Soco and Cairn will further expand the presence of the international oil companies in the Israeli waters. Currently, the U.S. Noble Energy operates the Tamar gas field and is working to bring the giant Leviathan gas field online by the end of 2019.
In addition to Noble, the Greek company Energean is developing the Karish and Tanin fields which it bought from Noble Energy in 2016.
The Israeli energy ministry said that exploration licenses would be granted for a period of 3 years.
During this period, the licensees are expected to carry out the committed work program, which centers on examining the area.
After this, the licensees can request another two-year term extension, contingent upon an updated work program being submitted to include drilling a well in at least one of the licenses it respective clusters. The third licensing round is due to be held in 2021. Israel Receives Bids For 12 Offshore Blocks
Israel’s second offshore licensing round has attracted bids from five oil and gas companies.
The country’s ministry of energy has this week shared that twelve blocks received bids out of 10 that had been offered. The international companies that took part were Cairn, Soco, and Energean, with the Israeli firm being Ratio and Israel Opportunity.
The Ministry of Energy had tendered 19 exploration licenses, each one up to 400 km² in size. The 19 licenses were grouped into five zones, each up to 1,600 km² in size.
According to the ministry, the decision to market the areas in zones of 3-4 licenses was taken to provide a higher degree of compatibility between the geological structures within the exploration areas which could contain oil and natural gas reservoirs.
“Holding larger exploration areas will enable the companies to undertake more extensive and thorough geological and geophysical surveys,” the ministry said.
Israel’s Minister of Energy, Yuval Steinitz said: “The proposals that we received will increase significantly the number of oil and gas exploration licenses in Israel’s Exclusive Economic Zone, from 8 to 20.”
“The arrival of additional European companies to Israel, combined with the fact that the Leviathan platform will soon be connected to the shore and the ongoing work on the development of the Karish field, will lead to the breakup of the monopoly and enhance competition in this sector. We are continuing to work towards transforming Israel into a regional energy power.”
Soco and Cairn will further expand the presence of the international oil companies in the Israeli waters. Currently, the U.S. Noble Energy operates the Tamar gas field and is working to bring the giant Leviathan gas field online by the end of 2019.
In addition to Noble, the Greek company Energean is developing the Karish and Tanin fields which it bought from Noble Energy in 2016.
The Israeli energy ministry said that exploration licenses would be granted for a period of 3 years.
During this period, the licensees are expected to carry out the committed work program, which centers on examining the area.
After this, the licensees can request another two-year term extension, contingent upon an updated work program being submitted to include drilling a well in at least one of the licenses it respective clusters. The third licensing round is due to be held in 2021.
Soco and Cairn will further expand the presence of the international oil companies in the Israeli waters. Currently, the U.S. Noble Energy operates the Tamar gas field and is working to bring the giant Leviathan gas field online by the end of 2019.
In addition to Noble, the Greek company Energean is developing the Karish and Tanin fields which it bought from Noble Energy in 2016.
The Israeli energy ministry said that exploration licenses would be granted for a period of 3 years.
During this period, the licensees are expected to carry out the committed work program, which centers on examining the area.
After this, the licensees can request another two-year term extension, contingent upon an updated work program being submitted to include drilling a well in at least one of the licenses it respective clusters. The third licensing round is due to be held in 2021. GOIL Compensates Customers
Goil, one of the oil marketing companies found to have under-delivered fuel to its customers, has rolled out a compensation package for them.
The Ghana Standards Authority (GSA) fined each of 10 cheating fuel stations GHS5000.
They were found out following an inspection of fuel measuring and dispensing instruments in parts of the country.
Following a request by the Chamber of Petroleum Consumers Ghana (COPEC GH) for reimbursement of customers, the Head of Fuels Marketing at Goil, Marcus Deo Dake apologized for the conduct of some of their fuel stations.
Subsequently, he noted that Goil “has put some promotional package in place to compensate loyal customers of Galelia and Mile 11 service stations who believe in the brand and have kept faith with us. The first promotional event took place from Thursday, 11 July to Saturday, 13 July 2019 from 9:00 am to 5:00 pm each day at Galelia service station. The second event, which is scheduled to take place at Mile 11 service station has been delayed due to some maintenance works currently ongoing at the station. Customers of Mile 11 station will, therefore, be rewarded as soon as the station is fully reopened for business”.
Nigeria, Ghana Probe Attack On Turkish Ship
The Nigerian Navy says it has begun discussion with its counterpart in Ghana for details on the circumstances surrounding suspected pirate attack on MV PAKSOY I, a Turkish flagged vessel.
Navy’s Director of Information, Commodore Suleman Dahun, disclosed this in a statement in Abuja.
Dahun said the general cargo vessel reportedly sailed from Cameroon and was heading to Abidjan when she came under attack on Saturday at about 124 nautical miles south west of Brass, Rivers.
He said that 10 crew members of the ship were reportedly abducted, and that naval and other security agencies operating within the creeks and back waters had been tasked to ensure safe rescue of the crew.
According to him, investigations are ongoing toward getting a lead to burst the hideout of the criminals and rescue the abducted persons.
Dahun said that naval headquarters received a report of the suspected pirates’ attack on the vessel on Sunday, 18 hours after it purportedly occurred.
He said the position of the vessel was plotted on the navy’s Maritime Domain Awareness system in accordance with its operational procedures, and that the vessel was spotted miles away from Nigerian-Benin Republic international maritime boundary.
He said that when it was discovered that the vessel would be out of Nigerian waters in about two hours from then, the navy alerted Zone E, Multinational Maritime Coordination Centre (MMCC) headquarters in Cotonou.
“On receipt of the information, the Commander, MMCC, informed other member-countries in Zone E and also Zone F headquarters as the vessel seemed to be headed westerly at the time.
“The vessel was later intercepted around 0831 hours on July 15, 2019, by Ghana Navy Ship EHWOR and escorted to Tema Port, Ghana.
“Preliminary reports from Ghana and IMB conveyed that the suspected pirates abducted 10 crew members of MV PAKSOY I.
“The report further stated that seven crew members left onboard by the attackers sailed the vessel to Tema Port.
“The Nigerian Navy is already interfacing with Ghana Navy to obtain further details on the circumstances surrounding the pirate attack on the vessel,” Dahun said.
Source: shipsandports.com.ng
Angola African Energy Chamber Prez To Lead Oil Services Companies To Malabo
African Energy Chamber’s Angola President, Sergio Pugliese is expected to lead Angolan Services Companies to the upcoming Oil & Gas Meeting Day in Malabo on October 1 and 2, 2019.
“Angola is known for having strong local services companies.
“The growth of our local content is now accelerating, thanks to the reforms made by President João Lourenço and his administration. We now have Angolan companies that developed strong capabilities and are ready to expand beyond Angola. They are seeking partnerships and deals with other African and international services and technology companies, to serve both their regional expansion plans but also to further support the growth of the Angolan industry at home.
“The Oil & Gas Meeting Day provides the perfect platform to seal such deals,” Sergio Pugliese said in a press release issued by African Energy Chamber.
Malabo has positioned itself as the hub for services companies to engage in meaningful conversations on how to build the next generation of African oil & gas leaders and companies.
“The services industry is a massive job creator and a strong pillar of the global oil & gas industry. As cooperation amongst African oil markets increases, the need for services companies to step up their game and pursue an aggressive outreach has become a necessity.
“The African Energy Chamber strongly supports the Oil & Gas Meeting Day, a year of energy event organized by Equatorial Guinea’s National Alliance of Hydrocarbons Service Companies (NAHSCO),” the statement concluded.
Nigeria: Pirates Attack Turkish Vessel, Seize 10 Turks
Ten Turkish onboard MV PAKSOY-1 vessel have been captured by pirates in the Nigeria waters, energynewsafrica.com can report.
The vessel was enroute to Côte d’Ivoire, after discharging her cargo (fertilizer) in Douala, Cameron, from Morocco.
The vessel is reported to have been attacked by about six armed pirates who came with a speed boat, boarded the vessel and took away 10 crew members, who are all Turkish nationals and later abandoned the ship.
GNS EHWOR, a Ghana Navy ship, conducting routine patrols at sea at the time, swiftly responded to the situation, located and offered necessary assistance to the vessel, which had some challenges with some of her navigational equipment, which were vandalized by the pirates.
According to reports, the alleged pirates fired and destroyed most of the navigational equipment at the bridge, totally crippling the vessel and took away the 10 crew members at gun point and abandoned the ship at about 2300 hours, leaving eight crew members onboard, on Saturday, 13 July, 2019.
The vessel was, subsequently, escorted for safe anchorage in to Tema by GNS EHWOR on Monday, 15th July, 2019.
As a result of the pirates attack, energynewsafrica.com understands the Flag Officer Commanding of the Eastern Naval Command in the Republic of Ghana, Commodore James Osei Kontoh, has met with the Turkish Ambassador, as well as some security agencies in the maritime sector in Ghana, to discuss the perennial problem of the menace of piracy attacks in the Ghanaian waters.
Our sources say a maritime stakeholder discussion was held early this week to discuss effective means of curbing maritime crime.
Trinidadian Lauds Ghana’s Ten Years’ Effort In Oil Exploration
A Trinidad and Tobago-based Energy and Strategy Consultant, Anthony E. Paul has commended the Republic of Ghana for its speedy regulations to govern its oil industry, after the West African discovered oil in 2007.
He said he is impressed by the steps successive leadership of the West African oil state has taken over the ten years in oil production.
Ghana found oil in commercial quantities in 2007, but actual production started in 2010 under the late President JEA Mills’ administration.
Soon, the Petroleum Commission (PC) was birthed by Petroleum Commission Act 2011 (Act 821) to oversee the activities of the upstream, the passage of Petroleum Revenue Management Act 893 (Amended), Petroleum (Exploration and Production Act, 2016 Act 919), as well as establishment of Public Interest and Accountability Committee (PIAC) to provide oversight responsibility of how the country’s oil revenue would be utilized.
These and many other steps the country has taken are what Anthony Paul thinks Ghana deserves commendation. In particular, he was impressed with the quality of regulations, people and processes developed by the Petroleum Commission in its short history.
Speaking in an interview with energynewsafrica.com during the recent Ghana Energy Summit, the former staff of UK oil and gas giant, BP, senior geophysicist at ExxonMobil and Director of Geology and Geophysics at T&T’s Ministry of Energy & Energy Industries, noted that it took his country some years before it was able to do what Ghana has done in ten years.
Anthony Paul is optimistic Ghana would find more oil and natural gas and take further steps to improve on its current system.
“Very early on, Ghana put in place master plans and policies even before you started producing the oil. And then as the oil came, you put in the petroleum act, the LI for local content, so Ghana has been very good in improving regulations and framework. You have a lot of skillful people and that’s incredible.
“You’ve got a lot in ten years. I think you’ll find more oil, you’ll find more gas and you’ll manage it better than before, you’ll always improve. You have taken steps to improve and you’ll need to manage it. So, over time, as you find more, you’ll do better,” he said.
Tony Paul, as he is affectionately called, also spoke about how Ghana could grow the upstream industry through the award of oil blocks.
“One thing is, how you manage licences, who gets blocks, how you marketed the blocks and choose the awardees, what conditions you put in place. As you get more information, you can do that better. Get better programmes, get better activities and then, what do you do with the gas and oil. And so, you can always get more value from it by building local content from it, getting companies to participate, getting to finance and over time, all these will improve.”
He underscored the need for Ghana to do more by empowering the youth with skills training to be able to get requisite skills to be able take up job opportunities in the upstream industry.
He emphasized however that the industry does not generate a large amount of jobs, but that the high quality to which it lifts local skills and services will be beneficial to other economic sectors, like manufacturing, construction, agriculture, food processing and business support services, thus raising the competitiveness of the entire country.
“You know, we all started by getting expatriates, and then, somebody would have to teach us. Our teacher must be somebody who knows something. If Ghana has no Ghanaians doing this, obviously, expatriates will help you, and you tell them that as part of your role, you must help build my people so that those Ghanaians doing those jobs will teach the other Ghanaians. So that as you expand the industry, it requires even lesser expatriates to come in for the basic and intermediate roles, eventually leading to Ghanaians taking on the most sophisticated roles,” he posited.
Africa’s Largest Wind Power Project Opens In Northern Kenya
Kenya has unveiled Africa’s largest wind power plant project aimed at reducing electricity costs and dependence on fossil fuels and moving the nation to meet its ambitious goal of 100% green energy next year.
The sprawling wind farm of 365 turbines on the shores of Lake Turkana in northern Kenya was designed to boost the nation’s electricity supply by 13 percent, giving more Kenyans access at a lower cost, President Uhuru Kenyatta said at its launch.
The East African country has made great strides in renewable energy in recent years and is considered to be one of the few African nations making progress toward clean power.
About 70 percent of the nation’s electricity comes from renewable sources such as hydropower and geothermal – more than three times the global average.
But one in four Kenyans – mostly in rural areas – does not have access to electricity. Those with power face high costs and frequent blackouts due to unreliable supplies.
“Today, we again raised the bar for the continent as we unveil Africa’s single largest wind farm,” said Kenyatta.
“Kenya is without doubt on course to be a global leader in renewable energy.”
Kenyatta, who has announced plans to move the country to 100 % green energy by 2020, said power from the $775-million wind farm would help the government reach its goals of ensuring housing, health care, jobs and food security to all citizens.
“Today marks an important milestone in the country’s steady march towards achieving self-sufficiency in power production,” said Mugo Kibati, chairman of the Lake Turkana Wind Power, a private consortium that runs the plant.
Eni, PetroChina, Trading Houses Bid In $6Bn Pakistan LNG Tender
Italy’s Eni, a unit of PetroChina, and two commodity traders have bid in Pakistan’s huge tender for supply of liquefied natural gas (LNG) for ten years estimated to be worth up to US$6 billion, Reuters reported on Friday, quoting two sources with knowledge of the matter.
The tender issued by Pakistan LNG Limited is for a master sale and purchase agreement (MSPA) for a period of ten years, under which the seller will supply 240 cargoes of LNG to Pakistan, two each month.
The deadline for submission of bids expired on Thursday and Pakistan has already opened the bids with technical information.
Pakistan LNG is scheduled to announce the awarding of the tender on August 16.
Pakistan aims to receive the first two cargoes under the tender between September 2019 and March 2020.
According to Reuters’s sources, the bidders in the tender were Italy’s oil and gas major Eni, PetroChina International Singapore, commodity trading giant Trafigura, and the trading unit of Azerbaijan’s state-held oil firm SOCAR.
“Technical bids for our long term LNG supply to Pakistan tender were received and opened yesterday. Evaluations are underway. In the past for spot cargoes we open commercial offers on the next day but the timelines are slightly different for long term tender,” Pakistan LNG said on Twitter on Friday.
Qatar is currently the largest LNG supplier to Pakistan, which is expected to be one of the key drivers of global and Asian LNG demand growth in the coming years, alongside China and Thailand. Pakistan has a 15-year LNG supply deal with Qatar as of 2016.
The South Asian country also has a five-year agreement with commodity trader Gunvor and a 15-year contract to import LNG delivered by Eni.
The global LNG market could be in for a wild ride in the next five years with major swings between demand and supply excess, BloombergNEF said in its latest LNG outlook in May, noting that Thailand and Pakistan would become “important engines of LNG demand growth” from 2022 onwards.
Source: Oilprice.com
Gibraltar Extends Detention Of Iranian Tanker To Aug. 15
Gibraltar’s Supreme Court has granted a 30-day extension to allow authorities there to continue to detain the Iranian oil tanker Grace 1 until Aug. 15.
The vessel was seized earlier this month by British Royal Marines off the coast of the British Mediterranean territory on suspicion of violating sanctions against Syria.
“At a private meeting of the Supreme Court on an application by the Attorney General, the Court has extended the period of detention of the vessel, Grace 1, for a further 30 days and has set a new hearing for 15 August 2019,” the Gibraltar government said on Friday.
The issue has stoked tension in the Gulf and Britain last week said it had fended off Iranian ships that tried to block a British tanker in the region.
However, both sides have said they do not want the situation to escalate.
British foreign minister Jeremy Hunt said Britain would facilitate the release of the Grace 1 if Iran gave guarantees that the tanker would not go to Syria, once the issue had followed due process in Gibraltar’s courts.
On Thursday, Gibraltar’s Chief Minister Fabian Picardo held a “constructive and positive” meeting with Iranian officials in London to discuss the tanker.
Nigeria: SNEPCO Halts Decision To Relocate From Onne To Lagos
The management of Shell Nigeria Exploration and Production Company (SNEPCO) has rescinded its decision to relocate its supply base from the Oil and Gas Free Zone, Onne to Lagos port.
This follows protest by the River State Youth Federation.
Speaking with journalists, President of the group, Saviour Patrick, described the decision of SNEPCO as a welcome development for youths in the state.
Patrick praised the company for yielding to the concerns raised by the youths about the negative impact the relocation would have on the economy of Rivers State and the Niger Delta region at large.
It would be recalled that youths in the State had last year staged a peaceful protest at the SNEPCO supply base, asking the company to rescind its decision to relocate the base from the free zone in Onne to Lagos port.
The youths, who condemned the move, had stated that the planned relocation would lead to the loss of more than 5,000 direct and indirect jobs.
While pledging the group’s resolve to maintain peace in the State, Patrick said, “We want to thank SNEPCO for them to have re-considered their decision. We have several workers working with them and most of them are of Rivers indigene. So if they had relocated to Lagos, it certainly means most of our youths will be disengaged from their work. We really want to appreciate them to have heard the cries of the youths of the State.
“We also want to plead with them to engage more youths in the State. They have done well but we also want more from them. They should carry us along in their activities to achieve a better atmosphere for everyone at Onne community,” he said.
International Hydropower Association Appoints Eddie Rich As New CEO
The International Hydropower Association (IHA) has appointed Eddie Rich as its new Chief Executive Officer, following a global recruitment search led by the association’s board.
The former Deputy Head of the Extractive Industry Transparency Initiative (EITI) has worked extensively in international development. He has a long track record of achieving transformational change through delivering ground-breaking, multi-stakeholder partnerships with industry, government and civil society.
According to the Association, Rich will take up his appointment on 9 September 2019. He succeeds Richard M. Taylor who is stepping down to work as an independent consultant and will support the new CEO in a consultative capacity through 2020.
In a statement, IHA President Ken Adams said: “Rich will bring to the role extensive international experience, most recently as a founder and senior executive of the EITI. IHA welcomes Rich and looks forward to working with him as the hydropower sector helps to contribute solutions to the energy transition challenges faced by the world today.”
Rich commented: “There is a need for a bigger and better contribution to green energy from hydropower. IHA is the key organisation to make sure that the industry is well informed about good practices, has the capacity to implement them, and the world benefits from the best use of this precious technology. IHA’s work on building and sharing high quality and evidence-based knowledge is critically important.
“Much has been done. There is much to do. I look forward to taking this forward with an excellent team. I pay tribute to Richard Taylor who has brought us so far with unparalleled passion, knowledge and skill. I look forward to working with him to ensure a strong and smooth transition.”
Welcoming the appointment of his successor, Taylor stated: “It has been a tremendous privilege to represent the International Hydropower Association. The hydropower sector has changed significantly in the last two decades, and IHA has done its best to support this. Handing over to Eddie Rich gives the association a new impetus. He brings an impressive set of skills and international experience. I look forward to working closely with him in this exciting transition.”
Biography
IHA’s incoming CEO, Eddie Rich, has worked on the role of corporates in international development for over 20 years. He has been Deputy Head of the EITI since the international secretariat was established in 2007, including a period as its Executive Director. His responsibilities have included leading on EITI implementation globally and overseeing the organization’s finance, human resources and communications functions, as well as the organisation of its triennial global conference. He has also published books and articles on governance entrepreneurship and multi-stakeholder governance.
His prior experience includes working as the UK Government Department for International Development (DFID)’s representative to Angola and deputy head in Kenya and as head of DFID’s corporate social responsibility team. He has degrees from the University of Oxford and the University of Westminster.
Eskom Teams Up With Police To Restore Electricity Supply In Gauteng
The Gauteng Provincial Government and Eskom agreed to implement joint action to decisively deal with the problems of ongoing disruptions in the supply of electricity in a number of areas in the province.
The Gauteng Provincial Government, led by the Special Advisor to the Premier on Service Delivery and Political Management, Eric Mxolisi Xayiya, met with Eskom Management this week to discuss the ongoing problems regarding the increasing number of repeated equipment failures in some areas around Gauteng.
Eskom reported that there are increasing incidences of illegal connections leading to overloading which often result in failure of transformers and mini-substations.
This includes meter tampering, electricity theft and vandalism of infrastructure.
The power utility noted that increased equipment failure has a significant negative impact on operations, finances and safety of employees and the public at large.
“The Gauteng Government and Eskom acknowledge that consumers who continue to pay for electricity cannot continue to suffer due to the actions of those who are not paying. Continued non-payment of electricity and illegal connections harm the economy of the province and the country,” Eskom underlined in a statement.
According to Eskom, attempts to restore power supply to areas that have experienced repeated failures due to illegal connections and meter tampering are being hampered by violent resistance in the affected communities.
Eskom technicians are often denied access to affected areas to conduct audits and necessary repairs to damaged equipment.
To this end, the Gauteng Provincial Government will enlist the support of law enforcement agencies to ensure that Eskom restores electricity supply to legal and paying customers in all the affected areas in the province.
A company statement said: “The police will act firmly and decisively against anyone obstructing Eskom from carrying out its work.
“Eskom will conduct audits and remove illegal connections, fix bypassed meters, issue tamper fines and ultimately restore electricity supply to paying customers.”
The Gauteng Government and Eskom will continue to engage with councilors and stakeholders in all affected areas to address all matters pertaining to the supply of electricity
Source: Esi-Africa.com
Schlumberger Appoints Olivier Le Peuch As CEO
Schlumberger Limited has announced the appointment of Olivier Le Peuch as its Chief Executive Officer and member of the Schlumberger Board, effective August 1, 2019.
Mr. Le Peuch succeeds Paal Kibsgaard, who will retire as Chief Executive Officer effective that same date.
Schlumberger is the world’s leading provider of technology for reservoir characterization, drilling, production, and processing to the oil and gas industry.
In a statement, Schlumberger said Mr. Kibsgaard will step down as Chairman of the Board and retire as a member of the Board of Directors.
Mr. Kibsgaard is retiring after more than 22 years of service to the Company, including eight years as CEO and four years as Chairman.
“Effective the same date, Mark G. Papa, a current non-independent director, will become non-executive Chairman of the Board. Peter Currie will continue to serve as the Board’s Lead Independent Director,” the statement said.
Mr. Le Peuch held a variety of global management positions at Schlumberger, including Executive Vice President, Reservoir & Infrastructure; President of the Cameron product lines; President of Schlumberger Completions; and Vice President of Engineering, Manufacturing and Sustaining. Earlier in his career, Le Peuch was GeoMarket Manager for the North Sea and President of Software Integrated Solutions.
“Olivier possesses the Company’s values, an in-depth knowledge of our business, and a proven industry track record—all together, he is ideally suited to lead Schlumberger into the next chapter of our history,” Mr. Kibsgaard stated.
Commenting on his appointment, Mr. Le Peuch said, “I am truly honored at being chosen to lead Schlumberger and its world-class workforce at a very exciting time in our Company’s history. I would like to thank Paal for his leadership and contributions to the Company, along with his guidance during the succession process.”
Schlumberger Second Quarter Profit Up By 14%
Oilfield services provider, Schlumberger has recorded a 14 percent increase in its second quarter 2019 net profit while expecting oil market sentiments to remain balanced.
Schlumberger has also revealed that its CEO will retire after eight years in the role and the company has already lined up a replacement
The company on Friday posted revenues of $8.27 billion for the second quarter of the year, compared to the last year’s result of $8.3 billion.
The oilfield services player recorded a net income on a GAAP basis of $492 million, which is an increase of 14% compared to 2Q 2018 and net income of $430 million.
The company’s net income, excluding charges and credits, was $492 million, a 17% decrease compared to $594 million in 2Q 2018.
Commenting on market situation, Schlumberger’s current CEO, Paal Kibsgaard, said: “From a macro perspective, we expect oil market sentiments to remain balanced. The oil demand forecast for 2019 has been reduced slightly on trade war fears and current global geopolitical tensions, but we do not anticipate a change in the structural demand outlook for the mid-term.
“On the supply side, we continue to see US shale oil as the only near- to medium-term source of global production growth, albeit at a slowing growth rate, as E&P operators continue to transition from an emphasis on growth to a focus on cash and returns, with consequent restraining effects on investment levels. These effects, combined with the decision by OPEC and Russia to extend production cuts through the first quarter of 2020, are likely to keep oil prices range bound around present levels. Although the markets are well supplied from production added by projects that were sanctioned before 2015, this added supply will begin to fall in 2020 and create risk for the future as the decline rates in many mature production basins become an increasingly significant challenge.
“In addition, while the number of new projects we expect to receive final investment decision (FID) approval in 2019 is likely to increase again for the fourth consecutive year, their size and number account for supply additions far below the required global annual production replacement rates. We therefore maintain our view that international E&P investment will grow 7% to 8% in 2019, further supported by the increase in international rig count. In contrast, spending in North America land is tracking our expectations of a 10% decline this year.”
Source: offshoreenergytoday.com