December 16, 2017

First gas flows on Curtis Island as Santos starts producing LNG from coal seam gas – ABC Rural (Australian Broadcasting Corporation)

Santos has officially started production of liquefied natural gas (LNG) from its operations at Curtis Island, off the coast of Gladstone, Queensland. The company said the first gas flow from the Gladstone LNG (GLNG) project had come online on time and under budget. CEO David Knox said it was a significant milestone for the company. “We said we’d produce first LNG around the end of the third quarter (of 2015) and that’s exactly what we’ve done,” he said. “Production from GLNG will be a significant addition to Santos’ growing LNG portfolio, which already includes the Darwin LNG and PNG LNG…

Russia-Turkey gas link plans intact despite ‘difficulties’: Kremlin – Yahoo News UK

Plans for a new gas pipeline between Russia and Turkey remain intact despite “difficulties”, the Kremlin said on Wednesday, days after Ankara said talks on the deal were frozen. At a meeting in Moscow, Russian President Vladimir Putin and his Turkish counterpart Recep Tayyip Erdogan agreed that “work would continue” on the project, Kremlin spokesman Dmitry Peskov said. “It (Other OTC: ITGL – news) is complex work which implies difficulties, but it will all follow its course,” he said, indicating the two would meet again before the year’s end “to coordinate their approaches” to the partnership. “Turkey remains a very important partner for us,” he…

KKR Backs New European Oil and Gas Producer Exploiting Proven Reserves – WSJ

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KKR & Co., the New York-based private-equity firm, said it would back energy industry veteran Roland Wessel to create a new European producer of onshore oil and gas in places with proven reserves using enhanced oil recovery techniques such as horizontal drilling. KKR will potentially make more than €150 million ($169 million) available to Mr. Wessel’s Trans European Oil & Gas Ltd. to buy oil and gas fields and companies, a person familiar with the transaction said. Mr. Wessel previously founded Star Energy, an owner of 25 oil and gas fields that was sold in 2008 to Malaysian state oil company Petroliam Nasional…

Drilling for Arctic oil is not viable yet, says IEA chief | Environment | The Guardian

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Drilling for oil in the Arctic is not yet commercially viable and may not be for a long time to come, the chief of the world’s energy watchdog has warned, casting doubt on the controversial practice even as it is being enthusiastically adopted by governments and businesses. Shell is undertaking exploratory Arctic drilling off the Alaskan coast after the Obama administration granted it a green light in August. Environmental groups have urged a ban, saying it risks one of Earth’s last pristine landscapes and is contributing to climate change, which this week was blamed for Arctic sea ice shrinking to its fourth lowest…

NNPC’s contract review saves Nigeria $150m monthly

Dr. Emmanuel Ibe Kachikwu, Group Managing Director of the Nigerian National Petroleum Corporation (NNPC)

The Nigeria National Petroleum Corporation (NNPC) says its recent contract review models would save Nigeria the sum of $150 million monthly. Managing Director of the company, Dr. Ibe Kachikwu, who disclosed this in Lagos, said the development would plug leakages and further give Nigerian companies the opportunity to do business in the oil and gas sector. Kachikwu said the state oil corporation was desirous of reviving its auditing system in line with the wave of the ongoing revolution at the NNPC, which, he maintained, emphasizes probity, transparency and value-driven system. He added that the reform at the NNPC would ensure…

Eni awarded Exploration Company of 2015 by the Petroleum Economist | Oil and Gas Technology

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Eni is winner of the Petroleum Economist Award, established in 2006 by the prestigious Petroleum Economist, as Exploration Company of the Year. During a ceremony held yesterday in London, a panel of independent experts representing all areas of the world of Energy, led by the Secretary General of OPEC Abdalla El-Badri, assigned the award recognizing to Eni an innovative approach to the exploration activities with a unique ability to pursue the interests of its business successfully, often in challenging environments. The appointment of the best company in the world within the oil & gas sector a further acknowledgement of Eni…

Nigeria signs financing deal for 36 oil wells – Yahoo News UK

Nigeria‘s oil firm NNPC said Sunday it had signed a deal with a consortium of local and foreign lenders to develop 36 oil wells that would also boost domestic power generation in Africa’s largest crude producer. NNPC has secured “a $1.2 billion multi-year drilling and financing package for 36 offshore/onshore oil wells,” the firm said in a statement. The NNPC said the deal signed in London at the weekend would swell the country’s coffers and help to maintain current production levels as well as replace depleting reserves. Oil accounts for more than 90 percent of Nigeria’s foreign exchange earnings but…

Back on track? Nigeria’s oil refineries resume production – Yahoo News

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Port Harcourt (Nigeria) (AFP) – Bright orange flames flare upwards from a pencil-thin chimney at the Port Harcourt Refining Company, sending thick black smoke into the white clouds above Nigeria’s southern oil hub. On the ground, workers in boiler suits and hard hats inspect the tanks, valves and gauges around the metal pipes that stretch up, down and across the facility. In the hush of the control room, away from the hiss of steam and hum of heavy machinery, the refining process is monitored closely on a bank of computer screens. PHRC boss Bafred Enjugu sees it as a sign…

Is OPEC Really Beating the U.S. With Low Oil Prices? — The Motley Fool

It seems like no matter whether oil prices are going up or down, the media cycle is six months behind the curve. A year ago, when oil prices started to plummet, it was widely thought that prices would surge before we knew it and the U.S. oil boom would be back to its high-growth pace. Oil producers echoed that sentiment, waiting until the last minute to cut 2015 capital spending budgets. When oil prices fell below $40 and the weak oil market hit, shale producers started to panic. Prominent exploration & production compnies like Pioneer Natural Resources (NYSE:PXD), EOG Resources (NYSE:EOG), and Whiting Petroleum (NYSE:WLL)have all…

Oil sector ‘has lost 65,000 jobs’ – BBC News

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The contraction of Britain’s offshore oil sector has already stripped out 65,000 jobs, according to a new report. The calculation of a 15% drop since the start of last year came from the annual economic impact report of trade body Oil and Gas UK. It said the number of jobs supported by direct, supply chain and indirect employment had fallen from 440,000 to 375,000. The cuts came as operating expenditure on existing assets was slashed. About £800m (8%) of costs have been cut this year and a further £1.3bn (14%) is planned for next year. Some large fields are coming…