Oil And Gas Updates: 31 October 2018


General

Oil and Gas Optimism Rises for 2019, reveal findings from a new Deloitte survey



Brazil

  • Petro-Victory Energy completes acquisition of five oil concessions located in the Espirito Santo Basin onshore Brazil.

  • Petrobras stops Chevron plan to drill in Brazil offshore block



Indonesia

JX Nippon Oil & Gas Exploration has, in collaboration with Japan Oil, Gas and Metals National Corp ('JOGMEC'), executed a Memorandum of Understanding ('MOU') with Pertamina, an Indonesian state-owned oil and gas company, to implement a joint study and a business plan in the upstream oil and gas sector including CO2 Enhanced Oil Recovery (CO2-EOR)


Iraq

Iraq will proceed with plans to increase oil and gas production capacity, Oil Minister Mr Thamer Ghadhban said


Japan

The first liquefied natural gas (LNG) shipment from the giant Ichthys project in Australia arrived at Inpex’s Naoetsu LNG receiving terminal in northern Japan on Wednesday, the Japanese operator of the project said


Mexico

Mexico spends $1.2 Billion to lock in crude rally for 2019, according to a quarterly report



Niger

Niger’s Ministry of Petroleum has awarded Oranto Petroleum the rights to Blocks R5, R6, Dibella and Dallol. The blocks are located in the Agadem Rift and Tenere Basins.




Norway

  • Norway and Russia signed seismic deal: Mutual rights to seismic acquisition in the Barents Sea, the Norwegian Ministry of Petroleum and Energy (NMPE) revealed

  • Bilfinger awarded follow-on contracts for Johan Sverdrup work

  • Equinor given consent to drill exploration well 36/1-3 in PL 885. The well will test a prospect named Presto

  • Total Gets Nod from Petroleum Safety Authority Norway (PSAN) on Tuesday October 30, 2018 to extend operational life of Skirne and Byggve gas field to March 2024


  • North Sea Oil and Gas Extraction Projects to Total £34bn in Next 7 Years

  • Equinor Finds More Oil Near Johan Castberg Field





United Kingdom

  • BP unleashes cash bet that oil will stay high. The U.K. oil major reversed a plan to issue new equity to fund a $10.5 billion acquisition, saying instead it will probably fund the whole thing with cash

  • BP's profit thunder to five year high, third quarter 2018 results show strong earnings driven by high reliability and major project delivery. Underlying replacement cost profit for the third quarter of 2018 was $3.8 billion, more than double a year earlier and the highest quarterly result in more than five years

  • UK must increase cost effective drilling activity, improve the management of existing well stock and reduce well abandonment costs to maximize reserves, sustain production and minimize decommissioning costs, said Oil and Gas Authority (OGA)







United States

  • Chesapeake Energy Corporation will acquire WildHorse Resource Development Corporation for close to $4 billion, the companies announced Oct. 30

  • Denbury Resources Inc. will acquire Penn Virginia Corporation in a $1.7 billion deal, the companies announced Oct. 28. For Denbury, which operates in the Gulf Coast and Rocky Mountain regions, the acquisition will give the company a new core position in the oil window of the Eagle Ford

  • Fieldwood Energy LLC has awarded a U.S. Gulf of Mexico (GOM) contract to Rowan Companies plc for the R-Class ultra-deepwater drillship Rowan Reliance, Rowan announced Monday evening

  • Whiting Petroleum's profit beats analysts’ third quarter forecasts as higher domestic oil prices and production growth boosted results.

  • Baker Hughes swings to profit but misses forecasts. Baker Hughes expressed optimism for 2019 and beyond as international and offshore markets improve and new liquefied natural gas projects are being approved

  • Trump administration has authorized Hilcorp Energy Co.’s plan to build an artificial gravel island in the Beaufort Sea north of Alaska and use it to extract crude -- marking the first approval of an oil production facility in federal Arctic waters