Buyuma Weekly Energy Roundup (Wk 36)

Hello There,

Welcome to this week's global Buyuma?oil and gas weekly update covering the latest energy news that made waves around the world.

Mediterranean-focused oil and gas producer Energean aims to double its size in the coming years, including through expansion of production in Israel, CEO Mathios Rigas says.

Below are?updates that made the headlines in the Oil and Gas industry

ABS Approves Bumi Armada's Floating Concept for Carbon Storage and Injection

The American Bureau of Shipping (ABS) has awarded Approval in Principle (AIP) for Bumi Armada’s pioneering design for a floating carbon storage and injection unit (FCSIU).

Bumi Armada’s FCSIU concept is a floating terminal capable of storing and injecting liquified carbon dioxide (LCO2) into depleted oil and gas fields or aquifers.?

This novel concept incorporates the ability to accept LCO2 deliveries in an offshore setting, the flexibility to manage LCO2 at low or medium pressure, the provision of LCO2 buffer storage and the preparation of LCO2 for sequestration - permanent storage of CO2 deep beneath the seabed.?

The FCSIU can receive LCO2 from various sources, such as electricity generation, manufacturing and construction, offering a new solution for reducing CO2 emissions from these industries.

The AIP is applicable to either a new build or a converted donor carrier, with smaller tanks to optimize the cargo space layout.

Gary Christenson, Bumi Armada’s Chief Executive Officer, said, “We are excited to bring sustainable and scalable solutions to reduce carbon emissions, which is also in line with Bumi Armada’s recently launched decarbonization agenda to achieve net zero by 2050. This solution is a testament to our strong commitment towards providing the best decarbonization solutions globally.”

Halliburton debuts Intelevate downhole ESP service

Halliburton has released Intelevate, a data science-driven service to help operators?design, construct and operate electrical submersible pump (ESP) monitoring solutions.

The Intelevate platform from Summit ESP is said to integrate historical engineering and performance data with active operational information to provide an overview of the operator’s ESP system.

The service processes, analyzes and models production data using real-time visualization and reporting to develop an optimization plan, including remote changes and interventions, to deliver production targets.

Halliburton can also provide petroleum engineers, field technicians and application engineers monitoring support.

SLB signs subsurface technology partnership agreement with INEOS Energy

SLB has signed a subsurface technology partnership with INEOS Energy, the energy division of INEOS, a global chemical and manufacturing company.

INEOS Energy will partner with SLB’s Performance Centre in Aberdeen to collaborate and innovate subsurface technologies, including AI capabilities, to help it drive operational performance for continued growth, new acquisitions, and carbon capture and storage (CCS).?

Under the agreement, INEOS Energy will integrate the SLB Delfi digital platform into its oil and gas operations, especially subsurface, wells, transport and monitoring.

SLB says that Delfi will seamlessly integrate into current assets and new acquisitions, a critical element of the company’s emissions-reducing CCS strategy.

Energean Aims to Double Size, Says CEO Rigas

The company reported a 41.2% slump in first-half profit, dented by a higher tax bill, and trimmed its full-year production forecast to 120,000-130,000 barrels of oil equivalent per day (boed) after slower than expected start-up of its Karish gas field off the coast of Israel.

Energean, with operations in eight countries across the Mediterranean and the UK North Sea, had previously forecast annual production of 125,000 to 140,000 boed.

The Karish field accounts for about 75% of total production. Having started production at Karish in October 2022, the company is on track to increase output to 200,000 boed by the end of 2024, Energean said.?

Energean aims to double its production in the coming years, primarily through development of new prospects in Israel, including the Katlan field. Potential acquisitions will also be considered, focusing primarily on the Mediterranean.

Although Energean predominantly produces gas, it also produces 30,000 barrels per day of oil from its floating processing plant in Israel and plans to explore opportunities to increase output, Rigas said.

"We're planning to find out where the oil is coming from, drill wells, and potentially exploit that part of the hydrocarbon sector that we haven't yet looked at. That could be very big," he said.

Midstream Oil & Gas Equipment Market Statistics [2023-2030]: Emerging Trends and Future Growth Scenario

Midstream Oil and Gas Equipment include the equipment?used?for processing, storing, transporting and marketing of oil, natural gas, liquefied petroleum gas (LPG), and natural gas liquids (NGL's).

This report elaborates the market size, market characteristics, and market growth of the Midstream Oil and Gas Equipment industry, and breaks down according to the type, application, and consumption area of Midstream Oil and Gas Equipment.

The report also conducted a PESTEL analysis of the industry to study the main influencing factors and entry barriers of the industry.

Read the sample?report here

That's it for this week. Until next time, Cheers!