Thursday, August 16, 2018

Oil Equivalent News

Vitol Invests in Coal-to-oil Venture as Shipping Fuel Rules Loom

© xy / Adobe Stock

Energy trader Vitol and coal miner Peabody Energy are partnering with start-up Arq to turn coal waste into a low-sulphur oil product that could be an alternative fuel for shippers as new U.N. pollution rules loom, the companies said in a statement.Global oil and…

Turkey's Tupras Reduces Iranian Crude Purchases as U.S. Sanctions Loom

Turkey's biggest oil importer Tupras has cut back purchases of Iranian crude since May, when the United States said it would re-impose sanctions on Tehran, and analysts say Tupras is likely to stick to lower volumes in coming months.NATO member Turkey depends heavily…

Hess Corp Losses Shrink on Higher Oil Prices

Logo: Hess Corp

Oil and gas producer Hess Corp posted a smaller-than-expected quarterly loss on Wednesday as it raked in more money per barrel even as production fell, thanks to higher oil prices.The company's average realized price of crude oil jumped 36 percent to $62.65 per barrel…

Equinor Q2 Core Earnings Lag Forecasts

© Bo B. Randulff, Roar LIndefjeld / Equinor

Norwegian oil and gas firm Equinor said on Thursday second-quarter adjusted operating income rose from a year ago but missed forecasts due to higher maintenance costs at its Norwegian fields.The company formerly known as Statoil also said it was too early to follow peers…

Shell Launches $25 Bln Buyback Plan, Q2 Profits Misses

(Photo: Shell)

Royal Dutch Shell said on Thursday it would launch a long-anticipated $25 billion share buyback program after profits soared and debt pile eased in the second quarter. Shell's net income attributable to shareholders in the quarter, based on a current cost of supplies…

BP Pays $10.5 bln for BHP Shale Assets

Photo: BP

BP Plc has agreed to buy U.S. shale oil and gas assets from global miner BHP Billiton for $10.5 billion, expanding the British oil major's footprint in some of the nation's most productive oil basins in its biggest deal in nearly 20 years.The acquisition of about 500…

Shell Announces FID on Fram Condensate Field in North Sea

** Shell announces a final investment decision (FID) for the Fram gas and condensate field in the UK North Sea** At peak production, the Fram field is expected to produce around 41 million standard cubic feet a day of gas and 5,300 barrels per day of condensate, which combined equates to 12,400 barrels of oil equivalent per

Shell Sells $1.3 Billion of Oil and Gas Assets

Picture taken after today’s signing. From left: Ola Borten Moe (OKEA CCO), Rich Denny (Managing Director A/S Norske Shell) and Erik Haugane (OKEA CEO)

Royal Dutch Shell announced the sale on Wednesday of oil and gas assets in Norway and Malaysia for over $1.3 billion, bringing it closer to a target of $30 billion in disposals by year-end.The Anglo-Dutch company agreed to sell to OKEA, a Norwegian producer backed by private equity firm Seacrest Capital, its 45 percent inte

Galp to Start Drilling Exploration Well Offshore Portugal

© pichitstocker / Adobe Stock

Portuguese oil company Galp Energia is set to start drilling the country's first deep water offshore exploration well later this year but with only modest hopes of success, its exploration and production director said on Monday.The project, being developed by a…

BP to Boost Stake in UK's 'Giant' Clair Field

BP's Clair Ridge platform. Photo: BP

BP announced that it has entered into agreements with ConocoPhillips that will significantly increase its holding in the Clair field, a core asset of BP’s North Sea business in the UK, while also selling its non-operating interest in the Kuparuk and satellite oilfields in Alaska.

Britain Launches North Sea Frontier Oil, Gas Licensing Round

© Lukasz Z / Adobe Stock

Britain's Oil and Gas Authority on Tuesday launched a licensing round for 1,766 offshore oil and gas blocks in the North Sea to attract investment in under-explored areas of the mature basin which is enjoying a revival of investor interest.The blocks cover an area of 370…

Yamal LNG Commissioned in Record Time

Yamal LNG. Photo: Total

Russia’s PAO Novatek has launched a second liquefied natural gas (LNG) production train at its plant on the Yamal peninsula ahead of schedule.Russia's largest independent natural gas producer announced that "Yamal LNG has launched the second LNG train and dispatched the first cargo from this unit.

MOL buys Eni's Adriatic Offshore Gas Stakes

Image: ENI

MOL Group’s Croatian INA agreed to buy Eni Croatia BV, a wholly-owned member of Eni Group, through which Eni participated in the joint project of gas production in Croatia’s offshore areas Northern Adriatic and Marica.INA will become the 100% owner and the sole…

Woodside Petroleum Half-year Profit Rises

(Photo: Woodside Energy)

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…

Exxon Expects More Oil from Guyana's Offshore Block

Exxon Mobil Corp and its partners now expect the large Stabroek oil block offshore Guyana to contain about 25 percent more recoverable resources than estimated, they said on Monday.Exxon and U.S.-based partner Hess Corp said more than 4 billion barrels of oil equivalent could be recovered from the Stabroek block…

ConocoPhillips Raises FY18 Capex, Output Target

(Photo: ConocoPhillips)

Oil and gas producer ConocoPhillips topped Wall Street estimates for quarterly profit on Thursday and raised its capital budget and annual production target for 2018, as it seeks to take advantage of higher crude prices.Houston-based ConocoPhillips, America's biggest independent oil and gas producer…

How BP Found Shale Profits With 'Crystal Ball' Oilfield Technology

(File photo: BP)

In the pine forests of eastern Texas, oilfield workers equipped with virtual-reality goggles are helping BP's shale business turn a profit for the first time.Thousands of automated wells feed data on their performance into the firm's supercomputers each evening.

Kosmos Energy Acquired DGE for $1.23 Bln

(File photo courtesy of Deep Gulf Energy)

Kosmos Energy has agreed to acquire Deep Gulf Energy (DGE) from its private equity owner for $1.23 billion, according to a bourse filing on Monday, expanding the deepwater oil and gas firm's operations into the Gulf of Mexico.Dallas-based Kosmos, which currently operates in Africa and South America, will pay $925 million in

ExxonMobil, Hess Announce Oil Discovery Offshore Guyana

Stena Carron (Photo: Stena Drilling)

ExxonMobil and the Hess Corporation announced an eighth oil discovery offshore Guyana at the Longtail-1 well, creating the potential for additional resource development in the southeast area of the Stabroek Block. The companies said approximately 78 meters of high-quality, oil-bearing sandstone reservoir was encountered.

Seacrest Capital Seeks More Norway, UK Oil Deals

Photo: Shell

Oil and gas-focused private equity firm Seacrest Capital is planning more offshore deals in Norway after buying stakes in two fields from Royal Dutch Shell this week, and is also seeking deals in Britain, a partner at the company said on Friday.Shell said on Wednesday it had agreed to sell its 45 percent interest in the Dra