Transocean Signs 11 Well Contract with Chevron Australia
The international provider of offshore contract drilling services for oil and gas wells Transocean announced that the ultra-deepwater semisubmersible GSF Development Driller I was awarded an 11-well contract (approximately 955 days) commencing offshore Australia in the first half of 2019 with Chevron Australia.The estimated firm contract backlog, excluding integrated services, is approximately USD 158 million.
ConocoPhillips sells 16.5 pct of North Sea Asset to BP
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-northsea-exclusive/exclusive…
Oil Majors Win Dismissal of New York City Climate Lawsuit
A U.S. judge on Thursday dismissed a lawsuit by New York City seeking to hold major oil companies liable for climate change caused by carbon emissions from burning fossil fuels.In dismissing the city's claims against Chevron Corp , BP Plc, ConocoPhillips, Exxon Mobil Corp and Royal Dutch Shell Plc, U.S. District Judge John Keenan in Manhattan said climate change must be addressed through federal regulation and foreign policy."Climate change is a fact of life…
A Promising Future for U.S. Shale
Natural gas production from U.S. shale fields can keep growing for decades, giving Washington a powerful diplomatic tool to counter the geopolitical influence of other energy exporters such as Russia, according to industry executives and government officials. The United States can expand shale gas output another 60 percent in the coming decades, according to at least one estimate. So far, liquefied natural gas (LNG) has been spared from retaliatory tariffs in U.S.
Conoco Gets $345 mln from Venezuela's PDVSA
U.S. oil producer ConocoPhillips on Thursday said it received $345 million in cash and commodities last quarter from Venezuelan state oil firm PDVSA under a settlement that came after Conoco seized some of PDVSA's assets in the Caribbean.The proceeds were part of a first installment under a deal to satisfy a $2 billion arbitration award Conoco won earlier this year over broken oil contracts in the South American country.The payment…
ConocoPhillips Signs $2 Bln Settlement with PDVSA
U.S. oil producer ConocoPhillips said on Monday it has settled with Venezuela's state-run oil company, PDVSA, to recover about $2 billion in arbitration payment.The International Chamber of Commerce awarded ConocoPhillips that amount in April after PDVSA failed to uphold various contractual commitments.ConocoPhillips began seizing PDVSA's overseas assets in May.(Reporting by Nivedita Bhattacharjee; Editing by Anil D'Silva)
Venezuela Dodges Oil Asset Seizures with Export Transfers at Sea
Venezuela's state-run oil company PDVSA has limited the damage from an unprecedented slump in crude exports by transferring oil between tankers at sea and loading vessels in neighboring Cuba to avoid asset seizures.But the OPEC member nation is still fulfilling less than 60 percent of its obligations under supply deals with customers.Venezuela has been pumping oil this year at the lowest rate in three decades after years of underinvestment and a mass exodus of workers.
BP to Boost Stake in UK's 'Giant' Clair Field
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…
MODEC Secures FPSO FEED Contract
MODEC, Inc. subsidiary MODEC International Inc. has been awarded a contract by ConocoPhillips Australia, as operator of the Barossa joint venture, for the Front End Engineering Design (FEED) of a floating production storage and offloading (FPSO) vessel for Australian waters.Under the contract, MODEC will participate in the FEED on a competitive basis against a JV of two other contractors.Barossa…
Decom North Sea Names Warrender as Chief Executive
Decom North Sea, the membership organization for the oil and gas decommissioning sector, has appointed John Warrender as Chief Executive, commencing on August 1.Warrender brings over 30 years of domestic and international experience to the position. His work with IOCs, NOCs and independent operators includes significant leadership experience in the strategic development of complex decommissioning programs in the North Sea.Most recently an independent advisor to the industry…
Venezuela's Crude Sales to U.S. Fall in July
Venezuela's crude exports to the United States declined to 494,400 barrels per day (bpd) in July after rising the prior three months, showing the impact of asset seizures against state-run oil firm PDVSA, according to Thomson Reuters data.July was the first month crude exports fell below 500,000 bpd since the months of January through March.U.S. oil producer ConocoPhillips in May began seizing PDVSA's overseas assets in an attempt to collect on a $2 billion arbitration award.
Norway's Aasta Hansteen Field to Start Producing Gas
Norway's Aasta Hansteen gas field will start production from Nov.
ConocoPhillips Tops Profit Estimates, Raises 2018 Spending
ConocoPhillips beat analysts' estimates for profit in the third quarter, as the world's largest independent oil and gas producer benefited from higher oil prices and a program of asset sales and technology-driven cost cuts.With oil prices rising steadily through the quarter, the company sold each barrel of oil equivalents at a 46 percent higher rate, helping it raise its projected capital spending in 2018 for the second time this year.Conoco also cut jobs…
ConocoPhillips Raises FY18 Capex, Output Target
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.
CNOOC Starts New Oil Production at Penglai Field
China's CNOOC Ltd started producing crude oil at 1/3/8/9 block of the Penglai 19-3 oilfield off north China's Bohai Bay, the company said in a statement on Tuesday.The new block currently has two wells in production and daily output is expected to reach a peak rate of 58,700 barrels in 2020.CNOOC Ltd owns 51 percent of the block and acts as operator, while U.S. firm Conocophillips owns 49 percent.(Reporting by Chen Aizhu; Editing by Susan Fenton)
Conoco Waiting for Venezuela to Pay $2 billion Settlement - CEO
U.S. oil producer ConocoPhillips is still awaiting payment from Venezuela on a $2 billion arbitration settlement reached last month with the country's state-run PDVSA, Chief Executive Ryan Lance said on Wednesday.Conoco last month suspended legal attachments efforts that had cut Venezuela's oil exports from several Caribbean facilities following a deal that allowed the country 90 days to make an initial $500 million payment."I'll count the money when it shows up in the bank…
PDVSA to Resume Use of Caribbean Oil Terminal
Venezuela's PDVSA and NuStar Energy LP have reached an agreement over outstanding storage fees, allowing the state-run company to resume use of a key storage terminal in the Caribbean, the U.S. energy firm said on Monday.NuStar had suspended PDVSA several times since 2017 from using its St. Eustatius facility over millions of dollars in missed payments.The terminal played a role in a legal dispute between PDVSA and ConocoPhillips…
Norway Gets Bids from 38 Oil Firms in Licensing Round
A total of 38 oil companies have submitted bids for exploration acreage offshore Norway in a so-called predefined areas (APA) licensing round, the country's energy ministry said on Friday.Bidders include oil majors Shell, ConocoPhillips and Total, as well as Norway's Equinor and Aker BP, Sweden's Lundin and Italy's Eni.The total number of bidders was almost as high as the record 39 in the previous APA round last year.When announcing the round in May, the government expanded the pre-def
Venezuela, Mexico Divert Crude to U.S. as Canadian Barrels Get Stuck
Cash-strapped state-run oil companies in Mexico and Venezuela have begun diverting crude historically processed for domestic use and sending it to U.S. refiners now facing transportation constraints to secure similar grades from Canada, data shows.The situation reflects an unusual set of events, including urgent needs by Venezuela and Mexico for cash for debt payments and investment, and demand for heavy crude in the United States due to less availability of Canadian oil…
ConocoPhillips Announces Leadership Changes
Houston based E&P company ConocoPhillips announced it has realigned its executive leadership team following news that its executive vice president, Production, Drilling and Projects Al Hirshberg will retire.Effective January 1, 2019, Matt Fox, currently executive vice president, Strategy, Exploration and Technology, will be named executive vice president and chief operating officer, and Don Wallette…