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Canadian oil and gas producer Encana Corp has reported profit in its quarterly report. The net income of the company rose to $336 million in the second quarter compared to the loss of $151 million in the corresponding quarter last year. Encana's profit increased with the boost in production this year. Total rise in production was about 11% to 591,800 barrels of oil equivalent per day (boe/d) in the quarter.
BP sustains falling profits in the second quarter this year. Slumping crude prices led to a 35% profit decline for the company. "Reliable performance and disciplined growth across our businesses are delivering strong earnings, cash flow and returns to shareholders", said the CEO. Revenue of BP slipped by 4% and was at $73.747 billion in the second quarter.
Cyprus struck a gas production deal worth $9 billion after Nicosia renegotiated a contract with Noble, US based Shell, and Israel’s Delek for exploiting its Aphrodite gas field. The agreement also involves the transfer of natural gas by underwater pipeline to the Idku LNG terminal in Egypt. According to the Energy Minister Giorgos Lakkotropis, this deal is expected to bring in approximately $9.4 billion for the agreed 18-year contract.
In its 31st licensing round, the Oil and Gas Authority (OGA) has awarded exploration and production rights to a host of firms. These operators range from new entrants to supermajors. It is being observed that the regulator has reflected a greater interest in this round than the previous offering in 2016. Further, many new proposed work programmes have been secured in this round.
Mexican state oil firm Pemex has reported a decline in its oil exports in April. Its oil exports dropped by 11% compared to the statistics of the previous month. The production of the company also went down by 0.9%. The company is also struggling because of the debts of almost $106 billion. President of Pemex has assured the recovery of the company by increasing the production at least by 50%.
A number of scheduled and unscheduled stoppages went on to become the reason for Petrobras' profit downturn in the first quarter. Consequently, the company reported a drop in oil production by 3.5%. The production declined to about 2.4 million barrels of oil equivalent per day attributed by the maintenance work and other interruptions at platforms and FPSO units in January and February.
ONGC Chairman and Managing Director informed that the oil major registered a record 6.5% hike in natural gas production in the fiscal year ended March 31. ONGC’s natural gas production peaked to 25.9 billion cubic meters in 2018. Total production from ONGC-operated nomination fields, NELP blocks and joint venture assets increased to 25.819 BCM in 2018-19 in comparison to 24.61 BCM output in the previous fiscal.
A Bloomberg report published on Tuesday reported that OPEC has warned US bankers against the NOPEC bill currently under debate in US Congress. Sources quoted UAE oil minister saying that if the NOPEC bill passed and made OPEC members prone to U.S. anti-cartel legislation, the group would first break up and then, every member would lift individual production to the maximum.
Croatia’s multinational energy firm INA has announced that its largest refinery will undergo a planned maintenance from January to mid-April 2019. The plant, which is located in the northern Adriatic port of Rijeka, has a capacity of 100,000 barrels per day (bpd). INA also owns a 60,000 bpd- refinery in Sisak.
The coal bed methane (CBM) block of India’s Reliance Industries suffered from under production due to operational issues and poor pipeline connectivity. The company’s CBM block of Madhya Pradesh had production shrink of 0.94 mmscmd in July-September from 1 mmscmd in April-June. RIL’s KG-D6 block is also depleting including Focus Energy’s Rajasthan block. Meanwhile, the monthly report of oil ministry states decrement in natural gas output of India by 1%.
According to the sources, India’s energy major, Oil and Natural Gas Corp (ONGC) went on to increase its production to about 70 million standard cubic meters per day (mmscmd). The increase in domestic output will help the firm in reducing the imports. Corresponding November last year the company produced 64 mmscmd and this year the production saw a great improvement. ONGC is making efforts to bring new fields into production.
The chairman of India’s Oil and Natural Gas Corp (ONGC) informed that the company is planning to enhance the oil and gas output from old and matured fields. For this, the firm is looking for enhanced oil recovery techniques and production enhancement contracts (PECs). The service providers will have to bid incremental production profile and maintenance profile for base oil production, informed the Chairman.
ADNOC has taken an important step towards the execution of its 2030 smart growth strategy by investing $1.4 billion in its Bu Hasa field. This investment is to develop and expand the field which in return will increase its crude oil production capacity to 650,000 bpd. ADNOC Onshore, subsidiary of ADNOC operates the field and has awarded EPC contract to Tecnicas Reunidas SA.
Saudi Arabia has to deal with Trump’s criticism after announcing its plan to lower oil production on Monday. In a tweet, President Trump said “Hopefully, Saudi Arabia and OPEC will not be cutting oil production. Oil prices should be much lower based on supply!” Energy Minister of Saudi Arabia informed that OPEC and its allies will now reverse half the increase in oil output that was planned initially this year.
According to sources, energy giant Total SA’s subsidiary in the Republic of Congo has surpassed the oil production expectations. The general manager of Total E&P Congo informed that the company is presently pumping 200,000 bpd in the Central African nation. The general manager said that “Its production is far more than what we had anticipated,” The nation wants to target 65% increase in the total production this year.
Canada’s Husky Energy has reported big profit in its Q3 report which was majorly due to the increased crude prices. The net income of the company climbed to C$545 million ($418.27 million) in this quarter. Though the income of the company increased significantly, but the production reduced to 297 million barrels of oil equivalent per day. Earlier the production of Husky was 318 million boe/d.
The head of the International Energy Agency has said that at next meeting OPEC must decide to increase its production. The Executive Director of IEA said, “If the oil producers care about the health of the growth of the global economy, they should take the steps to further comfort the market.” He has also informed that without the support from OPEC, the global economy will enter into a dangerous stage.
The fourth major upstream project for BP this year has started production. The energy major announced that the Thunder Horse Northwest Expansion project in the deepwater Gulf of Mexico has been started and is four months ahead of schedule. Further, the project is 15% under budget too. BP has predicted that its new projects starting production between 2016 and 2021 will have 900,000 boed of new production by 2021.