UK North Sea Tax Changes Mean $12 Billion Revenue Drop, Industry Body Says
An industry group warned on Monday that the British government's plans to raise a windfall-tax on North Sea oil producers will result in a drop of nearly 16 billion pounds in state revenue and accelerate a fall in production. The Labour government elected in July…
CNOOC China posts record profit in the first half of 2018 on robust output growth
CNOC, the Chinese offshore oil-and-gas major, posted a record profit for the first half of this year on Thursday. This was largely due to higher oil prices and increased output. CNOOC reported in a filing to the Hong Kong Stock Exchange that net profit attributable…
Woodside Energy's first-half profits drop on lower oil prices
Woodside Energy, based in Australia, reported a 14 percent drop in first-half profits on Tuesday due to price volatility and lower realized oil prices. Oil prices have been choppy due to supply chain disruptions caused by tensions in the Middle East, and China's…
Equinor will invest up to $6,7 billion a year until 2035 in oil and natural gas offshore Norway
Equinor said it plans to invest 60-70 billion Norwegian crowns (US$5.7-$6.7 billion), a year, in oil and natural gas offshore Norway through 2035. It expects a continued strong demand for fossil fuels. Norway is Europe's biggest gas supplier, and it's a major oil producer.
APA Mulls $1B Permian Assets Sale, say sources
APA Corp is exploring the sale of oil and gas drilling properties spread across parts of the Permian basin of Texas and New Mexico, in a deal that could be valued at about $1 billion, people familiar with the matter told Reuters.APA, which owns the properties through its Apache subsidiary…
Sources say that Petrobras has obtained environmental licenses for Brazil's oil production to increase.
Three people familiar with the matter said that Brazil's state oil company Petrobras obtained environmental permits to expand production at two offshore fields and one vessel could start earlier than expected. Petrobras can now increase production at the Mero and Buzios oil fields.
Marathon Oil's profits miss estimates due to low natural gas prices
Marathon Oil, a U.S.-based oil and gas company, missed Wall Street's expectations for its second quarter profit on Wednesday due to a drop in the price of natural gas.Gas prices in the U.S. dropped due to mild weather that pushed up demand, and a surge of stored…
Exxon in Advanced Talks for $60B Acquisition of Pioneer - Sources
Exxon Mobil is in advanced talks to acquire Pioneer Natural Resources in a deal that could value the Permian shale basin producer at about $60 billion, people familiar with the matter said on Thursday. The acquisition would be Exxon's biggest since its $81 billion…
OMV Petrom Makes Largest Crude Oil Discovery in Decades
Romanian oil and gas group OMV Petrom, majority-controlled by Austria's OMV, said on Tuesday it discovered new crude oil and natural gas deposits equal to about three quarters of its overall 2022 production.The deposits are the largest crude oil discovery OMV Petrom has made in decades…
Neptune Energy Starts Production from Gas Well in Germany
Oil and gas company Neptune Energy started production from its production from its operated Adorf Z17 gas well in the municipality of Georgsdorf, northwestern Germany.The Z17 well - in the Carboniferous formation - is expected to increase Neptune’s production from the Adorf licence by 1…
Soaring Gas Prices Power Equinor Q2 Profits
Equinor said it will return an additional $3 billion to shareholders after reporting better-than-expected second-quarter profit on the back of soaring gas prices fuelled by the war in Ukraine. The company boosted gas supplies to Europe by 18% in the April-June period compared to a year ago…
Production from Nigeria's Ikike Field to Start
TotalEnergies, OML99 operator (40%) in partnership with the Nigerian National Petroleum Corporation (NNPC, 60%), announces the start of production from the Ikike field, in Nigeria.Located 20 kmoff the coast, at a depth of about 20 meters, the Ikike platform is…
ConocoPhillips Beefs Up Stake in Australia Pacific LNG
ConocoPhillips has completed the acquisition of an additional 10% stake in Australia Pacific LNG (APLNG) from Origin Energy for $1.645 billion. After customary closing adjustments, cash paid for the additional interest is approximately $1.4 billion (AU$2.0 billion).
Equinor Finds New Oil Near North Sea Fram Field
Equinor and partner Wellesley report discovering oil in the Troll and Fram area in exploration wells 35/10-7 S and 35/10-7 A in the Toppand prospect. Preliminary calculations of the expected size indicate between 3.3 and 5.2 million standard cubic meters of recoverable oil equivalent…
ConocoPhillips Swings to 3Q Profit
ConocoPhillips reported a third-quarter profit on Tuesday, compared with a year-ago loss, thanks to a rebound in crude prices to pre-pandemic levels.Oil prices have climbed nearly 63% since the beginning of the year, driven by a rise in global demand and on supply bottlenecks…
South Korea's POSCO Launches Takeover Bid for Australia's Senex Energy
Australian coal seam gas producer Senex Energy Ltd said it had received a $605 million takeover proposal from POSCO International Corp and was opening up its books to the South Korean trader with the aim of gaining a sweeter offer.The A$815 million or A$4.40 per share offer from POSCO International…
When is a Cargo of Oil Certified "Carbon Neutral"? Ask Lundin Energy
Sweden's Lundin Energy has sold to Italian refiner Saras what it said is the world's first oil cargo certified as carbon neutral at the point of production, the two companies said on Monday.Oil companies are increasingly trying to market their products as cleaner…
Total Keeps Dividend But Cuts Investment Target
Total trimmed its 2020 investment target on Friday after a sharp drop in third-quarter net profit, though the French oil and gas producer maintained its dividend.The company cut its investment target to $13 billion from $14 billion and said it was keeping a lid on operating costs too…
Lundin Energy Chief Schneiter: Output Trending Upward at Sverdrup
Norway's Johan Sverdrup oilfield, the largest in western Europe, is ramping up production in the fourth quarter after the government increased its production permit, Lundin Energy, a partner in the field, said on Friday.Equinor-operated Sverdrup increased its production capacity to 470,000 barrels of oil equivalent per day
Coronavirus Outbreaks Hit Petrobras' Quarterly Output
Coronavirus outbreaks at a number of platforms operated by Brazil's Petrobras hit production in the second quarter, the company said on Tuesday, though the firm indicated output may improve in certain regions.In a securities filing, Petroleo Brasileiro SA, as the state-controlled company is formally known…
