Chevron exceeds expectations for quarterly profits on the back of higher oil production
Chevron Corp. beat Wall Street expectations for the third quarter profit on Friday. However, its earnings dropped from a previous year. Chevron Corp, which has had its proposed $53 billion takeover of Hess delayed by Exxon Mobil Ltd and CNOOC Ltd due to their challenge, reported a profit adjusted of $4.53 billion. This compares to $5.72 million a year earlier. The shares rose by 2.6% ahead of normal trading hours. The oil industry has seen profits fall this year as a result of lower crude prices and a weaker growth in fuel demand. Oil futures for the quarter ending Sept. 30, averaged 17% less than the previous quarter.
ONEOK's Q3 profit rises on the back of strong demand and a narrower annual forecast
Pipeline operator ONEOK announced a 52.6% increase in its third-quarter profits on Tuesday. This was largely due to higher demand for natural gas in the Rocky Mountain Region, as well as higher volumes of natural gases and natural gas liquids. The company reported that raw feed volumes of natural gas liquids in the Rocky Mountain Region (NGLs) increased by 7%, and natural gas volumes in the Rocky Mountain Region processed by 5%. The petrochemical industry uses NGLs like ethane or propane as feedstock. ONEOK's NGL unit adjusted Core Profit rose 1.3%, to $624 Million during the quarter reported.
Beach Energy's profit drops to a 2-1/2-year low due to a downgrade of reserves
Beach Energy, an Australian oil and natural gas company backed by billionaire Kerry Stokes fell to its lowest level in more than two-and-a half years on Monday, after reporting a drop in profits and downgrading reserves for a major gas field in Victoria. The shares of the company closed at A$1.245 on Friday, a 12.6% decline. This was their lowest closing price since December 29, 2021. It was also its worst session since April 1. The stock fell by as much as 132% in the morning. The stock was the biggest loser on the benchmark ASX 200 benchmark.
West of Shetlands Ups Offshore Production
West of Shetland production likely to overtake North Sea for Shell and BP’s UK portfolios by 2020, said a report.Over the last four years oil and gas production in the West of Shetlands has risen and with that, a growing relevance for the biggest players still active in the UK continental shelf (UKCS), says GlobalData.The company’s latest research reveals that the West of Shetland (WoS) area retains the attention of major Exploration and Production (E&P) players in the region; however infrastructure restraints could hinder future growth potential in the basin.Despite the US based E&P majors…
Natural Gas Flaring Hits Record High
As spot prices in the region have remained near or below zero, natural gas flaring and venting in the Permian Basin in Texas and New Mexico reached a new all-time high in the first quarter of 2019, averaging as much as 661 million cubic feet per day (MMcfd).According to research conducted by Rystad Energy, this widespread waste of a valuable commodity is the result of persistent infrastructure challenges, a lack of sufficient takeaway capacity and an unexpected outage on a key pipeline in the area.“We anticipate…
Equinor Sells Natural Gas Worth USD26bln in 2018
Norwegian energy company Equinor has announced its 2018 sales of natural gas totalled $26bn, an increase of 29% from 2017.Equinor sold a total of 100 billion cubic metres (bcm) of gas worldwide in 2018. The company is the second-largest gas supplier to Europe, as well as the largest producer of natural gas on the Norwegian Continental Shelf (NCS)."As more countries prepare for the energy transition, Equinor sees strong market opportunities for gas and expects global demand to grow by around 10% towards 2030…
Natural Gas Contributes to Low Carbon Future
Equinor sold natural gas for around $26 billion in total in 2018, an increase of 29 percent from 2017. As more countries prepare for the energy transition, Equinor sees strong market opportunities for gas and expects global demand to grow by around 10% towards 2030.Equinor is the largest producer of natural gas on the Norwegian continental shelf and the second-largest gas supplier to Europe. The company also has a significant gas portfolio outside Norway. At its Gas Seminar in London, Equinor outlines its gas position as well as its long-term market outlook.“Global energy markets are changing.
Poland's PGNiG Receives US LNG
Polish state-controlled oil and gas company Polskie Górnictwo Naftowe i Gazownictwo SA (PGNiG) is set to receive a spot cargo of U.S. liquefied natural gas (LNG).The Warsaw-headquartered oil and gas company said in a statement that it will receive a delivery of liquefied gas shipped to Świnoujście by Centrica LNG Company Limited. It will be the third spot delivery arriving at the President Lech Kaczyński Terminal this year.The Hoegh Gallant vessel will arrive in Poland carrying on board approximately 65 thousand tonnes of LNG, which, after regasification, will yield almost 90 mcm of gas. The LNG comes from the U.S.
Gazprom Starts Operations at Final Yamal Unit
Russian gas giant Gazprom said on Wednesday it had begun operations at a third and final unit at its Bovanenkovo gas field on the Arctic Yamal peninsula, allowing it to boost natural gas production.Gazprom also said it had increased the capacity of the Ukhta-Torzhok gas pipeline, aimed at facilitating Russian gas exports to northern Europe, including via the Nord Stream pipeline.Gazprom plans to export record-high natural gas volumes of 200 bcm to Europe this year.The company said that with the launch of the final unit, Bovanenkovo will reach a projected capacity of 115 billion cubic meters (bcm) of gas per year.The gas field w
Offshore Cape Three Points Begins Gas Delivery to Ghana
Vitol said that the Offshore Cape Three Points (OCTP) integrated oil and gas project offshore Ghana has commenced delivery of gas from the Sankofa field to Ghana National Petroleum Corporation (GNPC).Both Vitol and GNPC are partners in the OCTP project alongside operator Eni. The offshore project is expected to provide stable supplies of cost effective and environmentally friendly, domestic fuel for the Ghanaian power sector, said Vitol.The estimated net cost of gas to Ghana will be less than $4.5/MMBtu…
Eni/Total Find NatGas off Cyprus
Italy's Eni and France's Total have discovered a promising natural gas field off Cyprus, Eni said on Thursday, saying the find looked geologically similar to the mammoth Zohr field off Egypt. Further analysis was required to determine the range of gas volumes and define further exploration and appraisal operations, Eni said. "Calypso 1 is a promising gas discovery and confirms the extension of the 'Zohr like' play in the Cyprus Exclusive Economic Zone (EEZ)," Eni said in a statement. Eni is the operator of the offshore block with a 50 percent participation interest, while Total is a partner with the remaining 50 percent.
Kinder Morgan Q3 Revenue Dips on Harvey Impact
Pipeline operator Kinder Morgan Inc reported a 1.5 percent fall in quarterly revenue, partly due to the impact of Hurricane Harvey. In August, Harvey hit the Texas shore as a fierce Category 4 hurricane, causing massive flooding, which knocked out 11 percent of U.S. refining capacity, a quarter of oil production from the U.S. Gulf of Mexico, and closed ports all along the Texas coast. Kinder Morgan had shut down parts of its KMCC pipeline system for crude and condensate, its Double Eagle pipeline, several gas storage facilities and compressor stations due to Harvey.
MET International Plans to Boost LNG Trades
Switzerland-based MET International AG plans to boost its liquefied natural gas (LNG) trades in Europe by 50 to 100 percent next year, the company's chief executive said on Tuesday. Gyorgy Vargha said that while the company had traded one cargo, or 60,000 tonnes of LNG, per month this year, this is expected to rise to between 1.5 and two cargoes per month in 2018 as MET seeks to increase its role in that segment. MET International was established in 2010 as the natural gas trading arm of parent MET Group…
Australian Supply Crunch Squeezes LNG Exporters
Spot LNG exports in government's cross-hairs; ConocoPhillips, Origin, Shell now in the firing line. The Australian government on Monday warned that the country's east faced a worse-than-expected natural gas shortfall in 2018, but the competition watchdog said the gap could easily be filled by diverting uncontracted exports to the local market. It is now up to the government to decide by Nov. 1 whether to pull the trigger on its Australian Domestic Gas Security Mechanism, which allows it to curb liquefied natural gas (LNG) exports from the nation's east coast if it determines there will be a shortfall in any year.
US Shale Output Poised to Keep Rising Despite Investor Concerns
Shale production in the largest U.S. oilfield should rise by as much as 300,000 barrels per day by December, according to updated forecasts following the industry's latest quarterly results. The higher outlooks, amid worries the recent breakneck pace of gains may not be sustained, come on the heels of one high-profile Permian Basin producer's oil output miss last quarter and decisions by several other energy companies to trim annual budgets. Oil production from the Permian Basin of West Texas and New Mexico…
Opal Reports Interest in Renewed Capacity Auctions
Pipeline operator Opal Gastransport said on Wednesday it had seen interest in shipping more Russian natural pipeline gas volumes into storage and to the Czech Republic after restarting day-ahead auctions on the German onshore link last week. Germany's Oberlandesgericht Duesseldorf court last month preliminarily rejected a legal challenge capping the amount of gas that Russia's Gazprom can ship on the 470-km Opal, which carries gas from the Nord Stream pipeline arriving in northern Germany. "We are very satisfied with the way that the first day-ahead auctions have turned out," a spokeswoman for Opal Gastransport said.
Offshore Gas Safety atop the Agenda for Martek Marine
Maritime industry technology specialists Martek Marine say it is setting the bar high when it comes to offshore gas safety. The company has developed a first-of-its-kind gas sampling system for a new moored floating production unit, which forms part of the Jangkrik Complex gas fields development in Indonesia. The system has been developed to dramatically improve offshore crew safety through the use of advanced gas sampling technology. The worst offshore disaster in history, the Piper disaster on July 6, 1988, involved a series of gas explosions which destroyed the Piper Alpha oil platform in the North Sea, killing 167 men.
LNG Sellers, Asian Buyers Spar Over Contract Terms
A spat brewing between Qatar, the world's No.1 producer of liquefied natural gas (LNG), and its biggest customers in Japan underscores rising tensions between buyers and sellers of the super-chilled fuel as a supply glut unbalances the market. Importers of LNG having been pushing for greater benefits amid the surplus, signing new, cheaper contracts that give them more flexible terms, while exporters try to preserve long-term supply deals written in their favour during tighter markets. Worried some buyers are becoming too bold in their push for an advantage…
Aggreko reviews N.America Oil & Gas Fleet
Aggreko Plc, the world's largest temporary power provider, said it was reviewing the value of its North American fleet of oil and gas generators after further weakness in that market dragged down its third-quarter underlying revenue. Shares in Aggreko, whose kits power major events and cover electricity shortfalls, were down 3.8 percent at 771.5 pence at 1236 GMT on Wednesday, making its stock one of the top percentage losers on London's midcap index. The British company said underlying revenue fell 7 percent year-on-year in the quarter ended Sept.
IEA for Enhancing Global Gas Security
While the rise of the liquefied natural gas market has accelerated the globalization of natural gas, the energy security implications of this transformation have attracted much less attention. Through an extensive analysis of global gas data, a new report from the International Energy Agency seeks to provide more transparency into the LNG market. There is no doubt that global gas markets are well supplied today. While this is positive for global gas security, the new analysis from the first Global Gas Security Review, released today in Tokyo, warns that LNG markets are less flexible than is commonly believed.
