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US oil major, ConocoPhillips has inked an agreement with Caelus Natural Resources Alaska to buy 100% interest in the Nuna discovery, Alaska. Discovered in 2012, the Nuna prospect is located 5 mi southwest of Oooguruk field. The agreement signed by ConocoPhillips Alaska (COPA) includes the purchase of 11 tracts spanning across 21,000 acres. COPA will appraise the Nuna discovery in the upcoming years.
EPC giant, TechnipFMC has secured a contract from ConocoPhillips for the provision of the subsea production system for the Barossa project, offshore Australia. The scope of the contract includes the engineering, design and fabrication of wellheads, manifolds and control system, apart from the installation and commissioning assistance. ConocoPhillips operates the Barossa Caldita project where Santos and SK E&S are partners.
The energy major, ConocoPhillips has reported an increase in profits with net income surging to more than $1.8 billion. Its revenue increased to more than $10 billion in the first quarter of this fiscal year. Chief Executive Ryan Lance commented, "We continue to execute and deliver on a plan that’s resilient to lower prices while offering investors upside to higher prices.”
US-based oil major, ConocoPhillips has farmed out its UK oil and gas business to Chrysaor Holdings. In a $2.675 billion-deal, Chrysaor will gain ownership to three material assets including two new operated hubs in the UK Central North Sea, an interest in the Clair Field area in the West of Shetland, and Britannia and J‐Block. ConocoPhillips’ owned assets produced approx. 72,000 boepd last year.
Chrysaor Holdings Limited will acquire the business of ConocoPhillips in the UK. After this acquisition, Chrysaor will become the largest oil and gas producer in the UK North Sea with approximately 177,000 boepd production in 2018. The assets of ConocoPhillips includes over 280 MMboe proved and probable (2P) oil and gas reserves. CEO of Chrysaor said, "Acquiring ConocoPhillips UK accelerates our strategy and further strengthens our positions".
US oil major, ConocoPhillips yesterday announced a contribution of $1 million to the University of Houston’s College of Natural Sciences and Mathematics (NSM). ConocoPhillips’ aid aims at fulfilling the rising demand for data science education. The contribution will be used to fund new faculty positions in the computer science and mathematics departments in the University, including the fellowships for graduate students with strong data science skills.
Norwegian oil major, Equinor has announced oil discovery from the Visund A Platform in the Telesto exploration well in the North Sea. The newly discovered reserve is estimated to contain approximately 12-28 million barrels of recoverable oil. Equinor operates the production license 120, where Petoro, ConocoPhillips and Repsol are partners. The Visund A platform will now proceed with drilling development wells on the Visund field.
Rowan Companies plc’s jack-up rig, Rowan Norway has been awarded a contract by ConocoPhillips Skandinavia AS (COPSAS) in Norway. Rowan Norway is an N-Class ultra-harsh environment jack-up rig that will be deployed for an estimated duration of seven months. The contract award is subject to partner approval. According to the initial contract term, COPSAS has two options, an estimated duration of five months and nine months.
ConocoPhillips' CEO has stated that the company can see the shale production increasing by 25% next year. The world’s largest independent oil producer has pumped 313,000 bopd in the third quarter, three regions combined. He also said that production growth “slows down at $50 but I don’t think it stops at $50 and it certainly continues if prices get back to $60”.
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.