APPEC-India ONGC Videsh focuses on stakes in oil and gas assets amid energy transformation
The head of finance at ONGC Videsh said that the company is focusing on acquiring stakes overseas in oil and gas producing companies, as the shift to renewable energy will likely reduce the demand for conventional fuels. We are not interested in long-term projects, due to the energy transition. Anupam Agarwal, at the APPEC Conference, said that exploration was not a top priority for the moment.
CSB: Chemical Leak Caused Fire at ITC Houston Terminal
The U.S. Chemical Safety Board (CSB) said on Wednesday that a fuel leak, possibly due to open valves and a running pump, set off a massive blaze at a Mitsui & Co Ltd petrochemical storage operation along the Houston Ship Channel in March.The fire that began on March 17 at Intercontinental Terminals Co (ITC) spread black smoke across Houston…
Brazil Oil Production Jumps 7% in July
Brazilian oil production increased to 2.77 million barrels per day (bpd) on average in July, up 7% from a year earlier, local oil and fuels regulator ANP said on Monday.Natural gas production also increased by 7% in July from the same month last year to 124 million cubic meters, ANP said.(Reporting by Marta Nogueira; Editing by Peter Cooney)
Shell, Nigerian Agree to Reopen Oil Flow Station
International oil major Shell and Nigerian stakeholder communities agreed to reopen the flow station for the Oil Mining Licence 25, the regional Rivers state governor said.Shell also agreed in the memorandum of understanding to pay money owed to the communities, according to the statement. The amount was not specified.Local…
Size Matters in Shale Industry
Having taken a closer look at the detailed economics of the most recent 1,000 wells drilled in the most popular shale hotspot – the Wolfcamp A zone of the Permian Delaware basin – Rystad Energy can see a clear pattern emerging that favors large players.As US crude production is set to grow significantly over the next decade…
Ca Tam Field to Start Production January 15
Vietsovpetro, a Vietnam-Russia oil joint venture, will start crude oil production at the Ca Tam field offshore southern Vietnam from Jan. 15, three sources with knowledge of the matter said on Tuesday.Ca Tam is the first new field to be brought into production in Vietnam in years after a 2014 plunge in oil prices slashed exploration.
GOIL to Partner in Exxon Deepwater Field
Ghana has approved state-owned company GOIL as minority local partner for Exxon Mobil's deepwater offshore oilfield, Energy Minister Peter Amewu said on Wednesday.The West African nation is receiving "huge interest" from international and local oil companies after the government launched its first bidding rounds for offshore blocks last month…
Oil Rises as Investors Fret Over Iranian Supply Gaps
Oil edged higher on Thursday, driven by the prospect of a shortfall in global supply once U.S. sanctions against major crude exporter Iran come into force in just five weeks' time.U.S. President Donald Trump this week demanded that OPEC raise production to prevent further price rises ahead of key congressional elections…
Shell Receives Bids For Downstream Assets in Argentina
Royal Dutch Shell last week received bids for its downstream assets in Argentina, where the Anglo-Dutch super-major intends to focus on shale development. The company declined to name which firms were looking to buy its oil refinery and network of service stations, though local media said state-run YPF was a contender.
India Looks at Creating Oil Giant to Take on Global Rivals
India plans to create a giant oil company by combining state-owned firms, finance minister Arun Jaitley said on Wednesday, as the world's third largest oil consumer looks to better compete with global majors in acquiring foreign assets. New Delhi is struggling to raise local oil production and imports about 80 percent of its oil.
Fire at Rio Petrobras Refinery Impacts Productions
Fire was reported on Wednesday at the Reduc refinery in the state of Rio de Janeiro controlled by Brazil's state-run oil firm Petrobras, with impact on production, a local oil workers union said. Flames had reached one of the three distillation units at Reduc, located in Duque de Caxias, in Rio's metropolitan area, the union said.
Oil Rebounds on OPEC Output Promise
Oil producers plan cut following Nov. 30 OPEC meeting; but market fundamentals remain weak. Oil rose more than 1 percent on Monday, boosted by a commitment from OPEC to stick to a deal to cut output, but prices remained more than $7 below last month's high due to persistent doubts over the feasibility of the group's plan.
PDVSA Inks $1.45 Bln in Financing to Boost Oil Output
Venezuelan state oil company PDVSA on Friday signed financing deals totaling nearly $1.45 billion with a local firm and India's ONGC Videsh Limited to raise production at joint venture operations. DP Delta Finance, led by the owner of local oil producer Delta Petroleum, will provide $1.13 billion in financing to boost output at a joint venture between PDVSA and Delta Petroleum, PDVSA said.
New Joint Venture for Seismic Services Offshore Ghana
Geoscience company CGG has signed an agreement with GNPC Operating Services Company Ltd (GOSCO), an independent Ghanaian E&P services company, to form a joint-venture company dedicated to conducting high-end 2D, 3D and 4D marine seismic acquisition and related services in the territorial waters of the Republic of Ghana.
Petrobras BR Distribuidora Union Workers Start 5-day Strike
Workers at BR Distribuidora, the fuel unit of Brazil's state-owned oil company began a planned five-day strike on Monday to protest the planned sale of control of the distributor, the president of a union representing striking workers said. Employees of BR, formally known as Petrobras Distribuidora SA, are attempting to…
Nigerian Oil Trade Union Suspends Strike
A Nigerian union representing oil workers has suspended a strike that some feared would lead to fuel shortages and disrupt crude production, one of its leaders said on Wednesday. The strike by about 10,000 members of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), which includes refinery workers and office staff…
Pemex Says Trion Field Approved as First Farm Out
The board of Mexican state oil company Pemex has authorized the process of launching the first so-called farm out as part of the opening of the local oil and gas industry, chief executive Jose Antonio Gonzalez Anaya said on Friday. The planned tie-up will be in the Trion field in the Perdido area near the U.S. border, he told a news conference.
$50 Crude Stirs Signs of Life in West Texas
As crude prices plummeted last summer, Steve Pruett, chief executive of a small west Texas oilfield developer, idled a drilling rig, opting to pay $21,000 a day to store it rather than dig more wells and risk bigger losses. Now as oil prices rise again, the third-generation oil man is offering his only rig crew bonuses to drill wells as fast as they can…
Shell Cancels Sale of Stakes in Brazil Oil Fields to PetroRio
Royal Dutch Shell PLC canceled the sale of 80 percent stakes in two mature oil fields off the coast of Brazil to local oil company PetroRio, the oil major said on Tuesday. Shell also said it will not proceed with the sale of the oil rig FPSO Fluminense to PetroRio. The total deal was estimated to worth $150 million. It…
Abu Dhabi's TAQA to Shed U.S. Wind Asset
Abu Dhabi National Energy Co , or TAQA, has filed with U.S. energy regulators to sell its stake in the Lakefield wind power plant in the U.S. state of Minnesota to a Qatari company. TAQA, which reported a net loss of 416 million dirhams ($113.3 million) for the quarter ending Sept. 30, said earlier this month it was aiming to develop local oil and gas projects…
