Oil & Gas
Definition: “LoI” is the acronym for Letter of Intent . Comments: A LoI is a document by which two parties describe how they intend to work together. It can be just a technical base line of co-operation or a more extended agreement with commercial and financial terms. Depending on the countries, a LoI may be considered as a formal bidding contract or not. A LoI may also be called Memorandum Of […]
Mariner is the first field to be developed from the $9.6 billion capital expenditure Mariner & Bressay project located in the UK North Sea Because the offshore ultra heavy crude oil is one of the most challenging exploration & production of the Oil&Gas sector, Statoil decided to proceed step by step. Mariner will go first and Bressay will follow one […]
Oil and Natural Gas Corporation Limited (ONGC), India and ConocoPhillips, USA, have signed on March 30th a Memorandum of Understanding (MoU) to co-operate and develop the shale gas resources in India, North America and elsewhere besides deep water opportunities in Eastern offshore India. The unprecedented growth of shale gas in the USA has generated new hopes […]
Lundin Petroleum received the formal approval from the Norwegian Ministry of Petroleum and Energy to proceed with the $4.2 billion plan development and operation (PDO) of the Edvard Grieg oil field. The Edvard Grieg oil field was previously called Luno and is located in the Norwegian North Sea close to the Tellus discoveries, 180 kilometers west of Stavanger, Norway. It is the first […]
When the USA, led by companies like ExxonMobil or Chesapeake, decided to boost the development of shale gas, the world perceived it as a local matter to help this country to reduce its reliance on overseas production countries. Then in 2011, the USA have become already self sufficient in gas, much faster than expected. Until then, […]
Definition: “Lube Oil” is a lubricant, to be used in all mechanical system to reduce friction between moving parts. Produced out of crude oil, this Lube oil is also called Mineral oil. Comments: The word Lubricant is mostly used to speak about the products, while Lube oil is normally referring to the process such as Lube […]
Definition: “Subsea Electrical System” refers to all the solutions to transport and distribute electrical power from the land or an Offshore operating unit, such as platform or FPSO, to supply seabed operating units like compressors, pumps, valves, etc… Comments: Normally electricity and water do not fit too well together, so it may look strange to consider such […]
To meet the Malaysia oil & gas production targets, Hess and Petronas have decided to speed up the development of the Kamelia and Belud oil fields. On Kamelia in the North Malay Bassin, Hess has awarded a letter of Intend to Emas Offshore Production & Construction (EOCL) to charter a FPSO for a first period of […]
