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Oil & Gas

Oil price decline hits Aberdeen Airport numbers

13/07/2015

Aberdeen Airport recorded a drop in annual passenger numbers last month. In June, 323,832 passengers travelled through airport - a decrease of -5.7% compared to last year’s figure. Helicopter traffic saw the biggest decrease, down -7.6% on 2014 levels, whilst fixed-wing traffic reduced by -5.4%.

Oil & Gas

Fugro creates bespoke system to help protect against Arctic weather

13/07/2015

Fugro has delivered a bespoke structural monitoring system for Exxon Neftegas to help monitor the structural integrity of its Berkut oil platform. The site, in the Arkutun Dagi field, is one of the world’s largest floatover platforms and has been designed so that topsides are isolated from the base using FPB (friction pendulum bearings). Fugro was commissioned to provide an integrated system which would be able to both monitor the seismic response of the platform and the performance of FPB’s.

Oil & Gas

Subsea 7 creates worldwide agreement with OneSubsea

13/07/2015

Subsea 7 has struck a deal with Cameron and Schlumberger company OneSubsea to develop and deliver integrated development solutions. The move means the establishment of a worldwide non-incorporated alliance between the two firms. Subsea 7 will work alongside OneSubsea to create development solutions through the combination of subsurface expertise, subsea production systems and susbsea processing systems.

Oil & Gas

BG ramps up Australia LNG production

13/07/2015

BG Group has launched its second Australian LNG train after hitting a 1.5 million tonnes milestone. BG confirmed it has started to load its first LNG onto a second production train at the Queensland Curtis LNG (QCLNG) facility in Australia.

Oil & Gas

China oil imports rebound as new emergency reserves open

13/07/2015

China’s crude imports rebounded last month to near a record as the world’s second-largest oil consumer began filling tanks at a new strategic petroleum reserve site. Overseas shipments rose to 29.49 million metric tons in June, a 27 percent increase from May when shipments were the least since February 2014, according to preliminary data released by the Beijing-based General Administration of Customs on Monday. Oil imports last month were equivalent to about 7.2 million barrels a day compared with a record 7.4 million in April, Bloomberg calculations show. China’s crude imports rose as it began filling the second phase of emergency reserves in the eastern city of Qingdao that have a capacity of 3 million cubic meters (about 19 million barrels). Oil imports may climb in the third quarter from the previous three months as another storage site in the southern Chinese city of Huizhou is scheduled to open, ICIS China, a Shanghai-based commodity researcher, said July 1.

Oil & Gas

Tony Hayward takes over as Genel Energy chairman after leadership reshuffle

13/07/2015

Tony Hayward has stepped into Genel Energy’s chairman role after Rodney Chase tendered his resignation. Murat Özgül, previously president of Turkey and KRI, has since been promoted to chief executive and appointed to the board. Hayward said: "Rodney has been a driving force in the establishment of Genel Energy as a respected London-listed company. It has been a great pleasure working with him, and on behalf of the Board and the Company I would like to express my sincere gratitude for his leadership through the IPO and over the past four years, which has helped make Genel the company it is today.

Oil & Gas

America’s oil explorers boost drilling for 2nd straight week

13/07/2015

Drillers put rigs in U.S. oil fields back to work for a second straight week, suggesting the end of an unprecedented retreat from the country’s prolific shale formations. Rigs targeting oil in the U.S. increased by five to 645, Baker Hughes Inc. said on its website Friday. They rose by 12 last week. Natural gas rigs fell by two to 217 and miscellaneous rigs dropped by two to one, bringing the total count up one to 863. The biggest regional growth came in the Permian Basin of West Texas, where eight oil rigs were added to 239. The Eagle Ford shale in South Texas saw a drop of five rigs to 81. “There are operators in the Permian Basin who are identifying properties that are economic even at these prices,” Matt Marietta, an analyst at Stephens Inc. in Houston, said in a phone interview. “We’ll continue to get this churn in the rig count where some lower-quality rigs are dropped out of the market, and higher-quality rigs are picked up.”

Oil & Gas

Bureaucrats go hungry as Nigeria’s oil crisis hobbles economy

13/07/2015

It’s been five months since Johnson Umeadi and his wife, Adaku, received their salaries as government workers in southeastern Nigeria. With Nigeria’s finances shot by last year’s collapse in oil prices, they’re struggling with rent and can’t afford school fees for their three children. Shops and grocers are no longer willing to extend them the credit they need to buy basic items such as food and drinks. “It’s like we put all our eggs in one basket and then it went porous,” said Johnson, a 45-year-old employed by a department of Imo state responsible for infrastructure projects in Owerri. “If one of us was working in a private company, or even engaged in petty trading, we would’ve fared better,” he said, declining to disclose his salary. The plight of the Umeadis and others who haven’t received wages has hit everything from local shops to the banking industry in Africa’s biggest economy, in which about a third of the formal workforce of 11 million is employed by the state, according to Renaissance Capital. The cash crunch is undermining the prospects for the new administration of President Muhammadu Buhari, who described the Treasury last month as “virtually empty.” Oil Reliance Banks are more wary of lending to individuals, Bisi Onasanya, head of First Bank of Nigeria Ltd., the largest local lender by assets, said last month at a Bloomberg conference in Lagos, the commercial capital. “You have 18 states unable to pay salaries,” said Onasanya. “That reduces the number of people who are viable enough to repay your consumer loans.” Civil servants are victims of Nigeria’s reliance on oil, which accounts for about two-thirds of the government’s revenue. A 46 percent crash in Brent crude prices in the past year has led to half of Nigeria’s 36 states, which rely on monthly federal handouts for the majority of their funding, being unable to pay wages. The effects have been wide ranging and are hurting business as teachers, doctors and bureaucrats scrimp on spending. Listed consumer companies saw their profit before tax fall 55 percent year-on-year in the first quarter, according to Esili Eigbe, head of West African research at Exotix Partners LLP. The worst is yet to come, he said.

Oil & Gas

Mexico’s new oil era is here and an economic legacy is at stake

13/07/2015

Mexico President Enrique Pena Nieto’s credibility on law and order was damaged this weekend by the prison escape of the nation’s most famous drug trafficker. Now he’s about to be tested on his pledge to attract private investment to the flagging oil business and help revive the economy. On Wednesday, the government will hold the first in a series of petroleum auctions that will help open the energy industry, bringing in an estimated $62.5 billion by 2018 and increasing annual output by 500,000 barrels a day. The exploration and production contracts, the first since then- President Lazaro Cardenas nationalized the fields in 1938, will end the monopoly of state-owned Petroleos Mexicanos, or Pemex. The success of the auctions also will determine whether Pena Nieto, 48, can reverse a decade-long decline in crude output and fulfill his pledge to double the pace of economic expansion by the time he leaves office in late 2018. The output drop and an almost 50 percent plunge in oil prices during the past year have forced Mexico to trim government spending and sweeten the auction-contract terms for prospective bidders. “This process is vital,” said Vicente Fox, a former president whose election in 2000 broke seven decades of rule by Pena Nieto’s Institutional Revolutionary Party. “This is the great opportunity for Mexico to mobilize its economy and reach 5 percent growth rates, something we haven’t been able to achieve in the past 30 years.”

Oil & Gas

Oil extends decline as Iran nuclear deal seen exacerbating glut

13/07/2015

Oil extended its decline after its biggest weekly drop since March as investors weighed the prospects of Iran increasing crude exports in an oversupplied market. Futures dropped as much as 1.8 percent in New York after capping a 7.4 percent loss through July 10. Iran and world powers may announce a nuclear deal as soon as Monday after a political agreement was reached to lift a United Nations arms embargo. Prices also slid as investors eschewed risky assets amid concern Greece may be cut from the euro area. Oil’s rebound from a six-year low has faltered, capping a second weekly drop on Friday, as a rout in Chinese equities and the turmoil in Greece stoke speculation demand will weaken and a global glut will persist. Prices may fall further as the world remains “massively oversupplied,” before markets tighten in 2016 when output growth outside OPEC grinds to a halt, according to the International Energy Agency. “We appear to be getting close to an agreement about Iran’s nuclear program,” Ric Spooner, a chief analyst at CMC Markets in Sydney, said by phone. “In general terms, that is a bearish development, it puts more supply into the market.” West Texas Intermediate for August delivery lost as much as 97 cents to $51.77 a barrel in electronic trading on the New York Mercantile Exchange and was at $51.91 a barrel at 12:25 p.m. Singapore time. The contract fell 4 cents to $52.74 on Friday. The volume of all futures traded was 90 percent above the 100-day average. Prices have decreased 2.5 percent this year.

Oil & Gas

Petrobras must face U.S. lawsuit over bribery, judge says

10/07/2015

A U.S. judge has rejected Brazilian state-run oil producer Petrobras' effort to dismiss a lawsuit claiming that years of corruption, including bribery, caused more than $98 billion of its stock and bonds to be overvalued. The decision by U.S. District Judge Jed Rakoff in Manhattan was made public on Friday, and clears the way for investors to pursue much of their class action lawsuit. A trial could begin as soon as Feb. 1, 2016. Rakoff dismissed some claims related to Petrobras bonds issued in 2012 and some claims based on non-U.S. transactions, and also said some claims should be arbitrated.

Oil & Gas

Roof fitted on giant ethane tank at Grangemouth using fans

10/07/2015

Grangemouth plant operator Ineos yesterday moved a step closer to completing the construction of Europe’s largest ethane storage tank. In a staggering feat of engineering, low pressure fans were used to lift the tank’s 300ton roof into place on “nothing more than a cushion of air”. Ineos said the 150ft high tank is being built as part of a £450million rescue plan for Grangemouth, which closed briefly in 2013.

Americas

Judge rules Petrobas suit can proceed

10/07/2015

A US judge has ruled that an investor lawsuit against Petrobas over securities losses stemming from a multi- billion-dollar bribery scheme will go forward, dismissing some but not all claims in the case.

Oil & Gas

Energy Bill backs support for North Sea oil and gas with OGA powers

10/07/2015

The role of the OGA (Oil and Gas Authority) has been strengthened with backing of the Government’s Energy Bill published today. Earlier this year it was announced the body would have a number of powers it would be able to enforce as part of its remit. The move has been made as part of the implementation of the Wood Review last year and the Oil and Gas Fiscal Review which helped to establish the OGA. Led by chief executive Andy Samuel, the government has handed the body a raft of powers.

Europe

Ukraine raises gas imports from Slovakia

10/07/2015

Ukraine will take about 21 percent more gas from Slovakia to boost deliveries to underground storage after the country suspended imports from Russia over a pricing dispute, transport monopoly Ukrtransgaz said on Friday. Ukraine plans to import 16.5 million cubic metres (mcm) of gas on Friday from Slovakia, up from daily imports of 13.6 mcm so far this month, a spokesman for the company said. He said Ukraine pumped 27 mcm of gas per day from July 1-9 and collected 12.2 billion cubic metres of gas in reserves as of July 10.

Oil & Gas

Shell buys Morgan Stanley’s Europe gas and power trade book

10/07/2015

Royal Dutch Shell has acquired Morgan Stanley's European gas and power trading book as the U.S. bank continues its exit from the sector. Shell is set to significantly increase its footprint in the gas market in the coming years if it completes its proposed $70 billion acquisition of smaller British rival BG Group and as part of a growing strategic alliance with Russia's Gazprom, the world's top gas producer. Shell Energy Europe, its supply and trading arm in the region, has signed a binding sales and purchase agreement for Morgan Stanley's portfolio, the Anglo-Dutch company said on Friday, without providing further details.

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