Investor resolutions urging corporate leaders to be more environmentally friendly in how they run their businesses are being rolled out at a record pace this year for the energy industry. Just don’t expect them to pass. Proposals meant to nudge Exxon Mobil Corp. and Chevron Corp. into nominating directors with environmental expertise, setting greenhouse gas targets, and compiling reports on minimizing fracking risks are among seven such resolutions being voted on Wednesday when the two biggest US oil companies hold their shareholder meetings.
Oil & Gas
Mexico approved 19 companies and seven groups to bid on 14 shallow-water exploration blocks as the country prepares to allow private producers to drill in its waters for the first time since 1938. Exxon Mobil Corp., Chevron Corp., and Pacific Rubiales Energy Corp., were among the companies that Mexico’s oil regulator, known as CNH, cleared to develop an estimated 80,000 daily crude barrels in the Gulf of Mexico, Commissioner Juan Carlos Zepeda said in a live feed of the meeting. Some 34 companies applied to pre-qualify for the July 15 auction.
Russia's top oil producer Rosneft said on Monday it had made changes to its managerial structure and that veteran oilman Igor Maidannik had left the company.
Petronas has achieved first oil from the Bukit Tua field. The project is the company's biggest Upstream project in Indonesia to date. It is expected to produce around 3,700 barrels of oil per day and two million standard cubic feet of gas per day in its initial production stage.
Nigerian stocks retreated for a fifth day, with the declines seen continuing as Africa’s biggest oil producer faces a fuel shortage that’s crippling the economy and causing companies to cut back operations. Shares in Guaranty Trust Bank Plc, Nigeria’s biggest lender by market value, dropped as it closed branches early on Monday amid a shortage of diesel for generators. Dangote Flour Mills Plc’s stock fell to the lowest in almost two months as it was forced to rely on “highly erratic” electricity from the national grid to run its plants without fuel for generators, according to African Alliance Securities Ltd.
Israel's anti-monopoly regulator is set to step down later this year - a move which could ease pressure on exploration companies in the region. Antitrust Commissioner David Gilo had been pushing to open the energy sector to competition. Last year he caused a stir when he ruled that both Noble and Delek may constitute a monopoly over their control of two large natural gas fields Tamar and Leviathan.
Cooper Energy Limited said the Sensation-1 exploration well has been plugged and abandoned. The oil exploration well in the Cooper Basin had reached a total depth of 1,937 metres in the Merrimelia formation.
Iran is set to abolish motorists' allowance for heavily subsidised fuel and set a price, according to the country's deputy oil minister. The move is being made as the government makes careful steps to cut back on costly handouts. According to reports, Abbas Kazemi said petrol would now be sold at a single rate of $0.35 per litre.
Workers have been safely evacuated after the Foster Creek oil sands and Athabasca natural gas operation after a forest fire on the Cold Lake Air Weapons Range in northeastern Alberta. The fire has been burning about 25kilometres south of Cenovus's Foster Creek facility. The company said the decision to send staff home and shut down production was made because of the fire's proximity to the only access road to the facilities.
Questerre Energy has signed an MOU (Memorandum of Understanding) with the Ministry of Energy and Mineral Resources of the Hashemite Kingdom of Jordan. The agreement is for the appraisal and development of oil shale acreage in Jordan. It encompasses two blocks covering 388km in the Isfir-Jafr area, which is 200km south of the capital, Amman.
Safety officials have warned owners of the oil pipeline which ruptured last week that numerous measures must be taken before the line can be restarted. Work needed includes an in-depth analysis of the factors which may have contributed to the spill. The corrective action order was issued just a few days after the incident by the US Transportation Department's Pipeline and Hazardous Materials Administration.
Cooper Energy said the acquisition of a 50% interest in the Sole gas field in the Gippsland Basin and Orbost Gas Plant has been completed. The project has now entered into the FEED (Front End Engineering and Design) phase. The joint venture involves Cooper Energy and Santos Limited and both will now work to completion of FEED for a final investment decision next year.
Warplanes deployed by Libya’s internationally recognized government bombed an oil tanker at a terminal controlled by the nation’s rival Islamist leaders, killing one person, the regional coastguard commander said. The Anwaar Afriqya, carrying fuel from Greece, was attacked while anchored to offload the cargo for a power plant in the coastal region of Sirte, Rida Issa said in a telephone interview.
Oil traded near $60 a barrel as companies in the US reduced the number of active rigs by the slowest pace since a prolonged retreat in drilling that began in December. Futures were little changed in New York after falling 1.7 percent on Friday. The number of rigs targeting oil dropped by one to 659, data from Baker Hughes Inc. showed. Venezuela is working with OPEC members to boost prices, President Nicolas Maduro said.
BG Group has saved itself more than £18million after it agreed a new contract on a flotel damaged by North Sea gales. Life boats on the Safe Bristolia were damaged last October when a huge wave lashed the vessel that was in place to offer accommodation to workers on BG’s North Everest platform. The flotel’s owner, Prosafe, took the vessel back to a shipyard in Norway for repair. Last week, the Norwegian offshore accommodation specialist announced it had “rephased” the Safe Bristolia’s work programme with BG.
A subsea company which made its debut just months ago has landed its first major overseas deal worth more than six figures.
Norway has overtaken Russia as western Europe's top gas supplier, data from state firms shows, indicating the European Union's drive to reduce its dependence on Russian energy is bearing fruit.
The UK's new Conservative government could take control of planning decisions to speed up the development of shale gas and prevent investor money from drying up, lawyers say.
French oil major Total is hosting a meeting of the world's biggest oil companies over the sector's action plan ahead of UN climate talks in Paris at the end of the year.
The newly-appointed energy minister came to Aberdeen just days into the start of her term to underline the importance of the North Sea to the UK. Andrea Leadsom, the Conservative member of parliament for South Northamptonshire, was appointed the fifth minister of state in as many years following the Conservative general election victory. She will report to Amber Rudd, the new secretary of state overseeing Department of Energy and Climate Change (Decc). Ms Leadsom said her priorities will be “keeping the lights on, keeping the bills down – and getting a climate change deal in Paris”. One of her first jobs will be to attend the major UN climate summit in Paris later this year, where it is thought Germany and France plan to push for an “ambitious, comprehensive and binding” global agreement on cutting carbon emissions, replacing the Kyoto Protocol.
Third Energy has submitted an application for fracking at a site in northeast England. The application is for fracking at its Kirby Misperton well in north Yorkshire. It is the third such application being assessed by British authorities.
An appeal by oil major Shell against a ruling that a proposed oil-by-rail project at its Washington state refinery must undergo a full environmental review, has been denied. A judge made the ruling just two weeks after a crude train derailment caused a fire in North Dakota. Shell had appealed a ruling in February from a Skagit County Office of Land Use Hearings examiner that a plan to move 70,000 barrels per day (bpd) of oil to is 145,000 barrels bpd Puget Sound refinery in Anacortes must be completely reviewed.
Aberdeen firm Hydro Group has started work on a green-energy development in France under a £2.5million contract won as a result of links it established with a French company last year. Hydro, which designs and manufactures cables and connectors for subsea and onshore use, said yesterday the Franco-Scottish consortium it formed with Wenex Equipments was to manufacture and install array cabling infrastructure on the SEM-REV marine renewables project offshore of Le Croisic on the French Atlantic coast. Awarded by Ecole Centrale Nates (ECN), the six-month contract commenced earlier this year. Hydro, one of a string of consortium partners involved in the work, has also been showcasing its marine-renewable energy products and expertise at the THETIS Marine Renewable Energy Conference in Nantes, France, this week.
Statoil has come up dry with two wildcat wells near to the Hyme field in the Norwegian Sea. The wells - 6407/8-7 and 6407/8-7 A - have now been plugged and abandoned. The primary exploration target in well 6407/8-7 was to prove petroleum in the Middle Jurassic reservoir rocks, while the second exploration target was to prove petroleum in the Lower Jurassic reservoir rocks.
Only a fortnight ago we thought that Westminster would now be embroiled in coalition negotiations with the Conservatives seeking to build a majority with the Liberal Democrats, UKIP and the DUP. Meanwhile Labour would be waiting for this to fail while working up some sort of arrangement with the SNP. But the polls underestimated the final number of Tory seats in England while Labour’s worst case scenario in Scotland came true. The Conservatives have their first majority in 18 years and the SNP have taken all but three of the Westminster seats in Scotland.