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17 Mar 20
Global wave and tidal stream energy production surges tenfold
Global wave and tidal stream energy production has risen tenfold over the last decade, according to a report issued today by a leading ocean energy organisation. Ocean Energy Systems (OES) annual report shows cumulative energy produced from wave and tidal stream sources surged from less than 5GWh in 2009 to 45GWh in 2019.
17 Mar 20
Uzbekistan: Foreign investors flocking to Uzbekistan renewable energy projects
The Ministry of Energy of Uzbekistan is taking active measures to implement large-scale projects in renewable energy and the last twelve months has seen a variety of committed FDI from international companies, tenders and collaborations with international partners.
17 Mar 20
Hess announces significant reduction to 2020 capital and exploratory budget
Hess Corporation has announced a revised USD2.2 billion capital and exploratory budget for 2020, an USD800 million reduction from the previous budget of USD3.0 billion. The company also announced a new USD1.0 billion three year term loan agreement.
17 Mar 20
Kosmos Energy announces operational update
Following the announcement of Kosmos Energy's full year 2019 results on February 24, 2020, the company has provided an operational update. In response to the current market price volatility, Kosmos is taking certain actions to maintain balance sheet strength and preserve flexibility.
17 Mar 20
ExxonMobil evaluating significant near-term capital and operating expense reductions
ExxonMobil is looking to significantly reduce spending as a result of market conditions caused by the COVID-19 pandemic and commodity price decreases, the company said.
17 Mar 20
UK: Total announces Isabella discovery in Block 30/12d in the UK Central North Sea
Total, Operator, and its partners have made an encouraging discovery with the Isabella 30/12d-11 well located in the Central North Sea offshore UK, about 40 kms south of the Elgin-Franklin field.
17 Mar 20
Echo Energy issues statement re oil price volatility
Echo Energy, the Latin American focused upstream oil and gas company, has provided an update in relation to the continued falls in global oil prices.
17 Mar 20
Bahamas Petroleum announces USD 9.8 million expansion to existing convertible loan facility
Bahamas Petroleum Company, has announced that it has successfully agreed to an expansion of its existing zero-coupon, second ranking, unsecured convertible loan note facility by GBP8 million (approx. USD9.8 million, before expenses and fees) to GBP16 million.
17 Mar 20
Australian state to allow conventional onshore gas drilling from 2021
Australia’s Victoria state said on Tuesday it would lift a ban on onshore conventional gas drilling from 2021 as it looks to boost local gas supply, in a controversial move that came earlier than expected.
16 Mar 20
GoM: Byron Energy's South Marsh Island 71 F4 well commences production
Byron Energy reports that the Company’s SM71 F4 well has now been turned over to production and the initial flow rates from D5 Upper Sand are consistent with the Company’s expectations based on a comprehensive analysis of the electric logs from the well. The well is currently producing at a rate of 8.3 million cubic of gas per day.
16 Mar 20
US: Pioneer Natural Resources announces 2020 capital spending reduction, prioritizing balance sheet strength and free cash flow generation
Pioneer Natural Resources announced that it is taking decisive action in response to lower oil prices and global macroeconomic uncertainty. The Company is reducing its 2020 drilling, completion and facilities capital budget by approx. 45 percent and expects it to range between USD1.6 billion to USD1.8 billion.
16 Mar 20
Algeria: SONATRACH and Chevron sign MoU on opportunities in exploration, development and exploitation of hydrocarbons in Algeria
SONATRACH and Chevron have signed a memorandum of understanding to initiate joint discussions on the opportunities concerning the exploration, development and exploitation of hydrocarbons in Algeria.
16 Mar 20
Russia: NOVATEK reaches a milestone of one trillion cubic meters of gas production
NOVATEK, the largest independent natural gas producer in Russia, has reached a milestone of one trillion cubic meters in cumulative natural gas production since commencing its natural gas field development program.
16 Mar 20
Norway: Norwegian Petroleum Directorate handles day-to-day business from home offices
The Norwegian Petroleum Directorate introduced a home office policy for its employees at the end of last week. This does not impact the daily operation of the Directorate. All types of applications will be processed as usual.
16 Mar 20
Chad: Petronas and Exxon working with advisers on a proposed sale of their stakes in Chad project
Osaka Matsui Management analysts have reported that both oil giants Petronas and Exxon are working with advisers on a proposed sale of their stakes in the Chad project expected to be worth more than USD 1 billion. The project includes oil fields in southern Chad and a major pipeline transporting crude oil to a marine terminal for exportation in Cameroon.
16 Mar 20
China: CNOOC announces large oil discovery in Bohai Bay
CNOOC Limited has made a large-sized discovery Kenli 6-1 in Bohai Bay, which is expected to be the first large-sized oil field in the Laibei lower uplift. The well was tested to produce around 1,178 barrels of oil per day.
16 Mar 20
Russia: PetroNeft announces operational update
PetroNeft, an oil & gas exploration and production company, operating in the Tomsk Oblast, Russian Federation, and 50 percent owner and operator of Licences 61 and 67, has announced the successful re-entry of the C-4 well on the Cheremshanskoye field in Licence 67 and commencement of oil sales for all oil produced from Licence 67.
16 Mar 20
Brazil: PGS improves presalt imaging in Brazil using innovative reprocessing
The March edition of First Break focuses on modeling and interpretation and features an article from PGS on improving presalt imaging by deploying innovative model driven technology.
16 Mar 20
Norway: Capricorn Norge granted drilling permit for well 35/8-7S in PL 880
The Norwegian Petroleum Directorate has granted Capricorn Norge a drilling permit for wildcat well 35/8-7S, in production licence PL 880. The well will be drilled about 8 kms west of the Vega field.
16 Mar 20
UK: Jersey Oil and Gas establishes Greater Buchan Area Joint Integrated Studies Agreement
Jersey Oil & Gas has established and will lead the Greater Buchan Area Joint Integrated Studies Agreement between neighbouring field operators, to undertake and complete technical and commercial evaluation studies for a collaborative development of the wider Greater Buchan Area, which contains discovered oil and gas resources in excess of 200 million barrels of oil equivalent.
16 Mar 20
Australia: Carnarvon and Santos to proceed with Dorado development despite COVID-19 virus and the fall in oil prices
JV partner Carnarvon Petroleum and operator Santos are progressing Dorado development work despite the COVID-19 virus and the fall in oil prices, with the focus on starting FEED as planned.
16 Mar 20
Polarcus seismic acquisition project in Asia Pacific cancelled
Polarcus' previously announced XArray marine seismic acquisition project in the Asia Pacific region commencing in Q2 2020 has been cancelled. Polarcus is exploring alternative opportunities for the vessel.
15 Mar 20
US to fill strategic oil reserve 'to the top,' Trump says
President Donald Trump said on Friday that the United States would take advantage of low oil prices and fill the nation’s emergency crude oil reserve, in a move aimed to help energy producers struggling from the price plunge.
15 Mar 20
TechnipFMC puts on hold plans to separate the Company into TechnipFMC and Technip Energies
TechnipFMC has put on hold plans to separate the Company into TechnipFMC and Technip Energies. The Company said that market conditions have changed materially due to the COVID-19 pandemic, the sharp decline in commodity prices, and the heightened volatility in global equity markets.
15 Mar 20
US shale firms set to save up billions in record-high hedging gains
Even though oil prices have plunged to as low as USD30 per barrel and are likely to go even lower as OPEC+ plans to increase production from April, US shale oil operators expect to save billions in record-high hedging gains in 2020, a Rystad Energy impact assessment shows.
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