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KKR's Independence Energy, Contango Oil & Gas aim for $5.5B all-stock merger
June 9, 2021
Source: world oil

KKR's Independence Energy, Contango Oil & Gas aim for $5.5B all-stock merger

KKR & Co.'s Independence Energy and Contango Oil & Gas Co. are near an agreement to combine in an all-stock deal that could value the new business at about $5.5 billion, including debt. The aim is to expand the combined firm's oil and gas footprint. The new company, which will be based in Houston and operate under a new name and ticker symbol, plans to seek a listing on the New York Stock Exchange.

Empire Petroleum buys US oil and gas assets from ExxonMobil
May 21, 2021

Empire Petroleum buys US oil and gas assets from ExxonMobil

Empire Petroleum has acquired oil and gas assets in New Mexico, US, from ExxonMobil for an undisclosed sum. Empire said that the assets comprise about 700 gross oil, gas, and injector wells. It also includes approximately 40,000 net acres of Permian leasehold. Empire CEO Tommy Pritchard added, “This acquisition is a terrific example of what Empire looks to manage in their assets: mature producing oil properties with predictable, long-life production with significant upside potential.“Looking towards the future, the geologic location of the Permian EMSU and AGU holds 23,400 acres of residual oil zone potential (ROZ).”

BP, Eni consider joint venture to improve oil and gas production in Angola
May 20, 2021
Source: world oil

BP, Eni consider joint venture to improve oil and gas production in Angola

BP Plc and Eni SpA are considering merging their Angolan oil, gas, and liquefied natural gas assets into a joint venture in a bid to revive output following years of decline. The companies’ Angolan assets together produce more than 200,000 barrels of oil equivalent a day, BP and Eni said in a statement on Wednesday. Merging them would bring “significant opportunities” to “boost future developments” and increase investment in the basin, they said.

Report highlights take-up of digital twins in oil and gas operations
May 18, 2021
Source: Offshore Mag

Report highlights take-up of digital twins in oil and gas operations

The oil and gas industry, which is traditionally a laggard in the adoption of connected technologies, is increasingly deploying digital twins to improve decision-making. The prevailing industry downturn from COVID-19 has heightened the need to reduce costs and make operations more sustainable with technology, according to GlobalData. Digital twins are key to achieving this objective and ensuring sustainable operations in the long run.

Cairn Oil & Gas starts production from tight oil project in Rajasthan
May 13, 2021

Cairn Oil & Gas starts production from tight oil project in Rajasthan

Cairn Oil & Gas on Wednesday said it has commenced oil production from NA #01 facility in Aishwariya Barmer Hills in Rajasthan. “The project is a first in Cairn’s tight oil portfolio with a growth potential to contribute 20 percent to the company’s vision production,” the company said in a statement. It is the largest horizontal well with a multi-frac development campaign of 37 wells in the Indian subcontinent which is the key enabler to unlock tight oil.

BP CEO Bernard Looney to headline OGUK Annual Conference
May 7, 2021
Source: world oil

BP CEO Bernard Looney to headline OGUK Annual Conference

OGUK today announced the details of its Annual Conference. The three-day virtual conference entitled ‘Industry in Transition: Driving A Net Zero Energy Future' will take place online between June 1-3, 2021. BP CEO Bernard Looney will speak on day one of the conference, with OGUK Chief Executive Deirdre Michie expected to restate the UK sector's commitment to supporting jobs now and through a green recovery.

GlobalData expects 118 oil and gas project starts in Australia by 2025
May 5, 2021
Source: Oil & Gas

GlobalData expects 118 oil and gas project starts in Australia by 2025

Australia is expected to witness the commencement of 118 oil and gas projects’ operations across value chain during the period 2021-2025, accounting for 6% of the total project starts in the Asia-Pacific (APAC) region. ‘Asia Pacific Oil and Gas Projects Outlook to 2025 - Development Stage, Capacity, Capex and Contractor Details of All New Build and Expansion Projects’, reveals that of the 118 projects during the outlook period, upstream projects would be 53, midstream projects would be the highest with 56 projects and petrochemicals at nine.

Oil and gas production continues to elude discovered small fields
April 13, 2021

Oil and gas production continues to elude discovered small fields

Five years after the first discovered small field (DSF) auctions for hydrocarbons, project developers continue to face multiple issues. Till now, none of these discoveries have begun production and officials from many new entrants to India’s upstream oil and gas exploration sector point fingers towards delays in clearances and faulty data. “The efforts of the Directorate General of Hydrocarbons are in creative construct, yet achieving the mission of expediting domestic production is being hampered owing to delays in policy decisions.

UK seeks to drill more oil and gas from North Sea
March 25, 2021
Source: BBC News

UK seeks to drill more oil and gas from North Sea

This will include up to £10bn for hydrogen production and £3bn for a technology called carbon capture, usage and storage - where carbon emissions are either turned into other products such as plastics or buried.The government says the deal should cut pollution by up to 60 million tonnes by 2030, while also supporting up to 40,000 jobs across the supply chain.

Deloitte names Amy Chronis leader of its US oil, gas and chemicals sector
March 1, 2021
Source: world oil

Deloitte names Amy Chronis leader of its US oil, gas and chemicals sector

Deloitte announced the appointment of Amy Chronis as a vice chairman of Deloitte LLP and leader of its oil, gas and chemicals (OG&C) sector within the U.S. energy, resources and industrials industry. Chronis will lead the overall strategic direction and market eminence of the OG&C practice, as well as the go-to-market strategies for Deloitte’s key businesses including audit & assurance, consulting, tax and risk & financial advisory services.

Exxon takes Canadian oil sands off its books in historic reserves revision
Feb. 26, 2021
Source: world oil

Exxon takes Canadian oil sands off its books in historic reserves revision

Exxon reserves of the dense, heavy crude extracted from Western Canada’s sandy bogs dropped by 98%. In practical terms, the revision clipped Exxon’s future growth prospects until oil prices rise, costs slide or technological advances make it profitable to drill those fields.The reserves accounting doesn’t mean Exxon is closing up shop or walking away from Canada because the company can bring them back onto its ledger as crude prices rise.

Exxon to sell down North Sea assets as focus narrows on key opportunities
Feb. 25, 2021
Source: world oil

Exxon to sell down North Sea assets as focus narrows on key opportunities

ExxonMobil agreed to sell some assets in the North Sea for more than $1 billion as the company focuses on newer and larger sources of oil and gas such as Guyana, Brazil and the U.S. Permian Basin. The company will sell most of its non-operated upstream assets in the UK central and northern North Sea to NEO Energy. NEO is an oil producer backed by Norwegian private equity firm HitecVision AS.

Activist shareholder pushes Exxon towards net-zero emissions goal
Feb. 23, 2021
Source: world oil

Activist shareholder pushes Exxon towards net-zero emissions goal

ExxonMobil has already upped its climate plans, only three months into an activist investor’s campaign to force change inside the company. Engine No.1, is pushing the oil giant to set new goal, net-zero greenhouse gas emissions by 2050. Engine No.1 released a letter reiterating its call for Exxon to overhaul its board of directors by adding four new members who have the expertise to steer the company towards climate neutrality.

Oil stocks rallying in 2021, despite Biden’s fossil fuel threats
Feb. 10, 2021
Source: world oil

Oil stocks rallying in 2021, despite Biden’s fossil fuel threats

U.S. oil and gas stocks, by far the worst performers last year, are standing out as best in 2021. Companies including Exxon Mobil, Diamondback Energy and Marathon Oil have posted double-digit gains this year as a rebound in oil prices and prospect of an economic recovery have outweighed risks from Joe Biden administration. Energy Index is up 12% this year compared to 2020’s 37% plunge.

UK oil and gas group names Equinor SVP as board co-chair
Feb. 8, 2021
Source: world oil

UK oil and gas group names Equinor SVP as board co-chair

The leading representative body for UK oil and gas has today announced appointment of a new co-chair to its board, Arne Gürtner, Senior Vice President UK & Ireland Offshore at Equinor, as the sector focuses on industry’s recovery whilst meeting net-zero targets for 2021. Arne leads organisation supporting Equinor’s UK and Ireland upstream activities, which includes Mariner development and Rosebank.

US oil and gas fears end of the line for big pipe projects
Feb. 3, 2021
Source: Financial Times

US oil and gas fears end of the line for big pipe projects

As a string of infrastructure projects hits the buffers, America’s O&G industry is facing up to the uncomfortable new reality. Joe Biden moved quickly last week to cancel the contentious Keystone XL oil pipeline, delivering on a campaign promise to curb emissions by the O&G industry.

Budget 2021-22: Major focus on energy transition, traditional reform areas
Feb. 2, 2021
Source: Energy World

Budget 2021-22: Major focus on energy transition, traditional reform areas

The budget provides for additional fund infusion of Rs 1,000 crore for SECI and Rs 1,500 crore for IREDA and the launch of a National Hydrogen Mission in 2021-22 for generating Hydrogen from green power sources.The Union Budget for 2021-22 has laid a major focus on capturing the emerging energy transition trends.

Oil and Gas sector emerges as largest contributor to profit pool
Jan. 29, 2021
Source: economic Times

Oil and Gas sector emerges as largest contributor to profit pool

The oil and gas sector has emerged as one of the largest contributors to the overall profit , said Motilal Oswal Financial Services in a report. According to there port, the oil and gas sector was the largest contributor to the overall profit pool of about 22%.

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