Trelleborg Sealing Solutions has announced the launch of the new polytetrafluoroethylene (PTFE) based O-Ring energized single-acting rotary seal, Turcon® Roto Glyd Ring® DXL, specifically designed to meet the demands of high pressure rotary applications within the oil and gas industry. The Fort Wayny, Indiana-based company said the “innovative design” of the Turcon® Roto Glyd Ring® DXL “provides improved dynamic sealing efficiency and reduced friction by balancing the contact force on the dynamic lip under all service conditions, allowing for superior extrusion resistance and low torque.
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Over $811bn will be spent on 615 oil and gas fields by 2025, says GlobalData
Over $811bn will be spent on 615 upcoming oil and gas fields between 2018 and 2025. Globally, capital expenditure (capex) into conventional oil, heavy oil, oil sands and unconventional oil projects would add up to $352bn, $44bn, $43.4bn and $30bn respectively over the eight-year period, according to GlobalData, a leading data and analytics company. Conventional gas projects will require $363.2bn, while the investments into coal bed methane (CBM) and unconventional gas projects will total $3.7bn and $1.6bn in upstream capital expenditure by 2025. Brazil accounts for $76.7bn or over 9.
APPEA calls for decisive decisions on hydraulic stimulation in the NT
The Australian Petroleum Production & Exploration Association has noted the release of the final report of the Scientific Inquiry into Hydraulic Fracturing in the Northern Territory, and commented as follows: This document confirms the conclusion of the draft report that any risks associated with onshore gas development and hydraulic fracturing can be managed by effective regulation, the peak body said.
Sercel Delivers Land Acquisition System and Neo Vibrators to Algeoland
Sercel has announced the delivery of a 25,000-channel 508XT land seismic acquisition system and 15 Nomad 65 Neo broadband vibrators to Algeoland, Algeria’s leading private geophysical company. Algeoland will deploy the Sercel equipment to conduct a major 3D seismic survey over a 2,000-km² area of the Rhourde-Nouss desert region in north east Algeria, on behalf of the national oil company. Sercel said the 508XT system drives productivity, data quality and adaptability to an unprecedented level thanks to its X-Tech architecture.
Largest lease sale in history attracts a luke warm response
Seventy-seven million acres were up for grabs in the US Gulf of Mexico, however bids were only made for 815,403 acres. The largest lease sale in history generated $124,763,581 in high bids for 148 tracts covering 815,403 acres, with 33 companies participating in the lease sale submitting $139,122,383 in bids. Lease Sale 250 included 14,474 unleased blocks, located from three to 231 miles offshore in water depths ranging from three to 3,400 meters. BP, with 27 bids, submitted the largest number of high bids $20 million.
$9.1bn will be spent on Mozambique’s upstream capex by 2020, says GlobalData
An average capex of US$3 billion per year would be spent on eight oil and gas fields in Mozambique between 2018 and 2020. Capital expenditure into Mozambique’s oil and gas projects, will add up to $9.1bn over the three-year period in upstream capital expenditure by 2020, according to data and analytics company GlobalData. Ultra-deepwater projects will be responsible for over 65 percent of $9.1bn of upstream capital expenditure in Mozambique, or $6.2bn by 2020. The deepwater projects will account for 25 percent of upstream capital expenditure with $2.3bn by 2020, while onshore projects will necessitate $0.
ADNOC Signs Offshore Concessions with CNPC
The China National Petroleum Corporation (CNPC), the world’s third largest oil company, has been awarded stakes in two of Abu Dhabi’s offshore concession areas following the signing of agreements with the Abu Dhabi National Oil Company (ADNOC).. Under the terms of the agreements, CNPC, through its majority-owned listed subsidiary PetroChina, has been granted a 10% interest in the Umm Shaif and Nasr concession and a 10% interest in the Lower Zakum concession.
Over $114bn will be spent on Oceania’s upstream projects by 2025
Over $114bn in capital expenditure will be spent over the lifetime of the top ten upcoming oil and gas upstream projects in Oceania, to produce 8,683 million barrels of oil equivalent, according to data and analytics company, GlobalData. These 10 projects, selected from 30 upcoming projects in Oceania, will contribute incremental capacity of 808 thousand barrels of oil equivalent to global supply by 2025. Out of top ten upcoming projects, nine are conventional gas developments and the remaining is a coalbed methane (CBM) development. Ichthys LNG Project in Australia is the largest with anticipated peak production at 333.
APPEA upbeat about post-election Bight prospects in SA
APPEA has congratulated Steven Marshall and the South Australian Liberal Party on their election victory and said it "looks forward to working with the new government to secure South Australia’s economic and energy future". The oil and gas industry has been a significant contributor to the state’s economy and community for more than 60-years and can play a key role in developing much-needed energy resources in South Australia, onshore and offshore, APPEA said in a media release. "That includes the prospective exploration and development of oil and gas resources in the Great Australian Bight.
Japan is the land of rising LNG regasification
With Australia tipped to overtake Qatar as the world’s No.1 LNG producer – this year according to the IGU and 2021 by the Australian Federal Government’s estimate – the Lucky Country may be interested to know that Japan is the global regasification champion. Analysis of the global LNG regasification capacity by leading data and analytics company, GlobalData, shows that Japan has the highest LNG regasification capacity globally with 9.6 trillion cubic feet (tcf) in 2018. South Korea and China follow with 4.9 tcf and 3.2 tcf, respectively.