Dubai — Qatar Petroleum announced a new design contract Saturday with US engineers McDermott as it prepared to push ahead with plans to expand gas production by 30% at the giant North field in the Persian Gulf. Already the world’s largest LNG producer, Qatar lifted a moratorium ongas developments at the giant non-associated gas field in April last year. Thenew projects will increase its LNG production capacity to more than 100million mt/year by 2023, up from 77 million mt/year currently. Drilling…
100 Offshore Projects to be Sanctioned in 2018
The current tailwind in the oil market is likely to propel 100 new offshore projects to be sanctioned in 2018, according to Rystad Energy. This compares to only 60 projects in 2017 and below 40 in 2016, as shown in the latest Oilfield Service Report by Rystad Energy. These projects represent a collective $100 billion worth of capital investment, giving an average of about $1 billion per project. In contrast, the average projected capex for offshore projects approved in 2013…