Saudi Arabia - joining the dots

A series of blog entries exploring Saudi Arabia's role in the oil markets with a brief look at the history of the royal family and politics that dictate and influence the Kingdom's oil policy

AIM - Assets In Market

AIM - Lorem Ipsum Lorem Ipsum Lorem Ipsum Lorem Ipsum Lorem Ipsum Lorem Ipsum Lorem Ipsum Lorem Ipsum Lorem Ipsum Lorem Ipsum Lorem Ipsum

Iran negotiations - is the end nigh?

Lorem Ipsum Lorem Ipsum Lorem Ipsum Lorem Ipsum Lorem Ipsum Lorem Ipsum Lorem Ipsum Lorem Ipsum Lorem Ipsum Lorem Ipsum Lorem Ipsum Lorem Ipsum Lorem Ipsum

Yemen: The Islamic Chessboard?

Lorem Ipsum Lorem Ipsum Lorem Ipsum Lorem Ipsum Lorem Ipsum Lorem Ipsum Lorem Ipsum Lorem Ipsum Lorem Ipsum Lorem Ipsum Lorem Ipsum Lorem Ipsum Lorem Ipsum

Acquisition Criteria

Lorem Ipsum Lorem Ipsum Lorem Ipsum Lorem Ipsum Lorem Ipsum Lorem Ipsum Lorem Ipsum Lorem Ipsum Lorem Ipsum Lorem Ipsum Lorem Ipsum Lorem Ipsum Lorem Ipsum

Valuation Series

Lorem Ipsum Lorem Ipsum Lorem Ipsum Lorem Ipsum Lorem Ipsum Lorem Ipsum Lorem Ipsum Lorem Ipsum Lorem Ipsum Lorem Ipsum Lorem Ipsum Lorem Ipsum Lorem Ipsum

Showing posts with label COVID-19. Show all posts
Showing posts with label COVID-19. Show all posts

Thursday, 28 May 2020

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 people back onshore. However it was not an easy start with many helicopter providers refusing to take any personnel that showed even remote symptoms of COVID-19 - luckily this was quickly resolved by the installation of screens between the pilot and passengers. This was a huge issue at the time as one infection offshore would have quickly spread across an entire platform. During this scramble, some companies even resorted to chartering dedicated private helicopters in order to ensure ability to transport personnel.

Rig rotas have now been revised to minimise the frequency of crew changes - this does mean some staff have been offshore for much longer than original planned. Some rotas now even incorporate an extra week once personnel arrive onshore to enable self-isolation before starting the clock on the normal onshore stint. On the other end of the cycle, majority of companies are now requiring staff to arrive up to a week early before going offshore to allow time for thorough testing and results.

On the whole, the industry has reacted and adapted well in managing COVID-19 with only a handful of instances where entire fields or crews have been infected.

Wednesday, 27 May 2020

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 these requests, extending the deadline for commencement of the GWA joint venture’s commitment well on Lincoln to 30 June 2022 and extending the deadline for plugging and abandoning well 205/26b-14 (Lincoln Crestal) to 30 June 2021.


Dr Robert Trice, Chief Executive of Hurricane, commented:
'We would like to thank the Oil and Gas Authority for their flexibility regarding the timing of activities planned at Lincoln during these challenging times.'

Greater Warwick Area

The Greater Warwick Area comprises licences P2294 (Blocks 204/30b & 205/26d) and P1368 South (Blocks 205/26b, 204/30b & 205/26d) is being appraised/developed through a joint venture between Hurricane energy (50%) and Spirit Energy (50%). The joint venture believes that the Greater Warwick Area (GWA) is a single hydrocarbon accumulation comprising the Lincoln discovery and the yet to be drilled Warwick prospect. The joint venture undertook a three well drilling program on the GWA during 2019 and is currently evaluating the results.

Source: https://www.hurricaneenergy.com/application/files/4915/9052/6429/20200526_-_HUR_RNS_-_Lincoln_Deferments_vF.pdf

Wednesday, 25 March 2020

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 to (ironically) help lift oil prices have been ignored.

Despite the strong stance and hard talk by MBS and Putin, neither Saudi or Russia have actually significantly ramped up oil production to date. State-controlled oil companies in the two countries have reportedly hesitated before ramping up production in a show of careful navigation to avoid sending the entire oil & gas industry into oblivion in the potential absence of a winner-takes-all outcome which is becoming more and more apparent.

Sunday, 22 March 2020

COVID-19 North Sea Recovery by end 2020