Croatia Extends LNG Terminal Gas Bidding Deadline
A deadline for bids on output from a planned offshore liquefied natural gas (LNG) terminal to be built on Croatia's northern Adriatic island of Krk has been extended until Sept. 28, developers LNG Croatia said on Friday.Demand will dictate the capacity of the 250 million euro terminal, which is part of EU-led efforts to diversify away from Russian energy imports.The deadline on bidding for output was Aug. 3 but was delayed on requests from potential customers who are still in negotiations, LNG Croatia said.The European Commission this week said it had earmarked 124 million euros for the project which will supply gas to countries in eastern and central Europe…
New Rules on Ship Emissions Herald Sea Change for Oil Market
New rules coming into force from 2020 to curb pollution produced by the world's ships are worrying everyone from OPEC oil producers to bunker fuel sellers and shipping companies.The regulations will slash emissions of sulfur, which is blamed for causing respiratory diseases and is a component of acid rain that damages vegetation and wildlife.But the energy and shipping industries are ill-prepared, say analysts, with refiners likely to struggle to meet higher demand for cleaner fuel and few ships fitted with equipment to reduce sulfur emissions.This raises the risk of a chaotic shift when the new rules are implemented…
TransCanada Urges U.S. to Help Gas Pipeline Approvals
The United States should help the natural gas industry overcome environmental challenges to new pipeline projects by adjusting regulations or adopting new laws favoring infrastructure, an executive at TransCanada Corp said at a conference this week. Suppliers in the United States, the world's biggest natural gas producer, have had a harder time getting shipments to market as more environmental lawsuits by U.S. states, green groups and property owners have tied up pipeline construction. "It's definitely not getting easier to build a new pipeline," Stanley Chapman, executive vice president and president of U.S.
US drillers add most oil rigs since May
U.S. energy companies this week added the most oil rigs since May as drillers follow though on plans to spend more on exploration and production in anticipation of higher crude prices in 2018 than recent years.Drillers added 10 oil rigs in the week to Aug. 10, bringing the total count to 869, the highest level since March 2015, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday.That rig count increase occurred desite U.S. crude prices being on track to fall for a sixth week in a row for the first time since August 2015 on worries trade tensions between the United States and China could hurt oil demand.The U.S.
Cepsa Float Fail Could Jeopardize Other Energy Listings
The shelving of Spanish energy company Cepsa's initial public offering (IPO) may damage prospects for a string of oil-related companies planning to go public.Returning Cepsa to the Madrid stock exchange this week in a flotation valuing the firm at up to 8 billion euros ($9.3 billion) had been expected to test investor appetite for energy listings amid resurgent oil prices.But the company, owned by Abu Dhabi's Mubadala, postponed the IPO on Monday after a tough book-building process."We don't think there will be new energy IPOs for now…
U.S. Oil Firms Restoring Operations in Storm-tossed Gulf of Mexico
Oil producers on Thursday were checking Gulf of Mexico production platforms and beginning to return crews to more than 90 offshore facilities evacuated this week as Hurricane Michael moved through the Gulf.Production shut-ins that temporarily halted 42 percent of Gulf oil output and nearly a third of natural gas production was restarting in some areas.BP Plc conducted its first flyovers on Wednesday to check the status of four platforms that were evacuated, said spokesman Jason Ryan.Restarting production can take several days. Producers lost about 1.7 million barrels of oil through Wednesday as a result of shut-ins and the figure is expected to rise.
Kosmos Energy Acquired DGE for $1.23 Bln
Kosmos Energy has agreed to acquire Deep Gulf Energy (DGE) from its private equity owner for $1.23 billion, according to a bourse filing on Monday, expanding the deepwater oil and gas firm's operations into the Gulf of Mexico.Dallas-based Kosmos, which currently operates in Africa and South America, will pay $925 million in cash and $300 million in Kosmos common stock to acquire DGE, with the transaction expected to close towards the end of the third quarter.Acquiring DGE's business will increase Kosmos' production by more than 50 percent to 70,000 barrels of oil equivalent per day (boed) from around 45,000 boed now, with the company's estimated reserves rising
Croatia Reopens Bidding for LNG Terminal Capacity
LNG Hrvatska launched a second round of bidding for potential operators of an offshore liquefied natural gas (LNG) terminal in Croatia's northern Adriatic on Friday, after the previous round drew little interest.Last week, Croatia's parliament passed a law to enable the construction of the terminal, part of a European Union drive to diversify away from Russian gas imports.The project, which will be built on the island of Krk will be partly funded by the EU but has been criticised by environmental groups and local councils.LNG Hrvatska…
Mexico's Oil Reform a Boon for Hard-hit Oil Service, Seismic Firms
Oil service and mapping firms still emerging from an industry recession have received a boost from about $800 million of data sales to energy firms considering bidding for Mexican oil and gas blocks. Mexico will on Wednesday hold its most important auction since a 2013 reform ended the 75-year monopoly on the energy sector held by state-run oil firm Pemex. The government of President Enrique Pena Nieto hopes the deepwater sale will attract tens of billions of dollars of investment to turnaround a slump in the country's oil output. Seven previous auctions drew investment pledges of $61 billion.
Long wait Ends for Big Oil as Mexico Auctions Prized Blocks
Mexico will on Wednesday offer foreign energy firms the right to drill beneath prized deep waters in the Gulf of Mexico that may contain billions of barrels of oil, the climax of an historic energy reform just five months before a presidential election. The auction of 29 blocks is the biggest since the government of President Enrique Pena Nieto enacted a wide-ranging reform that aimed to attract hundreds of billions of dollars of investment to turn around a state-run oil industry in decline. The stakes are high for Pena Nieto and his ruling party, which is keen to showcase the results of the liberalisation ahead of a presidential election in July.
Oil Steady After Hitting Three-Week High
Saudi Q1 output to be below output cap as Libya declares force majeure on El Feel oilfield. Oil slipped on Monday but still held close to its highest since early February, supported by comments from Saudi Arabia that it would continue to curb shipments in line with the OPEC-led effort to cut global supplies. Brent crude was down 17 cents at $67.14 a barrel at 1258 GMT, after rising almost 4 percent last week. U.S. West Texas Intermediate crude was down 3 cents at $63.52 a barrel after rising 3 percent last week. Both contracts earlier rose to their highest since Feb.
North American Energy IPOs Set to Rebound in 2018
Higher oil prices and a positive earnings outlook for energy companies are expected to fuel a rebound in North American oil and gas initial public offerings in 2018, with bankers betting investors will remain optimistic about the sector even if the broader stock market remains volatile. IPOs in the United States and Canada could reach their highest in four years, and oilfield services companies are seen leading the recovery, given their pressing capital needs. More than a dozen energy companies are lining up to list this year, including several private equity-backed U.S. exploration and production (E&P) companies.
Oil Slips but Saudi-Iran Tensions Limit Losses
Middle East tensions prevent further price drops; U.S. rig count rises back to 800 - Baker Hughes. Oil prices eased on Monday after rallying at the end of last week, but tensions between Saudi Arabia and Iran helped limit losses. Prices had climbed on Friday after Saudi Crown Prince Mohammed bin Salman said the kingdom would develop nuclear weapons if arch-rival Iran did. Brent crude futures were down 10 cents at $66.11 a barrel by 1052 GMT. U.S. West Texas Intermediate (WTI) futures fell 17 cents to $62.17 a barrel. "This week there will be ...
Record U.S. Oil Offshore Lease Sale to Test Trump Energy Push
The U.S. Interior Department will hold the largest lease sale in American history in the offshore Gulf of Mexico on Wednesday, in a major test of the oil industry’s appetite for federal acreage being offered by the Trump administration. The auction of more than 77 million acres (31.2 million hectares) - an area twice the size of Florida - is part of an effort by President Donald Trump's administration to ramp up U.S. fossil fuels production by lowering royalty rates, opening up more public lands, and rolling back environmental protections. But the push comes it comes at a time U.S.
Oil Firms Must Pay More for Service Vessels -Norway Ship Owners
Oil companies should be prepared to pay higher rates for renting offshore service vessels, in order to secure the long-term survival of a key part of the industry's supply chain, the Norwegian Shipowners' Association said on Thursday. Energy firms sharply curtailed investments in the wake of the 2014 oil price crash, idling many service vessels and driving down market rates to unsustainable levels, Chief Executive Harald Solberg of the Norwegian lobby group said. At the peak last year, some 183 offshore vessels and rigs, corresponding to almost one third of the Norwegian fleet…
Venezuela Arrests Two Chevron Execs
Chevron Corp said on Tuesday two of its executives were arrested in Venezuela, a rare move likely to spook foreign energy firms still operating in the OPEC nation stricken by hyperinflation, shortages and crime.Venezuelan Sebin intelligence agents burst into the Petropiar joint venture's office in the coastal city of Puerto La Cruz on Monday and arrested the two Venezuelan employees for alleged wrongdoing, a half-dozen sources with knowledge of the detentions told Reuters.Venezuela's Information Ministry and state oil company PDVSA did not respond to a request for information about the detentions…
Odfjell Drilling to Expand Fleet
Offshore rig firm Odfjell Drilling plans to expand its floating rig fleet to between six and 10 from four now, it said on Friday, the latest sign of recovery in the energy industry.After cuts in exploration spending following an oil price plunge that began in 2014, energy firms are now hiring rigs as crude prices have recovered some ground.Odfjell raised $175 million via a new share issue on Thursday to help buy semi-submersible Stena Midmax Rig from Samsung Heavy Industries for $505 million. The new issue sent the Norwegian firm's shares down 10 percent.Akastor…
US Drillers Add Oil Rigs for Third Consecutive Week
U.S. energy companies added oil rigs for a third week in a row as energy firms follow through on plans to spend more on drilling this year with crude prices near three-year highs.Drillers added five oil rigs in the week to April 20, bringing the total count to 820, the highest level since March 2015, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday.More than half the total oil rigs are in the Permian basin in west Texas and eastern New Mexico. Active units there increased by eight this week to 453, the most since January 2015.The U.S.
Oil Surges to Fresh Highs on Growing Supply Worries
Brent jumps to over $75/barrel as WTI rises above $70/barrel. The continuting economic crisis in Venezuela threatens its oil exports. Oil prices rose to their highest levels since late-2014 on Monday, boosted by Venezuela's deepening economic crisis and a looming decision on whether the United States will re-impose sanctions on Iran. Brent crude oil futures were at $75.67 per barrel at 1126 GMT, up 80 cents from their last close. Earlier in the session they touched their highest since November 2014 at $75.89 a barrel. U.S. West Texas Intermediate (WTI) crude futures rose 84 cents to $70.56 per barrel.
Norway Launches New Licensing Round in Mature Offshore Areas
Norway will hold a new licensing round for its offshore oil and gas fields in already opened areas, further expanding the exploration acreage available to energy firms, the oil ministry said on Wednesday.Areas in the North Sea, the Norwegian Sea and the Barents Sea will be offered to oil companies, who have until September to submit their applications. The ministry plans to award licenses at the beginning of 2019, it said."Access to prospective exploration acreage is crucial in order to make new petroleum discoveries.