tag:blogger.com,1999:blog-35718294948188186002024-03-19T02:25:38.345-07:00TECHNOLOGY AND OIL MARKETAnonymoushttp://www.blogger.com/profile/11028915630691523466noreply@blogger.comBlogger172125tag:blogger.com,1999:blog-3571829494818818600.post-34574390258257925192016-06-18T08:14:00.001-07:002016-06-18T08:14:38.216-07:00<div class="_5pbx userContent" data-ft="{"tn":"K"}" id="js_4c" style="background-color: white; color: #1d2129; font-family: helvetica, arial, sans-serif; font-size: 14px; line-height: 1.38; overflow: hidden;">
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Exxon CEO says Argentina shale investment may exceed $10 billion</div>
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BUENOS AIRES (Bloomberg) -- Exxon Mobil Corp. may invest more than $10 billion in Argentina’s Vaca Muerta shale formation in the next decades, Chairman and CEO Rex Tillerson said Thursday.</div>
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The oil giant has so far invested $200 million in the world’s second largest shale gas deposit, Tillerson said after meeting with Argentine President Mauricio Macri in Buenos Aires. Exxon has received approval to invest $250 m<span class="text_exposed_show" style="display: inline; font-family: inherit;">illion more for a pilot project in the coming months.</span></div>
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If the pilot project is successful, the company will start full development during a period of 20 to 30 years that could involve additional investment “that would be well in excess of $10 billion,” he said.</div>
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For Tillerson, Argentina’s vast Vaca Muerta shale region represents an opportunity to reverse production losses and add reserves after a $35 billion wrong-way bet on U.S. natural gas and a Russian exploration venture that was derailed by international sanctions. Exxon, the world’s largest oil explorer by market value, has designated Vaca Muerta as one of nine “key activity” areas in the Western Hemisphere and one of just four in South America, according to company data.</div>
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New Government</div>
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Macri has been courting international corporations from Total SA to Dow Chemical Co. to Coca-Cola Co. to invest in Argentina since taking office in December. Exxon, whose annual sales dwarf the economic output of all but about 45 of the world’s nations, is building a plant to strip impurities out of natural gas as well as a pipeline network to handle the output from its Vaca Muerta wells.</div>
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“I am very encouraged by the changes that have occurred here in Argentina, with the change in government,” Tillerson said, according to a statement from the Argentine government.</div>
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Exxon’s worldwide oil and gas output is lower than it was when Tillerson began his tenure as CEO a decade ago.</div>
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Last year, the company that traces its roots to the 1880s and John D. Rockefeller’s Standard Oil Trust failed to replace all the crude and gas it pumped with new discoveries for the first time in 22 years. In April, S&P Global Ratings stripped Exxon of the gold-plated credit rating it had held since the Great Depression.</div>
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Tillerson will reach Exxon’s mandatory retirement age of 65 in March. In a May 25 meeting with reporters after the company’s annual meeting in Dallas, he declined to say whether he would seek an extension of his tenure from the board.</div>
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Vaca Muerta, Spanish for Dead Cow, is one of the world’s top shale plays, covering an area the size of Belgium and considered key to restoring energy self-sufficiency in Argentina.</div>
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Anonymoushttp://www.blogger.com/profile/11028915630691523466noreply@blogger.com0tag:blogger.com,1999:blog-3571829494818818600.post-42809395854454882832016-06-04T23:02:00.001-07:002016-06-04T23:02:23.727-07:00<div class="_5pbx userContent" data-ft="{"tn":"K"}" id="js_k">
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Schlumberger acquires Omron Oilfield and Marine, Inc.<br />
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HOUSTON --Schlumberger has acquired Omron Oilfield and Marine, Inc., a
U.S.-based OMRON Corporation group company, which is a global leader in
automation technology and solutions. <br />
“The addition of Omron
Oilfield and Marine will enable us to strengthen our industrial
automation control systems capabilities as part of our long-term
strategy to develop an integrated well construction system,” said Ashok
Belani, executive V.P<span class="text_exposed_show">., Technology,
Schlumberger. “The control system plays a pivotal part in developing the
software capabilities required to realize our vision to provide our
customers with a step change in drilling performance.” </span><br />
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“This transaction enables us to leverage our U.S.-installed base with
Schlumberger’s global reach to create new market opportunities
internationally,” said Robert Bost, CEO, Omron Oilfield and Marine. “We
will continue to build on our existing technology collaboration to
expand control system capabilities in oilfield applications.” <br />
Omron Oilfield and Marine is based in Houston, Texas and consists of 139
employees. The company designs, manufactures, sells, and provides
aftermarket services for automated drive and control systems, power
houses, and drillers’ cabins. The company also offers software-based
drilling technologies on a rental or subscription basis. Omron Oilfield
and Marine was founded in Houston as Industrial Drive Maintenance, Inc.
(IDM) in 1973. It was acquired in 1999 by the OMRON Corporation, a
Kyoto-based global leader in the field of automation, and is currently
organized within the company’s Industrial Automation division.<br />
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Anonymoushttp://www.blogger.com/profile/11028915630691523466noreply@blogger.com0tag:blogger.com,1999:blog-3571829494818818600.post-16114597498570676602016-06-04T23:01:00.003-07:002016-06-04T23:01:15.876-07:00<div class="_5pbx userContent" data-ft="{"tn":"K"}" id="js_o">
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Increased field decline on mature fields is becoming visible: Rystad<br />
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HOUSTON -- For the first time since the 1980s, the industry will
experience two consecutive years of decreased global E&P investment,
according to the latest analysis by Rystad Energy.<br />
A lot of the
investment cuts have been related to new projects and shale drilling,
but the company has also observed lower activity on mature producing
fields.<br />
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This decreased activity is starting to show on the production side, with the decline rates starting to increase. <br />
Higher declines were observed for several of the major non-OPEC
countries, such as Russia, U.S., Canada and Norway in 2014 and 2015.<br />
For 2016, the decline is expected to continue increasing and in terms
of barrels, this represents a 700,000 bpd increase in the yearly decline
from the mature oil fields. <br />
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<span></span>Anonymoushttp://www.blogger.com/profile/11028915630691523466noreply@blogger.com0tag:blogger.com,1999:blog-3571829494818818600.post-21884787372487881762016-06-04T22:59:00.004-07:002016-06-04T22:59:52.077-07:00<div class="_5pbx userContent" data-ft="{"tn":"K"}" id="js_w">
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<a href="https://scontent-sin1-1.xx.fbcdn.net/v/t1.0-0/s526x395/13327625_1723208297934959_177312545131665321_n.jpg?oh=576e073a8ddd2dc9899a5bea9a890678&oe=57CF6296" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img alt="Foto PetroSociety." border="0" class="scaledImageFitHeight img" height="394" src="https://scontent-sin1-1.xx.fbcdn.net/v/t1.0-0/s526x395/13327625_1723208297934959_177312545131665321_n.jpg?oh=576e073a8ddd2dc9899a5bea9a890678&oe=57CF6296" style="left: 0px;" width="316" /></a>Weatherford Canada drilling services facility gains API Q2 certification<br />
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HOUSTON, Texas -- Weatherford International plc announced that the
Weatherford drilling services facility in Nisku, Alberta, Canada,
received API specification Q2 certification. To gain certification, a
facility must demonstrate a robust quality management system that
assures personnel competency, risk assessment, contingency planning and
other key elements.<br />
The Nisku facility is the second Weatherford f<span class="text_exposed_show">acility
in Canada to achieve this certification. A Weatherford-Canada
partnership facility in Paradise, Newfoundland, was certified last year.</span><br />
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“This certification validates the success of our service-quality and
risk-mitigation programs, which are driven internally by our operational
excellence and performance system (OEPS),” said John Raine, vice
president of quality, health, safety, security and environment at
Weatherford.<br />
“API Q2 certification is a high bar of achievement,”
said David Reed, region vice president, Canada, at Weatherford. “We
were able to meet this challenge because of our strong culture of
safety, quality and teamwork, as well as the implementation of OEPS.”<br />
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Anonymoushttp://www.blogger.com/profile/11028915630691523466noreply@blogger.com0tag:blogger.com,1999:blog-3571829494818818600.post-74441024850421901812016-06-04T22:58:00.001-07:002016-06-04T22:58:06.646-07:00<div class="_5pbx userContent" data-ft="{"tn":"K"}" id="js_3">
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OPEC ministers say oil market moving in right direction<br />
<br />
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VIENNA, Austria (Bloomberg) -- OPEC ministers gathering in Vienna for
the group’s biannual meeting said the oil market is moving in the right
direction as a supply glut dissipates.<br />
While Saudi Arabia—the
architect of the Organization of Petroleum Exporting Countries’ current
policy—remained silent, ministers from the United Arab Emirates and
Nigeria signaled that the strategy of letting low prices eradicate
surplus production is working. Some of the world’s biggest oil traders
said accelerating demand is also helping to rebalance the market.<br />
“From the beginning of the year until now, the market has been
correcting itself upward,” U.A.E. Oil Minister Suhail Al Mazrouei told
reporters in Vienna on Tuesday. “The market will fix itself to a price
that is fair to the consumers and to the producers.”<br />
Those
comments, echoed by his Nigerian counterpart, suggest renewed optimism
among producers after oil prices rose more than 85% in New York since
touching a 12-year low in February. There were still signs of division
in the group, with Venezuelan Energy Minister Eulogio Del Pino saying
Wednesday the price recovery had more to do with unexpected supply
disruptions than a successful OPEC strategy.<br />
Market Strategy<br />
Forecasters including the International Energy Agency and Goldman Sachs
Group Inc. say the crude glut is finally dwindling as the Saudi
approach of squeezing high-cost suppliers—opposed by most OPEC members
when it was unveiled in late 2014—finally pays off. The group is
unlikely to change direction this week, according to analysts surveyed
by Bloomberg.<br />
"I think the market trends are better now” and the
sense of urgency that spurred producers to mull an agreement to freeze
production in April has dissipated, Emmanuel Ibe Kachikwu, Nigeria’s
minister of state for petroleum resources, told reporters in Vienna.
While prices are moving “in the right direction, I think it needs more
acceleration of the pace,” he said.<br />
While Venezuela’s Del Pino
lamented the failure of the freeze agreement, which Saudi Arabia blocked
because Iran wouldn’t participate, he said unplanned disruptions in
Canada, Nigeria and Kuwait had effectively capped crude production.<br />
“If you take into account what happened in the last three or four
months,” there has been a “de facto” freeze, Del Pino told reporters in
Vienna Wednesday. More than 3 MMbbl of daily production are out of the
market, he said.<br />
Traders’ View<br />
After two and a half years of oversupply, oil traders also see signs supply and demand are getting close to being in balance.<br />
"The rebalancing is happening a bit faster than anticipated because of
the disruptions," Marco Dunand, the head of Geneva-based trading house
Mercuria Energy Group Ltd., said in an interview. "Demand is also
stronger than expected” in countries from India and the U.S., he said.<br />
The IEA forecasts oil demand will increase this year by 1.2 MMbpd,
while Dunand said growth is likely to top 1.5 MMbpd, perhaps rising as
high as 1.8 MMbpd.<br />
Brent and West Texas Intermediate crudes,
respectively the international and U.S. oil benchmarks, rose last week
above $50/bbl for the first time in six months. Wall Street banks have
lifted their oil price forecasts, with Goldman Sachs now saying oil
prices could hover between $50 and $60 in the second half of the year.<br />
“We have around 360 MMbbl of surplus inventories in industrialized
countries that need to be diminished before prices head markedly above
$50/bbl,” said David Fyfe, head of research at oil trading house Gunvor
Group Ltd in Geneva.<br />
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Anonymoushttp://www.blogger.com/profile/11028915630691523466noreply@blogger.com0tag:blogger.com,1999:blog-3571829494818818600.post-38584557157493650402016-06-04T22:57:00.000-07:002016-06-04T22:57:01.796-07:00<div class="_5pbx userContent" data-ft="{"tn":"K"}" id="js_29">
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Statoil drills minor discovery, dry appraisal well in North Sea<br />
<br />
STAVANGER, Norway -- Statoil Petroleum, operator of production license
035, is in the process of concluding the drilling of wildcat well
30/11-12 S and appraisal well 30/11-12 A. The wells were drilled 2 km
south of the 30/11-9 A (Askja Øst) discovery, and about 35 km southwest
of the Oseberg Sør facility in the North Sea. <br />
The objective of well 30/11-12 S was to prove petroleum in three sandstone layers in Midd<span class="text_exposed_show">le
Jurassic reservoir rocks (Tarbert formation). The objective of well
30/11-12 A was to delineate in the event a discovery was made in well
30/11-12 S. The 30/11-12 S well encountered a 37-m oil column in the
upper part of the Tarbert formation, of which about 30 m had good to
moderate reservoir properties. Well 30/11-12 A, which was drilled
further down on the structure, encountered similar reservoir rocks, but
is dry.</span><br />
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Preliminary
estimates place the size of the discovery at between 0.7 and 2.5 million
standard cubic metres of recoverable oil equivalents. The discovery
will be included in the evaluation of a new field development, along
with other earlier discoveries in the area. Data has been collected and
samples have been taken in both wells.<br />
Both wells were drilled to
vertical and TDs of 3,669 m and 3,671 m, respectively, and 3,609 m and
4,144 m below the sea surface. Well 30/11-12 S was terminated in the
Ness formation and 30/11-12 A bottomed in the Tarbert formation. The
wells are the 12th and 13th exploration wells in production license 035,
which was awarded in 1969.<br />
Water depth is 110 m. The wells have
been permanently plugged and abandoned. Both wells were drilled by the
Songa Delta drilling facility, which will continue its drilling campaign
with the drilling of another wildcat well (30/11-13 S) in the same
production license, where Statoil is the operator.<br />
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Anonymoushttp://www.blogger.com/profile/11028915630691523466noreply@blogger.com0tag:blogger.com,1999:blog-3571829494818818600.post-21837954383723575402016-06-01T03:18:00.001-07:002016-06-01T03:18:22.207-07:00<div class="_5pbx userContent" data-ft="{"tn":"K"}" id="js_1z">
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Iran plans oilfield tenders in June for international companies<br />
<br />
TEHRAN, Iran (Bloomberg) -- Iran plans to invite international
companies to bid for oilfield development rights in June, a government
official said, as the Persian Gulf country seeks to revive its energy
industry after years of crippling sanctions.<br />
The Oil Ministry
will solicit bids in a tender round starting June 21 and running for a
month, state-run Islamic Republic News Agency reported Tuesday, citing
Mehdi Ho<span class="text_exposed_show">sseini, chairman of the
ministry’s oil contracts revision committee. National Iranian Oil Co. is
working on a model investment contract for any development agreements,
he said.</span><br />
<div class="text_exposed_show">
Iran is rebuilding
its oil and natural gas industries and restoring sales of crude after
international sanctions were lifted in January. The country, which will
meet other OPEC members this week in Vienna, is targeting an increase in
production and exports to pre-sanctions levels. It refused to join
other producers in a push to freeze output at a meeting in Doha in
April.<br />
Seventy Fields<br />
Foreign companies have been awaiting
details of the investment contracts and bidding rules since Iran in
November identified about 70 oil and gas fields that it would offer.
International conferences planned as early as 2014 never took place due
to sanctions. Would-be investors may now hesitate to commit to Iran out
of concern that the U.S. may toughen its policy toward the country after
choosing a new president in November, according to Edward Bell, a
commodities analyst at Emirates NBD PJSC in Dubai.<br />
“There’s
plenty of opportunity in Iran,” Bell said Tuesday by phone. “It’s been
two years now that we’ve been waiting for these contracts. But
regardless of how ready or not Iran is to accept investment, nobody is
going to be dying to move into Iran until after the U.S. election.”<br />
Iran needs about $185 billion in investment to upgrade its oil, gas and
petrochemicals industries by 2020, the Oil Ministry’s news service
Shana reported, citing Amir-Hossein Zamaninia, deputy oil minister in
charge of commerce and international affairs.<br />
Iran’s crude
production rose to 3.38 MMbpd in May, from 3.35 MMbpd in April, JBC
Energy GmbH said Tuesday in an emailed report. The nation pumped 3.6
MMbopd at the end of 2011, before the U.S. and European Union
intensified their sanctions, according to data compiled by Bloomberg.
Iran is currently the third-biggest producer in the Organization of
Petroleum Exporting Countries, after Saudi Arabia and Iraq.<br />
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Oil pessimists exit market as supplies seen closer to balance<br />
<br />
NEW YORK (Bloomberg) -- The oil market doomsayers are beginning to capitulate.<br />
Speculators reduced bets on falling prices to the lowest level in 11
months as oil briefly breached $50/bbl on signs supplies are coming into
balance.<br />
Crude climbed 7.4% this month in New York amid lower
U.S. production and unplanned disruptions in Canada and Nigeria. Prices
are up almost 90% since February. Money managers’ short position in U.S.
benchmark crude reached the least since June, according to data from
the Commodity Futures Trading Commission.<br />
"If you’ve been short
since February this has been a very painful ride," said Kyle Cooper,
director of research with IAF Advisors and Cypress Energy Capital
Management in Houston. "There are always a few die-hards but otherwise
you’d want to get out. This is indicative of the improving
fundamentals."<br />
West Texas Intermediate rose 0.6% on the New York
Mercantile Exchange during the CFTC report week. Futures rose 0.3% to
$49.50/bbl at 11:43 a.m. on Monday.<br />
Oil has surged amid a spate
of disruptions. Nigerian crude output has dropped to the lowest level in
27 years as militants increased attacks on pipelines in the Niger River
delta. Fires that began early May in Fort McMurray shut about 1.2 MMbpd
of production in Canada’s oil-sands region.<br />
Market Balance<br />
Analysts from the International Energy Agency to Goldman Sachs Group
Inc. say the crude glut is dissipating as supply and demand move back
into balance. Goldman increased its 2016 forecast for WTI to $44.60/bbl,
from $38.40 in a report dated May 15.<br />
"The confidence of the
shorts has been shattered," said Phil Flynn, senior market analyst at
Price Futures Group in Chicago. "A lot of bears continued to bet that
prices would fall well into the rally. When relatively bearish banks
like Goldman Sachs changed to a more bullish outlook, bears noticed."<br />
U.S. crude output fell to 8.77 MMbpd in the week ended May 20, the
least since September 2014, an Energy Information Administration report
showed. The number of active oil rigs in the U.S. slipped by 2 to 316
last week, the lowest number since October 2009, according to data from
Baker Hughes Inc.<br />
Rig Count<br />
"The rigs number underlines
the bullish case," Flynn said. "They are still cutting the rig count and
it’s going to take months before any price increase can result in
increased oil production."<br />
The short position in WTI fell by
3,047 futures and options combined to 60,932, CFTC data show. Longs
slipped 2.6%, while net-long positions dropped 2.1%.<br />
The
Organization of Petroleum Exporting Countries is unlikely to reach any
agreement to limit output when it meets June 2 in Vienna, as the group
sticks with Saudi Arabia’s strategy of squeezing out rivals, according
all but one of 27 analysts surveyed by Bloomberg.<br />
"There wasn’t
much of a move either way; the drop in both shorts and longs was small,"
said Michael Lynch, president of Strategic Energy & Economic
Research in Winchester, Massachusetts. "The market didn’t do much after
hitting $50. They seem to be betting that the OPEC meeting will end with
a whimper not a bang."<br />
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Anonymoushttp://www.blogger.com/profile/11028915630691523466noreply@blogger.com0tag:blogger.com,1999:blog-3571829494818818600.post-36101036888384065072016-05-30T05:21:00.003-07:002016-05-30T05:21:55.612-07:00<div class="_5pbx userContent" data-ft="{"tn":"K"}" id="js_3">
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Oil states expected to stick with Saudis: OPEC reality check.<br />
<br />
VIENNA, Austria (Bloomberg) -- OPEC members gathering in Vienna June 2
are expected to go along with a Saudi Arabia-led policy focused on
squeezing out rivals amid signs the strategy is working. That means the
meeting may be less fraught than the previous summit in December, which
ended with public criticism of the Saudi position from Venezuela and
Iran.<br />
By allowing prices to fall, high-cost producers are being
forced out, easing the supply glut and spurring a rally of 80% since
January to about $50/bbl. All but one of 27 analysts surveyed by
Bloomberg said the Organization of Petroleum Exporting Countries will
stick with the strategy. An alternative proposal—to freeze output—was
finally rejected in Doha last month.<br />
The group may also choose a
secretary-general to replace Abdalla El-Badri, whose term has been
extended after members failed to agree on a successor. In recent months,
three new hopefuls have emerged to try and break the impasse: Nigeria’s
Mohammed Barkindo, Indonesia’s Mahendra Siregar and Venezuela’s Ali
Rodriguez.<br />
Following are the latest comments from OPEC members
and analysts. The respective shares of supply are based on April levels.
The estimates for the price each member needs to balance its budget are
from the International Monetary Fund unless stated otherwise.<br />
ALGERIA<br />
Price needed: $87.6 Share of OPEC production: 3.3%.<br />
Algeria tried, and failed, last year to organize a meeting of
non-OPEC/OPEC members to push for output cuts, as years of declining
crude production and low prices weighed on its fiscal deficit. A freeze
by producers is needed immediately to stabilize prices, Salah Khebri,
minister of energy and mines, said in an interview mid-May. “Our main
message to the next OPEC meeting is that it needs to restore unity and
work for the benefit of all members collectively,” he said.<br />
ANGOLA<br />
Price needed: $93.14 (RBC Capital Markets) Share of OPEC production: 5.4%<br />
Angola is seeking an IMF loan as state revenue plunges. Its
over-reliance on strong oil prices leaves savings and levels of inward
investment ‘‘highly vulnerable’’ to swings in the global economy, Fitch
unit BMI Research said in emailed report.<br />
ECUADOR<br />
Price needed: $75.16 (RBC Capital Markets) Share of OPEC production: 1.7%<br />
Ecuador supported an oil-output freeze at the Doha meeting. Minister
Jose Icaza met with his Venezuelan counterpart before the summit to
discuss prices and seek to agree on a unified position. Icaza became
Ecuador’s new oil minister in early May following the resignation of
Carlos Pareja.<br />
INDONESIA<br />
Unlike other OPEC members,
Indonesia is still a net oil importer so the fiscal break-even concept
is not applicable. Share of OPEC production: 2.2%<br />
Indonesia
rejoined OPEC at the Dec. 4 meeting, seven years after suspending its
membership. It will stick to its plan to increase oil output this year
even if some of the world’s biggest producers move to cap production,
Energy and Mineral Resources Minister Sudirman Said said in February.<br />
IRAN<br />
Price needed: $61.5 Share of OPEC production: 11%<br />
The Persian Gulf nation is rebuilding its energy industry and restoring
crude sales after the lifting of international restrictions in January.
Exports are already at 2 MMbpd, just short of pre-sanctions levels, the
IEA said in a recent monthly oil market report. The head of the state
oil company said the country—a key advocate of output restraint in
previous years—has no plans to join any output freeze as it remains
focused on restoring exports.<br />
IRAQ<br />
Price needed: $59.7 Share of OPEC production: 13%<br />
Production has jumped more than 40% since mid-2014 and exports are at
near-record levels. But plunging government revenue is hampering the
state’s ability to invest, and OPEC’s second-biggest crude producer is
reaching the limits of its capacity to store and export oil, according
to analysts at Energy Aspects Ltd. and FGE. Oil Minister Adel Abdul
Mahdi resigned in February amid ongoing political turmoil, his duties
are being carried out by Fayyad Al-Nima.<br />
KUWAIT<br />
Price needed: $52.1 Share of OPEC production: 8.7%<br />
Kuwait plans to boost oil production to more than 3 MMbpd within
months, doubling output from where it stood during April’s oil-worker
strike. Kuwait’s acting Oil Minister Anas Al-Saleh, said on May 18 that
OPEC’s policy “has been working well.”<br />
LIBYA<br />
Price needed: $195.2 Share of OPEC production: 0.9%<br />
OPEC’s smallest producer. Competing administrations of Libya’s
state-run National Oil Corp. in the east and west of the divided country
agreed May 17 to resume exports from Hariga port to help revive
production, which has dropped 80% since the 2011 uprising that ousted
Muammar Qaddafi. It isn’t clear if it will send anyone to the meeting;
it didn’t attend the Doha freeze talks in April.<br />
NIGERIA<br />
Price needed: $104.49 (RBC Capital Markets) Share of OPEC production: 5.1%<br />
A resurgence in militant attacks in Nigeria’s oil-producing region has
cut output to the lowest in 27 years, helping buoy global prices. An
armed group calling itself the Niger Delta Avengers has warned of more
attacks to come.<br />
QATAR<br />
Price needed: $52.4 Share of OPEC production: 2%<br />
Mohammed Al Sada, Qatar’s minister of energy and industry who is also
president of OPEC, said global demand is catching up with supply and the
market should see a “rebalancing” in the second half of the year as
cheaper crude has forced some production to close. Qatar is expected to
swing into a budget deficit this year, according to the IMF.<br />
SAUDI ARABIA<br />
Price needed: $66.7 Share of OPEC production: 31%<br />
Saudi Arabia will probably keep producing crude at near-record levels
under new Energy Minister Khalid Al-Falih, an ally of Deputy Crown
Prince Mohammed bin Salman. Prince Mohammed scuppered the oil-freeze
plan, and Al-Falih’s appointment points to an “exceedingly high
probability that there will be no Saudi agreement to freeze let alone
cut production,” analysts including Ed Morse said in an emailed note
dated May 9.<br />
UNITED ARAB EMIRATES<br />
Price needed: $71.8 Share of OPEC production: 8.9%<br />
U.A.E. still supports stability in the oil market, said Matar al Neyadi, the undersecretary of the energy ministry.<br />
VENEZUELA<br />
Price needed: $121.06 (RBC Capital Markets) Share of OPEC production: 7.4%<br />
Venezuela is one of the so-called Fragile Five OPEC members most at
risk from significant instability amid the turmoil in prices, according
to RBC Capital Markets LLC. Energy Minister Eulogio Del Pino was one of
the most ardent advocates of the failed production-freeze agreement.
While the country’s economy remains in critical condition, Caracas is
probably resigned to the course set by Riyadh, said Jason Bordoff,
director of the Center on Global Energy Policy at Columbia University in
New York.<br />
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Anonymoushttp://www.blogger.com/profile/11028915630691523466noreply@blogger.com0tag:blogger.com,1999:blog-3571829494818818600.post-12208891517409439602016-05-30T05:17:00.003-07:002016-05-30T05:17:29.856-07:00<div class="separator" style="clear: both; text-align: center;">
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New Brunswick's decision to extend fracing moratorium is a step in wrong direction, CAPP says<br />
CALGARY, Alberta -- The Canadian Association of Petroleum Producers
(CAPP) has expressed disappointment with the New Brunswick government’s
decision to extend the moratorium on hydraulic fracturing.<br />
“Industry has been working with the government to ensure world-class
regulations and environmental protection is in place,” said Paul Barnes,
manager of Atlantic Canada and Arctic.<br />
<div class="text_exposed_show">
In March 2015, the New Brunswick Commission on Hydraulic Fracturing was
created with a mandate to determine whether it would be possible to
meet the five conditions set out by the New Brunswick government in
order to lift the December 2014 moratorium.<br />
CAPP provided the
commission with a written submission to address the five conditions,
focusing on social, economic and environmental impacts of hydraulic
fracturing in New Brunswick. The commission’s report was released in
February 2016. <br />
The report indicates that increased natural gas
development is an economic opportunity for New Brunswick. Natural gas
will be consumed in large quantities by institutional, industrial and
commercial users well into the future.<br />
With a moratorium in
place, natural gas will likely come from another North American source
that uses hydraulic fracturing and New Brunswick will lose the
opportunity. <br />
“Producing natural gas at home can help the
province create economic benefits, such as jobs, tax revenue, royalties
and the ability to attract other business. The decision to extend the
moratorium is a step in the wrong direction and sends a negative message
about attracting investment to help grow the economy.”<br />
Hydraulic
fracturing has been done safely for more than 60 years in Canada.
Comprehensive government regulations and industry practices are in place
in jurisdictions where natural gas is produced, to ensure public safety
and protection of the environment.<br />
These best practices are the
result of collaborative efforts from industry, regulators and
governments working together to ensure safe, reliable operations are in
place.<br />
“We encourage the government of New Brunswick to
reconsider the moratorium on hydraulic fracturing and to continue to
work with industry to meet the five conditions. We have seen progress on
this issue in other parts of Canada, and we don’t want New Brunswick to
miss the opportunity.”<br />
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Anonymoushttp://www.blogger.com/profile/11028915630691523466noreply@blogger.com0tag:blogger.com,1999:blog-3571829494818818600.post-6917805311571581282016-05-30T05:16:00.001-07:002016-05-30T05:16:41.214-07:00<div class="_5pbx userContent" data-ft="{"tn":"K"}" id="js_3">
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Saudi Aramco boosts oil output to record in fight for market<br />
<br />
<br />
RIYADH, Saudi Arabia (Bloomberg) -- Saudi Arabian Oil Co., the world’s
largest crude exporter, increased production to an all-time high last
year while keeping its reserves unchanged as the kingdom battles for
market share.<br />
Saudi Aramco, as the state-owned company is known,
produced 10.2 MMbopd in 2015, up from 9.5 MMbopd in 2014, according to
an annual review posted on its website Thursday. Natural gas output rose
to 11.6 Bscfd from 11.3 Bscfd. The company discovered two gas fields
and three oil deposits last year, compared with five gas fields and
three oil deposits in 2014.<br />
“Expanding oil and gas supplies to
meet the needs of domestic and international markets is at the core of
Saudi Aramco’s business, and in 2015 the company delivered on its
commitments, reaching record levels of oil production and gas
processing,” Chairman Khalid Al-Falih said in the review.<br />
Saudi
Arabia’s rising production, along with increased output from shale plays
in the U.S. last year, exacerbated a global supply glut that drove down
benchmark prices by more than 30% in 2015.<br />
Market Share<br />
OPEC, led by Saudi Arabia, chose in November 2014 to keep pumping crude
to protect its share of the market rather than cutting output to boost
prices. Last month, the Organization of Petroleum Exporting Countries
and other major producers including Russia failed to reach an agreement
over a proposal to freeze output to shore up prices after Saudi Arabia
insisted that it couldn’t sign up to a deal without the participation of
Iran, which has pledged to boost its own oil output to pre-sanctions
levels before considering a cap.<br />
The Saudi company’s oil reserves
were unchanged at 261.1 Bbbl, while reserves of gas increased to 297.6
Tscf from 294 Tscf. The company said it maintains an oil-production
capacity of 12 MMbpd.<br />
Saudi Aramco is undergoing a major
transformation that will include selling less than 5% of its shares to
the public by the end of 2018. The company’s restructuring plan will be
announced within six months, Deputy Crown Prince Mohammed bin Salman
said in an interview in Riyadh on April 15. After the IPO, Saudi Aramco
will become a holding company that is not involved in the daily
management of its subsidiaries, he said.<br />
More Exports<br />
The company exported 2.6 Bbbl of crude in 2015, or 7.1 MMbpd, up from 2.54 Bbbl in 2014.<br />
Saudi Aramco’s exports to major Asian markets increased "substantially"
last year from a year earlier, with shipments to India jumping 18%.
Exports to China grew 4.5%. The company said it was able to maintain the
same level of exports to U.S. market at 1 MMbpd "despite competition
from shale oil."<br />
The operation of new local refineries helped Saudi Aramco’s exports of petroleum products to increase by 38%.<br />
Refining Capacity<br />
Saudi Aramco’s fully-owned oil-refining capacity was 3.1 MMbpd at the
end of last year, the same as in 2014, according to the report. The
company’s total refining capacity was at 5.4 MMbpd in 2015. Saudi Aramco
is seeking to double its refining capacity to between 8 MMbpd and 10
MMbpd, CEO Amin Nasser said in a March 9 interview.<br />
Saudi Aramco
said in the review that it’s expanding its Rabigh Refining &
Petrochemical venture with Sumitomo Chemical Co. The second phase of the
project will increase the production capacity of the ethane cracker,
add a new world-scale aromatics complex and create 22 process plants.
The project will start commissioning in mid-2016.<br />
Last year,
Saudi Aramco began exploring the development of a chemicals complex to
be integrated with its SATORP joint venture with Total SA, it said in
the review.<br />
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Anonymoushttp://www.blogger.com/profile/11028915630691523466noreply@blogger.com0tag:blogger.com,1999:blog-3571829494818818600.post-89102009725549660552016-05-28T00:06:00.002-07:002016-05-28T00:06:52.524-07:00<div class="separator" style="clear: both; text-align: center;">
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Pre-OPEC meeting said to have no discussion of oil-output limits</div>
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VIENNA, Austria (Bloomberg) -- The final preparatory gathering of officials from the Organization of Petroleum Exporting Countries before the ministerial meeting on June 2 didn’t discuss any limits on crude output, the latest signal that the group will stick to its current strategy of letting low prices eradicate a supply glut.</div>
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Discussions at the Economic Commission Board in Vienna, at which representatives of O<span class="text_exposed_show" style="display: inline; font-family: inherit;">PEC members review the market, focused on technical matters, said two people familiar with the matter, who asked not to be identified because the talks were private. Officials at the meeting concurred with OPEC’s most recent research report that supply and demand will start rebalancing in the second half of the year.</span></div>
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Oil prices have rebounded more than 75% from the 12-year low reached in January as U.S. shale production falters, signaling that Saudi Arabia’s strategy to re-balance oversupplied world markets by squeezing high cost production is taking effect. After the group abandoned its production target in December, and failed to reach an accord with non-members to freeze oil supply last month, all but one of 27 analysts surveyed by Bloomberg said OPEC won’t set an output target at its next meeting.</div>
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The meeting in Vienna also didn’t discuss potential candidates to replace Secretary-General Abdalla El-Badri, whose term expires in July, said two people familiar with the matter.</div>
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Anonymoushttp://www.blogger.com/profile/11028915630691523466noreply@blogger.com0tag:blogger.com,1999:blog-3571829494818818600.post-48590579167849505902016-05-28T00:05:00.003-07:002016-05-28T00:05:58.262-07:00<div class="_5pbx userContent" data-ft="{"tn":"K"}" id="js_4" style="background-color: white; color: #1d2129; font-family: helvetica, arial, sans-serif; font-size: 14px; line-height: 1.38; overflow: hidden;">
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BP boosts Thunder Horse production with water injection project</div>
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HOUSTON -- BP has started up a major water injection project at its Thunder Horse platform, extending the production life of one of the biggest deepwater fields in the U.S. Gulf of Mexico.</div>
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The project, which reflects BP’s strategy of continued investment in its existing deepwater Gulf of Mexico production hubs, will boost recovery of oil and natural gas from one of Thunder Horse field’s three main reservoirs.</div>
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Over the past three years, BP refurbished the platform’s existing topsides and subsea equipment while also drilling two water-injection wells at the site. From those wells, water will be injected into the reservoir to increase pressure and enhance production. The improvements are expected to allow the Thunder Horse facility to recover an additional 65 MMboe over time.</div>
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The project is the second of five major upstream projects BP expects to bring online in 2016. It is part of BP’s plan to add approximately 800,000 boed of new production globally from projects starting up between 2015 and 2020.</div>
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“This project will help BP sustain high levels of oil production in the deepwater Gulf of Mexico for years to come,” said Richard Morrison, regional president of BP’s Gulf of Mexico business. “And it’s another example of BP taking advantage of targeted and cost-effective opportunities within our existing portfolio.”</div>
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The Thunder Horse platform, which sits in more than 6,000 ft of water and began production in June 2008, has the capacity to handle 250,000 bopd and 200 MMcfd of natural gas. The facility continued to operate while work on the water injection project was underway.</div>
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In the deepwater Gulf of Mexico, BP operates four large production platforms—Thunder Horse, Atlantis, Mad Dog and Na Kika—and holds interests in four non-operated hubs—Mars, Mars B, Ursa and Great White.</div>
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BP has two other major projects underway in the deepwater Gulf of Mexico. The Thunder Horse South Expansion project will add a new subsea drill center roughly two miles from the Thunder Horse platform. In addition, BP continues to design the Mad Dog Phase 2 project, which will develop resources in the central area of the Mad Dog field through a subsea development tied back to a new floating production hub consisting of up to 24 wells from four drill centers.</div>
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Anonymoushttp://www.blogger.com/profile/11028915630691523466noreply@blogger.com0tag:blogger.com,1999:blog-3571829494818818600.post-24618692355637813452016-05-26T07:51:00.002-07:002016-05-26T07:51:31.284-07:00<div class="separator" style="clear: both; text-align: center;">
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Shale oil seen stifling OPEC's historic market-balancing role</div>
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KUWAIT (Bloomberg) -- The surge in the global supply of shale oil has curbed OPEC’s ability to balance crude markets, a former Qatari energy minister said.</div>
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The Organization of Petroleum Exporting Countries was able to balance the market in the past because output from shale oil deposits in the U.S. and other non-OPEC nations was insignificant, Abdullah bin Hamad al-Attiyah told reporters at an industry event in Doh<span class="text_exposed_show" style="display: inline; font-family: inherit;">a.</span></div>
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“OPEC can’t act as swing producer because it will lose market share,” he said Wednesday, referring to the group’s traditional practice of varying output to manage crude prices. Al-Attiyah was energy minister of Qatar, an OPEC member, from 1992 to 2011.</div>
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Crude prices tumbled more than 75% from their 2014 peak due to a global glut fed partly by production at shale deposits in the U.S. OPEC, which pumps about 40% of the world’s oil, meets in Vienna on June 2 to assess its output policy. The group is unlikely to set a production target as it sticks with Saudi Arabia’s strategy of squeezing out rivals such as higher-cost shale drillers, according to all but one of 27 analysts surveyed by Bloomberg.</div>
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“Frankly, I don’t expect anything from the next OPEC meeting because, rightly, OPEC decided not to play against the market,” Claude Mandil, a former executive director of the International Energy Agency, said at the same event. “Market forces are too strong now, and you can’t play against those forces when they are strong.”</div>
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Crude has surged more than 80% from a 12-year low earlier this year on signs the global oversupply will ease amid declining output in Nigeria and non-OPEC countries, including the U.S. Brent for July settlement increased 95 cents, or 2%, to $49.56/bbl on the London-based ICE Futures Europe exchange.</div>
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“The issue now for OPEC members is how to diversify your economy from oil and gas,” Mandil told reporters in the Qatari capital. Mandil headed the IEA, a watchdog agency for the world’s most industrialized countries, from 2003 to 2007.</div>
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Al-Attiyah estimated current global inventories at about 5 Bbbl of oil, including crude in floating storage, and said the market is oversupplied by about 1.5 MMbpd.</div>
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‘No benefit’</div>
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“Just to cut production by 1.5 MMbpd and the next day the price goes up and the other producers will take the whole share--there is no benefit for OPEC in that,” he said. High oil prices in recent years were an incentive for many high-cost fields to be tapped, Al-Atiyyah said. If shale oil companies were to collapse due to financial strain imposed by low prices, this might cause another crisis like the one in 2007 and 2008, as many of them owe large debts to banks, he said. “OPEC can’t go out and fight on behalf of others,” he said.</div>
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“You have one market. You don’t have an OPEC market and a non-OPEC market.”</div>
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Anonymoushttp://www.blogger.com/profile/11028915630691523466noreply@blogger.com0tag:blogger.com,1999:blog-3571829494818818600.post-79794500599095499312016-05-25T08:30:00.003-07:002016-05-25T08:30:55.055-07:00<div class="_5pbx userContent" data-ft="{"tn":"K"}" id="js_6u" style="background-color: white; color: #1d2129; font-family: helvetica, arial, sans-serif; font-size: 14px; line-height: 1.38; overflow: hidden;">
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Shell cuts 2,200 more jobs to withstand lower-for-longer oil</div>
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THE HAGUE (Bloomberg) -- Royal Dutch Shell will cut 2,200 more jobs, taking the total tally of losses to 12,500 from 2015 to 2016 as the world’s second-biggest oil company continues to adjust to the slump in prices.</div>
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At least 5,000 jobs will be cut this year, the company said in an emailed statement. These reductions are in response to oil prices staying “lower for longer,” and as a result of the acquisition of BG G<span class="text_exposed_show" style="display: inline; font-family: inherit;">roup earlier this year, said Paul Goodfellow, Shell’s V.P. for the UK and Ireland.</span></div>
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“These are tough times for our industry,” Goodfellow said in a statement. “We have to take further difficult decisions to ensure Shell remains competitive through the current, prolonged downturn.”</div>
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The industry is cutting deeper despite oil’s 80% recovery since January. Prices remain about half the level of two years ago and companies’ earnings have been pummeled, debt has increased and credit ratings have been cut. To help protect their balance sheets they have deferred or canceled billions of dollars of projects, renegotiated contracts with suppliers and eliminated thousands of jobs.</div>
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Shell’s adjusted net income fell 58% to $1.6 billion in the first quarter following the collapse in prices. The company bought BG Group for $54 billion this year to get access to oil and natural gas reserves from Australia to Brazil. The purchase has increased its debt to $70 billion and driven up its ratio of net debt to capital to above 26%.</div>
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Anonymoushttp://www.blogger.com/profile/11028915630691523466noreply@blogger.com0tag:blogger.com,1999:blog-3571829494818818600.post-62177670325410179792016-05-25T08:17:00.002-07:002016-05-25T08:17:38.823-07:00<div class="_5pbx userContent" data-ft="{"tn":"K"}" id="js_2w" style="background-color: white; color: #1d2129; font-family: helvetica, arial, sans-serif; font-size: 14px; line-height: 1.38; overflow: hidden;">
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Oman Block 36 wildcat disappoints for DNO</div>
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OSLO, Norway -- DNO’s Hayah-1 exploration well, in Oman's Block 36, failed to encounter hydrocarbons other than minor gas shows and will be plugged and abandoned, the company said in a statement.</div>
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The well, drilled in the Rub al-Khali basin in the southwestern part of the country, reached a total depth of 3,010 m and penetrated the three target reservoirs, of which two had good reservoir quality.</div>
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DNO will incorporate the Hayah-1 well information into further evaluation of the block.</div>
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DNO operates Block 36 with a 75% operated interest; Allied Petroleum Exploration Inc. holds the remaining 25%.</div>
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Anonymoushttp://www.blogger.com/profile/11028915630691523466noreply@blogger.com0tag:blogger.com,1999:blog-3571829494818818600.post-31425530627090716912016-05-25T08:16:00.000-07:002016-05-25T08:16:06.362-07:00<div class="_5pbx userContent" data-ft="{"tn":"K"}" id="js_5" style="background-color: white; color: #1d2129; font-family: helvetica, arial, sans-serif; font-size: 14px; line-height: 1.38; overflow: hidden;">
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Oil’s recovery under threat as tankers run in circles off China</div>
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BEIJING (Bloomberg) -- In late February, the tanker Jag Lok loaded oil from Equatorial Guinea in western Africa and set sail for the Chinese port of Qingdao, the gateway to the world’s newest buyers of crude, a journey of more than 12,000 nautical miles.</div>
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After reaching its destination in early April, the ship churned in circles for 20 days before it got a chance to deliver its cargo. That’s because the port in Shandong province was struggling to handle a record number of vessels arriving to supply the privately held refineries called “teapots” that dot the region, ship-tracking data compiled by Bloomberg show.</div>
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The backup illustrates the challenges facing the independent refiners, which have emerged as a bright spot of rising demand amid a global glut. The processors are forecast by ICIS-China to purchase a combined 1 MMbopd from overseas this year, up from 620,000 bopd in 2015. While small individually, together they account for almost a third of China’s refining capacity. Any curb on imports would threaten oil’s rebound from a 12-year low, according to Nomura Holdings Inc. and Samsung Futures Inc.</div>
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“If teapots’ intake of crude slows down, the global oil demand and supply re-balancing might take longer,” said Gordon Kwan, head of Asia oil and gas research at Nomura in Hong Hong. “If demand from teapots is lower, then oil prices might rebound to just $55, instead of $60/bbl next year.”</div>
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From being dependent on state-owned energy giants for their feedstock needs as little as a year ago, teapots are now driving Chinese crude purchases after the government allowed them to buy overseas supplies directly. As of end-February, 27 of the companies had received or applied for annual import quotas totaling 89.5 million metric tons, or about 1.8 MMbopd, according to Zhang Liucheng, chairman of the China Petroleum Purchase Federation of Independent Refinery, a group of 16 processors.</div>
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Total purchases from overseas into the world’s second-largest oil user climbed to a near record 7.96 MMbopd in April, while shipments to Qingdao surged to unprecedented levels in April.</div>
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Still, with infrastructure not developing as fast as oil purchases, imports are at risk of slowing because of the ship traffic and lack of storage capacity, according to BMI Research. Concern about the creditworthiness of companies with no prior experience in international trade is also deterring some sellers. Slowing refining profits mean the plants may have to cut processing rates, weakening their appetite for cargoes from overseas, while the implementation of higher fuel quality standards could force some of them to shut.</div>
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Refiner Alliance</div>
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To ease purchasing from foreign suppliers, 16 of the refiners banded together in February to form an alliance. Its aim is to better negotiate bulk purchases as the newest buyers in the physical oil-trading market and improve their credibility. Zhang, the chairman, said it seeks term contracts of two to three years.</div>
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“When we are dealing with major producers, there is certainly some mistrust in terms of credit lines and unstable demand, which we are seeking to solve,” Zhang said. “Also we could get the cold shoulder because buying volumes can be small.”</div>
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The independents’ attractiveness to global producers was highlighted last month when one of the refiners purchased a spot cargo from Saudi Arabia, which broke from its usual policy of selling only under long-term contracts. Yet, they are discovering that it’s not easy to break into the oil market even amid a glut.</div>
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“Teapot buying could slow due to logistical constraints which are already stretched to their limits,” said Nevyn Nah, a Singapore-based analyst at consultant firm Energy Aspects Ltd.</div>
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Fuel Standards</div>
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Apart from the traffic at Qingdao, China’s fight against pollution poses another risk to purchases by teapots. Part of President Xi Jinping’s efforts to tackle the smog that’s shortening lives and has prompted social unrest is a drive to adopt higher fuel-quality standards from January 2017. To comply, the nation’s refineries will need to upgrade with new equipment and technology, which may be beyond the means of some private processors, according to BMI Research, a unit of Fitch Group.</div>
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A drop in refining margins amid surging fuel stockpiles and a jump in crude prices this year is another potential dampener. The profit from turning Middle East benchmark Dubai crude into oil products in Asia is at $4.92/bbl as of the end of last week, about 34% lower from late March, data compiled by Bloomberg show.</div>
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Brent crude, the benchmark for more than half the world’s oil, traded at $48.17/bbl by 11:26 a.m. in London. Prices have surged more than 70% from a 12-year low they hit in January.</div>
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Margin Drop</div>
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“Weakening margins are likely to have a stronger impact on independent refineries in China and this will lead to lower crude imports,” said Hong Sung Ki, a senior analyst at Samsung Futures Inc. in Seoul. “That will result in a downward revision for China demand and this will inevitably have a negative impact on oil prices.”</div>
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Meanwhile, ships continue to be held up at Qingdao. At least 16 oil tankers with capacity to carry 21.2 MMbbl have stayed near the port for more than 10 days over May 1-23. Half of them were there for more than a month, according to ship-tracking data compiled by Bloomberg.</div>
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Anonymoushttp://www.blogger.com/profile/11028915630691523466noreply@blogger.com0tag:blogger.com,1999:blog-3571829494818818600.post-6266983440190487492016-05-25T08:15:00.001-07:002016-05-25T08:15:03.952-07:00<div class="_5pbx userContent" data-ft="{"tn":"K"}" id="js_3e" style="background-color: white; color: #1d2129; font-family: helvetica, arial, sans-serif; font-size: 14px; line-height: 1.38; overflow: hidden;">
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OPEC set for another meeting with no deal after Doha failure</div>
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VIENNA, Austria (Bloomberg) -- After failing to reach an accord on oil supply in Doha last month, OPEC is poised to go another meeting with no agreement on how much crude to produce.</div>
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All but one of 27 analysts surveyed by Bloomberg said the Organization of Petroleum Exporting Countries won’t set an output target on June 2, as it sticks with Saudi Arabia’s strategy of squeezing out rivals including U.S. shale driller<span class="text_exposed_show" style="display: inline; font-family: inherit;">s by pumping near-record volumes. An accord on an output cap with non-members such as Russia collapsed in Doha last month when Saudi officials insisted Iran would need to take part.</span></div>
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Oil has rebounded almost 80% to $48.35/bbl in London from the 12-year low reached in January as depressed prices take their toll on supplies. The International Energy Agency and Goldman Sachs Group Inc. say the crude glut is dissipating, signaling that the Saudi approach—opposed by most OPEC members when it was unveiled in late 2014—is finally paying off.</div>
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“The strategy is in the process of working—I don’t think they have much incentive to particularly do anything,” said Mike Wittner, head of oil-market research at Societe Generale SA. Even if they did, political tensions between Saudi Arabia and Iran thwart cooperation as seen at the Doha summit and at OPEC’s meeting last December, both of which were “pretty chaotic,” he said.</div>
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Iranian Round-Up</div>
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The head of Iran’s state oil company said at the weekend that the country has no plans to join any output freeze since it’s still ramping up exports to pre-sanctions levels.</div>
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Iranian shipments probably won’t surpass 2.2 MMbpd until midsummer, Rokneddin Javadi, managing director of National Iranian Oil Co., told Mehr news agency. Exports last reached that level before sanctions were imposed more than four years ago.</div>
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OPEC’s ministerial meeting in December ended without any agreement on an output ceiling as the group abandoned the target of 30 MMbopd that it had held—and mostly ignored—since late 2011.</div>
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The group’s current policy, which allows members to produce as much as they choose with no need for coordination, calls the organization’s basic purpose into question, said Eugen Weinberg, head of commodities research at Commerzbank AG in Frankfurt.</div>
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“The question is,” Weinberg said, “is OPEC dead or just in a coma?”</div>
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Anonymoushttp://www.blogger.com/profile/11028915630691523466noreply@blogger.com0tag:blogger.com,1999:blog-3571829494818818600.post-11331448398105016272016-05-25T08:13:00.002-07:002016-05-25T08:13:29.653-07:00<div class="separator" style="clear: both; text-align: center;">
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Africa's busiest oil industry running hard to stand still</div>
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LONDON (Bloomberg) -- Algeria has more drilling rigs than the rest of Africa combined, yet oil production still isn’t recovering after years of decline. It’s little wonder the nation remains one of the most vocal supporters of action to increase prices by curbing output at the OPEC meeting next month.</div>
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The Organization of Petroleum Exporting Countries has been hit hard by the decline in oil prices. Algeria, like other members, is rolling out economic reforms to deal with the consequences of the slump, which include the nation’s first current-account deficit in more than a decade. Unlike Saudi Arabia and Iraq, it’s been unable to soften the blow by boosting output.</div>
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“In the short term, for sure, the only hope is for prices to rise” because Algeria has little flexibility on production, said Alexandre Kateb, chief economist at Algiers-based financial services company Tell Group. “What it can do is on the level of diplomacy. Trying to influence other members within the organization and achieve some consensus.”</div>
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Decades after the discovery of Algeria’s first major oil fields in the 1950s, the nation’s exploration success rate has fallen to less than one well in five, according to data from state oil company Sonatrach Group. Last year, it drilled 149 wells and only made 22 minor finds. Crude output for the past two years has remained at about 1.1 MMbpd, data compiled by Bloomberg show.</div>
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Algeria had 36 rigs drilling for oil last month, two thirds of the total for the African continent, according to data from Baker Hughes Inc. Nigeria, which produced 600,000 bpd more crude than Algeria in April, had just six operating rigs, the data show. While Algeria plans to buy eight more rigs this year, it isn’t making greater discoveries.</div>
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geria’s income from oil and gas exports, which account for nearly 60% of the economy and 95% of foreign receipts, has plunged by almost half since crude prices tumbled. While large currency reserves and low levels of foreign debt have helped the nation to weather the storm, a prolonged slump could threaten subsidies on housing and basic foodstuffs that curbed internal dissent since the Arab Spring.</div>
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Algeria’s economy is “facing a severe and likely long-lasting external shock,” the International Monetary Fund said May 19. The price of international benchmark Brent crude was about $48/bbl Monday. That’s an increase of 77% from a 12-year low in January, but still well below the $87.60 the IMF says Algeria needs to balance its budget.</div>
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OPEC policy</div>
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OPEC will meet in Vienna on June 2 to discuss output policy and Algeria looks set to continue its two-year push for action to boost prices.</div>
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The nation tried and failed in August to persuade fellow members to hold an emergency meeting to boost prices. Two months later, a joint effort with Venezuela to organize a summit of heads of state from OPEC and non-OPEC countries received little support. When it meets next month, the group should “focus on the interests of all countries,” by freezing production immediately to stabilize prices, Algeria’s Minister of Energy and Mines Salah Khebri said in an interview May 16.</div>
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All but 1 of 27 analysts surveyed by Bloomberg said OPEC won’t set an output target at the next meeting, as it sticks with Saudi Arabia’s strategy to squeeze out rivals including U.S. shale drillers by pumping near-record volumes.</div>
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Sonatrach’s V.P. of exploration and production, Salah Mekmouche, said in December that its drilling efforts are yielding results. The country plans to raise crude output by 5% this year as fields discovered five to six years ago come online, he said. It is also shifting the focus of its drilling closer to existing production facilities, which would be simpler and less expensive to develop than new areas.</div>
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Algeria is a country that is under explored, said Sid Ali Betata, president of the National Agency for the Development of Hydrocarbon Resources, with an average of 15 wells per 10,000 km2. However, drilling has become too expensive, he said.</div>
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Changing perceptions</div>
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The nation lacks the funds and foreign investment needed to underpin a long-term recovery in output. Of the 31 oil and gas exploration blocks offered in tender in the last auction in 2014, only four permits were awarded. Corruption probes at Sonatrach, the threat of terrorism from both the regional al-Qaeda affiliate and Islamic State, and uncertainty over the health of President Abdelaziz Bouteflika, 79, has dimmed the nation’s appeal to investors.</div>
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The government is working to change perceptions. Algiers hosted a joint conference for foreign investors with the UK on Sunday and plans another with the European Union on Tuesday. In the long term it seeks to change regulations, increase deliveries of natural gas to Europe, develop renewables and increase energy efficiency.</div>
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This is not the right time to offer oil and gas exploration rights because low prices discourage companies from bidding, Energy Minister Khebri said in Algiers Sunday. “We are now engaged in direct negotiations with foreign oil and gas companies to seek their views for the right moment to hold the bidding round,” he said.</div>
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In the meantime, the drills will keep turning, but won’t do enough to solve the nation’s problems, said Mohamed Said Beghoul, a former director of exploration at Sonatrach and industry veteran of 30 years.</div>
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“We can’t just open a tap,” he said. “We have a problem with old installations, we have to renovate them.”</div>
Anonymoushttp://www.blogger.com/profile/11028915630691523466noreply@blogger.com0tag:blogger.com,1999:blog-3571829494818818600.post-54008186268168412282016-05-25T08:12:00.000-07:002016-05-25T08:12:00.782-07:00<div class="separator" style="clear: both; text-align: center;">
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Cairn India CEO quits after record quarterly loss</div>
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MUMBAI, India (Bloomberg) -- Cairn India Ltd. said its CEO Mayank Ashar resigned citing personal reasons, just a month after the nation’s largest private oil producer posted its biggest quarterly loss.</div>
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Ashar will step down on June 5 and will be replaced by CFO Sudhir Mathur as interim head of the company, Cairn India said in a stock exchange filing on Friday. Ashar, who took charge in October 2014, oversaw the company amid the<span class="text_exposed_show" style="display: inline; font-family: inherit;"> worst ever slide in oil prices and an ongoing process of merger with parent Vedanta Ltd. In January, Cairn India said the merger will take at least six more months.</span></div>
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“This is definitely unsettling,” said Amit Agarwal, analyst at SBI Capital Markets Ltd. “He has given personal reasons but there is no clarity beyond that.”</div>
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Ashar did not respond to an email seeking comment.</div>
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Cairn last month reported a group net loss of 109.5 billion rupees ($1.6 billion) in the three months ended March, that was wider than a mean loss estimate of 915.4 million rupees. The company’s shares have fallen 31% in the past year following the slump in oil prices and uncertainty over the merger with Vedanta, which was announced in June. Brent oil has slipped 25% in the past 12 months.</div>
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“As it is, the stock has got hammered last few weeks and there will be some uncertainty now, which will be negative for the stock in the near term,” SBI Capital’s Agarwal said.</div>
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Exxon, Total, Chevron in talks with Pemex on Gulf prospects</div>
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MEXICO CITY (Bloomberg) -- Petroleos Mexicanos is in talks with Exxon Mobil Corp., Total and Chevron Corp. as Mexico’s struggling state-run oil producer seeks partners to develop deepwater crude in the Gulf of Mexico.</div>
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Pemex may also start discussions with Oslo-based Statoil ASA, according to company press officials who asked not to be named because of policy. Pemex seeks Areas of Mutual Interest agreements to evaluat<span class="text_exposed_show" style="display: inline;">e whether the companies have opportunities to work together in offshore areas.</span></div>
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The talks would indicate the world’s oil majors are interested in partnering with Pemex to produce the country’s underdeveloped crude reserves or bid with Mexico’s state-owned operator in the country’s first-ever deepwater auctions in December. Pemex, which deferred investments in deepwater fields this year amid a $5.5-billion budget cut, has reiterated that it seeks to partner with the world’s largest producers to develop Mexico’s crude reserves, estimated by the country’s oil regulator at the equivalent of 10.24 Bbbl of crude at the end of last year.</div>
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"They will use the tools in the energy reform to do this," Nymia Almeida, a senior credit officer for Moody’s, said at a conference in New York, when asked about Pemex forming partnerships and selling assets, which the company intends to do. "Any deal would be better than none, even if it starts little by little."</div>
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Hakon Fonseca Nordang, head of communication for Statoil in the U.S. and Mexico, declined to comment on any discussions, saying that Statoil and Pemex have for years had a General Cooperation Agreement involving research and technology exchange between the two companies. Scott Silvestri, an Exxon spokesman, declined to comment, as did Isabel Ordonez, a spokeswoman for Chevron in Latin America.</div>
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Deepwater Auction</div>
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Mexico hopes to raise $44 billion in investment in its first-ever sale of deepwater areas in the Gulf of Mexico, scheduled for Dec. 5. The country will auction 10 areas in the Perdido area near the maritime border with the U.S. and in the southern gulf’s Cuenca Salina.</div>
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Seventy-six percent of the country’s prospective oil resources are located in the deep waters of the Gulf of Mexico, according to Energy Minister Pedro Joaquin Coldwell. Pemex, Statoil, Chevron and Exxon are among 16 companies that are in the process to qualify to bid in the deep water auctions.</div>
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Anonymoushttp://www.blogger.com/profile/11028915630691523466noreply@blogger.com0tag:blogger.com,1999:blog-3571829494818818600.post-1655689034293310342016-05-20T01:30:00.001-07:002016-05-20T01:30:26.685-07:00<div class="separator" style="clear: both; text-align: center;">
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Shell said to start talks with buyers for North Sea asset sales</div>
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THE HAGUE (Bloomberg) -- Royal Dutch Shell is in talks with potential buyers for some North Sea assets, mostly fields it got this year as part of the record acquisition of BG Group, according to people familiar with the matter.</div>
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The Anglo-Dutch energy giant has been in talks with companies including privately held chemical producer Ineos Group AG and Neptune Oil & Gas, set up by former Centrica Plc chief Sam Laidlaw, the people said, asking not to be identified as the information is private. Shell is seeking to sell a package of assets and is talking with companies to gauge their interest before a formal sale process is launched, the people said. No final decision has been made and Shell may decide to retain the properties, they said.</div>
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Europe’s biggest oil company is planning to raise $30 billion from asset sales in three years after the $54-billion acquisition of BG increased debt and lowered its credit rating. While the move made Shell the world’s second-biggest oil company by market value, it also brought it properties in areas like the North Sea where costs are high. Crude continues to trade below $50, making it difficult for Shell to sell oil fields at what it thinks is a good price.</div>
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“Shell continuously evaluates opportunities for its global portfolio, in line with our business strategy,” a company spokesman said. “A review of all assets, including those in the North Sea, is underway as part of our commitment to the $30-billion asset sale program.”</div>
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A representative for Neptune didn’t respond to calls and emails requesting comment. A spokesman for Ineos couldn’t be reached by phone or email.</div>
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BG operated oil and gas assets in the UK North Sea including the Armada project and the Everest and Lomond fields, according to the company’s website. It also had stakes in fields operated by others, including Nexen’s Buzzard and the Total SA-operated Elgin and Franklin projects, as well as some offshore pipelines.</div>
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n the UK North Sea, including the Brent project, oil from which is used to set the global price benchmark, according to its website.</div>
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“We are looking at various packages in the upstream,” Shell CFO Simon Henry told analysts May 4. “We are working, sometimes with advisers, on a series of packages. But we’re not about to jump into fire sales in a market which is clearly weak at the moment because of the $45 oil price.”</div>
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Brent crude was at about $59/bbl the day before Shell announced the BG acquisition in April last year. Prices dropped to below $40 when the deal was completed in mid-February and remain under $50.</div>
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The slump in prices over the last two years has forced Shell and other oil companies to shrink their business, sell assets, defer and close projects and eliminate staff. Some of the cutbacks have happened in the UK North Sea, where operating costs remain high.</div>
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The BG acquisition pushed up Shell’s net debt to about $70 billion at the end of March, making it Europe’s most indebted non-financial company. Its gearing—or net debt to total capital—increased to above 26% from 14% at the end of last year.</div>
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Assets linked to Shell’s interests in Trinidad & Tobago and stakes in oil and gas fields in India may be on the block, people familiar with the matter said in March.</div>
Anonymoushttp://www.blogger.com/profile/11028915630691523466noreply@blogger.com0tag:blogger.com,1999:blog-3571829494818818600.post-42447807189619966962016-05-18T23:15:00.000-07:002016-05-18T23:15:31.306-07:00<div class="separator" style="clear: both; text-align: center;">
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France’s proposed shale-gas ban isn’t workable, Total CEO says</div>
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PARIS (Bloomberg) -- Total SA CEO Patrick Pouyanne said plans to ban imports of U.S. shale gas to France may be unworkable.</div>
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“I don’t know how it would be possible to do it,” Pouyanne said Wednesday at a hearing of the French Senate. “The gas is liquefied in the U.S., and shale and conventional gas are mixed together in pipelines.” You can’t then separate them, he said.</div>
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Energy and Environment Minister Segolene Royal said this month that she will “examine from a legal standpoint” ways to ban imports of shale gas, and has asked Electricite de France SA and Engie SA to import only conventional gas. France barred fracing in 2011 on environmental grounds. Houston-based Cheniere Energy Inc. has contracts to deliver LNG to Engie, EDF and Total.</div>
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Re-gasification units in Europe are running at just 25% of capacity, and will attract U.S. LNG imports, Pouyanne said. “We’ll buy American gas in one year or two. We plan to import it in Europe or elsewhere in the world.”</div>
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“The price of gas in Europe has dropped because of American LNG,” Pouyanne said.</div>
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Anonymoushttp://www.blogger.com/profile/11028915630691523466noreply@blogger.com0tag:blogger.com,1999:blog-3571829494818818600.post-16800857658292476162016-05-18T23:13:00.002-07:002016-05-18T23:13:53.161-07:00<div class="separator" style="clear: both; text-align: center;">
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Norway offers thirteen companies production licenses in Barents Sea</div>
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STAVANGER, Norway -- Norway’s Ministry of Petroleum and Energy has offered new production licenses to thirteen companies in the 23rd licensing round on the Norwegian Continental Shelf. All ten production licenses are located in the Barents Sea.</div>
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The offers were issued following the authorities’ assessment of applications from 26 companies.</div>
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When the 23rd licensing round was announced in January 2015, it marked 50 years since the announcement of the very first licensing round on the NCS. For the first time since 1994, new exploration acreage was made available in the southeastern Barents Sea.</div>
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Sissel Eriksen, director of exploration, Norwegian Petroleum Directorate, is pleased with the present results of the latest licensing round. “I am eagerly awaiting the result of the first exploration well,” she said.</div>
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Three production licenses were awarded in the new area in the southeastern Barents Sea. The authorities have prepared binding work programs that include a requirement for four exploration wells within three years in the three production licenses in the southeastern Barents Sea. Eriksen is hopeful that the first exploration well will be in place as early as next year.</div>
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In addition to the three production licenses in the southeastern Barents Sea, Eriksen drew attention to the new blocks awarded in the area surrounding the Alta and Wisting discoveries, with a view to strengthening the resource base for future developments.</div>
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She also emphasized that the areas awarded are important in the search for more knowledge about the Barents Sea generally, for the benefit of further exploration of the area.</div>
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Anonymoushttp://www.blogger.com/profile/11028915630691523466noreply@blogger.com0tag:blogger.com,1999:blog-3571829494818818600.post-11177422177117665022016-05-18T23:11:00.002-07:002016-05-18T23:11:47.779-07:00<div class="separator" style="clear: both; text-align: center;">
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Nine Energy completes 124-stage well in Utica shale</div>
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HOUSTON -- Nine Energy Service successfully completed 124 perforated stages in an 18,544 ft lateral (27,034 ft TMD) in Guernsey County, Ohio, for Eclipse Resources, a premier independent E&P company in the Appalachian basin.</div>
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In one of the most complex wells ever completed by either company, Nine’s Wireline Division worked directly with Eclipse to design the plug and perf system through Cerebus Well Modeling software, enablin<span class="text_exposed_show" style="display: inline;">g more effective planning and deployment of cable-conveyed tools. Nine completed all 124 stages in 23.5 days without any non-productive time.</span></div>
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“In the current low commodity environment, operators like Eclipse are targeting their core acreage and remain focused on optimizing development with longer laterals and shorter spacing,” said Nick Pottmeyer, V.P. of completions technology, North America for Nine. “Longer laterals are proving to be a more effective way to develop acreage. Increased well costs to drill further can be justified by the improved production ranges and return on revenue.”</div>
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Kyle Bradford, completions manager for Eclipse Resources added, “Nine was the only wireline company that we considered. We knew with such a technical well, there would be a number of challenges and we needed a partner that we could rely on to execute at the wellsite and who could quickly address any problems.</div>
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