Oil & gas news

Statoil will have the Snøhvit LNG plant back up to full capacity by the end of January after it was forced to shut down on 20 December due to a technical fault.

Iraq has agreed to build an oil pipeline to Jordan to increase the supply of crude oil.

Petrofac has been awarded a contract by Petronas Carigali Sdn Bhd for the development of the SEPAT offshore early production system on the East coast of Peninsular Malaysia.

Diamond Offshore Drilling have signed a contract for an ultra deepwater drilling ship with Hyundai Heavy Industries, with the option to buy a second one.

Riversdale Mining and Rio Tinto have enterd a Bid Implementation Agreement, under which Rio Tinto has agreed to make an all cash off-market takeover bid at AU$ 16/share.

Aker Solutions has entered into a share purchase agreement (SPA) whereby it has agreed to transfer operations within its Process and Construction business area to Jacobs Engineering Group Inc. (Jacobs).

Increase in petroleum deliveries signals stronger economy say the American Petroleum Institute.

A special IHS Herold Review on the oilfield services sector issued this month indicates a healthier growth outlook for the industry in 2011, despite being hard hit by the Gulf of Mexico (Gulf) drilling moratorium in 2010.

Oil accidents have prompted Danish industries and research to cooperate on new groundbreaking sonar technology. For the first time ever it will be possible to get a detailed picture of oil in the water column and on the seafloor.

Santos LNG has sold stakes in its Gladstone LNG project to KOGAS and Total and signed a 20 year supply agreement with KOGAS.