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Total Starts Production at Angolan Oil Project

Total Starts Production at Angolan Oil Project   French energy group Total has started production at its Angolan Zinia Phase 2 project, which has estimated resources of 65 million barrels of oil, the company said May 6. Total added that development of the project was carried out according to schedule and for capital expenditure more than 10% below budget, representing a saving of $1...

Norwegian oil companies, labour unions agree wage deal

Norwegian oil companies, labour unions agree wage deal   Norwegian oil companies have come to a wage agreement with employees, three labour unions and an industry association said on Wednesday, preventing the potential outbreak of a strike among workers later this year. Norway is western Europe's largest oil and gas producer, pumping about 2.1 million barrels of oil liquids per day (bpd) while gas production amounts to around 2 million barrels of oil equivalent per day (boed)....

Oil and gas investor EnCap raises $1.2 bln energy transition fund

Oil and gas investor EnCap raises $1.2 bln energy transition fund   EnCap Investments said on Tuesday it has closed a $1.2 billion fund dedicated to investments in the burgeoning energy transition space, the first time the private-equity firm has raised money specifically for clean energy. The Houston-based firm is a prolific investor in hydrocarbons, and has raised more than $38 billion since its founding in 1988, with its latest flagship vehicle amassing $7 billion in 2017. Wi...

Ex-Tullow chief targets Africa assets as oil majors retreat

Ex-Tullow chief targets Africa assets as oil majors retreat   The former chief executive of Tullow Oil is launching an Africa-focused venture aimed at capitalising on energy majors’ plans to scale back their oil and gas production. Paul McDade, who spent almost two decades at Tullow as chief operating officer then as chief executive, has spearheaded the takeover of Aim-listed Sterling Energy and will this week rebrand it Afentra, which stands for Africa Energy Transition....

Neptune Energy acquires interest in the Pegasus West discovery

Neptune Energy acquires interest in the Pegasus West discovery   Neptune Energy today announced it has acquired a 38.75% equity interest from Spirit Energy in the Pegasus West discovery and surrounding acreage (P1724, P1727, P4257 and P2128) in the UK Southern North Sea. Pegasus West was discovered in 2014 and is currently operated by Spirit Energy. Entry by Neptune into the Pegasus West Area aligns interests in both the discovery and the Neptune-operated Cygnus gas facility (Ne...

Velesto rig working for ConocoPhillips sinks off Malaysia

Velesto rig working for ConocoPhillips sinks off Malaysia   A jack-up drilling rig owned by Malaysia’s Velesto Energy has sunk offshore Malaysia while working for the oil major ConocoPhillips. The board of directors of Velesto Energy Berhad has informed that an incident involving one of its rigs, Velesto NAGA 7 jack-up, occurred at the worksite due to rapid penetration into the formation on Monday, 3 May 2021, while operating offshore Sarawak for a client. The NAGA 7 rig t...

Exxon Earns $2.7B in First Quarter

Exxon Earns $2.7B in First Quarter   Exxon Mobil Corporation has announced estimated first quarter 2021 earnings of $2.7 billion, or $0.64 per share assuming dilution. The figure compares with a loss of $610 million in the first quarter of last year. Results included unfavorable identified items of $31 million, or $0.01 per share assuming dilution, the company noted. Total revenues in the first quarter stood at $59.1 billion in 2021 and $56.1 billion in 2020, with total costs at $...

Valaris Successfully Completes Restructuring

Valaris Successfully Completes Restructuring   Valaris Limited ("Valaris" or the "Company" and together with its subsidiaries, the "Valaris Group") today announced that, on April 30, 2021, the Valaris Group has successfully completed its financial restructuring and emerged from chapter 11. The Valaris Group's Plan of Reorganization (the "Plan") was approved and confirmed by the United States Bankruptcy Court for the Southern District of Tex...

ExxonMobil begins lockout of hundreds of Texas oil workers

ExxonMobil begins lockout of hundreds of Texas oil workers   Oil giant ExxonMobil initiated a lockout of more than 650 workers at its Beaumont, Texas refinery and blending and packaging plant on Saturday morning after negotiations broke down between the company and the United Steelworkers (USW) union. USW officials agreed to the “orderly transfer” of the workers off of ExxonMobil’s property and have not called an official strike. USW Local 13-243 and ExxonMobil me...

Weekly review of Azerbaijani oil market

Weekly review of Azerbaijani oil market   The average price for Azeri Light CIF oil, produced at the Azeri-Chirag-Deepwater Gunashli (ACG) field, reached $66.36 per barrel last week (from Apr.26 through Apr.30), having risen by 84 cents (1.3 percent) compared to the previous price. Last week, the maximum price for Azeri Light CIF oil amounted to $67.71 per barrel, while the minimum - $65.17. The average price of Azeri LT FOB Ceyhan amounted to $65.72 per barrel last week, increa...

China's CNOOC to expand offshore gas, unconventional fuel to cut emissions

China's CNOOC to expand offshore gas, unconventional fuel to cut emissions   China's CNOOC Ltd said it will accelerate the exploration and development of natural gas, including deepwater reserves in the South China Sea and unconventional resources onshore China, to cut carbon emissions. One of the industry's lowest-cost explorers and producers, CNOOC said net oil and gas output last year grew by 5% to 528 million barrels of oil equivalent (boe) and it aimed to raise 202...

Valaris books first-quarter loss, looks to emerge from Chapter 11

Valaris books first-quarter loss, looks to emerge from Chapter 11   Offshore drilling contractor Valaris booked a $910 million loss in the first quarter of the year but hopes to re-emerge from bankruptcy sooner rather than later. Valaris on Wednesday reported a net loss of $910 million for the first quarter of 2021 compared to a net loss of $71 million in the fourth quarter of 2020. Revenues increased to $307 million in the first quarter of 2021 from $297 million in the fourth q...

ExxonMobil’s New Oil Discovery at Uaru-2 Offshore Guyana

ExxonMobil’s New Oil Discovery at Uaru-2 Offshore Guyana   ExxonMobil made an oil discovery at the Uaru-2 well in the Stabroek Block offshore Guyana. Uaru-2 will add to the previously announced gross discovered recoverable resource estimate for the block, which is currently estimated to be approximately 9 billion oil-equivalent barrels. Drilling at Uaru-2 encountered approximately 120 feet (36.7 meters) of high-quality oil-bearing reservoirs including newly identified intervals...

Oil rises on optimistic demand outlook; uncertainties remain

Oil rises on optimistic demand outlook; uncertainties remain   Oil prices rose on Wednesday amid optimistic forecasts of global fuel demand recovery, while the rapid spread of COVID-19 infections in India and a bigger-than-expected build in U.S. crude stocks capped gains. Brent crude futures rose 28 cents, or 0.42%, to $66.70 a barrel at 0646 GMT, following a 1.2% gain from Tuesday. U.S. West Texas Intermediate (WTI) crude futures rose 29 cents, or 0.46%, to $62.23 a barrel, aft...

World’s most powerful tidal turbine, the O2, arrives in Orkney Waters

World’s most powerful tidal turbine, the O2, arrives in Orkney Waters   Orbital Marine Power’s, O2, the world’s most powerful tidal turbine, arrived in Orkney Waters on Saturday, 24th April, following launch from the Port of Dundee on Thursday 22nd April. The turbine was towed to Orkney by Leask Marine’s new multicat vessel, the C-Force, in a voyage that took two days. The turbine will be temporarily moored at Deer Sound while final commissioning is compl...

Westwood: Offshore wind FIDs to skyrocket 57% outside China by 2022

Westwood: Offshore wind FIDs to skyrocket 57% outside China by 2022   New analysis from Westwood Global Energy Group (Westwood), the specialist energy market research and consultancy firm, reveals offshore wind energy projects final investment decisions (FIDs), outside mainland China, will grow 57% in the next 18 months, compared to the 2019-20 period. The growth represents an additional 20.4GW of new power capacity with just under a third of this activity being driven by emerging off...

Oil up on hopes OPEC+ may address the Indian demand destruction -Rystad Energy comments

Oil up on hopes OPEC+ may address the Indian demand destruction - Rystad Energy comments   Oil prices are ticking up today on trader hopes that OPEC+ may address India’s demand destruction with supply policy amendments in its coming meeting. Here is Rystad Energy’s daily market comment from our Head of Oil Markets Bjornar Tonhaugen: News from India set off a loud alarm on trader floors this week and oil prices have taken a hit on expectations that oil demand will cra...

BP kicks off gas production from $9bn Egypt project

BP kicks off gas production from $9bn Egypt project   BP has announced gas production from Raven field, the third stage of its $9 billion West Nile Delta (WND) development off the Mediterranean coast in Egypt. The WND development includes five gas fields across the North Alexandria and West Mediterranean Deepwater offshore concession blocks in the Mediterranean Sea. BP and its partners, working with the Ministry of Petroleum, have developed the WND in three stages. Raven follows...

Lundin Energy sells world’s first carbon neutrally produced oil

Lundin Energy sells world’s first carbon neutrally produced oil   Oil and gas company, Lundin Energy, has announced that it has sold the world’s first certified carbon neutrally produced oil to Saras from its Edvard Grieg field, offshore Norway. Lundin Energy’s Edvard Grieg field is the first oil field in the world to be independently certified by Intertek Group under its CarbonClearTM certification. The field is certified as low carbon at 3.8 kg of CO2 per barrel...

Archer to acquire DeepWell

Archer to acquire DeepWell   Archer Ltd. has signed an offer letter with Moreld laying out principle terms to purchase 100% of the shares in DeepWell AS. The contemplated transaction is subject to due diligence, negotiation of the transaction documentation, closing conditions and regulatory approvals. DeepWell is a Norwegian well intervention company focused on mechanical wireline and cased hole logging services. Headquartered in Avaldsnes, Norway, DeepWell had approximately 200...
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