US to dominate global oilfield equipment rental market from 2017-2022

OilfielsIn the recent report on oilfield equipment, the leading market research company Research and Markets declared that the global rental market of oilfield equipment is projected to grow at a CAGR of 3.87 per cent from 2017 to 2022, with reaching a market size worth US$20.55bn by 2022

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Wentworth releases its operational update for oil and gas

WentworthWentworth, east Africa-focused oil and gas company, has released it operational updated on 13 June 2017, announcing that the company is aiming to advancing its appraisal programme and to securing an industry partner to participate in an appraisal well, which is planned for Q2 2018

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Middle East and Africa oil and gas pipeline market is projected to reach US$10.8bn by 2022

3681045678 b88517670a bResearch and Markets has announced the addition of the "Middle East & Africa Oil & Gas Pipeline Market By Application (Midstream, Downstream, Upstream), By Type (SAW, Seamless, ERW, Polyethylene & Composites), Competition Forecast and Opportunities, 2012-2022" report to their repertoire 

Saudi Arabia is one of the biggest oil and gas exporter in the world, hence, the potential of further expanding oil and gas pipeline infrastructure in the country is high. As compared to Africa, Middle East has a better and more extensive pipeline infrastructure, owing to high hydrocarbon reserves present and a well-established pipeline network with their neighbouring countries. Moreover, construction of 500 km long pipeline, developed jointly by Abu Dhabi National Oil Co., (ADNOC) and Masdar, is underway. Additionally, a 230-km long pipeline between Central Oman and Maritime Hub in Duqm, is under construction and is expected to commence operations by 2017.

Few of the leading players in Middle East and Africa oil oil gas pipeline market includes China National Petroleum Corporation, CHELPIPE, National Oilwell Varco, Welspun Corporation Limited, Maharashtra Seamless Limited, General Electric, TechnipFMC, and Subsea.

The report covers trends and developments such : crude oil prices influencing investments in pipeline infrastructure, digitalisation in pipeline infrastructure, expansion in city gas distribution network, surging drilling contracts and exploration investments, demand from downstream applications, development of shale gas and synthetic natural gas, and rising production from offshore fields.

For more information about this report visit http://www.researchandmarkets.com/research/3fz26s/middle_east_and

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Nigerian oil close to capacity after force majeure on exports from Forcados lifted

seplat image 1The force majeure on the Shell-operated Forcados oil terminal has been lifted after 16 months, providing a boost to Nigeria's oil industry

After a militant attack on the Trans Forcados Pipeline in February 2016, the terminal was placed under force majeure. There was a brief resumption during the autumn of 2016 but militants attacked the facility again and the force majeure remained in place. Forcados is Nigeria's main oil export terminal.

Forcados usually exports up to 240,000 bpd, bring the West African country back to around the 1.8mn bpd level which the government wanted to achieve prior to joining the OPEC output cuts. However, Nigeria is now exempt from these cuts and production is on the rise.

Following the lifting of the force majeure, indigenous Nigerian oil company Seplat issued a statement saying it has been able to "successfully reinstate gross production at OMLs 4, 38 and 41 to pre-force majeure levels of around 75,000 bpd and 290 MMscfd." 

Commenting on the operational update Austin Avuru, Seplat’s Chief Executive Officer, said: “The resumption of exports at the Forcados terminal has enabled us to very quickly de-constrain production, and in doing so once again demonstrate Seplat’s strong underlying fundamentals.  Our focus now is on restoring production and cash flow momentum whilst also establishing longer-term access to multiple export routes.  Whilst the lifting of force majeure is welcome news we continue to monitor the situation closely and, dependent on performance in the interim period, will seek to resume formal production guidance at our half-yearly results to be released on 27 July 2017”.  

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ExxonMobil acquires deepwater acreage in Equatorial Guinea

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The government of Equatorial Guinea has signed a production sharing contract (PSC) with ExxonMobil's affiliate, Exploration and Production Equatorial Guinea (Deepwater)

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