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  • NRL Industry Snapshot – Oil & Gas (December 2018)

    oil and gas news uk

    Duncan Lowe, Recruitment Consultant at NRL Woking with the latest Oil and Gas developments including, contract awards and international news. Contact us here at NRL if you’re a client looking to work with a highly experienced agency within the Oil & Gas sector or if you’re a candidate, you can request to be notified of the latest job opportunities.

    DUNCAN-LOWE-NRL

    UK

    Contract Awards

    Wood Group secures new contract for Texas pipeline

    Wood Group have been awarded a new contract to construct an 80-mile steel pipeline valued at £33.6 million in Texas, the pipeline is being developed to transport natural gas across the state. The project is expected to require an additional headcount of 200 from the Aberdeen-based organisation.[1]

    Petrofac awarded North Sea contract extension by TAQA

    Following a competitive tender process, Petrofac has been handed a 3-year extension on a Condition Monitoring contract with TAQA, enhancing the 10-year relationship between the two companies. Work will include both onshore and offshore vibration analysis for all North Sea assets.[2]

    Other UK News

    Shell announces new pipeline as part of the North Sea hub

    Shell has announced the development of a new pipeline to transport gas from the Shearwater North Sea platform. The pipeline will link up with the existing Fulmar line to enable wet gas to flow to the SEGAL pipeline. This marks the seventh FID for Shell in the UK North Sea (in 2018) with the total cost of the development expected to exceed £100million. Aberdeen based Subsea 7 has secured the contract.[3]

    Equinor set to continue investment in UK Continental Shelf despite Brexit

    Equinor has confirmed its intentions to continue investment in the UKCS in 2019 with plans to drill 3 additional wells. The company’s Vice President is aiming to make the most of the UK’s common geology with Norway. Equinor has a stake in more than 20 exploration licences in the UK including Rosebank and Mariner, both of which continue to be a major focus for the organisation.[4]

     

    International Oil & Gas News

    Qatar follows up on exit from OPEC and purchases Mexico-based oil stakes from Eni
    Qatar Petroleum is buying stakes in three offshore oil blocks in Mexico from Eni SpA, as the Arab country signs another global expansion deal after leaving OPEC. The investment follows Qatar’s announcement that it intends to leave OPEC in the new year. It also reflects a shift toward exploration in the Mexican side of the Gulf, outside US waters.[5]

    Chevron set for first increase in budget since 2014
    Chevron has announced that the company will boost capex by $20 billion dollars in 2019. This represents the company’s first increase in spending since 2014, following 4 years of cuts. The majority of the spending increase will be allocated to the international upstream side of the business, with major projects such as the TCO Future Growth Project taking up significant investment. Significant sums have also been allocated to the US upstream markets.[6]