In its second Permian-focused deal signing in a month, Diamondback Energy Inc, Midland, Texas, has agreed to acquire Energen Corporation, Birmingham, Alabama., in an all-stock transaction valued at US$9.2 billion, including Energen’s net debt of US$830 million. The combine will increase Diamondback’s Tier 1…
Arizona Public Service is studying the possibility of using excess energy from its Palo Verde Nuclear Power Plant, when solar energy is flooding the grid, to desalinate brackish water. In Illinois, Exelon is looking at repurposing a reactor to produce hydrogen when there is…
Wood has extended the SURF IM Network, which the company formed in 2014 with a view to sharing experience and lessons learned from subsea integrity and reliability issues. The initiative is at present supported by BP, Chevron, ExxonMobil, Hess, Husky, Petronas, Shell, Suncor, Total,…
The recovery in the oil industry is attracting some of the most recognised billionaires in money management. Stanley Druckenmiller’s Duquesne Family Office bought 1.68 million shares in VanEck Vectors Oil Services ETF in the second quarter, the third-biggest addition to its portfolio in the…
Shelf Drilling, which describes itself as world’s largest offshore jack-up rig owner, has seen an uptick in jack-up rig utilisation this year and expects jack-up rig demand to pick up further. The company which, according to its quarterly presentation, had 28 contracted and 8 available…
As if pipeline bottlenecks were not enough, Canadian heavy oil producers are facing a new barrier to marketing their crude. New rules limiting the amount of sulphur allowed in shipping fuel is expected to cut demand for both high-sulphur fuel oil and the sour…
Italian oil firm Eni has signed a new concession agreement for exploration in the East Nile Delta Basin of the Mediterranean Sea offshore Egypt. The exploration licence, named “Nour”, is located approximately 50 kilometres offshore in the Eastern Mediterranean, in water depth ranging from…
Bloomberg NEF data indicate that the world has attained the landmark figure of 1TW of wind and solar generation capacity installed. We estimate that the second terawatt of wind and solar will arrive by mid-2023 and cost 46% less than the first. New output…
Execution of upstream oil and gas projects is improving, says a new study by Wood Mackenzie. Midsize to large projects in growing numbers have been delivered on target during the past 12 months. “This includes areas previously notorious for cost blowouts, such as…
Cooper Energy plans to step up development, appraisal, and exploration in the Otway and Gippsland basins offshore southeast Australia. “One of our major tasks for the year will be the preparation of the financial year 2020 offshore drilling campaign to bring the next wave…
