Thursday, July 19, 2018

Conocophillips News

Transocean Signs 11 Well Contract with Chevron Australia

Photo: Transocean

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.

PDVSA Retrenches in Caribbean

© Darryl Brooks / Adobe Stock

Venezuela's PDVSA will let the 335,000 barrel-per-day refinery it leases in Curacao halt operations once crude inventories are exhausted as no new shipments are planned to the Caribbean following ConocoPhillips's legal actions, according to two sources.PDVSA is also changing its trade arrangements to start delivering all its oil for exports in Venezuelan waters, including the ship-to-ship transfers that have to be made for sending cargoes to Asian destinations.Conoco last week started

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-northsea-exclusive/exclusive…

U.S. Court Dismisses Climate Change Lawsuits Against Oil Majors

File Image: Adobestock / © Renaschild

A California federal court dismissed climate change lawsuits against five oil companies by the cities of San Francisco and Oakland, saying the complaints required foreign and domestic policy decisions that were outside the purview of courts, Chevron Corp said on Monday. The cities of San Francisco and Oakland, California sued Chevron, Exxon Mobil Corp, ConocoPhillips, Royal Dutch Shell Plc…

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.

Venezuela Problem will not Derail Caribbean Fuel Supply

There is enough oil supply in the global market to make up for potential fuel disruptions from U.S. oil producer ConocoPhillips' legal actions against Venezuelan state oil company PDVSA, a State Department spokesman said on Wednesday. "The U.S. Department of State remains in contact with our partners in the Caribbean to reduce the risk of supply disruptions," Vincent Campos, spokesman for the Bureau of Energy Resources at the department said. The U.S.

Valero Boosts Imports of Venezuelan Oil as Sanctions Loom

© sarojmornparn / Adobe Stock

U.S. refiner Valero Energy Corp this year boosted its imports of Venezuelan crude ahead of U.S. sanctions over the country's disputed presidential election and as other customers received less of the OPEC-member's exports, according to Thomson Reuters trade flows data.Venezuelan oil production has tumbled to a multi-decade low this year, cutting shipments to buyers in the United States and elsewhere and worsening a severe economic recession.

Russian Oil Bought by PDVSA for Cuba Discharges in Curacao

A tanker that for more than a month was unable to deliver Russian crude to Venezuela's PDVSA amid a dispute between the state-run firm and ConocoPhillips has discharged its cargo in the Caribbean, and a second vessel is soon to follow, according to Reuters data and a source with knowledge of the sales. Conoco in May got court orders to seize PDVSA's assets, inventories and oil cargoes in the Caribbean to satisfy a $2 billion arbitration award.

Conoco Seized PDVSA Products from Isla Refinery

© Darryl Brooks / Adobe Stock

U.S. oil major ConocoPhillips has seized products belonging to Venezuelan state oil company PDVSA from the Isla refinery it runs on Curacao, an island official told Reuters on Sunday.Conoco has won court orders allowing it to seize PDVSA assets on Caribbean islands, including Curacao, in efforts to collect on a $2 billion arbitral award linked to the 2007 nationalization of Conoco assets under…

ConocoPhillips Not Close to Recouping $2 bln From PDVSA

Ryan Lance (Photo: ConocoPhillips)

U.S. oil producer ConocoPhillips is nowhere close to recouping the value of a $2 billion arbitration award against Venezuelan state oil company PDVSA , its chief executive said on Tuesday.Conoco has won court orders allowing it to begin seizing PDVSA assets in efforts to collect on the award linked to the 2007 nationalization of the company's assets under late Venezuelan leader Hugo Chavez."It's not close to the $2 billion today…

ConocoPhillips Shareholders Reject Executive Pay Proposal

Shareholders of oil producer ConocoPhillips rejected a proposal at their annual meeting on Tuesday that would have linked executive compensation with U.S. accounting standards.Shareholders of the company, who met in a Houston hotel, also approved a slate of 10 for the board of directors and voted in favor of the existing executive compensation program.Reporting by Ernest Scheyder

For Big Oil, Reserve Size Matters Less Than Ever

File Image: CREDIT BSM

Oil and gas reserves life falls below 12 years, lowest level in at least 20 years. A decade ago, the news that the world's top oil and gas companies had less than 12 years of production left in their reserves might have caused a panicked sell-off in their shares. But as consumers try to move away from fossil fuels to cleaner and cheaper energy sources, investors and executives say reserve size is no longer the gold standard for measuring the value and health of a company.

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…

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

John Warrender (Decom North Sea)

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…

In Vote of Confidence, Oil Firms Mop Up New North Sea Blocks

© corlaffra / Adobe Stock

The UK Oil and Gas Authority (OGA) on Wednesday awarded 123 licences to 61 companies to explore for and develop new fields in the North Sea, in the latest sign of confidence in the ageing basin that has enjoyed a revival in recent years.Companies ranging from Royal Dutch Shell, BP and Norway's Equinor, to smaller independents including Siccar Point, Chrysaor and Premier Oil were awarded 229 blocks covering a total area of 26…

PDVSA Raises Prospect of Force Majeure on Oil Exports

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OPEC member Venezuela has raised the prospect of declaring force majeure on contracts with major crude buyers amid plummeting output from its oil fields and tanker bottlenecks at ports, according to three sources familiar with the matter.Falling production from Venezuela has contributed to a rally in global oil prices to a near four-year high, and other OPEC members may boost output at a meeting…

PDVSA Diverts Crude Tanker from Curacao

©  M.Alberts / MarineTraffic.com

Venezuela's state-run PDVSA ordered a tanker carrying Russian oil that was waiting to discharge at its Curacao terminal to divert to Venezuelan waters after ConocoPhillips introduced an order in a Caribbean court to seize its inventories and other assets in the island, according to a shipper and Reuters data on Tuesday.The Aframax tanker British Cygnet loaded crude at Russia's Primorsk terminal in April.

PDVSA Halts Caribbean Storage, Shipping; Diverts Oil Cargo

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Venezuela's state-run PDVSA suspended oil storage and shipping from its Caribbean facilities following a move by ConocoPhillips to temporarily seize the firm's assets on four islands, according to a PDVSA source and Reuters data.PDVSA has begun concentrating most shipping in its main crude terminal of Jose on Venezuela's eastern coast and recalling tankers to Venezuelan waters to avoid seizures…

PDVSA Sued in US Court over Nonpayment

Venezuela's state-run oil firm PDVSA is being sued for more than $25 million in a U.S. court over non-payment of notes issued for work performed by Canadian energy contractor SNC-Lavalin, according a court filing.The suit, filed in a district court in Manhattan, is the latest in a recent series of court actions seeking to press the cash-strapped oil firm for payment, with actions in recent days by ConocoPhillips and Rusoro.

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