Stay up to date with the latest news and updates from the oil industry.
Official analysis has revealed that the accelerating decline of Scotland’s oil and gas production will increase Scotland’s emissions, threaten jobs and ultimately could make Scotland poorer.
In EIR’s report, relevant fundamental drivers of oil and gas are discussed, of which include resurgent Chinese oil demand, Permian supply concerns, inflationary impacts on oil field services and general global economic uncertainty.
The programme of work, expected to be executed from the Noble Innovator jack up vessel during Q2 2023, will see Well-Safe Solutions carry out well engineering support services using its bespoke Well Decommissioning Delivery Process (WDDP).
The offshore oil and gas sector is set for the highest growth in a decade in the next two years, with US$214 billion of new project investments lined up, according to Rystad Energy.
The company has announced the signing of a frame agreement with Equinor ASA to provide DualLink™ powered and wired drill pipe for their operations, ahead of installing and operating the system at their Oseberg field.
The current value of the order is more than £5 million. Approximately £2.5 million of milestone payments will be received and accounted for as deferred revenue in the current financial year.
The latest analysis from McKinsey & Company reveals that oil and gas industry costs could increase between 6 – 10% in 2023 due to labour uncertainties and raw-materials inflation.
Shell Salym Development B.V. – a subsidiary of Shell plc – has completed the withdrawal from its 50% interest in the Salym project in Russia.
The Alkaid #2 well returned to production on 21 February, following the cleanout of the sand blockage in the final 1000 ft (c.20%) of the wellbore.
The use of hybrid power solutions is an essential element of the company’s decarbonisation strategy, as it contributes to ADNOC’s commitment to reduce greenhouse gas intensity by 25% by 2030.
The award will see TWMA deploy its RotoMill® technology for a harsh environment semi-submersible unit in the Central North Sea.
The company has signed an agreement to acquire Suncor Energy UK Limited for a total consideration of US$850 million.