OFS - Siemens to provide compressor trains for Golden Pass LNG - June 2020Siemens Gas & Power will supply three cryogenic boil-off gas compressor trains for the Golden Pass LNG export terminal in Sabine Pass, Texas. The JV project of Qatar Petroleum and ExxonMobil will include three 5.2 mtpa trains. A JV of Chiyoda International, McDermott International and Zachry Group, which received the engineering, procurement, construction and commissioning contract in February 2019, awarded Siemens the compression contract for an undisclosed value. Siemens’ scope of...
May 20, 2020
IS - Chevron completes $1.6B exit from major Caspian project - May 2020Chevron completed the $1.57 billion sale of its stake in the largest oil field in the Azerbaijan sector of the Caspian Sea to MOL Group. The Hungarian company acquired 9.57% WI in the Azeri-Chirag-Gunashli field and an 8.9% stake in the Baku-TbilisiCeyhan pipeline, both operated by BP. The disposal marks Chevron’s exit from Azerbaijan. Combined with other recent sales, the deal helped Chevron surpass the midpoint of its 2018-2020 divestment target. MOL described the transaction as a major...
May 08, 2020
IS - Price war over, but reduced demand still haunting O&G - April 2020The international oil and gas industry is getting a respite from the price war (PG.17), but companies are still facing significant pressure from reduced demand brought about by the coronavirus pandemic. Canadian producers have reduced 2020 capex by at least C$6.7 billion ($4.8 billion) compared to 2019 levels (PG.1). Supermajors have continued to pull back as well, with ExxonMobil (PG.13) and BP (PG.5) the last two to announce measures to cut costs. Woodside Petroleum also pushed back the final...
Apr 15, 2020
IS - Petronas and Exxon mull sale of Chad-Cameroon oil project - March 2020Petronas and ExxonMobil are working with advisers on a proposed sale of their stakes in the Chad-Cameroon Petroleum Development and Pipeline project that could fetch a total of more than $1 billion, Japanese wealth management firm Osaka Matsui Management said in a March 10 statement. The joint project consists of oil fields in southern Chad’s Doba Basin and a major pipeline transporting crude to a marine terminal for exportation in Cameroon. Exxon has retained Standard Chartered to sell...
Mar 24, 2020
IS - BP leapfrogs supermajors with ambitious 2050 net-zero goals - March 2020New BP CEO Bernard Looney hit the ground running in February by announcing the company’s 2050 energy transition goals only two weeks into his tenure. The company joined fellow supermajors Total and Shell in announcing long-term carbon reduction goals, although BP’s goal is more ambitious. ExxonMobil and Chevron have yet to announce any similar emissions reduction plans. BP laid out 10 long-term goals, with five related to addressing the company’s emissions. By 2050 or sooner, it wants...
Mar 03, 2020
IS - Latin America & Middle East finds highlight early Q1 E&P - February 2020The international oil and gas sector saw several significant discoveries made or tested over the last few weeks, with Latin America and the Middle East leading the way in these accomplishments. Off Guyana, ExxonMobil made a 16th discovery at Stabroek and increased the block’s recoverable resources estimate to over 8 Bboe (PG.1). Tullow Oil’s adjacent Orinduik block also got a boost from a new competent person’s report (PG.16). In Trinidad, Touchstone Exploration tested its Cascadura discovery...
Feb 11, 2020
QP - The Week in Crude Oil Markets - February 10, 2020Prompt WTI futures struggled to tread water just above $50/bbl last Friday after Russia said it would need more time to formulate its position vis-à-vis the proposed 600,000 bbl/d of additional OPEC+ production cuts. The coronavirus outbreak in China has led to a major reassessment of global supply/demand fundamentals, with all eyes now on OPEC and allied non-OPEC countries to manage deteriorating physical market conditions. Even before the deadly coronavirus outbreak, early 2020 was set to be...
Feb 10, 2020
A&D - Exxon makes upstream debut in Egyptian oil and gas sector - February 2020ExxonMobil is adding upstream operations to its long-standing downstream presence in Egypt with an award by the government of two exploration blocks covering 1.7 million acres in the Eastern Mediterranean Sea. The acreage bolsters the USbased supermajor’s presence in the region after it made a major discovery last February in offshore Block 10 southwest of Cypress. The award was part of Egypt’s international tender for oil and gas exploration conducted by Egyptian Natural Gas Holding Corp. on...
Feb 06, 2020
IS - Portfolio recalibration & Brazil field auction lead 2019 M&A - January 2020International upstream M&A last year totaled $59.6 billion in deals with disclosed values, up 47% from $40.5 billion in 2018, according to Enverus’ M&A Database. Outside of a Nov. 6 government auction for rights to two producing fields in Brazil that fetched $17.5 billion, M&A was led by supermajors and large independent oil companies exiting mature international fields with their stakes being acquired by private or regional companies. This was particularly the case in the North Sea,...
Jan 21, 2020
IS - Exxon makes upstream debut in Egyptian oil and gas sector - January 2020ExxonMobil is adding upstream operations to its long-standing downstream presence in Egypt with an award by the government of two exploration blocks covering 1.7 million acres in the Eastern Mediterranean Sea. The acreage bolsters the US-based supermajor’s presence in the region after it made a major discovery last February in offshore Block 10 southwest of Cypress. The award was part of Egypt’s international tender for oil and gas exploration conducted by Egyptian Natural Gas Holding Corp. on...
Jan 21, 2020
MI - QP and ExxonMobil get five more years for Golden Pass LNG - January 2020Qatar Petroleum and ExxonMobil will have more time to work on the Golden Pass LNG export facility in Texas. The Federal Energy Regulatory Commission granted the JV’s request to allow it until Nov. 30, 2026, to place its third 5.2 mtpa train into service. The project in Sabine Pass received in November 2016 its initial FERC authorization, which gave it until Dec. 21, 2021, to complete all the trains. QP (70%) and ExxonMobil (30%) did not reach a final investment decision until last...
Jan 03, 2020
IS - Analyst Notes - November 26, 2019Saudi Aramco: Do NOC IPOs deliver positive shareholder returns? The Saudi Aramco IPO is not just the biggest IPO of any national oil company, but also has the potential to be the biggest IPO in the world. The Aramco IPO could be US$24-26bn, which would make it one of the largest IPO in history and by far the largest oil company partial privatization. Aramco is following the welltrodden path of national oil company privatizations. There is a rich history of partial oil company...
Nov 26, 2019
IS - Chevron exits major Caspian oil project in $1.6B MOL deal
- November 2019MOL Group struck a $1.57 billion deal to acquire Chevron’s stake in the largest oil field in the Azerbaijan sector of the Caspian Sea. The Hungarian company will acquire 9.57% WI in the BP-operated Azeri-Chirag-Gunashli supergiant oil field, as well as an 8.9% stake in the Baku-Tbilisi-Ceyhan pipeline. MOL said the transaction will add ~20,000 bbl/d to its production in coming years and increase 2P reserves to 360-380 MMboe by YE20. For Chevron, the disposal marks its exit from Azerbaijan and,...
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
IS - Latin America Briefs - November 2019Latin America-focused Echo Energy struck a deal with Phoenix Global Resources to acquire a non-operated 70% WI in its Santa Cruz Sur assets in southern Argentina’s Austral Basin. Current net production is 15.04 MMcfe/d (78% gas) from five mature production blocks. Echo will reimburse 60% of the costs up to $1.1 million of the Campo Limite well, which is scheduled to be spudded in Q4. The $8.5 million sales price is comprised of $7 million cash and a $1.5 million in shares. ExxonMobil...
Nov 05, 2019