Labour MSP claims government set to end fracking moratorium
The Scottish Government is preparing to abandon its moratorium on fracking after next year’s Holyrood election, Labour has claimed.
Oil & Gas
Russia’s oil rivalry with Saudis masks the bigger Iranian threat
Competition is growing in Russia’s biggest oil market. While Saudi Arabia’s encroachment in Europe is getting all the attention, the biggest threat comes from another part of the Middle East -- Iran. The world’s largest oil exporter has started shipping crude to traditional Russian markets like Poland and Sweden, but Saudi supplies to Europe won’t increase by enough to reduce prices, said Texas-based consultant Stratfor. In contrast, a surge in Iranian exports after the lifting of sanctions could erode the value of Russian shipments to the region as soon as next year, according to KBC Advanced Technologies.
Major oil companies have half-trillion dollars to fund takeovers
The world’s six largest publicly traded oil producers have more than a half-trillion dollars in stock and cash to snap up rival explorers. Exxon Mobil Corp. tops the list with a total of $320 billion for potential acquisitions. Chevron is next with $65 billion in cash and its own shares tucked away, followed by BP Plc with $53 billion, according to data from corporate filings compiled by Bloomberg. Merger speculation was running high after Anadarko Petroleum Corp. said Wednesday it withdrew an offer to buy Apache Corp. for an undisclosed amount. Apache rebuffed the unsolicited offer and wouldn’t provide access to internal financial data, Anadarko said. Both companies are now takeover targets, John Kilduff, a partner at Again Capital LLC, a New York-based hedge fund, said by phone.
Subsea firm’s orders boost EFC profits and turnover
New orders from just one subsea customer drove a huge rise in turnover at oil and gas service company Electro-Flow Controls (EFC) during the year to March 31.
Fabrication firm goes into adminstration
A north-east fabrication firm offering manufacturing services to the oil and gas industry has gone into administration. Harlen Fabrication in Dyce has appeared to suffer the effects of the downturn in the oil and gas industry. Calls were made to directors of the company were not returned.
Taqa gears up for first output from Cladhan discovery
North Sea oil firm Taqa said yesterday it expected production start-up for the Cladhan discovery before the end of the year.
Total chief exec tells oil majors to “be patient” around mergers and acquisitions
Total's chief executive said oil majors are well positioned to grow during the oil price downturn but should "be patient" when it comes to mergers and acquisitions. Patrick Pouyanne made the comments after it was revealed Anadarko had become the latest company to launch a takeover bid for Apache, following in the steps of Shell and BG and Halliburton and Baker Hughes.
Bowleven starts flow of hydrocarbons from Moambe well
Bowleven said its Moambe well has started the flow of hydrocarbons onshore Cameroon. The Africa focused oil and exploration company said the step forward was taken after the installation of testing equipment. An extended well testing programme is planned at Moambe to determine the productivity and connectivity of the shallower reservoir units.
Anadarko ends Apache pursuit
Anadarko has confirmed it made an approach to Apache in a potential takeover bid for the company while also admitting it has given up its pursuit.
Nigerian President swears in cabinet, appoints finance and junior oil minister
Nigeria’s President has named a banker as his new finance minister as well as swearing in his new cabinet. It comes after Muhammadu Buhari, a retired army general, entered office as the country’s leader in May this year. The politician has promised to put an end to corruption in the West African country where oil revenue accounts for the majority of its wealth.
Subsea 7 secures new partnership deal with Premier Oil
Subsea 7 has signed a long-term partnership frame agreement with Premier Oil to provide concept engineering, FEED, SURF project execution and life of field operations.
MOL acquires Eni’s Slovenian downstream business
Hungarian oil company MOL has acquired Eni's 17 Agip branded service stations in Slovenia for an undisclosed sum.
Oil and Gas UK publishes decommissioning advice
Industry body Oil and Gas UK has published documents to help operators and contractors plan and execute decommissioning activities.
Ophir Energy on track to reduce capital expenditure in 2016
Ophir Energy said it will continue to reduce its capital expenditure and cost base into the next year as it looks to strengthen its balance sheet. The company, which said it was edging closer to agreement on the Fortuna project off Equatorial Guinea, expects its capital expenditure for 2015 to be around $250million.
Ophir Energy close to signing-off on agreements for Fortuna FLNG
Ophir Energy said it is in the process of signing off on its long-term agreements for its Fortuna FLNG (Floating Liquefied Natural Gas) project off Equatorial Guinea. The company will be working with a shortlisted group of counterparts all of which are globally established LNG buyers. The offtake contracts offer flexibility to competitively deliver the gas into either the Atlantic or Pacific Basin and Ophir said they had been met with strong interest from LNG buyers.
Sacoil earnings set to be hit by operational delays
Operational delays affecting activity in the Democratic Republic of Congo have contributed to Sacoil issuing an earnings warning to investors.
EON’s profit down 30% after billions in write-offs
EON SE's profit fell 30% after the firm wrote-off EUR8.3billion ($8.9billion) in generation assets.
Anadarko said to have approached Apache with takeover offer
Anadarko Petroleum Corp. approached Apache Corp. about a combination that would be the largest for an independent U.S. oil and gas producer this year, according to people familiar with the matter.
Exclusive: BP North Sea’s Trevor Garlick to step down
BP’s North Sea boss, Trevor Garlick, has confirmed he will retire after more than 30 years in the industry.
Bowleven ship-shape for African ambitions
Scottish oil explorer Bowleven said yesterday it was in good financial shape to “ride out the storm” of the industry downturn and press on with its plans for Africa.
Taqa swings to a loss
State-owned Taqa swung to loss for its third quarter financial results.
Xcite agrees farm-in for UKCS licence
Xcite has agreed a farm-in deal with Azinor Catalyst for its UKCS licence.
Tullow targets $500million in savings
Tullow Oil is targeting half a billion dollars in savings.
OPEC challenges shale afresh as Iraq crude floods Gulf of Mexico
OPEC’s latest challenge to U.S. shale oil producers would be about two miles long, lined end to end, and weigh almost 3 million metric tons. It’s due to reach American ports this month.
Marathon split beating Exxon return shows breaking up is not so hard to do
Investors who urged U.S. integrated oil companies to spin off their weaker refining arms got it right in an unexpected way.