Poland's new LNG terminal received its first supply of gas on Friday, from Qatar, inaugurating the country's flagship project to diversify energy supplies and reduce its dependence on Russia. Live ship-tracking data on Reuters Eikon showed a methane tanker, Al Nuaman, entering the port in the Baltic city of Swinoujscie, carrying 210,000 cubic metres of liquefied natural gas (LNG). The gas will be used to get the terminal up and running.
Independent Oil and Gas has agreed an additional £800,000 loan from London Oil & Gas, adding to the £2.75million it has already provided to fund the Skipper appraisal well.
Chevron has made around 1,000 workers redundant from its Gorgon LNG plant in Australia as it looks to streamline costs.
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 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 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.
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.
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 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 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 headed for the biggest weekly decline since March amid speculation OPEC’s decision to effectively scrap production targets will keep the market oversupplied.
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.
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”.
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.
British Gas owner Centrica said it had made “good progress” in recent trading despite commodity price falls.
Penspen, the engineering and management services company, has been awarded a FEED contract for further development of a natural gas pipeline in Ghana.
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 has received consent for modifications at Kristin and Tyrihans in connection with tie-in of the Maria field.
ConocoPhillips has been given the green light to extend the lifetime of the Eldfisk oil field in the North Sea.
ConocoPhillips said it expects its spending for next year to be 25% lower than previously expected for 2016.
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 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.
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.
US-focused oil company Nighthawk has revealed it has breached covenants under the company's reserve loan with the Commonwealth Bank of Australia.
Wintershall has made a minor oil discovery in the North Sea.