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L&T wins “ultra-mega” QatarEnergy contract

Oil & Gas‚ Oil and Gas Industry | intent | March 27, 2025 | Comment off

Larsen & Toubro (L&T) Hydrocarbon Business has been awarded an EPCI contract by QatarEnergy LNG for the North Field Production Sustainability (NFPS) Offshore Compression Project, L&T announced on Wednesday.

Under the contract, L&T will provide EPCI and commissioning of two offshore compression complexes, each composed of large offshore platforms with compression and power generation facilities, flare platforms, interconnection bridges, living quarters and other associated structures. They will be located approximately 80 kilometres off the northeast coast of Qatar.

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NSTA Expects UK Crude Oil Output to Continue Dropping in 2025

Oil & Gas‚ Oil and Gas Industry | intent | March 27, 2025 | Comment off

The North Sea Transition Authority (NSTA) expects UK crude oil production to continue dropping this year, according to data published on its website recently.

UK crude oil production is projected to average 0.53 million barrels per day in 2025 in the NSTA’s updated output forecasts, which show that this production averaged 0.77 million barrels per day in 2021, 0.71 million barrels per day in 2022, 0.63 million barrels per day in 2023, and 0.56 million barrels per day in 2024.

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bp and Iraq finalize contract for Kirkuk oil field redevelopment

Oil & Gas‚ Oil and Gas Industry | intent | March 27, 2025 | Comment off

bp has received final government ratification for its contract to invest in the redevelopment of several giant oil fields in Kirkuk, in the north of Iraq.
The contract between North Oil Company (NOC), North Gas Company (NGC) and bp includes the rehabilitation and redevelopment of the fields, spanning oil, gas, power and water with potential for investment in exploration.

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Baker Hughes awarded multi-year contract for Dubai’s Margham gas project

Oil & Gas‚ Oil and Gas Industry | intent | March 27, 2025 | Comment off

Baker Hughes announced Wednesday a multi-year contract with Dubai Petroleum Establishment (DPE), for and on behalf of Dubai Supply Authority (DUSUP), to provide integrated coiled-tubing drilling services for the company’s Margham Gas storage project.
The project will provide stability to Dubai’s energy supply by strengthening the system’s ability to switch between natural gas and solar power.

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Guyana is the World’s Newest Petro-State

Oil & Gas‚ Oil and Gas Industry | intent | March 26, 2025 | Comment off

In a mere six years, one of South America’s poorest nations, Guyana, has emerged as the world’s newest petrostate. There is speculation that the tiny country of less than one million is on track to become the continent’s second-largest oil producer. Even neighboring Venezuela’s President Maduro’s never-ending saber rattling over the Essequibo is not distracting the national government, in the capital Georgetown, from promoting the world’s fastest-growing oil boom. Guyana is now a major contributor to the world petroleum supply and will become the largest per capita oil producer, with production anticipated to exceed one million barrels per day by the end of 2027.

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Oil Prices Surge to Three-Week High on Supply Concerns

Oil & Gas‚ Oil and Gas Industry | intent | March 26, 2025 | Comment off

Crude oil prices earlier today touched a three-week high, driven by the latest U.S. oil inventory report by the American Petroleum Institute and expectations of tighter supply on Washington’s double-down on oil sanctions against Iran and Venezuela.

Brent crude was trading at $73.13 per barrel at the time of writing, with West Texas Intermediate at $69.12 per barrel, after the American Petroleum Institute reported on Tuesday that oil inventories in the county had fallen by 4.6 million barrels in the week to March 21. This was a bigger than expected draw, with expectations being for a draw of 2.5 million barrels. Inventory figures from the Energy Information Administration are due out later today.

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Suriname’s Staatsolie eclipses target for bond issue, raising $516 million

Oil & Gas‚ Oil and Gas Industry | intent | March 26, 2025 | Comment off

Suriname NOC Staatsolie Maatschappij Suriname raised USD 515.8 million with a new bond issue on Sunday, eclipsing its target, the company said on Monday.

Proceeds from the bond issue will be used by Staatsolie to co-fund its participation of up to 20% in the development of the GranMorgu offshore oilfield in Block 58.

In October 2024, TotalEnergies unveiled a USD 10.5-billion FID on the GranMorgu project, which will develop the Sapakara and Krabdagu oil discoveries, with first oil expected in 2028.

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Enteq completes successful trial of its SABER Tool for downhole environments

Oil & Gas‚ Oil and Gas Industry | intent | March 26, 2025 | Comment off

Enteq Technologies (Enteq), a specialist energy services engineering and technology company, has successfully completed its latest round of trials for The SABER Tool, its next-generation Rotary Steerable System (RSS) technology, at the Catoosa Test Facility. This phase validated engineering improvements made following previous testing, reinforcing the tool’s potential as a more reliable, lower-cost RSS for downhole environments.
During the most recent trials the tool demonstrated its ability to both generate dogleg and build in a controlled and consistent manner. The results show that the initial version of SABER is capable of delivering a dogleg of at least 3 degrees per 100 ft, with that capability increasing with higher flow rates and mud weights, making it an ideal low-cost lateral and vertical tool.

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Tullow to sell Gabon assets to GOC for $300 million

Oil & Gas‚ Oil and Gas Industry | intent | March 26, 2025 | Comment off

Tullow Oil will sell its Gabon assets to Gabon Oil Company for USD 300 million net of tax, the company said on Monday.

The sale involves Tullow’s entire Gabonese portfolio, representing around 10,000 bopd of 2025 production guidance and approximately 36 million barrels of 2P reserves. The effective date for the transaction is January 1, 2025.

“This value accretive transaction with Gabon Oil Company aligns with our strategic priorities to materially accelerate deleveraging and is an important step as we progress our refinancing plans this year,” chief financial officer and interim CEO Richard Miller said.

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Republic of Congo’s SNPC unveils new Gas Master Plan to optimize hydrocarbons potential

Oil & Gas‚ Oil and Gas Industry | intent | March 26, 2025 | Comment off

In a bid to optimize the country’s gas potential and revitalize its hydrocarbons sector, the Republic of Congo’s National Oil Company, Société Nationale des Pétroles du Congo (SNPC), has outlined its forthcoming Gas Master Plan (GMP). The plan is designed to promote gas utilization and attract foreign investment while reducing dependency on oil revenues and expanding the country’s power grid.

The GMP was outlined by Dr. Bi-Dia-Ayo Ibata, Head of Associations Division and Supervisory Relations, SNPC during a technical session at the Congo Energy & Investment Forum in Brazzaville.

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