Sunday, May 19, 2019

Gas Producer News

Gazprom Finds New Yamal Offshore Fields

(Photo: Gazprom)

Russian state gas producer Gazprom has discovered two new offshore fields in the Yamal region with total reserves of more than 500 billion cubic meters (bcm), the company said on Friday.The fields are located in the Kara Sea and hold 390.7 bcm and 120.8 bcm respectively, Gazprom said.(Reporting by Anastasia Teterevleva and Gabrielle Tétrault-Farber; Writing by Tom Balmforth; Editing by David Goodman)

Nord Stream 2 Launch Facing Delays

© Nord Stream 2 / Axel Schmidt

Russia's Nord Stream 2 gas pipeline project to Germany may launch in 2020, rather than the end of 2019, due to delays in obtaining permits from Denmark, Interfax news agency on Friday quoted Nord Stream 2 AG as saying.The Russian-led company has two pending route applications with Danish authorities, the first of which was submitted more than two years ago, but it was asked in March to assess a third route option in Danish waters.Nord Stream 2 was quoted by Interfax as saying that the launch date could be pushed…

Noble Energy Posts Bigger-than-expected Loss

(Photo: Noble Energy)

Noble Energy Inc reported a bigger-than-expected quarterly loss on Friday, as the U.S. oil and gas producer was hit by weak crude prices.U.S. crude prices averaged $54.9 per barrel in the first quarter, a 12.8 percent fall compared to the year-ago period.Noble realized $53.46 for each barrel of crude and condensate from its onshore operations in the United States, compared with $61.50 per barrel a year earlier.U.S. crude prices were under pressure towards the end of last year due to fears of a global glut and a slowdown in demand.

Suncor Q1 profit beats estimates

(Photo: Suncor Energy)

Canada's Suncor Energy Inc reported a profit on Wednesday that beat analysts' estimates as the integrated oil producer reaped the benefits of improved Canadian heavy crude pricing due to Alberta's production curtailments.The government's mandated cuts that came into effect on January 1 have helped free up some pipeline space for the country's crude, sharply reducing a price discount on Canadian versus U.S.

Marathon Oil Beats Profit Estimates

Marathon Oil Corp beat analysts' estimates for first-quarter profit on Wednesday, boosted by higher production and lower costs at its U.S. shale assets in the Bakken and Northern Delaware regions.Total oil production averaged 203,000 net barrels per day (bpd) in the first quarter, up 6 percent from a year ago, with U.S. crude production jumping 11 percent, adjusted for divestitures.On the back of rising production from its assets and a rebound in oil prices, Marathon expects second-quarter total oil production of 200,000 to 220,000 net bpd, with U.S. oil production of 180,000 to 190,000 net bpd.U.S.

Apache's Adjusted Profit Falls

(Photo: Apache)

U.S. oil and gas producer Apache Corp reported a 69 percent plunge in adjusted quarterly profit on Wednesday, as lower crude and natural gas prices offset higher output from the Permian basin in the United States and the UK North Sea.The Houston-based company said adjusted earnings fell to $38 million, or 10 cents per share, in the first quarter ended March 31, from $124 million, or 32 cents per share, a year earlier.Apache, which also operates in Egypt, said adjusted production rose 19 percent to 436,713 barrels of oil equivalent per day (boepd).(Reporting by Arathy S Nair in Bengaluru; Editing by Sriraj Kalluvila)

Anadarko to Resume Talks with Occidental

(Photo: Anadarko)

Anadarko Petroleum Corp said on Monday it planned to resume talks with Occidental Petroleum Corp over its $38 billion bid, putting pressure on Chevron Corp to raise its $33 billion offer for the oil and gas producer.Anadarko said its board had unanimously decided that Occidental's offer could result in a "superior proposal", but added that it continued to recommend Chevron's offer at this point.Anadarko asked Chevron on Sunday if it wanted to raise its bid and Chevron declined, people familiar with the matter told Reuters on Monday.Chevron is reluctant to pay more for Anadarko and does not want to be drawn into a bidding war…

Chevron Profit Falls 27%

(File photo: Chevron)

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, a smaller oil and gas producer, when Occidental Petroleum Corp made a $38 billion offer that topped Chevron's $33 billion bid.Chevron's oil and gas production rose during the quarter, and profits in its U.S. exploration business jumped 15 percent from a year earlier.

Husky Energy Beats Profit Estimate

(Photo: Husky Energy)

Canada's Husky Energy Inc beat analysts' estimates for quarterly profit on Friday, as it benefited from improved Canadian crude prices following Alberta's output cuts and investment in a number of refineries and pipelines boosted its margins per barrel.The oil and gas producer, which runs drilling and refining businesses in Canada, the United States and Asia, said average realized prices rose to C$47.20 per barrel of oil equivalent (boe) in the first quarter, from C$40.87 per boe a year earlier.In December last year…

Novatek Sell 20% Stake in Arctic LNG 2 to China

Image: Novatek

Russian gas producer Novatek said on  that it had signed agreements with two Chinese companies to sell a combined 20 percent stake in its new liquefied natural gas project, Arctic LNG 2.Under the agreement, the Chinese firms -CNOOC and CNODC - will become shareholders in the Arctic LNG project with 10 percent each. Novatek gave no financial details in a statement announcing the agreements.According to a press release, Novatek  has signed a binding agreement to enter the Arctic LNG 2 project with China National Oil and Gas Exploration and Development Company Ltd (CNODC)…

Anadarko Quarterly Profit Slides 7.2%

(Photo: Anadarko)

Anadarko Petroleum Corp,which is the target of a bidding war between Occidental Petroleum Corp and Chevron Corp, reported a 7.2 percent fall in adjusted quarterly profit on Thursday, as it sold oil at lower prices.The oil and gas producer said adjusted net income fell to $259 million, or 53 cents per share, in the first quarter ended March 31, from $279 million, or 52 cents a share, a year earlier.Sales volumes of oil, natural gas and natural gas liquids averaged about 715,000 barrels of oil equivalent per day (boe/d), up from 643,000 boe/d a year earlier.(Reporting by Shanti S Nair in Bengaluru; Editing by Arun Koyyur)

Gulf of Mexico Output Lifts Hess Profits

(Photo: Hess Corp)

Hess Corp reported a surprise profit on Thursday, supported by higher production at the U.S. oil and gas producer's oilfields in the Bakken shale and Gulf of Mexico regions.The company said production from Bakken rose 17 percent to 130,000 barrels of oil equivalent per day (boe/d), while output from its offshore Gulf of Mexico operations rose nearly 71 percent to 70,000 boe/d.Shale production in major U.S.

Total to Invest in Novateks LNG Projects

Pic: Novatek

The French oil giant Total intends to buy 10% shares of the transshipment points of liquefied natural gas in Murmansk and Kamchatka, which Novatek plans to build.Russian news agency TASS quoted the CEO of the French company Patrick Pouyanne as saying: "We have just announced that we are investing in Arctic LNG 2, but we are also investing in terminals in Murmansk as well as in Kamchatka. This is part of our agreement with Novatek. To develop Arctic LNG 2, we need two hubs — one in Murmansk, the other in Kamchatka. And Total will be a partner in these two hubs.""All of that will account for a 10 percent share.

Wintershall Wins Argentina Offshore Bid

Photo: Wintershall  © Total/Florian von der Fecht

Germany's largest crude oil and natural gas producer Wintershall won the bidding process for two blocks in the promising Malvinas Basin off the coast of Tierra del Fuego as part of the “Costa Afuera” licensing round.In addition to the CMA-1 exploitation concession, with this award, the company will participate in further offshore exploration projects in Argentina. The exploration licenses are located approximately 300 km off the southeast coast of Argentina.Wintershall will hold a 27 percent interest in the licenses MLO-114 and MLO-119.

Santos Posts Record Production in Q1

Santos in January announced first oil from the Van Gogh infill project, marking the completion of the two-well program that will increase production from the field. (Photo: Santos)

Australia's No.2 independent gas producer Santos Ltd on Wednesday posted record quarterly production, boosted by its acquisition of Quadrant Energy assets, while sales revenue jumped 28 percent.Santos said production for the quarter ended March 31 rose to a record 18.4 million barrels of oil equivalent (mmboe), up from 13.8 mmboe last year.Revenue came in at $1.02 billion, the second-highest quarterly revenue on record, it said.Santos acquired Quadrant Energy last year in a $2.15 billion deal, snapping up Quadrant's 80 percent stake in the promising Dorado oil find."In the second quarter…

Chevron to Buy Anadarko for $33 Bln

(Photo courtesy Anadarko)

Chevron Corp on Friday said it will buy oil and gas producer Anadarko Petroleum Corp for $33 billion in cash and stock in a deal that doubles down on its bet on U.S. shale and LNG as U.S. energy production is shattering records.The deal makes Chevron the second-largest major by crude production, behind Exxon Mobil Corp, up from fourth. It expands Chevron's reach in two areas where U.S. energy output is surging - shale from the Permian Basin of west Texas and New Mexico, and liquefied natural gas (LNG) - which have helped make the U.S.

Shell to Exit Baltic LNG Oroject

Royal Dutch Shell has decided to exit the Baltic liquefied natural gas (LNG) project led by Russian gas producer Gazprom in the Leningrad region, the chairman of Shell's Russian unit said on Wednesday."Following Gazprom's announcement on March 29 regarding the final development concept of Baltic LNG, we have decided to stop our involvement in this project," Cederic Cremers, Shell Russia's chairman, said.Shell said earlier on Wednesday it was studying the possible implications of a recent decision by Gazprom to move towards the full integration of its Baltic LNG and gas processing plants.(Reporting by Vladimir Soldatkin; Writing by T

Novatek, Repsol Pact for Arctic LNG 2

Image: Novatek

Russia's second largest natural gas producer Novatek said that its trading subsidiary Novatek Gas&Power Asia and Spanish energy company Repsol  have agreed to a 15-year contract to supply 1 mtpa of LNG from the Arctic LNG 2 project and other projects.The LNG will be delivered ex-ship primarily to markets on the Iberian Peninsula, said a release from Novatek.“The agreement for the sale of LNG would allow us to increase our market presence on the Iberian Peninsula where Russian pipeline gas is not supplied,” noted…

Vitol, Novatek Sign LNG Deal for Arctic 2 Plant

Pic: Novatek

Novatek Gas & Power Asia, a trading unit of Russia’s largest independent natural gas producer and LNG operator, Novatek, signed a heads of agreement with British energy and commodity trading company Vitol for the supply of LNG from the Arctic LNG 2 project.The Agreement envisages concluding a 15-year contract with annual supply of one million tons of LNG from the Arctic LNG 2 project as well as other Novatek’s projects.The LNG will be shipped on FOB basis to Novatek’s transshipment terminals in the Murmansk region and Kamchatka…

Energean Facing Delays at Epsilon

File photo: GSP Jupiter rig towed to Epsilon Oil Field (Photo: Energean)

Energean trimmed the top end of its 2019 production forecast after facing delays at its Epsilon well in Greece, the oil and gas producer said on Thursday.Energean expects to produce between 5,000 and 5,500 barrels of oil per day in 2019, compared to its earlier outlook range of between 5,000 and 6,000 bopd.The company, which is focused in the Mediterranean, said full-year adjusted core earnings more than doubled, driven by higher output at its Greece operation and lower production costs.Energean said adjusted earnings before interest…