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  • European Investment Bank to stop funding fossil fuel projects

    The move will see the European Union's nonprofit long-term lending institution cut $2.2 billion of yearly investments

    NEWS  upstreamonline.com 2 hours old Anamaria Deduleasa

    Oil gains as hopes build for Opec supply curbs, new optimism on US-China trade deal

    Oil prices rose on Friday as Opec's outlook for oil demand next year fuelled hopes that the producer group and its associates will keep a lid on supply when they meet to discuss policy on output next month. Optimism that the US and China could soon sign an agreement to end their trade war also seeped into the market after White House economic adviser Larry Kudlow said a deal was "getting close",

    NEWS  upstreamonline.com 3 hours old Reuters

    EnQuest returns to assess stricken Thistle

    'Work party' makes assessment at North Sea platform after sudden evacuation last month

    NEWS  upstreamonline.com 3 hours old Rob Watts

    Karoon hires drillship for Peru

    Australian operator negotiates one-well slot in Tullow Oil's rig contract with Stena Drilling

    NEWS  upstreamonline.com 9 hours old Russell Searancke

    Ichthys LNG reaches the 100 mark

    Japanese operator reaches LNG cargo milestone 13 months after the first shipment

    NEWS  upstreamonline.com 10 hours old Russell Searancke

    Oil edges lower on US crude stockpiles

    Stockpiles grew last week by 2.2 million barrels, according to the US EIA

    NEWS  upstreamonline.com 10 hours old Reuters

    BP cleared to drill at Joanna in Eastern Gulf

    Prospect lies on far eastern side of deep-water Gulf of Mexico where exploratory interest has picked up

    NEWS  upstreamonline.com 11 hours old Kathrine Schmidt

    Going with the flow...

    Angela Wilkinson has succeeded Christoph Frei as secretary general and chief executive of the World Energy Council Chris Krummel has been named chief financial officer at McDermott International Rune Magnus Lundetrae is stepping down as chief financial officer at Borr Drilling Shearwater GeoServices has selected Robert Hobbs to be board chairman Kosmos Energy has appointed Lisa Davis to its bo

    NEWS  upstreamonline.com 11 hours old ....

    Tee for charity

    This month’s Halliburton Charity Golf Tournament in Houston raised a record $4.5 million for non-profit organisations, a total that includes a $1.5 million matching contribution from the host in honour of the services giant’s 100th anniversary. About 30 local and Texas state charities participated in the event and will share the proceeds with another 70 organisations around the US, Halliburton sa

    NEWS  upstreamonline.com 11 hours old ....

    Kiwi infusion

    The MethaneSAT greenhouse gas detection project has picked up a significant boost with a $16 million pledge from the government of New Zealand. The Pacific Island nation will provide both project support and a home for the ground-based mission control centre for MethaneSAT, a satellite that will be equipped with a highly sensitive spectrometer to detect methane emissions on earth at concentration

    NEWS  upstreamonline.com 11 hours old ....

    Boy king has golden touch for BP

    Supermajor invokes spirit of Tutankhamun to encourage young energy entrepreneurs

    NEWS  upstreamonline.com 11 hours old ....

    Hess in driving seat

    The newest model in Hess Corporation’s toy truck series — an annual holiday event since 1964 — is out and available for parking under Christmas trees in America’s more fuel-friendly homes. The 2019 version is in fact two vehicles: “a flatbed carrier that transforms into a heavy-duty tow truck and a separate speedy rescue towing teammate”, as the Hess Toy Truck web site reports. The souped-up re

    NEWS  upstreamonline.com 11 hours old ....

    Gas struck at Keping North

    Chinese independent Beijing Energy has struck natural gas in the Tarim basin of the country's north-west Xinjiang region, with an exploration well flowing about 60,000 cubic metres of gas per day. Sources said production could rise to 100,000 cubic metres per day if acid fracking treatment is applied. Debut well Ketan 1 at the Keping North block in Tarim hit 78 metres of pay. Beijing Energy is

    NEWS  upstreamonline.com 11 hours old ....

    Russian pair bid for blocks

    State-controlled Russian oil producers Rosneft and Gazprom Neft have bid for exploration and development licences covering separate blocks in the country's core oil province of Khanty-Mansiysk in West Siberia, writes Vladimir Afanasiev. According to Russian subsurface agency Rosnedra, Rosneft committed to pay 103.4 million roubles ($1.6 million) for a licence for the Galnadsky block at an auction

    NEWS  upstreamonline.com 11 hours old ....

    Ubon project owners aim for FEED process

    Yinson and MISC to carry out dual studies for FPSO solution at the Chevron-led gas and condensate development off Thailand

    NEWS  upstreamonline.com 11 hours old Russell Searancke

    Benin to offer acreage

    New Petroleum Code set to be adopted

    NEWS  upstreamonline.com 11 hours old Barry Morgan

    Liberia lines up 33 blocks for 2020 licensing round

    Exercise to be announced next March with seismic revealing 30 large leads in Harper basin

    NEWS  upstreamonline.com 11 hours old Barry Morgan

    Unmanned spar on menu for Equinor's Peon find

    Operator takes project through decision gate one as it looks to develop modest North Sea gas discovery

    NEWS  upstreamonline.com 11 hours old Ole Ketil Helgesen

    Boru sets sights on African assets

    Carlyle-funded player targeting Sub-Saharan Africa with first acquisition

    NEWS  upstreamonline.com 11 hours old Eoin O'Cinneide

    Hickey looks to new players to unlock value

    Boru Energy chief executive Tom Hickey believes the African market needs new companies and sources of capital to unlock value in assets as some of the majors look to shed non-core positions to concentrate on larger plays on the continent and in the deep water, writes Eoin O'Cinneide. “People are managing their portfolios in terms of looking at assets that are core, non-core, or perhaps they want

    NEWS  upstreamonline.com 11 hours old ....

    UK election poses plenty of possibilities

    New elections in the UK are meant to break parliamentary deadlock and create a new consensus for leaving the European Union. Prime Minister Boris Johnson is aiming to win a larger parliamentary majority for the Conservative Party and allow Brexit to be completed. Whether this will be a “hard” Brexit without an political agreement with the EU or a “soft” one with a deal remains to be determined.

    NEWS  upstreamonline.com 11 hours old Editorial

    Emissions will increase until 2040, says IEA

    No peak for oil demand expected within the next two decades

    NEWS  upstreamonline.com 11 hours old Anamaria Deduleasa

    Indonesian scheme to proceed to FEED after onshore decision

    Japan's Inpex now has all its ducks in a row to proceed into the front-end engineering and design phase of its $18 billion to $20 billion grassroots Abadi liquefied natural gas project in Indonesia, since the location of the onshore facility has been decided, writes Amanda Battersby. "We will commence preparations to start the FEED work together with our project partner Shell," Inpex chief execut

    NEWS  upstreamonline.com 11 hours old ....

    Inpex starts race for Abadi LNG project prize

    FPSO and onshore LNG facility on menu in project's pre-qualification exercise

    NEWS  upstreamonline.com 11 hours old Russell Searancke and Amanda Battersby

    BHP reaffirms backing as Scarborough grows

    Australian operator Woodside and joint venture partner BHP have reported a significant increase in reserves volumes at the gas field that will underpin their planned Scarborough liquefied natural gas project in Australia, and BHP has reiterated its commitment to the project, writes Russell Searancke. Woodside said the best estimate contingent resource at Scarborough had leapt 52% to 11.1 trillion

    NEWS  upstreamonline.com 11 hours old ....

    Adnoc LNG seals new deals

    Abu Dhabi liquefied natural gas producer Adnoc LNG has agreed new LNG supply agreements with UK supermajor BP and French giant Total that will mean most of its production capacity is taken until early 2022, writes Nishant Ugal. Abu Dhabi National Oil Company (Adnoc) which owns Adnoc LNG said the agreements were signed by officials from BP, Total and Adnoc LNG, in the presence of Adnoc chief execu

    NEWS  upstreamonline.com 11 hours old ....

    Duo team up for LNG drive

    Italian contractor Saipem has agreed a strategic tie-up with South Korea’s Daewoo E&C targeting onshore construction projects worldwide specifically focused on the liquefied natural gas sector. The pair aim to secure further engineering, procurement and construction contracts under the newly minted alliance after their existing joint venture with Chiyoda was awarded work on Train 7 of the Nigeria

    NEWS  upstreamonline.com 11 hours old ....

    AGIP wins Pluto pipe job

    Australian operator Woodside Petroleum has awarded a contract for the pipeline that will be built to link its Pluto liquefied natural gas facility and the North West Shelf LNG plant. The 30-inch-diameter, 3.2-kilometre-long pipeline will be designed, built and operated by Australian Gas Infrastructure Group (AGIP), with construction to begin in 2020, subject to regulatory approvals. Procurement a

    NEWS  upstreamonline.com 11 hours old ....

    Equinor in Eagle Ford exit deal

    Norway's Equinor has quit the Eagle Ford shale play in southern Texas after selling its 63% stake in the US asset it held there to Spanish partner Repsol for $325 million, writes Caroline Evans. Through the acquisition, Repsol is gaining operatorship and sole ownership of the asset, adding about 70,000 net acres and 34,000 barrels of oil equivalent per day of production. The deal brings the com

    NEWS  upstreamonline.com 11 hours old ....

    BP looking to expand in Permian basin

    UK supermajor BP is looking to expand its position in the prolific Permian basin of Texas and New Mexico in the US following its acquisition of Australian player BHP's shale portfolio, which closed last year, writes Caroline Evans. BP's shale subsidiary BPX already holds an 83,000-acre position in the Permian's Delaware sub-basin. "It establishes us, gives us a foothold there," said BPX senior v

    NEWS  upstreamonline.com 11 hours old ....

    EnCap Flatrock swoops for Texas midstream assets

    Investment firm EnCap Flatrock Midstream has committed $400 million to newly formed Ironwood Midstream Energy Partners II, which is pursuing both greenfield projects and asset acquisitions with a focus on the US state of Texas. The investment was disclosed this week at the same time that Ironwood II announced that it is now set to acquire the Gardendale and Asherton crude gathering systems in sou

    NEWS  upstreamonline.com 11 hours old ....

    Halcon posts net loss after emerging from Chapter 11

    US independent Halcon Resources posted a net loss in the third quarter of the year as the company pressed ahead with the process of seeking to list its shares following an emergence from bankruptcy in early October. Chief executive Richard Little said the company was in the process of listing its shares on a national exchange and expects to resume earnings calls with investors soon. The Chapter

    NEWS  upstreamonline.com 11 hours old ....

    YPF boosts output but volatility clouds outlook

    Argentine player nearly doubles shale oil and gas output but results are hit by lower commodity prices amid political uncertainty

    NEWS  upstreamonline.com 11 hours old Kathrine Schmidt

    Vaalco's leader knows no Bounds

    Chief executive can look back with pride on turning around Africa-focused company

    Weekly  upstreamonline.com 11 hours old Barry Morgan

    US giant settles Dhaka row

    US operator to pay reported $70 million-plus to local employees

    NEWS  upstreamonline.com 11 hours old ....

    Chevron sets the stage for its Malampaya exit

    Udenna Corp to buy US player's stake in Shell-operated gas project off the Philippines

    NEWS  upstreamonline.com 11 hours old Amanda Battersby

    Equatorial Guinea sets sights on 2020 round

    Offering to be announced later this month as it awards seven blocks under latest format

    NEWS  upstreamonline.com 11 hours old Eoin O'Cinneide

    Saipem wins pipeline role at Noble Energy's Alen field

    Saipem has won a $100 million pipeline installation contract covering the further development of Noble Energy’s Alen gas field off Equatorial Guinea, write Eoin O'Cinneide and Barry Morgan. The country’s Ministry of Mines & Hydrocarbons said late last week it had approved award of the contract. Upstream reported in July that the Italian contractor was in pole position to land the deal to install

    NEWS  upstreamonline.com 11 hours old ....

    Mali looks to explorers

    Landlocked Mali is seeking to rekindle interest in the Nara Macina Rift in the country’s south-west. The area borders Guinea and Ivory Coast, away from the Gao Graben and Taoudeni basin which, while prospective, remain off-limits to the industry because of the Islamist insurgency. “No formal round is envisaged but we believe our licensing regime is competitive,” said Ahamed Ag Mohamed, director

    NEWS  upstreamonline.com 11 hours old ....

    CAR bids to attract suitors

    The Central African Republic (CAR) aims to attract suitors to neglected acreage on the Carnot Graben, Salamat-Doseo and Cuvette basins, even though blocks have yet to be demarcated, offering petroleum agreements in the form of concessions. Twice renewable four-year exploration permits can be issued with subsequent production attracting a 12% royalty for oil and 5% for gas developments with the re

    NEWS  upstreamonline.com 11 hours old ....

    SBM gets ExxonMobil nod for Payara floater

    Dutch contractor to use Fast4Ward concept for unit destined for Stabroek block off Guyana

    NEWS  upstreamonline.com 11 hours old Kathrine Schmidt and Gareth Chetwynd

    Repsol joins Monument

    Spain's Repsol has taken a 20% stake in the Monument prospect that Equinor is planning to drill before the end of the year in the deep-water US Gulf of Mexico's Walker Ridge area. Equinor has filed paperwork to drill the prospect on Walker Ridge blocks 272 and 316, which had been one of the top targets early in the decade for the company but was never drilled due to a lack of partner support. Th

    NEWS  upstreamonline.com 11 hours old ....

    Alberta open for new wells

    Curtailment lifted on conventional producers

    NEWS  upstreamonline.com 11 hours old ....

    Separation solution goes deep

    Joint industry project launched to develop technology to enable CO2-enhanced oil recovery offshore

    NEWS  upstreamonline.com 11 hours old Russell McCulley

    ANP strategy falls flat as sixth round fails to hit high notes

    Pooling large number of high-profile assets and strong signature bonuses backfires

    NEWS  upstreamonline.com 11 hours old Fabio Palmigiani and Gareth Chetwynd

    Five more FPSOs for Buzios

    Brazil's Petrobras has unveiled plans to install another five floating production, storage and offloading vessels to exploit surplus volumes from the Buzios pre-salt field in the Santos basin, writes Fabio Palmigiani. Petrobras exploration and production director Carlos Alberto Pereira de Oliveira said the idea is to deploy one large FPSO per year in Buzios starting in 2024, potentially taking th

    NEWS  upstreamonline.com 11 hours old ....

    Petrobras aims to start exploration next year at Aram

    Brazil's Petrobras plans to begin exploration activities next year on its just acquired Aram pre-salt area in the Santos basin, writes Fabio Palmigiani. “We expect to start work in Aram in 2020 with a seismic survey,” Petrobras exploration and production director Carlos Alberto Pereira de Oliveira said, suggesting that the drilling of a first exploration well in the area could then follow in 2021

    NEWS  upstreamonline.com 11 hours old ....

    Losses deepen as oil prices and lower sales hit player

    Singapore-headquartered independent KrisEnergy widened its losses in the third quarter as lower oil sales and a drop in crude prices took their toll. KrisEnergy posted a US$16.7 million net loss for the third quarter compared with US$11 million for the same three months of 2018. This loss deepened the group’s capital deficiency position, which stood at US$63.3 million as of 30 September compared

    NEWS  upstreamonline.com 11 hours old ....

    KrisEnergy scales back its Apsara development

    Cambodian oilfield project will now start up with Mini Phase 1A, with output set to peak at 7500 bpd

    NEWS  upstreamonline.com 11 hours old Amanda Battersby

    Timor-Leste block award

    Timor-Leste's government has awarded a new offshore exploration block over the Chuditch gas discovery. Block TL-SO-19-16 was awarded to a joint venture between privately owned SundaGas and national oil company Timor Gap. The permit was awarded following direct negotiations and covers 3571.49 square kilometres. It has a seven-year exploration period. Work commitments in the initial three years i

    NEWS  upstreamonline.com 11 hours old ....

    Gas find for Strike Energy

    Australian onshore explorer Strike Energy has confirmed a significant gas discovery in the Perth basin, following on from Beach Energy's nearby drilling success, writes Russell Searancke. Strike said its West Erregulla gas discovery is one of the largest onshore conventional gas fields ever in Western Australia with a best estimate contingent gas resource of 1.1 trillion cubic feet. Strike said

    NEWS  upstreamonline.com 11 hours old ....

    Grim warning on North Sea safety

    Four 'major' leaks in 2018 - each larger than the initial release in the Piper Alpha disaster - prompt fears that standards may be slipping

    NEWS  upstreamonline.com 11 hours old Rob Watts

    'We must always remain uneasy'

    UK oil and gas industry leaders signed up last week to a set of common principles as part of efforts to improve safety performance, writes Rob Watts. Oil & Gas UK (OGUK) chief executive Deirdre Michie said she was pleased to endorse the new leadership principles, which industry has developed “in recognition of the critical role that leaders must play in the prevention of major accidents”. OGUK h

    NEWS  upstreamonline.com 11 hours old ....

    CNOOC Ltd relaunches Lufeng subsea tender

    Invitations issued to international contractors including TechnipFMC, Aker Solutions and OneSubea for South China Sea complex's production system

    NEWS  upstreamonline.com 11 hours old Xu Yihe

    Nopsema targets Stromlo

    Australian regulator tasks operator Equinor with modifying and resubmitting environmental plan for Bight wildcat

    NEWS  upstreamonline.com 11 hours old ....

    OneSubsea takes lead in Mero-2 subsea tree race

    Contractor is front runner in battle to provide equipment for Petrobras development

    NEWS  upstreamonline.com 11 hours old Fabio Palmigiani

    Enauta costs up Atlanta

    Brazilian independent Enauta estimates investments of up to $1.5 billion will be required to contract all the equipment that is needed to begin a second phase development at the Atlanta heavy oil field in the Santos basin, writes Fabio Palmigiani. Enauta production director Danilo Oliveira said the amount will be split equally, with half going for drilling and completion of development wells, and

    NEWS  upstreamonline.com 11 hours old ....

    Four in the frame for Jansz-Io semisub deal

    South Korea's Daewoo, Hyundai and Samsung and Singapore's SembCorp in contract fight

    NEWS  upstreamonline.com 11 hours old Russell Searancke

    New Zealand administration

    Malaysia's Tamarind Resources has put its New Zealand subsidiary into voluntary administration due to commercial factors that made its financial position unsustainable. Tamarind said the joint administrators from Borrelli Walsh will control its New Zealand assets, operations and books and records during the administration period. The company is the 100% owner of the producing Tui Area offshore o

    NEWS  upstreamonline.com 11 hours old ....

    Gambia goes ultra-deep

    Gambia plans to shoot 3D seismic over its ultra-deep ahead of final block-demarcation, aiming to subdivide the play into two licences, each possibly spanning 3000 square kilometres, according to the Ministry of Petroleum & Energy’s Petroleum Commissioner Jerreh Barrow. TGS is contracted to shoot 7,500 square kilometres of 3D early next year. Amendments to the Petroleum Law and model contract are

    NEWS  upstreamonline.com 11 hours old ....

    Zeus set for 2020 drilling

    London-listed Energean Oil & Gas is moving next year to drill the Zeus exploration well, located on Block 12 between its Karish and Tanin leases off Israel. The Stena DrillMax will complete the three planned Karish Main development wells, after which it will drill the Zeus exploration well, according to Energean. Zeus is targeting 600 billion cubic feet of gas initially in place across three res

    NEWS  upstreamonline.com 11 hours old ....

    Tullow confirms its Orinduik discovery in Guyana is heavy oil

    Tullow Oil has confirmed that the pair of oil discoveries it has made so far on the Orinduik block in Guyana contain heavy oil, potentially making their development more challenging. The Jethro-1 well discovered 55 metres of net pay in high-quality sandstone reservoir in the Lower Tertiary and Joe-1 encountered 16 metres of net pay, opening a new play type in the Upper Tertiary. Tullow chief exe

    NEWS  upstreamonline.com 11 hours old ....

    Three join battle for Barossa drilling spree

    Transocean, Valaris and Diamond Offshore compete for ConocoPhillips development drilling contract off Australia's Northern Territory

    NEWS  upstreamonline.com 11 hours old Russell Searancke

    Brazil auction not without positives

    While licensing exercise was over-ambitious, it offers valuable insights into what is needed for future rounds to succeed

    NEWS  upstreamonline.com 11 hours old Gareth Chetwynd

    Promises are not enough on climate

    The International Energy Agency (IEA) warned this week that carbon emissions are set to rise in the period to 2040, even if governments meet their environmental targets. Highlighting the inconsistencies of today’s energy world, the agency said the move towards renewables is not fast enough to offset global economic expansion and a growing population. If governments make no changes to today’s e

    NEWS  upstreamonline.com 11 hours old Anamaria Deduleasa

    Beach and Cooper firm up drill proposals

    Two of Australia's leading independents Beach Energy and Cooper Energy have provided more clarity on their next offshore drilling campaigns in the Otway and Gippsland basins, writes Russell Searancke. The two companies have established themselves as the dominant operators behind ExxonMobil in the south-east Australia offshore play. Each company, including ExxonMobil, is driven by the desire to d

    NEWS  upstreamonline.com 11 hours old ....

    Liberia hoping reforms will boost round

    Liberia's entire offshore and onshore basins are now up for grabs as the country gears up for its fourth offshore licensing round — 10 years after the last exercise, which generated important seismic and drilling activity but resulted in neither development nor production. This past year saw soccer star-turned-president George Weah place the National Oil Company of Liberia (Nocal) and the Liberia

    NEWS  upstreamonline.com 11 hours old Barry Morgan

    Greek player wins Bab contract from Adnoc

    Archirodon gets award of $500 million EPC deal at sustainable facilities project

    NEWS  upstreamonline.com 11 hours old Nishant Ugal

    Adnoc to flow unconventional gas 'next year'

    Abu Dhabi National Oil Company (Adnoc) and its partner Total are aiming to start gas production from the Ruwais Diyab gas concession by May next year, in what is likely to be Abu Dhabi’s first unconventional gas production. Abdulmonem Al Kindy, Adnoc’s executive director for upstream, said on the sidelines of the Adipec conference in Abu Dhabi this week that the company is set to start gas produc

    NEWS  upstreamonline.com 11 hours old ....

    Iran find scaled down

    Iran has acknowledged that while a massive new oil discovery in southern Khuzestan province is estimated to contain 53 billion barrels in place, the total for recoverable reserves is seen as far more modest in scale, writes Nassir Shirkhani. Oil Minister Bijan Zanganeh said the Namavaran field had in fact been discovered in 2016 with 31 billion barrels of oil in place. New exploration work has

    NEWS  upstreamonline.com 11 hours old ....

    BHP aiming for 2022 FID at Trion discovery

    Company hints that semisub solution is gaining ground over FPSO

    NEWS  upstreamonline.com 11 hours old Kathrine Schmidt

    Going for gas in Trinidad

    BHP is eyeing a final investment decision as soon as 2022 on a project to develop gas discoveries made in its northern licences off Trinidad & Tobago, a scheme that is still "subject to being competitive for capital", writes Kathrine Schmidt. The Australian explorer estimates a gas resource following an exploration campaign and a number of discoveries at some 3.5 trillion cubic feet of gross con

    NEWS  upstreamonline.com 11 hours old ....

    Mexico names CNH chief

    Mexico's Senate has voted to appoint Rogelio Hernandez Cazares, a public sector veteran little known to the industry, to the top spot at the the country's upstream regulator, the National Hydrocarbons Commission (CNH). The slot as president commissioner will run from November 2019 to November 2026. The position has been vacant since the departure last year of Juan Carlos Zepeda Molina, who step

    NEWS  upstreamonline.com 11 hours old ....

    Uganda hands out deadline

    Uganda has reportedly given oil companies operating the Lake Albert oilfields one month to decide their course of action after a sales and purchase agreement for a partial farm-down of equity by Anglo-Irish explorer Tullow Oil to partners Total and the China National Offshore Oil Corporation fell through in September. President Yoweri Museveni met company executives on 31 October to discuss issue

    NEWS  upstreamonline.com 11 hours old ....

    Gas exports fear as turmoil engulfs Bolivia

    Coup claims hurled as Morales flees to Mexico and Anez declares herself interim President

    NEWS  upstreamonline.com 11 hours old Gareth Chetwynd

    Iran admits crippling effect of US sanctions

    The US has insisted it will press on with its campaign of "maximum pressure" on Iranian oil exports, compounding efforts by Iran's President Hassan Rouhani to meet the country’s budgetary requirements, writes Nassir Shirkhani. Rouhani admitted Iran had never been in a more dire economic situation because of the crippling US sanctions that have decimated oil revenues. Since walking away from the

    NEWS  upstreamonline.com 11 hours old ....

    UN urges restraint in Iraq

    The United Nations and US have urged the Iraqi government to refrain from using violence against protesters, pass electoral reforms and hold early elections, writes Nassir Shirkhani. Recent unrest has had little impact on oil operations in Opec’s second-biggest producer which has a capacity of about 5 million barrels per day. Iraq's leaders have vowed to hold to account anyone using excessive fo

    NEWS  upstreamonline.com 11 hours old ....

    Icahn’s Oxy stake is slashed

    Billionaire investor Carl Icahn has cut his stake in US oil major Occidental Petroleum after sending a letter to shareholders noting his investment had become “risky” following the acquisition of Anadarko Petroleum, writes Julia Martinez. In the 8 November letter, Icahn said he had reduced his stake by 10 million shares to almost 23 million shares valued at almost $900 million. The investment h

    NEWS  upstreamonline.com 11 hours old ....

    Large net loss for Samsung

    Samsung Heavy Industries reportedly made a significant net loss in the third quarter ended 30 September 2019. The loss of 583.2 billion won (US$500 million) was due to one-off costs related to a drillship order cancellation and bonus payments to its workers following a wage deal, reported the Yonhap News Agency.

    NEWS  upstreamonline.com 11 hours old ....

    Aramco stirs up interest with prospectus for IPO

    Sale of 0.5% stake expected to raise $1.5 trillion, although no more shares will be offered for at least another year

    NEWS  upstreamonline.com 11 hours old Nassir Shirkhani

    Helix hits vessels with warrants before receiving payment

    US service provider Helix Robotics Solutions filed lawsuits seeking arrest warrants against two McDermott International vessels due to outstanding bills earlier this month, though the proceedings were voluntarily dismissed by Helix within days after it said the debt was settled, writes Kathrine Schmidt. Houston-based Helix filed the admiralty claims on 1 November on the LV North Ocean 102 and LV

    NEWS  upstreamonline.com 11 hours old ....

    Planned exchange to list oil

    US-based Intercontinental Exchange is planning the launch of a new trading exchange in Abu Dhabi aimed at listing the emirate’s flagship Murban crude futures, potentially marking a major change in the way Abu Dhabi prices and trades its oil globally. Abu Dhabi National Oil Company (Adnoc) chief executive Sultan Ahmed Al Jaber, speaking at the Adipec conference in Abu Dhabi, said the new exchange

    NEWS  upstreamonline.com 11 hours old ....

    ANP launches consultation

    The Brazilian National Petroleum Agency (ANP) has launched a public consultation process to review the regulatory framework for the decommissioning of offshore production platforms and subsea infrastructure. According to the ANP, the initiative is designed to update old procedures in a trio of resolutions published in 2006 and 2014, and adapt its contents to the latest technical advances in the i

    NEWS  upstreamonline.com 11 hours old ....

    Ghana round on horizon

    Ghana will offer between six and eight blocks in its planned second licensing round next year, principally focusing on the Keta basin towards the maritime border with neighbouring Togo, writes Barry Morgan. It is understood that acreage closer to the disputed maritime boundary will wait longer for licensing, as talks to resolve the issue are ongoing. Minister of State for Petroleum Mohammed Amin

    NEWS  upstreamonline.com 11 hours old ....

    Review for Hyundai deal

    Hyundai Heavy Industries' planned acquisition of compatriot Daewoo Shipbuilding & Marine Engineering is being reviewed by competition authorities in the EU, China, Japan, Singapore and South Korea. Approval of the consolidation by certain countries is a prerequisite for its completion.

    NEWS  upstreamonline.com 11 hours old ....

    UK bid round closes

    The UK’s 32nd Licensing Round closed for bids this week. The Oil & Gas Authority (OGA) launched the round in July, placing on offer 768 blocks or part-blocks across the main producing areas in the central North Sea, northern North Sea, southern North Sea and the West of Shetlands. The deadline for applications was 2pm UK time on Tuesday (12 November). Decisions are expected to be made in the se

    NEWS  upstreamonline.com 11 hours old ....

    Petrobras to drill in pre-salt

    Brazil’s Petrobras has launched a new exploration drilling programme in the pre-salt province seeking hydrocarbons in the Uirapuru area in the Santos basin. Drilling of the Uirapuru wildcat started on 11 November with the Seadrill drillship West Tellus. The well is in 1994 metres of water and drilling will target carbonate reservoirs at depths of about 5900 metres. Petrobras operates Uirapuru

    NEWS  upstreamonline.com 11 hours old ....

    Oxy closes Permian deal

    Occidental Petroleum has closed its joint venture deal in the Permian with Colombia’s state-run oil company Ecopetrol. The $750 million cash deal sees Ecopetrol take a 49% interest in developing 97,000 net acres in the Midland sub-basin of the Permian. Ecopetrol anticipates running up to four rigs in the area next year.

    NEWS  upstreamonline.com 11 hours old ....

    Adnoc extends bid time

    Abu Dhabi National Oil Company (Adnoc) has pushed back the deadline for bid submissions in its latest licensing round, with five blocks pegged as having both conventional and unconventional potential on offer, writes Nassir Shirkhani. Adnoc officials, attending the Adipec conference in the capital of the United Arab Emirates this week, said the extension until the end of the year is intended to g

    NEWS  upstreamonline.com 11 hours old ....

    Norway issues caution

    Norwegian electricity is seen as a potentially attractive source of green power for the UK offshore sector, but the Norwegian government has cautioned that it cannot guarantee that it will allow offshore producers across the maritime boundary to access such resources, write Rob Watts and Ole Ketil Helgesen. Norway’s surplus of green energy is about 10 terrawatt hours per year and the country’s pl

    NEWS  upstreamonline.com 11 hours old ....

    HSM wins Dana gig as Project Unity flies

    Sanction for development in Dutch North Sea with first gas planned for 2021

    NEWS  upstreamonline.com 11 hours old Rob Watts

    Oil rebounds but is still down on previous week

    Hopes for a breakthrough in US-China trade dispute prove to be premature, keeping crude prices below last week's level

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