Job Market Particularly Strong for Deepwater Pros

An uptick in deepwater activity has contributed to a marked increase in demand for riser, drilling and completion engineers worldwide over the past year, an oil and gas recruitment specialist told Rigzone at last week's Offshore Technology Conference (OTC) 2013.

"The demand is great," Carolyn Stewart, Houston-based business development manager with NES Global Talent, said at the sidelines of OTC, which was held May 6-9 in Texas' energy hub Houston.

"We've seen quite a bit of drilling and completion," Stewart explained. "There's more specialization coming into play in high-pressure areas, deepwater areas."

As a result of this trend toward deeper developments, wells are becoming more complex and operators are placing wells closer together, Stewart noted.

"The technology for an FPSO [floating production, storage and offloading unit], FSO [floating storage and offloading vessel] – even just a general offshore rig, a TLP [tension-leg platform] or spar – has greatly increased," Stewart continued, adding that how operators configure wells is changing.  

In turn, the skill sets that companies are demanding from engineers, technicians and other specialists needed to drill and complete wells and position infrastructure are becoming more specialized, she said.

Although companies are asking more of deepwater professionals, qualified individuals seeking these highly specialized positions can earn very competitive compensation packages and be selective in terms of work rotations, Stewart said. In addition, she pointed out that demand for such candidates is robust is virtually all offshore oil and gas provinces – ranging from the Gulf of Mexico and the North Sea to West Africa and Southeast Asia.

For Stewart's company, the tight demand for drilling engineers, riser engineers and other deepwater experts has been good for business.

"We follow our clients," she said, noting that NES Global Talent now operates 46 locations worldwide and applies a "discipline-specific" recruiting approach that aids in expanding the breadth of its networking capabilities.

"Our focus is in all areas. We've been able to open offices on our clients' growth."

Because the demand for deepwater experts far outstrips the pool of available talent, offshore employers will need to redouble their efforts to encourage seasoned professionals to impart their expertise to their younger peers, Stewart said.

"Companies will have to get creative in how they bring that workforce in, how they train the workforce," she explained.

In some cases, companies have instituted mentoring programs in which senior-level engineers work directly with their less experienced counterparts, she added.

"I think as we go along, we'll see more mentoring programs, more development programs," Stewart concluded.

Matthew V. Veazey has written about the upstream and downstream O&G sectors for more than a decade. Email Matthew at mveazey@downstreamtoday.com. Twitter: @Matthew_Veazey

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BP Sees Strong 1Q after TNK-BP Sale

U.K. energy giant BP PLC Tuesday posted a more than threefold increase in profit for the first quarter as proceeds from the sale of Russian joint venture TNK-BP offset a fall in oil and gas production and downtime at the company's key Whiting refinery in Indiana. 

"These strong first-quarter results demonstrate the progress BP is making...and underpin our commitment to material operating cash flow growth by 2014," said BP Chief Executive Bob Dudley. 

The London-based oil and gas company said its replacement cost profit, a figure that excludes gains or losses in the value of inventories and is therefore equivalent to the net profit figure reported by U.S. oil companies, was $16.60 billion in the three months ended March 31, compared with $4.78 billion in the first quarter of 2012. 

First-quarter earnings were bolstered by the sale of BP's half of TNK-BP to OAO Rosneft, which completed March 21, for a total consideration of $27.5 billion in cash and Rosneft shares. BP now holds a 19.75% interest in Rosneft. The 11 days of earnings from Rosneft attributable to BP in the first quarter were estimated at $85 million. 

The gain on the sale was $15.5 billion, of which $12.5 billion was recognized in the first quarter. The rest of the proceeds will be released to the income statement over time, BP said. 

Excluding the proceeds of the TNK-BP sale and other one-off gains, the company's profit was $4.22 billion, down 9.4% on the year and above average expectations of $3.25 billion in a Dow Jones Newswires poll of nine analysts.

Excluding TNK-BP and Rosneft, BP's total oil and gas production was 2.330 million barrels of oil equivalent per day, a 5% decrease on the year due mostly to other asset sales, and slightly above analyst expectations of 2.322 million barrels of oil equivalent a day. 

The company announced a quarterly dividend of 9 cents a share to be paid in June. Group revenues were $107.21 billion, compared with $97.42 billion in the first quarter of 2012. Diluted earnings per share were 87.61 cents, compared with 29.97 cents the previous year.

Copyright (c) 2013 Dow Jones & Company, Inc.

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Subsea 7 Says Tendering Levels Remain Strong

International oilfield services firm Subsea 7 said Thursday that levels of tendering remain strong across its markets and that it remains positive about medium and long-term market prospects.

Reporting its fourth quarter results for 2012, Subsea 7 said that despite the strong tender levels delays in project awards and supply chain bottlenecks will temper the firm's rate of progress in 2013. However, it expects both revenue and profit at the EBITDA level to show some progress during the year.

For 2012 Subsea 7 reported a 15-percent increase in its revenue to $6.3 billion, compared with 2011. Adjusted EBITDA for the year came in 13.6-percent greater at $1.1 billion. For 4Q 2012, the firm reported 13.7-percent increase in revenue to $1.6 billion, with EBITDA improving to $270 million (4Q 2011: $227 million).

Subsea 7 warned that its West Africa business will see a period of lower offshore activity in 2013 as operations on SURF (subsea umbilicals, risers and flowlines) contracts awarded in the second half of 2012 and early 2013 are projected to start in 2014.

However, Subsea 7 said that it sees increased tendering in the Gulf of Mexico and strong tendering in both the North Sea and the Norwegian Sea. The firm added that in Brazul demand from Petrobras for flexible pipelay vessels remains strong, while it also recently won its first contract in Mexico – which will require the deployment of its Seven Borealis vessel.

Subsea 7 CEO Jean Cahuzac commented in a statement:

"2012 was another year of significant achievement for Subsea 7. We have delivered strong financial results in line with our expectations. We have built a record backlog, exited non-core businesses and successfully completed the integration process following the Combination in January 2011. Our fleet enhancement program is also on track with the start-up of Seven Borealis in Angola, the ongoing construction of Seven Waves, and the recent order of a new-build diving support vessel for the North Sea.

"Tendering activity increased through the year, in particular in the North Sea, Africa and Brazil, reflecting our clients' ambitious investment plans. We remained disciplined in our bidding approach with a focus on project risk management and profitability, and I am pleased with the quality of our new awards and current level of order in-take."

A former engineer, Jon is an award-winning editor who has covered the technology, engineering and energy sectors since the mid-1990s. Email Jon at jmainwaring@rigzone.com.

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Subsea 7 Says Tendering Levels Remain Strong

International oilfield services firm Subsea 7 said Thursday that levels of tendering remain strong across its markets and that it remains positive about medium and long-term market prospects.

Reporting its fourth quarter results for 2012, Subsea 7 said that despite the strong tender levels delays in project awards and supply chain bottlenecks will temper the firm's rate of progress in 2013. However, it expects both revenue and profit at the EBITDA level to show some progress during the year.

For 2012 Subsea 7 reported a 15-percent increase in its revenue to $6.3 billion, compared with 2011. Adjusted EBITDA for the year came in 13.6-percent greater at $1.1 billion. For 4Q 2012, the firm reported 13.7-percent increase in revenue to $1.6 billion, with EBITDA improving to $270 million (4Q 2011: $227 million).

Subsea 7 warned that its West Africa business will see a period of lower offshore activity in 2013 as operations on SURF (subsea umbilicals, risers and flowlines) contracts awarded in the second half of 2012 and early 2013 are projected to start in 2014.

However, Subsea 7 said that it sees increased tendering in the Gulf of Mexico and strong tendering in both the North Sea and the Norwegian Sea. The firm added that in Brazul demand from Petrobras for flexible pipelay vessels remains strong, while it also recently won its first contract in Mexico – which will require the deployment of its Seven Borealis vessel.

Subsea 7 CEO Jean Cahuzac commented in a statement:

"2012 was another year of significant achievement for Subsea 7. We have delivered strong financial results in line with our expectations. We have built a record backlog, exited non-core businesses and successfully completed the integration process following the Combination in January 2011. Our fleet enhancement program is also on track with the start-up of Seven Borealis in Angola, the ongoing construction of Seven Waves, and the recent order of a new-build diving support vessel for the North Sea.

"Tendering activity increased through the year, in particular in the North Sea, Africa and Brazil, reflecting our clients' ambitious investment plans. We remained disciplined in our bidding approach with a focus on project risk management and profitability, and I am pleased with the quality of our new awards and current level of order in-take."

A former engineer, Jon is an award-winning editor who has covered the technology, engineering and energy sectors since the mid-1990s. Email Jon at jmainwaring@rigzone.com.

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Subsea 7 Says Tendering Levels Remain Strong

International oilfield services firm Subsea 7 said Thursday that levels of tendering remain strong across its markets and that it remains positive about medium and long-term market prospects.

Reporting its fourth quarter results for 2012, Subsea 7 said that despite the strong tender levels delays in project awards and supply chain bottlenecks will temper the firm's rate of progress in 2013. However, it expects both revenue and profit at the EBITDA level to show some progress during the year.

For 2012 Subsea 7 reported a 15-percent increase in its revenue to $6.3 billion, compared with 2011. Adjusted EBITDA for the year came in 13.6-percent greater at $1.1 billion. For 4Q 2012, the firm reported 13.7-percent increase in revenue to $1.6 billion, with EBITDA improving to $270 million (4Q 2011: $227 million).

Subsea 7 warned that its West Africa business will see a period of lower offshore activity in 2013 as operations on SURF (subsea umbilicals, risers and flowlines) contracts awarded in the second half of 2012 and early 2013 are projected to start in 2014.

However, Subsea 7 said that it sees increased tendering in the Gulf of Mexico and strong tendering in both the North Sea and the Norwegian Sea. The firm added that in Brazul demand from Petrobras for flexible pipelay vessels remains strong, while it also recently won its first contract in Mexico – which will require the deployment of its Seven Borealis vessel.

Subsea 7 CEO Jean Cahuzac commented in a statement:

"2012 was another year of significant achievement for Subsea 7. We have delivered strong financial results in line with our expectations. We have built a record backlog, exited non-core businesses and successfully completed the integration process following the Combination in January 2011. Our fleet enhancement program is also on track with the start-up of Seven Borealis in Angola, the ongoing construction of Seven Waves, and the recent order of a new-build diving support vessel for the North Sea.

"Tendering activity increased through the year, in particular in the North Sea, Africa and Brazil, reflecting our clients' ambitious investment plans. We remained disciplined in our bidding approach with a focus on project risk management and profitability, and I am pleased with the quality of our new awards and current level of order in-take."

A former engineer, Jon is an award-winning editor who has covered the technology, engineering and energy sectors since the mid-1990s. Email Jon at jmainwaring@rigzone.com.

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Repsol's Upstream Unit Sees Strong Growth

Spain's Repsol reported Thursday that its upstream division saw an improved performance in all metrics during 2012.

Repsol's total production increased 11 percent during the year, with average production reaching 332,435 barrels of oil equivalent per day. The firm's reserve replacement ratio reached a record high of 204 percent.

Repsol said it completed the execution of four of its 10 key projects from its 2012-to-2016 strategic plan, which was announced in May 2012. It added new production from Bolivia (Margarita-Huacaya), the US (Mid-Continent) and Spain (Lubina and Montanazo). The company also added assets in Russia through its AROG joint venture.

The firm also highlighted five new discoveries during the year, including: Pão de Açucar in Brazil, the Sagari discovery in Peru,TIHS1 in Algeria, and Chipirón T2 and Cano Rondón East in Colombia. Repsol said these discoveries mean it has exceeded the annural resources incorporation goal it set in its strategic plan.

Meanwhile Repsol began commercial production at the giant Sapinhoá field in Brazil at the start of this year. It expects this field to reach an output of 120,000 barrels of oil equivalent during the first development phase.

Repsol results for 2012 showed it made a net profit of $2.7 billion – which was down 6.1 percent on 2011 (although the since-nationalized Argentinian subsidiary YPF contributed to 2011's figure). The firm's operating revenue during the year was 13.2 percent greater than that for 2011 at $78 billion.

On Tuesday this week, Repsol reported that it had sold several of its liquefied natural gas assets to Royal Dutch Shell for $6.7 billion. The firm said that the sale of these assets means that it has more than met its asset divestment targets that are part of the 2012-to-2016 strategic plan announced in May 2012.

A former engineer, Jon is an award-winning editor who has covered the technology, engineering and energy sectors since the mid-1990s. Email Jon at jmainwaring@rigzone.com.

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Technip Saw Strong Increase in Orders in 2012

French oilfield services firm Technip announced Thursday a strong increase in its order intake during 2012 as its revenue increased by more than 20 percent.

Technip said that its order intake increased from $10.6 billion to $15.5 billion during 2012, while its order backlog increased by 36.8 percent to $19 billion. The firm's revenue for 2012 amounted to $10.9 billion, compared with $9.1 billion in 2011, while its net income improved 6.4 percent to $718 million.

Technip reported that order intake within its Subsea business sector during the fourth quarter of 2012 was, at $1.2 billion, 24.9-percent lower that the equivalent quarter in 2011. Here, orders included several small and medium-sized contracts on a number of continents. Notable among these was is the second phase of the Total E&P Angola GirRI project.

The firm saw a doubling of orders in its Onshore/Offshore segment during 4Q 2012, which included the first tension leg platform project by Sabah Shell Petroleum Company for the Malikai project in Malaysia.

Technip CEO Thierry Pilenko commented in a statement:

"Technip's performance was in line with our objectives throughout 2012, including the fourth quarter…The projects we delivered and won in 2012 reflect our focus on offering our clients differentiating technologies and on securing involvement in projects early in their life cycle. To support our growth, we have invested in talent worldwide; Technip now employs 36,500 people compared to 31,000 a year ago."

A former engineer, Jon is an award-winning editor who has covered the technology, engineering and energy sectors since the mid-1990s. Email Jon at jmainwaring@rigzone.com.

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Woodside's Net Profit Leaps to $2.98B on Strong Delivery from Pluto

Woodside Petroleum reported Wednesday a full-year net profit of $2.98 billion in the 12 months ended Dec. 31, up 97.9 percent from a year earlier.

The company, in its earnings statement, said that reliable production from its flagship Pluto project offshore Western Australia – started up in April last year – is the major contributing factor to its positive result.

"Pluto played a significant role in [the company's] profit result. The project contributed revenues of $1.4 billion and a gross profit of $642 million, for a part of year operations," Woodside's CEO & Managing Director Peter Coleman, said in a statement.

Woodside revealed Wednesday that it is moving ahead with the Browse LNG project, offshore Western Australia, as well as the Sunrise floating LNG venture in the Timor Sea. The company noted that it is in the midst of evaluating tender bids for onshore and offshore infrastructure for the Browse LNG project, while development for the Sunrise project is still in an early stage.

"At Browse, we continue to take a disciplined approach to the assessment of tender bids for offshore and onshore infrastructure to be in a position to consider a final investment decision by the end of June,"  Coleman noted.

"Onto Sunrise, we have had a number of productive technical engagements with the Timor-Leste Government in recent months. Although this engagement does not represent any agreement at this stage, we continue to build on dialogue with both governments to agree on a development which satisfies the requirements of all parties," Coleman added.

Woodside is also making a series of bold bets on projects in Israel and Myanmar.

The company reached an in-principle agreement in December last year to acquire a 30 percent participating interest in the 349/Rachel and 350/Amit petroleum licenses, which contain the mammoth Leviathan gas field offshore Israel.

"We are working with the Leviathan joint venture to finalize the agreement. This year, we also expect to be in a position to consider a final investment decision on a domestic gas development for the Leviathan field," Coleman disclosed.

In the fourth quarter of last year, Woodside's offers to acquire an interest in blocks AD-7 and A-6, offshore Myanmar; were also accepted. Entry into the blocks gives Woodside the opportunity to acquire 3D seismic in 2013/14, with options to drill exploration wells in subsequent exploration periods. AD-7 is operated by South Korea's Daewoo, while A-6 is operated by India's MRPL E&P.

"With potential investment spending at Browse and Leviathan, we have maintained $4.1 billion of available funds in the form of cash and undrawn debt facilities. The balance sheet is well positioned to support growth," Woodside's Executive Vice President and CFO Lawrie Tremaine, detailed his address focused on the company's funding facilities.

Quintella has reported on the upstream and downstream oil and petrochemicals markets from 2004. Email Quintella at quintella.koh@rigzone.com.

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Strong Interest Shown in Latest Norwegian APA Round

Norway's Ministry of Petroleum and Energy announced Friday that is offering shares in 51 new production licenses to 40 companies in connection with the 2012 Awards in Predefined Areas licensing round.

"Today, I am sending out offers linked to 51 new production licenses for the Norwegian continental shelf. I am pleased to see strong, broad-based interest in the most well-known parts of the continental shelf. This year's licensing round confirms that Norway's combination of framework conditions and geological opportunities is internationally competitive," Minister of Petroleum and Energy Ola Borten Moe said in a statement.

The Ministry said that the 51 production licenses are distributed among the North Sea (34), the Norwegian Sea (14) and the Barents Sea (3). Forty seven companies in total applied for licenses, with 40 being offered shares in one or more of these. Twenty three companies will be offered operatorships.

The APA licensing round includes mature areas on the Norwegian continental shelf, which have already been well explored and where the geology is known. The expected size of discoveries in mature areas is smaller, although the Ministry pointed out that recent years "have shown that positive surprises can still happen".

Borten Moe added:

"The award of new licenses is vital for effective, long-term resource management. Today's awards will facilitate the efficient exploration of the parts of the continental shelf that we know best. The next step is for the companies to deliver good results in the form of profitable discoveries."

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Strong Interest Shown in Latest Norwegian APA Round

Norway's Ministry of Petroleum and Energy announced Friday that is offering shares in 51 new production licenses to 40 companies in connection with the 2012 Awards in Predefined Areas licensing round.

"Today, I am sending out offers linked to 51 new production licenses for the Norwegian continental shelf. I am pleased to see strong, broad-based interest in the most well-known parts of the continental shelf. This year's licensing round confirms that Norway's combination of framework conditions and geological opportunities is internationally competitive," Minister of Petroleum and Energy Ola Borten Moe said in a statement.

The Ministry said that the 51 production licenses are distributed among the North Sea (34), the Norwegian Sea (14) and the Barents Sea (3). Forty seven companies in total applied for licenses, with 40 being offered shares in one or more of these. Twenty three companies will be offered operatorships.

The APA licensing round includes mature areas on the Norwegian continental shelf, which have already been well explored and where the geology is known. The expected size of discoveries in mature areas is smaller, although the Ministry pointed out that recent years "have shown that positive surprises can still happen".

Borten Moe added:

"The award of new licenses is vital for effective, long-term resource management. Today's awards will facilitate the efficient exploration of the parts of the continental shelf that we know best. The next step is for the companies to deliver good results in the form of profitable discoveries."

Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

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PTTEP Posts Strong Increase in Net Profit, O&G Production Volume

PTT Exploration and Production (PTTEP) said late Thursday net profit for the full year 2012 surged 28 percent, on increased oil production and higher crude prices.

Net profit for 2012 was $1.9 billion, compared with $1.5 billion a year ago. Revenue rose 26 percent to $7 billion, as compared to $5.7 billion in 2011.

"Sales volume went up 275, 923 barrels of oil equivalent per day (boed) compared with 265,047 boed in 2011. Contributing to the increased sales were petroleum products from Bongkot South field, the Vietnam 16-1 project and the S1 project," PTTEP's CEO Tevin Vongvanich said in a statement Friday.

Vongvanich,also noted that PTTEP's average sale price of a barrel of oil (boe) for 2012 is $64.86, as compared to $55.49 boe in 2011.

PTTEP disclosed that one of the key progresses for 2012 was the S1 project's ability to increase the production to the highest rate at 35,176 barrels per day (bpd). The Bongkot project's production rate was around 596 million standard cubic feet per day (mmscfd), while the production of Bongkot South was 320 mmscfd.

This year, PTTEP is targeting a sales volume of 310,000 boe. Vongvanich revealed Jan.24 that the bulk of its increased oil sales will be derived from the start of commercial operations at its Montara oil field offshore Australia.

The Montara incident which occurred Aug. 21, 2009, saw 29,600 barrels of crude oil leak into the water over a 74-day period, after a jackup burst into flames. The well was subsequently killed Nov. 3, 2009. PTTEP is aiming to restart operations.

Quintella has reported on the upstream and downstream oil and petrochemicals markets from 2004. Email Quintella at quintella.koh@rigzone.com.

Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

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PTTEP Posts Strong Increase in Net Profit, O&G Production Volume

PTT Exploration and Production (PTTEP) said late Thursday net profit for the full year 2012 surged 28 percent, on increased oil production and higher crude prices.

Net profit for 2012 was $1.9 billion, compared with $1.5 billion a year ago. Revenue rose 26 percent to $7 billion, as compared to $5.7 billion in 2011.

"Sales volume went up 275, 923 barrels of oil equivalent per day (boed) compared with 265,047 boed in 2011. Contributing to the increased sales were petroleum products from Bongkot South field, the Vietnam 16-1 project and the S1 project," PTTEP's CEO Tevin Vongvanich said in a statement Friday.

Vongvanich,also noted that PTTEP's average sale price of a barrel of oil (boe) for 2012 is $64.86, as compared to $55.49 boe in 2011.

PTTEP disclosed that one of the key progresses for 2012 was the S1 project's ability to increase the production to the highest rate at 35,176 barrels per day (bpd). The Bongkot project's production rate was around 596 million standard cubic feet per day (mmscfd), while the production of Bongkot South was 320 mmscfd.

This year, PTTEP is targeting a sales volume of 310,000 boe. Vongvanich revealed Jan.24 that the bulk of its increased oil sales will be derived from the start of commercial operations at its Montara oil field offshore Australia.

The Montara incident which occurred Aug. 21, 2009, saw 29,600 barrels of crude oil leak into the water over a 74-day period, after a jackup burst into flames. The well was subsequently killed Nov. 3, 2009. PTTEP is aiming to restart operations.

Quintella has reported on the upstream and downstream oil and petrochemicals markets from 2004. Email Quintella at quintella.koh@rigzone.com.

Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

View the original article here

PTTEP Posts Strong Increase in Net Profit, O&G Production Volume

PTT Exploration and Production (PTTEP) said late Thursday net profit for the full year 2012 surged 28 percent, on increased oil production and higher crude prices.

Net profit for 2012 was $1.9 billion, compared with $1.5 billion a year ago. Revenue rose 26 percent to $7 billion, as compared to $5.7 billion in 2011.

"Sales volume went up 275, 923 barrels of oil equivalent per day (boed) compared with 265,047 boed in 2011. Contributing to the increased sales were petroleum products from Bongkot South field, the Vietnam 16-1 project and the S1 project," PTTEP's CEO Tevin Vongvanich said in a statement Friday.

Vongvanich,also noted that PTTEP's average sale price of a barrel of oil (boe) for 2012 is $64.86, as compared to $55.49 boe in 2011.

PTTEP disclosed that one of the key progresses for 2012 was the S1 project's ability to increase the production to the highest rate at 35,176 barrels per day (bpd). The Bongkot project's production rate was around 596 million standard cubic feet per day (mmscfd), while the production of Bongkot South was 320 mmscfd.

This year, PTTEP is targeting a sales volume of 310,000 boe. Vongvanich revealed Jan.24 that the bulk of its increased oil sales will be derived from the start of commercial operations at its Montara oil field offshore Australia.

The Montara incident which occurred Aug. 21, 2009, saw 29,600 barrels of crude oil leak into the water over a 74-day period, after a jackup burst into flames. The well was subsequently killed Nov. 3, 2009. PTTEP is aiming to restart operations.

Quintella has reported on the upstream and downstream oil and petrochemicals markets from 2004. Email Quintella at quintella.koh@rigzone.com.

Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

View the original article here