petroleum Directorate called for UWPs to be considered more often as an alternative to subsea tie-backs. Commissioned by the Norwegian Petroleum Directorate, the study will be carried out by Rambøll Oil & Gas and aims to gain further knowledge about different types of unmanned wellhead platforms. The study will be submitted to the authorities towards the end of December of this year. Niels Erik Hald, principal engineer at the Norwegian Petroleum Directorate, commented in an NPD statement: “The main argument in favour…

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    2nd Annual FPSO Europe Congress

    Pursuing Cost-Optimization & Project Excellence across Europe’s FPSO Value Chain! Launching to great success in 2015, the FPSO Europe Congress is set to return on 24 – 25 February 2016 in London for yet another exciting gathering of Europe’s leading oil operators, FPSO contractors, EPCs, shipyards and solution providers to discuss the most topical and critical PFSO developments in the North Sea, Brazil and West Africa market. To recap, the FPSO Europe Congress ended with the below takeaways: Amidst low oil prices, conventional ways of conducting FPSO businesses are no longer sustainable FPSO projects optimisation, cost-effective operations and maintenance are…

Interviews

NNPC Issues Guidelines for Sale, Purchase of Nigeria’s Crude| THISDAY LIVE

Sep 15, 2015

In its renewed bid to ensure transparency in all commercial activities relating to petroleum operations in Nigeria, the Nigerian National Petroleum Corporation (NNPC) has released the guidelines for the participation of local and foreign companies in the sale and purchase of the various grades of Nigerian crude oil. The release of the guidelines is coming a few weeks after the corporation initiated measures to make the yearly Offshore Processing Agreements (OPAs) between it and oil traders more transparent. But while the latest guidelines are in relation to the sale and purchase of Nigeria’s crude oil, OPAs and oil swap agreements…

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Mick Borwell takes on Health, Safety, Security and Employment at Oil & Gas UK

Sep 8, 2015

Mick Borwell is to take over responsibility for Health, Safety, Security and Employment (HSSE) policy at Oil & Gas UK towards the end of the month in addition to his role as Environment Director. He will assume his expanded role at the trade association from 19 September 2015, when the current HSSE Director Robert Paterson retires.  This is an interim position allowing the current scope of the HSSE directorate and others to be reviewed in light of the changing regulatory and economic climate now challenging the industry. Mick Borwell has been Environment Director at Oil & Gas UK since 2007,…

Andy Clay - Chairperson, South African Oil and Gas Committee

South Africa’s new JSE-backed oil, gas code globally aligned

Jul 23, 2015

The recently published South African Code for the Reporting of Oil and Gas (Samog) is fully aligned to the oil and gas reporting standards used globally. South African Oil and Gas Committee chairperson Andy Clay and Johannesburg Stock Exchange (JSE) GM corporate finance Annalie de Bruyn, who unpacked the reporting standard for Mining Weekly Online in the attached Creamer Media video interview, outlined how the new code – a companion code to South Africa’s existing South African Mineral Resource Committee (Samrec) and South African Mineral Valuation (Samval) mineral codes – is the outcome of close liaison with leading global organisations,…

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The Future of the Oil & Gas Sector in the CIS region

Jul 23, 2015

Azerbaijan is an important component of the global energy security market place In an interview with international news agency Trend.az,William Lahue, NATO Liaison Officer in the South Caucasus, has stressed the importance of protection from fluctuations for countries with multiple sources of supply. He also stated that “In this process Azerbaijan is going to be important, and its importance is growing.” According to Lahue, Azerbaijan is set to be a transit country for gas imported from the western Caspian Sea region, such as Turkmenistan. Moreover, according to the assessment of the European Commission, the CIS area represents around 40% of…

special reports

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Amec Foster Wheeler raises cost-cut target, halves dividend

British oil and gas services company Amec Foster Wheeler Plc raised its cost-savings target for the year and cut its dividend in half, pressured by the slump in oil prices. Ian McHoul, the chief financial officer at Amec Foster Wheeler, told CNBC Thursday that any cut in dividend is always “poorly received” and said the company was “very disappointed” that it had to make this decision. “This is about setting the business up for stability in what are very choppy waters now,” he said. “We’re active in solar, in wind, in mining…so there are pockets of strength. But what we’re…

LEKOIL Social Media Images-07

LEKOIL – Acquisition of Interest in OPL 325, Offshore Nigeria

Proposed Placing of New Ordinary Shares to raise up to US$40 million (approximately £26 million) Lekoil (AIM: LEK), the oil and gas exploration and production company with a focus on Nigeria and West Africa, is pleased to announce the acquisition of an indirect controlling interest in OPL 325, (located to the south of OPL 310 in the Dahomey Basin) offshore Nigeria, for an initial consideration of US$16.08 million, with other payments due at developmental milestones totalling US$24.12 million (the “OPL 325 Acquisition”).  Lekoil considers that the OPL 325 Acquisition is consistent with its continuing strategy to assemble a balanced portfolio…

Seadrill39s-Rig-Bound-for-Drilling-Offshore-Equatorial-Guinea

Equatorial Guinea Promotes New Offshore Exploration in 2016

Ministry of Mines, Industry and Energy will launch bidding round in 2016 The Ministry will not extend ExxonMobil Zafiro PSC license upon expiration. Sale of Hess assets to foreign bidders and Noble Energy Carla and Diega developments will not be approved by Government. Following the success of its 2012 and 2014 bidding rounds, the Ministry of Mines, Industry and Energy of Equatorial Guinea has announced it will launch a new bidding round for all remaining deep and ultra-deepwater blocks in 2016. Two operators have confirmed they will further explore prospects in Equatorial Guinea in 2016: RoyalGate Energy will drill Block…

Primus GE

The top 10 countries with highest volume of flared gas

As you know, flaring gas is a global issue, with an estimated over 140 million cubic meters of gas flared annually, a waste of resources and harmful for the environment. Primus Green Energy put together the following infographic to illustrated the top 10 countries in the world with the highest volume of flared gas per year to draw attention to the issue. For further information on products and services visit Primus GE

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Oil, gas projects worth $1.5 trillion at risk | MarketWatch

LONDON–The world’s biggest oil companies are banking on the cost of everything from rig rates to steel pipe falling to help them weather the swoon in oil prices over the last year, but projects worth around $1.5 trillion remain uneconomic and are unlikely to go ahead, according to a report published by Wood Mackenzie on Monday. Oil producers big and small are targeting steep cost cuts of around 20%-30% in the face of the biggest slump in oil prices since the 1980s, but they have also had to slash their investment programs and defer projects that remain too expensive at…

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China oil and gas strategic analysis and outlook to 2025 | Energy Global

Curated from NSRI Event to Support Developers in getting Subsea Technology Off the Ground : National Subsea Research Initiative OGAnalysis – one of the leading research and consulting service providers for the oil and gas industry – recently published the ‘China Oil and Gas Strategic Analysis and Outlook to 2025’. The premier report provides analysis of key opportunities and associated challenges facing China’s oil and gas industry. Key strategies Amidst the downfall in oil prices that are creating uncertainty on the future of China’s industry growth, the report details key strategies of government, oil and gas companies and investors in…

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Things Are Looking Up For Gulf Keystone Petroleum Limited And Genel Energy PLC – Yahoo Finance UK

After years of waiting, Gulf Keystone Petroleum (LSE: GKP) and Genel Energy (LSE: GENL) have finally started to receive regular payments for their oil exports from the Kurdistan Regional Government. On Monday, Gulf Keystone confirmed that a payment of $15m gross ($12m) net had been authorised by the KRG to be wired to the company’s account during the next seven days. And on Tuesday, Genel announced that it had received $16.5m from the KRG for its share of the production from the Taq Taq field. The company then announced on Wednesday that it had received $8m for its share of production from the Tawke field. The KRG has…

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Oil & Gas UK Welcomes Progress Made by OGA

Deirdre Michie, Oil & Gas UK’s chief executive, said: “We welcome the progress made by the new Oil and Gas Authority (OGA) as outlined in their report today (7 September). “The industry is facing challenging times and the OGA’s drive towards co-operation between companies, improved stewardship of Britain’s oil and gas reserves and faster licensing process will help deliver the transformational change that is required to create a sustainable business in a world of lower oil prices. “The sector has made a great economic contribution – having delivered production of 43 billion barrels of oil equivalent (boe), paid over £330…

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First Oil from Otakikpo: Lekoil makes transition to producer

  Lekoil makes transition to producer, first string flow rate exceeds expectation Lekoil (AIM: LEK), the oil and gas exploration and production company with a focus on Nigeria and West Africa more generally, announces the start of oil production from the Otakikpo Marginal Field (“Otakikpo”) in oil mining lease (OML) 11 which is located on the shore line in the south-eastern part of the Niger Delta. Following the successful re-entry of the Otakikpo-002 well, first oil flowed to surface late on 5 September 2015 with production testing being conducted over the weekend.  The Otakikpo-002 well produced from only the first…

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Post Event Update – Advanced Data Management for Oil and Gas

The 3- day highly interactive Advanced Data Management for Oil and Gas master class held at Berjaya Times Square Hotel in Kuala Lumpur, Malaysia included topics that intensively about data analysis and management which benefited managers and users of petro-technical and geo-intelligence from oil and gas industry. The master class content was aligned with the Professional Petroleum Data Management (PPDM) Data Analyst Competency Profile, and delegates can used it for proof points in the UK Oil & Gas Common Data Access (CDA) Petroleum Data Management System. Besides, attendees were encouraged to register for the PPDM Certified Petroleum Data Analyst Exam….

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Oil and gas reforms create fresh investor interest | The Worldfolio

Having suffered its worst energy crisis in decades, the oil and gas industry is now bouncing back. Following bold reforms to minimize debt, a host of new agreements have been reached with international oil companies, ringing in billions in investment and setting Egypt on course to once again thrive as an oil producer. Egypt is relying on its oil and gas sector to drive its ambitious economic plan and help the country achieve its overall economic targets, a goal it will need to accomplish while the industry continues to overcome some acute challenges. “[Achieving] sustainable economic growth is at the…

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Aegean Marine Petroleum Network Inc. Announces Second Quarter 2015 Financial Results

Aegean Marine Petroleum Network Inc. (NYSE:  ANW) (“Aegean” or the “Company”) today announced financial and operating results for the second quarter ended June 30, 2015. Second Quarter Highlights Recorded sales volumes of 3,150,950 metric tons. Recorded gross profit of $78.5 million. Recorded operating income of $14.8 million. Recorded net income attributable to Aegean shareholders of $7.1 million or $0.15 basic and diluted earnings per share. Recorded EBITDA of $24.1 million. E. Nikolas Tavlarios, President of Aegean Marine Petroleum Network, commented, “Aegean Marine has built a strong, global platform that has delivered solid returns in a variety of market conditions.  While we faced headwinds during the quarter, we are entering…