CNOOC Earnings on the Rise
China's national offshore producer CNOOC Ltd reported a near 19% rise in first-half profit on Thursday, as higher sales of oil and gas offset weaker global oil prices.The listed arm of state-owned China National Offshore Oil Corp said that it was able to manage the impact on its business of the China-U.S. trade war and CNOOC President Xu Keqiang…
Woodside Q2 Revenue Slides 32%
Australia's Woodside Petroleum Ltd reported a 32% drop in second-quarter revenue on Thursday, the first decline in six quarters, as it was hit by an extension of planned maintenance at its Pluto liquefied natural gas facility and weaker prices.The country's largest listed oil and gas explorer said production for the quarter ended June 30 fell to 17.3 million barrels of oil equivalent (mmboe), from 22.1 mmboe a year earlier.
Abadi LNG Development Deal Reached
Japan's biggest oil and gas explorer Inpex Corp and the Indonesian government signed a basic agreement on the development of Indonesia's Abadi liquefied natural gas (LNG) project on Sunday, moving forward the $15 billion project.Inpex President Takayuki Ueda said the Japanese company, which owns a 65 percent stake in the project, said they plan…
Woodside Q1 Revenue Rises 4%
Australia's Woodside Petroleum Ltd on Thursday posted a 4 percent rise in first-quarter revenue on higher realized prices for its oil and gas.Revenue rose to $1.22 billion for the three-months ended March 31, compared to $1.17 billion a year ago.Australia's largest listed oil and gas explorer said total production for the quarter came in at 21.7 million barrels of oil equivalent (mmboe), down from 22.2 mmboe a year earlier.The
Woodside Inks LNG Supply Deal with ENN
Australia's Woodside Petroleum WPL.AX has signed a Heads of Agreement (HOA) to supply liquefied natural gas (LNG) to China's ENN Group for 10 years from 2025, both companies said on Friday.Woodside, Australia's biggest listed oil and gas explorer, said in a statement the volume covered by the HOA is 1 million tonnes per annum (mtpa), to be sourced from Woodside's portfolio of gas supply.
Woodside Inks 20-year Gas Supply Deal
Woodside Petroleum Ltd, Australia's biggest listed oil and gas explorer, said on Tuesday it had signed a 20-year gas supply deal with Perdaman Chemicals and Fertilisers Pty Ltd.The agreement is to supply about 125 TJ of gas per day for use in Perdaman's proposed urea plant, and gas will be primarily sourced from Woodside's proposed Scarborough development, the company said in a statement.The agreement follows a memorandum of u
Woodside Petroleum Half-year Profit Rises
Australia's Woodside Petroleum Ltd said on Wednesday that its first-half net profit rose 6 percent and it raised its 2018 production outlook after strong performances from its Wheatstone and Pluto LNG projects.For the 2018 fiscal year, Woodside said it now expects fiscal 2018 production between to 87 mmboe to 91 mmboe from an earlier outlook of…
Fieldwood Hungry for US Offshore Output
The Chief Executive of offshore oil and gas driller Fieldwood Energy LLC, Matt McCarroll, says he is not scared of the hurricanes, geological risks and costs that keep some oil companies out of the Gulf of Mexico. Instead, he is doubling down. The private equity-backed company - already the largest operator on the U.S. outer continental shelf…
Premier Oil Seeks Buyers for Stake in Indonesia Gas Field
Premier Oil is seeking buyers for a 25 percent stake in the Tuna field development in Indonesia after reaching a gas sale deal with Vietnam, Chief Executive Tony Durrant said on Thursday. Premier and SKK Migas signed on Nov. 10 an agreement to sell gas to Vietnam from the Tuna development, Premier said in a trading update. The field holds around 500 billion cubic metres of resource, Durrant said.
Oil Explorer Finder Seeks $150mln for Australia Drilling
Australia-focused oil and gas explorer Finder Exploration is seeking to raise $150 million for the drilling of five wells off the country's northwest coast, a document seen by Reuters showed. The wells could hold as much as 600 million barrels of oil and gas equivalent, the privately owned company said in a presentation to potential investors.
Oil Search Profit Soars, Now Focusing on Gas Projects
Oil Search sees PNG LNG expansion agreement by late 2017. Australia's Oil Search Ltd reported a five-fold jump in half-year profit on higher oil and gas prices and lower costs, and said it expects its partners to agree by year-end on how to coordinate development of their Papua New Guinea gas projects. Net profit surged to $129.1 million for the six months to June…
Ichthys LNG Output Expected to Start by Year-end
Japan's biggest oil and gas explorer Inpex Corp expects gas production from the seabed for its offshore Ichthys liquefied natural gas (LNG) project to start from around the end of the year, a senior company executive said on Friday. Inpex in late April delayed the Ichthys start to the first quarter of next year, citing delays in the installation of offshore production facilities.
Ophir's COO Higgs to Step Down
British oil and gas explorer Ophir Energy's Chief Operating Officer William Higgs will step down as the company reduces costs by cutting staff positions at its London headquarters, the company said on Friday. Energy companies have cut costs over the past few years due to a fall in oil prices. Ophir has faced further challenges in launching its…
PTT Exploration and Production Plans Asia Investment
Thailand's largest oil and gas explorer PTT Exploration and Production Pcl (PTTEP) is planning new investments or an extension of its operations in fields in Thailand, Malaysia and Myanmar, it said on Tuesday. In Thailand, state-owned PTTEP would bid to extend its concession to operate the Bongkot gas field beyond the existing expiry date of 2023, Executive Vice President Yongyot Krongpanich told an investor briefing.
Vedanta Completes Cairn India Buyout
Indian metals and mining group Vedanta Limited said on Tuesday it had completed its buyout of oil and gas explorer Cairn India Ltd, consummating a deal that was delayed for months by investor opposition. Cairn India said in a separate statement its board had made the merger effective as of Tuesday. The deal gives Vedanta Limited, the Indian unit of diversified energy group Vedanta Resources PLC…
Ophir inks JV with Schlumberger for Equatorial Guinea project
British oil and gas explorer Ophir Energy Plc said it had signed an agreement with OneLNGSM, a joint venture between units of Golar LNG Ltd and Schlumberger, to develop the Fortuna project in Equatorial Guinea. Shares in the company rose as much as 13.8 percent, before trading at 77.75 pence at 0956 GMT on the London Stock Exchange on Thursday.
Double Eagle Energy Preps for IPO
Double Eagle Energy Permian LLC is a unicorn roaming the barren landscape of West Texas. Founded by a retired NFL player and his high school buddy - with land deals signed on the hood of a pickup - the Fort Worth oil and gas company is now worth nearly $3 billion, according to a half dozen bankers who have examined its value. That's triple the $1 billion threshold for a so-called unicorn…
Riverstone Holdings to Sell Rock Oil for $980 Mln
Riverstone Holdings LLC, a private equity firm that focuses on energy and power sectors, said it would sell U.S.-based oil and gas explorer Rock Oil Holdings LLC to SM Energy Co for $980 million in cash. SM Energy said the deal would increase its assets in the Midland Basin in Texas to 46,750 acres and add net production of 4,900 barrels of oil per day (boepd).
Riverstone to sell Rock Oil stake for $237 mln
Britain's energy fund Riverstone Energy Ltd said it would sell its stake in Rock Oil Holdings LLC, a U.S.-based oil and gas explorer, to SM Energy Co for $237 million. SM Energy said the deal would increase its assets in the Midland Basin in Texas to 46,750 acres and add net production of 4,900 barrels of oil per day (boepd). Reporting by Pranav Kiran
Vedanta to close merger with Cairn India in early 2017
Mining and energy group Vedanta Resources expects to complete its merger with Cairn India early next year, a move that would boost the firm's financial strength, Vedanta's CEO said on Friday. Vedanta is among the resource firms hit by a collapse in commodity prices and it is also facing legal action and activist protests over its operations in Zambia.