Oil industry eyes renewable energy for future growth

Renewable energy projects The oil industry may be committing up to a fifth of their total investment in green energy projects after 2030 as hydrocarbons production declines. A growing number of key oil and gas players are starting to invest in renewable energy projects. Analysis from Wood Mackenzie suggests that major energy companies like Royal Dutch …

Kuwait joins Saudi Arabia, Russia to seek oil cuts into 2018

OPEC oil cuts Kuwait joined Saudi Arabia and Russia in supporting an extension of oil cuts by OPEC and other global producers through the first quarter of 2018 to help trim global stockpiles. An extension of the cuts at already agreed-upon output volumes is needed to reach the goal of paring world inventories to their five-year …

Upstream players struggle with uncertainty

Wood Mackenzie survey indicates that upstream players are grappling with the current uncertain situation The oil and gas industry is facing a challenging year. Oil prices remain volatile, and uncertainty remains about whether prices will recover from around $50/bbl. Across the upstream sector, companies are considering their next investments, while weighing up how to remain …

Scotland Approves Largest
Floating Offshore Windfarm

The Scottish government has given the green light to the development of one the largest floating offshore wind projects in the world. KINCARDINE OFFSHORE WINDFARM PROJECT The Kincardine Offshore Windfarm Project will have a generating capacity of 50 megawatts (MW) and will be capable of supplying enough power for roughly 56,000 homes when it is commissioned …

Mining solutions

BOOST PRODUCTION ARE YOU REACHING YOUR POTENTIAL? GET MORE OUT OF EVERY MACHINE YOU OPERATE. One way to cut unit costs? Boost production. We offer the most productive new mining machines in the industry, but that’s not all. We also have the resources, technologies and training to help you do more with the fleet you …

Ecuador plans to invest
$4 billion in mining by 2021

Ecuador: a new mining investment destination in Latin America Ecuador is quickly gaining ground as a mining investment destination in Latin America thanks to a revised regulatory framework and a major investor engagement campaign that has already attracted around 420 applications for concessions in less than a year. Getting to this point, however, has not …

What oil crisis? Arctic drilling
off Norway set for record

Explorers look at drilling a record number of wells in Norway’s Arctic waters this year, undeterred by oil prices apparently stuck below $60/bbl. After making a discovery of as much as 100 MMboe in the Barents Sea, Lundin Petroleum said that it wants to squeeze two more exploration wells into its program this year, even …

Here’s what miners should expect and do in 2017

Global miners, particularly Canadians, are showing increasing signs of optimism as commodity prices are on the rise, shallow growth is returning to different end markets, and most are in better cost positions than in the recent past, the annual “Tracking the Trends” report by Deloitte released Wednesday shows. However challenges remain, and the industry is …

Shared decommissioning costs are new trend

Royal Dutch Shell Plc’s $3.8-billion sale of North Sea oil and gas fields creates a model for further transactions in a region where the question of who pays to remove decades-old offshore platforms has been an obstacle for other deals. Shell’s agreement with Chrysaor Holdings Ltd. included the condition that Europe’s largest oil company covers …

Decommissioning expected of
600+ offshore projects

RAPID TREND TOWARD DECOMMISSIONING The decommissioning of aging offshore oil and gas platforms, subsea wells and related assets is increasing dramatically, with more than 600 projects expected to be disposed of during the next five years. This rapid trend toward decommissioning is causing spending to rise significantly, according to a new study by IHS Markit. …