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ExxonMobil to sell Barnett Shale gas assets in Texas to BKV for $750m

ExxonMobil to sell Barnett Shale gas assets in Texas to BKV for $750m   ExxonMobil has agreed to sell its operated and non-operated gas assets in the Barnett Shale region in North Texas to subsidiaries of Colorado-based BKV for $750m. The company will also be eligible to receive additional payments from BKV that will be contingent on future natural gas prices. The deal includes natural gas upstream and related midstream infrastructure in the Barnett Shale from ExxonMobil’s...

Shelf Drilling awarded new contract in India

Shelf Drilling awarded new contract in India   Dubai-headquartered jackup rig operator Shelf Drilling has been awarded a new contract by Oil and Natural Gas Corporation (ONGC) for the F.G. McClintock The 1975-built rig will begin operations in the Mumbai High, off the coast of India, in the first quarter of 2023 for a three-year period. It is currently on contract with ONGC until October 2022. Established in 2012, Oslo-listed Shelf Drilling currently has 30 jackup rigs in its fl...

Valero, contractors fined for violations related to worker's death in 2021

Valero, contractors fined for violations related to worker's death in 2021   Valero Energy and three contractors have been fined a total $1.75 million for safety violations related to a worker's death on Nov. 12, 2021 at its 145,000 barrel-per-day refinery in Benicia, California, a state regulator said on Thursday. The 35-year-old worker had died from suffocating in a confined space in which leaking argon, an odorless gas, had displaced oxygen, the California Division of Oc...

UK-U.S. Strategic Energy Dialogue Joint Statement

UK-U.S. Strategic Energy Dialogue Joint Statement   The second meeting of the UK-U.S. Strategic Energy Dialogue was held today in Washington, D.C., chaired by UK Department for Business, Energy, and Industrial Strategy (BEIS) Secretary of State Kwasi Kwarteng and U.S. Department of Energy (DOE) Secretary Jennifer M. Granholm.  Announced by Prime Minister Johnson and President Biden on June 10, 2021, the Strategic Energy Dialogue is the primary bilateral forum to enhance and expan...

Shell to acquire Exxon’s concession offshore Egypt

Shell to acquire Exxon’s concession offshore Egypt   Shell, through its subsidiary BG International, has agreed to acquire a 100% stake in the North East El-Amriya offshore area in Egypt, also known as block three, from ExxonMobil Egypt. Shell Egypt vice-president and country chair Khaled Kacem said the agreement will strengthens its offshore portfolio while supporting its strategy to build a solid gas position in Egypt. Kacem said: “The proximity of this block to ou...

SDX Energy spuds MSD-24 well at West Gharib concession, Egypt

SDX Energy spuds MSD-24 well at West Gharib concession, Egypt   SDX Energy Plc, the MENA-focused energy company, is pleased to announce the spudding of the MSD-24 infill development well on the Meseda field. This well is the fourth in a fully funded 13-well development drilling campaign on the Meseda and Rabul oil fields in the West Gharib concession in the Egyptian Eastern Desert. The campaign is aimed at growing production to c.3,500 – 4,000bbl/d by early 2023. The MSD-24 i...

Adnoc makes new oil discoveries at Bu Hasa, Onshore Block 3 and Al Dhafra

Adnoc makes new oil discoveries at Bu Hasa, Onshore Block 3 and Al Dhafra   Abu Dhabi National Oil Company has made new oil discoveries at Bu Hasa, the emirate’s biggest onshore field, as well as at the onshore Block 3 and Al Dhafra Petroleum Concession. Bu Hasa, which has a crude oil production capacity of 650,000 bpd, is part of the Adnoc Onshore Concession and is operated by Adnoc Onshore. “The 500 million barrels of oil discovered from an exploration well in the...

Eni Begins Process of Opening Gazprom Bank Current Accounts

Eni Begins Process of Opening Gazprom Bank Current Accounts   Eni has announced that it has begun the process of opening two K current accounts at Gazprom Bank on a precautionary basis. One of the accounts is in Euros and the second is in Rubles, according to Eni, which noted that the move follows Gazprom Export’s unilateral request to amend the existing contracts between the parties in accordance with the new gas payment procedure established by the Russian Federation. &...

CNOOC Plans Drilling More Wells For Akpo, Egina Fields

CNOOC Plans Drilling More Wells For Akpo, Egina Fields   CNOOC has perfected plans to drill up to 11 wells on the deepwater Akpo Field offshore Nigeria, according to Africa Oil’s first-quarter results report. Akpo, originally developed by TotalEnergies, is in the OML 130 lease. Recall that Africa Oil has a 50 per cent stake in Nigerian independent Prime, one of the partners. Last year’s Akpo-P4 infill well has ramped up production to 6,000 bbl/d, which is encouraging...

Maersk rig kicks off four-well intervention campaign in Brazil

Maersk rig kicks off four-well intervention campaign in Brazil   Australian oil and gas company Karoon Energy has started its intervention campaign on the Baúna field, located offshore Brazil, using a Maersk Drilling-owned semi-submersible rig. After this campaign, the rig is scheduled for work on two more fields for Karoon. Karoon reported on Monday that its contract with Maersk Drilling for the Baúna intervention campaign had started, following the receipt of all pe...

Lundin Energy to rebrand from July 1st

Lundin Energy to rebrand from July 1st   Nordic energy company Lundin Energy has proposed to change its company name effective from 1 July 2022, reflecting the evolution of the company as it will be turning exclusively towards renewable sources of energy once the merger of its oil and gas business with Aker BP is completed. Back in December 2021, Aker BP agreed to acquire Lundin Energy’s oil and gas business, through a statutory merger in a push to create an E&P firm, whi...

Sempra Energy strikes LNG supply deal with Polish Oil & Gas

Sempra Energy strikes LNG supply deal with Polish Oil & Gas   Sempra Energy said on Monday it would sell three million tonnes of liquefied natural gas each year to Polish Oil & Gas Co , in another sign of rising interest in U.S. supplies following Russia's invasion of Ukraine. Buyers wary of importing natural gas from sanctions-hit Russia have been turning to U.S. LNG in recent months as the war in Ukraine tightens an already under-supplied market. The United States...

Hammerfest LNG to resume operations in a week

Hammerfest LNG to resume operations in a week   The extensive repairs at Melkøya have been completed, but the run-up of the plant takes somewhat longer than planned. During the weekend, a minor fault was discovered on a compressor that needs to be rectified prior to start-up. The component is now being replaced, and the stepwise process towards operations continues through the week. "Hammerfest LNG has been prepared for production, but we are taking the extra time ne...

Netherlands Charters a Second FSRU for Energy Security

Netherlands Charters a Second FSRU for Energy Security   The Netherlands, via its state-owned energy company, N.V. Nederlandse Gasunie (Gasunie), is working with New York-based New Fortress Energy Inc.(NFE) to acquire a second Floating Storage and Regasification Unit. The second FSRU will create sufficient LNG import capability and reduce dependence on Russian pipeline imports. The vessel's charter is for 5 years and is set to begin in the third quarter of 2022. The FSRU is to...

Oil giant Aramco reports record first quarter as oil prices soar

Oil giant Aramco reports record first quarter as oil prices soar   Oil giant Aramco reported a more-than 80% jump in net profit Sunday, topping analyst expectations and setting a new quarterly earnings record since its IPO. The Saudi Arabian behemoth said net income rose 82% to $39.5 billion in the first three months of the year, up from $21.7 billion over the same period last year. Analysts polled by Reuters had forecast net income of $38.5 billion dollars. The record quarter f...

Pound for Piper Memorial Trust Launches North Sea Memorial Gardens Re-Design Project

Pound for Piper Memorial Trust Launches North Sea Memorial Gardens Re-Design Project   The Pound for Piper Memorial Trust today (Friday 13th May 2022) announces its plans to undertake a transformational re-design of the North Sea Memorial Gardens, located in Aberdeen’s Hazlehead Park and is looking to the oil and gas industry to support the future of the iconic green space. The gardens were originally designed as an extension of the Queen Mother rose gardens. Landscaping had...

Eni-Total to probably start drilling off Cyprus this month

Eni-Total to probably start drilling off Cyprus this month   Cyprus Energy Minister Natasa Pilides said on Thursday that the Eni-Total joint venture’s next drilling in Cyprus’ exclusive economic zone will probably take place this month, as soon as the drilling rig concludes its work in Egypt. In statements on the sidelines of the Famagusta Business Forum, Pilides also said that ExxonMobil-Qatar Energy will begin seismic research in the summer, most probably within June,...

Balmoral Funds affiliate to acquire Trecora in $247m deal

Balmoral Funds affiliate to acquire Trecora in $247m deal   Trecora Resources, a provider of specialty hydrocarbons, has agreed to be acquired by an affiliate of Balmoral Funds for an enterprise value of $247m. Under the terms of the merger deal, Balmoral will acquire all outstanding shares of Trecora’s common stock at a purchase price of $9.81 per share in cash. The transaction price represents a 29.9% premium to Trecora’s closing stock price on 10 May 2022. Form...

$2.42 trillion: Saudi Aramco becomes world's most valuable company, overtakes Apple

$2.42 trillion: Saudi Aramco becomes world's most valuable company, overtakes Apple   Saudi Aramco, the world's largest oil exporter, has surpassed US-based technology giant Apple to become the world’s most valued company with a market capitalisation of almost $2.43 trillion. Aramco, which is listed on the Saudi stock exchange, Tadawul, closed almost 1% lower on Wednesday at 45.5 Saudi riyals (US$12.13) a share, with a market capitalisation of 9.1 trillion riyals (US...

Brent Crude Oil to hit the $120 level by Q3 – ANZ

Brent Crude Oil to hit the $120 level by Q3 – ANZ   Brent crude has traded between $100-110/bbl in recent weeks. Economists at ANZ Bank expect the black gold to break higher and reach the $120 mark in the tirhd quarter. Inventories to drop sharply in Q3 “Oil prices are expected to remain in the $100-110/bbl range through Q2, even if all EU member states agree to a ban on Russia oil. The market will remain sceptical as to the effectiveness of the ban until evidence su...
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