Chevron suffers US$1.5 loss on big sales drop

CHEVRON Corporation has reported a loss of US$1.5 billion for the second quarter of 2016. That result compares with earnings of US$571 million in the second quarter of 2015. Included in the quarter 2, 2016 figure were impairments and other non-cash charges totaling US$2.8 billion, partially offset by gains on asset sales of US$420 million. Foreign currency effects increased earnings in the 2016 second quarter by US$279 million, compared with

PTTEP to present wealth of data in seaweed court case defence

PTTEP will utilise an unprecedented wealth of information in its defence against a $200 million claim lodged by Indonesian seaweed farmers over alleged damage to their business by the August 2009 Montara incident off the north west coast of Australia. The Thai-headquartered company’s local subsidiary and Montara operator, PTTEPAA, will present the results of a significant amount of independent research undertaken during and following the incident. Those studies, which are

Oil Search says integration of PNG LNG projects a “game changer”

PAPUA New Guinea oil and gas powerhouse Oil Search Ltd believes the recent decision by ExxonMobil to buy a stake in the Papua LNG project is a game changer for the country’s petroleum industry. The company said the recent decision by PNG LNG project operator ExxonMobil to take a major stake in the rival Papua LNG project’s gas assets may lead to billions in savings and the fast-tracking of the

Technology draws crowds to MTA Vietnam

MTA VIETNAM, the International Precision Engineering, Machine Tools and Metal-working exhibition, will return from 5 to 8 July 2016 at the Saigon Exhibition & Convention Centre (SECC), Ho Chi Minh City, Vietnam. First launched in 2005, MTA Vietnam has gradually expanded over the years to become Vietnam’s most comprehensive manufacturing technology trade event. In 2016, MTA Vietnam will once again bring together many industry leaders and professionals working in the

Steam operations commence at Edam West

MARKING its third thermal project to be brought online this year, Husky Energy has commenced steam operations at the 4,500 barrels per day (bbls/day) Edam West Thermal in Saskatchewan. Husky said the 10,000 bbls/day Edam East Thermal project, which achieved first oil in April, is now producing above its design rate at about 11,000 bbls/day. At the 10,000 bbls/day Vawn development, first production has started about six weeks after steaming

Tendeka wins over Wintershall Norge AS

SYSTEMS and services provider Tendeka has won a four-year contract with Wintershall Norge AS with a further four-year extension option, the company announced in June. Tendeka has been selected to supply sand screens for wells in the Maria, Brage, Skarfjell and Vega field developments in the Norwegian Continental Shelf. The contract includes the supply of Tendeka’s FloMax premium mesh sand screen, which uses a multi-layer design for sand retention and