Berry Corp. to be acquired by California Resources for $717 Million
California Resources, an oil and gas producer, announced on Monday that it would purchase Berry Corp. The deal would be valued at $717 million including debt. Its goal was to create a larger, more efficient energy company in the U.S. State. Berry shareholders will receive 0.0718 California Resources Shares for every Berry share they own as part of this all-stock transaction. Calculations show that the exchange ratio gives Berry a value of $3.806 per share.
Afentra signss terms for its first offshore operatorship
The London-listed oil and gas company Afentra announced on Thursday that it had signed a framework contract for its first operating license offshore Angola, in a block which has proven resources. Block 3/24 is a shallow-water oil and gas discovery with several identified exploration prospects. It is located near Afentra’s producing oil fields in Blocks 3/5 and 305A, as well as undeveloped discoveries.
Official: Syria exports its first crude oil shipment for 14 years
A Syrian energy official said that Syria exported 600,000. barrels of heavy oil from Tartus on Monday as part of an agreement with a trading company. This was the first official export of Syrian crude oil in over 14 years. In 2010, Syria exported 380,000 barrels per day of crude oil. This was a year prior to the protests against Bashar Al-Assad, which spiraled into a 14-year conflict that destroyed the economy and infrastructure.
Suriname's Staatsolie will launch an offer for offshore oil fields in November
Suriname's state-owned oil company Staatsolie announced on Tuesday that it will offer an "open door" in November for the exploration and evaluation of offshore areas. The small South American country is seeking partners and funding for an oil and natural gas boom, which they hope to achieve. The country is expecting to start offshore oil and natural gas production by 2028, following a successful investment decision for the flagship 12 billion dollar Gran Morgu project…
Kazakhstan continues to fine Kashagan consortium $4.4 billion
A source and an official document indicate that Kazakhstan's regional environmental department has imposed a fine of $4.4 billion on an international consortium working to develop the giant Kashagan oilfield. This is despite a long-running legal battle. The NCOC consortium which includes Eni Shell TotalEnergies ExxonMobil said that its shareholders strongly disagreed with any fine and would continue to pursue every avenue of recourse available against the decision.
RPT-Private Chinese firm producing oil in Venezuela under rare 20-year pact, source says
China Concord Resources Corp. has started developing two Venezuelan oilfields. The company plans to invest over $1 billion in an investment project that will produce 60,000 barrels of crude oil per day by the end of 2026. An executive involved directly in the project confirmed this. This is a rare private Chinese investment in an OPEC nation that has been struggling to attract foreign capital because of international sanctions against the government of President Nicolas Maduro.
Norway's DNO resumes Kurdistan oilfield output after drone strikes
DNO, a Norwegian oil company, announced on Thursday that it had restarted production of its Tawke field and Peshkabir field in Iraq's semiautonomous Kurdistan region. Production was halted in this area last month because of drone strikes. In morning trading, shares of the company that also increased its dividend payment Thursday surged by 11.6%. Local energy officials said last month that repeated…
Norway's DNO restarts oil production from Kurdistan after drone attacks
DNO, a Norwegian company, has resumed oil production in its Tawke, and Peshkabir, fields, in Iraq's semiautonomous Kurdistan region. Production was halted in this area last month because of drone attacks. Last month, officials from the energy sector said that repeated drone attacks on oilfields around the region reduced crude production, including other companies', by between 140,000 and 150,000 barrels a day.
Sources say that China's Zhenhua Oil has doubled its crude oil purchases from the UAE as part of a new agreement.
Three Chinese sources claim that China's Zhenhua Oil will double its oil purchases from Abu Dhabi National Oil Co, to 200,000 barrels a day. This is after the company took on a new leadership role in developing one of Abu Dhabi's most important oilfields. Sources said that in January, China's smallest state oil company replaced TotalEnergies, a French major, after a bid process for the asset leadership of Bu Hasa, United Arab Emirates' largest onshore oilfield.
Petrobras Simulation for Foz do Amazonas Drilling License scheduled for late August
Ibama, the Brazilian environmental agency and Petrobras, the state-run oil firm in Brazil's Foz do Amazonas Region have planned a disaster simulation for the week beginning August 24. Pre-operational assessment is the final step before Ibama decides whether or not to grant Petrobras the long-sought license for drilling in the region. Foz do Amazonas basin shares geology with Guyana, which is where Exxon Mobil has developed huge oil fields.
Gulf Keystone oilfield in Iraqi Kurdistan resumes production following drone attack
Gulf Keystone Petroleum said that it has resumed oil production at the Shaikan field in Iraq's semiautonomous Kurdistan Region, which had been halted by drone attacks last month. Last month, officials from the energy sector said that repeated drone attacks on oilfields across the region reduced crude production, and the output of other companies, by between 140,000 and 150,000 barrels a day. Gulf Keystone signed a production-sharing contract with the Kurdistan Regional Government of Iraq…
Exxon begins production on its fourth floating oil tanker in Guyana
Exxon Mobil said that a consortium led by it began production on a fourth floating vessel, which is a production, storage, and offloading vessel, at the Stabroek Block, in Guyana, on Friday. This brings the total production capacity of the oilfield up to more than 900,000 bbls per day. One Guyana, the floating vessel that the joint venture uses to reach its goal of 1.7 millions barrels of oil-equivalent per day from the block by 2030 is a major step towards the target.
OPEC's oil production rose in July, led by the UAE and Saudi Arabia, according to a survey
A survey on Friday found that OPEC oil production increased in July following an OPEC+ deal to increase production. However, the rise was limited due to Iraq's additional cuts and drone attacks on Kurdish fields. According to the survey, the Organization of the Petroleum Exporting Countries (OPEC) pumped 27,38 million barrels of oil per day in June, an increase of 270,000 bpd over the revised total for the month.
Clean Crude Oil Arrives at BTC Ceyhan After Chloride Contamination
Crude oil arriving at the BTC Ceyhan terminal in Turkey is returning to normal specifications following organic chloride contamination, BP said on Thursday, though some tanks still hold tainted oil.Organic chloride was detected in Azeri BTC crude cargoes last week, pushing price differentials to a four-year low and delaying loadings.Loadings resumed after a pause from July 20-24, with shipments now proceeding from tanks cleared of contamination…
Russian FSB Allow Foreign Tankers to Access Black Sea Ports; Kazakh Oil Exports Resume
Russia's FSB security service has started handing out clearance for foreign tankers to access the Black Sea ports, allowing for Kazakhstan's oil exports to resume after they were halted for nearly a day, four industry sources said on Thursday.The suspension led to the disruption of around 2% of global supply and drove international oil prices to almost $70 a barrel on Thursday before they pared gains.
Azeri BTC oil loads at Ceyhan resumed after contamination scare
Azeri BTC crude oils loadings from Turkish port of Ceyhan resumed Wednesday after an increase in checks due to contamination issues had delayed loadings for the past few days, according to several industry sources. A port agent confirmed that the Aframax tanker Searanger was loaded on one of the berths of the BTC Ceyhan Terminal Wednesday morning, after it was determined that the tank storage had been cleaned of contaminants.
Shell and others withdraw from global oil and gas emission standard, FT reports
The Financial Times reported that Shell and other major energy companies have given up their six-year effort to define a strategy for net zero emissions after they were told by the standard's creators that it would force them to stop developing oil and gas fields. The FT reported that Shell, Norway's Aker BP, and Canada's Enbridge all left the expert advisory group for Science-Based Targets Initiative since late last year.
Hindustan Oil Exploration Company Pauses Output At West India Oilfield
Hindustan Oil Exploration Company said on Friday it has temporarily suspended production at one of its oilfields in western India due to adverse weather and is monitoring the situation to resume output when the weather improves.The floating storage offshore (FSO) unit at the company's Mumbai basin has been safely de-moored and anchored at a secure location for over a week, it said."We are prepared for re-mooring the FSO...
As Wars Rage, Middle East's Waning Influence on World Oil Prices Exposed
The contained move in oil prices during the Israel-Iran war highlights the increasing efficiency of energy markets and fundamental changes to global crude supply, suggesting that Middle East politics will no longer be the dominant force in oil markets they once were.The jump in oil prices following Israel's surprise attack on Iran was meaningful but relatively modest considering the high stakes involved in the conflict between the Middle East rivals.Benchmark Brent crude prices…
Crude Output to Halt at Russia's Sakhalin-1 in August Due to Maintenance
Russia's largest oil producer Rosneft will suspend output of its export-oriented Sokol crude grade at its far eastern Sakhalin-1 project in August because of maintenance, three industry sources told Reuters.According to one of them, the maintenance will last between 20 and 25 days. Another source said the work is planned to start in late July and will be completed by the end of August, without specifying dates.In July…