SLB predicts flat revenue and profit for the quarter amid weaker activity across Saudi Arabia and Latin America
Olivier Le Peuch, CEO of oilfield services firm SLB, said that the company expects the second-quarter revenue to be similar to the first quarter because drilling activity is weaker in Saudi Arabia and Latin America. Speaking at the J.P. Morgan Energy, Power & Renewables Conference, the CEO said that the company's Saudi Arabian activity had decreased more than expected, as several rigs were demobilized, and operations at the Jafurah unconventional gas field have been paused.
Israel's Leviathan Gas Field to Restart Operations After Shutdown During Iran Conflict
Israel's NewMed announced on Wednesday that the Leviathan gas field, which supplies gas to Egypt, Jordan and the Middle East, was shut down almost two weeks ago because of the Iran-Israel war, but would be reopened in a few hours. Since June 13, two of Israel's three natural gas fields, Leviathan operated by Chevron and Karish owned by Energean, off its Mediterranean coastline that provides the bulk of Israel's exports to Egypt or Jordan have been closed. The older Tamar field was left to operate, primarily for domestic supply.
Qatari Output at Gas Field Shared With Iran Is Steady
Qatar's gas production at the South Pars field is steady and supply is proceeding normally, it said on Tuesday, after the world's largest gas field was hit by an Israeli airstrike on Saturday, prompting Iran to partially suspend its production.Qatar, the world's third-biggest liquefied natural gas exporter after the U.S. and Australia, shares the South Pars gas field with Iran."So far, gas supplies are proceeding normally. However, the ill-advised targeting raises concerns for everyone regarding gas supplies…
Qatar confirms that its gas production at the field shared with Iran has remained steady following Israeli strikes
Qatar announced on Tuesday that its gas production is stable and the supply is proceeding as normal, following Israel's Saturday strike on the world's biggest gas field, which caused Iran to temporarily suspend its production. Qatar, which is the third largest liquefied gas exporter in the world after the U.S.A. and Australia shares the South Pars field with Iran. Iran has partially halted production on the field following an Israeli attack that caused a Saturday fire. Gas supplies have been going smoothly so far.
Overview of Iran's major gas fields and oil infrastructure
Israel attacked an installation in Iran's South Pars Gas Field on Saturday. This was the first attack against Iran's oil-and-gas sector, as part of a long-term operation that the Israeli government warned would take place to stop Tehran from developing an atomic bomb. Iran has temporarily suspended gas production at the South Pars Field, Iran's share of the world's biggest natural gas reserve. The field is located beneath the Gulf, and it's shared with Qatar, a major gas exporter.
Oil industry gathering in Malaysia is shadowed by conflict in Middle East
Energy executives from around the world gathered on Monday in Malaysia's capital for an industry gathering. They were concerned about the dramatic escalation of the conflict between Israel & Iran which has fueled fears that the conflict could spread and disrupt the supply. According to the head of Saudi Arabia's state oil giant Aramco, conflict highlights the importance of oil. He said that the world was concerned about energy security, despite the fact that Israel and Iran were fighting.
The price of gas in Europe is rising as Israel and Iran continue to attack each other
Dutch and British wholesale prices for gas rose mainly on Monday due to the threat of gas shortages and the intensification of the conflict between Israel and Iran. According to LSEG, the benchmark Dutch front-month contract for the TTF hub increased by 0.51 euros to 38.40 Euro per megawatt hour at 0714 GMT. It reached its highest level in early April. The price for the day ahead was 38.17 Euro/MWh, up 0.54 euros. The British contract was 1.91 pence more expensive at 91.47 cents per therm.
Overview of Iran's major gas fields and oil infrastructure
Israel attacked an installation in Iran's South Pars Gas Field on Saturday. This was the first attack against Iran's oil-and-gas sector, as part of a long-term operation that the Israeli government warned would take place to stop Tehran from developing an atomic bomb. Iran has temporarily suspended gas production at the South Pars Field, Iran's share of the world's biggest natural gas reserve. The field is located beneath the Gulf, and it's shared with Qatar, a major gas exporter.
Iran announces that production of the world's biggest gas field has been partially suspended following an Israeli attack
The semi-official Tasnim News Agency reported that Iran had partially suspended gas production after an Israeli attack caused a fire at the world's largest gas field on Saturday. This would be Israel's first strike against Iran's oil sector. Iran shares South Pars with Qatar. It would be a major escalation of the conflict if it was struck, as the oil price had already increased by 9% Friday despite Israel sparing Iran's gas and oil on its first day.
Africa Energy to produce first gas from South Africa's biggest gas field in 2033
Africa Energy Corp, a Canadian-listed company, aims to begin production of South Africa's biggest gas discovery by 2033. Its CEO made the announcement on Tuesday as it pushed ahead with a project that former operator TotalEnergies abandoned. The company is waiting for regulatory approval on a revised environmental authorisation in order to survey Block 11B/12B of South Africa's south coast. South Africa is diversifying away from coal-fired electricity generation by using domestic gas.
Shell approves Aphrodite offshore gas project
Shell Energy said that it has taken a final investment decision in its Aphrodite Gas Project offshore Trinidad and Tobago. In a press release, the company said that it expects to start producing gas in 2027. It will reach a maximum production of 18,400 barrels oil equivalent per day. Shell has a 45% stake in Trinidad's Atlantic LNG Plant, which is capable of producing 12 million metric tonnes per annum of super-cooled gas. However, the plant has suffered from a shortage of natural gas.
New Zealand Government plans to coinvest in new gasfield projects
The government of New Zealand announced its budget for Thursday that it will co-invest with other countries in developing new gas fields. This is to encourage investment in the sector following the lifting of the offshore exploration ban. Shane Jones, Minister of Resources, said that the government had set aside NZ$200,000,000 ($118.60,000,000) for four years as a contingency to co-invest in new gasfields. The minister added that this investment shows the government's willingness to invest up to 15% in the development of new gas fields.
Prices for gas in Europe hit a 1-week high due to tight supply and EU's Russian Gas Ban Plans
The Dutch and British wholesale prices of gas rose by more than 6% Tuesday, reaching their highest level in over a week. Unplanned outages as well as European plans to phase-out Russian gas supplies boosted sentiment. According to LSEG, the benchmark Dutch front-month contract rose by 2.18 euros or 6.7% at 1257 GMT and reached its highest intraday value since April 28. The British equivalent rose 4.71 pence, to 83.91 p/therm. Meanwhile, the day-ahead contract increased 4.30 pence.
The price of gas in Europe has risen to a record high for a week due to increased demand and the Norway gas outage
The wholesale gas prices in the Netherlands and Britain rose on Tuesday morning as the weather in Norway was cooler and less windy, and the market tightened. Meanwhile, the need to fill gas storages continued to support the price. The benchmark Dutch front month contract rose by 1.37 euros to 34.07 euro per megawatt-hour (MWh), which is $/11.32 mmBtu at 0841 GMT. This was its highest level since 28 April, according to LSEG. The British equivalent rose 2.45 pence, to 81.65 p/therm. Meanwhile, the day-ahead contract increased 3.40 pence.
MOL and Turkiye Petrolleri form a joint venture to explore two oilfields in Hungary
Hungarian Oil Company MOL and Turkey’s Turkiye Petrolleri will explore two new oilfields in Hungary, as part of a newly-established joint venture. Szijjarto, after meeting with Turkish Energy Minister Alparslan bayraktar, said that efficient production on new fields could help Hungary cover some of its consumption needs. Hungary imports the majority of its crude oil via the Druzhba Pipeline, which brings Russian Oil through Belarus, Ukraine and Hungary to Slovakia. Szijjarto said Druzhba would remain Hungary's main crude oil import route.
Shell completes survey of Venezuelan gas field as winding down of license approaches
Shell, the oil and gas company, plans to finish a marine survey of the offshore Dragon gas field in Venezuela before the May deadline set by the United States to close all energy licenses in the country. According to LSEG vessel tracking data, the Colombian-flagged Dona Jose II survey vessel arrived in Venezuela sanctioned by the U.S. this month to collect data for Shell and Trinidad’s National Gas Company. Two sources said that the exploration…
Turkey looks to regional energy expansion as Black Sea Gas output increases
Alparslan bayraktar, the Energy Minister, said that the daily production of natural gas in Turkey's flagship Sakarya Field, located on the Black Sea, has reached 9.5 million cubic meters. The country is ramping up its energy ambitions at home as well as abroad. Bayraktar, a Turkish minister of energy, told reporters in Giresun province that the country aims to sign an agreement by the end of the month allowing TPAO to explore a Black Sea bloc off the coasts of Bulgaria and a foreign partner.
Eni CEO: Eni will invest 26 billion dollars in North Africa within the next four years.
Claudio Descalzi, CEO of Italian energy company Eni, said Tuesday that the group will invest approximately 24 billion euros ($26.24billion) in Algeria Libya and Egypt during the next four-year period to boost energy production. The investments will coincide with Rome's efforts to revive its economic and political relations with Africa, as part of the so-called Mattei Plan. Eni has been a major investor in the energy sector of North Africa for many years.
The price of gas in Europe is rising due to forecasts for cooler temperatures and Norwegian maintenance
Dutch and British gas rates rose on Tuesday, as forecasts called for cooler temperatures over the weekend. They also cited maintenance scheduled at certain Norwegian infrastructure this week. LSEG data shows that the Dutch front-month contract increased by 0.34 euros to 40.69 Euro per megawatt hour or 12.88/mmBtu at 0818 GMT. The Dutch June contract increased by 0.37 euros to 41.24 Euro/MWh. The British day-ahead contracts was up 1.25p at 98.25p/therm.
China CNOOC 2024's net profit increases 11% on record production
CNOOC Ltd., a state-owned energy company in China, posted an increase of 11.4% on a record production in 2024 despite lower oil prices. The firm is continuing to focus on increasing its reserves and production. In a filing on Thursday to the Hong Kong Stock Exchange, offshore oil and natural gas specialist reported net profit of 18.99 billion dollars. Sinopec Corp, a domestic rival, reported a 16.8% drop in net income to 50.3 billion yuan.
