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China to open up exploration & production for foreign firms
Jan. 9, 2020

China to open up exploration & production for foreign firms

A document from the Chinese Ministry of Natural Resources has revealed that in order to increase oil and gas development in the country, China will open its oil and gas exploration and production to foreign firms. However, only those foreign firms will be allowed who have registered in China with net assets no lower than 300 million yuan ($43.29 million) from May 1.

Aramco’s shares sink to lowest since IPO
Jan. 6, 2020
Source: Reuters

Aramco’s shares sink to lowest since IPO

Oil behemoth, Saudi Aramco’s shares sank to its lowest value since the IPO, on Sunday. Aramco’s share value dipped by 1.7%, to $9.21 per share in the late afternoon trade. The shares retorted to across-the-board selling in the Gulf markets after a U.S. drone attack killed the Iranian military commander Qassem Soleimani and his convoy at Baghdad airport.

McDermott shares fall over bankruptcy reports
Jan. 2, 2020
Source: Bloomberg

McDermott shares fall over bankruptcy reports

EPC giant, McDermott's share saw a downfall for a second day on Tuesday, stressed by reports of McDermott discussing bankruptcy with lenders. Sources revealed that the representatives of McDermott, BauPost Group LLC and HPS Investment Partners LLC are looking to negotiate for a $2 billion bankruptcy loan. The company had struggled to acquire over Chicago Bridge and Iron Company and cleared the remaining projects leading to less profit in September.

Seplat acquires Eland Oil and Gas
Dec. 19, 2019

Seplat acquires Eland Oil and Gas

Nigerian oil and gas firm, Seplat has concluded its £382m purchase of Aberdeen-based company Eland Oil & Gas. First announced in October of 2019, Seplat's acquisition of Eland had to get approval from 75% of Eland shareholders. Eland’s chief executive George Maxwell and chief financial officer Ron Bain will stay at the company during the transition period.

Weatherford comes out of Chapter 11 bankruptcy
Dec. 14, 2019
Source: World Oil

Weatherford comes out of Chapter 11 bankruptcy

Oilfield services giant, Weatherford International has concluded its financial restructuring and came out of Chapter 11 protection. Weatherford has cut roughly $6.2 billion of outstanding funded debt, secured $2.6 billion in exit financing facilities, which also includes a $450 million revolving credit facility. Additionally, the US-based giant has secured a $195 million letter of credit facility, and secured over $900 million of liquidity.

Citgo registers 76% jump in 3Q profits
Dec. 7, 2019
Source: Reuters

Citgo registers 76% jump in 3Q profits

PDVSA-owned Citgo Petroleum Corp yesterday registered a 76.2% rise in profit for 3Q2019. Citgo recorded an increase of 14.3% in the total refinery throughput to 825,000 barrels per day (bpd) from the preceding quarter, with utilizing rate of 94%. The net income for the eighth-largest U.S. refiner by capacity rose to $215 million in the third quarter, compared to $122 million in the 2Q2019.

Motive Offshore buys out Pumptech
Dec. 5, 2019
Source: World Oil

Motive Offshore buys out Pumptech

Continuing on its growth strategy, Scottish service provider, Motive Offshore has concluded the purchase of Norway-based Pumptech for a seven-figure sum. The acquisition will allow Motive to leverage Pumptech’s large fleet of zone-2-accredited hydraulic pump units (HPUs), apart from their expertise in flexible flowlines and umbilical testing. Richard Charles has been appointed as Flexibles Division Manager for the new division.

Cairn Energy to farm out Capricorn Norge unit
Nov. 29, 2019

Cairn Energy to farm out Capricorn Norge unit

Exploration and development firm, Cairn Energy has entered into an agreement to farm out its stakes in Capricorn Norge to Solveig Gas. The deal will fetch Cairn $100m, apart from the customary working capital adjustments, upon completion of the transaction. Capricorn Norge owns a 10% interest in the Nova field, where Wintershall Dea is the operator. Cairn intends to use the proceeds from the transaction to fund its ongoing business.

Equatorial Guinea declares $1 bn of energy projects
Nov. 29, 2019

Equatorial Guinea declares $1 bn of energy projects

Equatorial Guinea has revealed plans of spending $1 billion in energy projects, which includes the construction of two new oil refineries among other projects. Energy minister, Gabriel Obiang Lima stated during the Africa Oil Power Conference last week that the new refineries would process 30,000-40,000 bpd of crude oil including from the Zafiro offshore field. Equatorial Guinea is looking to diversify its energy sector.

California tightens up regulations on drilling
Nov. 21, 2019
Source: Reuters

California tightens up regulations on drilling

In a major setback to the oil and gas industry in California, the state disclosed new regulations for drillers in an attempt to reduce its dependence on fossil fuels. The newly announced measures also include a moratorium on the extraction technique, fracking which uses high-pressure steam to break up oil formations underground. The regulations received heavy applause from environmental groups.

Angola forms consortium for $2 bn LNG project
Nov. 7, 2019

Angola forms consortium for $2 bn LNG project

Angola’s national oil, gas and biofuels agency ANGP has informed about forming a consortium with five international oil companies including Eni and Chevron. The consortium will work on developing liquefied natural gas (LNG) for the Soyo plant. With an initial cost of $2 billion, the project is anticipated to begin production by 2022, an ANGP spokesman said.

Marathon Oil reports a decline in the quarterly profits
Nov. 7, 2019
Source: Reuters

Marathon Oil reports a decline in the quarterly profits

US oil major, Marathon Oil Corp yesterday registered a 44.5% dip in quarterly adjusted profit, stressed by weak crude and gas prices which limited the gains from higher output in its U.S. shale basins. Marathon Oil’s total production in the quarter rose 6.5% to an average of 425,000 barrels of oil equivalent per day (boepd), excluding divestitures.

Occidental reports third quarter earnings
Nov. 6, 2019
Source: The Fool

Occidental reports third quarter earnings

Occidental Petroleum yesterday reported $93 million in adjusted net income, disappointing the consensus estimate. The oil major, who recently acquired Anadarko, steered clear of the immediate impact of the acquisition move. Occidental's production in the quarter reached 1.155 million barrels of oil equivalent per day (BOE/D), up 70% from the corresponding quarter last year.

Fatal blow to fracing industry as the UK bans the technology
Nov. 4, 2019
Source: World Oil

Fatal blow to fracing industry as the UK bans the technology

In an unprecedented move, the UK government has effectively banned the controversial practice of hydraulic fracing, dealing a severe blow to the fracing industry. The move came just weeks ahead of a general election, putting an end to the technique in the UK after growing concerns about earthquakes in the region. The decision will serve as a major roadblock to firms like Cuadrilla Resources Ltd. and Ineos Group Ltd.

Saudi Aramco registers $68 billion in profits for nine months
Nov. 4, 2019
Source: Reuters

Saudi Aramco registers $68 billion in profits for nine months

Oil behemoth, Saudi Aramco has said that it registered a net income of $68 billion during the last nine-month, which ended on September 30. Aramco recorded $244B in revenues and other income related to sales for the same period. The company recently announced its intention to list shares on the Saudi stock exchange. Aramco also said that Saudi nationals subscribing to the listing will remain eligible to receive bonus shares.

Shell drops out of two Kazakh offshore projects
Oct. 22, 2019
Source: Reuters

Shell drops out of two Kazakh offshore projects

Shell has dropped out of the Khazar offshore project in Kazakhstan, while a multinational consortium including Shell is also getting rid of its plans for the Kalamkas block. The Khazar project has seen approximately $900 million in investments from Shell. In a statement, Shell said, “The (Khazar) project was not competitive enough versus other opportunities in Shell’s global portfolio,”. KazMunayGaz and Oman Oil Co were Shell’s partner in Khazar.

Saudi Aramco interested in buying stakes in BPCL
Oct. 16, 2019

Saudi Aramco interested in buying stakes in BPCL

If sources were to be believed, oil supermajor Saudi Aramco is interested in acquiring stakes in Indian downstream major, BPCL. In the biggest privatization bid in the Indian history, the Government of India is aiming to farm out its stakes in BPCL to private investors. Sources revealed that the Saudi state-run behemoth is in the process of evaluating its Indian investments and viewing BPCL buy out as a good opportunity.

Neptune Energy extends North Sea asset portfolio with new acquisition
Oct. 15, 2019
Source: World Oil

Neptune Energy extends North Sea asset portfolio with new acquisition

British E&P firm, Neptune Energy has inked a conditional SPA with Energean Oil and Gas to acquire the production, development and exploration assets of Edison E&P in UK and Norwegian North Sea. The agreement is conditioned on the proposed acquisition of Edison E&P by Energean. If successful, the deal will provide Neptune with an estimated 30 MMboe of 2P reserves, apart from material growth in contingent resources, and near-term production.

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