Galicia Energy to sell Ukraine licence
Galicia Energy has reached an agreement in principle to sell its the licence for its Ukraine oil and gas asset.
Oil & Gas
ONGC sees rise in profit after cutting discounts on crude oil to refiners
Indian explorer Oil and Natural Gas corp (ONGC) has reported a 14% increase in quarterly net profit. The rise was seen as the company significantly cut its discounts on crude oil to refiners after global oil prices fell. The company's net income for the first fiscal quarter rose to 54.59billion rupees from 47.82billion rupees a year earlier.
Six workers killed after helicopter crash in Nigeria from oil platform
A helicopter carrying at least 12 people from an oil platform has crashed into a lagoon killing at least four people, the Nigerian Civil Aviation Authority (NCCA) said. The helicopter, which was operated by offshore energy transportation specialists Bristow Group had been flying from a rig when the incident happened shortly before it was due to land. Officials in the country said a rescue operations was continuing.
Russia’s Gazprom Neft Q2 net profit up 47%
Gazprom Neft, the oil arm of state gas producer Gazprom, posted 73.2 billion roubles ($1.14 billion) in net profit for the second quarter, up 47 percent year-on-year, thanks to the weak rouble, the company said on Thursday. Gazprom Neft, one of a few growing Russian oil firms by output, said its revenue was at 423.2 billion roubles compared to 429.3 billion roubles a year ago.
Oil majors’ $60 billion cuts don’t go far enough as crude slides
The $60 billion of oil-industry spending cuts this year won’t be enough as crude languishes near a six-year low. The world’s biggest producers will need to trim investments by a further $26 billion to meet sacrosanct dividend payments, according to Jefferies Group LLC. Capital spending will have to fall 10 percent next year, Banco Santander SA says. Oil companies are bracing for “lower for longer” prices as a global supply glut persists, dragging crude to the lowest close since March 2009 in New York on Tuesday. Royal Dutch Shell Plc, which has reduced spending 20 percent this year, has “more levers to pull” should the market weaken further, according to Chief Executive Officer Ben Van Beurden.
Thailand’s PTT to buy LNG from Shell, BP via long-term contracts
Thai state energy firm PTT PCL has won approval to buy a total 2 million tonnes a year of liguefied natural gas (LNG) from Shell Eastern Trading (PTE) and BP Singapore PTE Ltd in long-term contracts, the energy minister said on Thursday. Shell Eastern and BP will supply 1 million tonnes each to state-controlled PTT from 2017, Energy Minister Narongchai Akrasanee told reporters after a meeting of the ministry's policy and planning office. As part of the 15-to-20 year contracts, PTT will import 0.5 million tonnes of LNG from Shell Eastern and 0.317 million tonnes from BP in April 2016, Narongchai said.
South Korea’s GS Caltex to trim refinery runs in Sept on falling margins
South Korea's GS Caltex Corp is expected to cut refinery runs further in September after trimming throughput by nearly 3 percent in August to combat weak margins, traders said on Thursday. The country's second-biggest refiner by capacity after SK Energy has cut throughput to about 720,000 barrels per day (bpd) so far this month versus July. But traders said GS Caltex was likely to keep refinery runs at or above 700,000 bpd as demand for jet fuel and kerosene could increase towards year-end on heating fuel demand in winter.
Soco International achieves first oil from Vietnam field
Soco International said first oil and gas from the H5 Wellhead Platform of the Te Giac Trang field has been achieved. The start of production has been achieved ahead of schedule and the perforation campaign will continue for the next two weeks.
IOG extends deadline for Skipper acquisition
Independent Oil and Gas has extended the deadline for its acquisition of 50% of the Skipper field discovery in the North Sea after its plans to secure a high-value backer unexpectedly fell through.
The first building block completed on the Johan Sverdrup field
The first piece of the Johan Sverdrup development has now been completed and installed in the North Sea. Statoil said the installation of the 280-tonne pre-drilling template was carried out by Heerema Marine Contractor’s crane vessel ‘Thialf’. Kjetel Digre, head of the Johan Sverdrup field development, said: “We have completed and installed the first piece of one of the largest industrial projects in Europe.
US firm takes a stake in Viper Subsea Technology
Viper Subsea Technology said innovative oifield products and services developed in Aberdeen and Portishead, near Bristol, were poised for accelerated growth and global reach after a US firm acquired a minority stake. Houston-based Oceaneering International Services, whose global operations include regional headquarters in Dyce, Aberdeen, completed the deal on August 7 for an undisclosed sum. The acquisition is not expected to lead to any change in Viper’s workforce or product and service development.
UK North Sea poised for surge in decommissioning activity
The cost of North Sea oil and gas decommissioning is expected to double to £2billion within three years as oil and gas firms call time on some of their ageing assets, a new report says. Industry intelligence specialist DecomWorld puts the value of decommissioning costs during 2014 at £1billion, or 4% of total UK continental shelf (UKCS) expenditure. The market is expected to be worth more than £58billion a year by 2050 following a big jump in activity by the end of this decade, DecomWorld says in its North Sea Decommissioning Strategy Report 2015.
Glencore to impair value of Chad oil unit by about $790 million
Glencore Plc, the mining and commodities company led by billionaire Ivan Glasenberg, expects to impair the value of its oil business in Chad by about $790 million in its interim accounts.
Subsea still on table for Husky’s White Rose Extension
The Canada-Newfoundland and Labrador Offshore Petroleum Board (C-NLOPB) has said that Husky Energy’s Development Plan Amendment for the White Rose Extension Project, offshore Newfoundland, has received conditional approval from the Board along with the federal and provincial governments.
North Sea veteran rigs to be broken up
The Transocean semi-submersible drilling rigs JW McLean and GSF Arctic III are on their way to scrappers in Turkey.
Lukoil hits five million tonnes of oil from Caspian field
Russian producer Lukoil has passed the five million tonnes (38.6 million barrels) mark in oil production at the Yuri Korchagin field in the Caspian Sea.
UK Government to target councils which fail to determine shale applications
Fracking applications could be pushed ahead under what the government have described as a “swift process” for developing safe and suitable new sites. Earlier this week, it was reported that the Conservative government would move to fast-track applications, through a new dedicated planning process. Energy Minister Amber Rudd and Communities Secretary Greg Clark have today confirmed the plans which they say will ensure local people in England have a “strong say” over the development of shale exploration in their area.
Patriot Energy launches new Texas drilling prospect
Patriot Energy is to drill the first of seven wells in the eastern shelf of the upper Permian Basin in Kent County, Texas.
Oil worker evacuated from North Sea rig
An oil worker has been evacuated by helicopter from a North Sea oil rig after falling ill.
Statoil hit with improvement notice over ignition risk on platform
Statoil has been given a deadline by the Petroleum Safety Authority (PSA) in Norway over a number of non-conformities and improvement points on the Heidmal gas processing platform in the North Sea. The list also includes the risk of ignition from the platform. The company has until August 24th to report on improvements it has made since the routine audit took place in June.
Norwegian Petroleum Directorate awards Statoil drilling permit
The Norwegian Petroleum Directorate has granted Statoil a drilling for well 16/7-11. The well will be drilled from the Songa Trym drilling facility and relates to the drilling of a wildcat well in production licence 072 B. Statoil is the operator with a 50% ownership interest.
Venezuela calls for emergency OPEC summit
Venezuela is pushing for an emergency OPEC meeting as well as joint coordination with Russia in a bid to stem the decline in oil price. President Nicolas Maduro said the cash-strapped country had called for a meeting to take place and said it had been in contact with all OPEC governments. He said:"We're working towards a special OPEC meeting, in coming days we'll announce .... We're making contacts with OPEC governments.
Austria’s OMV eyes Russia for exploration boost
Austrian oil and gas group OMV's new chief executive is looking towards Russia for low-cost energy sources to boost the company's upstream business, which has been squeezed by low crude prices. Though OMV's downstream refining and marketing operations bolstered second-quarter results posted on Wednesday, CEO Rainer Seele cast a wary eye over margin prospects for that side of the business and sees exploration as key for the longer term. OMV has placed its bets on expensive but stable exploration projects in the North Sea as output in Yemen and Libya stalls, and Seele is keen to maintain the upstream focus.
Sea Lion-1 exploration well on track
3D Oil said the Sea Lion-1 exploration well is now expected to spud late August. The company said the West Telsto jack-up drilling rig has been contracted by Vic/P57 in a joint venture with Carnarvon Hibiscus as operator to drill the well.
Petroneft ramps up production in Russia
Petroneft has improved 2015 production at its operations in Tomsk Oblast, Russia by 41%.