MOL Purchases Azerbaijan ACG, BTC Pipeline Stakes
MOL has signed an agreement with Chevron Global Ventures Ltd and Chevron BTC Pipeline, Ltd to acquire their non-operated E&P and mid-stream interests in Azerbaijan, including a 9.57% stake in the Azeri-Chirag-Gunashli (ACG) oil field, and an effective 8.9% stake in the Baku-Tbilisi-Ceyhan (BTC) pipeline that transports the crude to the Mediterranean port of Ceyhan, for total consideration of $1.57bn (subject to adjustments at closing). Once completed, this transaction will make MOL the third largest field partner in ACG.The supergiant ACG field is Azerbaijan’s flagship oil producing asset covering 400 square kilometers and including six off-shore production platforms.
U.S. Fracking Shrinks by 25% in 2H2018
The new median estimate for nationwide fracking activity in December 2018 suggests 36 frac jobs per day, said a research.The energy research and business intelligence company Rystad Energy revealed in a study that 25% contraction in fracking activity between the peak in May-August 2018 and the end of the last year.It should be noted that in both November and December 2018 fracking activity level exhibits negative year-over-year change, it said."There is no doubt that significant part of this decline was driven by seasonal weather and capital constraint factors," the study said."Yet we keep hearing about somewhat disappointing pace of post-winter recovery.
China's Crude Output to Dip 7 pct by 2020
Govt plans 4 mln bpd crude output for 2020, vs analyst's 3.5-3.6 mln bpd. China's crude oil output is expected to drop by 7 percent by 2020 compared with the previous five-year plan as output from some of the nation's largest, but oldest, wells falls, while natural gas supplies will rocket by almost two-thirds. Under a plan covering the period 2016-2020 published by the National Development and Reform Commission (NDRC) on Tuesday, crude output will be around 200 million tonnes by 2020, equivalent to 4 million barrels per day (bpd). That would be down from 215 million tonnes in the 2011-2015 plan.
U.S. Shale Back in Business, Buoyed by OPEC, Trump
U.S. shale producers are redeploying cash, rigs and workers, cautiously confident the energy sector has turned a corner after Donald Trump's election victory and OPEC's recent signal that it plans to curb production. The downturn produced a leaner, more efficient U.S. shale industry that was forced to develop and quickly adapt new technology to compete with conventional oil supplies during a two-year period of depressed prices. "You're starting to see a little bit of light at the end of the tunnel," Ryan Lance, chief executive of ConocoPhillips , the largest independent U.S. oil producer, said in an interview last week.
Finalists of Global OSCC Award Announced
THE top three international employers and training providers shortlisted to compete to be crowned winners at the annual OPITO Safety and Competency Awards in Kuala Lumpur have been announced today (28th September, 2016). Shell Nigeria, Oil Spill Response Limited (OSRL) and McDermott are shortlisted in the Employer of the Year category, while PT Sampson Tiara, Wild Geese and Grupo Stier have been named in the OPITO approved Training Provider of the Year section. The winning companies in each category will be unveiled during the 2016 OPITO Safety & Competency Conference (OSCC), in partnership with PETRONAS, at The Royale Chulan, Kuala Lumpur, Malaysia, on Wednesday 16th November.
Beach Exit from BMG JV
Beach Energy Limited (ASX: BPT, “Beach”) and Cooper Energy Limited (ASX: COE, “Cooper Energy”) have accepted an offer from the National Offshore Petroleum Titles Administrator (“NOPTA”) to convert the Basker, Manta and Gummy gas field permits VIC/L 26, 27 and 28 (“BMG joint venture”) in the offshore Gippsland Basin into Retention Leases. Beach has also advised Cooper Energy of its intention to withdraw from the BMG joint venture, with effect from the end of the current permit year. The withdrawal will be undertaken in accordance with the joint operating agreement.
Topaz Energy and Marine Net $ 20.8m Profit
Topaz Energy and Marine, a leading offshore support vessel company, today announces its results for the year ended 31 December 2015. * Net Profit for the period was US$ 20.8m before exceptional items, impairment charge of US$71 million on vessels and a one-off charge of US$8.3 million associated with debt re-financing. * The key Caspian region continued to perform strongly with robust core fleet vessel utilization of 96% (94% in 2014). Topaz signed long-term contracts with BP in the Caspian, further strengthening contract backlog and long-term earnings visibility. * Proactive focus on cost management contributed to mitigation of the EBITDA reduction.
Qatar Petroleum Picks HSBC as Adviser on Al Shaheen Sale
Qatar Petroleum has chosen HSBC to advise it on the sale of its Al Shaheen Holding subsidiary, three sources with knowledge of the matter said on Thursday, as it seeks to cut costs in response to lower oil prices. The chief executive of the state-owned Qatari firm said in June it would reduce staff numbers as part of a restructuring, which would also see it exit all non-core businesses. Among these businesses is Al Shaheen, a holding company fully owned by Qatar Petroleum and which has three joint ventures in the oilfield services industry. Two of these are with GE Oil and Gas and one with the Middle East unit of Weatherford.
Dana Gas Profit Up 15%
Dana Gas PJSC, the Middle East's leading publicly listed natural gas company, today reported its preliminary unaudited financial results for the year ended 31 December 2015. The Company’s full year net profit increased 15% to $144 million (AED528 million), compared to $125 million (AED457 million) in 2014. The Company reported Gross Revenues and Gross Profit of $417 million (AED1.5 billion) and $126 million (AED463 million) respectively, down from $683 million (AED2.5 billion) and $303 million (AED1.1 billion) for the full year 2014. The fall in revenue and gross profit was directly attributable to the sharp decline in world oil prices last year…
Russia-OPEC Output Deal Unlikely
Russia yet to decide on attending OPEC consultations. There is little likelihood Russia will work with OPEC on cutting oil output ahead of or on the sidelines of a meeting of the exporter group in Vienna next month, officials and industry insiders say. OPEC made a historic policy shift late last year, led by Saudi Arabia and backed by its Gulf allies, and refused to cut production to prop up sliding prices in order to defend market share. The group confirmed the strategy at a meeting in June. Organization of the Petroleum Exporting Countries ministers will meet on Dec.
Ithaca Energy Logs Robust Performance
Ithaca Energy Inc. announces its quarterly financial results for the three months ended 30 September 2015 (“Q3-2015” or the “Quarter”) and for the nine months ended 30 September 2015. Les Thomas, Chief Executive Officer, stated, “We are very pleased to report a strong set of results thanks to consistent production levels, strong hedging gains and rigorous cost control, all of which has contributed to commencing deleveraging of the business ahead of the step-change that comes with Stella start-up. Average production in the nine months to 30 September 2015 was 12,355 boepd (94% oil), a 16% increase on the same period in 2014.
Finalists Unveiled for O&G Safety Awards
OPITO has revealed the shortlist of finalists for its Annual Global Oil and Gas Workforce Safety Awards. INSTEP/PETRONAS in Malaysia, OSRL in the U.K. and McDermott in Dubai are vying for the Employer of the Year title while Megamas Brunei, Petrofac Training Services and PT Samson Tiara in Indonesia have made the final three in the Training Providers category of the awards. The awards recognize companies that best demonstrate their commitment to building a safe and competent workforce through OPITO standards. The winners will be announced at the OPITO Safety and Competency Conference (OSCC) on Tuesday November 3, 2015 at the Dusit Thani Hotel, Abu Dhabi.
Demand for Conceptual Engineering Services Climbs
Press release - Independent energy consultancy ADIL says it has recorded a 100 percent increase in demand for its Accelerated Conceptual Engineering (ACE) services as acquisition, merger and divestment activity by UKCS operators ramps up in the lower oil price environment. The Aberdeen and London-based organization, which works with exploration and production companies to progress projects to sanction and final delivery, said it has doubled the amount of early stage evaluation work year on year and delivered campaigns totalling in excess of $2.3 million since the start of the year.
Total Beats Street with Cost Cuts
Net adjusted profit $3.1 bln vs $2.6 bln consensus. French oil company Total posted higher than expected second-quarter profit on Wednesday, helped by increased refining margins in Europe and accelerated cost cuts to adjust to a low oil price environment. Europe's second biggest oil company reported adjusted net profit of $3.085 billion, beating analyst expectations of $2.61 billion and only a two percent decline from a year ago, since when crude oil prices have collapsed by 44 percent. While Total shares have fallen 20 percent since crude hit its 2014 peak in June…
Nominations Open for OPITO’s Safety Awards
Employers and training providers working to achieve the highest safety standards in the oil and gas industry are being invited to submit their nominations for the sixth annual OPITO Safety and Competency Awards 2015. The accolades will be presented at the OPITO Safety and Competency Conference (OSCC) held at the Dusit Thani Hotel, Abu Dhabi, November 3, 2015. These awards recognize companies that are committed to building a safe and competent workforce through OPITO standards. The event will bring together around 500 industry, government and training…
Middle East State Spending Throws Lifeline to Oilfield Services
Oil majors may have slashed capital spending but national oil companies (NOCs) in the Middle East and North Africa show no sign of cutting investment, buoying oilfield services that the stock market has beaten down. Investors sold in the second half of 2014 as benchmark fuel prices sank, expecting a dire performance from a sector reliant on investment in oil and gas projects for its revenues. Names such as Saipem and Subsea 7 notched up double-digit share price declines from June to December as oil majors put projects on hold or scaled back expenditure.
Middle East State Spending Buoys Oilfield Services
MENA states have no option but to keep spending; Some OFS companies see strong bid pipeline for 2015. Oil majors may have slashed capital spending but national oil companies (NOCs) in the Middle East and North Africa show no sign of cutting investment, buoying oilfield services that the stock market has beaten down. Investors sold in the second half of 2014 as benchmark fuel prices sank, expecting a dire performance from a sector reliant on investment in oil and gas projects for its revenues. Names such as Saipem and Subsea 7 notched up double-digit share price declines from June to December as oil majors put projects on hold or scaled back expenditure.
BP Terminates GoM Rig Contracts
BP terminated contracts for two deepwater oil drilling rigs in the Gulf of Mexico as the British oil company slashes its exploration budget due to fallen oil prices. Offshore drilling company Ensco said it had received notice to terminate BP-operated rig DS-4 in the Gulf of Mexico. Rival Seadrill Partners announced this week that BP had also cancelled a contract for the West Sirius field in the same region. BP confirmed the termination of both contracts, saying the rigs were "surplus to requirements following BP's adjustment of capital expenditures in response to the new, lower oil price environment. "BP remains the largest investor and leaseholder in the U.S.
GasLog Post 4Q 2014 Results
GasLog Ltd. and its subsidiaries an international owner, operator and manager of liquefied natural gas carriers, today reported its unaudited financial results for the quarter ended December 31, 2014. • Agreement to acquire two additional LNG carriers from a subsidiary of BG Group plc (“BG Group”) for $460.0 million that will be chartered back to the same subsidiary of BG Group with average charters of 10 years, adding $590 million to our contracted revenue. • 16% increase in quarterly distribution from GasLog Partners LP (“GasLog Partners”) which exceeds the first Incentive Distribution Right (“IDR”) threshold…
OSCC to Focus on Safety
OPITO Announces Date for 2015 Safety and Competence Conference. The “economics of safety at $50 oil” is the topic for this year’s OPITO Safety and Competence Conference (OSCC) which will take place on November 3, 2015 in Abu Dhabi. OSCC is the only global annual event wholly focused on safety and competence in the oil and gas industry. With the offshore industry’s focus firmly on reducing costs and increasing efficiency, this year’s OSCC will explore how the sector maintains competence and continues to keep its people safe in a lower oil price environment.