Repsol targets renewables deals, seeks 'solution' for North Sea business
Josu Imaz, the chief executive of the Spanish oil company Repsol, said that the company is currently working on new deals for its renewable operations both in Spain and in the United States. It also wants to find a solution to its exploration and production business in the North Sea. Repsol has a strategy that focuses on selling minorities in renewable projects, to fund the expansion of green energy capacity and biofuels. It also focuses its upstream activities on key markets such as the U.S.
Egypt plans to restore gas production at its gas fields to normal by the summer of 2025
Mostafa Madbouly, the Prime Minister, said that Egypt hopes to resume normal production in its natural gas fields before next summer. He also indicated that the government was moving to settle arrears it owes to production companies. Madbouly said at a press conference that the government's arrears had caused a drop in production, but he did not specify how much it owed or when the money might be paid back.
Malaysia won't stop South China Sea exploration, despite China protests says PM
Anwar Ibrahim, Malaysia's Prime Minister, said that the country would not stop oil and gas exploration on the South China Sea in spite of Beijing's claims that Malaysia had infringed on its territory. Anwar, who is currently in Russia on an official visit, stated that Malaysia's exploration was within its own territory, and it wasn't meant to be provocative towards China. Anwar stated in a Vladivostok…
BP and Iraq to share profits on Kirkuk fields
Iraqi officials from the oil ministry said that BP will develop Iraq's Kirkuk gas and oil fields using a profit sharing model. A final agreement should be reached before the end of this calendar year. Iraq and BP have signed a preliminary deal earlier this month for the development of four oil and natural gas fields in Kirkuk in northern Iraq. BP estimates that these fields contain about 9 billion barrels worth of recoverable crude oil.
Harris' energy strategy is ambiguous from a strategic perspective, say her aides
Since Vice President Kamala Harris joined the White House race 25 days ago, she has been keeping energy executives on their toes. Was she the anti-pollution and climate change warrior Attorney General of California? Or was she the pragmatic number two in the Democratic Biden Administration that oversaw record U.S. production and exports of oil? Seven times in her speeches, she mentioned climate, but never energy, fracking, or oil.
Delek Looking to Sell Karish & Tanin Royalty Rights
Israeli energy conglomerate Delek Group said on Sunday it was in talks to sell royalty rights to two small natural gas fields and was amending its proposed share offering.Delek said it planned to sign a 300 million shekel ($85 million) deal to sell the rights to its share of royalties from the Karish and Tanin gas fields offshore Israel in the coming days.The group has been hard hit by the drop in energy…
Energean Targets Net Zero Carbon Output by 2050
Mediterranean-focused oil and gas producer Energean has joined a U.N.-backed initiative and committed to reducing its net carbon emissions to zero by 2050, its chief executive said on Monday.Oil and gas producers have come under heavy pressure in recent years to tackle greenhouse gas emissions as the world battles climate change.Energean's pledge came as the 25th annual United Nations Climate Change Conference — also known as COP 25 — begins in Madrid.The company said in a statement it was the first
BP Exits Alaska in $5.6 Bln Sale
British oil major BP Plc on Tuesday agreed to sell all its Alaskan properties for $5.6 billion to privately held Hilcorp Energy Co, exiting a region where it operated for 60 years.The deal, which includes interests in the most prolific oil field in U.S. history at Prudhoe Bay, and the 800-mile (1,300-km) Trans Alaska Pipeline, is part of BP's plan to raise $10 billion over the next two years through asset sales to further strengthen its balance sheet…
Black Sea MGD Project Gets Government Nod
Black Sea Oil & Gas (BSOG), controlled by private equity firm Carlyle Group LP, announced it has received Romanian government approval from the Romanian Government through the National Agency for Mineral Resources (NAMR) for its plan to develop the offshore Ana and Doina natural gas fields which make up the Midia Gas Development Project (MGD Project), in the Black Sea.Gigi Dragomir, NAMR President, said…
Velesto Gets Contract Extension from Hess
Malaysian drilling contactor Velesto Drilling said that the oil company Hess Exploration and Production Malaysia has extended the contract for the Naga 8 jack-up drilling rig in North Malay Basin, Malaysia.Naga 8 jack-up rig is owned by Velesto Drilling (previously known as UMW Offshore Drilling), a subsidiary of Velesto Energy Bhd (formerly known as UMW Oil & Gas Corp Bhd).In a filing with Bursa Malaysia…
Shell Australia Agrees to Sell Stake in Natural Gas Fields to Timor-Leste
Royal Dutch Shell's Shell Australia said Wednesday it entered into a sales agreement with Timor-Leste to sell the government a 26.56% interest in the Greater Sunrise fields for $300 million.The Greater Sunrise fields, comprised of the Sunrise and Troubadour gas and condensate fields, are located about 150 kilometers (93 miles) southeast of Timor-Leste and 450 kilometers (279 miles) northwest of Darwin in the Northern Territory…
Dutch Government to Slow Gas Production at Small Fields
The Netherlands will slow down production at smaller natural gas fields in coming years and halt the search for new fields on land as extraction from the vast Groningen field is phased out, the Dutch government said on Wednesday.The government decided in March to wind down output at the Groningen field, once Europe's largest gas field, by 2030 as part of efforts to reduce the danger caused by small but…
Aker Solutions Wins Troll FEED Contract With EPCI Option From Statoil
Aker Solutions said it has won a contract from Statoil for front end engineering and design of a module that will increase output at Troll, one of Norway's largest natural gas fields. The order includes an option for engineering, procurement, construction and installation of the module, which will receive and process gas from the Troll West field before it is exported to the onshore Kollsnes facility near Bergen in Norway. The module will be installed on the Troll A platform in the North Sea.
Australia Risks Missing Next LNG Wave: Russell
Should the arrival of the last major piece of kit in Australia's $180 billion liquefied natural gas (LNG) spree be a cause for celebration or for a wake? It may seem that the arrival of the Ichthys Venturer floating production, storage and offloading facility would be worthy of breaking out the champagne. The vessel, which will be moored some 220 kilometres (132 miles) off the northwestern coast as part of Inpex's Ichthys project…
Iran to hold tender for oil, natural gas fields
Iran will launch new contracts to develop oil and natural gas fields in mid-February in the country's first such tender since the lifting of international sanctions a year ago, an oil official said on Saturday. "The plan was to hold the first tender at the end of January, but it will be held with 15 days of delay on February 15," Ali Kardor, managing director of the National Iranian Oil Company (NIOC), was quoted as saying by ISNA news agency.
Turkmenistan Limits Natural Gas Supplies to Iran
Turkmenistan has limited natural gas supplies to Iran since Jan. 1 over unpaid past deliveries, the Turkmen Foreign Ministry said on Tuesday, a day after Iran said supplies through a cross-border pipeline had been cut off. The ministry said Ashgabat, which exports to Iran about 9 billion cubic metres of gas a year, made the move after trying unsuccessfully to collect debts from the National Iranian Gas Company (NIGC) since 2013. It did not disclose the amount owed.
Petrobras, YPFB Chaco to Invest $1.2 Bln in Exploration
Brazil's state-run oil firm Petroleo Brasileiro SA and Bolivia's state-run YPFB Chaco signed a $1.2 billion agreement to explore two natural gas fields with potential reserves of 4 trillion cubic feet, the Bolivian government said on Monday. The fields are Astilleros and San Telmo, in southern Bolivia. (Reporting by Daniel Ramos; Writing by Caroline Stauffer)
Fracking’s Future Uncertain -Douglas Westwood
Hydraulic fracturing has been a hugely controversial subject in many countries and has increasingly become the focus of legislation in the U.S., as highlighted by industry analyst and consultant Douglas Westwood. The state of Colorado has seen the most recent push for new restrictions – activists have obtained over 200,000 signatures to introduce two new initiatives on Colorado’s November 8 ballot. If passed…
Yemen Resumes Oil Output, Exports from Masila Fields
Yemen has resumed production and exports from its Masila oilfields for the first time since a civil war began more than 16 months ago, state news agency sabanew.net reported on Thursday. The agency, which is run by the exiled government of President Abd-Rabbu Mansour Hadi, quoted oil minister Saif al-Sharif as saying Yemen also hoped to resume production from the Shabwa and Marib oilfields. Sharif said Yemen hoped to resume exporting oil and natural gas from Ras Isa port…
Pemex Sees Oil Output Boost from Looming Joint Ventures
Mexican state oil company Pemex expects to boost crude output over the next few years with a handful of joint ventures that will focus on onshore and offshore fields, a company official said, outlining areas it will seek to develop with outside producers. New production from the future joint ventures, or farm outs, is forecast to add about 400,000 barrels in new daily crude output and bring the company's total to about 2.5 million barrels per day (bpd) in 2022…
