December 17, 2017

OPEC Basket Price

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The new OPEC Reference Basket (ORB) Introduced on 16 June 2005, is currently made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela). Notes: As of January 2006: The Weekly, Monthly, Quarterly & Yearly averages are based on daily quotations. As of January 2007: The basket price includes the Angolan crude “Girassol”. As of 19 October 2007: The basket price includes the Ecuadorean crude “Oriente”. As of January…

British Gas Profit Up 99% As Owner Cuts Jobs | Sky News

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Some 4,000 jobs are to go at Centrica while its household supply business attracts criticism for a 99% rise in half-year profits. The parent company of British Gas is to cut 10% of its workforce, 4,000 staff, as it moves to counter falling oil and gas prices. While announcing its half-year results, Centrica said it planned 6,000 job losses but would hire 2,000 new people as it set new priorities following a strategic review of the business, which includes the country’s largest supplier of energy to households. British Gas made an adjusted operating profit of £528m in the six months…

Tawke oil flowing despite pipeline blast – Oil & Gas Journal

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DNO ASA, Oslo, said oil production from Tawke field in the Kurdistan region of Iraq continues despite shutdown of the pipeline that carries Iraqi crude from Kirkuk to Ceyhan, Turkey, on the Mediterranean. An explosion hit the frequently sabotaged export line as Turkish warplanes escalated attacks against Kurdish militants in northern Iraq. DNO said it was able to sustain Tawke production by switching from exports to local sales. It recently reported a doubling of the field’s production capacity to 200,000 b/d (OGJ Online, May 6, 2015). Before the pipeline explosion, Tawke was producing an average 157,000 b/d. Of that, 134,000…

Afren becomes first victim of oil slump as it enters administration – Telegraph

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The African-focused oil explorer has called in the administrators after failing to tackle its huge debt pile and stem massive losses Afren has become the first corporate victim of the slump in oil prices after the Aim-listed company called in administrators. The decision by the board follows months of wrangling to refinance its debts. The board said in January that it required a $200m cash injection in order to survive. In a statement to the stock exchange, Afren said: “The board believes that all the possible routes have now been explored during the course of this process.” Earlier this year…

10 Oil and Gas Companies at Risk of Cutting Their Dividends | TheStreet

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NEW YORK (The Deal) — Dividends are cherished by the widows and orphans set. They are a portion of earnings that companies dole out as an incentive to shareholders to buy and hold onto to their stocks. For some investors, they’re a little like a Christmas gift in July — unexpected, but gladly received. But a lot of investors rely on dividends to help supplement their income, and so when they’re taken away, it comes as a bit of a shock. That’s what happened with Chesapeake Energy (CHK – Get Report), which said last week it was eliminating its dividend…

11th Annual Global Local Content Summit – London

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Encouraging Sustainable Practices and Partnerships Through Senior Level Industry Discussion   JOIN NEW FRONTIER AND MATURE MARKET STRATEGY FACILITATORS AS THEY DISCUSS: What makes a Robust Policy? Hear from industry leaders as they explore case studies illustrating the skillful harmonising of investment opportunity and local benefit Metrics and Measurement: Learn how your organisation or governing body can decisively monitor the impact of your local content programmes Human Capital: Managing the development of human resource and facilitating local job creation through the appropriate educational programmes Technology Transfer: Explore how organisations have incorporated new technologies through partnerships and the consequential learnings from…

TEN on track | Petroleum Africa

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Ghana and the partners on the TEN Project should be able to add new production to their flows by this time next year. According to Tullow Oil, TEN Project operator, the project is progressing well and is now approximately 65% complete. The project remains on schedule and on budget for first oil in mid-2016.In its H1 report Tullow said that the project had achieved a number of important milestones during H1, including running two well completions and the commencement of a third. The project also saw the installation of four subsea Christmas Trees. Other milestones were the completion of a…

New Guidance for the Efficient Execution of Planned Maintenance Shutdowns

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Oil & Gas UK has today (30 July) launched new guidelines to minimise the frequency and duration of planned maintenance shutdowns and to improve the reliability and safety of installations on the UK Continental Shelf (UKCS) as part of the industry-wide drive to improve efficiency. The ‘Guidance for the Efficient Execution of Planned Maintenance Shutdowns (PMSDs)’ comprises good practice for all types of planned shutdowns including corrective, breakdown maintenance, inspection activities, engineering and construction work, ranging from new tie-ins to modifications. Guidance is provided on topics including minimising the frequency and duration of PMSDs, good planning and delivery and ensuring…

Otto’s Hawkeye spud imminent | Upstreamonline.com

Maersk Drilling has reportedly offered the drillship Maersk Venturer for the job

Australia’s Otto Energy is set to spud a well on the Hawkeye oil prospect off the Philippines this weekend after a Maersk drillship arrived on site. The Maersk Venturer is now at the drilling location in Service Contract 55, block partner Red Emperor Resources said. “Drilling will commence over the coming weekend once the rig has been accurately secured over the required drilling location,” London-listed Red Emperor said. The rig is expected to take about 23 days to complete operations, at a cost of between $30 million and $35 million. The delayed Hawkeye-1 well is targeting the clastic late Miocene…

Shell to axe 6,500 jobs and cut spending to cope with lower oil prices | Reuters

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Royal Dutch Shell is to axe 6,500 jobs this year and step up spending cuts, responding to an extended period of lower oil prices which contributed to a 37 percent drop in the oil and gas group’s second-quarter profits. The Anglo-Dutch company is also increasing asset disposals to $50 billion between 2014 and 2018 as it pushes ahead with its proposed $70 billion acquisition of BG Group. “We have to be resilient in a world where oil prices remain low for some time, whilst keeping an eye on recovery,” Chief Executive Officer Ben van Beurden said. Shell said it anticipated…