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US explorer, Conoco Phillips wants to sell its UK oil and gas fields and plans a bid for the assets by the end the year. The fields which are valued as much as $3 billion will be sold to Jim Ratcliffe’s Ineos Group. Even though the negotiations with Ineos will not include its London assets, the bidding will include the assets which are left of its holding in the Clair Field.
Oil supermajor, ConocoPhillips yesterday reported a fourfold spike in its Q3 earnings. Conoco registered US$1.9 billion in third-quarter earnings, jumping from US$400 million in earnings for the third quarter of 2017. Profits for the oil major jumped on the back of higher oil prices, helping the Houston-based firm to achieve greater realized prices across all commodities.
Supermajor, ConocoPhillips’ long-drawn legal battle with Venezuela has finally started to bore fruits. The US oil firm yesterday informed about receiving an initial payment of $345 million, which came in the form of “cash and commodities” from Venezuela’s PDVSA. ConocoPhillips crushed profit expectations for the third quarter, aided by PDVSA’s payment.
ConocoPhillips has decided to sell its 30% stakes in Greater Sunrise gas field to the government of East Timor. This deal, worth $350 million, gives them a working interest in an important development of Timur. ConocoPhillips' Executive VP said that the company differs with the government’s plan of development but at the same time understands the importance of the field to the nation.
American EPC giant, KBR and oil major, ConocoPhillips are have joined hands to develop a standardised LNG train to provide mid-scale LNG capacity for both greenfield and brownfield expansions. KBR and ConocoPhillips will complete a FEED quality reference design for a mid-scale capacity LNG train (1.5 – 3.0 million tpy). The integrated design method will utilise ConocoPhillips' tested Optimized Cascade® process technology.
According to sources, Indonesia’s state-owned energy company, Pertamina has sent its proposal for the Corridor block in South Sumatra. The ongoing ministerial regulation no. 23/2018 gives Pertamina and other contractors the right for extension bidding. This set of regulation will expire in 2023. Confirming the news, the Director General for Oil & Gas said “I received the initial proposal yesterday,".
After BP, oil giant ExxonMobil has now entered into an agreement with the Alaska Gasline Development Corp. for the Alaska North Slope natural gas sale. The sale will be to a state-sanctioned corporation who wants to build a LNG project worth $34 billion, including 800-mile pipeline. Currently, Alaska Gasline is negotiating with ConocoPhillips for the same. These three oil majors are intended to be a part of this project.
A decade-old dispute between PDVSA and America’s ConocoPhillips is moving towards an important decision. ConocoPhillips has agreed to recover £1.5 billion with the Venezuelan oil major. Agreeing and recognizing the judgment of international arbitration panel, PDVSA will pay £390m in 90 days and the rest will be paid in the period of four years. American oil major will suspend its legal actions against PDVSA in the Dutch Antilles in return.
After reporting a huge profit of $1.6 billion in its recent quarter, ConocoPhillips is looking forward to “modest” job cuts in Houston and all over US. Reportedly, the company is focusing more on share buybacks and debt reduction in order to strengthen the support from its investors. A spokeswoman said that the employees have been informed about the workforce reduction that will take place in mid-September.
Exploration giant, ConocoPhillips reported a rise in second-quarter profit, with earnings reaching to $1.6 billion. Conoco sustained a loss of US$3.4 billion in the second-quarter of 2017, and this is a substantial growth in profits for the Houston-based oil major. With a total realized price of $54.32 per barrel of oil equivalent (boe) in 2Q2018, stronger prices and a more liquids-weighted portfolio helped push Conoco’s profit by a good margin.
A suit filed in NYC court against five top-notch oil and gas companies, alleging them for contributing to climate change, has been tossed out. ExxonMobil, Chevron, BP, Shell, and ConocoPhillips were named in the suit. The court cited that concerns like these must be addressed by the other branches of government, rather than the judiciary. There have been similar rulings in favor of the companies in San Francisco and California.
Conoco Phillips and Transocean have secured 13-well UK North Sea contract, bringing the estimated value of Transocean’s contract backlog to around £56.6million. The work will start in March 2019 and has to last for approximately 19 months and includes a one-well option also. Transocean 712, which is a mid-water semisubmersible rig, will be used for the contract.
Layoff has been on almost every oil firm’s agenda this year, and ConocoPhillips is no exception to this. The Houston-based operator has commenced with its layoff program, in line with its redundancy plan announced earlier in 2018. The redundancies will follow strategies to halt production at a number of fields in the southern North Sea, thereby laying off some 450 employees in the UK.
ConocoPhillips and Santos Energy, who are working together on the Barossa offshore project in Australia, have awarded three FEED contracts for the development. The engineering contract for the design of an FPSO has been awarded to MODEC and a consortium of TechnipFMC and Samsung Heavy Industries, as a design competition. The third contract was secured by INTECSEA for the subsea infrastructure, which involves umbilicals, flowlines, risers and gas export pipeline.
While shale from Permian Base has occupied all the limelight in the recent times, the forgotten oil source of the 90s has slowly started to emerge from the shadows. This assumption gains strength from the fact that oil majors including ConocoPhillips, Marathon Oil, and EOG Resources have purchased some 600,000 acres in the chalk formation that runs from the Mexico-Texas, in last six months.
The Houston-based E&P giant, ConocoPhillips is believed to be in contact with BP Plc to move forward with an asset swap deal. This agreement will eventually lead to BP taking over the Clair field asset, UK, while ConocoPhillips acquiring BP’s assets in the Alaskan region. However, no final resolutions have been reached between the companies and discussions might end with no results.
The Houston-based energy corporation, ConocoPhillips, has started seizing PDVSA assets in efforts to collect on an award by the International Chamber of Commerce (ICC) over the 2007 nationalization of its ventures in Venezuela. CEO, ConocoPhillips, Ryan Lance has implied that the organization intends on to intensify the seize process against PDVSA across the globe. This move has upset fuel distributions throughout the Caribbean, the effect which the company wants to minimize.
ConocoPhillips CEO Ryan Lance expressed that OPEC needs to embrace its role to keep markets stable as the world baffles on oil prices. Further he added, “They have to remain disciplined; they have to keep trying to take the volatility out of the equation," while acknowledging that the rapid growth of U.S. shale was “part of the problem" challenging the rally in the oil market.