Tuesday, December 10, 2019

Foreign Oil News

Majors Press Mexico to Resume Oil Auctions

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Big oil companies operating in Mexico have launched a drive to convince leftist President Andres Manuel Lopez Obrador to resume auctions of oil and gas contracts he has branded a failure in reviving the industry.Chevron Corp, Exxon Mobil Corp and Royal Dutch Shell Plc, among other firms in Mexico's Association of Hydrocarbon Companies (Amexhi), say they have met output targets and investment pledges worth hundreds of millions of dollars in the initial phases of their contracts."We've been complying (with contractual obligations)…

Chevron Seeks to Shrink Nigerian Presence

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Chevron is seeking to sell several Nigerian oilfields as part of a global drive to reshape its portfolio as it focuses on growing its U.S.

Shell Aims to Operate Egypt Concessions in 2020

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Royal Dutch Shell is aiming to start operating in its concession areas in Egypt in the second half of 2020, a senior executive said.Shell won three oil and two gas concessions in Egypt in February.Eni, BP and ExxonMobil also won some of a total of 12 tenders as Egypt looks to sustain an investment upswing spurred by major discoveries.Shell has also applied to take part in a bidding round in Egypt for oil and gas drilling in the Red Sea, Gerald Schotman, executive vice president upstream JVs at Shell…

US DOJ Closes Eni Investigations

Eni CEO Claudio Descalzi (Photo: Eni)

The U.S. Justice Department has closed its investigations into alleged corruption by oil major Eni in Nigeria and Algeria without taking any action, the Italian energy group said on Tuesday.Eni, the biggest foreign oil and gas producer in Africa, is currently on trial in Milan on graft allegations revolving round the acquisition of a giant Nigerian oilfield in 2011.In that case Eni and peer Royal Dutch Shell are accused of buying the OPL 245 offshore field for about $1.3 billion in…

Foreign Oil Workers Kidnapped in Nigeria

Gunman kidnapped two foreign workers from an oil rig in Nigeria's Delta region on Saturday, the military said - the second abduction there in less than a week.The attackers raided the rig owned by Niger Delta Petroleum Resources at around 8 a.m. (0700 GMT), the spokesman for the area's military operations, Major Ibrahim Abubakar, said.Troops were searching surrounding swamps, he added.The Niger Delta produces the bulk of Nigeria's crude.

Mexico to Invite 4 Firms to Bid on Pemex Oil Refinery

The Mexican government will invite four companies to bid in a restricted tender for work building the new Dos Bocas refinery for state oil company Pemex, Energy Minister Rocio Nahle said at a news conference on Monday.Dos Bocas would be Pemex's seventh domestic refinery and is intended to help wean Mexico off growing fuel imports, a major campaign promise of President Andres Manuel Lopez Obrador, who took office in December.Nahle said that the refinery, slated to be built in the Gulf Coast state of Tabasco…

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…

Shell: Nigeria Tax Claim May Delay Offshore Field

A Shell FLNG underway offshore (CREDIT: Shell)

Shell upstream boss Brown sees 'no merit' in tax claim. Separately, Shell to fast track Whale development in Gulf of Mexico.Royal Dutch Shell said on Tuesday that Nigeria's claims that it was owed billions in taxes could delay the development of a major oil field off the coast of the West African nation.Nigeria ordered several major foreign oil and gas companies to pay nearly $20 billion in taxes it says are owed to local states, industry and government sources told Reuters.Shell…

ADNOC Seals $5.8 bln Refining and Trading Deal with ENI, OMV

(Photo: ADNOC)

Italy's Eni and Austria's OMV have agreed to pay a combined $5.8 billion to take a stake in Abu Dhabi National Oil Company's (ADNOC) refining business and establish a new trading operation owned by the three partners.The transaction, which expands ADNOC's access to European markets, furthers Eni's diversification away from Africa and gives OMV a downstream oil business outside Europe. It was hailed as a "one of a kind" deal by ADNOC's Chief Executive Sultan al-Jaber."The whole oil and gas industry hasn't seen a transaction of this size and sophistication…

India Plots Exploration Licensing Round

(Image: India's Directorate General of Hydrocarbons)

India will start auctioning for 14 oil and gas blocks in its second exploration licensing round on Monday, giving freedom to the companies to carve out areas they want to drill.The blocks together hold undiscovered reserves of about 14,995 million tonnes of oil equivalent, according to a tweet from Directorate General of Hydrocarbon, India's upstream regulator.India, the world's third biggest oil importer, wants to unlock its vast hydrocarbon resources to cut dependence on foreign oil.India imports nearly three quarters of its energy requirement but Prime Minister Narendra Modi has set a target of

Mexico President's Pemex Plans Rattle Debt-holders

Mexican President Andres Manuel Lopez Obrador (Mexican Government photo)

Mexican President Andres Manuel Lopez Obrador's declaration of war on "neo-liberal" economics has shaken investors holding Petroleos Mexicanos bonds, fueling concern about the future of the highly-indebted state oil company he has pledged to revive.Ratings agencies and three managers spoken to by Reuters at funds that either hold Pemex paper or recently sold it said proposals floated by the government to build a new refinery and give the state a bigger role in the oil industry could put fresh strain on the company…

Pemex Crude Oil Output, Exports Fall

Mexican national oil company Pemex's crude output dipped to 1.76 million barrels per day (bpd) in October, down more than 7 percent compared with the same month last year, according to company data released on Monday.October crude output marked one of the lowest monthly production levels since 1990, when publicly accessible records begin.Crude exports also fell in October to reach 1.03 million bpd, down by about a quarter compared with the same month in 2017.Since September, the ailing Mexican oil giant has only exported its Maya heavy grade to international customers…

Madagascar Opens Fresh Offshore Licensing Round

Image: Office of National Mines and Strategic Industries

Island nation Madagascar puts 44 blocks  in the Morondava Basin up for grabs, detailing exploration and exploitation periods under production sharing contracts.In the framework of the development of Madagascar's oil and gas potential, the Malagasy State through OMNIS continues to promote projects that attract new private investment in the short, medium and long term.The state regulator OMNIS, together with TGS and BGP, has worked to create an attractive environment for offshore exploration.Exploration…

Eni Strikes Deal with Total to Boost Algeria Operations

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Italian oil major Eni said on Monday it had struck a deal to team up with French peer Total to look for oil and gas in Algeria and strengthen its position in the north African country.The two oil companies signed a deal with state-owned Algerian energy giant Sonatrach to pursue offshore exploration in the country while working together on exploration permits."Together with Sonatrach and Total, we will have the opportunity to explore the deep waters of the Algerian offshore, a virtually unexplored geological province…

Morocco Preparing Tender for $4.5 bln LNG Project

Morocco is preparing to invite bids for a liquefied natural gas (LNG) project in Jorf Lasfar worth $4.5 billion, Energy Minister Aziz Rabbah said on Monday.Speaking on the sidelines of an energy conference in Marrakesh, he declined to give details.Last year, Moroccan state-owned power utility ONEE said it had picked HSBC Middle East Ltd as financial adviser for its plan to boost imports of LNG.The project includes the import of up to 7 billion cubic metres of gas by 2025, and the construction of a jetty, terminal, pipelines and gas-fired power plants, officials have said.Morocco, a net energy impor

Petrogal to Invest Up to $1 bln per Year in Brazil -CEO

Petrogal, the Brazilian unit of Portugal's Galp, plans to spend $800 million to $1 billion annually in the coming years in Brazil to develop its current oil and gas assets and boost its stake offshore, its chief executive officer said on Thursday.CEO Miguel Pereira said the company, Brazil's third largest oil and gas producer, wants to expand its presence in Brazil's offshore pre-salt areas, where billions of barrels of oil are trapped under a thick layer of salt, especially in the Campos and Santos basins."We want to be here, we want to grow here.

Sinopec Plans to Build Canadian Oil Refinery

China's Sinopec Corp has joined a group planning to build an oil refinery in Alberta, an enterprise that would strengthen demand for the Canadian province's heavily discounted crude.State-owned Sinopec, formally known as China Petroleum & Chemical Corp, along with an Alberta indigenous group, China State Construction Engineering Corp and Alberta management company Teedrum, plan to build a refinery to process 167,000 barrels per day of crude into gasoline and other products, the project's…

Eni to Invest $1.8 Bln in Offshore Mexican Oil Fields by 2040

Eni CEO Claudio Descalzi(Photo: Eni)

Italian oil major expects to invest $1.795 billion in three offshore Mexican oil fields by 2040, according to a development plan approved by Mexico's oil regulator on Tuesday.The plan covering the Amoca, Mizton and Tecoalli shallow water fields is the second one approved by the regulator, known as the National Hydrocarbons Commission (CNH), following a landmark 2013 energy opening that has led to more than 100 oil and gas contracts being awarded in a series of auctions.Eni sees initial crude oil production of 8…

Italy's Eni Aims for Oil Industry First with Carbon Neutral Goal

Italian oil major Eni will make a binding commitment to becoming carbon neutral, its chief executive Claudio Descalzi said on Monday.Descalzi said Eni's "epochal" announcement on how it planned to reach its goal would be made by the end of the year, adding that no oil company as yet had laid out binding plans for a net zero carbon footprint.BP has said it will maintain total CO2 emissions in 2025 at 2015 levels and that it will reduce them by 3.5 million tonnes, thereby offsetting higher production…

Venezuela Frees Chevron Executives Held Since April

Venezuela has released two local executives of U.S. oil major Chevron Corp jailed since mid-April during a corruption probe in the oil sector, authorities and the company said on Wednesday. The arrests of Carlos Algarra and Rene Vasquez by intelligence agents at Chevron's Puerto La Cruz offices spooked other foreign companies operating in the OPEC nation in partnership with state oil company PDVSA. "They are free," the state prosecutor's office said in an email to Reuters, adding that both had been given unspecified alternative conditions to jail.