Monday, December 10, 2018

Oil Equivalent News

Shell to Go Ahead with Shearwater Gas Expansion

(Photo: Shell)

Royal Dutch Shell said on Monday it would expand the Shearwater gas hub in the British North Sea, its seventh project to get the green light in the ageing basin this year.The project, a joint venture with Exxon Mobil and BP, will include a modification of the Shearwater platform to allow production and processing of wet gas

Egypt Okays BP, Mubadala Acquisition of Stake in Eni's Noor Concession

Image: ENI

Egypt’s petroleum ministry has signed an agreement for UK Petroleum giant British Petroleum (BP) and UAE investment fund Mubadala to buy a 45 percent stake in the country's Noor offshore natural gas concesion in the Mediterannean from Italy’s Eni.In the concession…

Equinor, Faroe Petroleum in Asset Swap

Image: Faroe Petroleum

Britain's Faroe Petroleum has agreed to swap oil and gas fields with Norwegian state firm Equinor as it fights a hostile takeover from Norwegian oil and gas operator DNO.It appears that Faroe in fight-back mode after DNO’s so-called ‘opportunistic’ bid.The oil and gas company focusing principally on exploration…

EnQuest Sees 20% Higher Oil Production in 2019

(Photo: EnQuest)

EnQuest expects to produce about 20 percent more oil next year as the indebted British North Sea producer strives to recover from a series of minor setbacks at its flagship field.The company said on Wednesday it expected to produce between 63,000 and 70,000 barrels of oil equivalent per day (boepd) in 2019…

Murphy Oil Closes Gulf of Mexico JV

Murphy Oil Corporation announced  that it has closed its previously announced deal to form a Gulf of Mexico joint venture with Petrobras.The global independent oil and natural gas exploration and production company said in a press release that its wholly owned subsidiary…

ExxonMobil Makes Discovery Off Guyana

© somartin / Adobe Stock

U.S. major ExxonMobil has made its 10th discovery offshore Guyana and increased its estimate of the discovered recoverable resource for the Stabroek Block to more than 5 billion oil-equivalent barrels, reinforcing potential for at least five floating storage, production and offloading (FPSO) vessels producing more than 750…

Exxon Expects 25 pct More Oil from Guyana's Offshore Block

Photo: Exxon Mobil

Exxon Mobil Corp and its partners now expect the large Stabroek oil block offshore Guyana to contain 25 percent more recoverable oil than previously estimated, the companies said on Monday.Exxon and Hess Corp said more than 5 billion barrels of oil equivalent could be recovered from the Stabroek block…

Qatar to Leave OPEC

© Maksym Kapliuk / Adobe Stock

Qatar said on Monday it was quitting OPEC from January to focus on its gas ambitions, taking a swipe at the group's de facto leader Saudi Arabia and marring efforts to show unity before this week's meeting of exporters to tackle an oil price slide.Doha, one of…

Petronas Q3 Profit Jumps 43%

© wanfahmy / Adobe Stock

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…

Big Oil Digs North Sea's 'Final Frontier'

Clair Ridge (Photo: BP)

"Little hope of THIS rock ever producing oil," BP geologist Bill Senior scribbled in 1977 on a note assessing a recent oil discovery in a distant corner of the North Sea.That same rock is today the heart of BP's prized Clair field in the West of Shetland region…

Total to Raise Output in 2019

(Photo: Total)

Oil major Total's output will rise to 3 million barrels of oil equivalent per day in 2019, Chief Executive Patrick Pouyanne said on Friday.The company has said its production rate stood at 2.8 million barrels of oil equivalent per day during the third quarter of this year.(Reporting by Benjamin Mallet; writing by Inti Landa

Chevron: First Oil From Big Foot

The Chevron-operated Big Foot project uses a 15-slot drilling and production tension-leg platform, the deepest of its kind in the world, and is designed for a capacity of 75,000 barrels of oil and 25 million cubic feet of natural gas per day. (Photo: Business Wire)

U.S. supermajor Chevron announced that its operated Big Foot deepwater project in the U.S. Gulf of Mexico has started crude oil and natural gas production.The field is located approximately 225 miles (360 km) south of New Orleans, La., in a water depth of approximately 5,200 feet (1,584 m.).

Cimarex to Buy Resolute Energy in $1.6 Bln Deal

© Calin Tatu / Adobe Stock

Oil and gas producer Cimarex Energy Co said on Monday it would buy smaller rival Resolute Energy Corp in a deal valued at $1.6 billion, including debt, adding more assets in the shale-rich Permian Basin.The region has seen several deals as bigger producers add more assets…

Tullow Oil Debt Down to $2.8 Bln

(Photo: Tullow Oil)

Tullow Oil forecast its net debt would drop to $2.8 billion by the end of the year and slightly raised its full-year free cash flow to $700 million, helped by trimming its capital expenditure.The company had previously said it might reach free cash flow of about $650 million…

UK Offshore Licensing Round 'Encouraging'

(Photo: OGA)

The U.K.’s latest offshore licensing round has attracted 36 applications covering 164 blocks in frontier areas of the U.K. Continental Shelf (UKCS). A strong and diverse set of applications were received from 35 companies ranging from multinationals to microbusinesses.“This is an encouraging set of applications…

Petrobras Starts Production at P-75 Platform

(Photo: Petrobras)

The P-75 floating production, storage, and offloading unit (FPSO) has begun producing oil and natural gas in the Búzios 2 area of the pre-salt Santos Basin, Brazil's state-run Petroleo Brasileiro SA (Petrobras) said.With a daily capacity to process up to 150,000…

OMV Forms JV with Sapura

(Photo: Sapura Energy)

Austria's OMV has agreed to establish a joint venture with Malaysia's Sapura Energy Bhd , paying $540 million for a 50 percent stake in its exploration assets in line with its strategy to expand in Southeast Asia.Sapura Energy will transfer $350 million of its debt into the new firm, called SEB Upstream Sdn Bhd (SUP), of wh

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…

Eni CEO Claudio Descalzi Meets Angola's president

The President of Angola João Gonçalves Lourenço meets Eni CEO Claudio Descalzi. Photo: ENI

Eni president Claudio Descalzi has met Angola's president Joao Goncalves Lourenco in Luanda to discuss the Italian energy giant's operations in the country.During the meeting with President João Lourenço, Claudio Descalzi said that they discussed the participation…

Novatek Secures South-Leskinskiy License

Image: PAO Novatek

Russia's largest independent natural gas producer PAO Novatek has secured a new exploration license on the Gydan peninsula.The seventh largest publicly traded company globally by natural gas production volume said in a press release that its unit Novatek-Yurkharovneftegas won the auction for geological survey…