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BP poised to restart buybacks after reaching debt goal early

BP poised to restart buybacks after reaching debt goal early   BP said it already achieved its $35 billion net-debt target, reaching the threshold at which it has said it can restart share buybacks about a year earlier than expected.The news reflects an accelerated pace of asset sales and improved business performance, with BP’s trading division capitalizing on dramatic moves in e...

Worley appoints new Vice President in Aberdeen

Worley appoints new Vice President in Aberdeen   The appointment marks a new chapter in the company’s journey of growth through the energy transition. Daniel McAteer joined Worley in October 2019 as the Head of Project Management before taking over the role of Vice President for the Aberdeen Energy Hub. Daniel’s predecessor, Shaun Poll has led the business since 2018 and is now supporting the company’s wider energy transition strategy, leading key carbon capture o...

Tullow Oil starts multi-well drilling campaign offshore Ghana

Tullow Oil starts multi-well drilling campaign offshore Ghana   Tullow Oil has started a multi-year, multi-well drilling campaign offshore Ghana, drilling the first well at the Jubilee Field on Monday. The company said on Tuesday that as previously announced, the Maersk Venturer, which has been contracted for four years, is expected to drill four wells in total this year, consisting of two Jubilee production wells, one Jubilee water injector well and one TEN gas injector well. T...

Goldman Sachs Sees Large Oil Demand Rebound This Summer

Goldman Sachs Sees Large Oil Demand Rebound This Summer   Goldman Sachs is still bullish on oil and anticipates strong demand that would require OPEC+ putting another 2 million barrels per day (bpd) on the market in the third quarter, after the around 2 million bpd that the alliance and Saudi Arabia decided to return between May and July. “We forecast a larger rebound in oil demand this summer than OPEC and the IEA, requiring an additional 2 mb/d increase in OPEC+ production...

Apollo is said to lead buyout group for US$10 billion Aramco deal

Apollo is said to lead buyout group for US$10 billion Aramco deal   Apollo Global Management Inc. is leading a group of investors aiming to buy a roughly US$10 billion stake in Saudi Aramco’s oil pipelines, people familiar with the matter said. The buyout firm’s consortium will include U.S. and Chinese investors and has been shortlisted to make a final offer, the people said, asking not to be identified as the matter is private. Aramco, Saudi Arabia’s state energy...

Neptune Energy completes acquisition of interests in German oil and gas fields from Wintershall Dea

Neptune Energy completes acquisition of interests in German oil and gas fields from Wintershall Dea   Neptune Energy has completed the acquisition of interests in several oil and gas fields in Emsland and the Grafschaft Bentheim region of Germany from Wintershall Dea. The agreement will increase Neptune’s existing interests in the Adorf, Apeldorn and Ringe gas fields and in the Adorf-Scheerhorn, Georgsdorf and Ringe oilfields. It will add approximately 1800 boe/d to Neptune&r...

Petronas declares force majeure on Myanmar field

Petronas declares force majeure on Myanmar field   Petronas said on Friday that its subsidiary, PC Myanmar (Hong Kong) Limited (PCML), had declared Force Majeure on its Yetagun field on 1 April 2021 due to depletion of gas production at the field, located in the Andaman Sea, in Blocks M12, M13 and M14. The decision was made following challenges in the wells deliverability that resulted in the production rate dropping below the technical threshold of the offshore gas processing plan...

OGV oil and gas weekly update

OGV oil and gas weekly update   88 Energy Ltd investors are counting down to the next well results from the Merlin-1 exploration well. This week it confirmed wireline logging operations are now underway and the hotly anticipated ‘preliminary’ results are expected over the weekend, it said. This morning the company also confirmed the remaining conditions to its acquisition of the Umiat oil field, also in Alaska, are now complete – following cement work to plug a...

OGV Energy's Middle East Energy Review

OGV Energy's Middle East Energy Review   The surprise decision of the OPEC+ alliance in early March and a flurry of oil and gas contracts and strategic agreements signed by some of the biggest companies in the Middle East were the key developments in oil and gas in the region this past month. OPEC+ Surprises Oil Market OPEC and its non-OPEC partners led by Russia decided on 4 March to keep their collective oil production nearly flat in April, compared to March. The ministers...

Eni Signs MOU with Zhejiang Energy

Eni Signs MOU with Zhejiang Energy   Eni and Zhejiang Energy have signed a Memorandum of Understanding (MoU) on strategic cooperation in the energy sector, Eni has revealed in a statement posted on its website. The MoU establishes a cooperation framework aimed at facilitating joint initiatives between Eni and Zhejiang Energy across the gas and LNG value chain in China and internationally, Eni noted, adding that the agreement builds on the companies’ shared goal of promoting a...

Pioneer buys Permian’s DoublePoint Energy in $6.4 billion deal

Pioneer buys Permian’s DoublePoint Energy in $6.4 billion deal   Pioneer Natural Resources Co. is buying DoublePoint Energy LLC in a deal valued at $6.4 billion, less than three months after completing its purchase of fellow shale driller Parsley Energy Inc. as it expands in the U.S. Permian Basin. The deal is comprised of approximately 27.2 million shares of Pioneer common stock, $1 billion of cash and assumption of approximately $900 million of debt and liabilities, accordi...

Oil Demand Boosted By Highest Number Of Flights Since COVID Started

Oil Demand Boosted By Highest Number Of Flights Since COVID Started   The number of commercial flights looks to have hit a post-pandemic high in the past days, outstripping the previous high from Christmas travel and potentially boding well for jet fuel demand going forward. According to global flight tracking service Flightradar24, as reported by Bloomberg News’ Chief Energy Correspondent Javier Blas, the 7-day rolling average of the number of flights tracked by Flightradar2...

INEOS Energy sells its Norwegian oil and gas business

INEOS Energy sells its Norwegian oil and gas business   INEOS Energy has announced that it is selling its oil and gas business in Norway to PGNiG Upstream Norway for US$615m. The sale includes all of INEOS’ interests in production, licences, fields, facilities and pipelines, on the Norwegian continental shelf. The deal is expected to be completed later this year, subject to approval by the Norwegian Ministry of Petroleum and Energy and the Norwegian Ministry of Finance. All 5...

Profiling the five largest oil and gas companies in the world

Profiling the five largest oil and gas companies in the world   Sinopec and Royal Dutch Shell are two of the top five largest oil and gas companies in the world by revenue. Oil and gas is often painted as the dirtiest sector within the energy industry and has come under intense scrutiny over the past few years for its role in polluting the atmosphere. But, in a bid to clean up the economy, major companies have started to invest in renewable technologies as they expand their port...

Oil rises on OPEC+ meeting expectations -Rystad Energy comments

Oil rises on OPEC+ meeting expectations -Rystad Energy comments   Oil prices rose on Thursday as the market expects the OPEC+ alliance to maintain current production levels and not bring back any of its curtailed output due to the lagging oil demand recovery. Here is Rystad Energy’s daily market comment from our Oil Markets Analyst Louise Dickson: It’s OPEC+ meeting day and it’s no surprise the market is up on expectations that the alliance will not increase pr...

Exxon Mobil, Chevron Take Cautious Approach to US Shale Recovery

Exxon Mobil, Chevron Take Cautious Approach to US Shale Recovery   Exxon Mobil Corp. and Chevron Corp have scaled back activity dramatically in the top U.S. shale oil field, where just a year ago the two companies were dominating in the high-desert landscape. The cautious approach of the two largest U.S. oil companies is a major reason domestic oil production has been slow to rebound since prices crashed during pandemic lockdowns in 2020. Production now is about 11 million bbl/d, d...

Cairn Energy confirms India to appeal ruling in $1.2bn tax case

Cairn Energy confirms India to appeal ruling in $1.2bn tax case   India has appealed against an order by an international tribunal to pay $1.2bn damages to Cairn Energy in a long-running tax dispute, the company said on Tuesday. Cairn in December was awarded the money, plus interest and costs, taking the current total to more than $1.7bn. The Indian government had said previously it would challenge the order. "Cairn has full confidence in its position. As previously advised...

Lundin and partners make oil discovery near Solveig field in North Sea

Lundin and partners make oil discovery near Solveig field in North Sea   The Norwegian Petroleum Directorate (NPD) had announced a minor oil discovery made by Lundin Energy Norway and its partners near the Solveig field in the North Sea, following the drilling of the wildcat well 16/4-13 S. Located in the production licence 359, the wildcat well 16/4-13 S was drilled about 15km south of the Edvard Grieg field in the central part of the North Sea and 190km west of Stavanger. Lund...

Saudi Arabia announces massive 'green' initiatives

Saudi Arabia announces massive 'green' initiatives   Saudi Arabia's HRH Crown Prince Mohammed Bin Salman has announced two pathbreaking environmental initiatives that aim to set clear "green" road map for the kingdom and rallies the region in significantly confronting climate change. The Saudi Green Initiative and The Middle East Green Initiative, the two initiatives that are to be launched soon, aim to chart a path for Saudi Arabia and the region in protectin...

Noble Corp. and Pacific Drilling to merge

Noble Corp. and Pacific Drilling to merge   Noble Corp. and Pacific Drilling Company LLC have entered into a definitive merger agreement under which Noble will acquire Pacific Drilling in an all-stock transaction. The definitive merger agreement was unanimously approved by each company's Board of Directors. The transaction has also been approved by a majority of Pacific Drilling's equity holders, and no shareholder vote is required for Noble to close the transaction. As par...
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