Drilling & production

State-owned Israel Natural Gas Lines has reportedly signed a deal with Micoperi, the Italian marine contractor, to construct an offshore LNG terminal worth approximately US$ 140 million.

Gérard Mestrallet, Chairman and CEO of GDF SUEZ signed two agreements with China Investment Corporation (CIC) and China National Offshore Oil Corporation (CNOOC) illustrating the development strategy of GDF SUEZ in China and in the Asia-Pacific region.

OAO Gazprom, and of BASF SE have signed a framework agreement which sets out the terms for the planned asset swap to further expand the successful cooperation.

Steel maker ArcelorMittal has made an unexpected last-minute withdrawal from its US$ 5 billion joint bid for control of Macarthur Coal, leaving joint venture partner Peabody Energy to proceed with the takeover alone.

Total E&P UK, one of the largest operators in the UK sector of the North Sea, has extended its contract for AGR’s Riserless Mud Recovery system (RMR) by four years.

BP’s chief executive Bob Dudley ahs declared that BP has reached a turning point and is now profitable after the last disastrous year that it has been through following the Macondo oil spill.

The US Environmental Protection Agency (EPA) has announced that it intends to develop new wastewater discharge standards for coalbed methane (CBM) and shale gas extraction that could significantly increase the cost of disposal.

China’s economy faces a strong headwind from power shortages and rising coal costs. Ng Weng Hoong assesses the threats.

Kawasaki Heavy Industries (KHI) has announced that it will test its new technology at the world-leading European Marine Energy Centre (EMEC) in Orkney.

The energy security strategies of states across the region, if not working in cooperation with each other, could have severe geopolitical and economic repercussions in a region where high food and oil prices threaten economic recovery and human security.

Fluor Offshore Solutions unit as been awarded a FEED contract by Abu Dhabi Marine Operating Company (ADMA-OPCO) for new offshore facilities located at the Nasr Field.

Wood Mackenzie’s Near-Term Market Outlook cautions of falling metallurgical coal prices from now to Q4 2012, dropping from the current quarterly price of US$ 285/t for premium metallurgical coal to under US$ 240/t.

The Clough AMEC joint venture has been awarded a two-year contract extension by ConocoPhillips to provide operations and maintenance services to the Bayu Undan facilities located in the Timor Sea. The contract extension has an estimated value of AU$100 million.

Saipem has been awarded new E&C Offshore contracts worth US$ 1.5 billion.

Petrel resources PLC has been awarded two offshore exploration blocks in the Irish Atlantic margin in bid to boost native Irish energy resources.