Infinity Natural, a company that produces oil and natgas, files for an IPO in the US
Infinity Natural Resources, an oil and natural gas developer, is planning to launch its initial public offering (IPO) in the United States. This comes after the company nearly doubled its revenue during the first half year. Infinity, backed by investment firms Pearl Energy Investments (PEI) and NGP Capital (NGP Capital), will seek to list at the NYSE. The filing was made just days after the shares of BKV, a natural gas producer, began trading. Infinity will enter the public markets in a strong financial position.
Petrobras claims that the Sirius gas field in Colombia could produce 13.3 million cubic metres of gas per day.
Petrobras' exploration general manager Rogerio Soares, who spoke at a conference for the industry on Thursday, said that Colombia's offshore Sirius well could produce 13.3 million cubic metres per day in 10 years. Soares, speaking at the Colombian Petroleum Association (ACP)'s forum on oil and gas in Cartagena, said that the initial concept of Sirius envisioned the first offshore gas production in 2029- 2030. Four wells would be producing and a total of 13…
Ithaca Energy joins Eni's North Sea Business
Ithaca Energy announced on Thursday that it had completed a deal worth 754 million pounds ($993 millions) to purchase nearly all the UK oil and natural gas assets of Eni. This was a 100% share transaction, which created one of the largest independent energy companies operating in the North Sea. Luciano Vasques was the former Eni UK Managing Director and CEO of the combined company. This move is part Eni's'satellite strategy'…
Suriname oil and gas project worth $10 billion to be approved by TotalEnergies and APA
TotalEnergies, a French company, and APA Corp, based in the United States, announced on Tuesday a positive decision to invest in Block 58 of Suriname, the most promising offshore oil and gas project. This is expected launch Suriname’s first offshore production. The small South American nation wants to follow the example of its neighboring Guyana. In 2019, a consortium led Exxon Mobil began developing over 11 billion barrels worth of recoverable gas and oil resources, making the country a major producer.
Sources say that Shell is the preferred bidder in Trinidad for a shallow water block
Three people familiar with the process have confirmed that Trinidad and Tobago has selected Shell as its preferred bidder to bid on a shallow-water block. This bidder beat out BP and EOG Resource. Trinidad and Tobago's natural gas production has declined in recent years, and the country has struggled to supply its petrochemical and liquefied gas plants. The government organized bid rounds and pressed producers to deliver the first output of offshore projects.
Helene reaches hurricane strength in Gulf of Mexico and threatens Florida
The National Hurricane Center reported that the powerful storm Helene became a hurricane Wednesday morning. It was packing winds of up to 130 kph (80 mph) as it churned off the coast of Yucatan Peninsula in the eastern Gulf of Mexico. Forecasters said that Helene would continue to intensify throughout Thursday and bring a life-threatening storm to Florida's coast. The National Weather Service warned that more than 40 millions people in Florida and Georgia…
Cuba and Florida prepare for Tropical Storm Helene's impact
The U.S. National Weather Service reported that Tropical Storm Helene will cause mudslides, flooding and major hurricane-like conditions in Cuba. It is then expected to reach major hurricane status on Thursday when it reaches Florida with a life-threatening ocean tide. The National Hurricane Center in Miami said that Helene was moving northwest at a speed of 45 mph with sustained winds up to 72 kph. Forecasters say Helene is expected to strengthen rapidly over the warm waters of Gulf of Mexico…
As a major hurricane approaches, oil companies are evacuating their staff from the Gulf of Mexico.
On Monday, U.S. producers of oil scrambled to evacuate their staff from offshore oil fields in the Gulf of Mexico as the second major storm to hit in two weeks is predicted to ravage them. The U.S. National Hurricane Center stated that a potential Tropical Cyclone over the warm waters of the Gulf could rapidly intensify and become a major Hurricane with winds up to 115 mph (185 kph). According to the NHC, the storm, called Helene, would hit the U.S. at a category 3 on the Saffir Simpson wind scale.
Hurricanes force oil companies to evacuate staff from the Gulf of Mexico
U.S. Oil Producers scrambled to evacuate their staff from Gulf of Mexico platforms on Monday as forecasters warned that the second major hurricane within two weeks would likely tear into offshore oil fields. The U.S. National Hurricane Center stated that a potential Tropical Cyclone System Nine, near the western tip of Cuba, was expected to intensify into a Hurricane on Wednesday as it moved across the eastern Gulf of Mexico.
Energean gas's first-half profit rises on increased output
Energean, a gas producer, reported higher profits in the first half of this year on Wednesday. This was due to a strong summer demand from Israel, which accounts for more than 70%. The company is expanding in Europe, the Middle East, and Africa. It is particularly interested in areas where gas is supported by long-term policies and coal is being replaced. Carlyle, a private equity fund, had agreed to buy the assets of the company in Egypt and Italy for $945 million.
APPEC-India ONGC Videsh focuses on stakes in oil and gas assets amid energy transformation
The head of finance at ONGC Videsh said that the company is focusing on acquiring stakes overseas in oil and gas producing companies, as the shift to renewable energy will likely reduce the demand for conventional fuels. We are not interested in long-term projects, due to the energy transition. Anupam Agarwal, at the APPEC Conference, said that exploration was not a top priority for the moment. ONGC Videsh is the overseas investment arm for the top oil and natural gas exploration company in the country…
OPEC+ Has Oil Price and Demand Problems. It Should Solve Demand
OPEC+ has two problems and two solutions.The first problem is that crude oil prices are too low for the comfort of most of the members of the group, which pulls together the Organization of the Petroleum Exporting Countries (OPEC) and its allies including Russia.The second issue is that crude demand has so far disappointed the somewhat optimistic forecasts made by OPEC for 2024 growth.The first solution is for OPEC+ to…
India's ONGC wants US approval for two projects in Venezuela
Rajarshi Gupta, the managing director of ONGC Videsh Ltd in India, said that the company is looking for U.S. permission to run two projects to increase production in Venezuela. Gupta said that ONGC wants to obtain a license similar to the one granted to U.S. oil giant Chevron for operating oil fields in Venezuela. "We have requested a license to allow us to run our two projects. The approval will allow us to operate our two projects using U.S. entities and dollars.
Min says that seismic work will begin on gas fields shared between Trinidad and Venezuela.
Stuart Young, Trinidad and Tobago's energy minister, said on Facebook on Friday that seismic work is expected to begin in the next few days at the offshore gas fields shared between Venezuela and Trinidad and Tobago. Venezuela issued a license in July allowing for the development of the Cocuina Field, its side of reservoir. In early 2014, the U.S. also approved this project. It will be developed by Britain’s BP and Trinidad’s National Gas Company.
Shell to make large cuts in its oil exploration division: sources
Shell will cut its oil and natural gas exploration and production workforce by 20%, according to company sources. CEO Wael Sawan is extending his cost-saving efforts to this highly profitable division following the deep cuts made in renewables and low carbon businesses. Sources said that the restructuring of the exploration, wells development, and subsurface units would result in hundreds of job losses around the globe, with the greatest impact in offices in Houston, The Hague, and Britain.
Sources say Shell plans to make large cuts in its oil exploration division.
Shell will cut its oil and natural gas exploration and production workforce by 20%, according to company sources. CEO Wael Sawan is extending his cost-saving efforts to this highly profitable division following the deep cuts made in renewable energy and low-carbon businesses. Sources say that the restructuring of the exploration, wells development, and subsurface units is expected to result in hundreds of job losses around the globe, but will be most felt in Britain and The Netherlands.
Shell to make large cuts in its oil exploration division: sources
Shell will cut its oil and natural gas exploration and production workforce by 20%, according to company sources. CEO Wael Sawan is extending his cost-saving efforts to this highly profitable division following the deep cuts made in renewables and low carbon businesses. Sources say that the restructuring of the exploration, wells development, and subsurface units is expected to result in hundreds of job losses around the globe, but will be most felt in Britain and The Netherlands.
CNOOC China posts record profit in the first half of 2018 on robust output growth
CNOC, the Chinese offshore oil-and-gas major, posted a record profit for the first half of this year on Thursday. This was largely due to higher oil prices and increased output. CNOOC reported in a filing to the Hong Kong Stock Exchange that net profit attributable shareholders increased 25% to 79.73 yuan (US$11.19 billion). CNOOC's oil and gas production increased by 9.3%, to 362.6 millions barrels of equivalent oil. This was due to the expansion of its reserves.
Namibia plans to complete its sovereign wealth fund by 2025
Namibia's Finance Minister said on Tuesday that the government expects to approve its first offshore oil project in 2025 and complete the creation of its sovereign fund. Namibia, which is yet to produce oil or gas, became a hotspot for exploration after TotalEnergies, Shell and offshore discoveries. Shiimi, Namibia's Minister of Finance, said that Namibia does not expect to see income from the fund until oil production begins, which may take four to six years.
New Zealand passes law to reverse oil and gas exploration ban
New Zealand announced on Monday that it will pass laws before the end of the year to reverse an offshore oil and natural gas exploration ban and to take urgent steps to eliminate regulatory hurdles for importing liquefied gas (LNG), amid energy shortages. The right-of centre government wants to attract investment into the oil and gas industry in the country. This law will end the ban on exploration that has been in place since 2018 outside of onshore Taranaki.
Analysts say that new drilling technology could bring billions of barrels worth of oil within reach.
Analysts said that a breakthrough in oil production which producers claim can safely tap fields with ultra-high pressure could bring up to 5 billion barrels previously unaccessible crude into production. Chevron announced on Monday that it had successfully pumped the first oil out of a field with a pressure of 20,000 pounds per sq. inch, which is a third higher than any previous well. The $5.7 billion Anchor Project uses specially-designed equipment from NOV Dril-Quip, and drillships by Transocean. The No. The No.
Sources say that Petrobras has obtained environmental licenses for Brazil's oil production to increase.
Three people familiar with the matter said that Brazil's state oil company Petrobras obtained environmental permits to expand production at two offshore fields and one vessel could start earlier than expected. Petrobras can now increase production at the Mero and Buzios oil fields. Buzios will benefit from the early launch of the FPSO vessel Almirante Tamandare (floating production, storage and offloading). The fields are located in the Santos Basin of the Atlantic Ocean.
Sources say that the new'supermanager' of Brazil's Petrobras has been tasked to boost investment.
Sources said that the Brazilian oil giant Petrobras appointed Wagner Victer as a "super manager" to increase capital expenditures in order to satisfy President Luiz-Inacio Lula Da Silva's demands. Lula sees Petrobras as a vehicle for creating jobs and developing the economy, but in recent years the company faced obstacles to investing due to environmental licensing and supplier issues. Two sources with knowledge of the…
India's ONGC exceeds profit expectations for the first quarter on high fuel demand
India's Oil and Natural Gas Corp. (ONGC), boosted by domestic fuel demand and a higher realisation of prices, beat the first-quarter profits estimates. The data released by the Oil Ministry shows that India's fuel usage increased significantly in comparison to the same period last year. The country's strong industrial activity has helped to boost its economy. It is also the third largest oil consumer and importer in the world.
Exxon Mobil Continues to Ramp Up LNG Portfolio
Exxon Mobil is ahead of schedule with its plan to double the size of its liquefied natural gas (LNG) portfolio to 40 million tons per annum (mtpa) by 2030 and will focus on selling its own gas rather than trading that of third parties, said Peter Clarke, Exxon Mobil SVP for global LNG.Exxon is revamping its LNG trading strategy amid growing production of the fuel and as part of a wider corporate reorganization that began in 2022. Unlike other majors, Exxon plans to mainly trade its own gas, said Clarke.
Tyra II Production Successfully Restarted
The Tyra Redevelopment Project (Tyra II) has restarted production. At plateau, the Tyra hub will produce 5.7 million cubic meters of gas and 22,000 barrels of condensate per day.TotalEnergies operates the Tyra field on behalf of Danish Underground Consortium, a partnership between TotalEnergies (43.2%), BlueNord (36.8%) and Nordsøfonden (20%).The Tyra Redevelopment Project is, to date, the largest project carried out on Danish Continental Shelf with the fabrication and installation of eight new platform topsides.
Equinor Increases Ownership in Linnorm Discovery
Equinor will acquire Shell’s equity in and operatorship of the Linnorm discovery in the Norwegian Sea. Under this agreement, Equinor will acquire a 30% interest in the PL 255 covering the Linnorm discovery, conditional upon taking over the operatorship from A/S Norske Shell. The deal is expected to close during the first quarter of 2024.The Linnorm discovery in the Norwegian Sea was proven in 2005 and is the largest undeveloped gas discovery on the NCS.
Rystad Says Oil Demand is Peaking. Predicts $60 a Barrel by 2027
Global crude oil prices could drop to about $60 per barrel by 2027 as demand growth slows, say oil analysts at Rystad Energy, chopping a third off next year's peak price as demand tumbles.Their outlook is a reassuring message amid recent Wall Street analysts predicting up to $150 per barrel in the next two years. Rystad's long-term forecast calls for prices to peak next year at $91 per barrel before dropping to as much as $50.
MODEC’s FPSO Anita Garibaldi MV33 Achieves First Oil in Brazil
Japan's MODEC said its FPSO Anita Garibaldi MV33 has achieved first oil production for Petrobras at the Marlim field in the Campos Basin off the coast of Brazil.The FPSO is leased on a 25-year time charter contract to the state-owned Brazilian energy company—one of MODEC's longest charters to date.The FPSO is the 16th FPSO/FSO vessel that MODEC has delivered to the Brazilian oil and gas sector. MODEC was responsible for its engineering…
Neptune Energy Starts Production from Gas Well in Germany
Oil and gas company Neptune Energy started production from its production from its operated Adorf Z17 gas well in the municipality of Georgsdorf, northwestern Germany.The Z17 well - in the Carboniferous formation - is expected to increase Neptune’s production from the Adorf licence by 1,800 barrels of oil equivalent per day to around 6,300 boepd. Construction of a dedicated processing plant at the site for treatment of the gas was also completed earlier this year.Neptune Energy’s Managing Director in Germany…
Guyana's Oil Exports Double, with Europe Taking Half of Cargoes
Guyana's oil exports jumped 164% last year, boosted by growing output and demand for the newest Latin American oil producer's light sweet crudes, particularly in Europe, where thirsty refiners ramped up imports to replace Russian supplies.Since a consortium led by Exxon Mobil began pumping in late 2019, Guyana's shipments have soared, bringing the South American nation's oil export income to $1.1 billion last year, according…
Price is the Elephant in Australia's LNG, Domestic Gas Conundrum
Australia's threat to curb exports of liquefied natural gas (LNG) in order to ensure domestic supplies is another unwelcome pressure on a tight global market for the super-chilled fuel.But it's not an immediate threat, and it may also not materialize at all, depending on how the various players in Australia react to the government's planned action.What needs to be addressed effectively is the elephant in the room, namely the price at which natural gas is made available to domestic consumers relative to the price the gas
Wintershall Dea Looks to Domestic Production as Russia has 'Destroyed' Trust
Germany's Wintershall Dea, a shareholder of the Nord Stream 1 pipeline and longstanding Gazprom partner, on Tuesday said it would look to increase domestic oil and gas output since Russia has lost its status as a reliable energy supplier.If Europe wants to reduce its dependence on imports it has to look at domestic energy supplies, Chief Executive Mario Mehren told journalists after second-quarter results showed adjusted…
Production from Nigeria's Ikike Field to Start
TotalEnergies, OML99 operator (40%) in partnership with the Nigerian National Petroleum Corporation (NNPC, 60%), announces the start of production from the Ikike field, in Nigeria.Located 20 kmoff the coast, at a depth of about 20 meters, the Ikike platform is tied back to the existing Amenam offshore facilities through a 14 km multiphase pipeline. It will deliver peak production of 50,000 barrels of oil equivalent per…
Oil Supply Crunch is Coming, ConocoPhillips CEO Says
ConocoPhillips' chief executive on Tuesday warned of looming crude oil shortages and price volatility, citing limited spare capacity among the Organization of the Petroleum Exporting Countries and slow U.S. output gains ahead.Ryan Lance, head of the largest U.S. independent oil producer, offered a dour outlook on future supply in remarks to members of oil group the Houston Producers Forum. His comments came days after U.S.
Russia's Medvedev Says Oil Could Hit Up to $400 a Barrel if Japanese Proposal Adopted
Russia's former president Dmitry Medvedev said on Tuesday a reported proposal from Japan to cap the price of Russian oil at around half its current level would lead to significantly less oil on the market and could push prices above $300-$400 a barrel.Commenting on the proposal, which was reportedly put forward by Prime Minister Fumio Kishida, Medvedev said Japan "would have neither oil nor gas from Russia, as well as…
Wasted Gas: As Global Supplies Tighten, Here’s 210 bcm of Natural Gas for the Taking – IEA Report
A new report from the International Energy Agency (IEA) estimates that if there was a concerted, global effort to eliminate unnecessary flaring and control leaks across the supply chain, nearly 210 billion cubic meters (bcm) of natural gas could be made available to gas markets.Russia’s war with Ukraine has sent energy prices soaring as a broad swath of sanctions has effectively re-routed Russian oil and gas exports.
U.S. Natgas up 2% on Higher Demand, Soaring Global Prices
U.S. natural gas futures edged up about 2% on Tuesday on record power demand in Texas, forecasts for more gas demand over the next two weeks than previously expected, a reduction in gas output, low wind power and much higher global gas prices.Power demand in Texas failed to hit a new all-time high on Monday due to less hot weather, but will likely break peak use records on Tuesday and later this week as homes and businesses keep air conditioners cranked up to escape a lingering heatwave.
White House Welcomes OPEC+ Decision to Stick to Planned Output Increase
The White House on Tuesday welcomed a decision by top oil producers to stick with their plans to raise crude production and touted "close" coordination with Saudi Arabia and the United Arab Emirates.Earlier on Tuesday, a group of producers comprising the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia stuck to a planned increase of 400,000 barrels per day for February.The decision not to hike output even more helped lift oil prices further.
Asian Countries Looking to Release Oil Reserves after U.S. Request
The world's biggest economies said on Thursday they were looking into releasing oil from their strategic reserves, following a rare request from the United States for a coordinated move to cool global energy prices.The U.S. move reflects frustration with the Organization of the Petroleum Exporting Countries (OPEC) and allies such as Russia who have rebuffed Washington's requests to speed up oil production as the world economy rebounds from the pandemic.It also comes as U.S.
ConocoPhillips Swings to 3Q Profit
ConocoPhillips reported a third-quarter profit on Tuesday, compared with a year-ago loss, thanks to a rebound in crude prices to pre-pandemic levels.Oil prices have climbed nearly 63% since the beginning of the year, driven by a rise in global demand and on supply bottlenecks, pushing Brent above $86 to its highest in nearly three years. The rally has been accompanied by sky-high gas prices around the world.The company…
Investors on Board as U.S. Oil Majors Dismiss Wind and Solar Projects
Top U.S. oil firms are doubling down on drilling, deepening a divide with European rivals on the outlook for renewables, and winning support from big investors who do not expect the stateside companies to invest in wind and solar. Among a dozen U.S. fund managers contacted by Reuters from companies overseeing about $7 trillion in assets, most said they prefer oil firms to generate returns from businesses they know best and give shareholders cash to make their own renewable bets.
Brent Shoots Past $80 a Barrel
Oil markets climbed for a sixth day on Tuesday, boosted by a tighter supply and firm demand outlook, but power shortages in China which hit factory output tempered the rally.Brent crude futures gained 67 cents, or 0.8%, to $80.20 a barrel at 1016 GMT, after reaching their highest level since October 2018 at $80.75. Brent gained 1.8% on Monday.U.S. West Texas Intermediate (WTI) crude futures rose 79 cents, or 1%, to $76.24 a barrel, after hitting a session high of $76.67, its highest since early July.
Shell Exits Permian with $9.5B Sale to ConocoPhillips. Its U.S. Output Now Mostly Offshore
Royal Dutch Shell said on Monday it would sell its Permian Basin assets to ConocoPhillips for $9.5 billion in cash, an exit from the largest U.S. oilfield for the energy major shifting its focus to the clean energy transition.For ConocoPhillips, it is the second sizable acquisition in a year in the heart of the U.S. shale industry, as American and European producers diverge in whether to focus on hydrocarbons going forward.Like all of the world's largest oil companies…
OPEC+ Sees No Need to Meet US Call for More Supply
OPEC and its allies, including Russia, believe oil markets do not need more oil than they plan to release in the coming months, despite U.S. pressure to add supplies to check an oil price rise, four sources told Reuters.The price of international benchmark Brent crude has risen 35% this year towards $70 a barrel, driven by economic recovery from the pandemic and supply restraint by the Organization of the Petroleum Exporting Countries and its partners in the alliance known as OPEC+.Last week, U.S.
Williams Inks Deal for Whale Deepwater Transport Services
Williams (NYSE: WMB) reached an agreement with Shell Offshore Inc. and Chevron U.S.A. Inc. to provide offshore natural gas gathering and crude oil transportation services as well as onshore natural gas processing services for the Whale development located approximately 10 miles from the Shell-operated Perdido host facility.Williams plans to expand its existing Gulf of Mexico offshore infrastructure via a 25-mile gas lateral…
OPEC+ Agrees New Oil Deal Without UAE Agreement, Source Says
OPEC+ agreed on Friday to add more oil to the market from August and extend the duration of their pact on their remaining production curbs for longer, even though the United Arab Emirates still opposed the extension, an OPEC+ source said.All OPEC+ deals require unanimous approval. The rare development on Friday means the UAE could still derail the plan.
Market Signals Fast Rebound in Floating Production Orders
The deepwater market is rapidly returning to pre-COVID-19 activity levels, and the recovery appears to be gaining strength, according to a recent in-depth analysis completed by International Maritime Associates (IMA) and World Energy Reports (WER).“Lots of green shoots have appeared,” says Jim McCaul, head of IMA/WER. “Oil inventory has been brought down to seasonal average, crude remains in the mid-$60s, bullish forecasts…
When is a Cargo of Oil Certified "Carbon Neutral"? Ask Lundin Energy
Sweden's Lundin Energy has sold to Italian refiner Saras what it said is the world's first oil cargo certified as carbon neutral at the point of production, the two companies said on Monday.Oil companies are increasingly trying to market their products as cleaner in an effort to secure a future for the fossil fuel industry in a world where investors, activists and regulators are demanding action to halt climate change.While…
Rystad: Oil Demand to Peak in 2026
The rapid adoption of electric vehicles (EV) around the world will probably cause global oil demand to peak two years earlier than previously expected, Norway's biggest independent energy consultancy Rystad said on Wednesday.World demand is now seen peaking at 101.6 million barrels of oil per day (bpd) in 2026, down from a forecast made in November of a peak in 2028 at 102.2 million bpd, Rystad Energy said."The adoption…
Total CEO Not Betting on Prices Staying at $70 a Barrel
Total's chief executive said on Monday it could take two years for the world economy to recover from the coronavirus pandemic and that oil prices were unlikely to remain at the current high of $70 a barrel."I am not betting on prices staying at $70 a barrel, for me the right price is around $50-$60 a barrel," Patrick Pouyanne told BFM business radio.Brent crude futures surged above $70 a barrel on Monday for the first time since the COVID-19 pandemic began, while U.S.
Oil Surges After OPEC+ Extends Cuts
Oil prices jumped about 3% on Friday, hitting their highest levels in over a year, following a stronger-than-expected U.S. jobs report and decision by OPEC and its allies not to increase supply in April.Brent futures rose $2.10, or 3.2%, to $68.84 a barrel by 11:25 a.m. EST (1625 GMT). Earlier in the session, the global benchmark hit its highest since January 2020.U.S. West Texas Intermediate (WTI) crude rose $1.87, or 2.9%…
OPEC+ to Weigh Modest Output Boost, Sources Say
OPEC+ oil producers will discuss a modest easing of oil supply curbs from April given a recovery in prices, OPEC+ sources said, although some suggest holding steady for now given the risk of new setbacks in the battle against the pandemic.The Organization of the Petroleum Exporting Countries and allies, known as OPEC+, cut output by a record 9.7 million bpd last year as demand collapsed due to the pandemic. As of February…
Oil Rises to 11-month High
Oil hit an 11-month high just below $57 a barrel on Tuesday, bolstered by Saudi Arabia's plans to limit supply, offsetting worries that rising coronavirus cases globally would curtail fuel demand.Brent crude settled up 92 cents, or 1.7%, at $56.58 a barrel by after touching its highest level since last February at $56.75. U.S. West Texas Intermediate (WTI) gained 96 cents, or 1.8%, to $53.28.Saudi Arabia plans to cut…
Video: The Floating Production Market Faces Headwinds, But Opportunities Exist
There are around 200 offshore oil and gas projects currently being planned for development using a floating production system, however, at around $2B apiece – some up to $5B – final investment decisions will depend on the market situation and the outlook for oil and gas doesn’t seem too bright. Still, around 60 units are expected to be ordered by 2025, per World Energy Reports.In an interview for Offshore Engineer TV on the outlook for floating production systems…
Total Keeps Dividend But Cuts Investment Target
Total trimmed its 2020 investment target on Friday after a sharp drop in third-quarter net profit, though the French oil and gas producer maintained its dividend.The company cut its investment target to $13 billion from $14 billion and said it was keeping a lid on operating costs too, even as it strives to grow in renewable energy and electricity markets.Energy companies were hit hard by COVID-19 lockdowns and the related collapse in fuel demand.The price of Brent crude has largely stayed above $40 a barrel since June…
Lundin Energy Chief Schneiter: Output Trending Upward at Sverdrup
Norway's Johan Sverdrup oilfield, the largest in western Europe, is ramping up production in the fourth quarter after the government increased its production permit, Lundin Energy, a partner in the field, said on Friday.Equinor-operated Sverdrup increased its production capacity to 470,000 barrels of oil equivalent per day (boed) in March from an original 440,000 boed, but output was soon after capped by government-imposed limits.Norway in May joined OPEC and other producers in voluntary output curbs to help prop up oil
Offshore Oil Wells, Ports Shut as Hurricane Sally Advances on U.S. Gulf
Energy companies, ports and refiners raced on Monday to shut down as Hurricane Sally grew stronger while lumbering toward the central U.S. Gulf Coast, the second significant hurricane to shutter oil and gas activity over the last month.The hurricane is disrupting oil imports and exports as the nation's sole offshore terminal, the Louisiana Offshore Oil Port (LOOP), stopped loading tanker ships on Sunday, while the port of New Orleans closed on Monday.The U.S.
Saudi Aramco's Profit Plunges, Sees Signs of Recovery
State oil giant Saudi Aramco's profit plunged 73% in the second quarter of the year, as a slump in energy demand and prices due to the coronavirus crisis hit sales at the world's biggest oil exporter.But the company stuck with plans to pay $75 billion in dividends this year and CEO Amin Nasser said global oil demand was recovering.All major oil companies have taken a hit in the second quarter as lockdowns to contain the coronavirus limited travel…
Equinor's Incoming CEO Wants to Be Best in Offshore Oil, Gas
Anders Opedal, who on Monday was named Equinor's new chief executive, said he wanted the Norwegian oil company to be both best in offshore oil and gas and at the same time have higher climate targets and develop new low-carbon solutions."I want Equinor to be best in offshore oil and gas," Opedal told a news conference at the company's headquarters, adding that he also wanted the company to create a platform for growth for low-carbon solutions."I want to go further ...
ConocoPhillips to Reverse Most Output Cuts by End of Q3
ConocoPhillips said on Thursday it expects production curtailments in the current quarter to be roughly half as much as last quarter and will restore most of its output by the end of September, after the oil and gas producer slashed about a third of its output in April as oil prices plunged 41%.The company restored part of its curtailed volumes earlier in June, as crude prices recovered some of the historic losses they…
US Oil Rig Count Rises for First Week Since March
U.S. energy firms cut the number of oil and natural gas rigs operating to a record low for a 12th week in a row, although they added one oil rig in the first weekly increase since March as a recovery in crude prices tempt some producers back to the well pad. The U.S. oil and gas rig count, an early indicator of future output, fell by two to an all-time low of 251 in the week to July 24, according to data on Friday from energy services firm Baker Hughes Co going back to 1940.That was 695 rigs…
Webinar: Floating Production Forecasts & Analysis
A free webinar will deliver latest forecasts and market intelligence for the global floating production industry, offering insider access to business and investment opportunities in the deepwater sector.Floating Production Systems: 2020 Forecasts & Analysis, presented by ABS and World Energy Reports, will be held July 29, 2020, 11 a.m. (EDT). REGISTER HERE.The effects of the COVID-19 crisis and oil supply glut continue to seriously dampen investment appetite in the oil and gas sector…
Webinar: Floating Production Forecasts & Analysis
A free webinar will deliver latest forecasts and market intelligence for the global floating production industry, offering insider access to business and investment opportunities in the deepwater sector.Floating Production Systems: 2020 Forecasts & Analysis, presented by ABS and World Energy Reports, will be held July 29, 2020, 11 a.m. (EDT). REGISTER HERE.The effects of the COVID-19 crisis and oil supply glut continue to seriously dampen investment appetite in the oil and gas sector…
Coronavirus Outbreaks Hit Petrobras' Quarterly Output
Coronavirus outbreaks at a number of platforms operated by Brazil's Petrobras hit production in the second quarter, the company said on Tuesday, though the firm indicated output may improve in certain regions.In a securities filing, Petroleo Brasileiro SA, as the state-controlled company is formally known, said it produced 2.802 million barrels of oil equivalent per day (boepd) in the second quarter. That was up 6.4% from the same period last year…
Chevron CEO Sees Continued 'Choppy Economic and Price Activity'
The chief executive of U.S. oil giant Chevron Corp on Monday said the uncertainty of the COVID-19 pandemic has it planning for "choppy" oil prices and economic activity globally.Chevron said on Monday it would buy oil and gas producer Noble Energy Inc for about $5 billion in stock, the first big energy deal since the coronavirus crisis started."The crystal ball is cloudy right now," Mike Wirth said in an interview. "There’s so much uncertainty on the trajectory of the pandemic…
OPEC+ Meets to Decide on Oil Output Cuts Easing
OPEC and allies such as Russia meet on Wednesday to decide oil output policy from August amid broad market expectations the group will ease supply curbs as the global economy slowly recovers from the coronavirus pandemic.The Organization of the Petroleum Exporting Countries and allies, known as OPEC+, have been cutting output since May by 9.7 million barrels per day, or 10% of global supply, after the virus destroyed a third of global demand.After July, the cuts are due to taper to 7.7 million bpd until December.
Indonesia's Pertamina Expects up to 180,000 bpd from Rokan Block when It Takes Over from Chevron
Indonesian state oil company PT Pertamina expects to produce 170,000-180,000 barrels per day (bpd) at the Rokan block when it takes over in August next year, the chief executive of Pertamina Hulu Energi, Budiman Parhusip, said on Wednesday.The government decided in 2018 that the operation of Rokan, Indonesia's second-biggest crude oil producing block, would be transferred to Pertamina when Chevron Pacific Indonesia's…
KPMG Flags Oil Trader ZenRock's Questionable Deals
ZenRock Commodities Trading Pte Ltd is unlikely to continue its core oil trading businesses in the long term, its court-appointed supervisor KPMG Services said in a report that also raised concerns over transactions by the Singapore-based trader.ZenRock was placed under interim judicial management in May after one of its creditors HSBC Holdings PLC alleged that it engaged in a series of "highly dishonest transactions."It…
Angola Resisting Pressure to Taper Oil Output
Angola is resisting pressure by OPEC's de-facto leader Saudi Arabia for a steeper oil output cut to comply fully with record supply curbs, OPEC and industry sources said.The Organization of the Petroleum Exporting Countries and allies, known as OPEC+, have been cutting oil output since May by a record 9.7 million barrels per day after the coronavirus crisis destroyed a third of global demand.After July, the cuts are due to taper to 7.7 million bpd until December.Saudi Arabia has been pressing laggards such as Iraq…
DNV GL: Oil Demand, CO2 Emissions Probably Peaked in 2019
Global oil demand and carbon dioxide emissions probably peaked in 2019 as the COVID-19 pandemic will have a lasting impact on both, energy consultancy DNV GL said on Wednesday.The Norway-based consultancy, which advises both petroleum and renewable energy companies on risk management and technology, said global energy use would be 8% lower in 2050 than previously expected due to the impact of the pandemic."Lasting behavioral changes to travel…
Shell to Write Down $22B in Wake of Coronavirus
Royal Dutch Shell said on Tuesday it would write off assets worth up to $22 billion after the coronavirus crisis knocked oil and gas demand and weakened the energy price outlook.The impairments follow the Anglo-Dutch company's decision to shift from fossil fuel and reduce its greenhouse gas emissions to net zero by 2050, as laid out by CEO Ben van Beurden in April.Global travel restrictions to prevent the virus spreading affected more than 4 billion people at one point…
OPEC Production in June Cut by 1.25 mbpd
OPEC has cut oil output in June by 1.25 million barrels per day (bpd) from May levels as it works to implement a supply restraint agreement with Russia and other allies, according to estimates from tanker-tracking company Petro-Logistics.OPEC and its allies, a group known as OPEC+, agreed to cut supply by a record 9.7 million bpd from May 1 to offset an oil price and demand slump triggered by the coronavirus crisis.
Norway's May Oil Output Down, But Still Above Forecast
Norway's oil production fell in May from the previous month but still exceeded official forecasts by 0.9%, the Norwegian Petroleum Directorate said on Friday.The country's crude oil output fell by 2.1% month-on-month from April to 1.74 million barrels per day. The output year-on-year was up by 38.1%, thanks among other things to a ramp-up of Equinor's giant Johan Sverdrup oilfield.Daily natural gas output fell by 12.4% month-on-month…
Brent Crude Rises to Above $42 a Barrel
Oil rose to above $42 a barrel on Friday, adding to gains in the previous session, after OPEC producers and allies promised to meet supply cuts and signs of demand, hit by the coronavirus crisis, recovering.Iraq and Kazakhstan, during a meeting of an OPEC+ panel on Thursday, pledged to comply better with oil cuts, sources said. This means the curbs by the Organization of Petroleum Exporting Countries and allies, known as OPEC+…
Saudi Oil Price Hike Throws Asian Lifeline to U.S. Shale
Saudi Arabia's decision to jack up the price of its July exports to Asia may have opened the door for U.S. crude oil producers to boost sales to the region that consumes more oil than anywhere else in the world.State-controlled producer Saudi Aramco hoisted its official selling prices (OSPs) to all regions for July-loading cargoes, but the biggest hikes were for the key Asian region, which takes the bulk of the kingdom's exports.Benchmark Arab Light crude was boosted to a premium of 20 U.S.
Norway to Keep Oil Production Cut Unchanged after OPEC+ Deal
Norway, Western Europe's largest oil producer, has no plans to modify its existing plans for production cuts, following the OPEC+ group's agreement to extend a deal on record output cuts to the end of July, the oil ministry said on Monday.On Saturday, OPEC+ agreed to extend the deal to withdraw almost 10% of global supplies from the market by a third month to end-July, sending Brent crude price to over $43 a barrel."OPEC+ has played a key role in the ongoing stabilization of the oil market.
OPEC, Russia Extend Record Oil Cuts
OPEC, Russia, and allies agreed on Saturday to extend record oil production cuts until the end of July, prolonging a deal that has helped crude prices double in the past two months by withdrawing almost 10% of global supplies from the market.The group, known as OPEC+, also demanded countries such as Nigeria and Iraq, which exceeded production quotas in May and June, compensate with extra cuts in July to September.OPEC+…
Saudi Arabia, Russia Reach Deal on Oil Output Cut Extension
OPEC leader Saudi Arabia and non-OPEC Russia have agreed a preliminary deal to extend existing record oil production cuts by one month while raising pressure on countries with poor compliance to deepen their output cuts, OPEC+ sources told Reuters."Any agreement on extending the cuts is conditional on countries who have not fully complied in May deepening their cuts in upcoming months to offset their overproduction," one OPEC source said.OPEC+ agreed last month to cut output by a record 9.7 million barrels per day…
Oil Gains, with Brent above $40
Oil rose on Wednesday, with Brent above $40 for the first time since March, as optimism mounted that major producers will extend output cuts and a recovery from the coronavirus pandemic will spur fuel demand.Brent crude futures for August were up 78 cents, or 2%, at $40.35 a barrel, by 0636 GMT. The contract climbed to as high as $40.53, the highest since March 6, after gaining 3.3% on Tuesday.U.S. West Texas Intermediate (WTI) crude futures gained $1.06, or 2.9%, at $37.87 a barrel.
