Chevron closes US Gulf platform to prepare for tropical storm
Chevron has shut down production at its Petronius facility in the Gulf of Mexico and is moving all personnel onshore to prepare for Tropical Depression Two. The company announced this in a Monday statement. The U.S. major oil company also announced that it was transporting non-essential personnel from its Blind Faith and Tubular Bells platforms. The statement stated that "production…
Exxon announces Q2 profit surge as oil prices rise.
Exxon Mobil, the U.S. oil major, said on Tuesday that it expects its second-quarter earnings to increase by about $5 billion compared to the prior quarter. This is because the price of oil spiked due the U.S. - Israel war against Iran. The company's margins for refining also improved. Investors closely monitor Exxon’s earnings snapshot to get a sense of how oil companies will perform in the second quarter.
Norway's Aker shares rise 7% following $3.1 billion Cognite sales
Aker ASA shares rose by nearly 7% after the Norwegian investment company and its partners agreed on Wednesday to sell Cognite, a software firm for industrial applications to Schneider Electric in a 'all-cash' deal valued at $3.1 billion. Cognite, the industrial software unit of Schneider Electric, will be integrated with AVEVA under the agreement announced on Tuesday. The integration is expected to be completed in the next few quarters.
Matador Resources JV increases Delaware Basin footprint by $752 Million Cardinal Deal
Matador Resources, an oil and gas company, announced?on Monday that its joint venture San Mateo Midstream had agreed to purchase the operating subsidiaries of Cardinal Midstream Partners for a total of $752 million?in cash. The deal reflects the continued consolidation of the U.S. Energy Sector as producers and midstream operators expand their infrastructure and scale to support increasing shale production and growing liquefied gas export demand.
Vaar Energi to invest $1.4 billion in 3 oil and gas discoveries offshore Norway
Vaar Energi, together with its partners, will invest approximately 14?billion crowns (1.42 billion dollars) in order to develop three oil & gas discoveries offshore Norway. This is according to plans that were submitted to the Energy Ministry on Thursday. Cerisa Nord, Gjoea Nord, and Ofelia, located in the northern part of the North Sea, will be developed using?subsea facilities that are linked to the Gjoea Field?facilities.
Executive says TotalEnergies will begin drilling in Suriname in the next year
The vice president of exploration for the Americas at TotalEnergies, a French energy producer, said that the company expects to start a new drilling campaign in Suriname next year in order to expand its exploration targets. TotalEnergies’ largest project in?Suriname is the $10.5 billion Gran Morgu off-shore project. It is expected to start oil production in 2028. This is a major milestone for the small South American country, as all crude is produced onshore.
Petronas finds new gas in Suriname offshore block. Discoveries equivalent to 1 billion barrels
The president of Suriname Jennifer Simons announced on Tuesday that Malaysia's state energy company Petronas has made another gas find at the offshore 'Block' 52 in Suriname. A company executive stated the eight discoveries contained more than one billion barrels oil equivalent. Suriname wants to emulate the success of its neighbour Guyana in becoming a major oil producing country through offshore development led by international energy firms.
Norway's gas production lags behind the forecast for May
Norwegian Offshore Directorate (NOD), on Tuesday, reported that Norway's combined oil and gas production in May exceeded an official forecast by?2.9%. Norway is Europe's biggest supplier of natural gases and oil. The output varies month-to-month depending on maintenance needs and other stops at more than 100 offshore fields. The total oil, gas, condensate and natural gas liquids output was?at 0.607 million standard cubic metres per day.
Norway Oil Service Firms Threaten Lockout to End Strike
Offshore Norway announced on Monday that it would lock out the Safe Labour?union?oil service employees?from 27th June?in response to a strike going on over wages. In a press release, the group representing oil service companies stated that the lockout would impact 1,272 members of Safe out of the roughly 1,770 covered under the wage agreement. However, some workers will be exempted to maintain safety critical subsea emergencies preparedness.
