Natural Gas Consumption Up 10% in China
According to the preliminary estimate, the consumption of natural gas in China exceeded 27 million cubic meters in 2018, registering a YOY increase of more than 10%, said a report.The growing Chinese economy and stricter environmental protection policies drive the growth of natural gas consumption in China. In 2018, the Chinese government introduced several environmental protection…
Egypt Okays BP, Mubadala Acquisition of Stake in Eni's Noor Concession
Egypt’s petroleum ministry has signed an agreement for UK Petroleum giant British Petroleum (BP) and UAE investment fund Mubadala to buy a 45 percent stake in the country's Noor offshore natural gas concesion in the Mediterannean from Italy’s Eni.In the concession, which is in participation with Egyptian Natural Gas Holding Company (EGAS), Eni as operator through its subsidiary, IEOC, now holds a 40 percent interest.
Algeria's Sonatrach Signs $500 mln Deal with BP, Statoil
Algerian state-owned energy company Sonatrach has signed an agreement with BP and Statoil to produce an additional 11 billion cubic metres (bcm) of natural gas from its Tiguentourine gas field, Sonatrach's CEO said on Wednesday. The field produces 9 bcm per year, but more investment is needed to maintain that output beyond 2035. "Sonatrach, British Petroleum, and Statoil have signed…
OPEC Should Heed Achnacarry Lessons: Kemp
OPEC members are struggling to protect their revenues in the face of renewed competition from U.S. shale producers and other suppliers outside the organisation. OPEC's revenues from petroleum exports have fallen to just $446 billion in 2016 from $1.2 trillion in 2012 ("Annual Statistical Bulletin", OPEC, 2017). But past experience strongly suggests OPEC's effort to stabilise oil inventories and prices while protecting its market share will fail.
Iran Offers 50 Oil Projects to Foreign Investors
Iran offered on Saturday about 50 oil and gas projects to be developed by foreign investors with local partners under a new scheme it hopes will initially generate $25 billion in investments, state media reported. Iran reached a deal with world powers in July, under which sanctions will be lifted in return for it scaling down its nuclear programme. It has outlined plans to rebuild its main industries and trade relationships following the agreement…
Fugro Bags ExxonMobil Alaska's G&G Job
Fugro has been awarded a large geotechnical and geophysical (G&G) programme by ExxonMobil Alaska LNG LLC (AKLNG - a consortium of ExxonMobil, ConocoPhillips, British Petroleum, TransCanada and the State of Alaska). The 2015 G&G programme follows successful completion of a similar but smaller programme carried out by Fugro in 2014. The geotechnical scope of work includes drilling and sampling of borings for the onshore liquefaction facilities…
UK Warns Off BP Suitors Now Shell Unavailable as 'White Knight'
Britain's warning to potential suitors of BP is a sign of the oil major's vulnerability to a takeover bid and that a more politically palatable tie-up with Royal Dutch Shell no longer seems to be an option, banking and industry sources said. Despite championing a laissez-faire policy towards takeover deals, Britain has always had a special interest in BP, dating back to the creation of the company via an unusual government investment master-minded by Winston Churchill.
Kemp: BP Must Remain British, says Whitehall
"Downing Street has discreetly let it be known in the City that it would oppose any takeover of BP," the Financial Times reported on Sunday. The prime minister's office has signalled it would make life difficult for any bidder, although no bid has been mooted yet, the newspaper said ("UK ministers make Gallic gesture to keep the British in BP", April 26). The company formerly known…
Interview: Oil Spill Repsonse Insights from MSRC's Benze: Steven T. Benz, President and CEO, Marine Spill Response Corporation (MSRC)
As President and CEO of MSRC, Steve Benz presides over the largest oil spill response company in the United States (and worldwide). In that position since January 1996, he has during that tenure, overseen several critical phases in the Company’s evolution. These include a major restructuring in the late 1990s to make it more competitive; growth throughout the 2000-2009 period, including acquisition of several companies…
