International

Chevron Australia Pulls Plug on Bight Exploration

Chevron Australia Pulls Plug on Bight Exploration

Chevron no-go decision for offshore project was a commercial decision

Chevron Corporation’s (ticker: CVX) Australia subsidiary Chevron Australia has announced the decision to discontinue the Great Australian Bight exploration program.

Chevron Australia’s affiliates acquired two deepwater exploration blocks in the …

Chevron Starts Up $35 Billion Wheatstone Project: More Australian LNG Hits the Market

Chevron Starts Up $35 Billion Wheatstone Project: More Australian LNG Hits the Market

Wheatstone will produce 8.9 MTPA

While U.S. LNG projects are proceeding at a fever pace, they are not the only major LNG players achieving progress.

Chevron announced it has started producing LNG from its Wheatstone project, with first cargo expected …

234 MBOPD of Oil Production Forced to Pause

234 MBOPD of Oil Production Forced to Pause

Unrest Forces Field Shutdown

Oil production in Libya was forced to decrease today, in the latest of a series of disruptions that is becoming all-too familiar.

The Sharara oilfield, the largest field in Libya was forced to shut in production …

BP Begins Shipping NatGas to Industrial Customers, Independent Power Producers in Mexico

BP Begins Shipping NatGas to Industrial Customers, Independent Power Producers in Mexico

Delivering to 8 states – Nuevo Leon, Coahuila, San Luis Potosi, Veracruz, Mexico State, Guanajuato, Tamaulipas and Queretaro

BP Energía México, BP’s natural gas marketing and trading arm in Mexico, has started to deliver approximately 200,000 mmbtu/d of natural gas …

JV Creates Largest Private Argentinian Energy Company

JV Creates Largest Private Argentinian Energy Company

Combines second-largest Argentinian producer and major refiner

BP (ticker: BP) announced the formation of a new joint venture with Bridas Corporation, creating the largest privately-owned integrated energy company in Argentina.

The JV is a combination of two subsidiaries, Pan American …

BP Makes Moves

BP Makes Moves

Out of Azerbaijan, and Into India

A current existing deal between international oil giant BP (ticker: BP) and SOCAR in the Azeri-Chirag-Guneshli (ACG) field is due to expire in 2024.

A new plan will take SOCAR’s stake in the field …

Exclusive Video Interview with Erin Energy Chairman Frank Ingriselli

Exclusive Video Interview with Erin Energy Chairman Frank Ingriselli

Erin Energy: Oyo-9 to double company’s production by the end of 2017; subsequent exploration wells have potential to unlock a one billion barrel reserve opportunity

At its recent 2017 The Oil & Gas Conference®, EnerCom’s Oil & Gas 360® conducted …

Norway Reports Record Interest in North Sea Licensing

Norway Reports Record Interest in North Sea Licensing

Applications 20% higher than previous record

While U.S. unconventional activity certainly dominates the news in recent years, other oil and gas activities have not stopped. The North Sea, which has seen activity for nearly 40 years, is still popular based …

Statoil Looks to Shale-But Not in the U.S.

Statoil Looks to Shale-But Not in the U.S.

Agreement with YPF marks Statoil’s entry into Argentina

Statoil (ticker: STO) and YPF announced today an agreement to explore hydrocarbons in the Vaca Muerta shale. This represents Statoil’s entry into Argentina.

Under the terms of the agreement, Statoil will enter …

BP Sees Its Unit Production Costs 40% Lower than 2013

BP Sees Its Unit Production Costs 40% Lower than 2013

International oil giant BP (ticker: BP) reported that its Q2 2017 production—at 2.431 MMBOEPD was 10% higher than Q2, 2016. The company earned $144 million during the second quarter, bringing its profit to $1.593 billion during the first half of …

Diamond Offshore Drilling Earns Q2 Net Income of $16 Million

Diamond Offshore Drilling Earns Q2 Net Income of $16 Million

CEO sees utilization, pricing power returning in 2H 2019

Diamond Offshore (ticker: DO) produced a net income of $15.9 million for Q2. Diamond’s president and CEO Marc Edwards noted that the company “secured two new contracts” despite the fact that …

With Big Players Come Big Rig Counts: XOM, COP, CVX Report Q2

With Big Players Come Big Rig Counts: XOM, COP, CVX Report Q2

In the past two days ExxonMobil Corporation (ticker: XOM), Chevron Corporation (ticker: CVX), and ConocoPhillips (ticker: COP) all reported second quarter earnings and gave operational updates.

ExxonMobil

ExxonMobil earned $3.4 billion in Q2, which brought the company’s earnings for the …

Shipping Energy: What’s Safe, What’s Not?

Shipping Energy: What’s Safe, What’s Not?

Shipping choke points could be security threat

The EIA estimates that approximately 61% of the total world petroleum supply—or 58.9 million BOPD—travelled in maritime tankers. The oil in these tankers represents nearly 28% of the world’s shipping in weight alone.…

TransCanada to Be Reimbursed Following Pacific NorthWest LNG Dump

TransCanada to Be Reimbursed Following Pacific NorthWest LNG Dump

TransCanada Corporation (ticker: TRP) will be reimbursed for all of the costs and charges it incurred to develop the Prince Rupert Gas Transmission (PRGT) project, following the announcement from Pacific NorthWest LNG that it was cancelling its approximately $11 billion …

Exxon Discovers More Oil at Offshore Guyana Block

Exxon Discovers More Oil at Offshore Guyana Block

In its Payara reservoir, offshore of Guyana, ExxonMobil Corp. (ticker: XOM) discovered an additional accumulation of oil. The discovery increased ExxonMobil’s estimated oil in the Payara reservoir to 500 MMBOE, and the total estimated gross recoverable resource in the Stabroek …

Mexico’s First Pipeline Open Season

Mexico’s First Pipeline Open Season

Mexico’s National Center for Natural Gas Control (CENAGAS) conducted its first open season for capacity rights to its natural gas pipeline grid. The auction took place in May, 2017. In “Round 0”, which took place in October, 2016, CENAGAS allocated …

ExxonMobil Abandons Discussions to Develop Expensive Indonesian Gas Field

ExxonMobil Abandons Discussions to Develop Expensive Indonesian Gas Field

46 Tcf of proven reserves in East Natuna, but $10-$15 natgas required to make it economic

ExxonMobil (ticker: XOM) has pulled out of developing the Indonesian East Natuna gas field, after more than 20 years of consideration.

First discovered in …

U.S. Coal Finds Market in Europe, Gas Too

U.S. Coal Finds Market in Europe, Gas Too

U.S. responsible for 40% of the world’s new gas production by 2022: IEA

A report by the EIA indicated that coal exports—for both steam coal, used for power generation, and metallurgical coal, used for refining steel—have increased by 58% from …

Shell Exits Upstream Ireland with $1.23 Billion Sale

Shell Exits Upstream Ireland with $1.23 Billion Sale

Vermilion Energy will become operator when transaction closes

Shell (ticker: RDS.A) announced today the sale of its share of the Corrib gas venture, marking its exit from the upstream business in Ireland. Including conditional payments, the transaction is valued at …

Erin Energy Corporation: Drilling to Double Production

Erin Energy Corporation: Drilling to Double Production

Erin Energy Corp. (ticker: ERN), a Houston-headquartered international oil producer, has assets based entirely in sub-Saharan Africa. The company operates in Nigeria, Kenya, Ghana, and Gambia—from approximately 5 million acres.

Erin Energy’s Nigeria operations are offshore with a 100% working …

As Big as Ghawar, Permian Oil and U.S. Shale Gas Could Potentially Fill Global Demand

As Big as Ghawar, Permian Oil and U.S. Shale Gas Could Potentially Fill Global Demand

Pioneer’s Scott Sheffield points to the Permian’s full potential, Cheniere CCO Anatol Feygin touts U.S. LNG export growth at the EIA 2017 Energy Conference

It’s been an interesting week or two for U.S. energy on the world stage. The new …

Source: Business Insider

ISIS Oil Revenue Tanks: Down 85% – Study

ISIS is losing territory and revenue, down 60%, 80% 

Three years after Islamic State leader Abu Bakr al-Baghdadi declared the ‘Caliphate’, the terrorist group known for its extreme brutality has lost more than 60 percent of its territory and 80 …

Mexico’s CNH to International Frontier Resources: You are Cleared for Takeoff

Mexico’s CNH to International Frontier Resources: You are Cleared for Takeoff

IFR scores approval for Tecolutla evaluation plan; next step–drilling permits

Clagary-based International Frontier Resources (ticker: IFR) announced Friday that the company received approval from the National Hydrocarbons Commission (CNH) for its evaluation plan of Block 24 Tecolutla. IFR’s joint venture …

ExxonMobil, Hess, CNOOC Announce $4.4 Billion Offshore Guyana Development

ExxonMobil, Hess, CNOOC Announce $4.4 Billion Offshore Guyana Development

Phase 1 will produce 450 MMBO

ExxonMobil (ticker: XOM), Hess (ticker: HES) and CNOOC today announced FID for Phase 1 development of the Liza field in offshore Guyana.

Initially discovered in May 2015, the Liza field is located about 120 …

Non-OPEC Supply Growth will Hold Down Prices: EIA, IEA

Non-OPEC Supply Growth will Hold Down Prices: EIA, IEA

International oil prices are contingent upon both the worldwide growth in oil production and the worldwide growth in oil inventories. Understanding the balance of these movements, and interpreting those movement is undertaken by the Energy Information Agency (EIA) and the …

BP, Reliance Announce $6 Billion in Offshore Indian Investments

BP, Reliance Announce $6 Billion in Offshore Indian Investments

1 Bcf/d of projects planned

BP (ticker: BP) and Reliance Industries (ticker: RIL) announced today plans to develop the ‘R-Series’ deepwater gas fields in offshore India.

The ‘R-Series’ is a set of gas fields in Block D6, off the coast …

OPEC Production Up in May with New Oil from Libya and Nigeria

OPEC Production Up in May with New Oil from Libya and Nigeria

Countries exempt from the OPEC production deal are ramping up production

Even as the Organization of Petroleum Exporting Countries looks to rebalance markets through coordinated production cuts within its ranks and with other non-members, production from the group is up.…

Revision of NAFTA Could Have Big Impact on Energy Industry

Revision of NAFTA Could Have Big Impact on Energy Industry

Senate weighs in

On June 8th, 2017, a bipartisan team of United States Senators Cornyn, Cruz, Hoeven, Moran, Heitkamp, Daines, Inhofe, and Murkowski sent a letter to the United States Trade Representative, Robert Lighthizer, urging him to consider …

The Pound Falls as U.K. Conservatives Lose Majority; Brexit Questions Arise

The Pound Falls as U.K. Conservatives Lose Majority; Brexit Questions Arise

PM Theresa May’s snap election backfires in the U.K., weakening the pound; dollar strengthens; oil drops

A snap election in the U.K resulted in a hung parliament, weakening the governing Conservative’s position ahead of Brexit. Conservatives won 318 seats with …

Dana Gas Iraq Operations

Iraq on a Tear to Triple its Refining Capacity, Keep Up with Its Growing Production

Iraq is planning to triple its refining capacity as the third-largest oil exporter increases crude oil production, Bloomberg reported, based on an interview with an official in the country.

Iraq’s current production is 4.5 MMBOPD, way beyond in-country refining capacity