Safety Alert After Worker Falls From Platform (Friday, 31 May 2019)

The U.S. Bureau of Safety and Environmental Enforcement has issued a safety alert and guidance for offshore operators after a contract fell off a Gulf of Mexico platform as the boarding pad gave way.

As per the BSEE, the incident happened on February 14, 2019, when a production contractor was conducting a pollution inspection on a Gulf of Mexico platform.

“The individual successfully transferred from the boat to the platform via rope transfer, landing on the grating of the boat landing. Upon completion of the transfer,

the grating gave way and the individual fell into the water,” the BSEE said.

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“The boat deckhands immediately retrieved the individual from the water. The individual sustained cuts to his legs and other undefined injuries to his knee and back. The individual

was transported to shore for additional medical treatment,” the safety body added.

The offshore safety body has issued guidance for the operators with the aim to prevent similar incidents.

The operators are advised to Develop and ensure implementation of a Safe Boarding Plan for any facility that may present hazards to normal boarding processes. Prior to boarding, it is advised to use flyovers or close approach by boat to establish the general condition of the structure and determine if the structure has obvious damage.

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Furthermore, the operators are advised to conduct a general visual inspection of the above-water structure to identify additional safety concerns and possible structural damage to determine if a below water inspection is required.

Also, BSEE advises for the operator to review its safety alert with all personnel who transfer to facilities via swing rope or personnel baskets to make sure employees are aware of all potential hazards associated with personnel transfers.

The BSEE did not disclose the name of the platform aboard which the incident had taken place.

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Granite Oil Corp. Announces Results Of Shareholder Meeting

CALGARY, Alberta, May 29, 2019 (GLOBE NEWSWIRE) — GRANITE OIL CORP. (“Granite” or the “Company”) (TSX:GXO; OTCQX:GXOCF) is pleased to announce the results from its 2019 annual general and special meeting of shareholders held on May 29, 2019 in Calgary, Alberta (the “Meeting”).  Each of the matters voted upon at the Meeting is discussed in [Read more]

Source: BOE Report

Connacher Announces Q1 2019 Results

CALGARY, May 29, 2019 /CNW/ – Connacher Oil and Gas Limited (“Connacher” or the “Company”) announces its financial and operating results for the quarter-ended March 31, 2019 (all amounts are in Canadian dollars unless otherwise noted). Q1 2019 Highlights Financial Q1 2019 revenue, net of royalties, increased to $53.6 million (Q1 2018 – $33.9 million), primarily [Read more]

Source: BOE Report

Climate change debate in the focus at Exxon’s annual meeting

DALLAS – Activist shareholders used Exxon Mobil’s annual meeting to renew their accusations that the company is failing to confront a future that may include stricter regulations to limit climate change caused by burning fossil fuels. A representative of the Church of England’s endowment fund said Wednesday that Exxon has moved more slowly than other [Read more]

Source: BOE Report

May’s OCTG Snooze Turns to Breaking News

Photo Noble Energy Inc. Courtesy ©Jim Blecha: oilandgasphotographers.com

Photo Noble Energy Inc. Courtesy ©Jim Blecha: oilandgasphotographers.com

Susan Murphy | The OCTG Situation Report

Susan Murphy | Publisher + Editor-in-Chief

What began as a month of snooze abruptly filled with breaking news. So we decided to investigate some of the headlines of the day in our May Report. On Friday, May 17 there was the announcement of an “apparent” settlement in the steel tariff portion of the new NAFTA (the USMCA). The day before, on May 16, we learned that tariffs on Turkish steel were being halved. And then, on May 20, just as we were going to press came the news of the final antidumping (AD) decision for the third period of review (ARP3) on OCTG imports from South Korea necessitating some 11th hour alterations in our editorial. But before we bury the lead, the subject du jour of late seems to be tubing. 

Actually, the tubing situation plays right into Korean imports for 2019 so we tackled this twofold issue first. We’ve covered this subject in almost every Report since the quotas (sans tariff) were announced for South Korea in late March 2018. Originally we predicted a tightening in tubing supplies toward the end of 2018. That didn’t materialize in part due to E&P budget exhaustion in late Q3 converging with a crude price inflection that surprised to the downside in October and dragged on through the end of December. There was also the significant influx of imported tubing in 1H18 that was slow to be consumed on account of a buildup of DUCs; the bulk of which were stacking up in the Permian. Turns out tubing shipments as a whole were only down by small percent Y/Y in 2018 despite the 232, with better than half of all imported tubing shipments received in the first part of the year alone. Our expectation going into the final ARP3 determination this month was that this would not be the case for 2019 as US tubing supply was certain to suffer the consequences of being severely crimped. Our pre-ARP3 judgement was well supported and detailed in our current Report.

This new development brings tubing supply for 2H19 into question and may blunt our argument about the potential for shortages. Our fact check revealed, the volume of tubing received thus far into the year from South Korea was shipped to get ahead of the imminent ARP3 duties. It was also noted that no other country had taken up the tubing gauntlet as of 1Q19. Now with the newly determined, less severe, AD margins Korean supply could drop off this year but to a far lesser degree than anticipated. Of course, whether tubing consumption is due for a hike in 2H19 is based around the expectation that crude pricing doesn’t implode and activity remains steady. Hard to state now if this news will dampen the tubing pricing recovery. Bottom line: pricing is a function of supply and demand and now we must also entertain the possibility of added tubing supply before new domestic sources of supply come on stream in 2020. We consider this angle in depth this month. In any case, we’d be remiss not to recommend readers keep their ears to the ground and eyes on our monthly intel for updates. 

Continuing with the breaking news is the announcement by the administration eliminating the 25% steel tariffs (effective within 48 hours of the announcement) that were originally imposed on Canada and Mexico shortly after the 232 was announced. The takeaway: a split between those who view this as mostly a non-event for supply in 2019 and those who see escalating imports as inevitable. Others don’t believe this will be the last we hear on the subject and that some type of volume restraint is still likely to be instituted. The real spoiler is the notion that anyone who imports green tubes, pipe, coil or billets from anywhere other than Mexico and Canada will be at a disadvantage. 

And lastly, we reported the White House reduced existing 50% punitive tariffs on Turkish steel imports (imposed in August of 2018) to 25%. At this juncture, we don’t see much cause for concern on this development.  

And that, readers, is all the news that’s fit to print for now. You may return to your regularly scheduled programs and we’ll meet up again next month when we assess the mid-year market sentiment throughout the OCTG supply chain during our annual June oil patch confabs.  

NOTE: Our monthly blog posts offer a slice of the content we publish in The OCTG Situation Report every month. For a complimentary copy of our intel please visit: http://www.octgsituationreport.com/subscribe

Photo Noble Energy inc. Courtesy © Jim Blecha: oilandgasphotographers.com

ExxonMobil Progresses Growth Plans and Efforts to Advance Lower-Emissions Technologies

Plans on track to more than double earnings and cash flow generation potential by 2025 Key projects progressing on schedule Work continues on lower-emissions technologies, including biofuels and carbon capture DALLAS–(BUSINESS WIRE)–ExxonMobil is progressing growth plans to substantially increase earnings and cash flow potential while researching technology breakthroughs to reduce emissions, Chairman and CEO Darren [Read more]

Source: BOE Report

Canadian Natural Resources Limited Announces the Acquisition of Substantially All of the Assets of Devon Canada Corporation

CALGARY, Alberta, May 29, 2019 (GLOBE NEWSWIRE) — Canadian Natural Resources Limited (“Canadian Natural” or the “Company”) announces it has entered into an agreement, subject to regulatory approval, to acquire substantially all of the assets of Devon Canada Corporation (“Devon”), for a cash purchase price of C$3.775 billion (subject to closing adjustments), with an effective [Read more]

Source: BOE Report

Delphi Energy Corp. Provides Credit Facility Update

CALGARY, Alberta, May 28, 2019 (GLOBE NEWSWIRE) — Delphi Energy Corp. (“Delphi” or the “Company”) announces that the Company’s syndicate of lenders, led by Alberta Treasury Branches and including The Bank of Nova Scotia and Bank of Montreal, has extended the term out date of the Company’s $105 million senior secured credit facility to June [Read more]

Source: BOE Report

Cimarex Announces Changes to its Board of Directors: Paul N. Eckley Joins Following the Retirement of David Hentschel

DENVER, May 28, 2019 /PRNewswire/ — Cimarex Energy Co. (NYSE: XEC) today announced the retirement of David A. Hentschel from its Board of Directors and the appointment of Paul N. Eckley as an independent director of Cimarex effective May 31, 2019. Mr. Eckley will be a member of the Compensation and Governance Committee. Cimarex Chairman, President [Read more]

Source: BOE Report

Fortem Resources Announces Amendments to Utah Property Purchase Agreements to Extend Payment Obligations and Acquire Additional Interest In Mancos Formation

VANCOUVER, May 28, 2019 /CNW/ – Fortem Resources Inc. (TSXV: FTM; OTCQB: FTMR) (the “Company“) is pleased to announce that it has entered into two amending agreements which have the effect of postponing certain payments relating to its Utah property interests. Purchase and Sale Agreement – Black Dragon On May 16, 2019, but effective as of March 1, [Read more]

Source: BOE Report

Fortem Resources Announces Amendments to Utah Property Purchase Agreements to Extend Payment Obligations and Acquire Additional Interest In Mancos Formation

VANCOUVER, May 28, 2019 /PRNewswire/ – Fortem Resources Inc. (TSXV: FTM; OTCQB: FTMR) (the “Company“) is pleased to announce that it has entered into two amending agreements which have the effect of postponing certain payments relating to its Utah property interests. Purchase and Sale Agreement – Black Dragon On May 16, 2019, but effective as of March 1, [Read more]

Source: BOE Report

AltaGas Charts a New Course for Canadian Energy With First Cargo and Grand Opening of Ridley Island Propane Export Terminal

Canada emerges as a global propane supplier with completion of the country's first liquefied petroleum gas (LPG) marine export facility CALGARY, May 28, 2019 /CNW/ – AltaGas Ltd. (AltaGas) (TSX: ALA) today celebrates the grand opening of its Ridley Island Propane Export Terminal (RIPET), located in Prince Rupert, British Columbia – the first marine export facility [Read more]

Source: BOE Report

Hemisphere Energy Acheives Record Financial and Operating Results for Q1 2019

TSX-V: HME VANCOUVER, May 28, 2019 /CNW/ – Hemisphere Energy Corporation (TSX-V: HME) (“Hemisphere” or the  “Company”) announces its financial and operating results for the three months ended March 31, 2019.  Q1 2019 Highlights Achieved record revenue of $6.4 million, an increase of 90% over the first quarter of 2018. Realized record quarterly funds flow from [Read more]

Source: BOE Report