Drill, baby, drill in Argentina's Vaca Muerta shale lands!
Argentina's new, market-friendly government, and concerns about oil supplies from the Middle East, and elsewhere, are driving a boom in drilling and production in the Patagonian South, which is home to the giant Vaca Muerta shale, Spanish for "Dead Cow". In the flat, arid terrain, the production of shale oil and gas is surging. Fracking wells have been drilled in record numbers, and pipelines have been built to transport gas to the capital Buenos Aires – and beyond once LNG plants are operational.
Wasted Gas: As Global Supplies Tighten, Here’s 210 bcm of Natural Gas for the Taking – IEA Report
A new report from the International Energy Agency (IEA) estimates that if there was a concerted, global effort to eliminate unnecessary flaring and control leaks across the supply chain, nearly 210 billion cubic meters (bcm) of natural gas could be made available to gas markets.Russia’s war with Ukraine has sent energy prices soaring as a broad swath of sanctions has effectively re-routed Russian oil and gas exports. The recent report from IEA – “The energy security case for tackling gas flaring…
US Energy Exports Severely Disrupted by Hurricane Laura
Oil and gas exports from the United States have been severely disrupted by Hurricane Laura, with nearly a million barrels per day (bpd) of crude exports likely reduced this week by closures of U.S. Gulf Coast terminals and disruptions at ports.The hurricane also temporarily suspended operations at several liquefied natural gas (LNG) facilities in the world’s third largest exporter of the super-cooled gas, with shipments on track to fall to their lowest in 18 months.Laura made landfall early Thursday near the Texas-Louisiana border…
US Nearing Energy Independence
In just a few months, the U.S. will be fully energy independent and by 2030, the country's total primary energy production will outpace primary energy demand by 30 percent.According to the Norwegian market research consultancy Rystad Energy, this milestone follows a strong period of growth in both hydrocarbon and renewable resources."We forecast that the US will have primary energy surplus – and not a deficit – by February or March 2020, depending on the intensity of the winter season,” says Sindre Knutsson…
Equatorial Guinea to Offer Ophir's Old Blocks
Equatorial Guinea will offer offshore Block R with the related Fortuna gas development project in the April licensing round, after the concession was reclaimed from Ophir Energy Plc, the oil minister said on Tuesday.Gabriel Obiang Lima told Reuters in Cape Town that Block R would be one of up to 13 deepwater and ultra deepwater blocks offered in the licensing round on April 1.Ophir was denied an extension in December to its licence for Block R and its plan for a floating liquiefied natural gas (LNG) project.
EU Aims to Block U.S. Sanctions on Iran
The European Union vowed on Monday to counter U.S. President Donald Trump's renewal of sanctions on Iran, in a test of the EU's ability to preserve a deal that saw Iran limit its nuclear ambitions in exchange for removing strict curbs on its economy.As Washington's so-called "snapback" sanctions are reinstated on Tuesday, a new EU law to shield European companies will also take effect to try to mitigate what EU officials say is their "unlawful" reach beyond U.S. borders.Despite protests from European allies, U.S. Secretary of State Mike Pompeo said Washington would fully enforce the sanctions.
US Oil Pipeline Companies, Producers Seek Relief from Steel Tariffs
Major U.S. energy companies including Plains All American Pipeline, Hess Corp and Kinder Morgan Inc are among many seeking exemptions from steel-import tariffs as the United States ratchets up trade tensions with exporters including China, Canada and Mexico.There have been nearly 21,000 requests overall for exclusions submitted to the U.S. Commerce Department since the Trump administration imposed levies this year. Of those, more than 500 petitions involve pipes and related materials.Initial decisions are expected this month…
Algeria's 2017 Energy Earnings Soar
Algeria's energy earnings, the main source of state finances, rose 16.45 percent in 2017, helping to reduce the trade deficit by 34.4 percent, according to official figures reviewed by Reuters on Monday. The decline in the deficit pushed up the coverage of imports by exports to 76 percent, against 64 percent in 2016, customs data showed. Oil and gas exports, which accounted for 94.54 percent of total exports, stood at $32.86 billion in 2017, up from $28.22 billion the previous year. The value of overall exports reached $34.76 billion…
Algeria Energy Earnings Up 18%
Algeria's energy earnings rose 18 percent in the first ten months of 2017, which helped reduce the trade deficit by 34 percent, official data showed on Monday. The deficit decline pushed up the coverage of imports by exports to 75 percent, from 63 percent in the January-October period of 2016, according to customs figures. Oil and gas exports, which accounted for 94.8 percent of total sales abroad, reached $27.18 billion in the first ten months of this year compared with $23.04 billion in the same period in 2016, due to higher global crude oil prices.
Sonatrach Says Oil Drilling Results "Very Satisfactory"
Algerian state energy firm Sonatrach on Tuesday reported new successful drilling results with partners Thailand's PTTEP and China's CNOOC at the Hassi Bir Rekaiz project in the Berkine basin. Tests showed a crude oil flow rate of 2,406 barrels per day, Sonatrach said in a statement, describing the result as "very satisfactory". Sonatrach and its partners had found crude oil and gas in 10 wells since the start of the exploration campaign in 2011. Sonatrach has a 51 percent stake in the project, with PTTEP and CNOOC owning 24.5 percent each.
Algeria Jan-May Trade Deficit Up 35.5%
OPEC member Algeria's trade deficit reached $9.8 billion in the first five months of 2016, a 35.5 percent rise from the same period a year earlier, due to a decline in energy earnings after the oil price slide, official data showed on Monday. Oil and gas exports, which accounted for 93 percent of Algeria's total exports, dropped 37 percent to $9.13 billion in the January-May period, according to customs figures. The value of overall exports during the period declined 36.2 percent year-on-year to $9.82 billion, the figures showed.
Iran's oil production has already surpassed 3.5 million bpd
Iran's oil production has already surpassed 3.5 million barrels per day, the deputy oil minister said on Saturday, and the Islamic Republic is seeking to increase oil and gas exports in the coming month. "Iran's crude oil exports will increase to 2 million barrels per day in the coming month ... Gas condensate exports would also increase by 10 percent in the coming month," Rokneddin Javadi was quoted as saying by state news agency IRNA. (Reporting by Bozorgmehr Sharafedin; Editing by Mark Potter)
Azeri State Oil Fund's Assets Dropped 9.5% in 2015
Azeri state oil fund SOFAZ's assets dropped by 9.5 percent year-on-year in 2015 to $33.57 billion, the fund said on Tuesday. SOFAZ holds proceeds from oil contracts, oil and gas sales, transit fees and other revenue. It uses income from investments to pay for social spending and infrastructure projects. The fund's revenues reached 7.7 billion manats ($4.9 billion) in 2015, while its expenditure totalled 9.2 billion manats, SOFAZ said in a press release. Revenue of about 7.4 billion manats was received from implementation of oil and gas agreements, it said.
Algeria Swings Into Trade Deficit as Energy Earnings Fall
Algeria posted a trade deficit of $12.62 billion for the first 11 months of 2015, against a $5.45 billion surplus a year ago, after a 42.4 percent fall in energy earnings caused by the drop in crude oil prices, official data showed on Monday. Oil and gas exports, which account for about 94 percent of total sales abroad, tumbled to $32.36 billion in the first 11 months of 2015 from $56.2 billion a year earlier. The value of overall exports in the period declined by 41.9 percent year on year to $34.37 billion, while imports were down 12.45 percent to $46.99 billion.
Algeria's Sonatrach Looks to Restructure
Algeria's state energy firm Sonatrach has begun a restructuring aimed at saving money and coping with the dramatic slide in global oil prices, an internal document seen by Reuters shows. The measure is the latest attempt by the Algerian energy giant to help the North African OPEC state manage a sharp fall in its energy revenues and weak foreign investor interest in helping develop new fields to push up production. The new charter gives newly appointed Sonatrach boss Amine Mazouzi four new assistants in charge respectively of its downstream, upstream, transport and pipelines, and commercial sectors.
Senators ask Spy Chief to Advise on Energy Boom
Four Republican senators on Tuesday urged the director of national intelligence to keep policymakers informed of the global security implications of booming U.S. energy output as Congress considers repealing the ban on domestic oil exports. "We agree that energy independence within North America and, perhaps, the Western Hemisphere is not only an attainable goal, but also increasingly the economic reality," Senators Lisa Murkowski, the head of the Senate energy committee, and Richard Burr, the head of the chamber's intelligence committee…
Samsung Bags Order for Decks on Johan Sverdrup
Statoil, on behalf of the Johan Sverdrup license, has awarded Samsung the contract for decks for both the process and riser platforms. The total contract value is NOK 7 billion. The contract is a fabrication contract (FC) of decks for the process and riser platforms. Aker Solutions has previously been awarded engineering work and purchase of equipment packages for the two aforementioned decks. The function of the process platform, which weighs approx. 26,000 tonnes, is to ensure stabilisation of the oil and processing into rich gas. The riser platform, which weighs approx.
Lower Energy Exports Widen Algeria Trade Deficit
OPEC member Algeria recorded a trade deficit of $6.3 billion for the first five months of 2015, compared to a $3.44 billion surplus a year earlier, due to lower energy earnings after global oil prices slumped, official data showed on Tuesday. That pushed down the coverage of imports by exports to 71 percent, from 114 percent in the first five months of 2014. The trade deficit was $4.3 billion in the first four months of the year. Oil and gas exports, which accounted for 93.5 percent of Algeria's total exports, dropped 45.5 percent to $14.9 billion in the January-May period, according to customs figures.
China Loaning Sonangol Billions for Oil Projects
China's Sinopec has joint venture with Sonangol; Angola cash-strapped after oil price slump. China will lend Angola's Sonangol $2 billion to expand oil and gas projects, the state energy company said, helping to cement Beijing's influence in Africa's second-largest oil producer. The Chinese funds will provide welcome relief for Angola, which has been hit by a nearly halving of oil prices since June, helping send its kwanza currency to an all-time low on almost a daily basis this month. Oil hit a five-year low of $58.50 a barrel this week but bounced 2 percent on Thursday as energy firms cut investments.
Algeria Walks Economic Tightrope as Oil Falls
For months, Algerian officials repeated their mantra that large foreign exchange reserves would shield the country from collapsing oil prices. Last week, Prime Minister Abdelmalek Sellal took to state television to announce what most already knew - that crisis was at the door. With crude prices having more than halved since June, Algeria must plot a precarious path of curbing high public spending without eating into a generous welfare budget that has helped stave off widespread social unrest.
