Worley to provide construction services for Syncrude facilities
Australian contractor Worley secured a construction and site maintenance services agreement from synthetic crude oil producer Syncrude Canada.
The agreement means Worley will provide services at Syndcrude’s Canadian hydrocarbon facilities over a period of five years.
The deal extends the Australian contractor’s 29-year relationship with Syncrude Canada.
Scottish Government unveils support package for oil and gas sector
The Government of Scotland announced a £62m ($78m) ‘Energy Transition Fund’ designed to help the Scottish energy industry recover from the impacts of the Covid-19 crisis and oil price crash.
The Energy Transition Fund will be utilised over the next five years to assist the companies to further diversify the businesses and attract private sector investment.
The funding will mainly focus on the north-east of the country.
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By GlobalDataUS firm Chesapeake Energy to file for bankruptcy
US-based petroleum and natural gas company Chesapeake Energy is reportedly preparing to file for bankruptcy this week amid the Covid-19 crisis, according to people familiar with the matter.
The novel coronavirus has created unprecedented disruption across the world, which has resulted in historically low and volatile prices.
According to a Reuters report, the company is currently in the final stages of negotiation to procure a $900m debtor-in-possession loan, which will help the company to manage operations when it is under administration.
Black Bear agrees to acquire NGT assets from Third Coast Midstream
Black Bear Transmission’s affiliate agreed to acquire a Natural Gas Transmission (NGT) assets portfolio from Third Coast Midstream’s subsidiary.
US-headquartered natural gas transporter Black Bear is a portfolio firm of the second Basalt fund.
According to Black Bear, the NGT assets are an extension to the Southeast United States natural gas transmission business acquired by Basalt from Third Coast Midstream in October last year.
Armour Energy and APLNG agree on stake sale of Queensland block
Australia Pacific LNG (APLNG) signed a sale and purchase agreement (SPA) with Armour Energy for its interest in Petroleum Lease (PL) 1084, also known as the Murrungama block, for A$4m ($2.75m).
PL 1084 is a coal seam gas CSG tenure located 22km southwest of Chinchilla in south-western Queensland. The 18km² petroleum lease adjoins APLNG’s Talinga project.
The project is a joint venture between (JV) between APLNG (90%) and Armour Energy (10%).
Sasol to discontinue oil operations in West Africa
South Africa-based energy firm Sasol announced plans to end its West African oil operations as it seeks to revamp its business structure.
The company cited weaker oil prices and lower demand due to Covid-19 as the primary reasons for the organisational overhaul.
Sasol noted that the redesign of the organisation would have an impact on its workforce, but did not disclose how many jobs might be lost.
KBR to quit most energy projects and focus on government contracts
Engineering, procurement, and construction (EPC) company KBR reportedly said it will exit most of its liquefied natural gas (LNG) construction and other energy projects, and focus on government contracts and technology businesses.
The company cited the Covid-19 pandemic as the prime reason behind accelerating the decision to leave the fixed-contract energy projects.
Reuters reported that KBR chief executive Stuart Bradie wrote to employees stating that the company will no longer engage in ‘lump sum, blue collar construction services’.
mCloud and nybl to offer well optimisation solutions
Asset management solutions provider mCloud Technologies signed a ‘mutual reseller and global service agreement’ with artificial intelligence (AI) technology firm nybl in a bid to help oil and gas producers optimise their well output.
Under the agreement, the two firms will jointly develop a solution that will connect and optimise an initial 2,000 oil wells in North America and Kuwait.
mCloud noted that the cooperation of the well optimisation solution is currently underway.
Sapura Energy cut staff by 20% amid weak oil market
Malaysian oil and gas services company Sapura Energy agreed to reduce its workforce by 20% in a bid to cut costs amid the coronavirus (Covid-19) crisis.
The redundancies will involve 63% contractual workers and 37% permanent employees. The company has around 4,000 full-time employees.
The move comes in the wake of multiple other attempts by Sapura Energy to adjust its cost structure recently, including salary cuts and other initiatives out of the total 136 cost-cutting initiatives identified by the company.
Schlumberger launches real-time data management service
US-based oilfield services company Schlumberger launched the ‘Performance Live’ service that optimises remote wellsite operations control and improves safety, efficiency and footprint.
Performance Live is a digitally connected service that delivers real-time operational data and insights for enhanced performance.
With technology and domain expertise included within a digital ecosystem, the service leverages Cloud-based applications and data workflows automation through a secured data network.
