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ConocoPhillips makes Norway oil discovery of up to 200 million barrels

ConocoPhillips makes Norway oil discovery of up to 200 million barrels   ConocoPhillips made an oil discovery in the Norwegian Sea north of the Heidrun field, the country’s Petroleum Directorate (NPD) said on Tuesday. The discovery is estimated to hold between 76 million and 201 million barrels of recoverable oil equivalent, and could potentially be developed by using the exist...

Improving recovery from Statfjord Øst

Improving recovery from Statfjord Øst   Equinor and its licence partners have decided to invest NOK 3 billion in the North Sea Statfjord Øst field to improve recovery by 23 million barrels of oil equivalent. Written notification of material changes to the Plan for Development and Operation Statfjord Øst was submitted to the Ministry of Petroleum and Energy 16.12.2020. “The decision to improve recovery on Statfjord Øst will add considerable value...

Cenovus, Husky Get Key Approvals for Near $5 Billion Proposed Merger

Cenovus, Husky Get Key Approvals for Near $5 Billion Proposed Merger   Cenovus Energy Inc. and Husky Energy Inc. have received all key regulatory approvals required for their proposed merger to create Canada’s No. 3 oil and gas producer, the companies said on Dec. 21. Last week, the deal of about CA$6 billion (US$4.66 billion) was approved by shareholders of both the companies. A recent recovery in oil prices has helped energy shares, boosting the value of the all-stock tr...

A different angle: Rystad Energy applies its modelling methods to explain the Covid-19 pandemic

A different angle: Rystad Energy applies its modelling methods to explain the Covid-19 pandemic   In an unusual year, Rystad Energy has taken an uncommon step. Despite being primarily an energy-focused intelligence company, we have used our algorithms, models and analytical expertise to illustrate the pandemic in numbers, explain its development patterns and forecast its future trajectory. These analyses are based on a range of scenarios that take into account behavioral, medical and...

Oil Plunges Below $50 With Virus Mutation Raising Lockdown Risks

Oil Plunges Below $50 With Virus Mutation Raising Lockdown Risks   Oil plummeted the most in seven weeks, with investors fleeing the market as a mutation of Covid-19 discovered in the U.K. threatened more lockdowns across Europe. Brent futures slumped below $50 a barrel, at one stage falling almost 6%. More than 16 million Britons are now required to stay at home after a full lockdown came into force in London and the southeast of England. Some European countries are limiting trave...

ADNOC awards 'Eni', 'PTTEP' consortium first offshore exploration block in Abu Dhabi’s second competitive block bid round

ADNOC awards 'Eni', 'PTTEP' consortium first offshore exploration block in Abu Dhabi’s second competitive block bid round   The Abu Dhabi National Oil Company (ADNOC) announced on Monday the signing of an exploration concession agreement, awarding the exploration rights for Abu Dhabi’s Offshore Block 3 to a consortium led by Eni Abu Dhabi B.V., a wholly-owned subsidiary of Italy’s multinational energy company, and PTTEP MENA Ltd., a wholly-owned subsi...

UPDATE 1-Shell writes down up to $4.5 bln in oil and gas assets

UPDATE 1-Shell writes down up to $4.5 bln in oil and gas assets   Royal Dutch Shell on Monday it will write down $3.5 to $4.5 billion in the value of oil and gas assets in 2021, the latest in a string of impairments this year as it adjusts to a weaker outlook. In an update ahead of its fourth-quarter results, the Anglo-Dutch company said it expects oil and gas production in its upstream division to be around 2.275 and 2.350 million barrels of oil equivalent per day, impacted by the...

Greek energy company Energean acquires Italy’s Edison portfolio including assets in Egypt

Greek energy company Energean acquires Italy’s Edison portfolio including assets in Egypt   Greek energy company Energean has completed the acquisition of Edison’s energy portfolio, which includes substantial oil and gas assets in Egypt, the company said in a statement. Having originally asked for $850 million, the Italian company agreed to slash its asking price by more than 60 percent to $284 mn earlier this year as the coronavirus pandemic roiled energy markets.Ediso...

Oil and Gas weekly update from OGV Energy

Oil and Gas weekly update from OGV Energy   Hurricane Energy PLC shares slumped a further 30% in Friday morning’s deals as the flailing oil field developer revealed it will soon open talks with bondholders and other stakeholders over a possible restructuring and new funding. The company’s Lancaster oil field has been running only one well for most of the time since its last project update in October, as its team continues to rework the project amidst worse-than-forecast...

Moratorium efforts against offshore oil, gas to return

Moratorium efforts against offshore oil, gas to return   Pawleys Island resident Peg Howell wants to see moratoriums to prohibit oil and gas exploration and ban seismic testing along the Atlantic coast. To be effective, state and federal action are required, she insists. “The state legislature must act to protect South Carolina’s jurisdictional territory, the first three miles of our coast, but that won’t stop oil companies from drilling 3.1 miles away, “ sa...

Norway's Aker BP approves additional rapid tieback to Skarv oil field

Norway's Aker BP approves additional rapid tieback to Skarv oil field   Oslo-listed Aker BP has approved an additional low-cost satellite development near the Skarv oil and gas field known as Grasel, which it said would come on stream in the fourth quarter 2021 and be a model for other small-scale tiebacks. In a Dec. 18 statement, Aker BP, which is 40% owned by services giant Aker and 30% by BP, said the 13 million barrel of oil equivalent field would come on stream in the same...

Oil prices correct gains that went too far - Rystad Energy comments (with extra bit on what to expect in 2021!)

Oil prices correct gains that went too far - Rystad Energy comments (with extra bit on what to expect in 2021!)   Oil prices corrected some of the weekly gains today, but levels remain strong on overall market euphoria. Here is Rystad Energy’s daily market comment from our Head of Oil Markets Bjornar Tonhaugen, with some extra content on what to expect in 2021: Oil prices may be losing some of their gains on Friday but that’s nothing unusual after a strong bullish ra...

Reliance, bp begin production from Asia's deepest gas project

Reliance, bp begin production from Asia's deepest gas project   Reliance Industries Ltd (RIL) and bp on Friday announced the start of production from the R Cluster, ultra-deep-water gas field in block KG D6 off the east coast of India. RIL and bp are developing three deepwater gas projects in block KG D6 - R Cluster, Satellites Cluster and MJ -- which together are expected to meet approximately 15 per cent of India's gas demand by 2023. These projects will utilise t...

Aker BP's Grey Seal oil, gas field set to start production by late-2021

Aker BP's Grey Seal oil, gas field set to start production by late-2021   Norway’s Aker BP said on Friday it will start drilling and construction soon at its Grey Seal oil and gas field in the Norwegian Sea, and also expects to begin production in the fourth quarter of 2021. Located 210 km (130 miles) offshore, near the existing Skarv field, the investment costs of Grey Seal are expected to touch 1.2 billion Norwegian crowns ($140 million). “Based on a developmen...

Maersk Drilling’s first low-emission rig delivers carbon-reduction results offshore Norway

Maersk Drilling’s first low-emission rig delivers carbon-reduction results offshore Norway   After successfully being converted to a hybrid, low-emission rig, Maersk Intrepid has entered operations as the first Maersk Drilling rig to feature this set of upgrades. Maersk Intrepid is currently working for Equinor on the Martin Linge field where the ultra-harsh environment jack-up in November this year commenced its first drilling operation with the full low-emission package in use...

Cairn Energy to pay out special $250m dividend after Senegal sale

Cairn Energy to pay out special $250m dividend after Senegal sale   Oil firm Cairn Energy today said it would pay shareholders a special dividend worth a combined $250m (£188m) on completion of the sale of its Senegalese assets. The one-off payment will see the exploratory firm pay out 32p per share to investors, it said in a statement. The payout, which is expected on 25 January, stands out after a year of strife for the world’s oil and gas producers. Over the co...

Aramco may have to sell assets, borrow more to maintain Saudi dividend

Aramco may have to sell assets, borrow more to maintain Saudi dividend   Oil giant Aramco, whose dividend remains vital to helping Saudi Arabia contain a huge deficit, may have to sell assets and borrow more to fulfil its fiscal role amid uncertainty in oil prices, market specialists said. While Saudi Arabia has increased non-oil revenues this year, Aramco still accounted for more than half its total income, and will be key to containing a budget shortfall this year forecast at 298...

Premier Oil to be renamed Harbour Energy after merger

Premier Oil to be renamed Harbour Energy after merger   Premier Oil will be renamed Harbour Energy Plc after the reverse takeover by private equity-backed Chrysaor to create the British North Sea’s largest oil and gas producer, Premier said on Wednesday. The merger is due to be completed by the end of the first quarter 2021. Premier was struggling to deal with a heavy debt burden after its profits were slashed when oil prices were hit by the COVID-19 lockdowns. The London-...

Shell and Equinor combine digital forces to optimise inventory

Shell and Equinor combine digital forces to optimise inventory   Royal Dutch Shell and Equinor will develop the next generation of Shell Inventory Optimiser, a solution that leverages advanced analytics on historical data to optimise operational spare part inventory levels. Building on news of the recent Strategic Alliance with Shell, Microsoft will be supporting Shell and Equinor with the co-development of the tool, which runs on Microsoft Azure. The goal is for energy companies t...

CNOOC Starts Production from Bohai Sea Project

CNOOC Starts Production from Bohai Sea Project   CNOOC Limited has announced that the Penglai 25-6 oilfield area 3 project has commenced production ahead of schedule. The project, which is located in the south central Bohai Sea, is expected to reach its peak production of approximately 11,511 barrels of crude oil per day in 2023, CNOOC outlined. In addition to fully utilizing the existing processing facilities of the Penglai oilfields, the project has built a new wellhead platform...
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