News Archive for Oil and Gas News

4% Global Economic Growth Predicted to Boost Oil Price in 2015

Last week OPEC held a conference to review the outlook on the bleak oil market. The global economic growth is set to make a small rise in forecast in the New Year with a slow steady rise of 4%. This rise was accumulated with the apprehension of the recovering global economy and the expectation of a higher demand for oil in 2015. This confidence has arisen due to many projects are stable and “comfortably above the five-year average, coupled with the on-going rise in non-OECD inventories, are indications of an extremely well-supplied market.” Read more…

North Sea industry needs a cultural shift to maximise UKCS potential

Companies operating in the North Sea require a cultural shift to make the most of the its potential, according to a new report from Deloitte, the business advisory firm.

The report, which gauges the oil and gas industry’s reaction to Sir Ian Wood’s Maximising Recovery Review, calls on the new regulator – the Oil and Gas Authority (OGA), the Government and companies operating in the North Sea to adapt to a new reality in the basin. Read more…

AVEVA opens office in Aberdeen to meet needs of North Sea Oil & Gas market

AVEVA today announced the opening of its new office in Aberdeen, further strengthening its growing global network. The office will offer sales and support for all of AVEVA’s solutions and services with a strategic focus on the region’s globally recognised oil & gas sector.

‘We have worked with our customers in Aberdeen for many decades,’ said Richard Longdon, CEO, AVEVA. Richard Longdon, CEO, AVEVA‘This office represents our continued commitment to these strategic companies and the wider region. Aberdeen is, and will remain, a key location for the oil & gas industry with the expertise in Aberdeen exported throughout the world.’ Read more…

Thought of everything? Professional tips for working in confined spaces

Narrowness, limited oxygen and hazardous substances: These are just some of the things that can await those who do maintenance in tanks, silos, shafts, and small spaces. This is why having the right equipment from the very beginning is so important.

Danger lurks in closed areas

The cleaning, maintenance and repair of tanks, silos, vats, and barrels is a daily procedure within the oil & gas industry. This said the work should be seen as anything but routine. Entering these spaces is still considered one of the most dangerous of jobs while working at plants and refineries. According to the official German definition a “confined space” is defined as: “A space that is mostly covered by permanent walls, which enclose the area, thus preventing adequate air circulation and providing a high, and beyond the norm danger potential from substances, impurities and other hazardous materials.”1 Working within confined spaces not only requires an experienced team and practice, but also the necessary technical equipment. Only then can the rooms be measured for toxic or explosive substances and the necessary precautions taken. In many countries, workers required to work in CSE must first successfully undergo the necessary training. This includes the use of gas measurement devices and full knowledge of personal protection wear. Read more…

Bowtech release new PIONEER multipurpose camera

Bowtech Products Ltd, a global market leader in subsea vision systems, is delighted to release the Pioneer multipurpose underwater camera with LEDs.

The Bowtech products Pioneer is a high resolution underwater colour CCD camera with six integral high intensity LEDs. It provides a cost effective solution to general underwater viewing observation, down to 4,000 metres ocean depth. Read more…

Endurance® Pipeline Identification Tape pass 6500 hours of accelerated UV ageing

What is routine for Silver Fox is exceptional for others. The most recent independent UV ageing tests undertaken by Silver Fox clearly illustrate this point. Whereas, if tested at all, manufacturers will test their pipeline ID tape for maybe 500 hours of accelerated UV. Silver Fox’s Endurance® Pipeline Identification tape, has been successfully tested for 6500 hours.  That is nearly 9 months of continual testing, against just 20 days (500 hours). Read more…

Unique Wellube Announces its Expansion, Investment and Strategic Plans @ ADIPEC 2014

Unique Wellube, a division of Unique Maritime Group (UMG) which is one of the world’s leading integrated turnkey subsea and offshore solutions provider, is pleased to share its expansion, investment and strategic plans @ ADIPEC 2014 which is being held at Abu Dhabi National Exhibition Center (ADNEC), from the 10th to the 13th of November 2014.

The ADIPEC exhibition is ranked amongst top 3 prominent shows for the oil & gas industry in the world. It is an unrivalled show which unites the oil & gas industry professionals under a common platform to showcase innovations in technology and highlight issues currently challenging the industry. It is a meeting point for industry leaders across the world to discuss the changing face of the industry. Read more…

Conductor Installation Services and Weatherford International Sign Global Master Services Contract

Conductor Installation Services Ltd (CIS), an Acteon company that provides hammer services to install conductors and drive piles, announced that it has entered into a global master services agreement with Weatherford International. The agreement requires CIS to supply conductor and pile installation services, and associated equipment to Weatherford. Read more…

Seatronics’ Predator ROV verifies identity of lost treasure liner, S.S. Connaught, off Northeast USA coast

Seatronics’ remotely operated vehicle (ROV), the Predator, has successfully verified the identity of lost treasure liner, the S.S. Connaught, off the Northeast coast of the USA. The Predator was deployed in a subsea mission organised and led by Endurance Exploration Group, Inc. (OTCQB: EXPL).

Seatronics’ Predator ROV was deployed by Endurance Group to verify the identity of the mid-19th century steamship, which carried a large cargo of gold coins, 100 miles from the shore. The S.S. Connaught, a 380-foot luxury liner carrying 592 people and 10,000 lbs of gold coins, suffered a fierce fire during a storm offshore Boston in 1860. The passengers and crew were rescued by a small fruit transport vessel, which sailed to intercept the burning, sinking ship. The S.S. Connaught became synonymous with courageous and successful maritime rescue efforts, as each passenger and crew member was safely returned to India Wharf, Boston, the next day. Read more…

Pulse motion and strain monitoring system validates new riser design in the Gulf of Mexico

Pulse, an Acteon company, has designed, manufactured and installed a powerful motion and strain monitoring system to verify the design of the first lazy-wave steel riser system to be installed in the Gulf of Mexico.

The monitoring program at Anadarko’s Constitution spar in the Green Canyon area of the Gulf of Mexico started in 2012 and has enabled validation of the riser design against analytical models and verified riser system integrity during a hurricane event. Pulse was selected because of its understanding of the technical challenges and ability to meet a very tight deadline: the entire monitoring system was designed, manufactured and delivered in less than six weeks. Read more…

Saudi Arabia price cut hits oil market, as oil price drops to US$80.64 all-time low

The OPEC daily basket price has dropped to US$80.64 a barrel on Monday 3rd November 2014, compared to the rise in price to US$82.44 a barrel on Tuesday 28th October 2014.

Saudi Arabia had made an unexpected move by cutting its US crude price, either in an attempt to compete with buyers, or as some have seen it, a negative move towards the production of shale in the US.

The move was also in line with a raise in price for other regions, such as Asia and Europe, therefore indicating that Saudi Arabia is less worried about its market share.

The drop in oil prices has also hit the Russian economy, which is heavily dependent on oil.

Source: http://www.redmistmedia.com/

Osiris Projects prepare to launch Bibby Athena

Seabed mapping specialists Osiris Hydrographic & Geophysical Projects are making final preparations to launch their latest custom build survey vessel ‘Bibby Athena.’

Due to launch before the end of 2014, Bibby Athena will build on the capabilities of the very successful sister vessel, Bibby Tethra, with a number of subtle changes to reflect the company’s development into a more challenging offshore market. Read more…

New environmental monitoring solution for gas hydrate exploration and production to be developed as part of ‘sugar’ EU project

Kongsberg Maritime Embient, with KONGSBERG partner company Contros Systems and Solutions, has been selected to develop and deliver innovative technologies and strategies for environmental monitoring during Gas Hydrate exploration and production as part of the EU ‘SUGAR’ (Submarine Gas Hydrate Reservoirs) project.

Germany’s Federal Ministry of Economics and Technology started the 3rd phase of the more than €10 million joint project SUGAR at the beginning of October 2014. The project is a ground-breaking initiative in Gas Hydrate exploration, production and monitoring. The third phase will last three years and will lead into a European venture with world-wide impact for Gas Hydrates as a new energy source. Read more…

Oil price stabilizes at US$82.44 a barrel amidst new low 2015 predictions

Straight after predictions that the price per barrel of oil would not fall below US$80, the price of oil of 12 crudes has stabilized this week, remaining above US$82 per barrel, standing at US$82.44 a barrel on Tuesday, 28th October 2014, compared with US$82.37 the previous day.

This comes, however amidst new claims, according to Goldman Sachs, that the price of US crude is due to fall as low as US$70 per barrel in 2015.

The new figure has been said to be due to the world producing more oil than it needs, and falling demand due to China’s demand lowering and the US shale boom.

Source: http://www.redmistmedia.com/

UAE Upstream Production

The UAE is one of the world’s top 10 oil producers and exporters with more than 95 per cent of the country’s oil and gas produced in the area around Abu Dhabi. The country which is a founding member of the Organization of the Petroleum Exporting Countries (OPEC) and the Gas Exporting Countries Forum (GECF) is the world’s second-largest exporter of petroleum, primarily due to the Abu Dhabi National Oil Company (ADNOC). However, with the likelihood of a new major discovery considered small, oil and gas production in UAE has mainly been based on the ADCO concession. This major project was signed with some of the largest oil and gas companies such as BP, Exxon Mobil and Shell in the early 1970s. As the field’s depletion rates started to rise, it became essential for the petroleum companies to invest money on enhanced oil recovery (EOR) techniques to increase the extraction rates of the country’s mature oil and gas fields, while it was only in 2008 when the first new concession was offered by the emirate in more than 20 years. Read more…

Unique Wellube Contracted by ADMA-OPCO to Supply Seal Plugs for Significant Pipeline Isolation Project

A division of Unique Maritime Group (UMG) which is one of the world’s leading integrated turnkey subsea and offshore solution providers, Unique Wellube was recently contracted by Abu Dhabi Marine Operating Company (ADMA-OPCO) for the supply and engineering of mechanical seal plugs for a significant pipeline isolation project.

ADMA-OPCO is a major producer of oil and gas from the offshore areas of the Emirate of Abu Dhabi. The Company prides itself in being a pioneering petroleum organisation in the Middle East, having completed over 52 years of oil and gas production. Read more…

Claxton Dubai awarded multi-well slot recovery campaign in the Middle East

Claxton Engineering, an Acteon company, has been awarded a 12-month contract for multiple well slot recoveries in the Arabian Gulf, enabling a field operator to extend the economic life of its platform and well assets. Read more…

Attracting Women to the Energy Sector

Fingers cold to the bone and dirt covered nails. The ‘protective’ hard hat constantly slides to one side. Steel cap boots squeeze tight at your feet, yet they remain cold and damp. An image that is not usually associated with a woman in the workplace and yet this scenario is becoming an increased reality. Read more…

Oil price rises, meeting predictions that it won’t fall below US$80

The oil price has jumped up in price since last week, when it had dropped nearly US$10 in the space of a month. The basket price of 12 crudes stood at US$$82.48 a barrel Friday, 24th October 2014.

This goes in line with the prediction that the price of oil will not drop below US$80.

Demand is the main issue for the drop, due to China’s demand dropping and production increasing in non-OPEC based countries.

The US shale industry is a key driver in the international market place now, which is also having an affect the oil price change.

Oil price drops to US$81.94 per barrel

OPEC Oil Basket price has went down to US$81.94 a barrel on Wednesday, 22nd October 2014, which is down from US$82.09 on the Tuesday. The oil slump from US$99.99 per barrel at the beginning of September 2014 has seen suppliers having to cut prices, along with news announcements on risks for Australian LNG projects.

The slump is mainly due to US and International demand projections being lowered, and the difference between supply and demand means that we cannot base the future of the industry on this particular slump.

It is predicted that prices will remain above US$80 per barrel.

Source: Your Oil and Gas News Staff

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