Thursday, December 14, 2017

Exxon, Petrobras Form Alliance to Develop Oil, Gas Projects

Exxon Mobil Corp and Petróleo Brasileiro SA, Brazil's state-controlled oil producer also known as Petrobras, said on Thursday they had formed an alliance to develop energy projects around the world. The deal, which was signed in Rio de Janeiro, will have the companies study ways they can cooperate on exploration…

EIC Appoints Two New Board Members

Left to RIght New EIC Board Members Duncan Reed and Louise Ledgard with EIC CEO Stuart Broadley (Photo: EIC)

The Energy Industries Council (EIC), a leading trade association for companies that supply goods and services to the energy industries worldwide, has announced the appointments of BMT’s Director of Business Development Louise Ledgard and Duncan Reed, Director Project Development with the Dresser-Rand business…

Sonatrach Plans Closer Ties with Total on Energy Projects

Algerian state energy firm Sonatrach and Total are planning to work more closely together on offshore, petrochemical, solar energy and shale exploration projects, Sonatrach's CEO said on Wednesday. The CEO's comments signal a new chapter for the companies' efforts to cooperate on energy projects and show they have put behind them past disputes…

Syria to Start Offshore Energy Exploration in 2019

Syrian offshore gas exploration will begin in early 2019, the country's oil minister has said, Syrian newspaper al-Watan reported on Wednesday. Oil and Mineral Resources Minister Ali Ghanem said contracts for five offshore blocks had been signed with "friendly countries". The report did not say which countries or companies were involved.

Brazil's "Local Content" Rule likely to Stay

Brazil will likely limit planned cuts in local content requirements for future oil exploration and production contracts in a move aimed at appeasing local suppliers and to pave the way for an extension of customs breaks for oil companies. The measures would be a concession to some opponents of "Repetro…

US Senate Pushes Alaska Wildlife Refuge, But Drillers Look Elsewhere

© George Burba / Adobe Stock

Even as the U.S. Senate moves to allow oil drilling in Alaska's Arctic National Wildlife Refuge (ANWR), the real action is 150 miles (241 km) west, where industry proponents hope a coming sale of 10 million acres of land will revitalize the state's sagging crude production. The Trump administration, through the U.S.

Engie Plans to Go Green

French utility Engie plans to switch all of its gas operations to biogas and renewable hydrogen by 2050, making it 100 percent green, its chief executive said on Monday. The power and gas group has some 70 biogas projects worldwide, including 40 in France, and says that if all its projects…

Chevron to Study Mexican Oil Block

U.S. oil major Chevron Corp will focus on studying the geology of its block in Mexico's deepwater Gulf during the first four-year phase of its contract, rather than drilling new wells, a senior executive said on Thursday. The company, which leads a consortium that includes Mexican state oil firm Pemex and Japan's Inpex…

Arctic Drilling Hits Speed Bumps in U.S. Tax Bill

© Terje / Adobe Stock

A quest by Republicans to open Alaska's Arctic National Wildlife Reserve was slowed after a nonpartisan Senate official ruled late on Wednesday that the exploration was subject to environmental assessments by the Interior Department. Senator Lisa Murkowski, a Republican from Alaska and the head of the Senate energy panel…

Yinson to Take Over Layang FPSO from THHE

 Photo: Yinson Holdings Berhad

Malaysia’s Yinson Energy Sdn Bhd plans to take over the Layang floating production storage and offloading (FPSO) project from TH Heavy Engineering Bhd (THHE)  Edge Markets reported. THEE, which has the Layang FPSO contract with Japan’s JX Nippon. has applied to Kuala Lumpur High Court, Malaysia…

Exxon Nears Deal to Explore for O&G Offshore Mauritania

Photo: Exxon Mobil

Exxon Mobil is close to signing a deal to explore for oil and gas offshore Mauritania, its first foray into the West African country, Mauritania's oil, energy and mines director said on Wednesday. An Exxon Mobil spokeswoman declined to comment on the deal, but said the Texas-based company does not yet have drilling activities in Mauritania.

Kenya Plans $1 Bln Dual Listing of National Oil Corp

Kenya plans to raise $1 billion by listing its National Oil Corporation at home and on the London Stock Exchange by early 2019, to buy a share of two oil blocks held by Tullow and its partners, a senior government official said on Wednesday. The East African country discovered oil in 2012…

Statoil to Drill 5-6 Wells in Arctic Barents Sea in 2018

© Ivan Kurmyshov / Adobe Stock

Norway's Statoil will continue to drill for oil in the Arctic Barents Sea next year even though its 2017 campaign was mostly disappointing, the company's head of exploration told Reuters on Tuesday. Statoil plans to drill between 25 and 30 wells in Norwegian waters in 2018, of which five…

Statoil Confident Eni Will Resolve Problems at Goliat Field

Photo: Statoil

Norway's Statoil said on Tuesday it was confident Eni would resolve problems besetting their joint Arctic Goliat oilfield, as a shutdown there neared its second month. The 100,000 barrels-per-day field - operated by Eni, the senior partner in the licence - has been shut since Norway's Petroleum Safety Authority (PSA) ordered its closure in early October…

Total Sells Two Norwegian Oilfields to Statoil

File Image (CREDIT: AdobeStock / (c) xmentoys)

Statoil will become operator of both fields. French oil and gas major Total said on Monday it had agreed to sell its stakes in two Norwegian oilfields to Statoil for $1.45 billion as it reviews its North Sea portfolio after acquiring Denmark's Maersk Oil in August. The company said Statoil…

Ecopetrol to Invest up to $4 bln in 2018

Colombia's state-run oil company Ecopetrol said on Wednesday it would invest between $3.5 billion and $4 billion during 2018, the majority in production and exploration projects. The company, the Andean nation's largest, said in a filing to the financial regulator it expected to produce between 715,000 and 725,000 barrels per day next year.

Talos, Stone Energy Plan $2.5 Bln Merger

Talos Energy LLC and Stone Energy Corp, two U.S. exploration and production companies focused on the Gulf of Mexico, announced on Tuesday plans to merge and create a new company valued around $2.5 billion including debt, sending Stone's shares down nearly 13 percent. "The idea of a reverse merger works very well for us…

Aker BP Announces Deals with Maersk, Odfjell, Halliburton‍

Aker BP is committed to increase the productivity, quality, flow- and time efficiency throughout the value chain.

US Oil Rig Count Steady this Week -Baker Hughes

© Aneese / Adobe Stock

U.S. energy companies kept the oil rig count unchanged this week, General Electric Co's Baker Hughes energy services firm said on Friday, as some analysts expect a gradual decline in overall rigs in the fourth quarter and in 2018. The rig count, an early indicator of future output, held at 738 in the week to Nov.

Statoil to Step Up Offshore Norway Exploration

File Image: an offshore Statoil Installation (CREDIT: Statoil)

Norway's Statoil will ramp up its search for oil and gas deposits on the Norwegian continental shelf next year, the company said on Friday. Oil companies are stepping up efforts to find more oil and gas offshore after cutting exploration budgets following the oil price drop since 2014, meaning more work for owners of drilling rigs…

Oil Explorer Finder Seeks $150mln for Australia Drilling

Australia-focused oil and gas explorer Finder Exploration is seeking to raise $150 million for the drilling of five wells off the country's northwest coast, a document seen by Reuters showed. The wells could hold as much as 600 million barrels of oil and gas equivalent, the privately owned company said in a presentation to potential investors.

Israel Takes Bids for Offshore Exploration

Israel said on Wednesday it received bids to explore for oil and gas in its economic waters from Greece's Energean and a consortium of Indian firms including ONGC Videsh, Bharat PetroResources , Indian Oil Corp and Oil India. Israel hoped it would draw 2-3 foreign firms to come drill in 24…

Norway's Arctic Oil Plan Violates Constitution, Lawsuit Says

© h368k742 / Adobe Stock

Norway's plan for Arctic oil exploration is unconstitutional because it violates the right to a healthy environment, a lawyer for Greenpeace and the Nature and Youth environmental group told an Oslo court on Tuesday. The case is the first of its kind in Norway and says a 2015 oil licensing round in the Arctic that gave awards to Statoil…

Port Corpus Christi to benefit from LNG partnership with China

 ©Trong Nguyen/Adobe Stock

Port Corpus Christi officials are confident that the agreement signed between Cheniere Energy of Houston and China National Petroleum Corporation (CNPC) will bring increased traffic to the port, according to the San Antonio Business Journal. Officials from Cheniere accompanies President Trump…

Ghana, Exxon Discuss Deepwater Drilling

Ghana has opened talks with Exxon Mobil Corp to allow the U.S. oil firm to undertake deepwater exploration off the West African nation's coast, a deputy energy minister said on Monday. "The negotiations are ongoing according to our current laws ... so far so good," Mohamed Amin Adam told Reuters on the sidelines of an Africa oil conference in Accra.

U.S. drillers Add Most Rigs since June -Baker Hughes

File Image (CREDIT: AdobeStock / (c) Shamtor)

U.S. energy companies added the most oil drilling rigs in week since June as crude prices traded up to their highest levels since the summer of 2015. Drillers added nine oil rigs in the week to Nov. report on Friday. price crash. over the summer. The U.S. of a 380,000 bpd increase. U.S. 8.9 million bpd in 2016, the EIA said. million bpd in 1970.

Arctic Oil Expansion Panned by Scientists

Image: © Nightman1965/Adobe Stock

A group of 37 U.S.-based scientists whose research focuses on Arctic wildlife asked two U.S. senators in a letter on Thursday not to open the National Arctic Wildlife Refuge to oil and gas exploration, according to a copy seen by Reuters. The scientists, including several retired former officials from the Alaska Department of Fish & Game, the U.S.

More Competitive US O&G Lending Drives Down Pricing

A renewed willingness to lend to US oil and gas companies, as oil prices stabilize well above lows, is driving down pricing for borrowers after two straight years of steep increases. The volume of credit lines provided to exploration and production companies, using their oil and gas reserves as collateral…

Expanded US Sanctions May Affect Russia's Foreign O&G Expansion

Newly updated sanctions introduced by the United States against Moscow for its role in the Ukraine crisis may put a brake on Russia's future efforts to increase its exposure to the global oil and gas industry, analysts said on Wednesday. However, the punitive measures will have little immediate effect on the operations of Russian energy companies abroad…

Petrobras, BP Discuss Areas for Strategic Partnership

Petróleo Brasileiro SA has begun talks with BP Plc to form a strategic partnership, the Brazilian state-controlled oil company said in a securities filing on Tuesday. Petrobras, as the company is known, and BP may collaborate in areas such as oil exploration and production, refining, gas transportation and trading and other operations, the statement said.

TMK Reviews Options for US Assets

TMK, Russia's largest maker of steel pipes for the oil and gas industry, is considering different options for its U.S. subsidiary IPSCO but intends to keep a controlling stake in the firm, it said on Tuesday. On Monday, TMK IPSCO told Reuters that it did not plan to sell any assets and would…

BP to Move Ahead Quickly Offshore Brazil

Oil major BP Plc plans to move quickly to develop oilfields in the two blocks that it won in Brazil's deepwater oil region on Friday that it sees as a good bet in any price scenario, senior executives said. Brazil awarded six blocks out of eight in an auction on Friday for a region holding estimated reserves of more than 12 billion barrels.

U.S. Rig Count Falls for 3rd Consecutive Month

File Image (CREDIT: AdobeStock / (c) Shamtor)

The U.S. rig count fell for a third month in a row even as drillers added a rig this week for the first time in October, extending the drilling decline that started after crude prices fell below $50 a barrel this summer. Drillers added one oil rig in the week to Oct. 27, bringing the total count up to 737…

Fugro, AGI to Supply Seep Data to Canada

Fugro Discovery (Photo: Fugro)

Fugro said it has teamed up with Amplified Geochemical Imaging (AGI) to acquire offshore hydrocarbon seep data in advance of Canada’s 2018 east coast bid round. Bathymetry, backscatter and water column anomaly data will be collected to pull together a comprehensive picture of surficial geological features.

BP Expects Six-fold Net Production Growth in Egypt by 2020

BP expects to increase net production from Egypt's Nile Delta to increase six-fold to more than 300 million barrels of oil equivalent a day by 2020, from 50 mboed in 2016, its vice president for African exploration said on Tuesday. Jasper Peijs said the increase would be underpinned by three major projects…

Aker BP buys Hess' Norway unit for $2 bln

File Image (CREDIT: AdobeStock / (c) Tupungato)

Output from Hess Norway field stakes 24,000 boepd. Aker BP will add the Norwegian operations of U.S. oil company Hess to its expanding exploration and production portfolio under a $2 billion deal announced on Tuesday. Under billionaire investor Kjell Inge Roekke, who controls a 40 percent stake…

Chevron Auspends Drilling Activity in Kurdistan

Chevron has temporarily suspended oil and gas drilling activity in Iraqi Kurdistan, the company said on Thursday, in the latest setback to the region following recent unrest. "Chevron has decided to temporarily suspend its operations," a company spokeswoman said in a statement. In September…

Mexico Expects to Hold a Third O&G Auction in 2018

Mexico's oil regulator will likely add another oil auction in 2018 featuring conventional onshore oil and gas blocks, a senior official said on Thursday, potentially teeing up a third tender in an election year. The bid terms will be announced this year or in early 2018 while contracts will likely be awarded by the summer…

CEFC Eyes Big League with Rosneft Oil Offtake Deal

As part of its recent $9.1 billion investment in Russian oil giant Rosneft, little-known CEFC China Energy will have access to up to 260,000 barrels per day (bpd) of Russian oil - giving it the sort of market clout to potentially challenge dominant Western oil traders like Vitol. For China…

Bids Close on Lebanon Offshore Energy Blocks

Lebanon's energy minister Cesar Abi Khalil on Thursday said a tender had closed on a first round of offshore energy blocks, without saying how many companies had bid. It will take years for revenue from any of the blocks to start flowing to the country, he said in a televised news conference. "The first licensing round for oil exploration closed," he said.

Norway Remains Among World's Top 10 Places to Discover Oil

© h368k742 / Adobe Stock

Norway remains among the top 10 places to find oil worlwide, with the Arctic region still having much potential despite recent disappointing exploration results, consultancy firm Wood Mackenzie said on Thursday. Earlier this week Norway's Statoil reported yet another dry well in the Barents sea, some 100 kilometres northwest of the Johan Castberg discovery.

BP, SOCAR to Ink Caspian Sea Exploration Deal

Azeri state energy company SOCAR plans to sign a production-sharing agreement with BP to jointly explore prospects in a new block, D-230, in the North Absheron basin of the Caspian Sea before the end of 2017, a source at SOCAR said on Thursday. BP and SOCAR signed a memorandum of understanding…

Total Reinforces its Exploration in West Africa

Map: Total

Total and the National Office of Petroleum of Guinea (ONAP) signed a Technical Evaluation Agreement to study deep and ultra deep offshore areas located off the coast of Guinea Conakry, covering approximately 55,000 square kilometers. “By taking this position on a new under-explored area,…

Op/Ed: ASTRO Act Shoots For the Stars

Randall Luthi (Photo: NOIA)

National Ocean Industries Association (NOIA) president Randall Luthi weighs in after the House Natural Resources Committee held a hearing on offshore development and introduced the Accessing Strategy Resources Offshore (ASTRO) Act. Today’s hearing was a slam dunk by the House Natural Resources Committee.

New HT/HP Subsea Valve Coating Developed and Deployed

Photo: Hardide Coatings

An international collaboration between Hardide Coatings and Master Flo Valve Inc (MFV) has developed a new solution to protect high temperature, high pressure (HT/HP) subsea choke valves. The valves are the first of their kind to feature the Hardide-T coating, which can be applied to choke…

Cairn Oil and Gas to Invest $4.6 bln in New Exploration

Cairn Oil and Gas, part of Vedanta Ltd, will invest 300 billion rupees ($4.6 billion) in exploration projects off India's east coast and in the onshore fields of Barmer in the west, its acting CEO said. The company expects approvals to be in place by the end of October, Sudhir Mathur told Reuters on the sidelines of the India Energy Forum in New Delhi…

Statoil to Drill in Arctic Despite Previous Disappointments

File Image (CREDIT: AdobeStock / (c) ggw)

Statoil's exploration campaign in the Barents Sea was disappointing this year, but the company has firm plans to drill another five wells there in 2018, a spokesman said on Monday. Statoil's last Barents well of 2017, at Koigen Central some 100 kilometres northwest of the Johan Castberg discovery…

Statoil: UK Exploration Wells Disappoint

Statoil's exploration campaign off Britain yielded one discovery, one dry well and one non-commercial discovery this year, the company said on Monday. Results of the Mariner Segment 9 and Jock Scott wells were disappointing, while the third, a sidetrack to Statoil's Verbier well in the outer Moray Firth, proved at least 25 million barrels of oil.

Chevron Starts LNG Output at Wheatstone Project

Wheatstone Project in Western Australia. Photo: Chevron Corporation.

Chevron Corporation announced it has started producing liquefied natural gas (LNG) at the Wheatstone Project in Western Australia. The first cargo is on track to be shipped in the coming weeks. “First LNG production is a significant milestone and is a credit to our partners, contractors and…

Ecuador to Offer Oil Block Terms in January

Ecuador will offer oil exploration and production blocks in January under new contract terms that it expects will attract more interest and allow the OPEC-member country to compete with its neighbors for foreign investment, the oil minister said. The new terms will allow producers to be paid…

NOIA Appoints Four to BoD

Martin Stauble

National Ocean Industries Association (NOIA) Chairman David Welch has appointed four new members to the association’s Board of Directors. The appointments were announced today during NOIA’s fall meeting in Jackson Hole, Wyoming, where the association is commemorating 45 years of commitment to America’s offshore energy industry.

U.S. Oil Drillers Cut Rigs for 4th Week in Five

File Image (CREDIT: AdobeStock / (c) Edelweiss)

The U.S. oil rig count fell for a fourth time in the last five weeks as a 14-month drilling recovery stalled as energy firms reduced spending plans in response to recent crude price declines. The oil rig count fell by two to 748 in the week to Oct. 6, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday.

Offshore Rig Firms See End to Historic Downturn

Aker BP recently awarded a contract worth up to $68 million to Odfjell Drilling for the lease of the semi-submersible drilling rig Deepsea Stavanger in the Norwegian Sea and the Barnts Sea (Photo: Aker BP)

Demand for offshore rig rental globally is starting to recover from its worst ever downturn, led by oil firms' growing demand for harsh-environment exploration and triggering multi-billion dollar tie-ups among drillers hoping to profit, executives said. While the 2014-2016 oil price crash caused firms to cut exploration budgets…

Petrobras Kicks off Non-binding Stage of Oil Fields Sale

Brazilian state-controlled oil company Petróleo Brasileiro SA has sent additional information on several shallow water oil fields to interested parties as it kickstarts the non-binding stage of the asset-sale process, according to a securities filing on Wednesday. Petrobras, as the company is known…

Brazil Oil Regulator Clears Four More Companies

Brazil's oil regulator ANP authorized four more companies to bid in auctions for exploration and production rights in the presalt region off the Brazilian coast this month, the regulator said on Tuesday. A local unit of U.S.-based Chevron Corp was cleared to bid in the second and third presalt rounds to be held on Oct. 27.

Want to Bet on $100 oil? Some Already Have

File Image (CREDIT: AdobeStock / (c) scanrail)

Open interest trebles in December 2018 $100 calls. When crude prices crashed in early 2016 to $27 per barrel, most industry executives said the world had seen the last of oil at $100. Almost two years later, as a global crude glut shows signs of receding, the oil options market has seen a spike in activity at $100 a barrel…

Sonangol Names New Leadership

Angola's Sonangol has appointed three new board members to help restructure the state oil company, the same week President Joao Lourenco was sworn into office after 38 years of rule by Jose Eduardo dos Santos. The former president's daughter Isabel dos Santos remains the head of Sonangol.

Exxon's Big Bet on Brazil Oil Could Signal Major Pre-salt Role

Exxon Mobil Corp's big bet on Brazil's offshore Campos basin shows its willingness to pay up to replenish its reserves and may pave the way for hefty bids in October auctions in the country's rich pre-salt areas, analysts said. Marking a return to Brazilian exploration after a five-year absence…

Philippines, China to Explore for Oil & Gas Near Disputed Waters

The Philippines said on Thursday it was pursuing a long-delayed oil and gas exploration project with Chinese state-owned entity CNOOC Ltd and a Canada-listed company in an area near disputed waters in the South China Sea. Energy Secretary Alfonso Cusi said the Philippine government was also…

Total Dips Toes into Exxon's Offshore Guyana Play

France's Total has agreed to pay $1 million for an option to buy a 25 percent stake in an oil exploration block offshore Guyana, its first foray into an area close to where ExxonMobil made one of the largest discoveries of the last decade. Eco Atlantic Oil & Gas, a small Canadian exploration…