Energy Market News

Proud to Announce: Emveedo Energy is now ISO 9001 Certified!

We are delighted to announce our ISO 9001: 2015 accreditation, an internationally recognised standard that ensures we meet our clients’ needs through an effective quality management system.
The certification covers our Engineering and projects consultancy and Training services delivered to our clients globally.
In Emveedo, Quality has been one of our non-negotiable core values since the start of our business in 2015.
This success is the result of promoting “The continuous improvement culture” and implementing it by our team into every step we took so far, right from the inception phase of Emveedo.
To qualify for ISO 9001:2015 quality management system certificate, our UK team underwent necessary audits and assessments on various stages carried out by QMS International, who found the level of our services, management system and work practices in line with the standard requirements.
To maintain the ISO status, we will continue to aim to make constant improvement a habit across the Emveedo family.

Also, we’d like to thank QMS International for their professional and efficient approach.

The Global Oil Market Is About to Be Upended 

The U.S. and Canada may no longer have this type of production all to themselves.

Bahrain discovered the first oil on the Arab side of the Gulf in 1932. It took a long time for the small island to find anything of similar significance, but its recent announcement of an enormous shale oil resource under its shallow waters should not be underestimated: Commercial offshore shale oil production would be a first for the worldwide industry.

Perhaps more significant is that this discovery has the potential to boost Middle East output, while raising the odds that shale oil production outside the U.S. and Canada finally takes off. The Middle East has the advantages of good geology, existing petroleum infrastructure, and a lack of environmental or community opposition. To be sure, local producers will have to offer attractive terms to international investors to compensate for the higher costs and technical risks than their conventional fields, source fresh-water or use other hydraulic fracturing technologies, and develop or bring in service companies skilled in unconventional resources. But given that U.S. shale specialists have tended to stay at home, the Bahrain find offers interesting possibilities for large international oil companies as partners.

Given their proximity, the newfound resources probably stretch into Saudi and perhaps Qatari waters. Saudi Arabia, with its own first find the Dammam field, lies just 25 kilometers (15.5 miles) to the west of Bahrain, the countries linked by the King Fahd Causeway. Some 20 kilometers to the southeast is Qatar. Though a holder of the world’s third-largest gas reserves, Doha’s mature oil production is slowly declining. Shale production could give it a boost if it’s able to sidestep the obstacles posed by an embargo imposed by Bahrain, Saudi Arabia and the U.A.E. since June.

Halliburton said the resources found by Bahrain were on the “edge of the conventional-unconventional type of plays,” and it sounds somewhat like the famous Bakken of North Dakota. The mid-case estimate is for 81.5 billion barrels of oil and 13.7 trillion cubic feet of gas. Based on U.S. production numbers, five to 10 percent of the oil might be recoverable. Good flow-rates will be needed to compensate for the higher cost of offshore wells, although it might be possible to reach at least some of the resources by horizontal drilling from onshore sites, or artificially-dredged islands.

The main Middle East producers, such as Saudi Arabia, Iran, Iraq and Abu Dhabi, will not turn immediately to shale oil because of their giant, low-cost conventional resources. But several of them need new gas supplies. And shale oil is of great interest for the region’s more mature conventional producers — Oman, Qatar and Egypt — as well as for non-producing Jordan. If the current OPEC/non-OPEC pact endures, shale oil will dim the prospects for the smaller Middle East producers’ continuing adherence.

Saudi Arabia has been seeking to develop shale gas for some time, with production starting in its remote northwest. Saudi Aramco’s general manager of unconventional resources, Khalid Al Abdulqader, said in March that the Jurassic source rocks in the Jafurah Basin, which lies between the world’s biggest oil field Ghawar to the west, the Gulf to the east and Bahrain to the north, were similar in quantity and quality to Texas’s famous Eagle Ford shale, which is estimated to hold 12 billion barrels of recoverable oil and 122 trillion cubic feet of recoverable gas.

Kuwait has already begun pilot projects in its northern Jurassic resources, containing light, tight oil and sour gas. Oman’s liquefied natural gas (LNG) export facilities have been running at full capacity this year for the first time since 2007 due to BP’s development of its Khazzan tight gas field. LNG exporters, including U.S. ones, hoping to tap the Middle East’s growing energy appetite have to contend with growing competition.

Bahrain intends first to appraise the discovery with the help of service companies including Schlumberger and Halliburton, which will drill two wells this year, and then to look for international partners. Shell has assisted with studies of LNG imports and is advising Kuwait on its unconventional Jurassic reservoirs. ENI, which has enjoyed recent success in deepwater Egyptian gas, held talks in Manama in May. Total, ExxonMobil and BP, all with large gas projects in the wider region, could also be candidates, as could Apache and Anadarko, which are experienced in North Africa.

Source: The Global Oil Market Is About to Be Upended – Bloomberg

North Sea bosses head to oil rig after shock strike action

 

North Sea oil bosses will later today face disgruntled rig workers following an unofficial strike at the weekend over working conditions on a multi-billion pound Statoil project.

The management of services ­company Aker Solutions will travel ­almost 100 miles off the coast of ­Shetland to the Mariner platform.

It comes after workers downed tools over the weekend and threatened to ­escalate action unless their demands are met.

A four-hour sit-in took place on Saturday morning and again on Saturday evening without the involvement of trade unions. James Furie, a representative for the workers, has claimed that as many as 200 workers from Aker ­Solutions took part in the strike alongside 50 workers from Stork, a subsidiary of services group Fluor.

“The workers are protesting against poor working conditions, poor ­management, possible blacklisting and having an offer of a bonus removed,” Mr Furie said.

“This action will escalate if Aker and Statoil think they can continue to treat us this way,” he added.

A major escalation at the rig could potentially delay the start of oil ­production.

This is expected in the second half of this year and reach production rates of 55,000 barrels of oil a day for the next 30 years.

A spokesman for Aker Solutions ­declined to comment on the number of workers involved.

He said the Norwegian services group was “made aware” of the strike, but has received no official ­notification, and confirmed it is looking into this matter.

Source: North Sea bosses head to oil rig after shock strike action

Oil prices rise on tightening supply, strong demand

SINGAPORE (Reuters) – Oil prices rose on Monday over supply concerns in the Middle East and as the U.S. market showed further signs of tightening while demand in Asia keeps rising.

Source: Oil prices rise on tightening supply, strong demand

An official at the National Iranian Oil Company said negotiations with Denmark’s Maersk Group over the development of South Pars oil production project have not yielded positive results yet.

“Parallel talks have started with other multinationals to undertake the megaproject,” said Karim Zobeidi, the head of a special department at NIOC that oversees the performance of reservoirs, ISNA reported on Tuesday.

Pointing to the $7.45 billion deal between the French energy major Total and the Copenhagen-based giant that was concluded last month, Zobeidi said, “Because Total has purchased Maersk’s oil and gas business, we should follow the talks more prudently.”

Source: South Pars Oil Talks With Maersk Underway | Financial Tribune

Norway’s Statoil says it has made an oil discovery in the outer Moray Firth containing up to 130m barrels – a find that could help to pull the region’s oil and gas producers further out of a slowdown.

Source: Statoil makes UK oil discovery of up to 130m barrels

KBR

KBR Awarded EPCM Services contract for JVGAS projects in Algeria

HOUSTONOct. 2, 2017 /PRNewswire/ — KBR, Inc. (NYSE: KBR) announced today it has been awarded an engineering and project management services contract by JVGAS – a joint venture of Sonatrach, Statoil and BP – for the provision of engineering, procurement and construction management services in Algeria.

Under the terms of the contract KBR will provide detail design engineering, procurement services as well as construction management at the major gas developments at In Salah Gas and In Amenas. This work, which is expected to be performed over 48 months, will be a KBR collaboration with engineering and the procurement services being performed from the UK and Chennai offices in partnership with the local, in-country, engineering office.

Source: KBR Awarded EPCM Services contract for JVGAS projects in Algeria

Private sector economic development body Opportunity North East (ONE) has hailed a “transformational project” for the oil and gas industry and the Aberdeenshire region. Sir Ian Wood, Chairman of ONE, made the remark as the Oil and Gas Technology Centre (OGTC) marked the opening of its Innovation Hub. The unique collaboration environment is designed to …

Source: Energy Voice | ONE welcomes launch of Innovation Hub at The Oil & Gas Technology Centre – News for the Oil and Gas Sector

Crude oil is on pace to wrap up a strong September, having gained a little over 9 percent month to date.

Source: Oil could soon overtake its 2017 highs, strategist says

Oil prices were basically flat early on Wednesday, but $80 oil could be just around the corner, according to analyst Jodie Gunzberg

Source: Oil Prices Steady, But $80 Oil Is Coming, Says Analyst | OilPrice.com