Oil And Gas Updates: 7 November 2018


General

  • Oil prices rise off multi-month lows ahead of weekend OPEC gathering: meetings between OPEC and its allies over the weekend that could result in supply cuts

  • Oil at $70/barrel already a reality for some as Asian premium bites

    The rising demand for crude oil that can more easily produce transportation fuels when refined has some Australian and Malaysian producers boasting cargoes valued at close to $70 a barrel




Argentina

Argentina offshore licence round opens:

A total of 24 blocks are available across the Austral and West Malvinas basins and 14 blocks have been made available in the Argentina Basin. Closing date for bids is March 14, 2019.


Australia

North West Shelf Joint Venture has signed non-binding preliminary agreements with the Browse Joint Venture and Chevron, the leaseholder of the Clio-Acme fields, for the processing of their respective offshore gas resources through the North West Shelf (NWS) facilities on Western Australia’s Burrup Peninsula


Brazil

  • Brazil rejects Saudi Arabia's overtures on oil output cuts, a Brazilian official said on Tuesday.

  • Petrobras on Tuesday revealed plans to sell its stake in an African oil exploration venture as part of a wider divestment plan.

  • Brazil’s state-run oil company Petroleo Brasileiro SA said a federal court lifted an injunction related to the sale of its stakes in projects on the Iara and Lapa oil exploration areas



Canada

Canadian Natural Resources sees 17 pct rise in 2018 production: 2018 capital budget set at C$4.3 billion ($3.37 billion), compared with C$4.9 billion in 2017



China

PetroChina starts new gas pipeline in Hunan province. The 62.4 kilometre (38.8 miles) pipeline connects the provincial capital Changsha with Liuyang city, with annual designed capacity of 260 million cubic metres. It supplies both residential and industrial users.


Colombia

Ecopetrol Q3 net income rises to $328.5 million


Mexico

BP joins Shell in helping Mexico execute oil hedge:

Oil majors make foray into the $1.26 bln programme, Hedging has long been dominated by Wall Street banks. Mexico unlikely to see any income from 2017 hedge


Saudi Arabia

Aramco close to awarding gas project contract to Tecnicas Reunidas:

TR offered the lowest bids to build the gas compressor stations that will help boost gas supplies from Haradh and Hawiyah


United Kingdom

Serica Energy Plc said Nov. 5 it will grow its presence in the U.K. North Sea with an agreement to acquire further interests in the Bruce and Keith fields from BHP Billiton Ltd.


United States

Exxon Chief Says Size Doesn't Matter in Potential M&A Deals

The explorer is looking for opportunities to purchase assets even as it plans to expand output at existing fields from West Texas to Mozambique