Exxon Discussing Norway Asses Sale with Var Energi
Oil major ExxonMobil said on Friday it had signed an exclusivity agreement with Var Energi for negotiations regarding a possible sale of Exxon's Norwegian upstream assets.An acquisition of Exxon's production assets in Norway would cement Var Energi's position as the second largest petroleum producer in Norway after Equinor…
Wood Promotes Leonard in Americas Role
Engineering firm Wood said it has appointed Paul Leonard as President of Operations Services in its Americas business to succeed Tim O’Leary, who is retiring from the company after a 20-year tenure.Wood’s Operations Services business complements the company’s capital projects businesses through the provision of operations, maintenance…
Gazprom Lead Oil and Gas Growth Worldwide
Russian giant Gazprom saw the most production growth among world’s exploration and production (E&P) companies during the five-year span from 2014 through 2018.It’s followed by Chinese player PetroChina Company Limited and U.S. shale company EQT Corporation ranking second and third, respectively, said energy research firm Rystad…
Exxon's Cepu Production May Exceed Capacity
Crude output from Exxon Mobil Corp's Cepu block may exceed its capacity of 220,000 barrels per day (bpd) this year, to reach 235,000 bpd, upstream oil and gas regulator SKK Migas told reporters on Thursday.Potential reserves at the block are bigger than initially estimated after a reevaluation and Exxon is currently conducting a test until November, said Fatar Yani Abdurrahman, deputy of operations at
Tanzania Builds $30bn LNG Project
Dr Medard Kalemani, Tanzania’s Minister of Energy, has confirmed the recently announced plans for a syndicate of oil companies to commence construction of the $30bn LNG project in 2022.In March, the government stated that it planned to complete negotiations with a group of international oil companies in September to develop the project.Led by Norwegian energy firm…
LNG Project Sanctions Set Records in 2019
Rystad Energy expects LNG greenfield investment in 2019 to reach almost $103 billion, which will be the biggest investment year for the burgeoning industry to date.A total of 33 million tpa of liquefaction capacity and $29 billion of Capex has been sanctioned so far this year, from Golden Pass LNG (US), Cheniere’s Sabine Pass T6 (US) and Anadarko’s Area 1 in Mozambique.
Deepwater Leads in Discovered Oil and Gas
Half of the 6.7 billion barrels of oil equivalent (boe) new conventional oil and gas discoveries in the first half of 2019 were deepwater finds, signalling a return for explorers to high-risk frontier deepwater plays, said analyst Rystad Energy.Year-to-date average monthly discovered volumes above 1.1 billion boe reflect an uptick of approximate 35% compared to the 827 million boe seen in 2018…
US Leads World Oil Reserves
The United States has a world-leading 293 billion barrels of recoverable oil resources, which is 20Bbbl more than Saudi Arabia and 100Bbbl more than Russia, with the Permian Basin leading that charge.Rystad Energy’s estimate of US recoverable oil is also five times more than officially reported proven reserves as published…
Norway Wealth Fund to Drop ConocoPhillips, Hess
Norway's wealth fund will have to divest its holdings in ConocoPhillips and Hess after both U.S. oil companies were added to a list which effectively excludes them from the Nordic country's portfolio.As part of Norway's efforts to shift its $1 trillion "rainy day" fund away from oil, the country's parliament on Wednesday adopted a plan to drop all dedicated oil and gas explorers and producers…
Exxon to Proceed with Argentina Development
US based ExxonMobil said on Tuesday it is proceeding with a long-term oil development in Argentina’s Bajo del Choique-La Invernada block.The project is expected to produce up to 55,000 oil-equivalent barrels per day within five years and will include 90 wells, a central production facility and export infrastructure connected…
Chinese Buyers Leave US LNG
Chinese buyers have avoided US LNG projects even before the tariffs hiked to 25%, said a report by Rystad Energy.Despite the Chinese tariffs, there is still appetite for US LNG from other countries. Since the first tariff of 10% was introduced on US LNG in September 2019, the US has signed about 18 million tpa worth of new…
ExxonMobil to Redevelop Angola Block 15
American multinational oil and gas corporation ExxonMobil and its partners said that they will further invest in Block 15 offshore Angola to increase production as part of an agreement with Angola’s recently established National Agency for Petroleum, Gas and Biofuels.As part of the agreement, Sonangol, Angola’s state oil company…
Rovuma LNG Gets Government Green Light
The government of Mozambique has approved development plans for the ExxonMobil-led Rovuma LNG project, which will produce, liquefy and market natural gas from three reservoirs located in the Area 4 block offshore Mozambique, two of which straddle the boundary with neighboring Area 1.“The development plan approval marks another significant step toward a final investment decision (FID) later this year…
SBM Wins ExxonMobil Guyana FPSO Order
Dutch-based floating production, storage and offloading unit (FPSO) provider SBM Offshore has won a contract to deliver an FPSO for ExxonMobil’s second phase of the Liza development offshore Guyana.Esso Exploration and Production Guyana Limited (EEPGL), an affiliate of Exxon Mobil Corporation, has confirmed the award of contracts for the next phase of the Liza project in Guyana…
Chevron Profit Falls 27%
Chevron Corp's first-quarter profit fell 27 percent from a year earlier due to lower crude oil prices and weaker margins in its refining and chemicals businesses, but topped forecasts and signaled it is committed to buying smaller rival Anadarko Petroleum Corp.The No. 2 U.S. oil and natural gas producer this week found itself in a takeover duel for Anadarko…
ExxonMobil Misses Q1 Profit Estimates
Exxon Mobil Corp on Friday reported a 49 percent fall in first-quarter profit that missed forecasts due to weakness across its major businesses that showed the turnaround at the company remains a work in progress.The largest U.S. oil producer posted its first loss in its refining business since 2009 on higher maintenance costs…
BP Invests $6 Bln in Offshore Azerbaijan Project
The British multinational oil and gas company BP and its partners will lead a $6 billion development of the giant Azeri-Chirag-Deepwater Gunashli (ACG) oil-field complex offshore Azerbaijan.The supermajor said that the Azeri Central East (ACE) project includes a new offshore platform and facilities designed to process up to 100,000 barrels of oil per day.
ExxonMobil Wins 3 Blocks Off Argentina
U.S. oil major Exxon Mobil Corp said that its unit and an affiliate of Qatar Petroleum had won three exploration blocks offshore Argentina.ExxonMobil has increased holdings in Argentina after its subsidiary ExxonMobil Argentina Offshore Investments B.V. and an affiliate of Qatar Petroleum won three exploration blocks during…
Study Shows LNG Forming Pathway to IMO 2050
Greenhouse Gas (GHG) reductions of up to 21% are achievable now from LNG as a marine fuel, compared with current oil-based marine fuels over the entire life-cycle from Well-to-Wake (WtW).An independent study report confirms that emissions of other local pollutants, such as sulphur oxides (SOx), nitrogen oxides (NOx) and particulate matter (PM)…
Total, Exxon Sign for Papua New Guinea LNG Project
French energy giant Total and its partners ExxonMobil and Oil Search have signed the Gas Agreement with the Independent State of Papua New Guinea defining the fiscal framework for the Papua LNG Project.The Papua LNG project Gas Agreement allows the partners to enter the Front-End Engineering Design (FEED) phase of study that…
