Exploration

The most recent EIC Monitor which tracks new energy projects has found that though there has been significant investment in the sector, total investment is still down 6% since the same quarter last year.

BP has taken a pre-tax charge of US$ 32.2 billion for the Gulf of Mexico oil spill, including the US$ 20 billion escrow compensation fund previously announced.

BP has announced that Tony Hayward is to step down as group Chief Executive with effect from 1 October, 2010. He will be succeeded as of that date by fellow Executive Director Robert Dudley.

Anadarko have discovered oil in an exploratory well in the Owo prospect offshore Ghana.

The University of Aberdeen and global energy group Halliburton have signed a strategic partnership agreement.

Murphy Oil will sell three oil refineries and focus on its upstream and retail businesses in the US.

Power shortages in France could have a knock-on effect on the UK energy market due to cross channel ownership of UK power stations.

Aker Solutions has won a contract worth NOK 150 million (US$ 24.25 million) to supply the vessel mooring system for the Goliat FPSO, owned by Eni Norge.

ConocoPhillips, Shell, Exxonmobil and Chevron are planning to build a rapid response system to any future well-blowouts in the Gulf of Mexico.

What challenges are facing the energy industry and how can they solve these problems?

BP has entered into several agreements to sell upstream assets in the US, Canada and Egypt to Apache Corporation.

For the first time since 20 April, oil has temporarily stopped leaking into the Gulf. BP is awaiting well integrity results to see how much pressure the well can endure.

The NOIA has criticised the new suspensions for being overly restrictive on their industry and the lack of consultation before its implementation.

ADIPEC partners with Abu Dhabi Tawteen Council to foster Emiratisation in the energy sector

Natural gas is a major component of the Egyptian energy balance and its availability has been driving a flourishing petrochemical and fertiliser industry. Cedigaz present a review of the natural gas production and consumption in the Egyptian market and medium-term projections for the future of the market.