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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.

Halliburton to layoff 650 staff in US amidst slowing oilfield business
Oct. 10, 2019
Source: Reuters

Halliburton to layoff 650 staff in US amidst slowing oilfield business

Halliburton yesterday informed that it will let go of 650 jobs across the United States amidst slowing oil and gas activities. Spokeswoman for Halliburton, Emily Mir said, “Making this decision was not easy, nor taken lightly, but unfortunately it was necessary as we work to align our operations to reduced customer activity,”. Cowen and Co have projected a fall of 11% in the expenditure by U.S. independent producers this year.

BPCL's denationalization paves path to privatization
Oct. 7, 2019

BPCL's denationalization paves path to privatization

In a major shakeup to the fuel retailing sector, the Government of India has repealed the legislation that had nationalized the downstream major, BPCL. The move will do away with the requirement to look for a Parliamentary nod before selling it off to private and foreign firms. The state is mulling to farm out most of its 53.3% stake in BPCL to a strategic partner, to encourage competition.

Ecuador to exit OPEC in 2020
Oct. 2, 2019
Source: Reuters

Ecuador to exit OPEC in 2020

In a major shock to OPEC, one of its smallest members, Ecuador yesterday said that it will leave the oil cartel effective from Jan. 1, citing fiscal problems. Ecuador is looking to boost crude production to extract more income and has broken the output quota fixed by the cartel on multiple occasions. The South American country struggling with tight liquidity due to a wide fiscal deficit and immense foreign debt.

Henry Resources forms JV with Pickering Energy Partners
Sept. 25, 2019
Source: World Oil

Henry Resources forms JV with Pickering Energy Partners

Energy investment management firm, Pickering Energy Partners has formed a strategic joint venture with Henry Resources. The JV will engage in the acquisitions of already producing oil and gas assets across the Permian basin. The terms of the partnership dictate that the two firms will aim at invest at least $500 million in producing asset packages to be controlled by the Henry team.

McDermott weighs the sale of its Lummus Technology unit
Sept. 23, 2019
Source: World Oil

McDermott weighs the sale of its Lummus Technology unit

McDermott International whose shares have jumped by more than 50% this week has informed about exploring the sale of its Lummus Technology business. Its business is being valued at more than $2.5 billion. Moreover, the sale of Lummus will give the company some relief while it works with debt restructuring specialist AlixPartners. Currently, the energy industry contractor has a debt burden of about $4.3 billion.

Prime Minister Modi meeting with energy sector heads ‘fruitful’: MEA
Sept. 23, 2019

Prime Minister Modi meeting with energy sector heads ‘fruitful’: MEA

The Ministry of External Affairs, yesterday, said that Prime Minister Modi’s meeting with executives of energy sector giants remained ‘fruitful’. The Ministry informed that the meeting focused on collaboration for energy security and developing opportunities of mutual investment between India and the United States. The Prime Minister of India is on a week-long to the United States.

Petronet LNG signs MoU with Tellurian
Sept. 23, 2019
Source: Business Today

Petronet LNG signs MoU with Tellurian

Indian LNG importer, Petronet has agreed to invest $2.5 billion in US LNG developer Tellurian Inc. Hailed as one of the largest overseas investments in the United States to ship shale gas abroad, the agreement will enable Petronet to import up to 5 mtpa of LNG every year from Driftwood. The agreement was inked in the presence of Prime Minister Modi, who is on a week-long visit to the States.

Prime Minister Modi to meet BP, Exxon executives for investment
Sept. 20, 2019
Source: Reuters

Prime Minister Modi to meet BP, Exxon executives for investment

The Foreign Ministry of India, yesterday, informed about a meeting of Prime Minister Modi with executives of BP and Exxon, scheduled for next week in the United States. The Prime Minister will also meet executives from JP Morgan & Chase, Lockheed Martin, Walmart and Mastercard in a separate event. Attacks on Saudi facilities have pushed India to look at raising oil imports from Russia.

Goodbye 'Oracle of oil' T. Boone Pickens
Sept. 12, 2019
Source: Reuters

Goodbye 'Oracle of oil' T. Boone Pickens

Celebrated corporate raider and energy industry magnate, T. Boone Pickens passed away yesterday at the age of 91. Pickens, who suffered a stroke back in 2016, closed his BP Capital energy hedge fund. The oil tycoon contributed heavily towards the advances in medical research, athletic and educational initiatives. He will also be remembered for encouraging the increased domestic utilization of abundant natural gas.

New Head at Schlumberger outlines Digital strategy
Sept. 5, 2019
Source: Reuters

New Head at Schlumberger outlines Digital strategy

Olivier Le Peuch, the new CEO of Schlumberger, yesterday outlined his vision for the firm at the Barclays CEO Energy-Power Conference in New York. He vowed to withdraw from unprofitable businesses, rearrange some units and laid emphasis on returns. Peuch also cautioned towards a sizeable, non-cash charge to write down assets in this quarter. Analysts and investors are looking at Peuch to navigate Schlumberger through the new era of digitalization.

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