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Industry Alerts!

Venezuela Amuay Refinery Disaster -- On August 25, 2012 at 01:11, an explosion occurred at the Amuay refinery in the Paraguana Refinery Complex in Venezuela caused by the ignition of a gas cloud following a propane or butane leak. The blast killed at least 41 people, and injured >80 others. More than 200 homes were damaged by the shock wave. Puddles of petroleum mixed with water covered roads in the area. Residents reported there had been a strong smell of gas and a dense fog-like cloud days before the deadly explosion. (more...)

Featured Article of the Month

Flow assurance is becoming increasing important in the operability oil/gas production, especially in deepwater. This picture is a large gas hydrate plug formed in a Petrobras subsea hydrocarbon pipeline.

Flow assurance is a relatively new term in oil and gas industry. The term was coined by Petrobras in the early 1990s in Portuguese as Garantia do Escoamento, meaning literally “Guarantee of Flow”, or Flow Assurance. The term originally covered the thermal hydraulic analysis and evaluation of potential production problems associated with solids formation, such as waxes, asphaltenes, hydrates and scale. Now, it has a much broader definition and includes all issues important to maintaining the flow of oil and gas from reservoir to reception facilities (onshore and offshore). The flow assurance paradigm currently is shifting from avoidance to risk management

In its virgin reservoir state, the hydrocarbon and formation water are in equilibrium with its environment for millions of years. During production, this equilibrium is abruptly disturbed as the hydrocarbon and water flow out of the reservoir into the production system. As the fluids try to reach new equilibrium with the changing environments, phase changes will likely occur, for example, gas breaking out from oil, liquid hydrocarbon condensing from gas, solids forming in the hydrocarbon or produced water phases, etc. These phenomena pose threat to smooth operation of the production facilities. Flow assurance is about understanding these threats and develop the appropriate engineering, design, and chemical methods to mitigate or remediate them. (more...)

Featured Company of the Month

Total S.A. is a French multinational oil company and one of the six "Supermajor" oil companies in the world.

Its businesses cover the entire oil and gas chain, from crude oil and natural gas exploration and production to power generation, transportation, refining, petroleum product marketing, and international crude oil and product trading. Total is also a large-scale chemicals manufacturer. The company has its head office in the Tour Total in the La Défense district in Courbevoie, France, near Paris.(more...)

Industry Headlines

Rigzone.com: Latest News Headlines

The latest upstream oil and gas news from around the world.

Indonesia Green Lights BP's Proposed $12.1B LNG Train at Tangguh

BP gets green light from the Indonesian government to develop third LNG train for the Tangguh LNG Project.

COES 2012 Focuses on Golden Opportunities in China's Offshore Industry

The upcoming China Offshore Engineering Symposium 2012 will bring together industry experts in the rapidly growing Chinese offshore sector.

CNGS 2012 Shines Spotlight on Opportunities in China's Natural Gas Market

The upcoming China Natural Gas Summit 2012 taking place in Beijing will address hot topics surrounding the booming Chinese natural gas market.

Nostra Terra Posts Bale Creek Production Results

Nostra Terra announced that the second well at the Bale Creek Prospect has demonstrated positive prolonged testing results and is now producing oil and generating revenue.

Drilling Commences at Circle Oil's Tunisia Well

The Bou Argoub-1 exploration well in the South West Belli area of the Grombalia Permit spud and commenced drilling Oct. 30, 2012.

Chesapeake Swings to 3rd-Quarter Loss on Write-Down

Chesapeake Energy swung to a third-quarter loss as the natural gas producer recorded a massive write-down on properties, and revenue declined.

Crude Ends Higher After Inventory Drop

Oil futures advanced after the US govt said oil stockpiles unexpectedly fell last week, while analysts warn that tighter fuel supplies could be on the way in the wake of Hurricane Sandy.

More Than Two-Thirds of UK O&G Professionals Believe they are Underpaid

A survey of UK-based oil and gas professionals finds that more than 73% believe the grass is greener on the other side of the fence.

Exxon: Operational Performance Slightly Below Forecast

ExxonMobil's volumes were about 1% below guidance due to maintenance, variations in prices and timing issues, an executive said.

Dong Banks on E&P after Job Losses

Dong Energy says it sees great potential in exploration and production after a poor performance in its downstream business means it has to fire up to 600 workers.

Chesapeake Seeks $2B Loan to Repay Debt

Chesapeake seeks to arrange a $2B unsecured, 5-year term loan facility in order to repay its remaining outstanding debt under Chesapeake's existing term loan facility.

Apache 3Q Net Sinks 82% on Canada Write-Down, Nat Gas Prices

Apache's third-quarter profit plunged 82% as the oil exploration and production company recorded a one-time write-down on properties in Canada, while revenue declined as natural gas prices fell.

ExxonMobil 3Q Profit Fell 7.4% Amid Weaker Production

ExxonMobil's third-quarter earnings fell 7.4% on lower production and weaker realized liquids and natural gas prices, offsetting benefits from stronger margins in its refining arm.

Statoil Extends Well Services Contract with Aker

Aker Solutions says Statoil has exercised a two-year contract option to provide mechanical wireline services on Statoil operated fields on the NCS.

Shale Gas Glut Hits Shell Profit

Shell's third quarter profits were hit by weakness in North American gas prices.

NZ Maari Oil Field to Last Another Decade

OMV New Zealand announced that the Maari oil field in New Zealand's Taranaki Basin has produced 20 million barrels since production began at the field in 2009.

BG Group Sells Stake in QCLNG, Increases LNG Supply to CNOOC

BG Group sells interests in the QCLNG project as well as assets from the group's LNG portfolio to CNOOC. BG Group also increases its long-term LNG supply volume to CNOOC.

Yemen LNG Points to Sabotage as Cause of LNG Pipeline Explosion

Yemen LNG confirms that the country's only liquefied natural gas pipeline was blown up due to sabotage.

Petronas Strikes Oil for the First Time in Pahang

Petronas makes its first offshore oil discovery in Pahang through the Bertam oil field. The discovery raises the field's recoverable resource potential to 64 million barrels.

GE Scores Subsea Supply Contract for Chevron

GE Oil & Gas receives a contract to supply production equipment to Chevron's Lianzi project.

Upstream RSS

Latest news from Upstream Online

Gazprom sees profits slide

Russian giant Gazprom saw profits fall during the first six months of the year as revenue dropped on declining gas sales.

Aker posts positive third quarter result

Norwegian company Aker Solutions saw profits from continuing operations rise during the third quarter of the year as revenues jumped 30% year-on-year.

Wyden calls for re-think on US gas exports

The US needs to reconsider its rules on exporting natural gas now that a surge in drilling has made the nation one of the world's fastest-growing producers, according to US Senator Ron Wyden.

Range spins bit in Mississippi Lime

New York-listed Range Resources has spudded a second horizontal well targeting the Mississippi Lime play in Kay County, Oklahoma.

Norwest resumes Arrowsmith-2 flows

Australia’s Norwest Energy has resumed the flow back of the Arrowsmith-2 well in EP 413, in Western Australia’s onshore Perth basin.

Metgasco secures drilling rig

Metgasco has signed a contract with fellow Australian company AJ Lucas to drill three exploration core wells in the Clarence Moreton basin, onshore the Australian state of New South Wales.

ExxonMobil makes progress on Scarborough

US supermajor ExxonMobil is close to selecting a preferred engineering partner for a floating liquefied natural gas vessel that could be deployed on the deep-water Scarborough gas field off Western Australia.

SapuraKencana lands contract double

Malaysian services company SapuraKencana Petroleum has been awarded two contracts worth a combined 835.8 million ringgit ($274 million).

Petrobras strikes gas in Peru

Brazilian giant Petrobras has struck gas in three onshore wells drilled in Block 58 of the Madre de Dios basin in Peru.

Southwestern bleeds on low gas prices

US independent Southwestern Energy posted a quarterly loss due to a ceiling test impairment of the company's natural gas and oil properties as a result of lower natural gas prices.

Vaalco farms in off Equatorial Guinea

Independent Vaalco Energy said Thursday it was cleared by regulators in Equatorial Guinea to pick up a 31% offshore block stake from Petronas in a $10 million deal.

Chesapeake crashes to $2.05bn loss

Beleaguered land explorer Chesapeake Energy fell to a $2.05bn third-quarter loss on huge impairment charges, hedging losses and low natural gas prices, the company said Thursday.

Companies 'more keen' on Canada's gas

International investors including ExxonMobil are favouring natural gas over oil sands acquisitions in Canada as the less-expensive way to supply Asian markets, according to a report.

Brent slips, US crude higher as stockpiles drop

Brent crude prices fell on Thursday on returning North Sea supply and euro-zone concerns, while US gasoline edged higher as support from supply disruptions after super storm Sandy countered any pressure from data showing rising inventories.

ExxonMobil in Gulf farm-ins

ExxonMobil said Thursday it has farmed into a 20% stake in Anadarko's Phobos prospect in the Gulf of Mexico and expects to spud a well before year’s end, the company said in a conference call.

SeaBird flies on strong demand

Norwegian seismic player SeaBird Exploration further strengthened its balance sheet in the third quarter, following an earlier financial restructuring, as robust demand boosted revenue.

Petrobras nears decision day on pre-salt block

Brazil's Petrobras was due this week to decide the next steps to adopt regarding high-profile Block BM-S-8 in the Santos basin, as it zeroes in on the completion of the Carcara pre-salt probe in the area.

TGS rides the seismic wave

Oslo-listed seismic player TGS saw its net profit surge 73% in the third quarter on record revenue generated by its core multi-client business.

Creditors ‘eye Dana Gas assets’ after loan failure

Bondholders are looking to forcefully grab a share in Dana Gas’ Egyptian operations after the Middle Eastern play failed to repay a $920 million Islamic loan on Wednesday, a report claims.

Prosafe drops on costs

Norwegian accommodation unit owner still positive on outlook despite dent in bottom line

New News information at Offshore Technology

New and updated information from News listed on offshore-technology.com

Aquaterra Energy wins contract for BP's Caspian Sea project

UK-based Aquaterra Energy, a supplier of offshore engineering services and centraliser products, has received a contract to design and install 260 centralisers for BP Azerbaijan.

GE receives subsea contract for Chevron project in West Africa

GE Oil & Gas has secured a $165m contract to supply production equipment for Chevron's Lianzi project, situated offshore between Angola and the Republic of Congo.

Today's US crude gains on demand concerns after Sandy and Chinese data

US crude gained six cents at $86.30 a barrel today as investors focused on the storm Sandy's rampage across the US East Coast and new data from China, hinting at its recovery.

Petrobras posts 4.8% production rise for September 2012

Petróleo Brasileiro recorded a 4.8% rise in international oil production in September, compared to the previous month.

Today's Brent price steady as demand eases in storm hit US

Brent crude fell by one cent to stand at $109.07 a barrel as fuel demand eased in storm hit regions of the United States even as refineries resume operations gradually.

Ithaca Energy receives licenses in UK 27th Offshore Licensing Round

Ithaca Energy has been awarded with two operated licenses in the UK's 27th Offshore Licensing Round.

Adira Energy signs farm-out agreements with Tohar Hashemesh

Canada-based Adira Energy has entered into a series of agreements with Tohar Hashemesh to farm-out part of its licenses.

Oil markets decline for second consecutive day over Hurricane Sandy

Oil markets declined for the second consecutive day as Tropical Cyclone Sandy lead to the closure of East Coast refineries in the US.

PTT Exploration and Production shareholders agree $3.1bn share sale

Thailand's national oil company, PTT Exploration and Production (PTTEP), has received approval from its shareholders to go ahead with a proposed $3.1bn share sale.

Chevron makes gas discovery in Satyr-4 exploration well

Chevron Australia, a subsidiary of Chevron Corporation, has discovered around 67m of net gas pay in the Satyr-4 exploration discovery well.

Aker Solutions acquires fabrication facility in Norway

Aker Solutions has acquired a fabrication facility in Sandnessjøen, Norway, from Ruukki Construction Norge for an undisclosed amount.

Oil falls after US refineries cut output ahead of Hurricane Sandy

Oil markets fell today as US East Coast refineries cut output ahead of approaching Hurricane Sandy, which reduced crude use in the world's largest oil consumer.

Today's oil price falls ahead of GDP data from US

Oil prices fell today as investors waited for key US economic data to estimate the oil demand growth outlook.

Shell to acquire interests in North Sea Beryl fields

Royal Dutch Shell has signed an agreement with Hess Corporation to acquire its interests in the Beryl fields and the Scottish Area Gas Evacuation System (SAGE) for a total consideration of $525m.

UK announces 27th offshore licensing round winners

The UK Government has announced the winners of 167 new production licences in its 27th offshore oil and gas licensing round.

Today's oil price gains over positive US economic data

Oil prices were boosted today thanks to the positive economic data from the US, the world's top oil consumer, which revived hopes of a recovery in demand growth. However the gains were capped because of the worsening outlook from Europe.

Statoil confirms oil discovery in Peregrino field, offshore Brazil

Statoil and its partner Sinochem have completed the drilling of appraisal well 3-STAT-8-RJS at the Peregrino field, 85km offshore of Brazil.

Brazil's petroleum regulator approves Sinochem stake purchase

Brazil's petroleum regulator, the National Petroleum Agency, has approved the purchase of ten percent interest by Chinese oil company Sinochem in five offshore blocks in the country.

Today's oil price gains over positive Chinese economic data

Oil prices rose today after having previously fallen for six consecutive days, after China's positive PMI data revealed a gradual recovery in the world's second largest oil consumer.

FMC Technologies forms JV with Edison Chouest Offshore

FMC Technologies and Edison Chouest Offshore have formed a joint venture (JV) to provide integrated vessel-based subsea services for offshore oil and gas fields globally.

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Featured Technology of the Month

Halliburton's DeepReach™ Coiled Tubing Servic uses multiple outer diameter coiled tubing sections in a single string with larger OD sections near the top of the string and smaller OD sections near the bottom.With this arrangement, the tension along the string length is reduced while sufficient flow capacity is retained for performing well intervention operations.

Tapered OD Makes the Difference

The vertical depth capability of conventional coiled tubing is limited because as the length of the tubing string increases in the well, the string’s total weight also increases; therefore, the capability of a conventional CT string to perform ultra-deep work depends primarily on the string’s total hanging weight and the yield strength of the parent metal. If the hanging weight exceeds the pipe’s yield strength, a string separation can occur. Since a tapered coiled tubing string is lighter in weight (compared to a single string of the largest diameter) and its design provides greater strength at the upper end of string, operators can realize up to a 30 percent increase in depth capability over conventional CT strings.

Key Enabling Technologies

Multiple technologies were developed to enable DeepReach coiled tubing to be used in deep well operations. These technologies

include 1) the CT transition joints, 2) Boots & Coots V-Block® gripper design, (more...)



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