Offshore Oil Wells, Ports Shut as Hurricane Sally Advances on U.S. Gulf
Energy companies, ports and refiners raced on Monday to shut down as Hurricane Sally grew stronger while lumbering toward the central U.S. Gulf Coast, the second significant hurricane to shutter oil and gas activity over the last month.The hurricane is disrupting oil imports and exports as the nation's sole offshore terminal, the Louisiana Offshore Oil Port (LOOP), stopped loading tanker ships on Sunday, while the port of New Orleans closed on Monday.The U.S.
Brazil Sells Rights in Minor Oil Areas
Brazil auctioned off the exploration rights to 33 minor onshore and offshore oil and gas blocks on Tuesday, in what authorities framed as a bid to boost the industry outside of the nation's core, offshore pre-salt play.At an event in downtown Rio de Janeiro, firms ranging from the Brazilian unit of Exxon Mobil Corp to domestic startups paid a total of 15.32 million reais ($3.74…
Murphy Oil Sells Malaysian Assets
Murphy Oil Corp said on Thursday it is exiting Malaysia with the $2.13 billion sale of its oil and gas assets to a Thai company and will use the deal proceeds to pay down debt, buy back shares and fund potential deals in the United States.The buyer, PTT Exploration and Production Public Co Ltd, will also pay Murphy up to $100 million in bonus if certain exploration projects show results before October 2020, the company said.The deal follows moves by other U.S.
Trump's State Department Energy nominee Approved by Senate Panel
President Donald Trump's nominee for the top U.S. State Department job dealing with matters related to energy and the global oil industry was approved by a Senate committee on Wednesday, as the United States gears up to re-impose sanctions on Iran's oil exports. The Senate Foreign Relations Committee approved Francis Fannon, a former head of corporate affairs at mining company BHP Billiton and senior director of Murphy Oil Corp , to head the department's energy bureau.
Exxon Selling Stake in Terra Nova Oil Project
Exxon Mobil Corp is selling its entire stake in the Terra Nova oil project off the eastern coast of Canada, though the world's largest publicly traded oil producer said it was committed to remaining an investor in the region. The project, located about 217 miles (350 km) off Newfoundland and Labrador, produced about 5,000 barrels of oil per day in 2016. Exxon is selling all of its 19 percent stake in the project and initial bids are due March 30…
Gas Plant Fire Halts US Gulf Coast Platforms
At least two offshore oil platforms halted operations on Tuesday in the U.S. Gulf of Mexico after a fire at a natural gas processing plant in Mississippi shut a crucial pipeline that brings output onshore, several companies said. The fire at Enterprise Products Partners plant in Pascagoula was brought under control, but officials were still forced to close the 225-mile Destin gas…
Canadian Oil Sands Halts Syncrude Production After Fire
Canadian Oil Sands Ltd, the biggest shareholder in the Syncrude oil sands project, said it halted crude oil production after a fire damaged equipment at its processing facility in northern Alberta on Saturday, causing traders to scramble to secure temporarily short supply. The company said the main coker conversion units were not damaged and Syncrude continues to operate. However…
Fire Halts Production at Canadian Oil Sands Syncrude
Canadian Oil Sands Ltd, the biggest shareholder in the Syncrude oil sands project, said it has halted crude oil production after a fire damaged equipment at its processing facility in northern Alberta on Saturday. The company said the main coker conversion units were not damaged and Syncrude continues to operate. However, it suspended synthetic crude oil production and is currently developing a recovery plan, Canadian Oil Sands said late on Sunday.
Come By Chance Refinery Samples New Crude
Canada's Come By Chance refinery, located on the eastern island of Newfoundland, is for the first time buying domestic crude pumped from fields only a few hundred miles offshore, marking the latest addition to its increasingly versatile slate. The 115,000 barrel-per-day refinery recently began taking deliveries of White Rose crude, a refinery spokeswoman confirmed. Until now, the relatively medium-sweet variety has been a stranger to the refinery…
Ecopetrol to Drill 3 Wells After Cutting Budget
Colombia's state-run oil producer Ecopetrol will drill three offshore wells this year, two off its Caribbean Coast and a third in the Gulf of Mexico, after slashing its offshore exploration budget to $200 million down from $632 million last year, the company said. The two Caribbean wells, Calasu and Kronos, will be operated by Texas-based Anadarko Petroleum Corp which has an equal sized stake in the projects with Ecopetrol. The U.S.
Diamond Offshore Revenue Rises on Ultra-deepwater Demand
Diamond Offshore Drilling Inc, one of the world's top five offshore rig contractors, reported a 4.5 percent rise in third-quarter revenue, helped by higher demand and improved rates for its ultra-deepwater rigs. The company also said on Thursday it contracted two new-build rigs to oil producer Hess Corp at a rate much lower than previous client Murphy Oil Corp would have paid if they continued the lease. "...
Samson Energy to Sell $1 bln Gulf of Mexico Assets
Oil and gas explorer and producer Samson Energy Company LLC is selling its offshore Gulf of Mexico assets that could fetch more than $1 billion, according to people familiar with the situation. The Tulsa, Oklahoma-based company has tapped Jefferies LLC, the New York-based investment bank, to assist with the sale effort, these people said, asking not be named because the talks are private.
Murphy Oil to Sell Nearly a Third of Malaysian Assets
U.S. oil company Murphy Oil Corp said it would sell 30 percent of its oil and gas assets in Malaysia for $2 billion in cash to Indonesian state-oil company Pertamina as it cuts overseas holdings to focus on an improving home market. The transaction is subject to the approval of Malaysia's state-owned oil and gas company, Petronas, Murphy Oil said in a statement. Reuters reported earlier this year that Arkansas-based Murphy Oil…
Petrovietnam eyes Murphy Oil's Malaysian Assets
A successful bid would make it Vietnam's biggest corporate deal; Kuwait Petroleum Corp unit has bid close to $2 bln for the stake. Petrovietnam has bid for a stake in Murphy Oil Corp's Malaysian oil and gas assets, challenging other suitors including Mitsubishi Corp and Indian state oil companies, a person with direct knowledge of the plan said. The state oil company's bid comes as Vietnam…
Private Equity Firms Double down on Venari's Offshore Drilling
Gulf of Mexico deepwater oil explorer Venari Resources LLC said on Wednesday it had raised $1.3 billion from original backers Warburg Pincus LLC, Kelso & Co, the Jordan Company and Temasek Holdings, as well as new investors. GIC, Singapore's sovereign wealth fund, and BlackRock Inc's private equity arm participated in the new round of equity commitments, joining private equity firms Warburg Pincus…
Oil India Bids for Murphy Oil's Malaysia Assets
ONGC to own 20 percent stake, Oil India 10 percent; Murphy invited bids for 30 pct stake in Malaysian assets. India's state-owned Oil & Natural Gas Corp and Oil India Ltd have submitted a joint bid worth about $1.5 billion to buy a stake in Murphy Oil Corp's Malaysian oil and gas assets, sources directly involved in the process said. Arkansas-based Murphy, which has interests in oil and gas fields in Malaysia…
Ecopetrol Starts GoM Production with Murphy Oil
Colombia's state-run oil company, Ecopetrol, said on Wednesday it has begun producing crude oil from two Dalmatian field wells in the Gulf of Mexico operated by its partner Murphy Exploration & Production Co. The new output boosts production of its North American subsidiary, Ecopetrol America Inc, to 6,700 barrels of oil equivalent per day, the company said in a statement, from the 1…
Murphy Oil's Malaysia assets Draw Wide Interest
ONGC and Oil India may team up for joint bid; Kuwait Petroleum, Mitsui among others eying Murphy's assets. Thailand's PTT decides not to bid. Japan's biggest trading house Mitsubishi Corp has submitted a non-binding bid to buy Murphy Oil Corp's Malaysian oil and gas assets valued at about $2.5 billion, a person familiar with the matter told Reuters. India's state-owned Oil & Natural…
