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Oil & Gas

Watch out for supply chain fraudsters, KPMG warns

25/09/2015

Oil and gas supply chain firms are being urged to be vigilant after evidence of a growing number of fraudsters trying to exploit online payment processing systems. KPMG said it had seen a rise in the number of businesses being targeted by criminals seeking to substitute their own bank details for those of genuine companies. The oil and gas industry, with its extensive and complex supply chain, is deemed to be particularly at risk as a variety of legal and illegal means are used to identify suppliers and their customers.

Oil & Gas

Transocean mentioned in Petrobras carwash corruption probe

25/09/2015

Transocean Ltd., the world’s largest offshore rig contractor, has been linked for the first time to the corruption probe of Petroleo Brasileiro SA, the state-owned energy giant at the center of Brazil’s biggest corporate scandal. A former executive at Brazil’s state-run oil company has testified to receiving what he says were payments made by someone claiming to be a Transocean agent in exchange for a rig- operation contract from Petrobras. “Transocean has a long-standing commitment to and upholds the highest standards for corporate ethics and compliance,” the company said in an e-mailed response. “Our employees -- and everyone conducting business on our behalf -- are required to adhere to our high standards for integrity, honesty, financial discipline and legal and regulatory compliance.”

Oil & Gas

Engie says nobody is making money off US natural gas exports

25/09/2015

Just as gas export-terminals are preparing to start up along America’s Gulf Coast, the oil-price crash has made it unprofitable to send the U.S. fuel abroad, according to the North America head of power and natural gas supplier Engie. It costs about $2 to liquefy gas and another $3 to take it from the U.S. to Asia, said Zin Smati, president and chief executive officer of Engie’s GDF Suez Energy North America. Engie changed its name from GDF Suez SA in April. Those costs used to leave plenty of profit margin when the gap between LNG prices in Asia and natural gas in the U.S. was more than $14 per million British thermal units. Now, the spread is less than $5, according to data compiled by Bloomberg.

Oil & Gas

Troll field celebrates two decades of production

24/09/2015

Statoil marked 20 years this week since the start of oil production from the Troll field which has been Norway’s largest oil producer for the last three years. In the past two decades more than one billion barrels has been produced with an income of NOK460billion. The Troll oil and gas adventure started with the awarding of the fourth licensing round in 1979. In July of that year, Borgny Dolphin began exploration drilling and four months later Troll was a fact.

Oil & Gas

Repsol said to consider options for its gas natural stake

24/09/2015

Repsol SA, Spain’s biggest oil company, is exploring options including a sale of part or all of its stake in Gas Natural SDG SA to shore up its balance sheet amid low oil prices, according to people familiar with the matter. Repsol, whose 30 percent stake in the Spanish natural gas distributor is valued at about 5.2 billion euros ($5.9 billion), is discussing potential deal structures with advisers, the people said, asking not to be identified because the discussions are private. As well as a full or partial sale, which could come as soon as this year, options include selling shares in the market and finding partners to join Gas Natural’s shareholder structure, the people said.

Oil & Gas

Europa Oil & Gas granted permission for exploratory borehole in the Weald Basin

24/09/2015

Europa Oil & Gas said it was granted permission for the underground drilling corridor of an exploratory borehole at its Holmwood prospect in in the Weald Basin, in Surrey, England. Europa has a 40% interest in the licence, alongside Egdon Resources's 18.4% stake, Altwood Petroleum's 1.6% stake, Warwick Energy's 20% stake and UK Oil & Gas Investment's 20% stake. Now planning permission has been secured, the company will move on to detailed drilling planning and environmental permitting, and it expects drilling to take place in late 2016 or in 2017.

Oil & Gas

Sturgeon shifts North Sea blame

24/09/2015

The first minister has admitted that there is a “great deal” that needs to be done to protect oil and gas jobs – and insisted the Scottish Government is doing all it can to help alleviate the crisis. Nicola Sturgeon said that her taskforce was working to minimise job losses, but that the UK Government needed to stop hampering progress in the sector. The Conservative’s energy spokesman Murdo Fraser rounded on the first minister, saying she needed to do more than “pass the buck” while people are “worried about their futures”. Labour’s energy spokesman Lewis Macdonald agreed that her efforts so far have only “scratched the surface” of the crisis affecting the North East.

Oil & Gas

Russian Economy Ministry opposes higher oil tax to defend output

23/09/2015

Russia’s Economy Ministry criticized a proposed tax increase on the nation’s main revenue source, crude producers, saying it may hurt output and the budget in the long term. The oil-extraction tax formula proposed by the Finance Ministry last week would hurt “the economics of working deposits and in fact would ’kill’ production at the most efficient fields in terms of tax performance,” Deputy Economy Minister Nikolay Podguzov said. “Clearly, if production decreases, taxes also fall.”

Oil & Gas

Energy regulators alleges Total and traders rigged natural gas prices

23/09/2015

US federal energy regulators have extended their efforts to crackdown on a contested form of market manipulation by alleging Total and two of its traders rigged natural gas prices. A notification from the Federal Energy Regulatory Commission (FERC) alleges the French company intentionally made losing trades in order to affect index prices on at least 38 occasions. The “uneconomic” trading was said to have happened on at least 38 occasions between June 2009 and June 2012.

Oil & Gas

Planned Buzzard shutdown pushed back one month

23/09/2015

A planned shutdown of the Buzzard oilfield in the North Sea is likely to be rescheduled for November. The move would boost next month's supply of crude which helps underpin the Brent benchmark. The shutdown had originally been planned for next month instead.

Oil & Gas

CNR International’s North Sea business booked losses of £86million

The North Sea business of CNR International booked pre-tax losses of £86million as production declined last year, figures filed at Companies House show. But the losses were an improvement on the £156million loss the firm made in 2013 as the firm felt the impact of outages on its Banff and Kyle fields in the Central North Sea about 200 miles east of Aberdeen. Production from Banff and Kyle was suspended in December 2011 when the FPSO was hit by sever storms that winter. Production on the fields started back in July 2014.

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