Qatar Ups LNG Production by 64% to 126 MTPA by 2027
Qatar Petroleum has announced that it will raise Qatar’s LNG production capacity to 126 million tons per annum (mtpa) by 2027, representing an increase of 64% from the current 77 mtpa.The announcement was made by Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, the President and CEO of Qatar Petroleum, at a press conference held in Doha…
ExxonMobil Looks to Sell Australian Assets
Exxon Mobil Corp said on Wednesday it was looking to sell its 50% stake in the Gippsland Basin oil and gas development in Australia's Bass Strait as part of a broader review of its global portfolio of assets.The sale could fetch up to $3 billion, however decommissioning costs for the ageing fields could dent the price tag, analysts and bankers said.The Gippsland Basin joint venture…
High Impact Exploration on The Rise
In the first few weeks of 2019 there have been four high impact discoveries of conventional oil and gas, finding 25% of the high impact volume discovered globally in the whole of 2018.According to Westwood Insight, one of these discoveries, Glengorm in the UK North Sea, is reported to be the biggest there since 2008.The second and third are offshore Guyana in the Stabroek licence…
Qatar Buys Eni's Mexican Oil Stakes
Qatar Petroleum (QP) signed an agreement with Italy’s Eni SpA to acquire a 35% stake in three offshore oil Fields in Mexico.The agreement cover the Amoca, Mizton, and Tecoalli offshore oil fields, which lie in Area 1 in Mexico’s Campeche Bay, said a press statement from the Arab country's government-owned energy company.The agreement is subject to customary regulatory approvals by the government of Mexico.
Cairn Buys Into Seacrest-backed British North Sea Oilfield
Cairn Energy has bought a 50 percent stake in the Agar-Plantain oilfields in the British North Sea from Azinor Catalyst, the companies said on Thursday, amid renewed interest in North Sea assets.Oil producers are returning to the North Sea having sold many assets in the past few years, often to private equity investors, after oil prices collapsed."There has clearly been a sentiment change in the North Sea.
Total Sells Two Norwegian Oilfields to Statoil
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 will take over its 51 percent stake in the Martin…
Europa Completes Sale of Wressle Discovery Interest
Europa Oil & Gas (Holdings) plc, the AIM traded oil and gas exploration, development and production company focused on Europe, informed that its proposed sale of a 3.34% working interest in PEDLs 180 and 182 (‘the Licences’) in North Lincolnshire to Union Jack Oil plc (‘UJO’) for a cash consideration of £600,000 (‘the Transaction’) has been approved by the Oil and Gas Authority (‘OGA’).
Marathon Oil Takes Q3 Hit on Low Oil Prices
Marathon Oil Corp, on Wednesday reported a quarterly loss compared with a year-earlier profit, as low commodity prices prompted the a U.S. oil company with operations in Texas and Equatorial Guinea to write down the value of assets. Marathon, which slashed its dividend 76 percent last week, reported a third-quarter loss of $749 million, or $1.11 per share, compared with a profit of $431 million, or 64 cents per share.
ConocoPhillips Records Q3 Loss
ConocoPhillips, the largest U.S. independent oil company, reported a quarterly loss, compared with a year-earlier profit, as the slump in crude prices sapped profitability. The Houston-based company also said it would further cut its 2015 capital budget, to $10.2 billion from $11.0 billion. The company posted a loss of $1.1 billion, or 87 cents per share…
Apache Logs Huge Q2 Loss
Apache Corp on Thursday reported a quarterly loss compared with a year-ago profit as a slump in crude prices led the U.S. oil and gas company to write down the value of some assets. The Houston company had a second-quarter loss of $5.6 billion, or $14.83 a share, following a year-ago profit of $505 million, or $1.31 per share. Total oil and gas output averaged 564…
Exxon Q2 Profit Slips on Low Prices
Exxon Mobil Corp, the world's largest publicly traded oil company, on Friday reported a 52 percent slide in second-quarter profit as tumbling crude oil prices weighed on results. Exxon, based in Irving, Texas, said its profit in the quarter was $4.2 billion, or $1.00 per share, compared with $8.8 billion or $2.05 per share. Oil and gas output rose 3.6 percent to 4 million barrels oil equivalent per day (boed).
Conoco Beats Street, Cuts CapEx
ConocoPhillips, the largest U.S. independent oil and gas company, reported quarterly results that beat analysts' expectations Thursday and said it would cut capital expenditure as low crude oil prices persist. The Houston-based company said it would cut 2015 capital spending to $11 billion from $11.5 billion, and also lowered its forecast for operating expenses.
Apache Q1 Loss Reflects Oil Prices
Apache Corp on Thursday reported a quarterly loss compared with a year-earlier profit as significantly lower commodity prices prompted the U.S. oil and gas company to write down the value of some properties. The Houston, Texas company reported a first-quarter loss of $4.7 billion, or $12.34 per share, compared with a profit of $236 million, or 60 cents per share in the same period a year earlier.
Devon Energy Has Quarterly Loss on Write-downs
Devon Energy Corp on Tuesday reported a net loss as the U.S. exploration and production company wrote down the value of oil and gas properties following the collapse of crude prices. Devon, based in Oklahoma City, Oklahoma, said its first-quarter loss was $3.6 billion or $8.88 per share, compared with $324 million, or 79 cents per share in the year-ago period.
Pioneer Natural Resources has Quarterly Loss on Writedowns
Pioneer Natural Resources Co on Tuesday reported a quarterly net loss compared with profit a year ago as the company wrote down the value of oil and gas assets due to low commodity prices. Pioneer's first-quarter loss of $78 million, or 52 cents per share, compared with $123 million, or 85 cents per share in the year-earlier periods. Sales volumes averaged 194…
Exxon Q1 Profit Dips Almost 50 Percent
Exxon Mobil Corp on Thursday reported a 46 percent decline in quarterly earnings as a steep drop in crude prices cut into profits at the world's largest publicly traded oil company. The Irving, Texas company had a first-quarter profit of $4.9 billion, or $1.17 per share, compared with $9.1 billion, or $2.10 per share, a year earlier. Oil and natural gas output was 4.2 million barrels oil equivalent per day (boed)…
Exxon: Oil & Gas Output to Rise through 2017
Exxon Mobil Corp said on Wednesday its oil and gas output would rise 2 percent this year and 3 percent in each of the following years as it spends about $34 billion in 2015, down from a peak. In 2014, Exxon produced 4 million barrels oil equivalent per day (boed) and it plans to ramp up to 4.3 million boed in 2017. Exxon had already scaled back its spending plans.
Statoil: Aibel Wins Johan Sverdrup Contract
Statoil, on behalf of the Johan Sverdrup partnership, will sign a contract with Aibel for the construction of the deck for the drilling platform on the field. The contract is worth in excess of NOK 8 billion. The contract includes engineering work, procurement and construction (EPC) of the drilling platform deck. The platform deck will be built at the Aibel’s yard in Thailand and Haugesund, and at Nymo’s yard in Grimstad.
Aibel Bags Johan Sverdrup Contract
Statoil, on behalf of the Johan Sverdrup partnership, will sign a contract with Aibel today for the construction of the deck for the drilling platform on the field. The contract is worth in excess of NOK 8 billion. The contract includes engineering work, procurement and construction (EPC) of the drilling platform deck. The platform deck will be built at the Aibel’s yard in Thailand and Haugesund…
Exxon Mobil 2014 Reserves Up on Oil Sands, Shale
Exxon Mobil Corp, the world's largest publicly traded oil company, said on Monday its crude oil and natural gas reserves rose slightly in 2014, lifted by U.S. shale and oil sands projects. Proved reserve additions of 1.5 billion barrels oil equivalent from projects including the Permian Basin in West Texas and the Kearl oil sands project in Canada helped Exxon replace 104 percent of its 2014 output…
