Dynamic shifts in energy arena throw headwinds and tailwinds in oil & gas industry's path
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The ultimate goal of these headwinds is the phase-out of coal, oil, and natural gas, which is sometimes even touted as a silver bullet and a shortcut to net zero. Given the rising energy demand and predicted shortfalls in supply due to cleaner alternatives not yet being anywhere near the level required to take over the control of the lion's share of the global energy mix from fossil fuels, these and other tailwinds are extending the oil and gas industry's lifeline and propelling further developments forward, albeit with allowances being made to put the sector firmly on a low-carbon mission. As a result, oil and gas will likely stay at the top of the energy pyramid for the foreseeable future.
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? Is the development of OMV Petrom 's $4.4 billion deepwater gas project in the Black Sea facing safety issues, given its location and proximity to the battle that rages on unabated in Ukraine? Greenpeace ?sterreich seems to think so, as its most recent report underlines that this European Union project is located in waters that are a part of the war zone filled with sea mines, which pose a threat to shipping, drilling, and other activities in the area, as confirmed by recorded incidents.
? ABL Group's AGR has added over 220 employees to its existing team by acquiring Moreld 's Ross Offshore - Part of AGR .
? Galp has sold interests in three blocks off the coast of Angola to Etu Energias .
? V?r Energi 's gas supply deal with VNG Handel & Vertrieb GmbH will remain in place for over a decade.
? bp 's alliance with 沃利 is anticipated to enable cost savings while optimizing operations and organization across the firm's global project sites.
? Wintershall Dea has revealed a new gas condensate discovery in the North Sea, which was made using one of Transocean ’s semi-submersible rigs. Together with its partners, DNO ASA and Petoro , the company will evaluate the possibility of fast-tracking the development of this discovery by utilizing existing infrastructure in the area.
? As Africa's batch of oil and gas discoveries continues to grow, one of the countries in West Africa, which recently recorded hydrocarbon exploration successes, is expecting a threefold boost in its oil production levels by 2027, thanks to estimated investments of over $15 billion.
? Paratus Energy Services Ltd. is setting the stage to list its shares on Euronext Growth Oslo, followed by an uplisting to the Oslo Stock Exchange.
? A four-year arbitration saga has come to an end with a settlement deal Seatrium and Awilco Drilling have struck to sort out two arbitration cases concerning rig termination deals for which the arbitration tribunal rulings were received last year.
? Energean is selling its assets in Egypt, Italy, and Croatia to focus on growing its gas-weighted portfolio in the Mediterranean and the wider Europe, Middle East, and Africa (EMEA) region.
? Rex International Holding Limited is in the process of combining the oil and gas portfolios of two subsidiaries into a new joint venture (JV) in Norway to secure funds for exploration, development, and production activities at a time when banks appear to be increasingly backing away from fossil fuel projects on climate grounds.
? Norwegian waters are a gift that keeps giving more hydrocarbons to the fossil fuel industry, as confirmed by Aker BP ASA 's latest gas discovery, drilled with Saipem ’s semi-submersible rig.
? Seascape Energy Asia plc is leaving Norwegian waters to focus on establishing a full-cycle E&P business in Southeast Asia, as it believes that this region offers a wider range of opportunities for a small company engaged in the oil and gas game.
? Sunda Energy Plc has changed its timeline for drilling activities at a gas field offshore Timor-Leste from late 2024 to Q1 2025 while continuing to work on securing potential funding partners for these operations.
? Allseas ' dynamically positioned pipelay vessel will go to the Caribbean at the end of the year to install a 22-kilometer, 16-inch diameter line off the east coast of Trinidad.
? While disclosing a contract with anticipated revenue of around $50 million, Oceaneering explained that the assignment was secured with a domestic independent energy company for a project in the Gulf of Mexico.
? TGS will manage and license Tanzania's offshore subsurface data on behalf of the government, enhancing oil and gas players' understanding of hydrocarbon plays to enable the African country to tap into its oil and gas potential.
? As the pivot to low-carbon operations and sources of supply spreads across the energy industry, Woodside Energy has seen an opportunity to simplify its management structure and optimize its portfolio ahead of the move to a new energy transition level.
? Trendsetter Engineering, Inc. has secured work on Trident Energy 's oil fields offshore Brazil for subsea equipment scheduled for delivery in Q3 2025.
? Petrobras has advanced the timeline for putting its new FPSO in operation at a field in Campos Basin’s pre-salt layer, off Espírito Santo’s coast, Brazil.
? Following a revamp of a drilling rig into MOPU, Perenco has brought online this new MOPU offshore Congo, which is envisioned to assist in boosting gas resources and slashing emissions.
? Rex International Holding Limited 's Masirah Oil Limited has finished its drilling program at a field in the Block 50 concession off the coast of Oman.
? With a new deal, Africa Oil Corp. will consolidate its interest in an investee company, which contains deepwater assets offshore Nigeria in its asset portfolio.
? Conrad Asia Energy 's binding gas sales agreement (GSA) with PERTAMINA EP enables the firm to inch closer to making a final investment decision for the largest undeveloped gas field in the West Natuna Sea.
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? Venture Global LNG has secured a new LNG agreement with DTeK Group 's D.TRADING , aimed at strengthening energy security not just in Ukraine but also in Eastern Europe.
? While strengthening Shell’s LNG position, the acquisition of Pavilion Energy is expected to enable "additional access to strategic gas markets in Asia and Europe. By integrating these into Shell’s global LNG portfolio, Shell is strongly positioned to deliver value from this transaction while helping to meet the energy security needs of our customers,” according to Zo? Yujnovich, Shell’s Integrated Gas and Upstream Director.
? New Fortress Energy is preparing for the first LNG from its FLNG facility off the coast of Mexico with the first cargo slated for next month.
? Tokyo Gas has been tasked with the delivery of First Gen Corporation 's fifth liquefied natural gas shipment.
? A floating workforce accommodation, floatel, will be moved to the site of Woodfibre LNG 2.1 million-tonne-per-year LNG export project under construction in Canada, which is said to be the world’s first net zero LNG export facility.
? Ever since the Russia-Ukraine crisis reignited into relentless hostilities in February 2022, after a respite of sorts was put in place in 2014, many different global players have tried to play the role of peacemaker over the past 850 days, however, such attempts have not borne fruit so far. This is mostly due to skepticism about Russia's intentions, as analysts warn that such negotiations would not lead to a lasting peace, instead, the conflict would be frozen once again until Russia decides to rekindle it.
Proponents of sanctions as a way to put pressure on Russia to agree to a peace agreement with Ukraine argue that their effects grow over time, eroding Russia’s economy, and industrial and tech base. They use Gazprom’s first annual loss in over two decades, which was calculated at a staggering 629 billion roubles (around $7 billion) for 2023, as an example of the effectiveness of such sanctions.
The EU has now greenlighted its 14th package of sanctions against Russia, which among other things, entails energy-related measures such as prohibition on providing goods, technology, or services to LNG projects under construction in Russia to limit the future expansion of the country's LNG capacities; prohibition on the transshipment of Russian LNG through EU ports which comes with a nine-month wind-down; and prohibition on the import of Russian LNG into specific terminals not connected to the EU gas pipeline network.
There are also anti-circumvention measures, which are expected to curb Russia's ability to evade sanctions, putting pressure on EU companies to undertake their best efforts to ensure that their subsidiaries in third countries do not participate in any activities undermining EU sanctions. Within the maritime arena, the EU has included a prohibition on port access and services for listed vessels, placing 27 ships on this list for their contribution to Russian warfare in various sectors such as the transport of military equipment for Russia and the transport of stolen Ukrainian grain, participation in the dark fleet transporting Russian oil while conducting so-called deceptive shipping practices, and support in the development of the country's energy sector, for instance through the transport of LNG infrastructure components or LNG transshipment.
The global and alarming rise of far-right extremism is making it difficult for countries to elect responsible and fair leaders, as certain voters are increasingly getting blinded by their own self-interest, empty promises from populist politicians, and dehumanizing and discriminatory rhetoric that such politicians are only capable of spewing out as they want to win at any coast and stay in power. Despite warnings about the countless atrocities such politicians are likely to commit both at home and abroad, people persist in supporting such candidates. If the trend continues, the future seems bleak and unwelcoming even in countries that have a long history of fighting to uphold human rights, as they are now in danger of falling into the hands of the disturbing far-right ideology.
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? Equinor and GRTgaz have joined forces to pursue a system for captured CO2 from industrial emitters in France to be transported for permanent storage offshore Norway via the planned CO2 Highway Europe pipeline project, with capacity in the initial phase of 3 to 5.5 million tonnes of CO2 per year, which can be expanded to accommodate CO2 captured at other industrial clusters in France.
? Greenpeace is locked in a court battle, which Denmark launched in response to a series of protests the group embarked on in 2022 to block the passage of tankers carrying Russian oil.
? A court saga in the U.S., revolving around a shareholder proposal to force 埃克森美孚 to up its greenhouse gas emission reduction ante, has come to an end, with a ruling that deemed the oil major's claim against Arjuna Capital moot, following the climate investor's withdrawal of the contested proposal and solemn promise that it would not be resubmitted.
? The Norwegian Ministry of Energy is upping Norway's decarbonization ante with a bundle of four new CO2 storage exploration licenses awarded to six players.
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? Things are getting increasingly more complex in the UK's oil and gas arena, as illustrated by the Supreme Court's ruling in a lawsuit against an energy project, where the court highlighted the need to consider the climate impact of emissions from burning oil and gas when approving such projects. This decision is not just expected to trigger a series of legal challenges but also have wide-reaching consequences on the future of fossil fuel projects in the country, which environmental activists intend to use as ammunition in the next season of their legal fight against Rosebank, Britain's largest undeveloped oil field, once it kicks off from where the previous one ended.
? While Allseas and numerous players are convinced that deep sea mining is needed for electric car batteries, some research papers have cast doubt over such claims given the fast-paced innovations in battery technology and recycling, which throw into question the need for metals and minerals from the deep sea to fuel the energy transition engine. As calls to put a moratorium in place have gained ground recently, 26 out of 167 member states have already backed such a deep sea mining ban.
? At a time when a natural gas project in the North Sea was expected to be out of the legal woods, it encountered another such stumbling block in the form of a court-ordered temporary halt of operations, which deferred ONE-Dyas ' planned drilling activities. The company will now be able to resume those and other plans related to this giant gas project, thanks to a provisional ruling, which activists who mounted the legal challenge against the development are not happy with. If the project does not run into any more delays, it is expected to meet its timeline for the first gas before the end of the year. The platform for the project has been designed to harness offshore wind from a nearby wind farm to power its operations with green energy on a mission to make sustainability inroads.
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