Hess Corp Losses Shrink on Higher Oil Prices
Oil and gas producer Hess Corp posted a smaller-than-expected quarterly loss on Wednesday as it raked in more money per barrel even as production fell, thanks to higher oil prices.The company's average realized price of crude oil jumped 36 percent to $62.65 per barrel, while production fell 16 percent to 247…
Papua New Guinea LNG Export Plant Offers Cargo for September
Exxon Mobil's Papua New Guinea liquefied natural gas (LNG) export plant has offered a cargo for delivery in September, two industry sources said on Tuesday.The cargo is to be delivered into Japan, Taiwan, South Korea or China, and the tender closes on Wednesday with bids to remain valid until Thursday, one of the sources said.This is expected to pr
Sonatrach in Talks with 14 Foreign Firms on Trading Venture -CEO
Algerian state energy firm Sonatrach is in talks with 14 international firms for a joint venture to trade oil and gas products after agreeing to buy its first overseas refinery, its CEO said on Thursday."I am happy to say that 14 firms are on the list to do a JV on trading with us," Abdelmoumen Ould Kaddour told reporters during a visit to the port
Oil Companies Make Few Bids in US Offshore Lease Auction
Oil companies bid on less than 1 percent of the parcels offered in a sweeping U.S. auction of Gulf of Mexico exploration leases on Wednesday, showing tepid interest in the region for the second time this year.Oil giant Exxon Mobil Corp was awarded 25 blocks, the largest of any company…
Signs of Recovery in the US Gulf of Mexico
Today's U.S. auction of Gulf of Mexico exploration leases drew tepid response from oil companies, but marked notable progress for an industry still in a state of recovery.“While not a barn burner, Lease Sale 251 tops the previous Gulf sale in terms of increased participation, increased competition for offerings…
Saipem Wins $700 Mln Worth of Offshore Contracts
Saipem has been awarded contracts for the second phase of the ExxonMobil led Liza development offshore Guyana.These contracts, assigned by Esso Exploration and Production Guyana Limited (EEPGL), an affiliate of ExxonMobil, as the project operator, are in addition to those awarded…
Equinor Explores Floating Wind Turbines to Power N.Sea Oilfields
Norway's Equinor said on Tuesday it is considering whether to build a pioneering offshore wind farm with floating turbines to supply electricity to two North Sea oilfields as part of a strategy to curb greenhouse gas emissions.The project at the Gullfaks and Snorre oilfields would…
Indonesia to Issue Rules on Crude Oil Sales Next Week
* Indonesia expects to issue rules next week prioritising Pertamina and other domestic refinery operators in sales of crude oil produced locally by contractors, Oil and Gas Director Djoko Siswanto said on Wednesday* The rules require Pertamina to agree on crude purchases at prices based on business negotiations with domestic oil producers, Siswanto
Total Bought 25% in Orinduik Block Offshore Guyana
Total says has exercised option to buy a 25 pct interest in Orinduik exploration block offshore Guyana.* Orinduik operated by Tullow Oil off Guyana contains an estimated 3 billion barrels of oil and gas, its partner Eco Atlantic said on Tuesday, as the two firms prepare to drill in the Latin American oil basin.* Tullow plans to begin drilling in th
China LNG Tariff Casts Shadow Over New US Export Terminals
China set a 10 percent tariff on U.S. liquefied natural gas (LNG) imports, extending a trade dispute into energy and casting a shadow over U.S. export terminals that would propel the United States into the world's second-largest LNG seller.Beijing on Tuesday said it would tax U.S. products worth $60 billion effective Sept.
Transocean to Buy Ocean Rig in $2.7 Bln Deal
Offshore oil driller Transocean Ltd said on Tuesday it would buy peer Ocean Rig UDW Inc in a $2.7 billion cash-and-stock deal, its second major acquisition this year as the company bets on a recovery in the offshore sector.The acquisition signals new optimism for offshore drillers, which were hit hard by the steep plunge in oil prices from 2014.
How BP Found Shale Profits With 'Crystal Ball' Oilfield Technology
In the pine forests of eastern Texas, oilfield workers equipped with virtual-reality goggles are helping BP's shale business turn a profit for the first time.Thousands of automated wells feed data on their performance into the firm's supercomputers each evening. If they show a need for maintenance…
Hoegh LNG to Supply FLNG Terminal to Australian Import Project
Norway's Hoegh LNG has won a tender to supply a floating LNG import terminal for a consortium aiming to import liquefied natural gas to Australia's east coast from 2020 in a push to boost local supply.Australian Industrial Energy, a consortium that includes Japan's JERA and Marubeni Corp, said on Monday it signed an agreement giving it the right to
Shell to Make Final Investment Call on Nigeria Oilfield in 2019
Royal Dutch Shell and its partners will decide next year on whether to go ahead with the development of Nigeria's Bonga Southwest offshore oilfield, a senior company official said on Tuesday.The project, one of the country's largest with an expected production of 180,000 barrels per day…
2H Offshore Expands STREAM JIP
2H Offshore, a riser and conductor specialist in subsea services group Acteon, has completed the first phase of the STREAM (STeel Riser Enhanced Analytics using Measurements) joint industry project (JIP) and has expanded the work into a second phase.The JIP’s participants include Anadarko, Chevron, ExxonMobil and Shell.
China, ExxonMobil Discuss $10 bln Investment in Guangdong
Chinese officials and executives of ExxonMobil Corp discussed a $10 billion investment by the U.S.-based firm in the southern province of Guangdong, Chinese state television reported on Friday.The state TV report, during its summary of a meeting between Chinese Premier Li Keqiang and ExxonMobil Chief Executive Darren Woods…
DNV GL Secures Shell Penguins Contract
DNV GL has won a cross-service contract to support Shell's Penguins Field redevelopment on the UK Continental Shelf.The contract with Shell involves a team which will deliver an integrated verification and class project for the operator's Penguins floating production storage and offloading…
DNV GL sees oil demand peaking in 2023
Global oil demand will peak in 2023 as electric vehicles (EVs) become competitive with cars fuelled by petrol and diesel, and after 2040 no new oil developments will likely be needed, quality assurance and risk management firm DNV GL said on Monday.The forecast from the Norway-headquartered firm…
Qatargas, PetroChina Sign 22-Years LNG Supply Deal
Qatargas, the world’s largest LNG producer, has announced a long-term Sale and Purchase Agreement (SPA) with PetroChina International Company Limited, a unit of PetroChina Company Limited (PetroChina), to supply China with around 3.4 million tonnes of liquefied natural gas (LNG) per annum.Under the 22-year SPA…
Exxon Plans $650 mln Upgrade for UK Refinery
Exxon Mobil Corp is planning to spend more than 500 million pounds ($650.00 million) to upgrade the UK's largest oil refinery, the Financial Times reported on Tuesday.The project, to be in Fawley, will be Exxon's biggest investment in UK in almost 30 years, according to the report FT said that while the plan was still awaiting final approval from l
