Thursday, June 20, 2019

Energy Firms News

Anadarko Approves $20 Bln Mozambique LNG Project

(File photo: Anadarko)

U.S. energy firm Anadarko Petroleum Corp gave the go-ahead on Tuesday for the construction of a $20 billion gas liquefaction and export terminal in Mozambique, the largest single LNG project approved in Africa, according to the government of Mozambique and energy consultancy Wood Mackenzie.The announcement, which occurred at an event in Mozambique, was widely expected after Anadarko last month flagged the decision date. Officials at Anadarko were not immediately available for comment.The project, which has committed long-term supplies to utilities…

Investors Push BP to Fight Climate Change

(Photo: BP)

BP will face pressure at a meeting next week to set tougher targets to combat climate change, the latest signal from investors that they want the oil and gas industry to do more to clean up its act.After BP's 2018 carbon emissions rose to their highest in six years, the London-based major is being lobbied by activists and an increasing number of shareholders to ensure its operations are in line with goals set by the 2015 Paris climate deal to curb global warming.BP has already backed a resolution being put to investors on Tuesday for it to be more transparent about its emissions…

Energy Firms Lack in Digital Skills: DNV GL

Pic: DNV GL

91% of energy companies say digital skills training is needed, data science and big data analytics identified as most important digital skillsets & 65% of organizations need employees with creative problem-solving competence in their workforce.A lack of digital skills and internal barriers related to company culture and mindset are the biggest roadblocks hindering digital progress in the energy sector, with 71% of organizations in the industry needing employees with combined domain and digital experience and 18% claiming to not have…

US Rig Count Dips

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U.S. energy firms this week reduced the number of oil rigs operating for the first time in three weeks as production growth forecasts from shale, the country's largest oil fields, continue to shrink.Drillers cut eight oil rigs in the week to April 18, bringing the total count down to 825, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Thursday.Baker Hughes released the report a day early this week due to the Good Friday holiday.The U.S. rig count, an early indicator of future output,…

US Rig Count Climbs

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U.S. energy firms this week increased the number of oil rigs operating for the first time in seven weeks after oil futures soared nearly 40 percent this year.Companies added 15 oil rigs in the week to April 5, the biggest increase since May, bringing the total count to 831, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday.The rig count fell to its lowest since April 2018 in the previous week.The U.S. rig count, an early indicator of future output, is higher than a year ago when 808 rigs were active.After Texas pushed the United States over the last decade to become the world's biggest oil producer last year…

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, bringing the total count down to 824, the lowest since April 2018, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday.That is the first time the rig count has declined for five weeks in a row since May 2016 when it fell for eight consecutive weeks.More than half the total U.S.

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 OPEC nations.As the United States weans itself off foreign oil imports - thanks to booming domestic production - the complex web of politics and business interests that have shaped decades of Washington's energy diplomacy in the Middle East and beyond is changing.That shift was unmistakable in Houston this week.In his keynote address…

US Rig Count Lowest Since April 2018

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U.S. energy firms this week reduced the number of oil rigs operating for a fourth week in a row with drilling slowing to its lowest in nearly a year, prompting the government to cut crude output growth forecasts.Drillers cut one oil rig in the week to March 15, bringing the total count down to 833, the lowest since April 2018, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday.That is the first time the rig count has declined for four weeks in a row since May 2016 when it fell for eight consecutive weeks.The U.S.

U.S. Drillers Cut Rigs to Lowest Level since May

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U.S. energy firms this week cut the number of oil rigs operating for a third week in a row to the lowest level in 10 months as independent producers follow through on plans to cut spending even though oil majors plan to spend more.Drillers cut nine oil rigs in the week to March 8, bringing the total count down to 834, the lowest since May, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday.The U.S. rig count, an early indicator of future output, is higher than a year ago when 796 rigs…

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, such as Royal Dutch Shell, ExxonMobil and other majors involved in everything from exploration to selling fuel at the roadside, would not be sold.The state, which has built up its wealth on the back of North Sea oil and gas reserves…

US Rig Count Lowest Since May 2018

File Image: an idled oil rig in a shipyard (CREDIT: AdobeStock / © Nightman

U.S. energy firms this week cut the number of oil rigs operating to the lowest in almost nine months as some producers follow through on plans to cut spending despite an over 20-percent increase crude futures so far this year.Drillers cut 10 oil rigs in the week to March 1, bringing the total count down to 843, the lowest since May 2018, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday.More than half the total U.S. oil rigs are in the Permian basin, where active units fell by seven this week to 466, also the lowest since May 2018.The U.S.

Noble Energy Q4 Disappoints, Lower CapEx Coming

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Noble Energy posted quarterly profit on Tuesday that fell short of analysts' estimates, and forecast lower capital expenditure for 2019 citing a drop in oil prices.An unexpected drop in global crude oil prices and tight pipeline capacity in U.S. shale basins have prompted many energy firms to cut their capital spending targets for the year.Noble Energy expects to spend in the range of $2.4 billion to $2.6 billion this year, 17 percent lower at the midpoint compared to 2018. But, the company expects its sales volumes to rise by about 5 percent as it starts producing from new oil and gas wells in the U.S. onshore market, the company's biggest.

US Rig Count Climbs

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U.S. energy firms this week increased the number of oil rigs operating for a second week in a row amid concerns that crude supplies will swamp global demand as U.S. output keeps growing from record levels.Companies added three oil rigs in the week to Feb. 15, bringing the total count to 857, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday.The U.S. rig count, an early indicator of future output, is still higher than a year ago when 798 rigs were active after energy companies boosted spending in 2018 to capture higher prices that year.Thanks to a shale boom…

Anadarko Nearing FID for Mozambique LNG

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U.S. independent energy producer Anadarko moved closer to a final investment decision (FID) to build a giant liquefied natural gas (LNG) terminal in Mozambique after signing up an Indian buyer for the gas and saying another deal was imminent.Anadarko and Exxon Mobil are expected to sanction two separate but neighboring LNG projects in Mozambique this year after finding large offshore gas deposits, turning the African nation into a major global gas exporter.The company said on Friday it had struck a sales and purchase agreement (SPA) with India's Bharat Petroleum Corporation Ltd for 1 million tonnes per annum (mtpa) for 15 years…

US Drillers Add Oil Rigs Again

File Image: AdobeStock / © Mike Mareen

U.S. energy firms this week increased the number of oil rigs operating for the second time in three weeks after oil prices soared over 18 percent in January.Companies added 7 oil rigs in the week to Feb. 8, bringing the total count to 854, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday.The U.S. rig count, an early indicator of future output, is still higher than a year ago when 791 rigs were active after energy companies boosted spending in 2018 to capture higher prices that year.In 2019…

BSOG to Go Ahead with Midia Offshore Project

Drilling at the Iulia-1 well (Photo: BSOG)

Romanian-based Black Sea Oil & Gas, controlled by private equity firm Carlyle Group LP, said on Thursday it has decided to go ahead with its $400 million offshore gas project in Romania, the first such project to be developed in 30 years.The Midia Gas Development Project will extract an estimated 10 billion cubic meters of gas some 120 kilometers offshore in the Black Sea.Black Sea Oil & Gas (BSOG) will extract the gas in a joint venture with Italian producer Gas Plus International B.V. and investment group Petro Ventures Resources…

US Drillers Add Rigs

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U.S. energy firms this week increased the number of oil rigs operating for the first time this year but the rig count in January fell the most in a month since April 2016, as the boom in the Permian, the nation's biggest shale oil formation, cools.Companies added 10 oil rigs in the week to Jan. 25, bringing the total count to 862, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday.For the month, drillers cut 23 rigs in January, the most removed in a month since April 2016. Over the past two months, they pulled two rigs in December and added 12 in November.The U.S.

Newcomers Pile into Race for Qatar LNG

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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 most lucrative investments in the rapidly growing global gas market.Competition is expected to be fierce.The huge interest underscores how successfully the small Gulf country positioned itself in the face of a boycott imposed in 2017 by Saudi Arabia…

Oil and Gas Execs Expect to Boost Spending

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The majority of senior energy industry executives expect to maintain or increase spending this year to meet demand for oil and gas after years of austerity, a survey by DNV GL shows.DNV, a technical adviser to the energy industry, surveyed 791 senior professionals from firms with annual revenue ranging from $500 million or less to those earning $5 billion and more.BP, Shell and many other companies cut capital spending and costs in 2016 after the price of benchmark Brent crude fell to a 12-year low of below $30 a barrel.Helped by output cuts by Organization of the Petroleum Exporting Countries and its allies…

US Rig Count Climbs

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U.S. energy firms added oil rigs for a second week in a row even as oil prices fell to 1-1/2-year lows and headed for losses of more than 20 percent this year.Drillers added 2 oil rigs in the week to Dec. 28, bringing the total count to 885, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday.For the month the rig count fell by 2, its first decline in six months. But for the quarter, the count was up 22, the fourth increase in a row.For the year the count was up 138. That compares with an increase of 222 rigs in 2017 and a decline of 11 rigs in 2016.The U.S.