Chevron makes job losses from its Gorgon LNG plant
Chevron has made around 1,000 workers redundant from its Gorgon LNG plant in Australia as it looks to streamline costs.
Oil & Gas
IEA Sees oil glut lasting until late 2016 as OPEC keeps pumping
The global oil surplus will persist at least until late 2016 as demand growth slows and OPEC shows “renewed determination” to maximize output, according to the International Energy Agency. The Organization of Petroleum Exporting Countries, by effectively dropping production limits at its Dec. 4 meeting, is displaying hardened resolve to maintain sales volumes even as prices fall in an oversupplied market, the agency said Friday in its monthly report. While its policy is hitting rivals, triggering the steepest drop in non-OPEC supply since 1992, world oil inventories will likely swell further once Iran restores exports on the completion of a deal to lift sanctions, it said.
Woodside Petroleum approves $2billion natural gas project
Woodside Petroleum and its partners have approved a $2billion natural gas project off Australia's northwest coast which is looking to develop more than 1.6trillion cubic feet of raw gas. The decision signals the second phase of the Greater Western Flank project, which will mark the fourth major gas development in seven years in the venture, operated by Woodside.
Total brings Moho project in Congo on stream
Total said the Moho Phase 1b project in the Republic of the Congo has been brought on stream. The company said the site, which is 75 kilometres off the coast of Pointe-Noire, has a production capacity of 40,000 barrels of oil equivalent per day. The project will involve the drilling of 11 new subsea well and the installation of the two most powerful subsea multiphase pumps in the world.
Statoil acquires Alfra Sentral stake, becomes main operator in Eagle Ford
Norwegian operator Statoil has become the sole operator in the US Eagle Ford shale play after striking a number of deals with Repsol. The company has acquired the Spanish players 13% interest in the acreage, as well as assuming operatorship of the BM-C-33 licence in Brazil’s Campos basin. Statoil said it has also farmed down a 15% interest to Repsol in the Gudrun field on the Norwegian Continental Shelf.
Shell’s New Zealand review sign of rationalisation as BG merger moves closer
Oil major Shell is shifting to portfolio rationalisation as the move to a merger with BG Group nears one step closer, according to a leading analyst. Tom Ellacott, from Wood Mackenzie’s Corporate Analysis team, said a combined portfolio between the two companies will now be defined by its geographical reach.
Chevron completes North Sea jobs consultation, confirms job losses
Chevron has completed a jobs consultation process which will see a reduction in headcount by 140 positions from its North Sea operations. Earlier this week the company said it would be reducing its spending in 2016 by around 24%.
BP, Chevron back $2 billion North West Shelf development phase
BP Plc, Chevron Corp. and the other partners in Australia’s largest oil and gas venture approved a $2 billion expansion in the project, the fourth major gas development at the North West Shelf in the past seven years. The Greater Western Flank Phase 2 off the north-west coast will develop 1.6 trillion cubic feet of gas from six fields, the operator of the North West Shelf, Woodside Petroleum Ltd., said Friday in a statement.
Oil heads for worst week since March as OPEC seen fueling glut
Oil headed for the biggest weekly decline since March amid speculation OPEC’s decision to effectively scrap production targets will keep the market oversupplied.
Rampant pipeline theft fails to deter Mexico onshore oil bidders
Mexico is preparing to auction the rights to produce oil from onshore fields in five of the nation’s states. These are the same states that average five incidents of pipeline theft a day where illegal taps are used to steal oil and gasoline in transit -- almost double the pace from just two years ago.
Oil industry to back new collaborative charter
The trade body for the North Sea oil and gas sector has called for the industry to back the tenets of a new charter that outlines collaborative behaviours to achieve “transformational change”.
Climate change drive to work in Plexus’s favour, firm’s chairman says
Plexus Holdings’s chairman said yesterday that a “global drive” to lower carbon emissions would play into the hands of the Aberdeen-based oil field well technology firm. Jeffrey Thrall said this week’s climate change talks in Paris showed “powerful market and industry dynamics” were “evolving” and that gas is now seen as a “clean” alternative to coal and oil. This shift would work in Plexus’s favour as its technologies are geared toward providing safer and cheaper gas drilling, Mr Thrall said.
Centrica boss admits 2015 has been a “difficult year”
British Gas owner Centrica said it had made “good progress” in recent trading despite commodity price falls.
Penspen wins Ghana pipeline contract
Penspen, the engineering and management services company, has been awarded a FEED contract for further development of a natural gas pipeline in Ghana.
OPEC says crude production rose to three-year high in November
OPEC raised crude output to the highest in more than three years as it pressed on with a strategy to protect market share and pressure competing producers.
Statoil gets PSA consent for Maria field tie-ins
Statoil has received consent for modifications at Kristin and Tyrihans in connection with tie-in of the Maria field.
ConocoPhillips gets go-ahead to extend Eldfisk to 2028
ConocoPhillips has been given the green light to extend the lifetime of the Eldfisk oil field in the North Sea.
ConocoPhillips to reduce 2016 spending by 25%
ConocoPhillips said it expects its spending for next year to be 25% lower than previously expected for 2016.
Avanti Energy strikes deal with Shell Energy Europe
Avanti Energy said its Italian subsidiary has signed a long term gas sales agreement with Shell Energy Europe for its future gas production in the country. CMI Energia has won the deal which will focus on the Colle Santo project which is the largest undeveloped onshore gas field in Italy.
Oil trades near six-year low as OPEC strategy weighs on market
Oil traded near the lowest close in more than six years as speculation OPEC will keep markets oversupplied countered a drop in US crude stockpiles. Futures slipped 0.5 percent in New York after closing 9.5 percent lower in the four days since OPEC’s Dec. 4 decision to effectively abandon its output target. The exporters’ group raised production in November to a three-year high, according to its monthly report. US stockpiles along the Gulf Coast fell the most since December 2012, according to government data Wednesday. Refiners typically drain tanks to reduce their tax burden, which is determined by year-end levels.
Glen Lyon FPSO sets sail to North Sea
BP has reached a major milestone with the sail away of its Glen Lyon FPSO from the Hyundai Heavy Industries yard in South Korea to the Quad 204 redevelopment in Shetland.
Nighthawk working with bankers to resolve breached convenants
US-focused oil company Nighthawk has revealed it has breached covenants under the company's reserve loan with the Commonwealth Bank of Australia.
Wintershall makes small North Sea oil find
Wintershall has made a minor oil discovery in the North Sea.
Dolphin Group warns of insolvency
Dolphin Group has warned it could be forced to file for insolvent liquidation of the company if a restructuring deal cannot be found. The Norwegian firm said it was continuing to work closely with advisers on a number of proposals.
Wood Group expects North Sea shift pattern change to stay, estimates 8,000 job losses globally by year end
Wood Group's chief financial officer said the company expects changes to shift patterns in the North Sea to remain when the industry returns to an up-cycle period.