European natural gas prices rise for second day after Iran attack on Israel as US Gulf Coast cargo values also increase
European natural gas prices and US Gulf Coast last day futures for free-on-board cargoes from Louisiana and Texas increased for a second day after the Iranian drone and missile attacks on Israel brought more uncertainty and volatility into oil and gas markets.
Saudi venture capital firm takes stake in UK company offering upstream technology for LNG, oil and storage
Alturki Ventures, the venture capital arm of Saudi Arabia's Alturki Holding, has provided a significant capital investment in Acoustic Data, a UK-based firm whose technology is cutting-edge for the increasing pipeline of upstream oil, gas and storage projects to meet a rebound in demand.
“The investment will be used to scale global deployments of its retrofittable and cutting-edge acoustic telemetry solutions that deliver real-time data from downhole to desktop, enabling remote optimisation of oil and gas wells and subsurface energy storage,” said a statement.
“We are extremely excited about the growth potential that our investment provides Acoustic Data,” said Rami Alturki, President and Chief Executive of Alturki Holding.
“It’s a technology business with patented downhole solutions that will provide true in-Kingdom value and maximisation of oil and gas production for our customers,” stated Alturki.
Acoustic Data was founded in 2012 and is headquartered in Woking in southern England.
The statement noted that Acoustic Data’s SonicGauge™ is used throughout the entire lifecycle of a well, from drill stem testing surface readout and production optimisation to barrier integrity monitoring and abandonment programmes.
Intelligent completions
It added that the duplex SonicSync™ Command+Control Platform provides third-party downhole equipment providers with a communication system to remotely activate tools in intelligent completions and drill stem testing operations.
“Our team has deployed the SonicGauge in many global markets and applications from brownfield optimisation in Asia-Pacific to underground gas storage in Continental Europe,” said Jesse Tolley, Chief Commercial Officer of Acoustic Data.
“Alturki's capital, technical know-how, and growth mindset will allow Acoustic Data to capitalise on a substantial opportunity to instrument and digitalise Saudi Arabia’s well stock,” added Tolley.
Corey Campbell, Director of Operations at Sawafi, an Alturki Holding subsidiary, is impressed with the UK firm’s technology offering.
“Acoustic Data’s portfolio allows operators to apply a proven communication protocol across multiple disciplines,” he explained.
“We are excited to explore technology synergies and expect collaboration to bring new optimisation and control mechanisms to subsurface assets worldwide,” stated Campbell.
Alturki Ventures has as its role identifying unique investment opportunities which can help technology development and digital transformation efforts.
The firm has a growing portfolio in the Middle East, Europe and the Americas, comprised of companies that are changing the Upstream oil and gas services sectors and other industries.
Teekay LNG Partners swings to profit ahead of Bahrain FSU project start-up and more charters
Teekay LNG Partners, the US affiliate of the tanker fleet owner and operator of almost 50 LNG vessels, said it secured charters on three LNG carriers at attractive rates and was preparing to start the floating Bahrain LNG terminal in the Gulf as it swung to a net profit from a previous loss.
Bahrain signs exploration deal with Eni of Italy for offshore Gulf area ahead of LNG imports
The Gulf kingdom Bahrain, set to start LNG imports soon, has signed an exploration and production sharing agreement with Eni, the Italian energy company with a recent record of huge natural gas discoveries offshore Egypt and Mozambique.
Gulf kingdom of Bahrain set to start LNG import facility in May amid assessment of gas discovery
Bahrain said it would receive shipments from a variety of liquefied natural gas suppliers when the Gulf kingdom's first floating import facility comes on line in May.
Bahrain arranges commissioning cargo from Abu Dhabi for latest Middle East LNG facility
The Kingdom of Bahrain said it would receive its commissioning cargo from Abu Dhabi National Oil Company when the facility becomes operational in 2019.
Bahrain LNG project advances and will increase LNG cargo requirements for Arab Gulf states
Bahrain has completed the construction of the jetty and offshore sections of its first LNG import facility at a location about 5 kilometres from the existing breakwater at the Khalifa Bin Salman Port and the terminal is on schedule for completion in 2019.
Bahrain is on track to become LNG importer even after huge oil and natural gas discovery
Bahrain is moving forward with development of its discovery of extensive tight oil reserves amounting to 200,000 barrels per day and deep natural gas resources of between 10 and 20 trillion cubic feet, though the Gulf kingdom still intends to become an LNG importer by 2019.
