The offshore industry briefing
The latest news, trends, and data you need to know about this month
News in Numbers
75%
Without new investment and proper maintaining of the North Sea supplies, UK gas production will fall 75% by 2030, according to Oil and Gas UK.
$2.25bn
Lukoil will acquire an additional 15.5% interest in the Shah Deniz natural gas project for around $2.25bn.
90,000 barrels
TotalEnergies could sell a third of its 60% stake in the UK’s Laggan Tormore gas field, which boasts a production of 90,000 barrels per day.
13 million
Saudi Aramco plans to increase oil production capacity to 13 million barrels per day by 2027.
$2bn
Eni and BP are looking to raise $2bn for a proposed oil and gas joint venture in Angola.
Project updates
Egypt has reportedly commenced the construction on a gas pipeline with an estimated capacity of 15 million cubic feet of gas per day in the Western Desert. The pipeline is being constructed by EGPC, which currently produces about 74,000 barrels of oil equivalent per day.
Petronas has unveiled plans to expand a carbon capture and storage project at the Kasawari gas field off the coast of Sarawak, Malaysia, which will be one of the largest such projects in the world with an annual capture capability of 3.5 million tonnes of carbon dioxide.
Iraq has approved a dialogue with US energy giant Chevron to develop four exploration blocks in the southern Dhi Qar province. The attempt follows plans by oil majors such as Lukoil and ExxonMobil to exit the country due to security concerns and political instability.
BP plans to invest $269m to improve efficiency and boost renewable diesel production at the Cherry Point refinery in the US. The projects are expected to reduce the refinery’s CO₂ emissions by approximately 160,000t per year, or 7% from existing levels.
Further Reading
OIL SPILL PROMPTS INVESTIGATION BY CALIFORNIA JUSTICE DEPARTMENT
A spill from an undersea pipeline polluted the waters near Los Angeles earlier this month, blackening beaches and endangering wildlife.
The California Justice Department is investigating the spill off the coast of Huntington Beach, which sent thousands of gallons of oil into the ocean.
The state’s attorney general, Rob Bonta, said that the state’s justice department would work with other state, local, and federal authorities to determine the cause of the spill, and what could have been done to prevent or minimise the disaster.
Read more: Offshore-Technology
