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Cairn, 2H Offshore Announce Partnership For Major Offshore India ProjectCairn Oil & Gas, part of Vedanta Group and India’s largest private oil and gas exploration and production company announced the commencement of a significant offshore development project on the West Coast of India through a Memorandum of Understanding (MoU) and Master Service Agreement (MSA) with 2H Offshore. The project, targeting an estimated ultimate recovery (EUR) of approximately 20 million barrels of oil equivalent (MMBOE), represents the largest development under the offshore Discovered Small Fields (DSF) blocks.
Cairn holds a 100 percent participating interest in this block.
Cairn is partnering with 2H Offshore for the integrated, end-to-end delivery of offshore platforms to develop the field. 2H Offshore is renowned for its proven track record and unique, adaptable mindset in optimizing asset design through unconventional technology, ensuring timely and cost-effective project delivery.
As a key player in India’s energy landscape, Cairn currently contributes nearly 25% of the nation’s domestic crude oil production and has the vision to double this for securing India’s energy future through responsible and sustainable practices.
The partnership was signed in the presence of Vedanta Chairman Mr. Anil Agarwal, at the CERAWeek by S&P Global energy conference taking place this week in Houston, Texas.
“This collaboration underscores our commitment to leveraging innovative solutions and expertise to develop our new fields," said Hitesh Vaid, CFO, Cairn Oil & Gas. "We are keen to work with 2H Offshore and are targeting the first hydrocarbon sales from this block by Q4 FY2027.”
“Our integrated delivery through an EPC-M (Engineering, Procurement, Construction, and Management) model will ensure our partnership with Cairn brings the best of what we have to offer to develop their project on time and best-in-class,” added David Walters, Global Director and VP, 2H Offshore.oil-gas
Mar 13, 2025
World Oil
Chevron'S Venezuela Oil Contractors Continue Work Despite Impending Trump Deadline(Bloomberg) – Venezuelan oil contractors are continuing their work with Chevron Corp. and have not been warned of an impending shutdown despite a U.S. government deadline to stop producing oil there by early April.
Local service companies working for three of Chevron’s joint ventures with state-owned Petroleos de Venezuela SA have not slowed down work, according to five people with knowledge of the matter. Chevron hires local companies to maintain oil wells, supply power generators, operate small drills and specialized equipment as well as manage housing contracts for employees.
U.S. President Donald Trump’s administration set an April 3 deadline for the oil major to wrap up operations in Venezuela, cutting short the six-month wind-down period. The fact that Chevron’s work continues apace more than a week after Washington issued its order underscores how challenging it will be for the company to comply with the accelerated timeline, designed to pressure Nicolás Maduro to make a deal over democratic reforms and accept more migrants from the U.S.
Chevron is “aware of the President’s directive and will abide by any direction given by the U.S. Treasury Department to implement that directive,” spokesperson Bill Turenne said by email. The company “conducts its business in Venezuela in compliance with all laws and regulations, including the sanctions framework provided by U.S. government.”
See also:Â U.S. sets one-month deadline for Chevron to end Venezuela operationsoil-gas
Mar 13, 2025
World Oil
Murphy Oil To Acquire Bw Pioneer Fpso In Gulf Of America For $125 MillionMurphy Oil Corporation today announced that a subsidiary has signed a Sales & Purchase Agreement (SPA) to acquire the BW Pioneer floating production storage and offloading vessel (FPSO) from BW Offshore.
The gross purchase price is $125 million, subject to customary closing adjustments, and includes an initial approximate $100 million payment upon delivery by the end of first quarter 2025. The remaining balance will be due when certain contractual obligations are met, which is expected by the end of second quarter 2025. In addition, Murphy is reaffirming its 2025 capital expenditure (CAPEX) guidance range of $1,135 million to $1,285 million, with first quarter CAPEX reaffirmed at $425 million.
The FPSO will remain at its current location, supporting operations at the Cascade field (Walker Ridge 206 and 250) and Chinook field (Walker Ridge 469 and 425) in the Gulf of America. BW Offshore will continue to provide operations and maintenance services under a new five-year reimbursable contract.
“I am pleased to announce this value-creating transaction with BW Offshore, a top FPSO operator with a strong safety culture, and I look forward to continuing our partnership," said Eric M. Hambly, President and CEO of Murphy Oil. "By acquiring the FPSO and restructuring our contract, we will achieve a material reduction in operating costs of nearly $60 million annually with a payback of about two years independent of oil price, while enhancing returns for future infield development and exploration and increasing net proved developed reserves by approximately 8 million barrels of oil equivalent. It is also important to note that the purchase price was included in our 2025 capital expenditure guidance range of $1,135 million to $1,285 million. Further, the FPSO is located in the prolific Wilcox trend, allowing for operated and non-operated exploration prospects to tie back to a cost-advantaged facility.”
The first FPSO approved for operations in the Gulf of America, the BW Pioneer has been in service since its conversion in 2009. The vessel has a storage capacity of approximately 600,000 barrels of oil and processing capacity of approximately 80,000 barrels of oil per day.oil-gas
Mar 13, 2025
World Oil
Opec+ Oil Production Surges As Kazakhstan Ignores, Exceeds Quota(Bloomberg) -- OPEC+ crude production surged last month as Kazakhstan, which has long flouted the cartel’s output quotas, further breached its agreed limit.
The alliance’s output climbed by 363,000 barrels a day (bpd) to just over 41 million bpd in February, according to a report from OPEC’s secretariat on Wednesday, preempting the group’s supply revival by two months.
Last week, the coalition led by Saudi Arabia and Russia surprised oil traders by announcing it would press on with long-delayed plans to restore halted output amid pressure from President Donald Trump to reduce fuel prices.
Some OPEC+ delegates have privately said that exasperation among the group’s leaders with persistent quota-cheats like Kazakhstan was a factor in the decision. Kazakh Energy Minister Almassadam Satkaliyev said on Friday that he has asked international oil companies including Shell Plc and Exxon Mobil Corp. to cut their output this month, but the nation has a poor track record of delivering on its commitments.
Kazakhstan’s production soared by 198,000 bpd in February to 1.767 million bpd, at least 300,000 bpd above its OPEC+ ceiling. Astana has consistently violated this target as it starts new projects such as the expansion of the giant Tengiz oil field.
The Organization of Petroleum Exporting Countries and its partners have been restraining output since late 2022 in a bid to stave off an oil surplus and shore up prices. Their decision on March 3 to finally green-light a series of production increases surprised traders, who had expected that faltering Chinese demand and brimming American supply would require yet another pause.
Oil futures declined after the move and have continued to weaken on concern that Trump’s tariffs will ignite a global trade war. Brent briefly sank to the lowest since 2021, but has since recouped some of its losses to trade near $70 a barrel in London.
OPEC+ has said it can “pause or reverse” the scheduled series of output increases depending on market conditions, and has just under a month to consider the next hike.oil-gas
Mar 12, 2025
World Oil
Technipfmc Signs Deepwater Exploration Agreement With India'S Largest Private E&P Co.Cairn Oil & Gas, part of Vedanta Group and India’s largest private oil and gas exploration and production company, has entered into a strategic alliance with TechnipFMC to accelerate the delivery of integrated subsea infrastructure for future deepwater projects in India. The collaboration will leverage TechnipFMC’s integrated Engineering, Procurement, Construction, and Installation (iEPCI™) execution model, driving efficiency and innovation in execution.
This alliance positions Cairn to rapidly advance its deepwater exploration ambitions, tapping into TechnipFMC’s extensive expertise and cutting-edge technologies. The agreement also incorporates the use of integrated Front-End Engineering and Design (iFEED™), where early engagement optimizes project performance utilizing TechnipFMC’s Subsea Production Systems (SPS) and Subsea Umbilicals, Risers, and Flowlines (SURF) work scopes.
As a key player in India’s energy landscape, Cairn currently contributes ~25% of the nation’s domestic crude oil production and has a bold vision to double this, securing India’s energy future through responsible and sustainable practices.Â
The agreement was signed in the presence of Vedanta Chairman, Mr. Anil Agarwal, at the CERAWeek by S&P Global energy conference, happening this week in Houston, Texas.Â
“This collaboration is a pivotal step in realizing our deepwater goals," said Hitesh Vaid, CFO of Cairn Oil & Gas. "TechnipFMC’s expertise is a perfect match for our ambitions, and together we will push forward at the pace required to meet our bold targets.”
“This collaboration agreement lays the foundation for early engagement, ahead of future deployment of our iEPCI™ integrated project execution model, a combination that will help accelerate and deliver Cairn’s bold deepwater development vision with greater certainty," said Doug Pferdehirt, Chairman and CEO of TechnipFMC.
Cairn’s deepwater initiative
Cairn has over 4,500 sq. km. of offshore deepwater block in the Krishna Godavari (KG) Basin in the east coast with water depths ranging from 500 to 2,500 meters. The block currently has four gas discoveries, 2,000 sq. km. covered with 3D seismic, and four prospects identified with resources potential of 5 TCF, which are yet to be drilled.oil-gas
Mar 12, 2025
World Oil
Incapture Joint Venture, Halliburton To Collaborate On Commercial-Scale Ccs ProjectInCapture and joint venture partners SK earthon Australia and Carbon CQ have awarded Halliburton Australia the full scope of the G-15-AP CCS Declaration of Storage Project and signed a memorandum of understanding ( MOU) with Halliburton to progress towards the ambitious goal of launching a commercial scale CCS project within G-15-AP by the end of this decade.
Halliburton offers the G-15-AP project world-leading experience in identifying, maturing, and delivering CO2 storage projects at scale. Working with technical teams from the collaboration, Halliburton will assess and appraise potential storage solutions from across the G-15-AP area and progress high-graded opportunities through major regulatory processes.
“The signing of the MOU with Halliburton plays a pivotal role in the development of a world-class CCS site over the G-15-AP area, which aims to help deliver safe, secure and effective storage options for domestic and international emitters, at pace,” said Julia Davies, Managing Director of InCapture. "We are thrilled to be working with Halliburton to deliver the primary work program over G-15-AP.”
"We are collaborating with InCapture on this groundbreaking project, bringing together the combination of our experience and innovative approaches to help with this important initiative,” said Martin White, senior vice president, Asia Pacific, Halliburton. “We aim to help facilitate timely delivery of the declaration of storage scope.”Additionally, Halliburton will contribute to the overall success of the CCS project by providing strategic insights and robust support throughout its development.oil-gas
Mar 12, 2025
World Oil
The Gas Exporting Countries Forum (Gecf) Launches 9Th Edition Of Global Gas Outlook 2050(WO) – The Gas Exporting Countries Forum (GECF) has released the 9th edition of its Global Gas Outlook 2050, offering an in-depth analysis of the future of natural gas. This latest edition explores key trends and developments in the natural gas market. The report will support global companies and policymakers in navigating the energy trilemma, balancing economic growth, energy demand supply challenges and evolving market dynamics.
The Global Gas Outlook 2050 was launched on March 10 during a GECF-led webinar, coinciding with a crucial period for Africa’s natural gas industry. Africa’s natural gas reserves account for approximately 6% of global supply, with an expected growth of 15% by 2030. This expansion, while moderate compared to other regions, underscores Africa’s LNG potential, particularly as global gas demand is projected to increase at a CAGR of 1.5% until 2030, with LNG representing approximately 10-15% of that demand. GECF’s participation at AEW 2025 will highlight Africa’s role as a key investment destination in the global natural gas landscape, emphasizing opportunities in infrastructure development and gas monetization.
“The findings of the report confirm our argument that only a diverse energy mix tailored to the specific needs of various regions can balance affordability, security and sustainability,” stated Eng. Mohamed Hamel, GECF Executive Secretary. “We are convinced now more than ever that natural gas is not only a bridge to the future, but an integral part of the future. I would like to emphasize the role of GECF member countries, who play a vital role in meeting the world’s energy needs. Their contributions, by 2050, will meet half of all global natural gas supplies.”
According to the report, global primary energy demand is expected to increase by 18% between 2023 and 2050, with no peak in sight. The global energy mix is diversifying, with natural gas projected to supply 26% of total energy by 2050. As a result, natural gas demand is set to rise steadily, reaching 5.1 trillion cubic meters by 2050—a 32% increase from 2023 levels. This represents the second-fastest growth rate in energy demand after renewables. Africa, the Middle East and Eurasia are expected to drive nearly 87% of the global natural gas production expansion by 2050.
“The GECF Global Gas Outlook 2050 provides policymakers, investors and stakeholders with valuable insights into the future of global energy markets. Today’s launch comes at a pivotal moment. The energy sector must evolve to meet these evolutions while addressing energy security, sustainability and economic growth. Despite the world’s tremendous progress, energy poverty remains a pressing challenge and natural gas plays a central role in meeting the world’s challenges,” stated Sheik Mishal bin Jabor Al-Thani, GECF Executive Board Member.
The global natural gas trade is undergoing a transformation, with LNG taking center stage. LNG trade is projected to double, reaching 800 million tons by 2050. To support this expansion, cumulative global investments in natural gas are expected to total $11.1 trillion by 2050, with $10.4 trillion allocated to upstream development and $700 billion to downstream infrastructure. Natural gas, when combined with decarbonization technologies such as carbon capture, utilization and storage, provides a viable pathway to a balanced and sustainable energy transition.
According to the outlook, key drivers of natural gas growth include favorable policies, increasing global LNG production and rising demand for power generation. With Africa’s urbanization rate expected to reach 68% by 2030, natural gas is positioned to drive technological innovation, economic growth and regional cooperation. Primary energy demand in Africa is forecasted to grow at an annual rate of 0.6% through 2050, accounting for a quarter of the global increase. Notably, Africa is set to lead global natural gas demand growth at a rate of 3% annually—the fastest worldwide.
With over 600 million people across Africa lacking electricity and over 900 million without access to clean cooking solutions, insights from GECF at AEW: Invest in African Energies 2025 will showcase Africa’s vast investment opportunities. As global interest in African hydrocarbons rises, GECF member countries—including Angola, Algeria, Libya, Nigeria, Senegal, Mauritania, Egypt and Mozambique—are well-positioned to drive economic expansion and maximize energy monetization strategies.oil-gas
Mar 11, 2025
World Oil
Ceraweek 2025: Oil And Gas Revenue Is Fueling A Resilient Economy, Guyana’S President SaysDay two of CERAWeek by S&P Global held many energetic and notable discussions, with key themes surrounding innovation, energy security, and the global forces shaping the industry. Notably, a luncheon and discussion between S&P Global Vice Chairman Daniel Yergin and Guyana’s President and Commander-in-Chief H.E. Dr. Mohamed Irfaan Ali, shed light on what has fueled the nation’s rapid economic growth, and what’s to come.
The South American nation has become a powerhouse of oil and gas development in recent years and holds keen interest for the global energy sector, an enthusiasm that was apparent by the full ballroom of attendees eager to hear direct insights from the country’s leader. Yergin enlightened a brief history on oil development in Guyana, noting that first discovery was just shy of a decade ago in 2015, with first production coming in 2019. Today, Yergin noted, Guyana produces 500,000 barrels per day (bpd) and is on a fast track to increase production to 1.5 million bpd in just two years’ time.
President Ali showed humility and confidence in Guyana’s growth story, noting the importance of infrastructure investment, and the broader goal of establishing resilience for Guyana’s economy.
“You can’t have investment without resources. And you can’t have resources without exploring the natural reserves that you have,” explained Ali. “This has allowed us to develop Guyana through economic diversification, and with resilience at the center. We want to be an energy hub. A stable force that offers energy security, stability and ultimately political stability as well.”Â
Investing in necessary infrastructure to enable the private sector was critical for Guyana’s successful expansion into the oil and gas sector, Ali noted. "One thing we knew from first starting oil development was that this was a very complex industry," Ali said. "Our private sector was new to all this, and we did not have the scale to participate without first heavily investing in infrastructure."
Discussion of infrastructure then segued into S&P Chairman Yergin prompting President Ali to share Guyana's progress on bringing natural gas onshore for electric generation—a topic Ali was eager to talk about.
Ali noted that while cost will remain an inhibiting factor, Guyana is pursuing opportunities to turn this to their competitive advantage, referencing the highly anticipated Gas-to-Energy project. A collaborative development between the Guyanese government and ExxonMobil, the Gas-to-Energy project will consist of a 12-inch pipeline with a maximum capacity of 120 MMcf/d, and is designed to transport gas from Exxon's offshore operations in the Stabroek block to onshore facilities for power generation. The project is slated to begin operations in 2025, with an initial capacity of 50 MMcf/d.
On another note, progress has been made the past several years to establish a cooperative, collaborative regional 'energy corridor' between Guyana, Suriname and Brazil. President Ali mentioned at CERAWeek that they are specifically looking into developing a facility to connect Suriname to northern Brazil in order to facilitate an integrated regional energy hub.
Talk of large-scale data hub development was prominent across CERAWeek’s day-two sessions, and President Ali iterated that Guyana is pursuing this avenue as well. “We’re striving to be a major player on the technical frontier,” Ali said, “and we are working on using natural gas to generate power to drive large-scale data centers.”
Ali does not shy away from truth that oil and gas developments have been the main catalyst for propelling Guyana forward, although he made the distinction that there are a wide array of economic strengths and goals in sight. "We want to be known as an economy that was propelled by revenue from oil and gas projects, but also an economy that is resilient and highly integrated,” H.E. Dr. Ali concluded. “In the next three to four years, we’ll have perhaps two of the largest oil operators in Guyana. A lot of opportunities will be unlocked.”
Header image: ExxonMobil's Liza 2 FPSO, offshore Guyanaoil-gas
Mar 11, 2025
World Oil
Deferred Well Plug And Abandonment Could Add $5.5 Billion To Uk Decommissioning Bill(WO) – Latest analysis from Westwood Global Energy Group, the specialist energy market research and consultancy firm, reveals the extent of financial and logistical hurdles for North Sea decommissioning. Political and fiscal uncertainty has impacted investor confidence in the UK which is accelerating the decline of domestic production. As a result, US$26 billion could be spent on decommissioning in the next decade, with well plug and abandonment (P&A) alone accounting for ~50% of the cost.
Analysis reveals that timing uncertainty is driving financial and operational risks for operators, as the decommissioning workload increases but contract awards are lagging, particularly for rigs. Deferring work scopes could strain the supply chain’s limited capacity to execute the work. If delays persist and rig availability tightens, well P&A costs could climb by up to US$5.5 billion, due to higher offshore rig dayrates, increasing financial liabilities for both operators and the UK Government, which provides tax relief on decommissioning costs.
“As the UK North Sea enters a new phase where decommissioning becomes the dominant industry driver, the supply chain faces significant demand and major financial risk,” said Yvonne Telford, Research Director at Westwood. “Based on current investment plans, up to 40% of UK fields could cease production before 2030. With the impact of decommissioning tax liabilities on abandonment expenditure, cost-effective P&A must be paramount.
Dominic Ferry, CEO at Westwood, added: “Westwood’s new Atlas Decommissioning module provides the clarity the market needs by linking infrastructure data with economic forecasts, offering stakeholders a clear view of the timing, cost, and risks associated. By delivering granular insights into decommissioning activity, the module helps operators, service providers, and investors make informed decisions, mitigate financial exposure, and seize emerging opportunities in this evolving landscape.”
The research comes as Westwood launches its new Atlas Decommissioning module, providing real-time flexibility for users offering detailed insights into decommissioning timelines, infrastructure removal and market dynamics. For the first time, industry players will be able to dynamically model decommissioning schedules based on key economic drivers, such as commodity prices and operating costs, allowing them to predict shifts in activity and optimise planning.oil-gas
Mar 11, 2025
World Oil
Quorum Software Acquires Zdscada, Enhancing Digital Oilfield Capability(WO) – Quorum Software, a leading provider of energy software worldwide, today announced that it has acquired zdSCADA, an established leader in cloud-based supervisory control and data acquisition (SCADA) technology. This acquisition enhances Quorum’s comprehensive Upstream On Demand suite, integrating best-in-class SCADA to provide real-time well data for production management. The addition of zdSCADA complements Quorum’s industry-leading FLOWCAL measurement software and Coastal Flow measurement services, enhancing its end-to-end digital oilfield capabilities.
By combining zdSCADA’s advanced capabilities with Quorum’s industry-leading upstream and measurement solutions, operators will benefit from optimized production and measurement operations, improved efficiency, and enhanced digital connectivity between the field and office.
"The future of energy operations is here, bringing connected workflows, intelligent automations, and real-time data-driven insights,” said Paul Langenbahn, CEO at Quorum Software. “With Quorum and zdSCADA together, we’re delivering a seamlessly connected workflow that enhances visibility, efficiency, and value from field to back office to boardroom. This acquisition strengthens our capabilities and accelerates innovation across the industry."
“zdSCADA is the best-in-class SCADA provider serving both upstream and midstream, and we are thrilled to welcome them to Quorum as part of our Quorum Energy Suite,” said Radhika Krishnan, Chief Product & Technology Officer. "With zdSCADA’s real-time field data seamlessly feeding into Quorum’s solutions, operators gain complete visibility across production, measurement, and financial workflows, while at the same time enhancing Quorum’s data and AI centric approach to delivering customer value.”
“zdSCADA was founded with a mission to revolutionize the digital oilfield by offering a turnkey SCADA solution built on the latest cloud technology,” said Vernon Gilbert, a zdSCADA co-founder.
“Joining forces with Quorum allows us to accelerate that mission and deliver even greater value to customers with access to a broader portfolio of best-in-class solutions that only enhances the digital oilfield, backed by deep domain expertise," added Matthew Smiley, another co-founder of zdSCADA. "We are excited to join the Quorum team and continue driving innovation in the industry."
Bringing together zdSCADA’s best-in-class SCADA solution with Quorum’s Upstream On Demand suite, operators can now leverage a unified, cloud-based platform for real-time decision-making and greater operational agility across the energy value chain. FLOWCAL and zdSCADA together deliver a comprehensive measurement automation solution that improves transparency from field to office.
PPHB acted as sole financial advisor, and Troutman Pepper Locke served as legal counsel to zdSCADA.oil-gas
Mar 11, 2025