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OIL AND GAS
CNOOC awards contract for oil field in South China Sea
by Daniel J. Graeber
Washington (UPI) Jun 1, 2018

A contract for subsea work at an oil field in the South China Sea could help unlock hundreds of millions of barrels of oil reserves, TechnipFMC announced.

The oil and gas services company said it was awarded a contract by China National Offshore Oil Corp., the largest offshore oil and gas producer in China, for subsea components for the development of the Liuhua oil field in the South China Sea.

"We are proud and honored to be selected by CNOOC Ltd. for this contract, which is one of the largest subsea production systems contracts awarded this year in our industry," Hallvard Hasselknippe, the president of TechnipFMC's subsea business, said in a statement.

The South China Sea is a source of multilateral contentions. The island is under Chinese control, but Vietnam and Taiwan have overlapping claims in the area. For the first time, the Chinese military landed a strategic bomber on an island reef in the South China Sea in May, drawing criticism from the U.S. Department of Defense.

According to consultant group Wood Mackenzie, however, the Liuhua oil field is not located in the disputed maritime zone.

"We modeled 130 million commercial reserves for Liuhua," Andrew Harwood, a research director at Wood Mackenzie, said Friday in response to UPI's questions.

TechnipFMC has faced lingering markets pressures as the oil and gas sector recovers. Full-year 2018 spending is outlined at $300 million, a 17 percent increase from last year.

CNOOC reported total net production of 120.1 million barrels of oil equivalent in the first quarter, an increase of 0.8 percent from the same period last year. The company said its offshore production, however, declined 1.2 percent year-on-year because of "normal decline of the producing fields."

No terms of the CNOOC-TechnipFMC contract were disclosed.


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OIL AND GAS
'Mission impossible' for US cities that want to respect Paris climate deal
Philadelphia (AFP) June 1, 2018
When President Donald Trump announced the US exit from the Paris climate deal one year ago, the mayor of Philadelphia was among those who vowed to keep carrying the torch. "Philly is committed to upholding at (the) local level the same commitment made by the US in the Paris climate agreement," tweeted the sixth largest US city's mayor, Jim Kenney, a Democrat. Since then, the City of Brotherly Love has cut energy consumption in municipal buildings, started replacing street lamps with LED lights, ... read more

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