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360 Articles

$2 Trillion Annual Investment in New Supply is Needed to Meet Energy Demand to 2040: IEA

$2 Trillion Annual Investment in New Supply is Needed to Meet Energy Demand to 2040: IEA

Worldwide, government policy decisions will be prime determinant of world’s energy direction In a new report, the International Energy Agency outlines new scenarios regarding fuels use and supply and demand, saying government policy decisions will determine what happens in the energy space, and that to meet global energy demand, investment in new supply of $2 trillion per year will be[Read More…]

November 15, 2018 - 2:00 pm 360 Articles, Closing Bell Story, International, Trade
GeoPark Issues 3Q 2018 Operational Update

GeoPark Issues 3Q 2018 Operational Update

Latin America-based operator GeoPark (ticker: GPRK) provided an operational update for 3Q 2018 today. GeoPark is an independent oil and gas producer with operations in Argentina, Brazil, Chile, Colombia, and Peru. Some notable highlights and exploration successes from 3Q include: The discovery of the Tigui oil field in the Llanos 34 block in Colombia. The discovery of the Jauke gas field[Read More…]

October 18, 2018 - 12:01 pm 360 Articles, Closing Bell Story, E&P, International
Noble Energy says Leviathan, Tamar Pipeline on Track for 2019

Noble Energy says Leviathan, Tamar Pipeline on Track for 2019

Leviathan anticipated production is at least 350 MMcf/day (gross) Noble Energy (ticker: NBL) gave more updates today regarding its agreements with the Eastern Mediterranean Gas Company S.A.E, the owners of the EMG Pipeline, a 90-kilometer pipeline located mainly offshore of Israel. The agreements will support delivery of natural gas from offshore Israel into Egypt, specifically the offshore Leviathan and Tamar[Read More…]

September 27, 2018 - 2:32 pm 360 Articles, Closing Bell Story, E&P, International, Midstream, Offshore
Marine Fuel Regs Will Spur Higher Oil Demand in 2020

Marine Fuel Regs Will Spur Higher Oil Demand in 2020

Switching fuel is more important than it seems Upcoming regulations on fuels in the maritime industry will have major effects far beyond shipping companies, with reverberations throughout the oil industry. The International Maritime Organization has passed new regulations for ships around the world requiring them to use 0.5% sulfur fuel, a major drop from the 3.5% allowed currently. OPEC presented[Read More…]

September 25, 2018 - 5:14 pm 360 Articles, Closing Bell Story, Crude Oil News, International
Critical Global Oil Chokepoints Becoming Hazardous

Critical Global Oil Chokepoints Becoming Hazardous

Middle Eastern tensions endanger oil highways Some of the most important routes for global oil trading are becoming uncertain, as tensions flare and security becomes shaky. While pipelines are a major component of oil transportation within a country, they often have limited usefulness in international oil transportation. Major oil producers are often thousands of miles away from major demand centers,[Read More…]

Hess Announces Liza Development on Schedule

Hess Announces Liza Development on Schedule

Bakken production up, drilling accelerating Hess (ticker: HES) reported second quarter results today, showing a net loss of $130 million, or $0.48 per share. This result significantly exceeds the $449 million loss Hess took in Q2 2017, primarily due to higher oil prices and lower operating expenses. Considered in isolation, Hess’ E&P business segment earned $31 million in Q2, compared[Read More…]

International Rig Count Falls – Middle East Slows

International Rig Count Falls – Middle East Slows

Saudi gas rigs drop sharply International drilling activity continued to decline last month, the second straight month of decreasing rig counts, according to Baker Hughes International Rig Count. A net eight rigs shut down in June, meaning there are now 959 rigs drilling internationally. 959 operating rigs is the lowest international activity level since last December, and is in line[Read More…]

Bohrturm, Österreich: Weißer Hof 2014

Oil Price Reached $74 This Week, But Double That Could Be on the Horizon

Despite the surprise moderate build in U.S. crude oil stockpiles, analysts are worried of an impending price spike to $150 or more.  Prices Today Crude oil stocks rose by 1,245 MBBL last week to 417,881 MBBL from 416,636 MBBL. This is 17% below the 502,914 MBBL that was in storage at this point last year, and is 2% below the[Read More…]

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Europe’s $42 Billion Gas Project: One Step Forward, One Step Back

Shah Deniz 2 begins production, but last 5 miles of pipe could cause a screeching halt in Europe New supply is on the horizon for European gas markets, as BP (ticker: BP) recently announced the startup of stage 2 of the Shah Deniz project, one of the largest gas projects to start up this year. Huge scope of the project[Read More…]

Eni Norge and Point Resources to Merge, Forming New Company

Eni Norge and Point Resources to Merge, Forming New Company

New company plans to invest $8 billion over 5 years  Italian based energy company Eni and Norwegian based private equity investor HitecVision have announced an agreement to merge Point Resources AS into Eni Norge AS, which will be renamed as Vår Energi AS. History of Point Resources AS Point Resources was established early in 2016 following the merger of Pure E&P,[Read More…]

PetroTal Announces First Oil from Bretana

PetroTal Announces First Oil from Bretana

PetroTal Corp. (TSX-V: TAL) announced that it has achieved first oil production from the Bretana Norte discovery well at the Bretana field in Block 95 in Peru. PetroTal Assets; Source: PetroTal Corp. The Bretana oil field is a low- risk, high impact oil field with approximately 40MMBO of certified 2P reserves, according to PetroTal. The NPV10 of this area, according[Read More…]

July 3, 2018 - 2:06 pm 360 Articles, Closing Bell Story, International
Seadrill Partners Awarded $273 Million in Brit High Court Ruling

Seadrill Partners Awarded $273 Million in Brit High Court Ruling

Seadrill Partners LLC said the English High Court has ruled in favor of its subsidiary Seadrill Ghana Operations Limited relating to the early termination of the West Leo contract by Tullow Ghana Limited. Seadrill Ghana was seeking to recover standby and force majeure rates and early termination fees of $278 million plus interest and legal expenses, Seadrill said in a[Read More…]

Vantage Drilling Awarded $622 Million in Petrobras Arbitration

Vantage Drilling Awarded $622 Million in Petrobras Arbitration

Vantage Drilling International (OTCMKTS: VTGDF) announced today that it was successful in its previously disclosed arbitration with Petróleo Brasileiro S.A (NYSE: PBR). The Tribunal found that Petrobras America, Inc. (PAI) and Petrobras Venezuela Investments & Services, BV (PVIS), both subsidiaries of Petrobras, breached the Agreement for the Provision of Drilling Services for the Titanium Explorer dated February 4, 2009. The[Read More…]

Saudi Aramco Signs JV with NOV Pushing Creation of Energy Services Sector

Saudi Aramco Signs JV with NOV Pushing Creation of Energy Services Sector

Saudi Aramco and National Oilwell Varco, Inc. (NYSE: NOV) have signed a shareholder agreement to form a joint venture partnership. The JV is to establish an integrated world-class on-shore rig and equipment manufacturing and aftermarket facility in Ras Al-Khair, Saudi Arabia. NOV will own a 70% interest in the joint venture, while Saudi Aramco will own 30%. Deals such as[Read More…]

July 2, 2018 - 4:20 pm 360 Articles, Closing Bell Story, International
Worldwide Gas Demand is Growing, but Infrastructure is Virtually Nonexistent in Some Areas

Worldwide Gas Demand is Growing, but Infrastructure is Virtually Nonexistent in Some Areas

Gas consumption predicted to grow ~1.7% annually Natural gas demand has significant growth on the horizon, and is projected to overtake coal in the coming years, according to the International Gas Union’ Global Gas Report 2018. Global gas consumption has grown steadily over the past eight years, with demand rising by 1.8% per year. This makes gas the fastest-growing nonrenewable[Read More…]

Petrobras Names CFO

Petrobras Names CFO

Petrobras informs that its Board of Directors, at a meeting held today, appointed the engineer Rafael Salvador Grisolia to the position of Chief Financial and Investor Relations Officer of the company, with an office term until March 26, 2019, the same term of the other officers of the Executive Board. Rafael Grisolia is a Production Engineer, holding an MBA from[Read More…]

Anadarko’s Mozambique LNG Sees FID in 1H2019

Anadarko’s Mozambique LNG Sees FID in 1H2019

Anadarko EVP Mitch Ingram said that the Mozambique LNG project appears to be in position to take FID (Final Investment Decision) in the first half of 2019. Ingram was speaking at an energy conference this week. He also noted that Anadarko has found there to be roughly $4 billion in cost savings compared to its 2016 estimates. Source: Anadarko Mozambique[Read More…]

June 27, 2018 - 3:59 pm 360 Articles, Closing Bell Story, International, LNG, Offshore
More North Sea Gas: Shell Returns to Overlooked Fram Field with New Plan

More North Sea Gas: Shell Returns to Overlooked Fram Field with New Plan

Downsized development will use tieback Shell’s recent $556 million sale of North Sea properties has not diminished the company’s interest in the basin, as Shell has approved its second North Sea project this year. The Fram field is getting a second chance at life, after Shell abandoned the play as uneconomic in 2013. First appraised in 2009, Shell planned to[Read More…]

Shell Simplifies Portfolio with $1.3 Billion Asset Sales

Shell Simplifies Portfolio with $1.3 Billion Asset Sales

North Sea, Malaysia properties sold Shell (ticker: RDS) continued its divestiture program today, selling assets in the North Sea and Malaysia for a combined $1.3 billion. Shell is simplifying its position in the North Sea, selling its interests in two fields to OKEA, a Norwegian offshore operator. Shell will sell its entire interest in the Draugen field, 44.56%, and 12%[Read More…]

Present Day Middle Eastern Game of Thrones – Part Two

Present Day Middle Eastern Game of Thrones – Part Two

[EDITOR’S NOTE: this is the final installment of the OAG360 story in which Helen El Mallakh, director of the International Research Center for Energy and Economic Development (ICEED), discusses the changing political scene and the shifting geopolitical sands that are challenging the balance of oil producers in the Middle East. El Mallakh was keynote speaker at the Energy Finance Discussion[Read More…]

Present Day Middle Eastern Game of Thrones – Part One

Present Day Middle Eastern Game of Thrones – Part One

“The Middle East shapes energy politics, energy crises, and it has a huge impact on geopolitics” – Helen El Mallakh Ahead of the upcoming 174th OPEC meeting in Vienna, Austria, (scheduled for Friday, June 22, and immediately followed by the fourth OPEC/non-OPEC ministerial meeting Saturday), Helen El Mallakh, director of the International Research Center for Energy and Economic Development (ICEED)[Read More…]

Big Projects Return to the Scene: Exxon Accelerates Liza Phase 1

Big Projects Return to the Scene: Exxon Accelerates Liza Phase 1

Stabroek play offers an estimated 3.2 billion BOE Liza Phase 1 Project The Liza phase 1 development is approximately 120 miles offshore of Guyana in water depths of 5000-6200 feet. The play being developed is the Starbroek Block, which is estimated to hold more than 3.2 billion oil-equivalent barrels within its 6.6 million acres. Drilling began in May for the[Read More…]

June 12, 2018 - 2:26 pm 360 Articles, Closing Bell Story, E&P, International, Offshore
Latin American Drilling at Lowest Point in 36 Years

Latin American Drilling at Lowest Point in 36 Years

Only 174 rigs drilling in Latin America International drilling activity fell last month, according to the latest edition of Baker Hughes International Rig Count. A net 11 rigs shut down in the past month, the largest drop in eight months, leaving 967 rigs active internationally. This is the lowest level since January, but still exceeds that of mid 2016 through[Read More…]

Strikes Rock Petrobras

Strikes Rock Petrobras

Truck drivers, oil workers strike in Brazil; Petrobras CEO resigns Brazil’s national oil company Petrobras (ticker: PBR) has experienced significant turmoil over the past two weeks, as multiple labor actions affected operations. The roots of Petrobras’ current difficulties lie in its fuels policy, which shifted in 2016. Historically, the price of gasoline and diesel in Brazil has been subsidized and[Read More…]

Africa’s Largest non-OPEC Producer is on a Roll

Africa’s Largest non-OPEC Producer is on a Roll

Egypt is the largest non-OPEC oil producer in Africa and the third-largest dry natural gas producer on the continent, according to the EIA’s newest report on Egypt. In recent years, the country has seen political instability accompanied by growing power demand and a recovering energy industry. Natural gas supply shortages often cause frequent blackouts in Egypt – and 2011’s political[Read More…]

How the U.S. Will Handle the OPEC-Russia Spigot

How the U.S. Will Handle the OPEC-Russia Spigot

Except for a small drop in the amount of oil produced in 2016, with return to the upswing in 2017, American production has been on a steady increase ever since 2008. Even during the 2014-2016 price crash, U.S. E&Ps hunkered down, strengthened their balance sheets, made technological leaps and kept on producing oil and gas—without depending on the reappearance of[Read More…]

Inventories Back at Five-Year Averages—for Now

Inventories Back at Five-Year Averages—for Now

The production cuts may have erased the surplus, but for how long? Stored petroleum around the world fell through 2017 and the first quarter of 2018, ending a period of oversupply in the global market that began before OPEC began production cuts in November 2016, according to data from the EIA. The production cuts took effect in January 2017, reducing[Read More…]

EcoStim Ups Capacity to ‘Super Fleet’ in the STACK

EcoStim Ups Capacity to ‘Super Fleet’ in the STACK

Eco-Stim Energy Solutions, Inc. (ticker: ESES) reported today that it has agreed to provide its primary customer in the STACK with additional dedicated horsepower and equipment, including natural gas-powered pumping units. The company refers to this collaborative plan as a “super fleet.” According to the company’s most recent investor presentation, Eco-Stim has a total capacity of ~168,000 HHP, including 53[Read More…]

Vermilion Energy Closes $1.4 Billion Acquisition

Vermilion Energy Closes $1.4 Billion Acquisition

Vermilion Energy Inc. (ticker: VET) closed the acquisition of Spartan Energy Corp. for a total consideration of $1.40 billion, comprised of $1.23 billion in Vermilion shares plus the assumption of approximately $175 million in debt. Vermilion acquired all of the issued and outstanding common shares of Spartan on the basis of 0.1476 of a Vermilion share for each Spartan common[Read More…]

The U.S. Sanctions Venezuela

The U.S. Sanctions Venezuela

On May 21, 2018 the United States president signed an executive order prohibiting certain transactions with the government of Venezuela. The order restricts transactions involving debt owed to the Venezuelan government. Source: WhiteHouse.gov According to law firm Akin Gump, the new prohibitions target three categories of transactions: The purchase of any debt owed to the government of Venezuela, including accounts receivable Any[Read More…]