Monday, October 15, 2018

Chevron News

Chevron becomes first oil major to exit Norway

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U.S. oil firm Chevron will become the first oil major to formally exit the Norwegian continental shelf (NCS) as it transfers its last stake in an exploration license, according to a government letter.Oil majors, including Exxon Mobil, BP and Shell, have scaled down their presence in Norway by selling or merging their assets in the mature region to focus on new growth opportunities elsewhere.Chevron is also seeking to sell assets in the British North Sea in order to focus on growing U.S.

China LNG Tariff Casts Shadow Over New US Export Terminals

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China set a 10 percent tariff on U.S. liquefied natural gas (LNG) imports, extending a trade dispute into energy and casting a shadow over U.S. export terminals that would propel the United States into the world's second-largest LNG seller.Beijing on Tuesday said it would tax U.S. products worth $60 billion effective Sept. 24 in retaliation for tariffs imposed by U.S. President Donald Trump in an escalating trade war.The rate was smaller than the 25 percent tariff China had touted earlier, which offered some relief and helped shares in listed U.S.

Equinor Eyes Chevron's Stake in Rosebank Field

(Image: Chevron)

Norway's Equinor is interested in buying Chevron's stake in Rosebank, an oil and gas field in the British part of the North Sea, two sources close to the process told Reuters.Chevron on Wednesday said that it had received interest from a potential buyer for its 40 percent stake in one of Britain's biggest oil and gas developments.Equinor declined comment.(Reporting by Ron Bousso and Dmitry Zhdannikov; Writing by Nerijus Adomaitis; Editing by Gwladys Fouche and David Goodman)

US GoM Oil Production Off 32% from Storm

A view of the eye of Hurricane Michael taken on October 10, 2018 from the International Space Station currently orbiting Earth. The photo was taken by NASA astronaut Dr. Serena M. Auñón-Chancellor. (Credit: NASA)

U.S. Gulf of Mexico producers have cut oil output by 32 percent and natural gas production by 13 percent as a result of the lingering effects of Hurricane Michael, the Bureau of Safety and Environmental Enforcement (BSEE) said on Friday, citing reports from 27 companies.The reductions continued as oil and gas companies moved more workers back to production platforms that were evacuated earlier in the week. As of Friday morning, nine platforms were still unoccupied, BSEE said in a daily update…

Shell in Talks to Sell $1.3 Bln of Gulf Coast Assets

(File photo: Anadarko)

Royal Dutch Shell Plc is in talks to sell its assets in a Gulf of Mexico oilfield to Focus Oil to pay for its takeover of BG Group Plc, Bloomberg reported on Thursday, citing people familiar with matter.The deal could value Shell's stake in the Caesar Tonga field at about $1.3 billion, the report said.Shell has a 22.5 percent working interest in Caesar Tonga, with the rest owned by companies including Anadarko Petroleum Corp, Equinor ASA and Chevron Corp, Bloomberg said, citing company filings.Shell and Focus Oil did not immediately respond to a request for comment.(Reporting by Sathvik N in Bengal

Equinor Acquires 40% Stake in Rosebank Project

Photo: Equinor

Equinor has signed an agreement to acquire Chevron’s 40 percent operated interest in the Rosebank project, one of the largest undeveloped fields on the U.K. Continental Shelf (UKCS). The parties did not disclose the commercial terms of the agreement.“Today’s agreement allows us to buy back into an asset in which we previously had a participating interest, demonstrating our strategy of creating value through oil price cycles. The acquisition of Rosebank complements our portfolio of oil, gas and wind assets in this country, in line with our strategy as a broad energy company.

Big Oil Pledges to Slash Potent Greenhouse Gas Emission

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A group of the world's top oil and gas companies pledged on Monday to slash emissions of a potent greenhouse gas by a fifth by 2025 in an effort to battle climate change.The Oil and Gas Climate Initiative (OGCI), which U.S. giants Exxon Mobil and Chevron joined recently, committed to cutting methane emissions to an intensity of 0.25 percent of the group's total fossil fuel production, it said in a statement.Such a reduction would equate to 350,000 tonnes of methane annually. It compares with a baseline intensity of 0.32 percent in 2017…

U.S. Crude Rises as One-fifth of Oil Production Lost Ahead of hurricane

Photo: Chevron

U.S. crude prices were modestly higher on Tuesday as nearly one-fifth of daily oil production was lost from offshore Gulf of Mexico wells due to Hurricane Michael.Oil producers including Anadarko Petroleum Corp, BHP Billiton, BP and Chevron Corp have evacuated personnel from 13 platforms as the storm made its way through the central Gulf on the way to landfall Wednesday on the Florida Panhandle.Companies turned off about 324,200 barrels of oil and 284 million cubic feet of natural gas by midday on Monday.

Chevron Eyes Houston Ship Channel for 2nd US Gulf Refinery

(File photo: Port of Houston)

Chevron Corp wants to build or buy a refinery along the U.S. Gulf Coast to process crude oil from its rapidly growing Permian Basin operations, a senior executive said on Tuesday.The company would like to have refining operations on the Houston Ship Channel, in the western part of the U.S. Gulf, to complement an existing eastern Gulf refinery in Mississippi that makes lubricants and other materials, Pierre Breber, Chevron's head of downstream and chemicals, said."Something on the ship channel side could make a lot of sense for our company…

Storm Shuts Nearly 40% of US GoM Oil Output

(Image: NOAA)

Nearly 40 percent of daily crude oil production was lost from offshore U.S. Gulf of Mexico wells on Tuesday due to platform evacuations and shut-ins ahead of Hurricane Michael.Since Monday, oil producers, including Anadarko Petroleum Corp, BHP Billiton, BP and Chevron Corp , have evacuated personnel from 75 platforms as the storm made its way through the central Gulf on the way to landfall on Wednesday on the Florida Panhandle.Companies turned off daily production of about 670,800 barrels of oil and 726 million cubic feet of natural gas by midday on Tuesday…

Big Oil Readies Brazil Offshore Bets

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Exxon Mobil Corp , Royal Dutch Shell Plc and other companies will gather on Friday in possibly their last crack at Brazil's coveted offshore oil for another four years, as a wide-open election spurs fears about barriers to foreign investment.The auction in Rio de Janeiro for four blocks in the Santos and Campos basins comes just a week before the most unpredictable presidential election in a generation, which features candidates that may seek to slow the pace of oil auctions, revise…

Total Buys Chevron's Interest in Danish Underground Consortium

Photo: Total

French oil and gas major Total said it has agreed to take all of Chevron's share capital in the Danish Underground Consortium (DUC), which will increase its stake in the project and expand its North Sea presence.The acquisition comes a day after Total announced a major gas discovery on the Glendronach prospect, located off the coast of the Shetland islands in the North Sea."Following the completion of the Maersk Oil acquisition, this deal is a great opportunity to further expand our presence on the Danish Shelf and increase our interest in an asset operated by Total…

Guyana Puts Oil Auctions on Hold

(File photo: Hexx Corp)

Guyana has put planned oil auctions on hold as the impoverished South American country works to establish a Department of Energy to oversee the energy boom, Minister of State Joseph Harmon said on Monday.Since 1999, Guyana has awarded a group led by Exxon Mobil Corp hundreds of oil blocks along Guyana's maritime borders with Venezuela and Suriname. Their finds are turning Guyana, a country with no history of oil production and relaxed energy regulation, into one of Latin America's hottest prospects for oil investments.Exxon…

Chevron Extends North Sea Contract with Petrofac

(Photo: Petrofac)

Petrofac’s Engineering and Production Services (EPS) division has secured a 12-month engineering services contract extension from Chevron North Sea Limited. The agreement, which has been held by Petrofac since 2014, commenced on September 30.In line with the contract scope, Petrofac will continue with the provision of engineering support to Chevron’s key North Sea assets including the Alba Northern, Erskine, and Captain platforms, as well as the Alba Floating Storage Unit (FSU) and Captain Floating…

Total Buys out Chevron Denmark

Image: Chevron Corporation

French oil and gas major Total has agreed to take all of Chevron’s share capital in the Danish Underground Consortium (DUC), which will increase its stake in the project and expand its North Sea presence."Total has agreed to purchase from Chevron all the share capital of Chevron Denmark Inc. which holds a 12% interest in the Danish Underground Consortium (DUC), a 12% interest in Licence 8/06, and a 7.5% interest in the Tyra West pipeline. The transaction remains subject to approval of partners and the relevant authorities…

Chevron Receives Interest in Major North Sea Field Stake

(Image: Chevron)

U.S. oil group Chevron has a potential buyer for its stake in one of the UK North Sea's biggest oil and gas developments, a company spokeswoman said on Wednesday.The sale of its 40 percent stake in the Rosebank project would mark Chevron's complete exit from the ageing basin after it launched the sale of its other fields in the region earlier this year.However, it was unclear if the San Ramon, California-based company was interested in selling out of the project, which is yet to be…

Michael Shuts Nearly 40% of U.S. Gulf of Mexico Oil Output

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Nearly 40 percent of daily crude oil production and more than one-third of natural gas output was lost from offshore U.S. Gulf of Mexico wells on Wednesday because of platform evacuations and shut-ins ahead of Hurricane Michael.Michael is a Category 4 storm expected to hit the Florida Panhandle later Wednesday with maximum sustained winds of 145 miles (233 kilometers) per hour.Oil producers - including Anadarko Petroleum Corp, BHP Billiton, BP and Chevron Corp - have since Monday…

Shell, Chevron Clinch Saturno Block in Brazil Oil Tender

A consortium made up of Royal Dutch Shell and Chevron Corp won the Saturno block in the Santos basin in Brazil's pre-salt offshore oil auction on Friday, outbidding a rival group led by Exxon Mobil Corp.Shell's consortium won by pledging 70.2 percent of profit oil to Brazil's government, in the last oil auction ahead of a hotly contested presidential election next month. Reporting by Marta Nogueira and Alexandra Alper

In U-turn, Exxon, Chevron to Join Rivals in Climate Initiative

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Exxon Mobil, Chevron and Occidental Petroleum are joining a group of international oil and gas giants in an initiative aimed at curbing carbon emissions in the sector, they said in a statement on Thursday.The move marks a U-turn for Exxon Mobil and Chevron, the top two U.S. oil and gas producers which had resisted joining the Oil and Gas Climate Initiative (OGCI) after its launch in 2016.The OGCI currently comprises 10 firms including BP, Royal Dutch Shell, France's Total as well as national oil companies of China, Mexico, Brazil and Saudi Arabia. Together with the new U.S.

Total Makes Major Offshore UK Gas Discovery

(Image: Total)

French oil and energy group Total said on Monday it had made a major gas discovery on the Glendronach prospect, located off the coast of the Shetland islands in the North Sea.Total said preliminary tests on the new gas discovery confirmed good reservoir quality, permeability and well production deliverability, with recoverable resources estimated at about one trillion cubic feet (1 tcf).It said Glendronach, located near its Edradour field, will be tied back to the existing infrastructure…