Production efficiency on the UK Continental Shelf (UKCS) has improved for the seventh consecutive year and for 2019 reached 80%, three years ahead of the 2022 target, the UK Oil and Gas Authority (OGA) said Thursday. Production efficiency is the total volume of hydrocarbons produced as a percentage of the theoretical economic maximum production potential. […]
Husky Energy Inc on Thursday posted a quarterly loss as the COVID-19 pandemic caused crude oil prices to crash and sapped global demand for fuel. Crude prices also weakened after top producers, Saudi Arabia and Russia, decided to flood the market with oil earlier this year. The company said quarterly production fell nearly 8 per […]
Canada’s oil and gas producers say a series of federal liquidity support programs designed to help the sector through a pandemic-caused crisis are ineffective and overly prescriptive. The Canadian Association of Petroleum Producers, an oil lobby group, is pushing the federal government to rejig the programs launched through Export Development Canada and the Business Development […]
FPSO currently located in Conception Bay for new turret cover plate The Suncor-operated Terra Nova floating production, storage and offloading vessel is set to anchor at a quayside in Newfoundland, Canada for maintenance after the Covid-19 pandemic put on ice plans for life extension work to be carried out this year at a Spanish drydock. […]
“Construction of the facility will begin this summer, and we look forward to the first flow of gas into the pipeline from the Bear Head LNG plant in 2008,” declared Nova Scotia Business Inc. president Stephen Lund. It was 2005, and the head of the Crown corporation tasked with economic development was announcing the sale […]
The Norwegian oil major will continue CCS projects and electrification of offshore oil and gas fields Despite incurring heavy losses during the first half of 2020 and facing an uncertain market environment, Norwegian oil major Equinor said it will continue efforts to decarbonise and become a broader energy company, following similar pledges by other oil […]
Canadian oil operator Suncor has moved its Terra Nova FPSO and docked it shoreside in Newfoundland after its planned drydock in Spain was canceled due to the COVID-19 outbreak. Suncor and its partners in the Terra Nova field in the Atlantic Ocean off Canada, last year sanctioned the Terra Nova Asset Life Extension (ALE) project […]
Ottawa and St. John’s continue talking on an aid package for the offshore oil industry, but the industry says time is running out. Natural Resources Minister Seamus O’Regan says he’s well aware of how important the industry is to the Newfoundland and Labrador with the net-zero emission target by 2050 as one of the key […]
Exploration and development incentives unlikely, says industry association There’s mixed messages emerging from those lobbying for the federal government to deliver an aid package for Newfoundland and Labrador’s battered oil industry. The provincial offshore oil and gas association, known as Noia, is losing hope that Ottawa will come through with incentives for companies to explore [&h
Few companies are thriving at that price, but most are surviving After the brutal price crash in March and April, the mood in the oilpatch is noticeably improved as prices stabilize around $40 US per barrel. Still, that price means different things to different companies, with some beginning to turn on the taps to produce […]
