Friday, May 24, 2019

Oil And Gas Exploration News

Environmental Activists Block BP London HQ

Activists blockade entrances to the BP headquarters in London, demanding an end to new oil and gas exploration. The campaigners arrived at 3 a.m. on Monday and encased themselves in heavy containers before the oil company’s annual general meeting on Tuesday. Other activists are also climbing the building to hang signs from the windows. (© Chris J Ratcliffe / Greenpeace)

Greenpeace activists blocked the entrance to BP's London headquarters on Monday, demanding one of the world's biggest energy companies ends all new oil and gas exploration or goes out of business.Greenpeace activists arrived at the building in St James' Square in central London at 0200 GMT and encased themselves in specially designed containers to block all of the main entrances.A team of activists abseiled from the top of the building and placed huge letters over the windows reading 'CLIMATE EMERGENCY'."BP is fuelling a climate emergency that threatens millions of lives and the future of the living world…

Pemex Requests $8bn Loan Amid Heavy Uncertainty

Pemex CEO Octavio Romero Oropeza (Photo: Pemex)

Petróleos Mexicanos’ (Pemex) US$8 billion bank loan comes amid heavy investor uncertainty over the oil company’s debt load, but lenders wanting to maintain links with Pemex and the left-wing administration overseeing the firm may have little choice but to commit to the financing.The state-backed oil producer is tapping its relationship banks to refinance a chunk of liabilities, a big ask when there is minimal visibility over Pemex’s refining capabilities and doubts over future revenue for a company that was once a darling among fixed-income investors.“No one is excited about it,” said a senior banker following the transaction.“The credit is very difficult.

Timeline: Occidental's Anadarko Victory

(Photo: Anadarko)

Before Occidental Petroleum Corp clinched a deal on Thursday to buy Anadarko Petroleum Corp for $38 billion, it pursued its U.S. oil and gas exploration and production rival for nearly two years, culminating in the sector's most high-profile public contest since the 1980s.For most of Occidental's pursuit, Anadarko snubbed its overtures, arguing its offers were too risky. Last month, it entered into a deal with deep-pocketed oil major Chevron Corp to sell itself for $33 billion in cash and stock.Yet Occidental turned the tables on Chevron by securing a $10 billion investment from Warren Buffett's Berkshire Hathaway Inc and an $8.8 billion asset sale to France's Total SA .

Novatek Sell 20% Stake in Arctic LNG 2 to China

Image: Novatek

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

Chrysaor to Buy ConocoPhillips’ UK Assets

Judy in the J-Area (Photo: ConocoPhillips)

Chrysaor has reached a deal to acquire ConocoPhillips’ oil and gas exploration and production assets in the UK for $2.675 billion, the companies announced on Thursday.Full-year 2018 production and year-end 2018 proved reserves associated with the assets being sold were approximately 72,000 barrels of oil equivalent per day (boepd) and approximately 99 million barrels of oil equivalent (boe), respectively. This acquisition increases Chrysaor’s pro forma 2018 production to 177,000 boepd, making Chrysaor one of the largest oil and gas producers in the UK North Sea.The transaction will be backdated to January 1…

Vermilion to Drill Exploration Wells in Central Europe

Canada's Vermilion Energy will drill its first two exploration wells in Croatia in June, a senior official from the company said on Monday. Vermilion won four licences in 2015 for oil and gas exploration in Croatia's flat northeastern areas and the drilling will take place on one of these."Although we see evidence of gas charge from the new seismic data we have acquired, we'll not know for sure whether any of this is commercially producible until after these initial wells are completed," Bryan Sralla, who heads the unit for central and eastern Europe…

Gazprom’s Arctic Offshore Platform Hits Milestone

Image: Sovcomflot (SCF Group)

Russian shipping company Sovcomflot (SCF Group) said that the Arctic shuttle tanker Mikhail Ulyanov loaded the milestone 10-millionth tonne of commercial oil produced at Prirazlomnaya offshore platform in the Pechora Sea.The energy shipping companies, specialising in the transportation of crude oil, petroleum products, and liquefied gas, as well as the servicing of offshore oil and gas exploration and production said that this cargo of oil has become the 150th shipped from the platform since the transportation began in April 2014.Symbolically, it…

Genel Energy Names Higgs CEO

(Photo: Genel Energy)

Genel Energy Plc named oil veteran and Chief Operating Officer Bill Higgs as its top executive, the oil and gas exploration and production company said on Monday.Higgs' appointment as chief executive officer comes as the company, the largest holder of reserves and resources in Iraq's Kurdistan region, negotiates with the regional government to develop Bina Bawi field after it wrote down $424 million on neighboring Miran oil and gas field in March.The company swung to an operating loss of $254.6 million in the year ended Dec. 31, including the non-cash charge…

Shell Faces Lawsuit From Environmentalists

Environmentalist and human rights groups said on Friday they had started a lawsuit against Royal Dutch Shell in the Netherlands to force the energy firm to cut its reliance on fossil fuels.The groups, including Greenpeace and Friends of the Earth Netherlands, handed over a court summons to Shell at its headquarters in The Hague, demanding it stop extracting oil and gas and cut its greenhouse gas emissions to zero by 2050."Shell spends billions on oil and gas exploration each year, with current plans to invest just 5 percent of its budget in sustainable energy and 95 percent in exploiting fossil fuels," the groups said.They said Shell's plans were "incompatible with the goal to limi

Petrobras to Bid in Israeli Gas Tender

Israeli Energy Minister Yuval Steinitz (Photo: Wikimedia)

Israel's energy minister said on Sunday that Brazilian state-run oil firm Petrobras will take part in a tender to explore for oil and gas off Israel's shore, Reuters reports."It was agreed that Petrobras ... will take part in a process of oil and gas exploration in Israel," Energy Minister Yuval Steinitz told Army Radio as Brazilian President Jair Bolsonaro began a visit to Israel.A previous auction elicited bids from only two groups of companies, but prospects in the waters offshore Israel have become potentially more lucrative following a number…

Wellesley Hits Dry Well in North Sea

Image: Transocean

Norwegian oil and gas exploration company Wellesley Petroleum has drilled another dry well in the Norwegian section of the North Sea, 220 kilometers northwest of Stavanger.The explorer for oil and gas sees second dry well this year with latest probe using semisub Transocean Arctic. "Following last month’s announcement of a dry well in the production license 931, Wellesley has now failed to hit the target at the 25/1-13 wildcat in the production license 871," said a statement.The Norwegian Petroleum Directorate (NPD) said on Wednesday that the objective of the well was to prove petroleum in reservoir rocks in the Eocene (the Frigg formation).According to NPD…

Ecopetrol Wins Offshore Colombia Block

Image: Ecopetrol SA

Colombia’s state-run oil company Ecopetrol SA has signed Colombia’s first offshore exploration and production contract under a newly revised contract model.According to a report in Reuters, the deal for a nearly 400,000-hectare (988,000-acre) bloc in the Caribbean is country’s first new oil and gas contract in more than four years.The Col-5 tract in the Caribbean Sea is adjacent to US independent Anadarko Petroleum's Purple Angel gas find.The country recently modified its bidding system for offshore oil and gas exploration contracts and relaunched bidding for more than 20 possible production areas…

Asia: Pertamina, Petronas Join Forces

Image: Petronas

Indonesian state-owned energy company PT Pertamina and Petroliam Nasional Berhad (Petronas) of Malaysia have signed a Memorandum of Understanding (MoU) to develop oil and gas business – upstream and downstream, not only in Indonesia or Malaysia but also in other countries.As per MoU, Pertamina will swap crude produced in its Malaysian fields of Kikeh, Kimanis and Kidurong with crude from Petronas' Indonesian fields of Jabung and Ketapang, said a Reuters report quoting Pertamina sources.Meanwhile, Pertamina,  Jakarta-based state-owned oil and natural gas corporation…

INPEX Selects NAPA for LNG Carrier Fleet

Image: NAPA

Japan's largest oil and gas exploration and production company INPEX Corporation has installed ClassNK-NAPA GREEN for monitoring operations on three of its liquefied natural gas (LNG) carriers.NAPA said that Inpex awarded a deal to the company for the provision of a solution for monitoring and follow-up of ship operations on two LNG carriers built to service the Ichthys project and one LNG carrier for Shell’s Prelude FLNG project.With the core motivation of accurately verifying the technical performance of these highly complex carriers, INPEX chose…

Shell, Eni, Exxon Win Concessions in Egypt

© Tom Carpenter / Adobe Stock

Royal Dutch Shell, Eni, BP and Exxon Mobil were among winners of Egypt's international tender for oil and gas exploration on Tuesday, with 12 concessions awarded in total.It marks Exxon Mobil's entry into gas exploration in Egypt, while Shell was awarded the most concessions in the tender - three for oil and two for gas.Neptune Energy, Merlon, Shell, Eni and state-controlled Egyptian General Petroleum Corporation (EGPC) were awarded seven oil exploration concessions in total in which 39 wells will be drilled, Egypt's petroleum ministry said in a statement.Egypt has in recent years reached maritime demarcation agreements with several countries in the region in a push towards increas

Croatia Publishes Tender for Oil and Gas Exploration

© ilijaa / Adobe Stock

Croatia published a tender for gas and oil exploration in mountainous areas of the country's central and southern regions, the state hydrocarbon agency said on Monday."The deadline for submitting bids is Sept.10, 2019 at 1200(1000 GMT). A tentative deadline for awarding licences is December," the agency said.The exploration in the Dinarides region will take place in four blocks with an overall area of 12,134 square km.

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, to acquire its entire Utsira High acreage position covering the Rolvsnes and Goddo basement area."The acquisition takes Lundin Norway’s working interest in the Rolvsnes oil discovery in PL338C and in the recently awarded…

Croatia Approves Tender for Oil and Gas Exploration

© markobe / Adobe Stock

Croatia on Wednesday approved a tender for oil and gas exploration in mountainous areas of the country's central and southern regions.The details of the tender will be released by the state-run Hydrocarbon Agency, which is in charge of running the process, at a later date."There will be four exploration blocks in the overall area of 12,134 square km.

Chevron's Profit Rises

(Photo: Chevron)

U.S. oil and natural gas producer Chevron Corp on Friday reported quarterly earnings that topped analysts' estimates on higher prices and production, sending shares higher in premarket trading.Results for the San Ramon, California, company reflected a 12.5 percent increase in oil and gas production as net output added 156,000 barrels per day (bpd) from a year earlier to 3.08 million bpd. Prices paid for its crude rose to $59 a barrel in the quarter, from $57 a year earlier, the company said.Chevron's cash flow from operations rose nearly 51 percent to $30.6 billion, reflecting the higher output and expense reduction.

ADNOC, US Firm Sign USD 244mln Deal

Photo: The concession agreement, which has a term of 35 years, was signed by His Excellency Dr. Sultan Ahmed Al Jaber, UAE Minister of State and ADNOC Group CEO, and Vicki Hollub, President and CEO of Occidental.

Abu Dhabi National Oil Co. (ADNOC) said it awarded an onshore block, known as Onshore Block 3 to US-based oil and gas exploration and production company Occidental Petroleum.The award has been endorsed by Abu Dhabi’s Supreme Petroleum Council (SPC).Occidental will have a 35-year concession and invest $244m during the exploration phase of the block, which covers an area of 5,782 square kilometres in al-Dhafrah region in the emirate of Abu Dhabi.Onshore Block 3 covers an area of 5,782 km2 located in the Al Dhafra region. Existing 3D seismic data already covers a large part of the Block which…