The offshore industry briefing
The latest news, trends, and data you need to know about this month
News in Numbers
$12.5bn
Qatar Petroleum has raised $12.5bn by offering a multi-tranche bond to fund the development of the North Field expansion projects.
$1bn
Chevron is reportedly planning to divest conventional oil and gas fields in the Permian Basin for a total of more than $1bn.
20
Qatar Petroleum has signed a 20-year agreement to supply LNG to state-run Korea Gas Corporation. The sale and purchase agreement will see the supply of two million tonnes per annum of LNG to KOGAS.
$6.85bn
Brookfield Infrastructure Partners has increased its cash-and-stock offer for Canada’s Inter Pipeline to $6.85bn, topping Pembina Pipeline’s $6.75bn offer.
63%
Independent research commissioned by Dräger Marine and Offshore found that 63% of managers in the oil, gas, and renewables sectors outlined concerns in their organisation about the possibility of a major safety incident occurring over the next five years.
Project updates
Royal Dutch Shell is planning to build a large-scale carbon capture and storage project at its Scotford Complex near Edmonton in Alberta, Canada.
Australian firm Western Gas plans to commence drilling work at the Sasanof-1 exploration well offshore Western Australia in the first quarter of next year.
Turkey’s state-owned Türkiye Petrolleri Anonim Ortaklığı is seeking a permit to explore potential crude oil resources in the Eastern Mediterranean.
New Fortress Energy has reached an agreement to build a new offshore liquefied natural gas receiving, storage and regasification terminal in Sri Lanka.
BP has commenced production from the East South flank, the new phase of its Shah Deniz II gas field in Caspian Sea offshore Azerbaijan.
New global analysis: At current rates, oil and gas companies will prevent world from hitting 1.5°C warming goal
The most comprehensive study of the oil and gas industry’s performance against the Paris climate goals today shows that, without immediate and decisive action, the sector would prevent the world from meeting the IPCC’s 1.5°C global warming scenario by 2050.
The benchmark from the World Benchmarking Alliance, alongside partners CDP and ADEME, scores private, state-owned, and publicly listed companies using CDP’s and ADEME’s methodology for assessing low carbon transmission.
This is the first time the industry has been judged against a 1.5°C scenario – the most ambitious emissions reduction plan proposed by the Paris Agreement – and the first study to assess oil and gas companies using the International Energy Agency’s Net Zero Emissions by 2050 scenario.
Assessing 100 of the world’s biggest oil and gas firms against this scenario, it shows that based on current rates of production these companies are set to consume the sector’s allocated carbon budget (from 2019 to 2050) by 2037 – 13 years too early. Despite this trajectory, researchers found that none of the 100 companies have committed to stopping exploration.
Read more: Offshore-Technology
