At this year’s Annual Meeting in Florence, Baker Hughes, a GE company (BHGE), announced that it would reduce its emissions of CO2 equivalents to net-zero by 2050. The company committed to further investments in advanced technologies to help its customers reduce their emissions across the supply chain.
BHGE started considering its CO2 emissions in earnest in 2012 and had already reduced them by 26%. It will now aim to achieve a reduction of 50% by 2030, by reducing emissions by around 3% annually before making further reductions throughout its supply chain to virtually eradicate its emissions in the following 20 years.
This will be achieved through a range of initiatives across its manufacturing, supply chain, logistics, energy sourcing and generation sectors. These include new technologies such as its Lumen methane monitoring and inspection solution and its fully hydrogen-powered NovaLT gas turbine generator technology.
The Abu Dhabi National Oil Company (Adnoc) awarded an AED5bn ($1.36bn) contract to the National Marine Dredging Company (NMDC) for the construction of artificial islands to develop, drill and produce gas from the Ghasha offshore concession.
The offshore sour gas fields Hail, Ghasha, Dalma, Nasr and Mubarraz form the Ghasha Concession.
Under the dredging, land reclamation and marine construction contract, NMDC will build ten multiple artificial islands in the first phase of the Ghasha Concession development.
The US Bureau of Ocean Energy Management (BOEM) was set to offer 78 million acres for a region-wide lease sale that would include all unleased areas available in federal waters of the Gulf of Mexico.
Scheduled for March 2019, the gas Lease Sale 252 came in support of President Donald Trump’s America-First Offshore Energy Strategy and will include 14,696 unleased blocks.
Located from three to 231 miles offshore in the Gulf’s Western, Central and Eastern planning areas, the blocks lie in water depths ranging from nine to more than 11,115ft.
Murphy Oil signed a sale and purchase agreement through its subsidiary to divest its Malaysian portfolio to a subsidiary of PTT Exploration and Production Public Company (PTTEP) for $2.13bn.
The deal involved the divestment of its two primary Malaysian subsidiaries, Murphy Sabah Oil and Murphy Sarawak Oil.
Under the terms of the agreement, PTTEP will also pay $100m based on certain future exploratory drilling results before October 2020.
Swiss private equity firm Partners Group was set to acquire Norwegian midstream infrastructure company CapeOmega for nearly €1.2bn ($1.34bn).
The company acquired CapeOmega from private equity investor HitecVision, on behalf of its clients.
Established in 2014, CapeOmega focuses on supplying key infrastructure to enable natural gas transportation from the Norwegian Continental Shelf (NCS). It also holds significant stakes in multiple Norwegian midstream infrastructures including Gassled, an offshore gas transmission system.
Inpex signed heads of agreement (HOA) for the $20bn Abadi LNG Project, which involves developing the Abadi gas field in the Masela Block located in the Arafura Sea in Indonesia.
The agreement was signed with Indonesian authorities on behalf of the contractors with the endorsement of Shell Upstream Overseas on the basic principles with regard to a revised plan of development (POD) for the project.
Inpex president Takayuki Ueda told reporters that the HOA includes an extension of the company’s contract to operate the Masela field by 27 years until 2055. As part of the project, onshore LNG plant, gas pipeline, and offshore facilities will be constructed.
International offshore exploration and production company Occidental Petroleum completed its acquisition of Anadarko Petroleum in a $55bn deal.
Proposed in April, the transaction also includes the assumption of Anadarko’s debt.
Occidental Petroleum president and CEO Vicki Hollub said: “With Anadarko’s world-class asset portfolio now officially part of Occidental, we begin our work to integrate our two companies and unlock the significant value of this combination for shareholders.”
Norwegian energy company Equinor made a light oil discovery in the Sputnik exploration well in the Barents Sea, with estimated recoverable resources of 20-65 million barrels of oil (MMbbl).
The Sputnik well was drilled in the PL855 licence, located approximately 30km northeast of the Wisting discovery. It was drilled to a vertical depth of 1569m below the seabed by the West Hercules semi-submersible drilling rig.
Equinor is the operator of the PL855 licence, with an operating interest of 55%. Partners in the licence include Austrian oil and gas company OMV (25%) and Norwegian oil and gas company Petoro (20%).
UK-based oil and gas operator Ithaca Energy announced the completion of the acquisition of Chevron North Sea Limited (CNSL) for $2bn.
The acquisition deal was initially announced in May 2019. The transaction was effective from 1 January 2019.
The deal added ten producing field interests to Ithaca’s existing portfolio, which amounts to an approximate 300% increase in the company’s forecast 2019 production and a 150% increase in its proven and probable (2P) reserves.
Global technology and engineering firm Emerson entered a multi-year agreement with Brazilian integrated energy company Petróleo Brasileiro (Petrobras).
Emerson provides its managed hosting services to support Petrobras in enhancing deepwater operations efficiency and productivity. These also allow Petrobras to reduce costs and help improve geoscientists’ subsurface understanding capability.
These managed services streamline the engineering firm’s exploration and development (E&P) software deployment. It will provide capabilities such as high-performance and remote desktop data management for office and field locations.