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Oil & Gas

Poland’s new LNG terminal receives its first supply of gas

11/12/2015

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.

Oil & Gas

IEA Sees oil glut lasting until late 2016 as OPEC keeps pumping

11/12/2015

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.

Oil & Gas

Woodside Petroleum approves $2billion natural gas project

11/12/2015

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.

Oil & Gas

Total brings Moho project in Congo on stream

11/12/2015

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.

Oil & Gas

Statoil acquires Alfra Sentral stake, becomes main operator in Eagle Ford

11/12/2015

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 & Gas

BP, Chevron back $2 billion North West Shelf development phase

11/12/2015

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.

Americas

Rampant pipeline theft fails to deter Mexico onshore oil bidders

11/12/2015

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.

North Sea

Oil industry to back new collaborative charter

11/12/2015

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”.

Oil & Gas

Climate change drive to work in Plexus’s favour, firm’s chairman says

11/12/2015

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.

Oil & Gas

Oil trades near six-year low as OPEC strategy weighs on market

10/12/2015

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.