First gas from BP’s West Nile Delta Egyptian project

BP has just started first gas production from the second stage of its West Nile Delta development offshore Egypt. The gas flows from the Giza and Fayoum fields and the project was developed as a deepwater, long-distance tie-back to an existing onshore plant. In the beginning Giza and Fayoum will produce around 400 million cubic feet of gas per day (mmscfd) but are expected to grow up to a maximum rate of 700 mmscfd.

Mubadala Petroleum takes another license off Egypt

Italian oil company Eni has sold to Mubadala Petroleum of UAE a 20% stake in the Nour North Sinai offshore concession in Egypt. Eni holds an 85% stake in partnership with Tharwa Petroleum Company. The Nour block is in the East Nile Delta Basin of the Mediterranean Sea, approximately 50 km offshore in the Eastern Mediterranean. Water depth ranges from 50 to 400 meters and covers a total area of 739 km2.

Offshore rigs grew up by 50 units in 2018

50 more offshore rigs worldwide were counted during 2018 according to Baker Hughes, a GE company. 265 is the total: 101 are in the Asia Pacific region only, 63 in Middle East, 31 in Europe, 20 in Africa, 26 in Latin America and 24 in North America.

Saudi Aramco moves ahead with crude to chemicals

Chemicals is the fastest growing crude oil demand sector. Catalytic Crude to Chemical (CC2C) technology is the new frontier and Saudi Aramco Technologies has gained a step ahead through the signing of a Joint Development and Collaboration Agreement (JDCA) with Axens SA and TechnipFMC. The project aims to maximize chemical yields, transform and recycle byproducts, drive efficiencies of scale, optimize resources, and diversify the mix of petrochemical feedstock.

Siemens to provide compressors for Novatek’s Arctic LNG 2 project

Russian company Novatek signed a contract with Siemens for compressor equipment on the Arctic LNG 2 project in northern West Siberia, Russia. The Arctic LNG 2 project is based on the hydrocarbon resources of the Utrenneye field. Novatek is planning to make a final investment decision for the project in 2019, with plans to start up the first train by end 2023. The Arctic 2 LNG project is worth $25.5 billion.

Panoro Energy prepares for drilling in Tunisia

Norwegian Panoro Energy plans to develop its Tunisian TPS assets recently bought from OMV and is also preparing for drilling at the Sfax offshore permit. The first step in this plan is the resumption of production at the El Ain field. Panoro and ETAP are currently planning the resumption of production from the two existing wells immediately after formal authorization from the Tunisian Authorities.

Green is money: year 2018 saw $2.8bn investments into battery storage, smart grid and energy efficiency

Green power is not only a crucial asset to save planet Earth but is becoming an increasing investment business too: battery storage, smart grid and energy efficiency companies secured $2.8bn in venture capital funding last year. The study detailed that battery storage companies raised $850m, smart grid firms $530m and energy efficiency & optimization businesses $1.5bn. A total of 72 investors of the market participated in funding deals in 2018 compared to 51 investors in 2017.

Eni Starts New Production Well Offshore Angola

Eni S.p.A. has launched a new production well in Angola. The VAN-102 well of the Vandumbu field is about 217 miles (350 kilometers) northwest of Luanda and at the start up achieved a performance of 13,000 barrels. VAN-102 will be completed in first quarter 2019 with the start-up of the water injection well. The VAN-102 well together with another production well in the Mpungi field will bring Block 15/06’s production to a total of 170,000 barrels of oil equivalent a day.

Goliat field support vessel towards hybrid power conversion

Vår Energi and Simon Møkster Shipping completed the first phase of hybrid power conversion of the Stril Barents vessel. The supply vessel is currently working on the Goliat field in the Barents Sea offshore Norway.
The Stril Barents vessel completed the first stage of the upgrading phase by the installation of shore power connection, combined with a new battery solution for energy storage on board.

Ambitious plans for Aker BP

Aker plans to drill 15 exploration wells in 2019 and triple total output by 2025. In addition is planning to cut production costs from USD 12 to USD 7 per barrel by 2023 and proportionally increasing the dividend payments to shareholders. Aker BP’s production in 2018 was 155.7 mboepd. The guidance for 2019 is set at 155-160 mboepd.