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ExxonMobil confirmed an exclusivity agreement with Var Energi for negotiations of a sale that could reach $4 billion, according to Reuters. If it goes through, the deal would make Var Energi the second-largest producer on the Norwegian Continental Shelf.

The company has proposed the Probabilistic Digital Twin to close the gap between digital twins—used increasingly by operators to manage the performance of their assets—and risk analysis still largely conducted manually before assets enter service.

Even the most powerful computers are still no match for the human brain when it comes to pattern recognition, risk management, and other similarly complex tasks. A new approach, however, could enable parallel computation with light, simulating the way neurons respond in the human brain.

At least a half dozen energy data firms are offering satellite imaging of the 75,000-sq-mile oil field to provide intelligence to energy companies on activities including the appearance of drilling pads and hydraulic fracturing ponds and the movements of drilling rigs and crews across the Permian.

Commissioners adopt 1,000-ft residential setback rules, double the state’s mandate, as part of a package of measures passed after 5 hours of public comment.

Subsea 7 has received a contract from Total for the Lapa North East field in the presalt Santos Basin. The contract’s scope includes the transport, installation, and pre-commissioning of 22 mi of flexible pipelines and 12 mi of umbilical, connecting five wells to the FPSO Cidade de Caraguatatuba. Offshore activities are set to start in 4Q 2019.

Apache has announced the extension of life-of-field contracts between its North Sea subsidiaries and PD&MS Group, Global E&C, and Wood Commissioning Services. The extensions cover the provision of ad-hoc design, engineering, procurement, construction, and commissioning services across the Beryl and Forties fields. Apache, which has been working with the companies sinc…

After seeing a significant increase in the price level for subsea equipment, Equinor says it is realizing the ways in which standardized subsea templates help build financial competitiveness. The new standard allowed for the installation of 14 templates in one month.

The nascent technology uses a new way to store, process, and measure information in computer systems. It is expected to introduce drastic changes in the development of technology, the discovery of algorithms, and the advancement of computer architectures.

In his first public appearance, Schlumberger’s new CEO said the company would focus on digitalization and restructure some operations.

With a production capacity of nearly 20 mtpa, Wood Mackenzie says the project would be the largest single project to reach FID. Novatek plans to spend more than $21 billion to launch the project at full capacity. Startup is scheduled for 2023.

Visually displaying data makes it much more accessible, and this is critical for identifying the weaknesses of an organization, accurately forecasting trading volumes and sale prices, and making the right business choices.