Sunday, March 24, 2019

Bp News

US Rig Cuts Continue

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U.S. energy firms this week reduced the number of oil rigs operating for a fifth week in a row to its lowest in nearly a year as independent producers follow through on plans to cut spending on new drilling with the government cutting its growth forecasts for shale output.Drillers cut nine oil rigs in the week to March 22…

Oil Majors Rush to Dominate US Shale

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In New Mexico's Chihuahuan Desert, Exxon Mobil Corp is building a massive shale oil project that its executives boast will allow it to ride out the industry's notorious boom-and-bust cycles.Workers at its Remuda lease near Carlsbad - part of a staff of 5,000 spread across New Mexico and Texas - are drilling wells…

Rising US Oil Clout on Show in Houston

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A glance at the attendee list at one of the world's largest energy industry events in Houston this week left little question about the growing influence of the United States over global oil politics.Present: top U.S. diplomat Mike Pompeo. Absent: leading Saudi and Russian officials, and most…

BHP to Drill More Wells in Trinidad

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BHP Group Ltd has stepped up exploration drilling in deep water off Trinidad and Tobago hunting for gas which could supply the country's Atlantic LNG (liquefied natural gas) plant in the 2020s, a senior executive said.The company expects to complete drilling of three wells in block 14, located in its northern contract area…

Norway to Offer More Arctic Exploration Blocks

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Norway plans to expand the offshore oil and gas acreage offered to companies under its annual licensing round in so-called predefined areas (APA), oil minister Kjell-Boerge Freiberg said on Thursday.The 2019 APA round will offer 90 new blocks, of which 48 are in the Arctic Barents Sea, 37 are in the Norwegian Sea and 5 in the North Sea…

Rowan Rig Wins Repsol's Guyana Well Order

Image: Repsol en Guyana

The offshore drilling contractor Rowan announced that Repsol Exploracion Guyana, a unit of Spanish energy major Repsol, has signed a contract for the EXL II, a high-specification Super 116E Jack-up rig, for work in Guyana.The contract is for one well beginning in the third quarter of 2019 with a duration of approximately 45 days…

BP, ExxonMobil in Alaska LNG Deal

Image: Alaska Public Media

Alaska Gasline Development Corp (AGDC) has signed an agreement with BP and Exxon Mobil to help advance the state-owned company's proposed $43.4 billion Alaska liquefied natural gas (LNG) project.According to the agreement, the concerned parties would work together to identify ways to improve the Alaska LNG project ’s competitiveness…

BP Dishes Greater Tortue Ahmeyim Contracts

Oil major BP has awarded subsea umbilicals, risers and flowlines (SURF) and subsea production system (SPS) equipment contracts to services providers McDermott International and Baker Hughes, a GE company (BHGE), for the Greater Tortue Ahmeyim natural gas project, located offshore Mauritania…

BP, Exxon Sign On Alaska LNG Export Project

© Argus / Adobe Stock

Alaska Gasline Development Corp (AGDC) said it signed an agreement with BP PLC and Exxon Mobil Corp to help advance the state-owned company's proposed $43.4 billion Alaska liquefied natural gas (LNG) project."Our respective organizations share an interest in the successful commercialization of Alaska's stranded North Slope natural gas…

Norway Fund to Sell E&P Firms

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Norway's trillion-dollar sovereign wealth fund, the world's biggest, will sell its stakes in oil and gas explorers and producers but still invest in energy firms that have refineries and other downstream activities, according to a government plan.The proposal announced on Friday said the fund's stakes in integrated companies…

Plexus Bags Gazprom Contract Via Gusar

Image: Plexus

Aberdeen-based oil well technology firm Plexus Holdings said its Russian licensee Gusar had clinched its first major contract to supply gas exploration equipment to Gazprom.The contract covered the first year of an up to five-year jack-up gas exploration drilling programme on the Kara Sea Shelf.Under the terms of a 2016 licence agreement with Gusar…

ExxonMobil Plans Big 2020 Capex Boost

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Exxon Mobil Corp plans to boost capital spending for several years, CEO Darren Woods said on Wednesday, and the largest U.S. oil company's shares fell after he laid out a strategy to "lean in" while the rest of the industry cuts back.Exxon shares fell more than 1.6 percent after the company…

Venture Global Gets LNG Export Approval from US

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Venture Global LNG said on Tuesday it had received approval to export liquefied natural gas (LNG) from its Louisiana facility to non-free trade agreement countries.The company said the U.S.

Ineos to Upgrade Forties Pipeline

(Image: Ineos)

Billionaire Jim Ratcliffe's petrochemicals company Ineos said on Wednesday it would spend 1 billion pounds ($1.33 billion) on UK energy assets, including the Forties pipeline, which carries almost half of Britain's oil and gas from the North Sea.Ineos said it would invest 500 million pounds on overhauling its ageing Forties pipeline…

BP Names New Head of Wind Power Business

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The head of BP's wind energy business Laura Folse will retire at the end of month, three years after taking the role, a company spokesman said on Monday.Folse, who joined BP in 1982, will be replaced by Al Vickers, currently vice president of technical functions in the operations of BP's upstream, or oil and gas, business.

China Imports First U.S. Crude since November

File Image / CREDIT: AdobeStock / © Leeylutung

An oil tanker carrying U.S. crude oil is offloading its cargo at a Chinese port on Friday, marking China's first import from the United States since late November, according to trade sources and Refinitiv data.Trade tensions between the United States and China cut U.S. oil exports to Asia to a trickle in the second half of last year. No U.S.

Keppel, Golar to Build FLNG Facility

Image: Keppel Corporation

Keppel Corporation will partner liquefied natural gas (LNG) shipping company Golar LNG  to develop a floating LNG facility (FLNG) facility to be located on the Mauritania and Senegal maritime border.Keppel will partner Golar by subscribing for 30 per cent in Gimi MS Corporation, through Keppel's indirect wholly owned subsidiary First FLNG Holdings (FFH).

Golar to Supply FLNG for BP

Greater Tortue Ahmeyim LNG development (Image: BP)

Golar LNG Limited announced Tuesday that its newly incorporated subsidiary Gimi MS Corporation has entered into a 20-year Lease and Operate Agreement (LOA) with BP for the charter of a floating liquefied natural gas (FLNG) unit, Gimi, to service the Greater Tortue Ahmeyim project offshore…

BP Chief: U.S. Oil Sector a 'market without brain'

BP Chief Executive Bob Dudley (CREDIT: BP)

BP Chief Executive Bob Dudley described the United States' high-pace shale oil sector as a "market without a brain" that, unlike Saudi Arabia and Russia, only responds to market signals.The U.S. shale oil sector, which has helped the country to become the world's biggest oil producer last year…

RockRose Energy Acquires Marathon Oil

Andrew Austin. Photo: RockRose Energy

U.K.-based oil and gas firm RockRose Energy has signed a share purchase agreement to acquire 100% of Marathon Oil UK (MOUK), and 100% of Marathon Oil West of Shetland (MOWOS), from subsidiaries of Marathon Oil Corporation.London-headquartered RockRose will pay $140 million (subject to customary adjustments) for the assets…