24 May 20Global oil & gas decommissioning costs to total USD42 billion through 2024, dominated by UK North Sea - Rystad Energy
Energy companies have been slashing exploration and production budgets since the Covid-19 pandemic took hold and sent oil prices tumbling, but, with few profitable investment alternatives, operators are now likely to increase spending in decommissioning work. Rystad Energy estimates the total value of the global pool of decommissioning projects that will accumulate through 2024 could reach $42 billion.
24 May 20UK: High Court of Justice rejects its jurisdiction in OPL 245
Eni notes that the High Court of Justice in London rejected its jurisdiction on OPL 245 matters, dismissing the lawsuit filed by the Federal Government of Nigeria. OPL 245 therefore remains under jurisdiction of the Italian Court only, where the judgement is pending.
24 May 20India: NTPC in pact with ONGC to set up Joint Venture Company for Renewable Energy business
NTPC, India’s largest power utility, and Oil and Natural Gas Corp (ONGC) have signed a Memorandum of Understanding (MoU) to set up a Joint Venture Company for Renewable Energy business. The MoU will enable both companies to accelerate their footprint in Renewable Energy.
24 May 20Qatar is moving full steam ahead to develop the North Field gas projects
Qatar is going full steam ahead with the North Field expansion projects to raise Qatar’s LNG production capacity from 77 million today to 110 million tons per annum by 2025 and 126 million tons per annum by 2027. Final onshore commercial bids will be received by September and that contracts will be awarded by the end of the year.
24 May 20Cote d'Ivoire: PGS releases new multi-azimuth GeoStreamer 3D for Cote d’Ivoire
The new 900 sq km multi-azimuth broadband seismic survey from PGS provides increased resolution and sharper imaging of prolific Upper Cretaceous plays in Côte d'Ivoire Block CI-706.