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February Oil & Gas News Roundup

In February, a new apprenticeship program launched, Europe funds oil and gas expansion, oil might pass $100 per barrel, many are injured after an explosion in Nigeria, and a U.S. oil producer is looking to sell some land. Continue reading our oil and gas news roundup to learn more about what’s happening in the industry this month. 

2022 Oil and Gas Apprentice Program Launches

Recruitment for the 2022 Oil and Gas Technical Apprenticeship Program launched this month. Applications for this year’s intake will close on March 25. Successful OGTAP applicants will attend an industry appointed college for 21 months and gain various qualifications, OPITO highlighted. After college, OGTAP apprentices spend two years with a sponsoring energy company where they receive training, mentoring, and gain industry specific skills.

For more information on the application process click here.

Europe’s banks fund oil and gas expansion

European banks are providing billions of dollars of funding to expand oil and gas production, despite International Energy Agency guidance against new facilities in order to slow global warming. Last year, 25 of the region’s leading banks collectively provided $55 billion to energy companies planning to expand oil and gas production. An IEA report for last May said there should be no investment in new oil and gas fields in order to have a 50% chance of capping global warming at 1.5 degrees Celsius above the pre-industrial average.

Click here to read the whole article.

Energy ministers fearful of oil prices surpassing $100 a barrel

Energy ministers representing Egypt and Cyprus said they were deeply concerned about the potential for oil prices to climb above $100 a barrel. International benchmark Brent crude futures soared to a new seven-year high on the elevated geopolitical tensions. The contract was last seen trading at $94.33, down 0.1% for the session after earlier hitting a peak of $96.16. U.S. West Texas Intermediate futures, meanwhile, stood at $93.20, roughly 0.1% higher.

To read the whole article check out oilandgas360.com.

At Least Three Dead After Explosion in Nigeria

At least three people died in Nigeria as a result of an explosion of the floating, production, storage, and offloading vessel Trinity Spirit.

The FPSO Trinity Spirit exploded, caught fire, and sank at the Ukpokiti Terminal in Nigeria. The FPSO is owned by Shebah Exploration and Production Company Limited which is owned by a combination of Nigerian and overseas corporate entities including Abbeycourt Trading Company, Abbeycourt Petroleum Company, and Allenne Limited.

The FPSO Trinity Spirit was built 46 years ago and can process up to 22,000 barrels of oil per day, inject up to 40,000 barrels of water per day and store 2 million barrels of oil. It served as the primary production facility for OML 108 and is also a government-approved terminal for lifting operations for all OML 108 production.

For more on this incident click here.

U.S. oil producer Hannathon looks to sell Texas land – documents

Private U.S. oil and gas producer Hannathon Petroleum LLC has retained an investment bank to sell around 18,000 net acres in the Northern Midland basin of Texas. Sources are saying that the assets could be valued at around $500 million in a sale.

Founded in 2007, Hannathon describes itself as one of the largest remaining private companies in the Midland portion of the Permian basin, which is the biggest U.S. oilfield and the focus of consolidation in recent months. Hannathon has retained investment bank Jefferies for the sale of its assets, which currently produce around 5,800 barrels of oil and gas per day.

Click here to check out the whole article.

Reach Out to Tiger General

We hope you found our February oil and gas news roundup interesting. If you need a new piece of equipment, fill out the Tiger General Truck Inquiry Form today!

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