Page 8 - Digging Crew News Today

Spending on decommissioning is set to increase every year over the next two decades as offshore oil and gas fields reach their end of life, especially in mature basins such as the North Sea, while onshore wells at the end of their production life need to be safely plugged.

The heightened focus on energy security and the rising cost of energy is reinforcing the difference in decarbonization speed between Europe and the rest of the world – according to the sixth edition of DNV’s Energy Transition Outlook.

All eyes turn to Vienna as OPEC+ meets in person today to discuss production targets.

Norway’s military said on Monday it had posted soldiers to help guard major onshore oil and gas processing plants, part of a wider effort to boost security amid suspicion that sabotage caused leaks in the Nord Stream gas pipelines last week.

The Inflation Reduction Act and its implications for the US oil and gas sector was the highlight of the past month in the American energy industry, where the oilfield services sector added more jobs for a ninth month in a row and where high liquefied natural gas exports made the United States the world’s top LNG exporter.

The OPEC+ group’s decision to slightly raise production targets in September, the record-smashing profit of the world’s largest oil company, Saudi Aramco, and business deals involving the biggest energy firms in the Middle East were the highlights in the region’s oil and gas industry this past month.

The windfall tax, higher gas production, energy security, and new field developments featured in the UK’s oil and gas industry last month.

Heightened uncertainty over Russia’s pipeline gas supply to Europe, soaring gas and power prices, a major gas discovery, development plans for oil and gas fields offshore Norway, and a lot of investment in clean energy projects have been the key themes in the European energy industry in recent weeks.

Baker Hughes, Mocean Energy and Verlume have signed a triparty memorandum of understanding (MoU) to identify and discuss potential opportunities for collaboration on integrated wave energy and subsea energy storage solutions for the emerging subsea clean energy market.

Oilfield services giant TechnipFMC has secured an engineering, procurement, construction and installation (EPCI) contract from TotalEnergies for the Lapa North East field in the Santos basin offshore Brazil.