Asset Management
The Houston-based developer of AI-powered submersible robotics earned the Best in Show Award and a $10,000 prize.
Industry fundamentals continue to strengthen as rising utilization and scarce replacement capacity support higher rig valuations.
The GRMS system of standardization and classification for geothermal resources, led by a coalition of stakeholders in collaboration with Project InnerSpace and the Society of Petroleum Engineers, will be published in November.
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Mozambique Rovuma Venture submitted the development plan for the first phase of the project, which will produce, liquefy, and market natural gas from the Mamba fields located in the Area 4 block offshore Mozambique. An FID is scheduled next year, with production expected to begin in 2024. -
The offshore export terminal, capable of accommodating very large crude carriers, could provide access to international markets in Asia and Europe—and higher prices—for Permian, Cushing, and Eagle Ford crude oil.
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BHGE will sell the division, acquired by GE in 2011 when it bought Dresser, to a private equity investment firm, and a provider of products and services for the distribution and usage of natural gas in Italy. The combined value of the two deals is $375 million.
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The $1.5-billion deal delivers a world market share of 10%, including a 16.6% stake in the US Cameron LNG project.
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Norway hopes for a continued rise in offshore exploration and development activity to ensure steady oil and gas production through the next decade.
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The past years’ stable workforce levels in the upstream petroleum industry—balanced by increases in shale workers and decreases in offshore workers—are set to shift with a boost in offshore projects, one research firm says.
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The oil and gas industry has vastly accelerated the pace of approving investments for new projects over the past 18 months. New facilities worth more than $110 billion have been approved for development since the beginning of 2017 vs. only $50 billion in 2016.
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Energy activity has shown solid expansion, but to increase drilling, companies need a higher average oil price compared to last year’s surveys, reflecting a steady increase since 2Q and 4Q in 2017. The ability to find workers and limited pipeline capacity could limit near-term growth.
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Scheduled for startup in 2022, the FPSO is expected to produce up to 220,000 BOPD on the development offshore Guyana. Liza is one of eight discoveries ExxonMobil has made in area.
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Supply growth into next year is projected to outpace global demand, bringing markets once again into a state of relative imbalance.
