fetching latest news
News tagged in:
The biggest conference of the oil and gas industry, ADIPEC 2019 is currently happening in Abu Dhabi. During the conference, ADNOC's CEO Sultan Ahmed al-Jaber has addressed the industry professionals saying "Oil and gas industry will remain an essential pillar of the future diversified energy mix". He has called out on the industry to modernize in order to keep up with the fast-evolving energy landscape.
Saudi Aramco has started its Initial Public Offering (IPO). Aramco has also shared a few specifics on the number of shares to be sold, pricing or the date for a launch. The company could offer 1%-2% of its shares on the local bourse. Its Chairman said, "Today is the right opportunity for new investors to reap the benefits of Aramco’s ability to achieve value, and boost it on the long-term”.
Petronas has set up a $350 million venture capital arm. The state firm's newly-launched Petronas Corporate Venture Capital is for industrial and energy investments. "The fund will act as a minority stakeholder in early to growth-stage companies", said the company. Petronas is Malaysia's largest employer and contributor to government revenue. The company has also informed that it is looking for investment opportunities in North America, Europe and Asia Pacific.
After a 40-year career with oil supermajor BP, Group CEO Bob Dudley will step-down from the company’s board in February 2020 and later retire on 31 March 2020. In a statement released by BP yesterday, the firm informed that Bernard Looney, the current chief executive (upstream), will step up as the CEO of the company. Dudley remained at the helm of the supermajor for more than nine years.
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.
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.
Oil supermajor ExxonMobil has confirmed that it has signed an exclusivity agreement with Var Energi. This agreement will enable further negotiations on the possible sale of Exxon's Norwegian upstream assets. But the oil giant has informed that the final aggrement is yet to be signed. ExxonMobil is ready to sell its stakes in 20 partner-operated fields. This decision has been taken two years after Exxon sold its operated assets.
Amidst a row of energy deals to strengthen the economic ties between the nations, India and Russia eye at $30 billion of annual trade by 2025. India aims at increasing the proportion of gas in its energy mix to 15% in the near future. "We are looking at investing in additional oilfields in Russia ... we are also looking at sourcing LNG", said India's Foreign secretary.
The previously set limits on oil and gas industry for methane emission might stand null. On Thursday, Trump administration advocated on rescinding Obama-era limits. EPA has informed that easing a 2016 regulation might save energy companies up to $123 million through 2025. EPA Administrator said that the proposal "removes unnecessary and duplicative regulatory burdens from the oil and gas industry".
India should expect an investment of around Rs 5 trillion in oil and gas, informed Petroleum Minister, Mr Dharmendra Pradhan. The country will witness investments in various sectors including exploration, distribution, marketing, regasification, pipeline network laying. Mr. Pradhan also informed about the long-term contracts for importing LNG. Also, domestic natural gas production would soar high touching 39.3 bcm by 2020-21.
Brazil's state-run company, Petrobras has decided to forfeit control of the biggest fuel distributor of the country, Petrobras Distribuidora. Under its new Chief Executive, the oil major went ahead with the privatisation drive and made this decision in a share offering due to be priced on Tuesday. The company holds a 25% share in Petrobras Distribuidora of which it will relinquish the control. It will bring in roughly $2 billion.
Infrastructure solutions provider, Africa Finance Corporation (AFC) has financed Aker Energy. AFC has invested $100 million to finance the development of the Deepwater Tano Cape Three Points block (DWTCTP). This deal marks the beginning of AFC and Aker's mutually beneficial relationship in this continent. "We believe AFC will be a valuable partner to help Aker Energy navigate the opportunities and challenges that lies ahead of us", said Aker's CEO.
Houston-based Callon Petroleum has agreed to acquire energy firm, Carizzo Oil & Gas. The $1.2 billion-all stock deal will gain Callon a strong presence in the Permian shale basin and the Eagle Ford shale field. The combined entity will own approximately 200,000 net acres in the two basins, which yielded over 100,000 boed in the first quarter. The deal is slated to finalize in the fourth quarter.
Pacific Santa Ana, Ltd. has awarded a contract worth $20 million to Expro. Pacific Santa Ana is the subsidiary of Pacific Drilling LLC. Under this contract, Expro will provide an Intervention Riser System (IRS) for Petronas’ Chinguetti Field Phase II plug. Moreover, Expro will be supported by Worldwide Oilfield Machine with the provision of the subsea well access system and technical support team.
Subsea services group Acteon has acquired Proserv's international Field Technology Services and Survey business units. This has added to its Claxton brand's subsea expertise. Aceton's Chief Executive said that this will add capabilities and capacity to their UTEC Survey offering and will help in the globalization of Claxton product and service range. The Survey business unit will join its existing UTEC Survey business.
Finland's Neste is selling its fuel stations to PJSC Tatneft. 75 fuel stations and a terminal in the St. Petersburg region in Russia will be sold to Tatneft. Neste is shifting its focus towards renewable and is aiming to emerge as a global leader in renewable and circular solutions, informed its CEO. 75 stations which are being transferred to Tatneft can still use Neste's brand name for up to 5 years.
Saudi Aramco is planning to restart its mega IPO. But the plan will still face some hurdle, the major one being achieving the $2 trillion valuations. Meanwhile, Saudi Crown Prince wants Aramco to be listed in New York and insisted that the IPO takes place in 2020 or 2021. It was in 2016 that the IPO project was announced for the first time as a part of the Vision 2030.
DP World PLC has acquired 100% of Topaz Energy and Marine Limited for $1,079 million. Topaz is the leading critical marine logistics and solutions provider to the global energy industry. The company has strong relations with big oil companies including BP, Chevron, Dragon Oil, Dubai Petroleum, ExxonMobil, Saudi Aramco and Tengizchevroil. This deal is in line with DP's strategy to enter into the global logistics and marine services industry.