Tuesday, January 15, 2019

Alaska News

Alaska Officials Probe BP's Prudhoe Bay Wells After Spill

BP Alaska's Prudhoe Bay operations (Photo: BP)

Regulators in the U.S. state of Alaska will investigate all of the oil and natural gas wells operated by BP Plc at its Prudhoe Bay oil field after the release of a small amount of crude oil and gas from a well that had earlier been shut.The Alaska Oil and Gas Conservation Commission (AOGCC) has scheduled a Feb. 7 hearing “to assess the mechanical integrity of Prudhoe Bay wells operated by BP Exploration (Alaska)…

US Working on Arctic Oil Leases Despite Shutdown

(Image: Alaska BLM)

Even as a partial shutdown halts the functions of many U.S. government departments, forcing the Department of the Interior to close national parks, the Trump administration is continuing to push for the expansion of oil drilling on sensitive, federally owned lands in Arctic Alaska.The Alaska Bureau of Land Management (BLM), part of the Interior Department, was scheduled to hold a meeting on Wednesday night in Wainwright…

Eni Acquires 70% stake in Oooguruk Field Offshore Alaska

Image: Caelus Energy

Italian oil and gas company Eni has agreed to acquire a 70% stake in the Oooguruk oil field located offshore Alaska from Caelus Natural Resources Alaska for an undisclosed price.With Eni already holding 30% working interest in the oilfield, the Italian energy major’s operating stake in the same, following the closing of the deal, will be 100%.The Oooguruk oil field…

Hess, Conoco Raise 2019 Production Outlook

(Photo: Hess)

Oil and gas producer Hess Corp and Conocophillips both expect production for 2019 to be higher than this year even as they spend roughly the same amount of money on exploration, the companies said on Monday.Investors have been urging U.S. oil companies to increase returns on tight spending at a time when they are also looking beyond the Permian Basin, which is getting…

U.S. DOI Okays Hilcorp AK Offshore Oil & Gas Project

The U.S.

TOTE Touts 'LNG-as-Fuel' Experience

Peter Keller, Executive Vice President, TOTE. (Photo: Greg Trauthwein)

Build it and they will come mentality serves TOTE well on ‘world first’ LNG ContainershipsAs the marine industry collectively struggles to find solutions to the mounting mandates to cut emissions, U.S. owner TOTE, which broke ground three years ago with the world’s first LNG-fueled containership, has more than 36 months experience operating almost exclusively on LNG.

ConocoPhillips Raises FY18 Capex, Output Target

(Photo: ConocoPhillips)

Oil and gas producer ConocoPhillips topped Wall Street estimates for quarterly profit on Thursday and raised its capital budget and annual production target for 2018, as it seeks to take advantage of higher crude prices.Houston-based ConocoPhillips, America's biggest independent oil and gas producer, now expects to produce between 1.23 million barrels of oil equivalent per day (boe/d) and 1.26 million boe/d in 2018.

Largest Oil Shipment Sent from Vancouver to China Since 2015

© Max Wei / MarineTraffic.com

An Aframax tanker is scheduled to deliver the largest shipment of crude oil from Vancouver to China since January 2015 later this month, Thomson Reuters trade flow data show.For years, Canadian officials have pushed for an escalation in crude exports to rapidly growing Asian markets, but companies in the oil-rich Alberta have limited capacity to move crude to the nation's western coastline.That makes Canadian crude exports from Vancouver to Asia rare…

BP to Boost Stake in UK's 'Giant' Clair Field

BP's Clair Ridge platform. Photo: BP

BP announced that it has entered into agreements with ConocoPhillips that will significantly increase its holding in the Clair field, a core asset of BP’s North Sea business in the UK, while also selling its non-operating interest in the Kuparuk and satellite oilfields in Alaska. BP has entered into an agreement to purchase from ConocoPhillips a 16.5% interest in the BP-operated Clair field…

ConocoPhillips sells 16.5 pct of North Sea Asset to BP

Ryan Lance, chief executive officer of ConocoPhillips

U.S. oil producer ConocoPhillips said on Tuesday it would sell a 16.5 percent stake in the Clair field to oil major BP for an undisclosed price. Houston, Texas-based ConocoPhillips will retain a 7.5 percent interest in the North Sea offshore oil field through a unit while BP will hold a 45.1 percent interest. Reuters reported https://www.reuters.com/article/us-conocophillips…

Russia's First Sea-borne Nuclear Power Plant Arrives in Arctic

Akademik Lomonosov (Photo: Rosatom)

Russia's first-floating nuclear power plant arrived in the Arctic port of Murmansk over the weekend in preparation for its maiden mission, providing electricity to an isolated Russian town across the Bering Strait from Alaska.The state company behind the plant, called the "Akademik Lomonosov", says it could pioneer a new power source for remote regions of the planet, but green campaigners have expressed concern about the risk of nuclear accidents.

Tokyo Gas Takes First LNG Cargo from Cove Point

© Dexter / MarineTraffic.com

Japan received its first shipment of liquefied natural gas (LNG) on Monday from Dominion Energy Inc's newly completed Cove Point export plant, the beginning of a jump in imports from the United States by the world's biggest buyer of the fuel.The docking of the tanker LNG Sakura at Tokyo Gas Co's Negishi terminal near Tokyo is another marker of shifting global energy…

Marathon Creates Top U.S. Refiner with Andeavor Acquisition

Marathon Chief Executive Gary Heminger

Marathon paying $152/share to create biggest independent refiner; Andeavor assets include pipelines, refineries, gas stations. Marathon Petroleum Corp said on Monday it would buy rival Andeavor for more than $23 billion, forming a company that would leapfrog Valero Energy Corp as the largest independent U.S. refiner by capacity. Shale oil fields have pushed U.S.

ConocoPhillips Profit Tops Estimates on Rising Oil Prices, Cost Cuts

Photo: ConocoPhillips

ConocoPhillips, the world's largest independent oil and natural gas exploration and production company, posted a bigger-than-expected quarterly profit on Thursday, helped by rising crude prices and cost cuts.Results at Conoco, like many of its peers, have steadily improved in recent quarters alongside commodity prices and as better technology makes operations more efficient.Also…

EPA Announces Funding to Reduce Diesel Emissions

File Image (CREDIT: AdobeStock / © dbvirago)

Preference given to fleets in areas facing air quality challenges. The U.S. Environmental Protection Agency (EPA) announced the availability of grant funding to modernize the nation’s diesel fleet by retrofitting or replacing vehicles with cleaner, more efficient diesel engines. EPA anticipates awarding approximately $40 million in Diesel Emission Reduction Program (DERA) grant funding to eligible applicants, subject to the availability of funds.

Trump Administration Mulls Opening Alaska Refuge to Drilling

(File photo: USFWS)

The Trump administration this week will begin the environmental review process for oil and gas drilling on a section of the Arctic National Wildlife Refuge, a region in northern Alaska rich in crude but prized by conservationists.In a notice from the U.S. Department of the Interior seen by Reuters, which the agency will post on Friday, it says it will hold meetings in five Alaskan towns where the public can speak about drilling in the refuge.

ConocoPhillips' Alaskan Venture a Success

The polar adventure-valdez alaska Photo courtesy ConocoPhillips

ConocoPhillips announced it has concluded its 2018 winter exploration and appraisal program in Alaska. The company’s original plan was to drill five wells on the Western North Slope comprising two appraisal wells of the Willow Discovery announced in January 2017, plus three exploration wells. Due to improved drilling efficiencies, the company was able to drill a total of six wells, including an additional Willow appraisal well.

BSEE Approves Arctic Offshore Suspension Requests

Director Scott Angelle Photo BSEE

The Bureau of Safety and Environmental Enforcement (BSEE) approved suspensions of operations Tuesday in response to requests from the Arctic Slope Regional Corporation Exploration, LLC (AEX) related to AEX’s 20-lease Taktuk Unit, and one additional lease, in the Beaufort Sea. The leases, which are located in the Camden Bay area, approximately 8-25 miles off of the northern shore of the Alaska North Slope, were obtained by AEX from Shell in late 2016.

Trump Administration Seeks Swift Action on Alaska Oil Leases

© wizdata / Adobe Stock

The Trump administration is seeking to sell leases in the Arctic National Wildlife Refuge as quickly as possible – drawing fire from opponents of drilling in the sensitive area, who are warning against a rushed process. A top Department of Interior official who traveled to Alaska last week promised an imminent start to the leasing process, saying he wanted to wrap up environmental studies within a year…

US States Slow Trump Offshore Oil Drilling Expansion Plan

© Georg Lehnerer / Adobe Stock

The Trump administration's plan to broadly expand drilling in U.S. offshore waters is moving slowly due to opposition from coastal states and indifference from oil companies that have turned their focus to other opportunities. The administration hopes encouraging U.S. energy development outside of shale oilfields will further its goal of "energy dominance." But existing…