Noreco: Tyra redevelopment project delayed from 2022 into Q2 2023

Norwegian Energy Company ASA (“Noreco” or “the Company”) announces today the following update on the Tyra Redevelopment Project:As a consequence of the ongoing COVID-19 pandemic, first production from the Tyra Redevelopment is expected in Q2 2023 instead of 2022 as previously communicatedThe project remains on track to be delivered within budgetDue to COVID-19, local governmental imposed restrictions at the fabrication yards have impacted the schedule...

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Impact farms out South African offshore to Shell

Impact Oil & Gas Limited (“Impact” or the “Company”), a privately-owned, African-focused, exploration company, is pleased to announce that its wholly-owned subsidiary, Impact Africa Ltd has entered into an agreement with BG International Limited, a wholly owned subsidiary of Royal Dutch Shell plc (“Shell”) for the farm-out of a 50% working interest and operatorship in the Transkei & Algoa exploration right, offshore South Africa (Exploration...

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Idemitsu Petroleum Norge to sell part of participating interests of Production Licenses in Barents Sea

20th October 2020Idemitsu Kosan Co.,Ltd. (Head Office: Chiyoda-ku, Tokyo; Representative Director and CEO: Shunichi Kito, the “Company”) is pleased to announce that Idemitsu Petroleum Norge AS*1 (Head Office: Oslo Norway; Managing Director: Futoshi Tsuneyama), a wholly owned subsidiary of Idemitsu Snorre Oil Development Co., Ltd. (Head Office: Chiyoda-ku, Tokyo; President: Jun Miki)*2, has entered into an agreement with Lundin Energy Norway AS (Head...

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TOTAL delivers its first carbon neutral LNG cargo

TOTAL has delivered its first shipment of carbon neutral liquefied natural gas (LNG) to the Chinese National Offshore Oil Corporation (CNOOC). The loading operation was carried out at the Ichthys liquefaction plant in Australia, and the shipment was delivered on September 29 to the Dapeng terminal, China.“We are proud to have completed this first shipment of carbon neutral LNG with CNOOC, a long-standing partner of TOTAL. This first LNG shipment,...

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FAR from a solution

FAR has defaulted on its most recent development cash call on Phase 1 of the Sangomar/SNE development. Under the Sangomar Joint Operating Agreement, any party that defaults on its financial obligations and cash calls have a six month rectification period, during which time it will pay LIBOR+2% on the unpaid amounts. FAR will also not be able to participate in any of the operating committee meetings or participate in any voting on JV issues. If...

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The Kurdish Crush

The Kurdistan producers are in a tough spot brought about by COVID-19 and the collapse in oil prices. Earlier this year, the KRG said it would delay payments in respect of October 2019 to February 2020 deliveries as its cash to pay producers was stuck in a Lebanese bank account with the bank itself facing liquidity issues. The KRG had struck a deal to pay producers for the backlog later in 2020. Payments in respect sales from March 2020 were...

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Oil companies' COVID-19 response testing

OGInsights has connected with over 50 offshore operators since March 2020 to review how operations have adapted to ensure the health and safety of their workforces. As soon as the seriousness of COVID-19 came to light oil, companies on the whole have been massively responsive in prioritising the implementation of COVID-19 measures above all else. When the outbreak first happened there was definitely a scramble to secure helicopter space to transport...

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CNOOC confirms that it will not pre-empt the sale of Tullow’s assets in Uganda to Total

On 23 April 2020, Tullow announced that it had agreed the sale of its assets in Uganda to Total and that CNOOC had rights of pre-emption to acquire 50% of these assets on the same terms and conditions as Total. CNOOC has now informed Tullow and Total that it has elected not to exercise its pre-emption rights. Accordingly, there are no changes to the previously announced transaction or timeline and Tullow continues to expect the transaction to...

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Hurricane receives extension from OGA for Lincoln commitment well at Greater Warwick Area

Hurricane Energy, the UK based oil and gas company focused on hydrocarbon resources in naturally fractured basement reservoirs, has provided an update in relation to planned activities on the Lincoln subarea of Licence P1368, part of the Greater Warwick Area ('GWA'). In light of the COVID-19 pandemic, Hurricane has requested extensions to certain licence commitments pertaining to Lincoln. The Oil and Gas Authority has responded positively to...

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Hurricane Lancaster shuts-in production

On 22nd May 2020, Hurricane announced that it would be shutting in the 205/21a-7Z well at Lancaster. This follows an attempt to increase production at the well to test the viability of reaching 20,000bopd across both wells on the field. However this attempt had led to unstable production at 205/21a-7Z caused by interference between the existing two wells. Production will now continue at 205/21a-6 only and current production is at 10,300bopd. Hurricane...

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Neptune Energy announces completion of seismic survey offshore Egypt

Neptune Energy has announced the successful completion of an ocean bottom nodes (OBN) multiclient survey in the North West El Amal block, offshore Egypt, delivering promising results for further analysis. The project, prefunded by Neptune, was carried out by WesternGeco, the seismic and geophysical data solutions division of Schlumberger, under a contract with the Egyptian General Petroleum Corporation (EGPC), sponsored by the Egyptian Ministry...

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Oil giants posturing

Since the collapse of the OPEC+ meetings and in the wake of seismic demand destruction from COVID-19, both Saudi Arabia and Russia have been in a battle of who will blink first with commitments to increase production in the hopes of forcing the other back to the table to recommence production cut discussions. However as of today, there has been no face saving solution for either to MBS or Putin to back down and even Trump's calls to OPEC/Russia...

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Shell acts to reinforce business resilience and financial strength

Shell acts to reinforce business resilience and financial strength 23 March 2020 Press release as follows: As the COVID-19 virus spreads across the world - seriously impacting people’s health, our way of life and global markets - Shell is putting the safety and health of our people and customers first, along with the safe operations of all our businesses. At the same time, we are taking decisive action to reinforce the financial strength and...

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COVID-19 North Sea Recovery by end 2020

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Which hydrocarbon sources are the highest Greenhouse Gas emitters?

The main culprit we are familiar with as a Greenhouse Gas ("GHG") is Carbon Dioxide CO2. However Methane CH4 is a worse polluter with 25 times the potency as a GHG than CO2. Below is a comparison of GHG emissions intensity by hydrocarbon source. This includes CO2 and CH4 emissions. Unsurprisingly, energy intensity processes needed to extract hydrocarbons are high on the emissions list. ...

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Total Makes a New Gas and Condensates Discovery in the North Sea

Total, Operator, and its partners have made an encouraging discovery with the Isabella 30/12d-11 well on the license P1820, located in the Central North Sea offshore UK, about 40 kms south of the Elgin-Franklin field and 170 kms east of Aberdeen. The well was drilled in a water depth of about 80 meters and encountered 64 meters net pay of lean gas and condensate and high-quality light oil, in Upper Jurassic and Triassic sandstone reservoirs....

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Forcing regime change in Venezuela

US attempts to force regime change in Venezuela continues despite the huge humanitarian crisis it is causing. The sanctions on the Maduro government have been absolutely crippling with oil output down from 2.5mmbbl/d down to sub-1mmbbl/d and falling - due to inability to invest to maintain production, striking PDVSA staff with pay uncertainty, inexperienced generals taking over and running over PDVSA as well and shrinking importer base for its crude. On this note, the situation is worsened with the US' latest sanctions of Russian Rosneft which...

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Lest we forget

With coverage of Iranian tensions diminishing and more recently overshadowed by COVID-19, we review the likely direction of travel in light of recent events. On 23rd February 2020, the country held its 11th parliamentary elections with Conservatives securing all 30 parliamentary seats in Tehran and winning control overt most branches of the State. This will continue the Conservatives run in parliament but does set the stage for a more extreme Presedential candidate from the Iranian Revolutionary Guards to win in 2021. The country has been drastically...

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Premier announces landmark acquisitions with BP and Dana for USD816 million

Premier announced the below this morning. Premier is pleased to announce the proposed acquisitions of the Andrew Area and Shearwater assets from BP for US$625 million, and an additional 25 per cent. interest in the Premier operated Tolmount Area from Dana for US$191 million plus contingent payments of up to US$55 million (together the “Acquisitions”). Premier is also pleased to announce the proposed extension of its existing credit facilities...

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