Thursday, February 27, 2020

Oil Producer News

Wintershall Noordzee Starts Gas Production from Sillimanite Field

Image credit: Wintershall Noordzee

Wintershall Noordzee has started gas production from its operated Sillimanite field in the North Sea area between the UK and the Netherlands.The company, a joint venture of Wintershall Dea and Gazprom EP International, said Thursday the unitized gas field, discovered in June 2015…

Gazprom Neft, Mubadala Sign Tech Pact

Image: Gazprom Neft

Gazprom Neft, is the third largest oil producer in Russia, and Mubadala Petroleum (Abu Dhabi, UAE) have entered into a memorandum of understanding in the field of technological cooperation.The partners agreed to work together to create new technologies that include the development…

Stork Worley JV Wins Neptune Energy Gig

Stork’s Carla Rodenburg together with Lex de Groot, Neptune Energy, and Worley’s Jim Lenton sign a four-year engineering services agreement for Dutch assets in the North Sea. (L to R with pens in hand) (Photo: Business Wire)

Stork Worley Integrated Solutions, a joint venture of American multinational engineering and construction firm Fluor Corporation, has secured a four-year framework agreement for EPCIC (engineering, procurement, construction, installation & commissioning) and decommissioning services…

Aramco Sells LNG Cargo to S-Oil

Aramco Trading Co, the trading arm of oil giant Saudi Aramco, has sold a liquefied natural gas (LNG) cargo to South Korea's S-Oil Corp, as the company looks to ramp up its LNG business, four industry sources said on Wednesday.The cargo is for delivery in early March and was traded on a delivered ex-ship (DES) basis, the sources said.The cargo

Oil Market Shrugs Off Libya Crisis

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Oil prices fell more than 1% on Tuesday on expectations that a well-supplied market would be able to absorb disruptions that have cut Libya's crude production to a trickle.Brent crude was down 97 cents at $64.23 a barrel by 1258 GMT, having risen to its highest in more than a week on Monday. U.S.

Pipeline Fire Kills Three in Lagos

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A fire on a pipeline owned by Nigeria's state oil company in the commercial capital Lagos killed three people on Sunday, a Reuters witness said.The blaze broke out in the Abule-Egba district of the southwestern megacity. Residents said it started shortly before 8 p.m. (1900 GMT).A…

CNPC Pulls Staff from Iraq Oilfield

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China National Petroleum Corp (CNPC), a top investor in Iraqi oil, has withdrawn about 20 employees from the West Qurna-1 field operated by U.S. major Exxon Mobil because of tensions in the region, a company source familiar with the matter said.CNPC made the move on Sunday after last week's killing of Iranian general Qassem Soleimani in a U.S.

Equinor Targets Zero Emissions

The Johan Sverdrup field in the North Sea. (Photo: Ole Jørgen Bratland / Equinor)

Norwegian oil producer Equinor aims to cut greenhouse gas emissions generated at offshore fields and onshore plants in Norway by about 40% in the coming decade and to near zero by 2050, it said on Monday.The cuts could allow Norway, western Europe's top oil and gas exporter, to…

US Oil Workers Leaving Iraq After Air Strike

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Dozens of U.S. citizens working for foreign oil companies in the southern Iraqi oil city of Basra were leaving the country on Friday, the Oil Ministry said, after a U.S. air strike killed a top Iranian commander in Iraq.The U.S. embassy in Baghdad urged all its citizens to leave Iraq immediately, hours after the U.S.

Electrifying Norway's Offshore Production

Image: Rystad Energy

According to Rystad Energy, Norway has taken several steps to reduce its upstream emissions through electrifying offshore platforms, reducing flaring volumes, installing carbon capture and storage (CCS), and other energy efficiency measures.It said that power from shore to offshore…

Oil Steadies After Brief Slide

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Oil steadied on Tuesday, as expections of output cuts from OPEC and allied producers brought prices back up after they slid briefly following comments from U.S. President Donald Trump that a trade deal with China may be delayed.Brent crude futures rose 5 cents to $60.97 a barrel by 11:18 a.m. EST (1618 GMT). U.S.

Lukoil Quarterly Profit Rises

(Photo: Lukoil)

Russia's second-largest oil producer Lukoil said on Tuesday its third-quarter net income rose 5% quarter on quarter to 190.4 billion roubles ($3 billion) helped by a lower effective income tax rate.Its sales fell 8.1% from the second quarter to 1.95 trillion roubles reflecting lower oil prices and trade volumes.($1 = 63.8345 roubles)(Reporting

Petrobras to be World's Largest Oil Producer

Graph: Rystad Energy

Brazil’s Petrobras is on track to become the world’s largest oil producer among publicly listed companies by 2030, based on Rystad Energy’s latest data and forecasts.Brazil’s biggest-ever oil auctions in November were generally deemed to be disappointing, receiving muted interest from international exploration and production companies.However…

Chrysaor Buys Stakes in OKEA’s 2 Licenses

Image: OKEA ASA

North Sea oil producer Chrysaor Norge has exercised an option to buy stakes in OKEA’s Grevling and Storskrymten discoveries offshore Norway.The Norwegean oil production company OKEA confirmed the sale of 20% of the Company's participating interest in Grevling (PL 038D) and 18.57%…

ConocoPhillips Profit Beats Estimates

(Photo: ConocoPhillips)

US oil and gas company ConocoPhillips' quarterly profit shot ahead of analysts' estimates on Tuesday, as higher shale production offset the impact from lower crude prices and higher exploration costs.Total production, excluding Libya, rose 98,000 barrels of oil equivalent per day (boe/d) to 1.322 million boe/d, with output from U.S.

Russian Oil Output Down in October

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Russia lowered its oil output to 11.23 million barrels per day (bpd) last month from 11.25 million bpd in September, missing again its obligations under a global pact to curb production, energy ministry data showed on Saturday.The Organization of the Petroleum Exporting Countries…

Russian-led Arctic Oil Project to Cost $157 Bln

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A ambitious new Arctic oil project led by Russia's top oil producer Rosneft will require about 10 trillion roubles ($157 billion) of investment, Russia's deputy energy minister Pavel Sorokin told reporters.Vostok Oil, a joint project of Rosneft and Independent Petroleum Company (IPC)…

Oil Steady as Russia Commits to Output Cuts

(Photo: Rosneft)

Oil prices were steady on Monday, holding on to strong gains last week, after Russia affirmed its commitment to a deal with OPEC producers to keep production in check and support prices.Brent crude was down 1 cent at $62.01 a barrel by 0055 GMT, having logged a weekly gain of more than 4% last week, its best weekly gain since Sept.

Chevron Seeks to Shrink Nigerian Presence

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Chevron is seeking to sell several Nigerian oilfields as part of a global drive to reshape its portfolio as it focuses on growing its U.S.

Equinor Begins Search for New CEO

Photo courtesy of Equinor

Norwegian oil producer Equinor has started a search for a new chief executive, the Stavanger Aftenblad newspaper reported on Friday, citing unnamed sources.CEO Eldar Saetre, 63, who led the company through the oil market's downturn in 2014-2016, has not set a date for his departure…