IS - CNOOC brings another oil project online in China’s Bohai Bay - June 2020CNOOC Ltd. began production from first phase of its shallow-water Qinhuangdao
33-1S oil field in China’s west-central Bohai Bay. The field is being produced via a newly
built wellhead platform in 21-meter water depth. The project, which CNOOC operates with
100% WI, will ultimately involve nine production wells and four water injectors.
Expected peak output of 6,000 bo/d starting in 2021 will bring existing facilities
at the Qinhuangdao 33-1 and Qinhuangdao 32-6 oil fields to full...
Jun 22, 2020
MI - Woodfibre LNG postpones Squamish plant construction to 2021 - April 2020Woodfibre LNG Ltd. will start building its Squamish, British Columbia, facility in the summer of 2021, according to new plans. It has applied to the province’s environmental assessment office for a five-year extension to its certificate, which expires in October. The delay was caused in part by the coronavirus pandemic, which has created uncertainty and work stoppages, like the shutdown of a Chinese fabrication yard that was producing material for the project. Its contractor for engineering,...
Apr 17, 2020
IS - People & Companies - November 26, 2019Ukraine-focused Cadogan Petroleum plc appointed Fady Khallouf CEO. Khallouf, who has over 35 years of industry experience, was most recently CEO and CFO of renewable energy company Futuren S.A. Cadogan also named Lilia Jolibois as independent non-executive director and Jacques Mahaux as non-executive director. CNOOC Ltd. named Xu Keqiang CEO, effective Nov. 19. He was previously the state-controlled company’s executive director and president. Keqiang joined the company in 1996 and...
Nov 26, 2019
IS - Analyst Notes - November 5, 2019CNOOC Ltd. (HKD$12.06-Oct. 24; Outperform; PT-HKD$18) Revenue was largely flat YOY with lower realized prices of US$55.2/bbl (-11% y-o-y) which were offset by higher production (+9.7% y-o-y). Management alluded that all-in costs in 3Q19 remains stable from 1H19 (US$29/boe). Production for 3Q19 amounted to 124.8MMboe (+9.7% y-o-y). 9M19 production totaled 367.8MMboe which equates to 76% of full year target. Assuming the 3Q19 run rate, full year production is on track to reach above...
Nov 05, 2019
OFS - SBM Offshore secures $1.1B loan for Liza Unity FPSO - October 2019SBM Offshore completed the project financing of the Liza Unity FPSO for a total of $1.14 billion. The FPSO for the ExxonMobil project off Guyana will be designed to produce 220,000 bo/d and have associated gas treatment capacity of 400 MMcf/d and water injection capacity of 250,000 bbl/d. The project financing came from a consortium of nine international banks. Amsterdam-based SBM expects to draw the loan in full, phased over construction of the FPSO. The financing will become...
Oct 29, 2019
CM - With $40B issued in Q3, bonds gain most ground in four years - October 2019A pronounced resurgence in bond issues raised the energy industry’s capital markets activity in Q3, as the amount of industry debt issued as tracked by Enverus’ Capitalize platform more than doubled YOY to $40.1 billion from 3Q18’s $18.7 billion. While $13 billion of the quarterly total was sold by Occidental Petroleum in the largest single multi-tranche offering by a US energy company in history, even without Oxy’s contribution, energy issuers offered 50% more principal amount to buyers YOY....
Oct 25, 2019
IS - State-run CNOOC issues $1.5 billion in 10- and 30-year notes - October 2019China’s state-owned CNOOC issued both 10- and 30-year notes, helping to quench demand for those maturities by global buyers and raising $1.5 billion. Through its British Virgin Islands finance arm, the A rated Chinese E&P company closed the sale of $1 billion principal amount of 2.875% global guaranteed notes due 2029 and $500 million of 3.3% notes due 2049 on Sept. 25. The 2029s were priced at 99.43 for a yield to maturity of 2.941%, and the 2049s were sold at 100. Citi, UBS, Goldman Sachs, JP...
Oct 15, 2019
CS - Oil sands output from foreign companies declined in last 4 years - September 2019Oil sands production from non-Canadian companies declined more than 11% over the past four years, according to an analysis of Alberta Energy Regulator output numbers by The Canadian Press. As foreign companies have cashed out of the sector, their oil sands production has dropped from 647,000 bo/d in 2014 to 573,000 bo/d in 2018. During that same period, Canada’s overall oil sands output has increased 46% from 1.98 MMbo/d to 2.90 MMbo/d, but foreign companies’ working-interest share of that...
Sep 11, 2019
MI - Novatek reaches FID on world’s largest LNG project - September 2019Novatek is going ahead with Arctic LNG-2, the $21.3 billion project to build a 19.8 mtpa liquefaction facility in western Siberia. The first of three trains is scheduled for startup in 2023. The final investment decision was announced Sept. 5 at an economic forum in Vladivostok, Russia. By production capacity, Arctic LNG 2 is the largest liquefaction project to ever reach FID. The Russian company’s first Arctic LNG project, Yamal LNG, reached its full 16.5 mtpa production capacity in...
Sep 06, 2019
IS - CNOOC takes 55% WI in high-impact Guinea-Bissau prospect - August 2019CNOOC will acquire a majority stake in the Sinapa and Esperanca licenses offshore Guinea-Bissau from Sweden-based Svenska Petroleum Exploration. The Chinese company will fund 55.55% of all expenditures in exchange for the same working interest percentage in each license, but the latter will fall to 50% WI if there is a commercial discovery. Sinapa hosts two discoveries, the most significant of which is the Sinapa discovery with 2C resources of ~13.4MMbbl of recoverable light oil....
Aug 13, 2019
CS - Alberta grants approval for Syncrude’s Mildred Lake project - July 2019The Alberta Energy Regulator granted Syncrude Canada Ltd. approval for an
extension project at its Mildred Lake facility in the Athabasca oil sands, 40 km north
of Fort McMurray. The extension is intended to sustain bitumen levels for another 14
years after the current Mildred Lake mine pit is depleted. The project includes
two open-pit mining areas in and adjacent to existing Mildred Lake operations
with 735 MMbbl of recoverable bitumen. Extension development will begin
before YE19 and...
Jul 31, 2019
IS - Asia Briefs - December 31, 2019BP and Reliance Industries Ltd., India’s largest private energy company, are joining forces on a new Indian fuels business that will expand RIL's current fuel retailing network to over 5,500 retail sites and 45 aviation fuel stations, from the current 1,400 retail and 30 aviation locations, over five years. The companies signed the definitive agreement Dec. 16 to form the venture during 1H20. RIL will own 51% to BP’s 49%. The retail network will be branded Jio-BP. CNOOC has reportedly...
Dec 31, 2019
IS - Asia Briefs - November 26, 2019Abu Dhabi Future Energy Co., also known as Masdar, bought a 20% stake in India’s Hero Future Energies for $150 million. Masdar is owned by Mubadala, the emirate’s sovereign wealth fund. Hero will use the funds to expand its renewable energy portfolio into Africa and within India and Southeast Asia. International Finance Corp.is an existing Hero shareholder, having invested $125 million in the company in 2017. ]Beijing’s Asia Infrastructure Investment Bank invested $50 million in the...
Nov 26, 2019
IS - Africa Briefs - November 5,2019West African-focused Lekoil Oil & Gas said a unit of its Nigerian subsidiary signed an $11.5 million debt facility with FBNQuest Merchant Bank. The facility matures in four years and is payable quarterly at LIBOR plus 1,000 bps. The borrower will use the facility to pay all outstanding quarterly repayments, including principal and interest, due Shell Western Supply and Trading Ltd. and $7.5 million for license/lease extension fees on OPL 276 and OPL 310. The Nigerian National Petroleum...
Nov 05, 2019
IS - News Briefs - September 3, 2019UK-based Cuadrilla Resources again suspended hydraulic fracturing operations at its flagship Preston New Road site in Lancashire onshore the UK after confirming a 2.9-magnitude seismic event on Aug. 26. The company had previously announced it was resuming operations Aug. 15 after securing permits to frac up to 45 stages on its second horizontal well on the site. The company said it has verified that well integrity was unaffected. DNO will decide by year’s end whether or not to reopen...
Sep 03, 2019