December 16, 2017

Amec Foster Wheeler raises cost-cut target, halves dividend

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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

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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

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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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The top 10 countries with highest volume of flared gas

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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

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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

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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

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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

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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

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  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

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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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