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ConocoPhillips

Oil & Gas

ConocoPhillips to seek buyers for stake in Indonesian oil, gas block

U.S. oil and gas company ConocoPhillips is reviewing its portfolio in Indonesia and may soon seek buyers for a stake in a production sharing block it operates in the Natuna Sea, company and government sources said. The company has proposed to upstream oil and gas regulator SKKMigas to open its data room for the South Natuna Sea Block B, the agency's spokesman Elan Biantoro told Reuters, noting that such requests were usually made by companies "that want to farm out their participating interests." ConocoPhillips was opening the data room to offer its share to other investors, spokesman Joang Laksanto said.

Oil & Gas

ConocoPhillips halts shale gas talks with CNPC for Sichuan field

ConocoPhillips ended talks with China National Petroleum Corp. on a shale gas development in the country after a two-year study. “The right commercial decision was to halt further discussions on this block,” ConocoPhillips’s China unit said in an e-mail response to questions Wednesday. The company said it made the decision “some time ago.”

North Sea

Major milestone for North Sea Clair Ridge project

BP’s £4.5billion North Sea Clair Ridge project, which is expected to keep the UK producing oil beyond 2050, has taken a giant leap forward. Three huge topside modules have been installed on the “quarters and utilities” (QU) platform following their long journey from a shipyard in South Korea. They were safely lifted onto pre-installed jackets by the Heerema Thialf deepwater construction vessel.

Oil & Gas

Job losses in UK’s North Sea raise skills and safety concerns

Cost-cutting in Britain's North Sea oil and gas sector could lead to more acute skills shortages in future, industry experts have warned, with some expressing concerns that safety could be compromised. A plunge in crude prices over the last 12 months has prompted oil majors such as Royal Dutch Shell, BP, Chevron and ConocoPhillips to lay off hundreds of workers. Oil field services groups such as Amec Foster Wheeler, Wood Group and Petrofac are also in consultation with employees over job cuts.

Markets

ConocoPhillips hit by quarterly loss

ConocoPhillips has reported a quarterly loss of $39milion in its fourth quarter results last year, compared to a profit of $2.5billion in the same period of 2013. The company has cut its expenditure for 2015 following a trend set by a number of other oil majors such as BP. Last year, ConocoPhillips announced plans to cut spending by 20%, saying it expected to spend $13.5billion.

North Sea

ConocoPhillips to cut up to 230 jobs from North Sea operations

Oil and gas giant ConocoPhillips confirmed it will cut up to 230 jobs in its North Sea operations after completing a review of its business. The Houston-based firm, which is poised to take over as the biggest oil producer in the North Sea in terms of production volume by the end of this year, said staff numbers in the UK would be cut from 1,649 staff and contractors to 1,419 my March of next year. The cuts will fall predominantly on Aberdeen where the firm employs around 1,100, including 700 permanent staff and 400 contractors.

Markets

ConocoPhillips cuts spending in 2015 by 20%

Oil major ConocoPhillips has cut its capital budget for 2015 by 20%, the company said. The reduction, to a CAPEX of $13.5billion, has been influenced by relatively lower spending on major projects as well as the deferral of spending on US shale. Ryan Lance, chief executive, said: "We are setting our 2015 capital budget at a level that we believe is prudent given the current environment.

Europe

Another oil major to cut North Sea jobs

US firm ConocoPhillips has become the latest oil major to warn of job losses in the UK North Sea, although it refused to say how many or where exactly the axe is likely to fall. ConocoPhillips, which is poised to take over as the biggest oil producer in the region in terms of production volume by the end of this year, told the Press and Journal it had recently launched a review of its UK business. It added: “Like other operators in the North Sea, we are focused on improving the operating efficiency and production outlook for our business. “We have now started a consultation process with staff relating to organisational restructuring to establish a model to drive our UK business forward in an efficient and sustainable manner. “We do anticipate some redundancies but at this stage the actual number has not yet been defined.” ConocoPhillips is the world’s largest oil and gas exploration and production company. It currently employs about 1,000 people directly and a further 600 contract workers in the UK. A spokeswoman for the firm said the totals included about 700 staff and 400 contractors working out of Aberdeen. The group’s Granite City-based UK business either operates or has stakes in assets including the Britannia field and its satellites, Judy/Joanne, Jade, Jasmine, CMS, Galleon, LOGGS, Saturn Unit, V-Fields, Victor, Viking, Calder, Darwen, Crossens, Asland, Millom, Dalton, Clair, MacCulloch and Nicol. Onshore, the company has interests in the Rivers terminal at Barrow-in-Furness, the Teesside oil terminal at Seal Sands, Middlesbrough, and Theddlethorpe gas plant in Lincolnshire. Its job cutting comes hot on the heels of BP launching a cost reduction exercise in the North Sea in line with rivals such as Shell and Chevron which have axed hundreds of roles as low oil prices and high overheads take their toll. BP has declined to reveal the likely impact of its review on its 4,000-strong North Sea workforce.