Tuesday, April 23, 2019

Conocophillips News

Chrysaor to Buy ConocoPhillips’ UK Assets

Judy in the J-Area (Photo: ConocoPhillips)

Chrysaor has reached a deal to acquire ConocoPhillips’ oil and gas exploration and production assets in the UK for $2.675 billion, the companies announced on Thursday.Full-year 2018 production and year-end 2018 proved reserves associated with the assets being sold were approximately 72,000 barrels of oil equivalent per day (boepd) and approximately 99 million barrels of oil equivalent (boe), respectively.

​​​​BP Plans to Exit China's Shale Gas

European oil major BP plans to exit from two production sharing contracts (PSC) for projects drilling for shale gas in the southwestern Chinese province of Sichuan, three sources with the knowledge of the matter said this week.BP is the last of the international oil majors, including Royal Dutch Shell, Exxon Mobil, ConocoPhillips and ENI, to quit exploring for shale gas in China because of poor drilling results.

Aasta Hansteen Field Shut after Gas Leak

(Photo: Roar Lindefjeld and Bo B. Randulff / Equinor)

Production at Equinor's Aasta Hansteen gas field remained shut on Tuesday after a gas leak the previous day."We are focusing on finding the cause of the leakage and prepare for repairing.

IMO 2020: Shell, HES to Resurrect Refinery

Royal Dutch Shell has struck a deal with Dutch tank terminal firm HES International to partially restart a German oil refinery mothballed since 2011 in response to new restrictions on marine fuels, two trading sources told Reuters.A new cap set by the International Maritime Organization (IMO) that will cut the sulfur content in shipping fuel to 0.5 percent from 3.5 percent from next year is…

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, Plexus would receive a licence royalty of 20% based on the invoice value of Plexus products rented or sold.In addition…

Partners Eye Conoco's North Sea Assets

(Photo: ConocoPhillips)

Italy's Eni has teamed up with private equity firm HitecVision to bid against Chrysaor for ConocoPhillips' North Sea oil and gas assets, sources close to the process said.Conoco relaunched the sale process in recent weeks after energy and chemicals firm Ineos, privately owned by British billionaire Jim Ratcliffe, abandoned exclusive talks with the U.S. company, the sources said.The sale, which would mark Conoco's exit from the ageing basin after more than 50 years…

Oil, Gas Majors Join Blockchain Consortium

Rebecca Hofmann Photo:  OOC Oil & Gas Blockchain Consortium

A group of seven major oil and gas companies, including ExxonMobil Corp., Chevron Corp. and ConocoPhillips, announced a partnership to establish the first industry blockchain consortium in the United States.With several use cases across the industry value chain, the consortium intends to conduct proofs of concept with this emerging technology in 2019, said a press release from OOC Oil & Gas…

Verus Petroleum Up For Sale

© TasfotoNL / Adobe Stock

Private equity firm HitecVision is seeking to sell its British North Sea oil and gas production unit Verus Petroleum, which last year completed a string of large acquisitions ramping up its output, industry and banking sources said.The sale process is being run by investment bank Jefferies and could fetch $500 million, according to the sources.HitecVision and Verus Petroleum did not respond to requests for comment.

ConocoPhillips Beats Profit Estimates

(Photo: ConocoPhillips)

ConocoPhillips beat quarterly profit estimates on Thursday as the world's largest independent oil producer sold more oil at higher prices, sending its shares up 2 percent before the opening bell.Total production, excluding Libya, rose 94,000 barrels of oil equivalent per day (boe/d) to 1.31 million boe/d in the fourth quarter.The company also said it received $85 million from Venezuela's PDVSA…

Newcomers Pile into Race for Qatar LNG

© © Jackin / Adobe Stock

Qatar is preparing to issue a tender for energy firms seeking a stake in its gas expansion project, drawing interest from long-standing partners as well as newcomers Chevron, Norway's Equinor and Italy's Eni, industry sources said.Plans to expand Qatar's liquefied natural gas (LNG) facilities, already the world's largest, by more than a third in the next five years are considered one of the…

Exxon to Be Indonesia's Top Oil Producer

© Pongpob / Adobe Stock

Exxon Mobil Corp unit Exxon Mobil Cepu Limited is expected to produce 216,000 barrels per day of crude oil in 2019, making it Indonesia's biggest oil producer, the country's upstream oil and gas regulator (SKKMigas) said.In second place Chevron Corp unit Chevron Pacific Indonesia is expected to produce 190,000 bpd of crude oil in 2019, SKKMigas chief Dwi Soetjipto told reporters on Wednesday.State-owned Pertamina unit Pertamina EP is expected to produce 85,000 bpd of oil in 2019.Pertam

Norway Awards Record Number of Exploration Blocks

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Norway awarded a record 83 blocks to explore for petroleum resources in mature areas of the Norwegian continental shelf, in a sign of continuing interest from oil companies in the country's oil sector, the energy ministry said on Tuesday.A lack of large discoveries on the shelf has prompted concerns that Norway's top industry, which employs about 170,000 people directly and indirectly, could…

Wellit Partners with Norvestor

© Danial / Adobe Stock

The owners of software company Wellit have decided to sell 60 percent of company shares to private equity company Norvestor.Wellit develops logistics solutions for the global oil and gas industry. Its software, WELS, is a cloud-based multi-tenant platform tailored to the oil and gas industry.WELS enables all involved parties in the oil and gas value chain to communicate on one logistics platform, thereby removing the risk of miscommunication and duplicate information.

Record LNG Capacity to Get Green Light in 2019

(File photo: Novatek)

A record amount of liquefied natural gas (LNG) production is expected to get the green light in 2019 amid strong global demand, especially from China, analysts said.A final investment decision (FID) could be taken on more than 60 million tonnes per annum of LNG capacity this year, well above the previous record of about 45 million tonnes in 2005 and triple last year's 21 million tonnes, Wood Mackenzie's research director for global gas and LNG…

Indonesia's Oil Output Rises

© Zerophoto / Adobe Stock

The Indonesian unit of Chevron Corp produced 209,400 barrels of oil per day (bpd) from the Rokan block in 2018, down from 223,000 bpd a year earlier, Dwi Soetjipto, chairman of upstream oil and gas regulator SKK Migas said.Exxon Mobil produced 209,300 bpd of crude oil from the Cepu block in 2018, compared to 203,000 bpd in 2017, Soetjipto said.BP Berau, a unit of BP Plc, which operates the Tanggu LNG plant produced 1,076 million standard cubic feet per day (mmscfd) of natural gas, vers

Equinor Completes NCS Asset Sales

(Photo: Arne Reidar Mortensen / Equinor)

Norwegian energy company Equinor announced Friday it has completed the sales of two non-core discoveries on the Norwegian Continental Shelf (NCS) for a combined $470 million.Equinor announced in October that it would divest from the King Lear and Tommeliten discoveries as part of an effort to prioritize and refocus its asset portfolio.The first sale, of a 77.8 percent operated interest in the King Lear discovery to Aker BP…

CNOOC in Cooperation Pact with Nine Oil Majors

Image: CNOOC Limited

China National Offshore Oil Corporation (CNOOC), has signed Strategic Cooperation Agreements with 9 international oil companies including: Chevron, ConocoPhillips, Equinor, Husky, KUFPEC, Roc Oil, Shell, SK Innovation, and Total.According to the agreements, the Strategic Cooperation Areas are located in the Pearl River Mouth Basin offshore China, including Area A and Area B (existing mining license areas and the contract areas are not included).Area A is approximately 15…

Qatar to Invest USD 20 bln in US Energy Sector

Saad al-Kaabi, President & CEO. Photo: Saad Sherida Al-Kaabi

Peninsular Arab country Qatar has said that it plans to invest more than $20 billion in the US energy sector over the next five years.According to a report in Reuters, minister of state for energy affairs of the energy-rich Qatar Saad Sherida Al-Kaabi, who is also the  President & CEO of Qatar Petroleum, said he is looking to invest in US oil and gas sectors as well as unconventional resources.The…

Cenovus Cuts 2019 Capital Budget

Foster Creek oil sands project (Photo: Cenovus Energy)

Canada's Cenovus Energy Inc said on Tuesday it would reduce its capital spending for 2019 by 4 percent amidst a broader turnaround plan following its highly criticized deal with ConocoPhillips.The company said it plans to invest between C$1.2 billion ($901.1 million) and C$1.4 billion in 2019, with the majority of the budget going to its Foster Creek and Christina Lake oil sands operations.($1 = C$1.33)(Reporting by Laharee Chatterjee in Bengaluru)

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 crowded and costly.Hess…