Monday, May 25, 2020

Oil Conference News

U.S. Ingenuity Will Solve Climate Challenge: US DOE

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The United States can tackle threats to the climate through technological advances as fossil fuels will remain a priority for the U.S. government and business, the assistant secretary for fossil energy said on Tuesday.The world should look to the United States' ability to reduce its emissions, the Department…

Drilling Ban Proposals Divide Democrats

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In the southeast corner of New Mexico, new houses, hotels and jobs are sprouting like flowers in the desert. Trucks hauling equipment and laborers jam once-barren highways on the way to thousands of oil rigs.The Democrats who control the state's government have lofty plans for the billions of dollars…

Investors Brace for Poor US Shale Earnings

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Investors are bracing for weaker results from U.S. shale players in coming days as lower oil and natural gas prices and cost-cutting measures have weighed on third-quarter operations.Major shale producers ConocoPhillips and Concho Resources this week kick off quarterly earnings reports for a group whipsawed…

Sonangol Plans to Downsize

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Angola's state oil company Sonangol plans to divest 52 joint ventures, reduce staff and focus on its core business, part of an ongoing reorganization and package of reforms designed to lure back investors, its chairman said on Friday."We are going to sell, close or put out of our group a lot companies," Carlos Saturnino told an oil conference in Paris.

Petrogal to Invest Up to $1 bln per Year in Brazil -CEO

Petrogal, the Brazilian unit of Portugal's Galp, plans to spend $800 million to $1 billion annually in the coming years in Brazil to develop its current oil and gas assets and boost its stake offshore, its chief executive officer said on Thursday.CEO Miguel Pereira said the company, Brazil's third largest oil and gas producer…

Shell Sees Peak Output for Brazil's Lula Field in 2020, 2021

(File photo: BW Offshore)

Brazil's most productive field, the Lula, located in the offshore Santos basin, should hit peak production in 2020 or 2021, after reaching 1 million barrels of oil equivalent per day next year, an executive at Royal Dutch Shell said on Wednesday.The increase in production next year will be helped by the launch of platforms P-67 and P-69…

Borr Drilling Aims to Start Paying Dividends by 2020

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Drilling rig contractor Borr Drilling aims to start paying dividends by 2020, the company's founder and chairman, Tor Olav Troeim, said on Wednesday.Troeim, a former business partner of Norwegian billionaire John Fredriksen, founded Borr Drilling at the end of 2016 and the company has quickly grown into…

DNB Sees More Limited Restructuring Ahead for Oil Industry

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DNB, Norway's largest bank and a major lender to the oil and gas industry, expects more restructuring in the sector but on a smaller scale than in recent years as activity and prospects have improved, the bank's CEO told Reuters on Tuesday."We see some restructuring ahead, but to a very limited level.

Sanctions Unlikely to Stop Iran Oil Exports Completely - Saudi Adviser

Current U.S. sanctions on Iran are unlikely to stop Iranian oil exports completely, a long-time adviser at Saudi Arabia's Energy Ministry said on Tuesday, adding Iran would be unable to close the straits of Hormuz and Bab al-Mandab even partially.Speaking at an oil conference in the Norwegian city of Stavanger…

Gazprom Targets Exports to Europe

The head of Gazprom's export arm said the Russian gas giant wants to increase its exports to Europe beyond record high levels seen last year."Last year we achieved the record figure of 197 bcm (billion cubic feet) and our ambitions are going much higher for the next year," Elena Burmistrova, director general of Gazprom Export, told an oil conference in Norway on Monday, ad

Total Rules Out U.S. Shale Investments

File Image (CREDIT AdobeStock / © Shamtor)

French energy group Total is not looking at investing in the U.S. shale oil industry when asked whether peer BP's $10.5 billion acquisition of U.S. shale assets from BHP Billiton, had made that sector more attractive."It's first quite expensive, second we don't have the human resources.

Pemex CEO: We Must Move to IPO, but Will Take Years

IPO can protect against politicians' influence -CEO. The chief executive of Mexico's national oil company Pemex said on Wednesday it must move towards a stock exchange listing like Saudi Arabia's Aramco <IPO-ARAM.SE> has done but that such a step would take years. Speaking at an oil conference in London…

TGS: Seismic Market Recovery 1-2 Years Away

"The uncertainty of the oil price is affecting the spending of the oil companies. We do not believe that 2018 is going to be the year of the big recovery. We believe in a flat market," Larsen said on the margins of an oil conference. "All the major oil companies are still quite cautious on average in terms of their spending.

Schlumberger's Exit From Seismic Worrisome for Oil Firms

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"The exit of Schlumberger, which has been one of the biggest drivers of new (seismic) technology developments, makes oil companies concerned, and they rightly should be," Irene Waage Basili said on the sidelines of an oil conference * Seismic surveyors map out the seabed for oil and gas deposit on behalf of oil companies.

Ghana, Exxon Discuss Deepwater Drilling

Ghana has opened talks with Exxon Mobil Corp to allow the U.S. oil firm to undertake deepwater exploration off the West African nation's coast, a deputy energy minister said on Monday. "The negotiations are ongoing according to our current laws ... so far so good," Mohamed Amin Adam told Reuters on the sidelines of an Africa oil conference in Accra.

Perry: Obama Discriminated Against Coal, Nuclear Energy

U.S. Secretary of Energy Rick Perry (CREDIT: DoE)

The United States discriminated against the nuclear and coal industries under the administration of former President Barack Obama, U.S. Secretary of Energy Rick Perry said on Wednesday. "Nuclear and coal ... Those two industries were discriminated against over the course of the last administration," Perry told reporters at an oil conference in Cape Town…

Fred. Olsen Energy: Market to Bottom in 2017

Rig firm Fred. A total increase in exploration and production spending of approx. A further decline of approx.

Equatorial Guinea Eyes New FLNG Plants

Equatorial Guinea, which is developing Africa's first deep-water floating Liquefied Natural Gas (LNG) platform, sees scope for another two similar platforms by December, the petroleum minister said on Monday. The former Spanish colony is developing the multi-billion dollar Fortuna floating LNG project…

Egypt Nearing Deal with Iraq in Search for Crude Oil Imports

Egypt is nearing a deal to import crude oil from Iraq and is looking to other countries to help secure supply, Egyptian General Petroleum Corporation's chief Tarek al-Hadidi said. Cairo's search for additional crude comes after Saudi Arabia's state oil firm Saudi Aramco halted shipments of oil products to Egypt last year.

Uganda Names Sinopec among Firms Interested in Refinery

Oil firms including China's Sinopec have expressed an interest in developing Uganda's planned oil refinery and an investor for the project will be selected by February 2017, a top government official said on Tuesday. The East African country, which discovered oil fields in 2006 but has yet to start production…