Storm Cut 73% of US Offshore Production
Tropical Storm Barry has cut 73%, or 1.38 million barrels per day (bpd), of crude oil production in the U.S.-regulated areas of the Gulf of Mexico, the U.S. Bureau of Safety and Environmental Enforcement (BSEE) said on Sunday.Natural gas output from the northern Gulf of Mexico is down 62%, or 1.7 billion cubic feet per day, BSEE said.A total of 283 production platforms, or 42%, remain shut in the Gulf of Mexico, BSEE said.(Reporting by Erwin Seba Editing by Nick Zieminski)
Strike Would Cut Norway's Output 11%/Day
Norway's oil and gas output could be cut by about 440,000 barrels of oil equivalents per day, or about 11% of total production, if workers go on strike from June 4, industry association Norwegian Oil and Gas (NOG) said on Monday.A government-appointed mediator is leading negotiations between oil companies and employees represented by the Lederne union in a bid to avert a strike.Altogether nine fields would have to shut in the event of industrial action…
Oxy Plans to Sell Parts of Anadarko
Occidental Petroleum snatched up some of the richest shale oilfields in Texas when it beat out rival Chevron Corp in a bidding war to acquire Anadarko Petroleum.It also quadrupled its debt - to $40 billion - at a time when investors are calling for spending cuts and higher dividends.That means the acquisition's success will depend on how quickly Occidental can sell off some of Anadarko's assets and focus on optimizing and integrating the assets it keeps - especially prime U.S.
Norway's April Oil Output Lags Forecast
Norway's oil production fell 8.8 percent year-on-year in April to 1.38 million barrels per day, lagging the official forecast for the month by 0.6 percent, Norway's Petroleum Directorate (NPD) said on Wednesday.Including condensate and natural gas liquids (NGL), the overall liquids production stood at 1.729 million barrels of oil equivalents per day, lagging the NPD prediction by 1.3 percent.Technical problems at some fields were among the main reasons why production came in below forecast…
Investors Push BP to Fight Climate Change
BP will face pressure at a meeting next week to set tougher targets to combat climate change, the latest signal from investors that they want the oil and gas industry to do more to clean up its act.After BP's 2018 carbon emissions rose to their highest in six years, the London-based major is being lobbied by activists and an increasing number of shareholders to ensure its operations are in line…
Total Profits Take a Hit
French energy major Total said its net profit for the first three months of the year fell 4 percent to $2.8 billion compared with a year ago due to volatile oil prices and debt costs, despite record oil and gas output.The firm kept its investments, and cost savings target for the year unchanged, and said production growth should exceed 9 percent during the year, thanks to the ramp-up of projects started in 2018…
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 and reported lower profits in chemicals and oil and gas."It was a tough market environment for us this quarter…
Exxon, Chevron Q1 Earnings Expected to Dip
Exxon Mobil and Chevron are expected to report lower quarterly earnings per share when compared with last year's first quarter, though their stocks have outperformed smaller companies with both in the midst of aggressive expansion plans in shale oil.A combination of lower oil prices, weakness in liquefied natural gas (LNG) portfolios and lackluster refinery margins could hurt integrated oil companies across the board…
BP Plans to Exit China's Shale Gas
European oil major BP plans to exit from two production sharing contracts (PSC) for projects drilling for shale gas in the southwestern Chinese province of Sichuan, three sources with the knowledge of the matter said this week.BP is the last of the international oil majors, including Royal Dutch Shell, Exxon Mobil, ConocoPhillips and ENI, to quit exploring for shale gas in China because of poor drilling results.
Sinopec to Develop Weirong Shale Gas Field
Sinopec Corp, China's biggest shale gas operator, said on Monday it plans to develop a new field this year able to produce 1 billion cubic meters (bcm) of shale gas annually.The state-run company said the field will tap a proven reserve equivalent to 124.7 bcm of gas at Weirong in the southwestern province of Sichuan. This marks its second major shale gas discovery after a flagship development at Fuling in the Chongqing region…
British Oil, Gas Output Rose 4% Last Year
British oil and gas production rose 4 percent to 1.7 million barrels of oil equivalent per day in 2018 compared with the previous year, according to the Oil and Gas Authority, an industry regulator."The Oil and Gas Authority (OGA) now projects total cumulative UK hydrocarbon production from 2016 to 2050 to be 3.9 billion barrels of oil equivalent (boe) more than projected in March 2015," it said in a report on Monday.The upswing last year was due to higher oil production, more than balancin
Oman: Gas Production to Surpass Oil by 2023
Oman’s gas production levels are set to surpass oil by 2023 thanks to an impressive surge in the development of gas fields in the sultanate, according to Rystad Energy, the independent energy research and consulting firm headquartered in Norway.“Gas is on the rise in the Arab country on the southeastern coast of the Arabian Peninsula in Western Asia, and this transition is very timely. Oil output declines over the last two years may indicate a point of no return for Omani oil…
US Shale Firms Cut CapEx, Up Production
U.S. shale energy companies are cutting their spending levels in 2019, but they're still planning on increased oil and gas output."US shale companies expect to deliver an average of 15% growth in oil production in 2019 vs. 2018. At the same time, operators say they will cut capital spending by 5% this year," said an analysis from Rystad Energy.The energy research and business intelligence company…
BSOG to Go Ahead with Midia Offshore Project
Romanian-based Black Sea Oil & Gas, controlled by private equity firm Carlyle Group LP, said on Thursday it has decided to go ahead with its $400 million offshore gas project in Romania, the first such project to be developed in 30 years.The Midia Gas Development Project will extract an estimated 10 billion cubic meters of gas some 120 kilometers offshore in the Black Sea.Black Sea Oil & Gas (BSOG) will extract the gas in a joint venture with Italian producer Gas Plus International B.V.
Exxon Reorganizing Exploration Units
Exxon Mobil Corp on Thursday outlined a major reorganization of its global exploration businesses aimed at reversing years of weak oil and gas output.Chief Executive Darren Woods, who took over the helm two years ago, has spent billions to buy production, build new pipelines and expand refineries after a series of costly misfires on deals under predecessor Rex Tillerson.Woods, who will address Wall Street analysts on an earnings call Friday for the first time as CEO…
BP to Expand Emissions Disclosure
BP has agreed to broaden its disclosure on greenhouse gas emissions to show how it thinks future investments in oil and gas align with U.N.-backed climate goals, it said on Friday.Following talks with a large group of investors, BP also agreed to back a shareholder resolution on the measures at its annual general meeting (AGM), further evidence of the way the energy industry and investors are engaging…
ExxonMobil Profit Tops Estimates
Exxon Mobil Corp on Friday reported a quarterly profit that topped analysts' estimates, pushing it shares up nearly 3 percent in premarket trading as its oil and natural gas output rose slightly on a year-over-year basis.The company's fourth-quarter net income fell to $6 billion, or $1.41 a share, from $8.38 billion a year ago. But earnings excluding the impacts of tax reform and impairments rose…
US Shale Lifts Exxon, Chevron Profits
Exxon Mobil Corp and Chevron Corp, two of the world's largest oil producers, on Friday posted improved quarterly earnings that benefited from double-digit percentage increases in production from the top U.S. shale field.Shares of both companies rose about 3 percent.The two U.S. oil majors missed the first stage of the shale boom in the Permian Basin of West Texas and New Mexico and have been investing billions of dollars to make up for lost time.
BP's 2018 Profit Doubles as Output Soars
BP's profit doubled to $12.7 billion in 2018, driven by strong growth in oil and gas output following the acquisition of a large portfolio of U.S. shale assets.The company's debt rose however, and the pace of its share buyback scheme slowed in the last quarter as it completed the $10.5 billion BHP acquisition."We now have a powerful track record of safe and reliable performance, efficient execution and capital discipline.
Record Production Lifts Total's Profits
French energy major Total said its net adjusted profit rose 10 percent in the final quarter of 2018, lifting its full year earnings by more than a quarter after record oil and gas production.Total said on Thursday that output reached an all-time high of 2.8 million barrels of oil equivalent per day in 2018 thanks to the start-ups of various operations and increased production in Australia, Angola…
