Monday, July 15, 2024

Gas Fields News

Offshore Energy Production & the World Economy

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As the price of gas continues to seemingly hold steady at around three dollars a gallon, the pocketbooks of Americans continue to suffer. Regretfully, due to global conflict and the outbreak of wars across Europe and the Middle East, oil prices are continuing to climb upwards, troubled by geopolitical conflict and fears of a potential shutdown of international oil and gas fields.Thankfully, the United States has long been blessed with tremendous sources of domestic energy that, if properly utilized, can protect us from suffering a similar energy-reliance disaster as experienced in Europe.

US Energy Firm Payouts to Oil Investors Top Exploration Spending for First Time

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Top U.S. energy companies last year paid out more of their earnings to shareholders than they invested in new oil and gas fields for the first time, according to a report released on Tuesday.The outlook for stronger energy prices has not changed the focus on investor returns from the U.S. industry, according to the report's authors, Ernst & Young LLP. U.S. energy companies have been focused on regaining favor with investors after years of overspending on production growth hurt returns and put them in the doghouse.The returns focus has lifted the energy sector to about 4.5% of the S&P 500's market valuation…

Carbon Capture & Storage: A New Lease of Life for Submarine Pipelines?

Photo courtesy Neptune Energy

Since 2019, hydrogen and carbon capture and storage (CCS) have risen up the political agenda, globally, offering a route to decarbonization, as well as (more recently), increased energy security. Many are eying use of existing pipeline to make both happen. Elaine Maslin takes a look.Hydrogen production and CCS offers a more or less “green” decarbonization options for oil and gas companies, alongside carbon capture and storage (CCS), especially if existing offshore infrastructure could be reused to make it happen. Instead of bringing natural gas onshore from offshore reservoirs…

China's Sinopec Finds Shale Oil at Shengli Field

A unit of state-run oil Chinese and gas major Sinopec Corp has found an initial 458 million tonnes (3.34 billion barrels) of geological shale oil reserves at its Shengli field, the official Xinhua news agency reported on Tuesday.Shengli, in Shandong province, is one of China's largest conventional oil and gas fields but Sinopec, has been exploring the Jiyang trough at the deposit for unconventional resources in a bid to bolster production.In 2019, the company, which operates China's biggest shale gas project in Chongqing, agreed to study shale oil potential in the Dongying trough at Shengli with Royal Dutch Shell.The initial 458 million tonnes estimate for

IEA: World Must Triple Renewable Energy Spending by 2030 to Curb Climate Change

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Investment in renewable energy needs to triple by the end of the decade if the world hopes to effectively fight climate change and keep volatile energy markets under control, the International Energy Agency (IEA) said on Wednesday."The world is not investing enough to meet its future energy needs ... transition‐related spending is gradually picking up, but remains far short of what is required to meet rising demand for energy services in a sustainable way," the IEA said."Clear signals and direction from policymakers are essential.

Gas Output to Resume at Israel's Leviathan After Brief Halt

File photo: Noble Energy

Production at Israel's offshore Leviathan natural gas field will resume in the coming hours after an emergency shutdown on Saturday, the project's operator Noble Energy said [on Saturday].The platform's flare system had been activated to burn off excess gas, generating a flame visible from shore, in what Israel's Energy Ministry called an "emergency closure."Noble initially referred to it as an "operational event" but updated later it had been a false alarm caused by a gas detector failure."All the safety systems on the rig are working properly and natural gas production from Leviathan is expected to resume in the coming hours…

Price Drop Triggers Haggling Over Oil and Gas Deals

The collapse in oil prices to 21-year lows has led potential buyers of oil and gas fields to try and renegotiate deals already agreed at higher prices, with the first examples emerging of sellers having their hand forced.At a time when most oil companies are slashing budgets, dividends, and headcounts to preserve cash, sellers are facing a difficult choice between sweetening the deal or risking losing it altogether.Premier Oil's CEO said he is seeking a cheaper price for North Sea assets it agreed to buy from BP for $625 million…

Delek Looking to Sell Karish & Tanin Royalty Rights

Karish and Tanin fields are operated by Energean / The image shows the fields' development plan - Credit: Energean

Israeli energy conglomerate Delek Group said on Sunday it was in talks to sell royalty rights to two small natural gas fields and was amending its proposed share offering.Delek said it planned to sign a 300 million shekel ($85 million) deal to sell the rights to its share of royalties from the Karish and Tanin gas fields offshore Israel in the coming days.The group has been hard hit by the drop in energy prices and has been selling assets to raise funds and appease bondholders.Israel's Calcalist news website reported that a deal that would reassure bondholders was close…

UK Readies Carbon Storage Road-map

Heriot-Watt University researchers are to map out the UK’s best sites for carbon capture by studying the geology of depleted gas fields in the North Sea.The team led by Professor John Underhill will use data from industry regulator the Oil and Gas Authority's (OGA) National Data Repository (NDR), which was opened up to access for the first time in 2019.Professor John Underhill said: “The Southern North Sea faces three of some of the UK’s largest carbon emission areas: the industrial hubs of Teesside, Humberside and the Thames estuary.“It…

Alaska's North Slope Holds 3.6 Bn Barrels Oil

U.S. Geological Survey (USGS) department estimated that Alaska's Central North Slope 3.6 billion barrels of oil. Assessment also included estimate for 8.9 trillion cubic feet of natural gas.This assessment does not include discoveries made by industry between 2013 and 2017.“Alaska is synonymous with energy, and this assessment just reinforces that,” said USGS Director Jim Reilly. “The State of Alaska and its industry partners have responsibly produced billions of barrels of oil from Prudhoe Bay, and we think there are still billions…

Energean, DEPA Pact for EastMed Pipeline

UK-based international oil and gas exploration and production company Energean Oil & Gas and the Public Gas Corporation of Greece (DEPA) have agreed to cooperate to further support the EastMed Pipeline Project.The have signed a Letter of Intent (LoI) for the potential sale and purchase of 2 BCM natural gas per annum from Energean’s gas fields offshore Israel, where Energean is investing $1.7 billion for the development of the Karish & Tanin fields through the FPSO “Energean Power”.DEPA, as a 50% shareholder of the IGI Poseidon…

Energean Targets Net Zero Carbon Output by 2050

(Photo: Energean)

Mediterranean-focused oil and gas producer Energean has joined a U.N.-backed initiative and committed to reducing its net carbon emissions to zero by 2050, its chief executive said on Monday.Oil and gas producers have come under heavy pressure in recent years to tackle greenhouse gas emissions as the world battles climate change.Energean's pledge came as the 25th annual United Nations Climate Change Conference — also known as COP 25 — begins in Madrid.The company said in a statement it was the first London-listed oil and gas exploration and production company to commit to the UN's efforts to limit global warming to 1.5 degrees Celsius above pre-industrial l

Petronas Names Second FLNG in S. Korea

Malaysian oil and gas company Petronas named its second floating liquefied natural gas (LNG) facility, the PFLNG Dua, in a ceremony in Geoje, South Korea.The floating LNG facility is designed to extract gas from deepwater gas reservoirs in depths up to 1,500 meters.With PFLNG Dua, the national oil and gas company of Malaysia owns and operates two floating LNG facilities, following the success of PFLNG Satu which has been in operation since 2017. This achievement demonstrates Petronas’ strong position in the LNG industry leading the way in innovative solutions to ensure a reliable and secure supply of LNG to meet the growing demand for cleaner energy.

West of Shetlands Ups Offshore Production

West of Shetland production likely to overtake North Sea for Shell and BP’s UK portfolios by 2020, said a report.Over the last four years oil and gas production in the West of Shetlands has risen and with that, a growing relevance for the biggest players still active in the UK continental shelf (UKCS), says GlobalData.The company’s latest research reveals that the West of Shetland (WoS) area retains the attention of major Exploration and Production (E&P) players in the region; however infrastructure restraints could hinder future growth potential in the basin.Despite the US based E&P majors…

Asian Producers to Boost Winter Gas Supply

(Photo: CNOOC)

China Petroleum & Chemical Corp, known as Sinopec, said it has secured 8.81 billion cubic metres (bcm) of natural gas for northern China for the upcoming winter heating season, state-owned Xinhua News Agency reported on Tuesday.That was up 15.5% from 7.63 bcm in the previous heating season.CNOOC Group, China's largest offshore oil and gas producer, plans to supply around 24.5 bcm gas, or 1.5 bcm more than last year, across the country, Xinhua reported.The country's top oil and gas producer, China National Petroleum Corp (CNPC) did not give the amount of gas it will supply in the winter, but said that it will boost output in major gas fields such as Changqin

Cost Estimates at Equinor Norway Fields Goes Up

The cost of developing two major Norwegian oil and gas fields has increased due to the complexity of the projects, with the start of production delayed for one of them.The Ministry of Petroleum and Energy reports on the status of major projects that are currently undergoing development or have recently started operation.Thirteen of Equinor’s projects are on this list. Eight of the projects have reduced costs since submitting their plans for development and operation, one project remains unchanged, while four projects have reported higher costs.Two projects have seen an increase greater than 20 per cent…

Inpex Eyes Australia Expansion

Ichthys LNG onshore facilities (Photo: Inpex)

Inpex Corp, Japan's top oil and gas company, wants to expand in Australia at its Ichthys liquefied natural gas (LNG) plant and through potential acquisitions, as part of a plan to become a major regional gas company, its Australian boss said."In Australia our focus is on fully utilizing our Ichthys LNG facilities while creating a solid base for future expansion," Inpex's president director for Australia, Hitoshi Okawa, told Reuters in an interview on Friday.Inpex completed construction last year on its first LNG project, the $45 billion Ichthys LNG project in Darwin at the north end of Australia…

India and Russia Sign Energy Deals

India and Russia have agreed on a five-year roadmap to step up cooperation in the hydrocarbon sector, including investment, not only in exploration and production in each other's oil and gas fields but also in downstream projects.India invited Russian companies to invest in its oil refining and petrochemical projects as the two nations vowed to increase energy cooperation going beyond LNG supplies and stakes in Russian oil and gas fields.According to a joint statement issued after India Prime Minister Narendra Modi's annual bilateral summit with Russian President Vladimir Putin in Vladivostok…

CNOOC Earnings on the Rise

(File photo: CNOOC)

China's national offshore producer CNOOC Ltd reported a near 19% rise in first-half profit on Thursday, as higher sales of oil and gas offset weaker global oil prices.The listed arm of state-owned China National Offshore Oil Corp said that it was able to manage the impact on its business of the China-U.S. trade war and CNOOC President Xu Keqiang said the company would boost oil output to offset currency effects amid the escalating trade tensions.CNOOC said its net profit totalled 30.25 billion yuan ($4.26 billion) for the six months through June.

BP Exits Alaska in $5.6 Bln Sale

(Image: BP)

British oil major BP Plc on Tuesday agreed to sell all its Alaskan properties for $5.6 billion to privately held Hilcorp Energy Co, exiting a region where it operated for 60 years.The deal, which includes interests in the most prolific oil field in U.S. history at Prudhoe Bay, and the 800-mile (1,300-km) Trans Alaska Pipeline, is part of BP's plan to raise $10 billion over the next two years through asset sales to further strengthen its balance sheet, it said.For years, BP has been reducing its role in Alaska, where oil production for fallen with declines at the Prudhoe Bay field.