Video: Coalition destroys hundreds of oil targets in fight against ISIS
The US-led coalition has destroyed 232 oil infrastructures during its airstrike campaign against ISIS.
Daily
Atkins reports mixed picture in oil and gas
W.S. Atkins said yesterday its Middle East oil and gas business had grown beyond expectations, helping to offset challenging conditions for its energy arm in the UK and North America. The global engineering and project management consultancy joined the throng of oil and gas market players laying bare the knock-on effect of reduced crude prices. Atkins, which is part of the joint-venture behind the design of the new Aberdeen bypass road, said its energy division had a difficult first half.
Statoil wins new licences offshore Canada
Statoil has made a successful bid for new licence offshore Canada. The Norwegian operator and its partners were the winning bidders for six exploration licences in the Flemish Pass Basin, offshore Newfoundland, and two licence offshore Nova Scotia. The company will operate five licences and also participate in one licence as a partner.
Petrobras hits the road to find ‘strategic’ buyers in sale drive
Petroleo Brasileiro SA will start a road show next week to talk to investors and find “strategic partners” for its Brazilian operations as part of an effort to reduce the biggest debt load in the oil industry, Chief Financial Officer Ivan Monteiro said Thursday.
In case you missed them, Energy Voice’s Friday Five
Each week Energy Voice pulls together the Friday Five. Click below to see the site’s most read and engaged with copy of the week. EV Insights is sponsored by EV
Suncor to Canadian oil sands holders: hope ‘not a strategy’
Suncor Energy Inc. wants shareholders of Canadian Oil Sands Ltd. to weigh its C$4.7 billion ($3.5 billion) takeover offer closely and reject a strategy that relies on the “hope” of better performance. Suncor appealed directly to Canadian Oil Sands shareholders in a letter Thursday after two offers earlier this year were rejected and last month’s hostile bid was met with a poison-pill defense put up by its management and board. Suncor says it will devote more resources to fixing an oil-sands mining project co- owned by seven companies after it boosts its stake to 49 percent from 12 percent by taking over Canadian Oil Sands, the largest shareholder. The battle over Canadian Oil Sands and its ownership of the bitumen mining operator Syncrude comes as the industry struggles with low oil prices that make most expansions too costly, and even some existing production unprofitable.
Opinion: Saudis continue to play long game as oil price pain endures
The world crude oil price has been fluctuating around a low-level of $50/barrel for three months, now the prospect seems even gloomier as the International Energy Agency projects that 41% of the world market will continue to be taken by OPEC countries until 2020, with the rest of the world stagnating their production.
Oil companies coud be paying millions for empty office space
Oil and gas firms in the Aberdeen area could be potentially spending millions of pounds on empty office space no longer being used. Many companies are legally bound by long-term tenancy leases leaving them tied in to deals with landlords and developers and committed to paying for office space they don't need. The cost of renting office space is calculated on price per square foot, with industry experts putting the typical price at locations such as Westhill at more than £20 per square foot. A company with a 100,000sq ft building could have an annual lease in excess of £2million, notwithstanding rates and other running costs.
Premier Oil eyes North Sea bargains
Premier Oil is eyeing North Sea bargains as the firm promised first oil from its Solan field in time for Christmas.
Noreco aims for end-of-year start-up on Enoch field
Norwegian oil firm Noreco said yesterday it still expected production from the North Sea’s troubled Enoch field to resume before the end of 2015 after “operational issues” on Marathon Oil’s Brae Alpha platform.
Premier says Solan project on track, further cost savings in 2016
Premier Oil said its Solan project is on track to produce its first oil by the end of the year off the west coast of Shetland. The company said it was also ready for first oil from the Catcher project in 2017 as it posted its results for the first 10 months of the year. The progress of the Solan field will be “subject to weather” in the UK North Sea.
Production shut down on Ninian Central platform
Production has been shut down on the Ninian Central platform in the UK North Sea for maintenance work on the asset’s fire pumps. CNR International, which operates the platform, said production would resume as soon as the current work had been completed. The Ninian Central platform is 249miles off the coast of Aberdeen.
Labour MSP claims government set to end fracking moratorium
The Scottish Government is preparing to abandon its moratorium on fracking after next year’s Holyrood election, Labour has claimed.
Russia’s oil rivalry with Saudis masks the bigger Iranian threat
Competition is growing in Russia’s biggest oil market. While Saudi Arabia’s encroachment in Europe is getting all the attention, the biggest threat comes from another part of the Middle East -- Iran. The world’s largest oil exporter has started shipping crude to traditional Russian markets like Poland and Sweden, but Saudi supplies to Europe won’t increase by enough to reduce prices, said Texas-based consultant Stratfor. In contrast, a surge in Iranian exports after the lifting of sanctions could erode the value of Russian shipments to the region as soon as next year, according to KBC Advanced Technologies.
Major oil companies have half-trillion dollars to fund takeovers
The world’s six largest publicly traded oil producers have more than a half-trillion dollars in stock and cash to snap up rival explorers. Exxon Mobil Corp. tops the list with a total of $320 billion for potential acquisitions. Chevron is next with $65 billion in cash and its own shares tucked away, followed by BP Plc with $53 billion, according to data from corporate filings compiled by Bloomberg. Merger speculation was running high after Anadarko Petroleum Corp. said Wednesday it withdrew an offer to buy Apache Corp. for an undisclosed amount. Apache rebuffed the unsolicited offer and wouldn’t provide access to internal financial data, Anadarko said. Both companies are now takeover targets, John Kilduff, a partner at Again Capital LLC, a New York-based hedge fund, said by phone.
Subsea firm’s orders boost EFC profits and turnover
New orders from just one subsea customer drove a huge rise in turnover at oil and gas service company Electro-Flow Controls (EFC) during the year to March 31.
Opinion: Land rights in onshore oil and gas exploration
Securing appropriate sites in the early exploration phase is crucial to the growth of the shale industry in the UK, and it is important for a number of reasons. Unlike the United States, where population density leaves large open swathes of bare agricultural land available, the UK is constrained by more designations, EU-backed incentive and protection schemes and a chequered history of mining and industrial activities. In addition – when having to consider the geology, PEDL licence blocks and the financial reality of coming to terms with landowners – basic land availability is becoming an increasingly important issue.
Taqa gears up for first output from Cladhan discovery
North Sea oil firm Taqa said yesterday it expected production start-up for the Cladhan discovery before the end of the year.
Anadarko said to have approached Apache with takeover offer
Anadarko Petroleum Corp. approached Apache Corp. about a combination that would be the largest for an independent U.S. oil and gas producer this year, according to people familiar with the matter.
Exclusive: BP North Sea’s Trevor Garlick to step down
BP’s North Sea boss, Trevor Garlick, has confirmed he will retire after more than 30 years in the industry.
Aberdeen property market feeling effect of oil slump
High value homes in the north east of Scotland are proving harder to shift with an increasing number coming on the market at lower prices than before, according to property experts.
Taqa swings to a loss
State-owned Taqa swung to loss for its third quarter financial results.
Xcite agrees farm-in for UKCS licence
Xcite has agreed a farm-in deal with Azinor Catalyst for its UKCS licence.
OPEC challenges shale afresh as Iraq crude floods Gulf of Mexico
OPEC’s latest challenge to U.S. shale oil producers would be about two miles long, lined end to end, and weigh almost 3 million metric tons. It’s due to reach American ports this month.
Gallery: Owls call world’s smallest FPSO home
The world's smallest FPSO became home to some unexpected inhabitants after migrating owls took rest on the vessel earlier this month.