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Trotman confirms US$1M per day earnings from oil production; says contract provides “best of both worlds”

OilNOW -
Guyana’s Minister of Natural Resources, Raphael Trotman, said Thursday that the updated petroleum agreement arrived at between US oil major ExxonMobil and the South American Country in 2016 represents a ‘hybrid model’ that combines a production share and royalty...
News

TechnipFMC awarded contract for Statoil Snorre project

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TechnipFMC has landed an Engineering, Procurement & Construction (EPC) contract with Statoil for its Snorre Expansion Project. It comes as the Norwegian operator confirmed an additional 25-year investment. The Snorre Expansion contract covers the delivery of subsea production systems and...
Exploration

Tullow Oil signs exploration contracts offshore Ivory Coast

OilNOW -
(Reuters) Tullow Oil has signed four production-sharing contracts in Ivory Coast with an initial investment of $21 million, an Ivorian government spokesman said on Wednesday. The contracts, which include a 10 percent share for state oil company Petroci, span exploration...
News

TechnipFMC awarded EPCI contract for Statoil Peregrino Phase II project

OilNOW -
TechnipFMC has been awarded an Engineering, Procurement, Construction and Installation contract by Norwegian multinational oil and gas company, Statoil. It covers the execution of the subsea pipeline connection for the new production platform in Peregrino Phase II Project, located in...
News

More Guyanese companies competing for contracts in oil & gas

OilNOW -
Interest among Guyanese companies looking to benefit from opportunities in the oil and gas industry has grown immensely in the two years since ExxonMobil announced its world-class Liza discovery offshore the South American country. ExxonMobil’s Senior Director, Public and Government...
News

TechnipFMC awarded extension on EPCI contract with Statoil

OilNOW -
TechnipFMC has been awarded an extension to its ongoing Engineering, Procurement and Construction (EPC) contract from Statoil in the Norwegian North Sea. The ongoing EPC project covers the provision of subsea equipment including template structure, manifold and two subsea trees...
News

GranMorgu FPSO construction hits 27% as Suriname targets first oil by 2028

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Construction of the floating production, storage and offloading (FPSO) platform for Suriname’s GranMorgu project has reached 27%, state oil company Staatsolie revealed in its recent annual report. The production vessel is expected to deliver first oil in 2028. GranMorgu marks...
News

Oil prices declined due to concerns about future economic growth – U.S. Energy Information Administration 

OilNOW -
Concerns regarding economic growth have placed oil prices on a downward trajectory, as slower economic activity typically leads to reduced demand for petroleum products. Preliminary estimates from the United States (U.S.) Energy Information Administration (EIA) indicates that global petroleum...
News

bp awards contract for Ginger project to Subsea 7 and SLB OneSubsea

OilNOW -
Subsea 7 announced that the Subsea Integration Alliance (SIA) has secured the engineering, procurement, construction, and installation (EPCI) contract for bp’s Ginger project, offshore Trinidad and Tobago. The Ginger award is the first under a new global framework agreement between...
News

Noble secures 15 rig years in offshore contracts, cites strength of long-term market

OilNOW -
Noble has secured new offshore contracts with a combined value between US$2.2 billion and US$2.7 billion, the company announced on April 28. The company stated that the contracts add 15 rig years to its floater backlog and significantly increase...
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GranMorgu FPSO construction hits 27% as Suriname targets first oil by 2028

Construction of the floating production, storage and offloading (FPSO) platform for Suriname’s GranMorgu project has reached 27%, state oil...

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