Sources say that a top Kazakh oilfield has reached a record production amid tensions between OPEC+ and the country.
Sources say that Tengiz, Kazakhstan's largest oil field, operated by U.S. giant Chevron, increased output to a new record in October. This could complicate the future efforts of Kazakhstan to meet its OPEC+ quota. OPEC+ named Kazakhstan, Iraq, and Russia among the top 10 oil producers in the world as having repeatedly failed to meet its commitments to reduce oil production for this year. Two industry sources said that Tengiz increased its daily production from 687,000 to 699,000 BPD in early October.
Kazakhstan asks for a delay in maintenance of the giant Kashagan Oilfield.
Trading sources familiar with the matter claim that Kazakhstan's Energy Ministry has asked shareholders to delay next year's maintenance, which was scheduled to start at the site on October 1st. Two sources claim that the ministry requested a delay in a letter sent to the partners of the North Caspian Operating Company consortium (NCOC), which operates Kashagan. The letter cited the fear of natural gas shortages during the winter season as the main reason. They added that a decision is expected on September 10.
Oil Majors to Raise $27Bln in Selling Spree
Global giants of the oil and gas industry – the so-called supermajors – are looking to sell assets that could fetch a total of $27.5 billion, according to Rystad Energy’s latest assessment.These companies are actively shedding mature assets on a massive scale in a bid to finance higher-yielding investments elsewhere, with the added benefit of pleasing shareholders who are calling for stricter capital discipline.“The expected transactions mean some of the majors are poised to exit certain regions…
Eni Continues High-speed Gulf Drive
In less than 12 months Eni CEO Claudio Descalzi has turned the Middle East from a sideshow to a strategic hub for the Italian energy major. And the shift is not over.Since last March the 63-year-old has clinched nine deals in the United Arab Emirates, gained a toehold in Bahrain and expanded in Oman to reshape the group's future.In the latest deal on Sunday, Eni pledged $3.3 billion to buy part of the world's fourth-biggest refinery in the UAE…
Caspian Pipeline Consortium Cuts CPC Blend Export Plan by 10%
The Caspian pipeline consortium (CPC) expects to pump about 60 million tonnes of CPC Blend <BFO-CPC> crude oil via the CPC pipeline this year, down from the previous plan for 67 million tonnes, the consortium told Reuters on Tuesday."We ... expect to pump around 60 million tonnes, but it (the export volume), of course, depends on producers," CPC said.On a daily basis, CPC Blend exports will be 10 percent lower than under the previous plan…
Kazakhstan says Rosneft Quits, Shell Joins Kazakh Oil Project
Russia's Rosneft has quit Eurasia, an early-stage oil exploration project in Kazakhstan, while Shell has joined it, an executive of the Kazakh company involved in the project said on Monday.The Eurasia project focuses on exploring a geological area known as the Caspian Depression in western Kazakhstan by drilling ultra-deep wells of up to 15 kilometres.Kazakhstan has estimated that the untapped lower levels of the geological structure could hold up to 60 billion tonnes of oil.
Kashagan Oil Output Down to 180,000 BPD
Oil production at the Kashagan oilfield has fallen to 180,000 barrels per day from 300,000 barrels per day around March 20, three industry sources told Reuters. It was not immediately clear what the reason was for the sharp fall in daily production. "It should be maintenance," - one source said, but added that it was not planned. North Caspian Oil Consortium (NCOC), the operator of the Kashagan oilfield, has not answered a request for comment.
KazMunaiGas Kashagan Gets Advance from Vitol
KMGK is using the funds to pay for its 8.48 percent stake in Kashagan, which it acquired in 2008. KazMunaiGas (KMG) increased its share in the Kashagan project in 2008 by 8.48 percent to 16.81 percent after equity participation of other consortium shareholders decreased in exchange for the government's permission to extend the budget and project time frame. "KMGK received an additional prepayment on August 10, 2017 for the amount of $600 mln and made early repayment of the second instalment … for a total sum of $804.4 mln…
Kashagan to Cut CPC Oil Supplies in Sept
Kazakhstan's giant Kashagan oil field will feed about 700,000 tonnes of oil into the CPC pipeline this month, 400,000 tonnes less than originally planned, a CPC official told Reuters on Thursday. North Caspian Operating Company, which operates Kashagan, did not reply to questions from Reuters about the reason for the reduction. Reporting by Olga Yagova; Writing by Olzhas Auyezov
Eni Inks Cooperation Deal with CNPC
Eni signed a cooperation agreement with China National Petroleum Corporation (CNPC) on Wednesday in a move that could give the Italian oil major greater access to the Chinese market. Eni said in a statement it had agreed to work with state-owned CNPC in the fields of exploration and production, liquefied natural gas (LNG), trading and refining-petrochemicals. The deal will cover operations in China and abroad, it said, without giving further details.
Eni Confident of Dividend Even with Lower Oil Prices
Italian oil major Eni said on Friday its dividend was safe even at lower oil prices thanks to a string of major discoveries underpinning output growth and cash generation for the years to come. Eni, the most active of the foreign oil majors in Africa, has one of the best discovery records in the industry, with large gas fields in Mozambique and Egypt. More recently it also made an oil find in Mexico. Under its so-called "dual exploration" strategy…
Caspian Pipeline Eyes Expansion With New Oilfields
The Caspian oil pipeline will boost its capacity this year by some 47 percent thanks to new oilfields in the region including the giant Kashagan deposit in Kazakhstan, the director general of the consortium that owns it, Nikolai Gorban, said on Friday. The plans to boost the oil exports may undermine OPEC-led efforts to cut production of oil in order to reduce bloated global inventories and support sagging oil prices. The Caspian Pipeline Consortium (CPC)…
EU Refiners Cash in Despite OPEC Cuts
Oil from Nigeria, Libya and Kazakhstan gives a boost; margins average 50 percent higher than Q1 2016 and Fuel oil cracks strengthen. A global deal to cut oil production has had the unintended consequence of aiding Europe's older refineries by bolstering supplies of light crude while curbing shipments of the heavier grades favoured by more advanced plants in other continents. These European units, long thought doomed by competition from state-of-the-art refineries in the Middle East…
Rigmarine Diversifies in Kazakhstan
Rigmarine has highlighted synergies between inland and offshore industries as the lifting and marine product specialist looks to meet increasing demand from the mining and power industries via its Aktau, Kazakhstan facility. Rigmarine has four global locations—others are in Baku, Azerbaijan; Sharjah, UAE; and Aberdeen, Scotland—all strategically positioned to serve offshore oil and gas, renewables, construction, break bulk, shipping and marine industries.
ExxonMobil Earns $7.8 Bi in 2016
Exxon Mobil Corporation today announced estimated 2016 earnings of $7.8 billion, or $1.88 per diluted share. An asset recoverability review was completed in the fourth quarter and resulted in a U.S. Upstream asset impairment charge of about $2 billion mainly related to dry gas operations with undeveloped acreage in the Rocky Mountains region of the U.S. Excluding the impairment charge, full year earnings were $9.9 billion compared with $16.2 billion a year earlier, reflecting lower commodity prices and refining margins.
Magnus Joins Kvaerners Executive Team
Sturla Magnus has been appointed new executive vice president (EVP) for Structural Solutions and responsible for Kvaerner's yard at Verdal. He will start in his new position April 1, 2017, at the latest. Previous EVP of Structural Solutions, Sverre Myklebust stepped down as EVP for Structural Solutions at year end 2016. Ole Petter Bjartnes will be interim responsible for the product area until Magnus takes up the position.
Saudis Order Oil cuts to U.S., EU, Ahead of non-OPEC talks
OPEC to meet non-OPEC countries in Vienna in Saturday; Russia signals deal still faces challenges. Saudi Arabia has told its U.S. and European customers it will reduce oil deliveries from January as Russia signalled that a commitment from non-OPEC producers to join OPEC's output limits still faced challenges. Saudi Arabia told the customers about lower supplies in line with the output reduction agreed by the Organization of the Petroleum Exporting Countries last week…
Kashagan Oilfield May Produce Up to 11 mln T in 2017
Kazakhstan's Kashagan oilfield may produce up to 11 million tonnes (221,000 barrels per day) in 2017 in the absence of major technical faults, the Energy Ministry said on Tuesday in a written response to Reuters. "The forecast for Kashagan oil production is between 4 and 8 million tonnes. However... in the absence of technological complications, Kazakhstan expects Kashagan's output at 11 million tonnes," the ministry said about the 2017 plans. (Reporting by Alla Afanasyeva; writing by Vladimir Soldatkin)
Oil Near One-month Low, OPEC Deal Weighs
Oil held just above one-month lows on Tuesday, following its largest one-day slide in more than five weeks although analysts said the prospect of a more substantial price recovery was limited. The market remains weighed down by record output from the world's largest exporters, and mounting uncertainty that OPEC and its rivals can do much to tackle a two-year global surplus. Oil prices hit their highest in a year in October…
Kazakhstan's Kashagan Ships First Oil for Export
The first batches of oil from the giant Kashagan oil field in Kazakhstan were shipped for export on Friday via two pipelines, the Central Asian nation's Energy Ministry said. Energy majors developing the field have shipped 7,700 tonnes of oil through the private CPC pipeline and 18,800 tonnes through a pipeline operated by state-controlled firm KazTransOil, it said in a statement. (Reporting by Raushan Nurshayeva; Writing by Olzhas Auyezov; Editing by Alexander Winning)
