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Oil & Gas

ONGC posts 11% second-quarter profit drop on slumping crude

06/11/2015

Oil & Natural Gas Corp.’s second-quarter profit fell 11 percent as slumping crude prices eroded revenue at India’s biggest energy explorer. Net income fell to 48.4 billion rupees ($736 million) in the three months ended Sept. 30 from 54.4 billion rupees a year earlier, the state-owned company said in a statement Friday. The average of 25 analyst estimates in a Bloomberg survey was 46.6 billion rupees. Sales gained 1 percent to 205.6 billion rupees.

Oil & Gas

Faroe Petroleum completes acquisition of Roc Oil

06/11/2015

Faroe Petroleum has completed the acquisition of Roc Oil which holds a 12% interest in the Enoch and Blane interests in the UK North Sea. The company said the deal, which had an initial consideration of $17million, had now been reduced to $13.7million. The Enoch field is currently suspended but is planned to come back on stream in the second quarter of 2015.

Oil & Gas

Support for strike by Petrobras workers in Brazil is growing, unions claim

06/11/2015

Support for a strike at Petrobras is growing according to Brazilian union leaders as workers show their opposition to privatisation of the state-owned oil company. A strike began last Sunday and has become the biggest stoppage in 20 years at Petrobras as workers back union efforts to rationalise the company and cut foreign participation in the oil industry. The focus of industrial action has recently changed to focus on nationalist and anti-capitalist demands rather than wages.

Oil & Gas

NPD grants start-up consent for Edvard Greig and Utsira pipelines

06/11/2015

The NPD (Norwegian Petroleum Directorate) has granted start-up consents for the Edvard Greig oil pipeline and the Utsira high gas pipeline. Both of these transport solutions will become part of the Edvard Greig and Ivar Aasen fields on the Utsira High in the North Sea. The oil transport system includes a 94-kilometre long 16-inch pipeline from the Edvard Greig platform and a new Y-connection point, which has been installed on the Grane oil pipeline about four kilometres away.

Oil & Gas

ExxonMobil receives subpoena from NY attorney general over climate change claims

06/11/2015

ExxonMobil is being investigated by the New York state attorney general as to whether it misled investors and the public about the risk of climate change and how it might have affected the company. According to reports, a subpoena was set to the oil company earlier this week, requesting emails, financial records and other documents. The investigation could look at ExxonMobil’s activities from as far back as the 1970s till this year.

Oil & Gas

MOL Group achieves best ever quarterly results led by downstream demand

06/11/2015

MOL Group has achieved its best ever quarterly results led by the demand in its downstream sector. The Hungarian company said its net profit for the nine months of the year was $583million which was more than double the result from the same time last year. MOL said it was on track to reach its upgraded target for 2015 of $2.2billion. Despite the decline in oil price the company said its upstream segment decreased by a much smaller extent of 23%.

Oil & Gas

Maersk Oil profit sank 86% last quarter as energy prices plunge

06/11/2015

A.P. Moeller-Maersk A/S, Denmark’s biggest company, said profit at its oil unit dropped 86 percent in the third-quarter as energy prices fell. Maersk Oil’s net operating income after tax for the three months through September was $32 million, down from $222 million in the same period a year earlier, the Copenhagen-based company said in a statement on Friday.

Oil & Gas

Oil slump pits UK carrots against Norwegian stick in North Sea

06/11/2015

Faced with the collapse in oil prices, the two dominant North Sea producers are taking opposite approaches to bolster dwindling investment: The U.K. is offering carrots, while Norway is wielding a stick. Britain plans to extend the 1.3 billion pounds ($2 billion) of tax cuts granted to producers in March after more than one in three fields was rendered uneconomic by the slump in crude. In contrast, Norway has shunned incentives and warned companies that scrapping projects could hurt their chances of getting new Arctic licenses. The differing strategies highlight the divide between depleted British waters and the untapped potential and larger reserves on the Norwegian side of the North Sea. Norway can afford to be uncompromising, while the U.K. struggles to extend the life of aging and higher-cost fields.

Oil & Gas

Engineering firm breaks through £10m turnover mark following contract wins

06/11/2015

A Scottish oil and gas engineering firm said yesterday it had powered past the £10million turnover milestone after netting several “major” North Sea contracts. It means JWF has quadrupled its revenues in just a decade, allowing it to double its total workforce to 26 at the same time. The company, which was founded in 1959, supplies energy companies with a range of instruments that measure flow, temperature and pressure, among other things.

Oil & Gas

Oil price cash continues to wreak havoc for operators

Lower crude prices continue to bite into North Sea oil and gas company profits and spending plans, with another two firms revealing impacts in their third quarter results yesterday. Apache and Canadian Natural Resources (CNR) reported losses totalling billions of pounds and also highlighted cost-cutting on a scale being seen right across the industry.

Oil & Gas

FAR Limited spuds first appraisal well offshore Senegal

05/11/2015

FAR Limited said the first appraisal well to be drilled on the SNE field offshore Senegal has been spudded. The SNE-2 well will be drilled in approximately 1,100 metres of water and drilled to a total vertical depth subsea of 2,770 metres before an evaluation program including logging, coring and flow testing is undertaken.

Oil & Gas

Shell accused of of making “false claims” over its clean-up operations in Nigeria

05/11/2015

Shell has been accused of making false claims about its clean-up operations in Nigeria in a joint report by Amnesty International and the Centre for Environment, Human Rights and Development. The findings claimed the oil giant had also failed to implement UN recommendations. The report also alleged several sites Shell had claimed to have cleaned up remained polluted.

Oil & Gas

BP will start production from Egypt field by 2018

05/11/2015

Oil major BP said it plans to start production from a new natural gas discovery in Egypt in 2018. The company said it also aims to double its production from the country by the end of the decade. The Atoll offshore field will be developed with two initial wells connected to existing infrastructure.

Oil & Gas

Canadian Natural Resources beat estimates as cuts deepen

05/11/2015

Canadian Natural Resources Ltd.’s profit beat analyst estimates after it deepened cost cuts to cope with crude prices near the lowest in six years. It reported adjusted earnings of 10 cents a share, compared with the average 9-cent loss estimated by 16 analysts surveyed by Bloomberg. The third-quarter net loss was C$111 million ($84.3 million), or 10 cents a share, compared with profit of C$1.04 billion, or 94 cents, a year earlier, the Calgary-based company said in a statement Thursday. “We continue to make significant progress in reducing costs,” Steve Laut, President of Canadian Natural, said in the statement. “At the same time, our average production has increased 11% despite a very significant drop in capital program spending.”

Oil & Gas

Statoil awards catering contracts for Mariner and and UK onshore facilities

05/11/2015

Statoil has awarded contracts for the catering and facilities services for its UK offshore and onshore operations to ESS Offshore and 14forty. Both companies are part of Compass Group UK & Ireland and the agreement is set to start next year. ESS Offshore won the offshore catering and facilities contract which includes the provision of services to the Mariner A platform and Mariner B floating storage unit.

Oil & Gas

Marathon Oil hit by third quarter losses

05/11/2015

Marathon Oil said it plans to make a spending cut of around 29% after losses of $749million in the third quarter. The company said low commodity prices had prompted its move to write down the value of assets. Marathon, with operations in Texas and Equatorial Guinea, said the company expects total output to grow 7%.

Oil & Gas

Transocean’s revenues fall by 29%

05/11/2015

Transocean’s revenues have fallen 29% in the third quarter of the year as the company continues to be challenged by the decline in oil price. The oil driller said fleet utilisation was down to 70% compared with 75% in the previous quarter and the year-ago period. The company has already reduced its number of rigs taking a number out of service as well as scrapping others.