Upstream news

TechnipFMC announces that the engineering, procurement, fabrication and supply of umbilicals system for the Kaombo project has been completed.

The facility’s ground breaking took place in late 2017 and construction is expected to be complete by June 2018.

The Company increased proved reserves by 20% or 1 756 000 bbls after production and increased proved plus probable reserves by 18% or 2 837 000 bbls after production.

Trinity, the independent E&P company focused on Trinidad and Tobago provides an update on its operations and unaudited financial position for the 12-month period ended 31 December 2017 in advance of publishing the Group’s 2017 audited full-year results in May. 

Cutting the US deepwater royalty rate from 18.75% to 12.5% for new leases, as proposed by the US Royalty Policy Committee in its meeting on February 28, would significantly improve the attractiveness of the country’s fiscal regime, according to GlobalData, a leading data and analytics company.

The Oilfield Technology Group (OTG) of Hexion Inc. (Hexion) has announced the completion of its resin coated proppant manufacturing plant expansion in Canada.

Triangle Energy (Global) Ltd has provided an Operations Update on its Cliff Head Oil Field (Cliff Head; 78.75%) assets.

Norwegian suppliers Framo, Maritime Partner, Norbit Aptomar, and NorLense have come together to create the OSRV (Oil Spill Recovery Vessel) Group to offer a complete oil spill response solution.

Airswift, the global workforce solutions provider for the energy, process and infrastructure sectors, has announced substantial expansion in Latin America.

Rystad Energy estimates that liquid resources from mature assets grew 151 billion barrels over the last four years, which is almost 17% more than the amount produced in those years.