Thursday, March 21, 2019

Oil And Gas Reserves News

Norway Fund to Sell E&P Firms

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Norway's trillion-dollar sovereign wealth fund, the world's biggest, will sell its stakes in oil and gas explorers and producers but still invest in energy firms that have refineries and other downstream activities, according to a government plan.The proposal announced on Friday said the fund's stakes in integrated companies, such as Royal Dutch Shell…

Petronas Q4 Profit Skids 21%

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Malaysian state oil firm Petronas said on Friday its fourth-quarter profit slid 21 percent as costs piled up, and warned it will have to chart a way through a volatile, challenging 2019 citing market uncertainties and geopolitical risks.Petronas, Malaysia's only Fortune 500 company, said October-December profit slipped to 14.3 billion Malaysian ringgit ($3.50 billion) from 18.2 billion ringgit in the same period a year earlier…

Exxon adds 4.5 billion bbls to 2018 Reserves

File Image: CREDIT AdobeStock / © mikesjc

Exxon Mobil Corp said on Tuesday it added 4.5 billion oil-equivalent barrels of proved oil and gas reserves in 2018, driven mainly by increases in its holdings in the U.S. Permian Basin, Guyana and Brazil.The oil major said its proved reserves totaled 24.3 billion oil-equivalent barrels at the end of 2018, with liquids accounting for 64 percent, up from 57 percent in 2017."Multiple new discoveries offshore Guyana…

Eni in Talks to Grow Presence in the Gulf

Italian major Eni is in talks to grow its footprint in Oman and the United Arab Emirates as part of plans to build its asset base in the oil-rich Gulf and offset its reliance on Africa, a source close to the matter said.The international oil company has a limited presence in the Middle East, where some of the world's biggest oil and gas reserves lie,…

Petronas Q3 Profit Jumps 43%

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Malaysian state-owned energy firm Petroliam Nasional Berhad, or Petronas, on Tuesday said it will increase its dividend payout to the government after its third-quarter net profit jumped on higher revenue and oil prices.The new administration led by Mahathir Mohamad is relying more on Petronas - a significant contributor to government revenue and the…

Petronas Sets Up Team for Renewables Push

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Malaysian state-owned oil and gas firm Petroliam Nasional Berhad, or Petronas, has set up a new business within the group to make a push into renewable energy, the head of the new venture said on Tuesday.Petronas has expressed interest over the last year to diversify into renewables amid low oil prices. In March, Chief Executive Wan Zulkiflee Wan Ariffin…

Philippine Senators Ask Duterte to Disclose China Energy Plan

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Philippine opposition senators have demanded President Rodrigo Duterte reveal details of joint energy exploration plans with China, warning such a deal risked affirming Chinese territorial claims that are not recognized under international law.Early this year, the two countries set up a joint panel to work out how to explore offshore oil and gas in areas that both claim…

UK: Enough Oil and Gas Reserves for the Next 20 Years

Image: Equinor

The UK has enough oil reserves to sustain production for the next 20 years and beyond, new figures indicate.A report published by the UK Government suggests that the overall remaining recoverable reserves and resources in the North Sea range from 10 to 20 billion barrels plus of oil equivalent.The Oil and Gas Authority (OGA) has estimated that production…

UK Petroleum Reserves Could Sustain Production for 20 Years

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The U.K.’s oil and gas reserves remain at a level which could sustain production for at least the next 20 years and beyond if additional undeveloped resources can be matured, according to the U.K. Oil and Gas Authority (OGA).OGA’s ‘UK Oil and Gas: Reserves and Resources’ report, published Thursday shows that overall remaining recoverable reserves and…

DNV GL sees oil demand peaking in 2023

(Photo: Eric Haun)

Global oil demand will peak in 2023 as electric vehicles (EVs) become competitive with cars fuelled by petrol and diesel, and after 2040 no new oil developments will likely be needed, quality assurance and risk management firm DNV GL said on Monday.The forecast from the Norway-headquartered firm, which offers certification and consultancy services to around 100…

Keppel Wins FPSO, FSRU Contracts

In Brazil, Keppel FELS Brasil Ltda (Keppel FELS Brasil) has been engaged by MODEC Offshore Production Systems (Singapore) Pte Ltd., part of the MODEC, Inc. group, to undertake the topside module fabrication and integration of the FPSO Carioca MV30, a Floating Production Storage and Offloading vessel (FPSO). This is the sixth FPSO collaboration between Keppel FELS Brasil and MODEC.In Singapore…

UAE's Adnoc Awards USD 1.6bln Contract to China’s CNPC

Image: ADNOC

The Abu Dhabi National Oil Company (ADNOC) has awarded contracts worth AED 5.88bn (US $1.6bn) for the world’s largest continuous 3D onshore and offshore seismic survey, covering an area up to 53,000 square kilometres, as the company continues to identify and unlock new opportunities and maximize value from its hydrocarbon resources and deliver on its…

Lebanon Begins Offshore Oil & Gas Exploration

Lebanon's search for its first oil and gas reserves began on Tuesday after authorities approved an exploration plan submitted by a consortium of France's Total , Italy's Eni and Russia's Novatek. Energy and Water Minister Cesar Abi Khalil also said in a televised statement that Lebanon hoped to launch a second offshore licensing round by the end of 2018 or early 2019.

For Big Oil, Reserve Size Matters Less Than Ever

File Image: CREDIT BSM

Oil and gas reserves life falls below 12 years, lowest level in at least 20 years. A decade ago, the news that the world's top oil and gas companies had less than 12 years of production left in their reserves might have caused a panicked sell-off in their shares. But as consumers try to move away from fossil fuels to cleaner and cheaper energy sources…

China Says to Have "Prudent" Oil Exploration with Philippines

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China will prudently advance cooperation with the Philippines on joint oil and gas exploration in the South China Sea, China's top diplomat State Councillor Wang Yi said on Wednesday after meeting his Philippine counterpart. Any potential deals between Manila and Beijing on energy exploration in the disputed waterway should be agreed with a company and not the Chinese government, a senior Philippine official said earlier this month.

More Exploration off Norway Needed to Maintain Output -Petoro

Grethe Moen, Petoro president and CEO (Photo: Emile Ashley / Petoro)

Oil companies must explore for more offshore oil and gas reserves if Norway is to maintain energy production at its current level, state-owned oil firm Petoro said on Wednesday. Petoro holds stakes in several oil and gas firms off Norway and represents the state's interests in discussions with partners. "Exploration activity is too low and must be intensified.

How Shell Hid a Whale Before Placing Mexican Oil Bet

File Image: A typical Gulf of Mexico offshore oil platform (CREDIT: Adobestock / (c) Mike Mareen)

Announcement of Whale well discovery delayed until auction. The gasps in the audience were clearly audible at the auction of Mexico's oil blocks a month ago as Royal Dutch Shell's hefty bids were announced one by one. The size of Shell's cash payments - $343 million out of the total of $525 million that Mexico earned in the sale - far outstripped its competitors' offers…

Enerplus Profit Beats as Oil Focus Pays Off

Photo: Enerplus Corp

Canadian oil and gas producer Enerplus Corp reported a quarterly profit that beat estimates on Friday as the company's strategy to focus on oil assets paid off. Shares of the company, which has historically produced more natural gas than oil, were up as much as 4.5 percent. Enerplus, which has significant operations in the United States, recently entered…

Long wait Ends for Big Oil as Mexico Auctions Prized Blocks

Mexico will on Wednesday offer foreign energy firms the right to drill beneath prized deep waters in the Gulf of Mexico that may contain billions of barrels of oil, the climax of an historic energy reform just five months before a presidential election. The auction of 29 blocks is the biggest since the government of President Enrique Pena Nieto enacted…

Mexico's Energy Sector Faces Deepwater Auction Test

FileImage: an offshore Mexico oil installation. CREDIT: AdobeStock / (c) Mike Mareen)

An auction of deepwater oil and gas fields in Mexico this month may prove the last major opportunity for President Enrique Pena Nieto's government to capitalize on its opening of the energy sector, the central plank of its economic agenda. The Jan. 31 tender of licenses to explore and drill in 29 blocks in the Gulf of Mexico is the biggest chunk of oil…