May 23, 2018

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

LEKOIL Social Media Images-07

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…

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Saudi Downstream Forum


We are delighted to announce that Saudi Arabia’s largest downstream gathering is now under the patronage of the Custodian of the Two Holy Mosques. The event, to be held in Jubail, will combine a strategic conference and international exhibition. The international exhibition attracts the largest international downstream organisations, with over 50 exhibitors participating each year including the likes of Saudi Aramco, Sadara and SABIC. With the support of the Royal Commission for Jubail and Yanbu, the 2016 event in Jubail is set to be largest in the events history. With more sponsors, exhibitors, delegates and visitors than ever before. The…

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Germany’s DEA Buying E.ON Norway Oil, Gas Business for $1.6B | ABC News


German-based oil and gas firm DEA Deutsche Erdoel AG says it plans to buy utility E.ON’s Norwegian oil and gas business in a deal worth $1.6 billion. DEA, a former unit of energy company RWE that now belongs to an international investment arm of Russian billionaire Mikhail Fridman’s Alfa Group, said Wednesday that the deal will more than double its current production in Norway. It is subject to approval by Norwegian authorities and the European Commission. DEA supervisory board chairman Lord Browne said the planned acquisition is the first step in the company’s new growth strategy. He said that it…

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First gas flows on Curtis Island as Santos starts producing LNG from coal seam gas – ABC Rural (Australian Broadcasting Corporation)

Santos has officially started production of liquefied natural gas (LNG) from its operations at Curtis Island, off the coast of Gladstone, Queensland. The company said the first gas flow from the Gladstone LNG (GLNG) project had come online on time and under budget. CEO David Knox said it was a significant milestone for the company. “We said we’d produce first LNG around the end of the third quarter (of 2015) and that’s exactly what we’ve done,” he said. “Production from GLNG will be a significant addition to Santos’ growing LNG portfolio, which already includes the Darwin LNG and PNG LNG…

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Russia-Turkey gas link plans intact despite ‘difficulties’: Kremlin – Yahoo News UK

Plans for a new gas pipeline between Russia and Turkey remain intact despite “difficulties”, the Kremlin said on Wednesday, days after Ankara said talks on the deal were frozen. At a meeting in Moscow, Russian President Vladimir Putin and his Turkish counterpart Recep Tayyip Erdogan agreed that “work would continue” on the project, Kremlin spokesman Dmitry Peskov said. “It (Other OTC: ITGL – news) is complex work which implies difficulties, but it will all follow its course,” he said, indicating the two would meet again before the year’s end “to coordinate their approaches” to the partnership. “Turkey remains a very important partner for us,” he…

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KKR Backs New European Oil and Gas Producer Exploiting Proven Reserves – WSJ


KKR & Co., the New York-based private-equity firm, said it would back energy industry veteran Roland Wessel to create a new European producer of onshore oil and gas in places with proven reserves using enhanced oil recovery techniques such as horizontal drilling. KKR will potentially make more than €150 million ($169 million) available to Mr. Wessel’s Trans European Oil & Gas Ltd. to buy oil and gas fields and companies, a person familiar with the transaction said. Mr. Wessel previously founded Star Energy, an owner of 25 oil and gas fields that was sold in 2008 to Malaysian state oil company Petroliam Nasional…

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