Sunday, February 17, 2019

Petrobras Will Pay to End Whale Park Dispute

© Donatas Dabravolskas / Adobe Stock

Brazil state-run oil firm Petroleo Brasileiro SA said on Thursday it had concluded a long-running dispute with the country's ANP petroleum regulator, agreeing to pay 3.5 billion reais ($940 million) to end an oil-royalty spat.Dating back to 2014, the dispute over the so-called Whale Park offshore oilfields arose after the ANP decided to unify the Jubarte, Cachalote, Caxaréu, Baleia Franca, Baleia Anã, Baleia Azul and Pirambú Fields, requiring Petrobras, as the company is known, to pay more in special participations, a l

Norway's Snow Crab Ruling Boosts Oil Claim

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A court delivered a painful nip to European Union fishermen on Thursday by tightening Norway's grip on snow crab catches in the Arctic, a ruling that may also let Oslo claw more control of oil and gas from other nations.Fishermen from the European Union must ask permission from Oslo to catch snow crab — whose meat is a delicacy for gourmets from Canada to Japan — in Arctic waters north of Norway, the Norwegian Supreme…

Seismic Surveys Delayed in US Arctic

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There will be no seismic exploration this winter on the coastal plain of the Arctic National Wildlife Refuge, the Interior Department said on Friday, after the company seeking permission to conduct the tests ran out of time to get the required permit."We can confirm that seismic surveys will not take place until December 2019," said Alex Hinson, U.S. Department of the Interior spokesman, in an email.The company applying for the permits…

Lundin Buys Stakes in Rolvsnes, Goddo

 Image: Lundin Petroleum

Lundin Petroleum, Europe's independent oil and gas exploration and production company with operations focused on Norway, has increased its stake in the major Rolvsnes oil discovery in the Norwegian North Sea, flagging a potential tieback eventually to its operated Edvard Grieg oil field.A press statement from the Swedish oil and gas company said: "Lundin has entered into an agreement with Lime Petroleum, a subsidiary of Rex International Holding Limited…

UK Decommissioning Tax Relief Estimate in Question

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Britain's public spending watchdog on Friday questioned a government estimate of 24 billion pounds ($31 billion) as the cost of tax relief to decommission oil and gas infrastructure.As one of the oldest and most mature oil basins, Britain's North Sea represents the world's biggest decommissioning project, with the Oil and Gas Authority estimating operators will need to spend around 60 billion pounds.The government has…

Petrobras Receives Unfavorable Tax Ruling

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Petroleo Brasileiro SA (Petrobras) has received an unfavorable ruling from a tax court in a 1.7 billion reais ($445.70 million) dispute involving corporate tax charged in 2012 on overseas companies it controlled, the Brazilian state-run oil company said in a securities filing on Wednesday.Petrobras said it will appeal the decision.($1 = 3.8142 reais)(Reporting by Ana Mano; editing by Jason Neely)

Government Shutdown: Atlantic Seismic Permitting Blocked by Judge

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A federal court judge on Friday ruled that the federal government cannot process seismic testing permits for offshore oil drilling during the ongoing government shutdown, dealing a blow Trump administration's energy agenda.Judge Richard Gergel of the U.S. District Court in South Carolina issued the decision in response to a motion filed by a range of conservation and business groups and coastal cities opposed to the adminstration's efforts to expand U.S.

Alaska Officials Probe BP's Prudhoe Bay Wells After Spill

BP Alaska's Prudhoe Bay operations (Photo: BP)

Regulators in the U.S. state of Alaska will investigate all of the oil and natural gas wells operated by BP Plc at its Prudhoe Bay oil field after the release of a small amount of crude oil and gas from a well that had earlier been shut.The Alaska Oil and Gas Conservation Commission (AOGCC) has scheduled a Feb. 7 hearing “to assess the mechanical integrity of Prudhoe Bay wells operated by BP Exploration (Alaska), Inc.…

Norway Supreme Court Hears Snow Crab Case with Implication for Oil

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Norway's Supreme Court began hearing arguments on Tuesday on whether EU ships can fish for snow crab off Arctic islands north of Norway without permission from Oslo, a case that could decide who has the right to explore for oil in the region.At stake is whether the snow crab - whose meat is considered a delicacy by gourmets in Japan and South Korea - is a sedentary species living on the seabed or a fish stock that moves around - and who gets to decide about it.If it is seen as a sedentary species…

Shell Joins Dutch Pension Fund to Bid for Eneco

Pic: Eneco

British-Dutch oil and gas company Royal Dutch Shell and Dutch pension fund manager PGGM are considering a joint bid for Dutch producer and supplier of natural gas Eneco, which is heavily invested in sustainable energy projects and worth an estimated USD 3.4 bln.This consortium is impressed with Eneco’s achievements in transforming the Dutch energy system through investments in sustainability and renewable energy. PGGM and Shell combine the knowledge…

Exxon Ships Have Not Returned to Disputed Area off Guyana

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Seismic research vessels hired by Exxon Mobil to explore for oil off Guyana's coast have not returned to the site of a December incident with Venezuela's navy, but they may in the future, Guyana's foreign minister said on Thursday.Guyana, with no history of oil production, has become the focus of intense interest since Exxon announced the discovery of over 5 billion barrels of oil and gas off its shores. That has reignited a century-old territorial dispute with neighboring Venezuela.

US Working on Arctic Oil Leases Despite Shutdown

(Image: Alaska BLM)

Even as a partial shutdown halts the functions of many U.S. government departments, forcing the Department of the Interior to close national parks, the Trump administration is continuing to push for the expansion of oil drilling on sensitive, federally owned lands in Arctic Alaska.The Alaska Bureau of Land Management (BLM), part of the Interior Department, was scheduled to hold a meeting on Wednesday night in Wainwright…

Iran Will Not Comply with 'Illegal' US Sanctions -Oil Minister

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Iranian Oil Minister Bijan Zanganeh said on Thursday U.S. sanctions against his country were "fully illegal" and Tehran would not comply with them.Zanganeh, speaking at a joint news conference in Baghdad with Iraqi Oil Minister Thamer al-Ghadhban, said Iran would not discuss the volume or destination of its oil exports while it remained under U.S. sanctions.Ghadhban said Iraq had not yet reached an agreement with Iran to develop joint oilfields.

Shell Acquires 26% Stake in Hazira LNG

File Image: Hazira LNG and Port

Royal Dutch Shell announced that it has completed the acquisition of French oil major Total SA's 26 percent stake in the company that operates 5 million tonnes per annum-Hazira LNG terminal in Gujarat, India."Shell Gas, a subsidiary of Royal Dutch Shell plc, acquired 26% equity interest in the Hazira LNG and  Port Ventures from French energy major Total Gaz Electricité Holdings, to complete the acquisition," said a press…

BP Energy Partners Acquires Cryopeak LNG Solutions

Image: Cryopeak

The private equity firm focused on the energy industry BP Energy Partners (BPEP), LLC announced it has purchased a controlling interest in Cryopeak LNG Solutions Corp, a customer-centric liquified natural gas (LNG) solutions company.Cryopeak will become a portfolio company in BPEP's second private equity fund, BP Natural Gas Opportunity Partners II, LP. In addition to the controlling interest acquisition, BPEP will also…

U.S. Supreme Court Rejects Exxon in Climate Change Document Fight

File Image / CREDIT: AdobeStock / © Renaschild

The U.S. Supreme Court on Monday cleared the way for the attorney general of Massachusetts to obtain records from Exxon Mobil Corp to probe whether the oil company for decades concealed its knowledge of the role fossil fuels play in climate change.The justices declined to hear Exxon's appeal of a ruling by the top court in Massachusetts holding that Attorney General Maura Healey, a Democrat, had jurisdiction to seek records…

Shutdown Risks Delays to US Energy Initiatives

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The partial government shutdown is increasing the chances of delays in U.S. energy initiatives from the release of President Donald Trump's proposed offshore drilling plan to allowing higher levels of ethanol in gasoline during summer months, energy industry groups said on Friday.The U.S. Department of Interior had been expected to release its highly anticipated 2019 to 2024 offshore oil and gas drilling plan in early January.The Trump administration has made opening up greater areas to offshore drilling…

Bourbon Advises of General Waiver Renewal with Lenders

A bourbon offshore support vessel underway (CREDIT: Bourbon)

Bourbon has announced the renewal of the general waiver with its leasers and debt holders representing the majority of the group’s debt, thus allowing it to suspend the payments of its loans and debt.According to Bourbon, the waiver allows it to stay focused on its operational priorities, while pursuing its search for all solutions capable of adapting its financing to its performance, in a secured framework.In a prepared statement…

Exxon Continues Drilling Offshore Guyana

(Image: ExxonMobil)

Exxon Mobil Corp said on Wednesday its oil drilling and development activities offshore Guyana were unaffected despite neighboring Venezuela's navy stopping two seismic survey vessels the company had hired.The closest of 10 oil finds Exxon has made off Guyana's coast is 110 km (68 miles) away from the northwest part of the Stabroek block, where the navy halted seismic data collection on Saturday, the company said. Each…

Maurel & Prom Buys Shell's Stake in Venezuela

Image: Shell Global

Paris-based Maurel & Prom announced that it has acquired Shell Exploration and Production Investments' 40% interest as Shareholder B in Petroregional del Lago Mixed Company, which operates the Urdaneta West field in Lake Maracaibo, Venezuela.Maurel & Prom said further that all condition precedents have been satisfied and that the acquisition has been completed.The total consideration for the acquisition of Shell's shares in the Mixed Company is EUR70 million…

SEACOR Marine to Acquire Brazil's UP Offshore

Image: SEACOR Marine

SEACOR Marine Holdings, the provider of marine and support transportation services to offshore oil, has announced the acquisition of UP Offshore (Bahamas)  by a new joint venture company that is 49% owned by a subsidiary of SEACOR Marine and 51% owned by a subsidiary of Proyectos Globales de Energía y Servicios CME.UP Offshore is a leading provider of offshore support vessel services to the energy industry in Brazil, the largest regional market in Latin America…

Three60 Acquires North Sea Construction and Commissioning

Walter Thain, Group CEO. Photo: Three60 Energy

Australian energy services group Three60 Energy  has acquired Aberdeen-based North Sea Construction and Commissioning (NSCC) for an undisclosed sum. This is now the fourth company to be added to the fast-developing energy services group which now employs over 320 people.Established in 2017, NSCC specialises in the provision of construction, mechanical completion and commissioning support services for the offshore and onshore oil and gas industry…

Sovcomflot completes USD 900 mln in Foreign Investment

Nikolay Kolesnikov, Senior Executive Vice-President and CFO of Sovcomflot (sitting in the centre) together with the signees from KfW IPEX-Bank, Credit Agricole, ING Bank, Societe Generale, Citibank, UniCredit, and DVB Bank (sitting, from left to right). Photo: Sovcomflot

Russia’s maritime shipping company Sovcomflot has announced that it has entered into a new USD 264 million six-year revolving credit facility with a consortium of five leading international banks.The completion of this credit facility marks the successful finalisation of SCF’s 2018 financing plan, with total new debt capital raised this year amounting to circa USD 900 million, said Nikolay Kolesnikov, Senior Executive Vice-President…

Dutch SBM Offshore Leniency Deal Approved by Brazilian Court

Photo courtesy of SBM Offshore

A leniency deal between Brazilian prosecutors and Dutch-based SBM Offshore has been approved by a judge, opening the way for the marine engineering group to bid for new contracts in its largest market.As a result of its role in a major corruption scandal involving state-owned oil company Petrobras, SBM had agreed to pay a total of 1.4 billion reais ($359.2 million) in fines and compensation.The company was accused of paying bribes to secure contracts with Petrobras and had been barred from taking on new business.

Qatar Buys Eni's Mexican Oil Stakes

Photo: Qatar Petroleum

Qatar Petroleum (QP) signed an agreement with Italy’s Eni SpA to acquire a 35% stake in three offshore oil Fields in Mexico.The agreement cover the Amoca, Mizton, and Tecoalli offshore oil fields, which lie in Area 1 in Mexico’s Campeche Bay, said a press statement from the Arab country's government-owned energy company.The agreement is subject to customary regulatory approvals by the government of Mexico. Following such approval…

Nigeria Sues Shell, Eni Over Oil Deal

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Lawyers for the Nigerian government said they had filed a $1.1 billion lawsuit against Royal Dutch Shell and Eni in a commercial court in London on Thursday in relation to a 2011 oilfield deal.The OPL 245 oilfield is also at the heart of an ongoing corruption trial in Milan in which former and current Shell and Eni officials are on the bench."It is alleged that purchase monies purportedly paid to the Federal Republic of Nigeria were in fact immediately paid through to a company controlled by Dan Etete…

Faroe Criticizes DNO's Takeover Bid as 'Opportunistic'

Image: Faroe Petroleum

The oil and gas company with focus in Norway and the U.K. Faroe Petroleum has reaffirmed that Norwegian oil giant DNO ASA's GBP608mln ($761.65 million) unsolicited takeover offer for the AIM-listed firm is "opportunistic" and "substantially" undervalues it.Aberdeen-headquartered Faroe accused DNO of trying to exploit the recent drop in oil prices to acquire the company “on the cheap”.In a statement on Wednesday, Faroe…

NOIA Calls for Offshore Wind Territories Act

Image: BOEM

National Ocean Industries Association (NOIA) said that U.S. territories need the Offshore Wind for Territories Act.The U.S. has five permanently inhabited 'Territories' in the Caribbean Sea and the Pacific Ocean: American Samoa, Guam, the Northern Mariana Islands, Puerto Rico and the U.S. Virgin Islands which are directly overseen by the United States Federal Government.NOIA President Randall Luthi issued this statement: “The House passage of H.R. 6665 is welcome news for many Americans this holiday season.

Parker Drilling Files for Bankruptcy Protection

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Parker Drilling files for pre-arranged Chapter 11 reorganizationOilfield services provider Parker Drilling Co said it filed for bankruptcy protection on Wednesday under an agreement with a group of debtors that will allow it to quickly restructure.The plan, which is subject to court approval, will reduce its funded debt by two-thirds and inject $95 million of equity capital through a backstopped rights offering, the company said.

Venezuela's Deals to Shield Citgo from Creditors in Doubt

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Venezuela is facing the possible unraveling of a pair of billion-dollar settlements aimed at protecting the cash-strapped country's U.S.-based Citgo Petroleum Corp from seizure by creditors.A lawyer for Canadian mining company Crystallex International Corp said on Tuesday Venezuela had breached the $1.4 billion November agreement that resolved a long-running fight over an expropriated gold mine.Separately, Venezuela's $1.3 billion settlement in October with Rusoro Mining of Vancouver…

Brazil Reaches Deal with Petrobras Over Transfer of Rights Area

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The Brazilian government has reached an agreement with state-controlled oil company Petróleo Brasileiro SA over the so-called transfer of rights area, Finance Minister Eduardo Guardia said on Wednesday.Guardia declined to disclose values nor who is owed what under the terms of the agreement.

BP Targeted with First Shareholder Resolution on Climate Goals

(Photo: BP)

Pressure on oil companies to tackle climate change is growing after an activist group for the first time filed a shareholder resolution urging BP to set hard targets for reducing overall carbon emissions.Follow this, a Dutch organization that spearheaded a number of climate shareholder resolutions at Royal Dutch Shell's AGMs over the past three years said it also filed one with the Anglo-Dutch company for 2019.It also plans to file a resolution with U.S.

Attempted Oil Theft Leads to Spill

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At least 60,000 liters (377 barrels) of oil spilled into Rio de Janeiro's Guanabara Bay and a nearby river over the weekend after an attempted robbery on a pipeline, Petroleo Brasileiro SA's Transpetro unit said, highlighting the dangers of Brazil's thriving trade in stolen oil."It was a leak of significant proportions, with an impact on the mangroves," said Maurício Muniz, an analyst at the Instituto Chico Mendes, which…

Equinor, Faroe Petroleum in Asset Swap

Image: Faroe Petroleum

Britain's Faroe Petroleum has agreed to swap oil and gas fields with Norwegian state firm Equinor as it fights a hostile takeover from Norwegian oil and gas operator DNO.It appears that Faroe in fight-back mode after DNO’s so-called ‘opportunistic’ bid.The oil and gas company focusing principally on exploration, appraisal and production opportunities in Norway and the UK said in a press note that it has signed a binding agreement with Equinor Energy to swap its interests in the Njord…

Scrubber Manufacturers Slams Singapore Open-Loop Scrubbers Ban

Image: EGCSA

Exhaust Gas Cleaning Systems Association (EGCSA) has attacked Singapore's restrictions on open-loop versions of the systems as "disappointing" and "politically motivated."The scrubber manufacturing industry body said in a press release: "The recent announcement by the outgoing CEO of the Maritime and Port Authority of Singapore (MPA) banning the discharge of process water from open loop scrubbers for vessels visiting…

Petrobras Fires Employee Accused of Corruption

Brazil's state-controlled oil company Petroleo Brasileiro said on Wednesday it had fired a Houston-based employee accused of participating in a corruption scheme involving bribes allegedly paid by trading giants including Glencore.Rodrigo Garcia Berkowitz, who worked as an oil trader, is just the latest Petrobras employee to be ensnared by graft allegations, amid Brazil's Car Wash investigation, which has uncovered a sweeking corruption scandal implicating politicians and businesses.(Reporting by Marcelo Rochabrun; Edit

Major Traders Bribed Petrobras Staff -Prosecutors

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Brazil prosecutors alleged on Wednesday that trading giants Vitol, Trafigura and Glencore paid over $30 million in bribes to employees at state-owned oil company Petroleo Brasileiro SA in return for business.The alleged graft was the latest finding of the country's sweeping "Car Wash" investigation, which has uncovered the largest corruption scheme in Brazil in decades and has revealed damaging information about activities at Petrobras…

Execs of Big Oil Traders Knew of Petrobras Bribes

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Brazilian investigators said on Wednesday that "top executives" of trading giants Vitol , Trafigura and Glencore had full knowledge that their employees paid millions in bribes to executives of state-controlled oil company Petroleo Brasileiro SA in return for business.Police and prosecutors said in a press conference that there are strong indications the scheme is ongoing, citing prison visits that company representatives made to Petrobras executives already convicted and serving time in Brazilian jails.

Ørsted Hires Focus Consultants on Sustainable East Coast Offshore Hub

Image: Ørsted

Focus Consultants has been appointed to deliver sustainability services for a new East Coast Hub for the offshore wind giant, Ørsted, which is currently building the biggest offshore wind farms in the world.Currently in construction on the Royal Docks at Grimsby, Lincolnshire, the building will represent a state-of-the-art operations and maintenance hub to support both the construction and operation of Ørsted’s offshore wind farms…

Mitsubishi Corporation Part-divests in Moray East Offshore Wind Project

Map: Mitsubishi Corporation

Japan's largest trading company  Mitsubishi Corporation (MC) announced the divestment of shares in Diamond Green Limited, with 30% to be transferred to The Kansai Electric Power Co., Inc (KEPCO) and 20% to Mitsubishi UFJ Lease & Finance Company Limited (MUL).Diamond Green is an intermediate holding company wholly owned by Diamond Generating Europe, which itself is a wholly owned subsidiary of MC based in the UK. DGE has been MC’s executing arm for the Moray East Offshore Windfarm Project located in the North Sea…

Shell Sells Upstream Interests in Ireland for $1.3bln

Image: Shell

Shell Overseas Holdings, an affiliate of Royal Dutch Shell plc, has completed the sale of its shares in Shell E&P Ireland Limited (SEPIL), which holds a 45% interest in the Corrib gas venture, for up to $1.30 billion, to Nephin Energy Holdings Limited (NEHL), a wholly-owned subsidiary of Canada Pension Plan Investment Board (CPPIB).A press release said that completion follows receipt of all necessary partner and regulatory…

Energy Transfer Defends Mariner East 2 NGL Pipe Plan in Pennsylvania

Photo: Energy Transfer

Energy Transfer LP representatives are heading to Pennsylvania's capital on Thursday for a hearing before utility regulators to defend the company's plan to put the Sunoco Mariner East 2 natural gas liquids pipe into service by year end.Energy Transfer wants to temporarily connect an existing 1930s-era 12-inch (30.5 centimeter) pipe to the parts of its long-delayed 20-inch Mariner East 2 pipeline that it has already completed…

Precision Drilling Demands Breaks Away Fee for Trinidad Drilling

Image: Precision Drilling

The largest driller in Canada Precision Drilling Corp said it is entitled to a $20-million break fee after Ensign Energy Services Inc. announced that it will take control of Trinidad Drilling Ltd. by acquiring a majority of Trinidad’s shares.Ensign Energy Services, an oilfield services provider based in Calgary, has taken up 56.38 percent of Trinidad Drilling Limited’s shares in a hostile offer.Following Ensign’s announcement on unsolicited offer to purchase and takeover bid circular…

Ørsted Completes Divestment in Hornsea 1 Offshore Wind Farm

Image: Ørsted

Danish offshore wind farm developer Orsted A/S has completed the divestment of 50% of the Hornsea 1 Offshore Wind Farm to Global Infrastructure Partners (GIP).Three months ago, Ørsted signed an agreement to sell 50% of the 1,218MW offshore wind farm Hornsea 1 to Global Infrastructure Partners (GIP). Hornsea 1 is under construction and will be the world’s largest offshore wind farm when commissioned in 2020.As part of the agreement, Ørsted will construct the wind farm under a full-scope EPC contract.

Shell Australia Agrees to Sell Stake in Natural Gas Fields to Timor-Leste

Image: Shell

Royal Dutch Shell's  Shell Australia said Wednesday it entered into a sales agreement with Timor-Leste to sell the government a 26.56% interest in the Greater Sunrise fields for $300 million.The Greater Sunrise fields, comprised of the Sunrise and Troubadour gas and condensate fields, are located about 150 kilometers (93 miles) southeast of Timor-Leste and 450 kilometers (279 miles) northwest of Darwin in the Northern Territory…

China Names CNPC Exec Top Energy Official

China's government has appointed a senior oil industry executive as the country's top energy official, state-run media China Energy News reported on Wednesday.Zhang Jianhua, president of China's largest oil and gas group CNPC, has been named director of the National Energy Administration, according to China Energy News, becoming the first oil industry executive to take that role.Zhang, 54, has spent most of his career in the refining industry…

Petrobras Resubmits Agreement with CNPC

State-controlled oil company Petroleo Brasileiro SA said in a document resubmitted on Tuesday to Brazil's securities regulator it has signed an agreement with China National Petroleum Corp to study the economic viability of completing construction of the Comperj refinery in Rio de Janeiro.Petrobras originally announced the move in an October 16 statement.(Reporting by Gram Slattery; Editing by Jeffrey Benkoe)

US warns sanctions still an option against Nord Stream 2

Pipelay of the Nord Stream 2 Pipeline has started in Finland (Photo: Allseas)

The United States could yet impose new sanctions to try to block construction of the Russian Nord Stream 2 gas pipeline across the Baltic Sea to the European Union, the U.S. ambassador to the EU said on Tuesday.Asked if Donald Trump could take further measures to thwart a project which the president has said would leave EU countries even more beholden to Moscow for their energy, Gordon Sondland said: "We have not deployed…

Saudi Aramco CEO says IPO will 'certainly' happen

Saudi Aramco CEO Amin Nasser (Photo: Saudi Aramco)

Saudi Aramco Chief Executive Officer Amin Nasser said the initial public offering of the state-oil producer will "certainly" happen when the conditions are right.Saudi Aramco said it is still in discussions to buy a stake in petrochemicals company Saudi Basic Industries Corp. (Sabic) from the kingdom's sovereigh wealth fund, the Public Investment Fund, he said at a conference in Abu Dhabi.(Reporting by Rania El Gamal; writing by Maher Chmaytelli)

Gazprom Says Nord Stream Payments Blocked by Swiss Injunction

(Photo: Gazprom)

Gazprom said a Swiss court has issued an injunction blocking payments from the operators of the Nord Stream gas pipeline as part of a legal dispute between the Russian gas producer and Ukraine's Naftogaz.All payments from Nord Stream AG and Nord Stream 2 AG are to be directed to the Swiss bailiffs, Gazprom said in a program for a eurobond issue dated November 9.Gazprom intends to challenge the injunction in court, TASS news agency quoted Viktor Zubkov, the head of Gazprom's board of directors, as saying.Zubkov was quote

Total Wins 40% Stake in Unconventional Gas Concession

Photo: Abu Dhabi National Oil Company

Abu Dhabi National Oil Company (Adnoc) has awarded a 40 per cent stake in the Ruwais Diyab gas concession to French energy major Total.Adnoc group, for which the award is an important milestone to reach the target of 1 Bcfd of unconventional gas production before 2030, said in a press release that it will retain a 60% stake in the concession.Under the terms of the agreement, Total will explore, appraise and develop the…

US Judge Halts Keystone XL Oil Pipeline

Photo: TransCanada Corp

A U.S. judge in Montana has halted construction of the Keystone XL pipeline designed to carry heavy crude oil from Canada to the United States, drawing a sharp rebuke on Friday from President Donald Trump.The ruling of a U.S. Court in Montana late on Thursday dealt a major setback to TransCanada Corp, whose stock dropped 2 percent in Toronto. Shares of companies that would ship oil on the pipeline also fell.TransCanada said in a statement it remains committed to building the $8 billion…

Tailwind Completes EOG UK Acquisition

Image: Tailwind

London-based Tailwind Energy  has announced the completion of the acquisition of Houston-headquartered oil and gas firm EOG Resources's UK portfolio. The oil and gas venture announced two months ago it has agreed with EOG Resources Inc to acquire EOG’s UK business, subject to regulatory approvals. As part of the inherited EOG UK portfolio, Tailwind will own and operate 100% of the producing Conwy oil field, a 25% non…

Brazil Regulator Approves Diesel Subsidy Payment to Petrobras

Brazilian oil regulator ANP said on Thursday it has approved a diesel subsidy payment to state-run oil company Petroleo Brasileiro SA of 1.04 billion reais ($277 million).ANP also said in a statement that it had denied diesel subsidy payments to Petrobras' fuel distribution unit, Petrobras Distribuidora SA.($1 = 3.76 reais)(Reporting by Gram Slattery Editing by Leslie Adler)

Decommissioning Gets into Deep Water in GoM

(Credit: LOC)

LOC Group’s Houston office provides perspective on decommissioning developments in the Gulf of Mexico.The Gulf of Mexico basin covers approximately 1.6 million km2 and is one of the most important petroleum production regions in the world. A significant portion of the area is shallow continental shelf waters. These areas were developed first by oil companies, with deeper water development only being undertaken once the ‘easier’ sites had been exploited.

Sempra Energy Signs New Mexican LNG Terminal

Pic: Sempra Energy

Sempra Energy, the US group that aims to build a liquefied natural gas (LNG) export facility near Ensenada, Mexico, to serve customers in Asia moved closer to becoming reality as the natural gas utilities holding company  announced agreements with three international firms.The San Diego-based company announced in a press release that  that its subsidiaries Infraestructura Energetica Nova  (IEnova) and Sempra LNG & Midstream have signed three Heads of Agreements (HOAs) with affiliates of Total, Mitsui & Co.

Gabon Launches Offshore Exploration Round

© brumbyderek / Adobe Stock

Gabon plans to scrap a 35 percent corporate tax on energy companies as part of a revised hydrocarbons law and has launched a new offshore oil and gas exploration licensing round for 34 blocks, Oil Minister Pascal Ambouroue said on Wednesday.In March, Gabon, a member of the Organization of the Petroleum Exporting Countries, said it planned to revise its hydrocarbons code, under which the state holds a minimum 20 percent stake in oil projects…

Nigeria senate to probe state oil firm over Nigeria LNG funds

Nigeria's Senate voted on Tuesday to probe the state oil firm's alleged withdrawal of $1.05 billion from gas company Nigeria LNG.The Premium Times newspaper reported on Monday that the Nigerian National Petroleum Corporation (NNPC) had used proceeds from Nigeria LNG - a venture between the state oil firm, Royal Dutch Shell, Total and ENI - to fund purchases of, and subsidies for, fuel during a shortage in early 2018.NNPC was not available for immediate comment.(Reporting by Camillus Eboh; writing by Paul Carsten; editin

US Grants Temporary Iran Oil Waivers to Eight Countries

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The United States has granted exemptions to eight countries allowing them to temporarily continue buying Iranian oil, Secretary of State Mike Pompeo said on Monday, as Washington reimposed sanctions on Iran's banking, energy and shipping industries.Some of the eight countries - China, India, Greece, Italy, Taiwan, Japan, Turkey and South Korea - include OPEC member Iran's top customers.Pompeo said more than 20 countries have already cut their oil imports from Iran, reducing purchases by more than 1 million barrels per d

EDF Sells Stake Dunkirk LNG Terminal

Image: Dunkerque LNG

European electric utility company Électricité de France (EDF) group has sold its stake in the Dunkirk  liquefied natural gas (LNG) terminal, after obtained the requisite regulatory approvals.According to a press release from the  integrated energy company the modalities set out in the press release published on 29 June remain unchanged, the transaction having been made on the basis of an average enterprise value of EUR2.4…

Pieridae Energy to Construct Goldboro LNG

Image: Goldboro LNG

Pieridae Energy has welcome the decision of the Nova Scotia Utility and Review Board to issue the permit to construct the Goldboro LNG Facility.Pieridae will now proceed diligently to satisfy each of the associated conditions of that permit and to commence the construction of the Goldboro LNG Facility as soon as a positive financial investment decision is taken by Pieridae.In anticipation of the commencement of construction, Pieridae has engaged Hatch Ltd. to act as its engineering adviser.

PDVSA Ex-exec Admits Taking Bribes

(Photo: U.S. Attorneys' Office for the Southern District of Florida)

A former finance executive of Venezuelan state oil company PDVSA accepted $17 million in bribes as part of a broad embezzlement scheme, U.S. federal prosecutors said on Wednesday, in a case that implicates a French oil firm and a Russian bank.The former executive, Abraham Ortega, admitted to taking the bribes as part of a guilty plea to one count of attempting to launder $12 million of the illegal payments, the U.S. Attorneys'…

Petrobras, Engie Unlikely to End TAG Talks Before Feb -Engie CEO

Talks between Brazil's Petroleo Brasileiro SA and France's Engie over the latter's acquisition of pipeline company TAG are not expected to end before February or March of next year, the chief executive of Engie's Brazilian unit said in a conference call with analysts.Eduardo Sattamini said even if Petrobras, as the oil company is known, were successful in overturning an injunction blocking the sale and resumed talks with Engie immediately, a deal could not be reached this year.

BP Completes $10.5-billion BHP Billiton Acquisition

Image: BP

London-based BP Plc BP has completed the $10.5-billion acquisition of BHP’s U.S. unconventional assets in a landmark deal that will significantly upgrade BP’s U.S. onshore oil and gas portfolio, in a move that upgrades and repositions its American onshore business.The portfolio includes assets in the highly-prized Permian-Delaware basin in Texas, along with two premium positions in the Eagle Ford and Haynesville basins in Texas and Louisiana (see map…

Skangas Inks LNG Bunker Deal with Gothia Tanker Alliance

Image: Skangas

Skangas entered into an agreement with parts of the Gothia Tanker Alliance to supply liquefied natural gas (LNG) as fuel.The new agreement comprises current as well as new vessels with LNG propulsion soon to come, said a press release from the supplier of liquefied natural gas (LNG) in the Nordic markets.The main Swedish shipping companies that will get the advantage of the supply agreement with Skangas are Furetank Rederi AB, Erik Thun AB and Rederi AB Älvtank.

EnBW Launched Green Bond

Pic: EnBW Energie Baden-Württemberg AG

German utility EnBW Energie Baden-Württemberg AG  has launched its first green bond on the capital market, with an issue size of €500m ($570.8m), which was oversubscribed within hours, the energy company said in a press release.The bond issue, with a 15-year term to maturity, was oversubscribed within hours. The coupon is 1.875 percent.In contrast to conventional corporate bonds, the proceeds from a green bond must be used exclusively to fund climate-friendly projects.

Goldsboro LNG Project Eligible for $1.5bln German Loan

Pic: Goldsboro LNG

Pieridae Energy announced that its proposed financing of upstream activities within the Goldboro LNG project has received a written confirmation of eligibility in principle for up to US $1.5 billion of untied loan guarantee by the German federal government under its UFK program (Bundesgarantien für ungebundene Finanzkredite).According to the press release, this confirmation not only satisfies a critical condition leading…

Denbury to Acquire Penn Virginia for USD 1.7 bln

Image: Denbury Resources

Texas-based Denbury Resources will acquire Houston-based upstream energy company focused on the Eagle Ford Shale Penn Virginia in a deal valued at $1.7 billion, including the assumption of debt.According to a press release, the deal is expected to close in the first quarter of 2019. Denbury stockholders will own about 71 percent of the combined company, and Penn Virginia shareholders will own the other 29 percent.For each share of PVAC…

Teekay Offshore Reaches Settlement with Petrobras

Teekay Offshore Partners L.P. announced Monday that certain of its subsidiaries have entered into a settlement agreement with Petróleo Brasileiro S.A. and Petroleo Netherlands B.V. – PNBV S.A. with respect to various disputes relating to the previously-terminated charter contracts of the HiLoad DP unit and Arendal Spirit unit for maintenance and safety (UMS).As part of the settlement agreement, Petrobras has agreed to pay a total amount of $96 million to Teekay Offshore…

Galp, ENI Give Up On Drilling for Oil Near Portuguese Coast

Photo: Galp Energia

Portugal's Galp Energia and its Italian partner ENI have abandoned plans to drill Portugal's first deep-water offshore exploration well due to legal problems after injunctions and protests by environmental activists.The project was being prepared by the consortium off the Alentejo region's Vicentine coast, known for its beaches and large natural park."As for Portugal, we've decided to abandon the exploration," Galp CEO…

Jacobs Sells ECR Division to WorleyParsons

Pic: WorleyParsons

Australia's WorleyParsons has entered into a binding agreement to acquire US contractor Jacobs Engineering's  Energy, Chemicals & Resources (ECR) division, a leading global technical services provider across Hydrocarbons, Chemicals and Mining & Minerals.ECR has a global footprint with long-term, blue-chip relationships in key strategic markets, most notably the US, Canada, the Middle East and India. The business has more than 30…

U.S. DOI Okays Hilcorp AK Offshore Oil & Gas Project

The U.S.

Carlyle Group Acquires EnerMech from Lime Rock Partners

 Image: EnerMech

Global alternative asset manager The Carlyle Group announces that it has agreed to acquire EnerMech Group Ltd, an international services company providing critical asset support to the energy, infrastructure and industrials sectors, from Lime Rock Partners.The transaction is expected to close in Q4 2018, subject to customary anti-trust and regulatory approvals.Equity for this investment will come from Carlyle International Energy Partners (CIEP)…

MEG Energy Rejects Husky's Bid

Image: MEG

MEG Energy announced its Board of Directors has unanimously determined that Husky Energy's unsolicited bid to acquire MEG significantly undervalues the common shares of MEG and is NOT in the best interests of MEG or the holders of Common Shares.On October 2, 2018, Husky made a formal offer to acquire all of the issued and outstanding Common Shares, at the election of the MEG Shareholder, for (i) $11.00 in cash or (ii) 0.485 of a common share of Husky for each Common Share…

Bpifrance, TechnipFMC File Complaint Against Naval Group

(File photo: Naval Group)

French state-owned bank Bpifrance and oil services company TechnipFMC have filed a complaint against Naval Group for willful misrepresentation, a source close to the matter told Reuters, confirming a story in Challenges magazine.The complaint was filed in a Paris tribunal after Naval Group decided to wind down its tidal energy division, in which both Bpifrance and Technip had also invested, Challenges magazine wrote.Naval Group declined to comment.(Reporting by Matthieu Protard and Cyril Altmeyer; Writing by Ingrid Mela

Several US States Likely Withheld from Offshore Drilling Plan

Interior Secretary Ryan Zinke (Photo: U.S. Department of Interior)

Interior Secretary Ryan Zinke has hinted to at least six coastal states that he will keep their waters out of a looming plan to expand U.S. offshore drilling, telling some they lack enough oil to be included anyway, according to state officials and transcripts from public hearings.Zinke's comments are the clearest indication to date that the Trump administration’s initial proposal to open nearly all U.S. waters to drilling, announced in January, will be significantly pared back by the time it is finalized.

Algeria Hopes to Have Energy Law Ready by 2019 - Sonatrach CEO

Algeria wants to have a new energy law ready by the first half of 2019 and might use Mexico's legislation as inspiration, the CEO of state energy firm Sonatrach said on Tuesday.The North African OPEC member has been preparing changes to its hydrocarbon law in a bid to attract foreign investors that have stayed away in recent years, citing bureaucracy and tough terms."A good model of an energy law is Mexico's as it allowed them to attract $300 billion in investment ...

Shell Sees Nigeria Corruption Trial Lasting Many Months

(File photo: Shell)

Royal Dutch Shell expects a landmark corruption trial over a Nigerian oil deal to last many months, warning staff of continued critical media coverage in the $1.3 billion case, according to an internal memo seen by Reuters.Shell's Legal Director Donny Ching encouraged employees to study an internal web page that the Anglo-Dutch company set up for the case before responding to questions from relatives and friends.Shell and Italian peer Eni are defendants in a Milan bribery trial…

Mexico Plans to Enforce Odebrecht Fines via Seizure

Mexico plans to enforce fines imposed on Odebrecht over corruption allegations by confiscating some $30 million owed by state oil company Pemex to the Brazilian firm, a top official at the public administration ministry said.Christian Ramirez, coordinator-general of the public administration ministry (SFP), told Reuters on Tuesday that he expected Mexico's tax authority to seize the $30 million "in the coming months."Brazilian…

EU Readies 'Polluter Pays' for Ship Waste

Photo: European Sea Ports Organisation (ESPO)

The Transport Committee of the European Parliament adopted the Meissner report on the Port Reception Facilities and gave a mandate to the Rapporteur to start negotiations with the Council to finalise the text of the new law.The European Sea Ports Organisation (ESPO) welcomes in particular the proposal to strengthen the ‘polluter pays’ principle by discouraging the delivery of unreasonable quantities of garbage, including dangerous waste…