Congo cancels the licensing round for 27 oil block
According to a Monday statement on the hydrocarbons minister's X Twitter account, the Democratic Republic of Congo has canceled a licensing round originally launched in 2020 to tap the nation's potential for oil and gas. The statement of October 11 listed multiple reasons for cancellation. These included late submissions, inappropriate and irregular offers, as well as a lack competition. Aime Sakombi Molindo, hydrocarbons minister, said: "Given what I have just stated…
PGNiG Open to Mergers with State-run Firms
Polish gas company PGNiG is open to consolidation with other energy companies, its newly appointed chief executive said on Friday, as the government tries to merge state-run firms to strengthen their market position.The Polish state is a major shareholder in the energy sector, which is undergoing unprecedented consolidation, with PKN Orlen planning to take over refiner Lotos and state utility Energa.Poland's government plans to merge the country's two biggest refiners to create a bigger player capable of competing on international markets."We want to be treated no
Oil And Gas Discoveries Hit 4-Year High
The global oil and gas explorers powered ahead and discovered 12.2 billion barrels of oil equivalent (boe) in 2019, the highest volume since 2015.According to Rystad Energy, last year recorded 26 discoveries of more than 100 million boe, with offshore regions dominating the list of new oil and gas deposits.Guyana’s success story from 2018 continued in 2019, with ExxonMobil adding four new discoveries within its offshore Stabroek block, while Tullow Oil’s…
China Opens Up to Foreign E&P Firms
For the first time, China will this year allow foreign companies to explore for and produce oil and gas in the country, opening up the industry to firms other than state-run energy giants, as Beijing looks to boost domestic energy supplies.The long-awaited opening accompanies a reshuffle of the so-called "midstream" pipeline business, but experts say it may not excite immediate interest from global drillers because of the poor overall asset quality of China's hydrocarbon resources.From May 1, foreign firms registered in China with net assets of 300 million yuan ($
Poland Employs New Seismic Tech
The Polish state-controlled oil and gas company PGNiG said that its geophysical services provider Geofizyka Toruń SA became the first company in Europe to employ new seismic data acquisition technologies in searching for hydrocarbon deposits.The Polish oil and gas company said in a press release that the company is replacing the hitherto used cabled geophone networks with ultra-lightweight wireless nodal sensors. Their small size and low weight allow to…
Oxy Would Sell Anadarko’s Africa Assets to Total
France's Total SA said on Sunday it has agreed with Occidental Petroleum Corp to acquire the African assets of Anadarko Petroleum Corp for $8.8 billion, should the two U.S. oil and gas companies clinch a deal to combine.The agreement with Total is the latest move by Occidental in its effort to convince Anadarko to accept a $38 billion cash-and stock acquisition offer and abandon its agreed $33 billion sale to Chevron Corp. On Tuesday, Occidental secured…
Occidental Tops Chevron's Bid for Anadarko
Occidental Petroleum Corp on Wednesday started the first takeover battle for a major oil company in years, offering $38 billion for Anadarko Petroleum Corp, a bid that topped a $33 billion offer by Chevron Corp.Both suitors are offering a premium for Anadarko's holdings in the Permian Basin of West Texas and New Mexico. The vast shale field holds oil and gas deposits that can produce supplies for decades using new, low-cost drilling techniques.Occidental's surprise $76-per-share bid is valued at $57 billion, including debt.
Big Oil Digs North Sea's 'Final Frontier'
"Little hope of THIS rock ever producing oil," BP geologist Bill Senior scribbled in 1977 on a note assessing a recent oil discovery in a distant corner of the North Sea.That same rock is today the heart of BP's prized Clair field in the West of Shetland region, which this week started its second phase of production.The giant bridge-linked Clair Ridge platforms are among the projects that have given new life to this area of the North Sea, one of the oldest offshore basins…
Australian Firm Finds Oil, Gas in Zimbabwe
Zimbabwe's President Emmerson Mnangagwa said on Thursday that Australia's Invictus Energy had found oil and gas deposits in the northern Muzarabani area of the country.Invictus Energy has agreed to enter a production sharing arrangement with Zimbabwe once the project reaches commercial production, Mnangagwa said."Government of Zimbabwe will work very closely with Invictus to ensure that Invictus realises its plans to sink an exploration well by mid 2020…
Unmanned Platform Starts Production at Oseberg Vestflanken 2
The Oseberg Vestflanken 2 field in the North Sea came on stream on Sunday. Remote-operated from the Oseberg field center, the new Oseberg H platform is the first unmanned platform on the Norwegian Continental Shelf. Recoverable resources are 110 million barrels.“With Oseberg H we take a huge technological leap forward. The fully automatic, unmanned and remote-operated platform is digitalization in practice, and I am proud of Equinor and its partners having chosen this in-house developed solution…
PGS Below Q2 Expectations but Outlook Improves
Shares of seismic services company PGS, which surveys the seabed for oil and gas deposits, dropped on Thursday on lower-than expected second-quarter results but its CEO said the market outlook was improving.PGS's April-June core operating earnings (EBITDA) rose to $136.0 million, below the $144 million expected by analysts in a Reuters poll, but up from $112.5 million in same quarter last year.Its shares traded three percent down by 0911 GMT, after dropping eight percent in early trade."We see a clear sign of improvement, it's a lot more tender activity, and we ha
TGS Boosted by Seismic Market Recovery
Q1 revenues rose by 56 pct; shares jump 13 pct. Oslo-listed seismic data provider TGS, a key supplier to the oil industry, reported first-quarter revenues far above forecasts as markets continue to improve, it said on Tuesday, sending its share price surging. Net revenues for the January-March quarter rose by 56 percent year-on-year to $135 million, beating the average $106 million forecast by analysts, according to Thomson Reuters estimates. TGS, whose vessels scan the seabed for potential oil and gas deposits…
Rosneft, Eni Fail to Discover Oil at Black Sea Well
Russia's state oil company Rosneft and Italy's Eni did not make a commercial oil discovery in the Black Sea as the well they were drilling proved to be dry, a source close to the operations told Reuters on Wednesday. Rosneft chief executive, Igor Sechin, has partnered with a number of foreign companies to develop Russia's offshore regions, though western sanctions have forced some of its partners such as ExxonMobil to suspend projects. Sechin has counted…
TGS: Seismic Market Recovery 1-2 Years Away
"The uncertainty of the oil price is affecting the spending of the oil companies. We do not believe that 2018 is going to be the year of the big recovery. We believe in a flat market," Larsen said on the margins of an oil conference. "All the major oil companies are still quite cautious on average in terms of their spending. If you see that, we should actually expect a small decline in exploration spending in 2018," he added. "Another interesting pattern…
Rising Investment Drives Spectrum's Revenues
Seismic surveyor Spectrum's fourth-quarter revenue surge reflects a shift among oil firms towards more exploration, its chief executive told Reuters. Spectrum on Wednesday reported preliminary sales of $46 million for the October-December period, an increase of 31 percent from the $35 million it reported for the same quarter of 2016. "The fourth quarter was significantly better than the fourth quarter of 2016, and I think that will be reflected for the rest of the industry also.
Rosneft, BP to Jointly Tap Arctic Oil & Gas
Russian energy giant Rosneft and its shareholder BP have agreed to jointly develop oil and gas deposits in Russian Arctic Yamal-Nenets region, Rosneft said on Thursday. The project "envisages the development of the traditional gas reserves of the Cenomanian deposit, pilot production and subsequent full-scale development of the Turonian deposit as well as oil production optimization and efficiency," it said. The deal covers the Kharampurskoe and Festivalnoye licence areas with total geological reserves exceeding 880 billion cubic metres of gas.
Statoil to Step Up Offshore Norway Exploration
Norway's Statoil will ramp up its search for oil and gas deposits on the Norwegian continental shelf next year, the company said on Friday. Oil companies are stepping up efforts to find more oil and gas offshore after cutting exploration budgets following the oil price drop since 2014, meaning more work for owners of drilling rigs, such as Transocean or Seadrill. Majority-state owned Statoil is emerging from the downturn as one of the most active offshore explorers. "We are looking at drilling 25 to 30 wells in Norway in 2018.
Activists Protest near Oil Rig in Norway's Arctic Sea Area
Environmental activists protested on Friday near an offshore rig contracted by Statoil in the remote Norwegian Arctic, where the firm is looking for oil and gas deposits. The Nordic country wants to open up northern areas for exploration to offset declining production in the south. Oil and gas production is Norway's leading industry, accounting for 20 percent of its economy. From the Greenpeace Arctic Sunrise ship, 11 campaigners launched inflatable boats carrying banners opposing Statoil's Songa Enabler oil rig…
Premier Oil: North Sea Exploration No Longer Attractive
Shares at three-month high after Zama oil discovery. Premier Oil, which produces more than half its oil in the British North Sea, said on Thursday that exploring for resources in the basin was no longer attractive, a day after it announced a major discovery off Mexico. The company's shares have surged to a three-month high after it found potentially more than a billion barrels of oil in the Mexican Zama field, which Wood Mackenzie analysts called one of the 20 largest shallow-water finds in two decades.
US, Mexico, Cuba to sign GoM "Doughnut Hole" Deal
The United States, Mexico and Cuba are ready to sign an agreement determining the territorial water limits in the Eastern Gap of the Gulf of Mexico, three diplomatic officials familiar with the matter said on Tuesday. The talks on the agreement concluded at the end of 2016 after trilateral discussions began mid-last year, and the plan is to sign the accord before U.S. President-elect Donald Trump takes office on Jan. 20, the three officials said. One of the three, who were speaking on condition of anonymity, said the deal could be signed on Wednesday.
