Making a play for more oil & gas with moves favoring future hydrocarbon exploration ops
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As the summer nears its end, the approaching winter, combined with a forecasted rise in demand for sources of energy supply driven by the upcoming heating season and anticipated population growth in the future, is already starting to stoke fears of energy shortages, prompting some countries and companies to take measures to ensure stable production of hydrocarbons not just during the encroaching winter months but also in the years to come.
Those fighting to push the climate change agenda to the forefront of global energy policy considerations view such endeavors as attempts to roll back the energy transition progress and backpedal from the disclosed net zero pledges. However, proponents of the oil and gas uptick argue that taking a step back is needed to look at all available tools and options to strengthen the security of energy supply while also coming to grips with the remaining double whammy of affordability and sustainability challenges within the energy trilemma conundrum.
Given the complexities interwoven in tackling climate woes alongside growing energy demand on region-specific and global levels, recent moves show that some have already put their foot down on attempts to accelerate fossil fuel phase-out by opting to advocate and engage in further hydrocarbon pursuits while also chasing the low-carbon and green shift in a bid to curb their greenhouse gas (GHG) footprint.
Equinor 's decision to pour billions into oil and gas over the next ten years is a case in point, which spotlights Norway's current stand on future hydrocarbon search activities. 埃克森美孚 's stark warning against implementing oil and gas investment curtailment measures serves as another illustration of arguments used to promote the development of more hydrocarbons rather than less as climate campaigners call for.
Those in favor of keeping oil and gas in the energy mix up to 2050 and even beyond are adamant that these power supply sources are needed to safeguard the global energy markets from price shocks and shortfalls, as confirmed by New Zealand's government, which intends to reverse a ban on offshore oil and gas exploration by year-end and sort out LNG import-related regulatory hurdles.
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? Equinor, which is embarking on a mission to bolster safety and emergency preparedness in the Barents Sea with V?r Energi , is bent on pursuing an energy investment pathway up to 2035 that opens the annual investment doors over the next ten years to $5.7 – $6.6 billion to be spent on fortifying Norway's oil and gas production, following Sokkeldirektoratet 's calculations, which pointed out that more than $1.42 trillion (NOK 15 trillion) was in danger of being lost if the European country failed to take measures aimed at stepping up exploration of its remaining hydrocarbon resources and deployment of emerging technology tools designed to raise the production bar.
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? Perenco 's introduction of hydrocarbons into a recently installed pipeline at fields offshore Trinidad and Tobago is underway. The next task on the firm's agenda is the ramp-up in oil production at these fields in the wake of efforts undertaken to modernize the assets' facilities.
? After Energistyrelsen 's go-ahead for four permits, Denmark's hydrocarbon pair and CO2 storage duo will be transferred from Wintershall Dea to Harbour Energy .
? U.S.-based 康菲石油公司 has hired Scotland's RAPTOR DATA for a global plug and abandonment assignment, enabling the Scottish player to deploy a set of tools that will initially be brought into play in Norway.
? Helix Energy Solutions Group 's set of three-year deals will enable the U.S. player to cash in $786 million for well intervention work on Petrobras ' assets offshore Brazil, which will be done with two vessels.
? Africa Oil Corp. is set on increasing its stake in Impact Oil & Gas , which has hydrocarbon exploration and appraisal assets in the prolific Orange Basin offshore Namibia, where recent oil discoveries have been made.
? Aker BP ASA and its Subsea Alliance partners, including Subsea7 , have embarked on the installation of a 2-kilometer-long cooling bundle at a field that is part of a giant life extension project in the North Sea.
? 壳牌 has embraced Akselos 's digital twin technology by inking a strategic enterprise agreement to cover its global oil and gas portfolio.
? 壳牌 has handed out its decommissioning management role on offshore fields in the North Sea to EnQuest , which is on track to complete the P&A of 77 wells, representing 60% of its operated suspended and shut-in wells, within five years of cessation of production.
? V?r Energi has bid goodbye to five oil and gas fields in the Norwegian Sea, passing them on to DNO ASA 's DNO Norge AS for $51 million and the transfer of the latter's stake in one of V?r Energi’s core hub areas.
? TotalEnergies and QatarEnergy have enlarged their portfolios with another block in the Orange Basin offshore South Africa.
? DNO ASA 's DNO Norge AS is bolstering its oil and gas portfolio with acquisitions of offshore assets and drilling activities aimed at unlocking more hydrocarbons off the coast of Norway.
? Yinson has decided to sell its offshore marine business, which owns and charters OSVs and floating support solutions units, to Icon Offshore Berhad to focus on its FPSO and energy transition units.
? New European Offshore (NEO Energy) intends to start cutting down on investments across its portfolio against the backdrop of regulatory and fiscal woes in the UK, thus, the current schedule for bringing its oil redevelopment project in the North Sea onstream will likely be pushed back. However, the exact effects and impact on the first oil timeline will only be known once the government publishes its updated environmental guidance for oil and gas projects and the firm completes reviews to check what needs to be adjusted to comply with the changes.
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? While many players have been employed as part of エニ 's support and supplier network for an LNG project offshore Congo, the latest one to join this pool of players is KOTUG International , which will handle marine services described as critical for the African project.
? Hanwha Ocean has delivered the first in a series of four LNG vessels to its new owner, GasLog Ltd. While the second carrier is due to be delivered next month, the other two ships are slated for delivery between 2024 and 2025.
? LNG deliveries to China and Japan enable the Nigerian National Petroleum Company (NNPC) to expand its footprint.
? Rystad Energy's new research warns about a looming energy deficit, which puts renewable energy targets in danger of missing their deadlines due to a lack of funds to continue the development of gas and clean energy projects.
? Mexico-based developer pair has requested a set of permits from the U.S. to export natural gas to Mexico through a pipeline, transform it into LNG, and ship it to countries in the free trade agreement (FTA) and non-FTA markets from Mexico's Pacific coast.
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? 埃克森美孚 , エニ , China National Petroleum Corporation have come yet another step closer to a FID at a project within the Rovuma supergiant gas basin in Mozambique.
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? MODEC and Altera Infrastructure are taking steps to come to grips with the energy transition challenges by pursuing further innovation and technology undertakings to pave the way for a low-carbon and clean energy future. The due is also deploying measures to support energy security and higher oil and gas with lower emissions since these fuels and LNG are forecasted to be in demand even after 2050.
MODEC intends to keep making digitalization inroads while pondering the employment of floating offshore wind and other low-carbon options, such as hydrogen, as decarbonization levers to cut its greenhouse gas footprint. Altera Infrastructure is also contemplating and pursuing several emission reduction tools, including power from shore alongside the blue power hub, renewables, and carbon capture and storage.
?With energy transition and security of supply in mind, Asia Natural Gas & Energy Association (ANGEA) and ASEAN Centre for Energy (ACE) recently decided to put their heads together and come up with ways to boost both in Southeast Asia, primarily with the help of LNG and CCUS.
? Petrobras and TGS are pooling resources to step up innovation and technological advancement in the energy arena to enhance oil and gas exploration activities and bolster renewable and low-carbon endeavors in Brazil.
? TotalEnergies is set on seeing through a floating offshore wind pilot project, which will supply around 20% of power requirement to enable emission cuts by bringing renewable energy to the firm's offshore platform producing from a high-pressure, high-temperature (HPHT) gas condensate field in the East Central Graben area of the central North Sea. This giant natural gas field has three bridge-linked offshore platforms for drilling and hydrocarbon production, processing, and export of produced gas and condensate, and the crew’s living quarters. There is also a floating storage and offloading (FSO) vessel, which can store up to 430,000 barrels of oil equivalent of condensate.
? A recent court ruling has led to an unexpected plot twist regarding legal challenges for oil and gas projects on climate grounds, as it brought into play for the first time the climate impact of burning oil at a project, giving new wings to climate activists fighting to end all new hydrocarbon projects in UK waters. As a result, activists have taken up legal battles with renewed vigor against 壳牌 ’s Jackdaw in the North Sea and Equinor ’s Rosebank situated west of the Shetland Islands and perceived as the biggest undeveloped oilfield on the UK Continental Shelf.
It is no secret that Labour has been on the fence about new oil and gas developments in the North Sea even before it won the elections, however, the latest court decision is bound to give a new spring in the government's green energy step, spurring a further rise in renewable and clean energies while serving to marginalize oil and gas. The idea is to turn the North Sea into a clean energy hub, which would power Britain's energy transition momentum, paving the way to usher in a clean energy powerhouse.
The UK government's decision to start consultation rounds to come up with a new environmental roadmap for the oil and gas industry will likely reform the sector but it may also spark a further exodus as companies seek areas with less demand on the sector and bigger returns on investment to make the development of new oil and gas projects profitable.
What will happen with Jackdaw and Rosebank? Is there still a future for these projects? Will their operators engage in a legal battle with environmentalists to ensure their development will go ahead as planned? Where does North Sea Transition Authority stand and will it fight to uphold the approval of these projects?
These legal challenges could end up either as a bump on the road to unlocking the untapped oil and gas resources or a final nail in the coffin of these hydrocarbon developments, ending them before they ever had a chance to truly begin.
? TechnipFMC has completed its scope of work at 埃克森美孚 's gas-to-energy (GtE) project offshore Guyana, ensuring “a flawless execution” by its pipelay vessel and support ship. This project is anticipated to kickstart the infrastructure buildout needed to transport gas from an oilfield in the Stabroek Block to an integrated natural gas liquid plant and a 300 MW combined cycle power plant at Wales.
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? With a remaining order book at RM1.3 billion or $300 million, Velesto Energy Berhad continues to feel buoyant about jack-up opportunities and rig fleet performance for this year.
? With all approvals now in the bag, Noble Corporation and Diamond Offshore expect to wrap up their merger shortly, creating an offshore drilling giant with a fleet of 41 rigs.
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Piping General Forman
2 个月Very nice so ,so I use to build oil rigs before and now on refineries.