International

GeoPark Issues Operational Update

GeoPark Issues Operational Update

GeoPark Limited (ticker: GPRK), an independent Latin American oil and gas explorer, operator and consolidator with operations and growth platforms in Colombia, Brazil, Argentina, Chile and Peru, issued an operational update.

GeoPark’s 2018 work program and budget is $100-$110 million. …

Ship Carrying LNG from UK Turns to Mediterranean

Ship Carrying LNG from UK Turns to Mediterranean

From Reuters

A vessel that picked up liquefied natural gas from the United Kingdom that was headed to the United States has turned toward the Mediterranean, according to Thomson Reuters shipping data on Wednesday.

Engie SA’s Gaselys tanker picked up …

January 10, 2018 - 2:26 pm Closing Bell Story‎, International, LNG
Delek, GulfSlope and Texas South Partner to Drill Shallow Gulf of Mexico

Delek, GulfSlope and Texas South Partner to Drill Shallow Gulf of Mexico

Israeli oil and gas company Delek Group Ltd. (ticker: DK), GulfSlope Energy, Inc. (ticker: GSPE) and Texas South Energy, Inc. (ticker: TXSO) have entered into a strategic partnership to pursue oil and natural gas opportunities in the Gulf of Mexico.…

Petrobras, Diamond Offshore Settle Lawsuit

Petrobras, Diamond Offshore Settle Lawsuit

Diamond Offshore Drilling, Inc. (ticker: DO) and Petróleo Brasileiro S.A.-Petrobras (ticker: PBR) agreed on Thursday, January 4, 2018 to settle a pending lawsuit and amend the Ocean Valor drilling contract.

In August 2016, a subsidiary of Diamond Offshore Drilling,

Ukraine

Ukraine Cuts its Natural Gas Royalty Rate to 12%

New law guarantees government won’t forcibly take assets

On Dec. 30, 2017, Ukraine President Petro Poroshenko signed a new law reducing the natural gas royalty rate on all new wells drilled after Jan. 1, 2018 from 29% to 12%.

“The …

Source: Hess

Exxon Mobil Makes Sixth Oil Discovery Offshore Guyana

Exxon Mobil Corporation (ticker: XOM) has discovered its sixth oil reservoir in offshore Guyana since 2015, resulting from the Ranger-1 exploration well.

The Ranger-1 well discovery adds to previous world-class discoveries at Liza, Payara, Snoek, Liza Deep and Turbot, which …

Curacao Cancels $10 Billion Deal with China Firm

Curacao Cancels $10 Billion Deal with China Firm

From Reuters

The government of Curacao has scrapped a preliminary agreement with China’s Guangdong Zhenrong Energy (GZE) to operate the island’s aging Isla refinery, saying the company misrepresented itself and was unable to take on such a large endeavor.

GZE …

January 3, 2018 - 8:56 am China, Closing Bell Story‎, Energy News, International
Photographer: Espen Ronnevik / Woldcam

Norwegian Barents Sea Cools as Oil Companies Look Elsewhere

11 companies applied for licenses

Norway announced the applicants for its 24th licensing sale, showing a significant decrease in interest in the country.

The round offers blocks in the Barents Sea, which is considered the most important area in …

Blackbird Energy Announces Q1 2018 Results

Blackbird Energy Announces Q1 2018 Results

Blackbird Energy (ticker: BBI) has released its financial and operational results for the quarter ended October 31, 2017, Q1 2018 in Blackbird’s financial calendar.

Highlights

Q1 2018 Production: While on production during the quarter, Blackbird produced 5.6 MMcf/d of natural …

Saudi Arabia 2018 Budget Shifts Away From Oil Revenues

Saudi Arabia 2018 Budget Shifts Away From Oil Revenues

Saudi Arabia plans to spend $261 billion in 2018. The budget will set a record for Saudi Arabia, as it looks to reform the country’s economy and reduce reliance on oil revenues. Forbes reported that Saudi Arabia plans to cut …

Kuwait Petroleum and Shell Sign 15-Year Agreement

Kuwait Petroleum and Shell Sign 15-Year Agreement

Royal Dutch Shell plc (ticker: RDS.A) and Kuwait Petroleum Corp. have signed an LNG contract that secures Kuwait’s domestic energy needs for the next 15 years.

A private source told Bloomberg that the contract will cover 2-3 million metric tons …

Valhall Drilling Platform, Norway

Aker BP Closes Hess Norge Deal at $2 Billion

Norwegian Aker BP (ticker: AKERBP) and Hess Corporation (ticker: HES) have completed the previously announced sale of Hess Norge to Aker BP for $2 billion, effective January 1, 2017.

Hess Norge owns interests in the Valhall (64.05%) and Hod (62.5%) …

Eni’s Lightning-Fast, 30-Tcf Egyptian Gas Development is Now Producing

Eni’s Lightning-Fast, 30-Tcf Egyptian Gas Development is Now Producing

30 Tcf offshore gas play went from discovery to production in 28 months: “a historic day”-Eni CEO

Eni announced first gas from the Zohr field today, marking one of the fastest development processes of an offshore field in recent years.…

Gran Tierra Energy Plans 27% Production Growth

Gran Tierra Energy Plans 27% Production Growth

Gran Tierra Energy Inc. (ticker: GTE) has released its 2018 capital budget and production guidance.

Highlights

  • 2018 average production of 36,500 to 38,500 BOEPD, representing growth of 20 to 27% over 2017 year to date average production
  • 2018 capital budget
$2.8 Billion: Statoil Acquires 25% Stake in Roncador, Brazil

$2.8 Billion: Statoil Acquires 25% Stake in Roncador, Brazil

Statoil ASA (ticker: STO) and Petroleo Brasileiro S.A. – Petrobras (ticker: PBR) have agreed that Statoil will acquire a 25% interest in Roncador, a large oil field in the Campos Basin in Brazil.

The transaction nearly triples Statoil’s production in …

Image: Oil & Gas 360

Ecopetrol Makes 2nd Oil Discovery in Columbia, $3.5-$4 Billion Investment Plan

Ecopetrol (ticker: EC) said that the Coyote-1 well confirmed the presence of oil in the Middle Magdalena Valley basin in Santander. The finding was recorded between 2,042 and 2,177 meters in depth, confirming the presence of medium crude. The API …

Brazil Now Ninth-Largest Oil Producer

Brazil Now Ninth-Largest Oil Producer

Libra field may produce up to 1.4 MMBOPD

Brazilian crude oil production is growing, and has risen to the ninth-largest producer of petroleum in the world, according to the EIA.

Brazil produced 3.3 MMBPD of crude oil and other liquids …

Eni, Total and Novatek will Drill Offshore Blocks in Lebanon

Eni, Total and Novatek will Drill Offshore Blocks in Lebanon

From the AP

BEIRUT (AP) — Lebanon’s information minister says the Cabinet has approved licenses for three international companies to carry out exploratory drilling off the Lebanese coast.

Melhem Riachi told reporters after a government meeting on Thursday that all …

December 14, 2017 - 7:54 am Closing Bell Story‎, Energy News, International
Nord Stream and Nord Stream 2 Pipelines

Nord Stream 2 Getting Closer Faster

The four individual pipes will deliver a combined capacity of 10.64 Bcf/d of gas to European markets

Permits for the Nord Stream 2 project are currently being drawn up. National environmental impact assessment reports were submitted to the German, Danish, …

China’s Crying Need for NatGas—a Discovery in Bohai’s Shallow Water, LNG Demand Booming

China’s Crying Need for NatGas—a Discovery in Bohai’s Shallow Water, LNG Demand Booming

China on a tear to expand domestic gas output and diversify its natural gas imports

China’s quest for natural gas

“China supports domestic enterprises to increase natural gas output and at the same time to diversify imports of the resource,” …

Europe and Middle East Rig Counts Fall, Latin America Rises

Europe and Middle East Rig Counts Fall, Latin America Rises

Total rig count down nine

Baker Hughes released its monthly International Rig Count today, outlining how drilling activity changed in November.

Overall nine rigs shut down in November. There are now a total of 942 rigs active internationally. The decrease …

Oil & Gas 360 - France’s Total and Sempra Energy Sign North America LNG Deal

Cove Point LNG Facility Almost at the Finish Line

Introduces feed gas this week: commissioning operations underway

Dominion Energy Cove Point (ticker: D) introduced feed gas into its new LNG facility this week.

The facility has been under design, permitting and construction for the past several years and it …

Statoil Greenlights Largest Offshore Project This Year

Statoil Greenlights Largest Offshore Project This Year

Johan Castberg will cost $6 billion

Norway’s Statoil (ticker: STO) approved the largest offshore development this year today, approving the Johan Castberg project in the arctic Barents Sea.

Discovered in 2011, Johan Castberg is farther north than Prudhoe Bay in …

Source: OMV

OMV Signs $2 Billion Siberian Gas Deal with Uniper SE

OMV Yuzhno Russkoye natural gas field acquisition

OMV Exploration & Production GmbH has completed the acquisition of a 24.99% share in the Yuzhno Russkoye natural gas field located in Western Siberia from Uniper SE. The purchase price paid by OMV …

Venezuela Political Elites Won’t Accept Defeat: Mexico’s Foreign Minister Intervenes

Venezuela Political Elites Won’t Accept Defeat: Mexico’s Foreign Minister Intervenes

From Stratfor

Venezuela’s neighbors, particularly Mexico, are seeking a negotiated solution to the country’s political standoff.

For almost two years, Venezuela’s government has refused to recognize the authority of the opposition-controlled legislature. In an effort to resolve this, Mexican Foreign …

Maersk Oil, Shell Invest $3.4 Billion in Offshore Denmark

Maersk Oil, Shell Invest $3.4 Billion in Offshore Denmark

Production over many years has caused the ground to subside

Maersk Oil announced the largest-ever investment in the Danish portion of the North Sea today, redeveloping the country’s largest gas condensate field.

The Danish Underground Consortium, made up of Maersk …

Shale in the United Kingdom

Shale in the United Kingdom

Current production and consumption

The UK government released an industrial strategy white paper this week, giving a small hint about the future of fracing with the British Empire. The white paper revealed that the UK government is still considering shale …

Shell Returns to Cash Dividend, Targets 50% Carbon Footprint Reduction by 2050

Shell Returns to Cash Dividend, Targets 50% Carbon Footprint Reduction by 2050

Q4 2017 dividend all-cash, $25 billion in share buybacks

Shell held its Management Day today, outlining the company’s strategy and outlook in the mid-term.

One of the immediate highlights of this presentation is the cancellation of Shell’s scrip dividend program. …

Fraser Institute Releases 2017 Global Petroleum Survey Results

Fraser Institute Releases 2017 Global Petroleum Survey Results

The shackles are being taken off the U.S. energy sector, which spells trouble for Canadian jurisdictions trying to attract oil and gas investment dollars – Fraser Institute

What is the Global Petroleum Survey?

The annual survey, published by the Fraser …

PentaNova Llancanelo Aerial View

PentaNova and YPF Heading to Argentina’s Largest Heavy Oil Fields

PentaNova Energy Corp. (ticker: PNO) signed the final agreement with Argentina’s National Oil Producer YPF to farm in on 11% of the Llancanelo heavy oil field. The agreement takes PentaNova to a 50% working interest partnership in the field.

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