IS - Production at Eni’s Zohr field fell by as much as 1 Bcf/d in Q1 - May 2020Rosneft said that the Eni-operated Zohr field off Egypt, where the Russian company owns 30% WI, produced 1.98 Bcf/d during Q1. In early March, Atef Hassan, chairman of the Petro Shorouk JV consisting of Eni, its Zohr partners and state-run Egyptian Natural Gas Holding Co., said that the field was expected to reach 3 Bcf/d once the 15th production well came online later that month. Eni did not directly address Zohr output in its Q1 earnings report or conference call in late April. However, the...
May 29, 2020
IS - People & Companies - May 29, 2020BP has appointed Karim Alaa as the SVP for North Africa, effective July 1, following the retirement of Hesham Mekawi. Alaa has more than 15 years of industry experience and has worked for BP since 2006. He was most recently the company’s country manager for Egypt and has held a number of other commercial and managerial roles in the company. Eni has reappointed Claudio Descalzi for his third term as CEO. Descalzi has led the Italian company since 2014 and has been with the company since...
May 29, 2020
MI - Transneft fighting Rosneft on transportation fee dispute - May 2020In a dispute pitting Russian state-owned enterprises against each other, pipeline company Transneft has rejected a request from Rosneft chairman Igor Sechin to reduce transportation tariffs in light of plunging oil prices. Some reports characterized the response as “angry,” as Transneft shot back that Russian pipeline transportation tariffs are about 2.5x lower than in Europe and the US and should probably be increased. Transneft’s net profit has fallen by 23% during the last four years...
May 27, 2020
IS - Pandemic reinforces BP’s Looney’s views on climate - May 2020During BP’s Q1 earnings call, CEO Bernard Looney said the company has remained committed to its 2050 netzero goals, and the ongoing coronavirus pandemic has reinforced his views on the energy transition. He added that he thinks the climate will remain on the agenda going forward as the pandemic has reminded people of the “frailty of the ecosystem and how lives can change overnight almost, and people are looking up at clear skies.” “I think the pandemic only adds to the challenge for oil...
May 08, 2020
IS -Saudis unlikely to buy piece of Russian OFS firm Novomet - March 2020Russian news outlet Kommersant reported that Saudi Arabia will not likely complete a RUB 7.5 billion ($99.4 million) transaction to buy the 31% of Russian oilfield services company Novomet currently owned by technology company Rusnano. State-run Saudi Aramco and the country’s Public Investment Fund had agreed to go in with the Russian Direct Investment Fund to acquire the stake in the pumping and downhole equipment maker. Talks on the subject started in 2018 as Russia and Saudi Arabia...
Mar 24, 2020
IS- US sanctions Rosneft trading arm over its Venezuela help - March 2020Venezuelan NOC PDVSA shifted four cargoes transporting about 6.7 MMbo that had been allocated to Rosneft Trading to another Rosneft subsidiary, TNK Trading International, after the US began sanctions against Rosneft’s Switzerland-based trading business on Feb. 19. Rosneft Trading has supplied most of Venezuela’s gasoline and trades its crude exports. The new sanctions ban US citizens from dealing with the subsidiary after a three-month wind-down period has expired and order property belonging...
Mar 03, 2020
IS - Eni’s Zohr field off Egypt poised to reach 3 Bcf/d in March - March 2020Production at Eni’s giant Zohr field off Egypt is expected to reach 3 Bcf/d once the 15th production well comes onstream in March, according to Atef Hassan, chairman of the Petro Shorouk JV consisting of Eni, its Zohr partners and state-run Egyptian Natural Gas Holding Co. Output at Zohr reached the original plateau target of 2.7 Bcf/d last August, five months ahead of schedule. At the time, Eni said the field had the potential to reach 3.2 Bcf/d by YE19. Zohr was discovered in 2015 and...
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
IS - Rosneft mulling purchase of Bharat stake from Indian government - February 2020Russian giant Rosneft is reportedly interested in purchasing the Indian government’s entire 52.98% stake in Bharat Petroleum Corp. Ltd. in a move that would be the Asian country’s largest-ever privatization, local media in India reported. BPCL has downstream operations throughout India and plans to launch a LNG floating storage and regasification project. The Russian company already owns a majority stake in the country’s second-largest refinery in Vadinar through its 49.13% ownership of...
Feb 11, 2020
IS - Rosneft sub finds 51 MMbo recoverable in Orenburg - February 2020Rosneft’s regional subsidiary in Russia’s Orenburg region, Orenburgneft, made a new discovery in the Buzuluksky block, Upstream reported. The West Dolgovskoye find is estimated to hold up to 51 MMbo of recoverable resources, and the subsidiary plans to spud two more wells in the area to appraise the new field. Orenburgneft has had the Buzuluksky block since 2005 and has made several discoveries in the last 15 years, the largest of which was the 120 MMbo Morgunovskoye discovery in 2010....
Feb 11, 2020
IS - People & Companies - January 21, 2020Current BP CEO Bob Dudley will remain a Rosneft director after turning his primary job over to Bernard Looney next month. Guillermo Quintero, a former BP executive currently tied to Venezuela’s PDVSA, will keep the other BP seat. BP owns 19.75% of Rosneft. ASX-listed Lakes Oil NL announced the resignation of Chris Tonklin, Ian Plimer and Kyle Wightman from the board, while Tim O’Brien continues in the role of COO. Richard Ash has assumed the role of chairman of the board....
Jan 21, 2020
IS - Rosneft & Equinor greenlight 250 MMbo Siberian development - December 2019Under a strategic cooperation agreement dating back to 2012, Rosneft and Equinor have agreed to move forward with development of the conventional North Komsomolskoye oil and gas field in western Siberia. The companies made a final investment decision for the first development stage, which targets estimated recoverable resources of 250 MMbo and 810 Bcf. The work will include extended-reach horizontal wells with laterals of up to 2 km. Rosneft owns 66.67% WI, and Equinor owns 33.33% WI in...
Dec 31, 2019
IS - People & Companies - November 5, 2019AIM-listed ADM Energy Plc appointed Peter Francis as non-executive chairman of the board and Manuel Lamboley nonexecutive director. Following these Oct. 21 appointments, Richard Carter moved from interim non-executive chairman to COO, and Stefan Olivier stepped down from the board, leaving the company with immediate effect. Australia’s Armour Energy Ltd. appointed Richard Fenton as interim CEO on Oct. 24 to replace Roger Cressey, who tendered his resignation July 29 but remained in his...
Nov 05, 2019
IS - FSU & Eastern Europe Briefs - March 24, 2020Gazprom Neft is telling its employees at remote fields and installations in the Yamal-Nenets region of Russia to not return home when their current shift ends in a bid to avoid spreading the coronavirus to production sites. The company told state news agency Tass that it extended the shift duration to two months from the typical one-month rotation at its Novoport development. The Governor of Yamal-Nenets, Dmitry Artyukhov, has recommended Gazprom Neft and Rosneft extend shifts to three months,...
Mar 24, 2020
IS - FSU & Eastern Europe Briefs - October 15, 2019US-based Epsilon Development’s plan to increase gas production from its blocks in Uzbekistan to over 880 MMcf/d by the end of October from 130 MMcf/d in September got a sizeable boost after the workover of an Uzbekneftegaz well. The Nazarkuduk-4 well is located on the Kulkat-Kamashynsky block in Uzbekistan’s southern Kashkadarya region and flowed at 883 Mcf/d when Uzbekneftegaz controlled the well. Epsilon took over the block and four others in the country in late 2018. After completing...
Oct 15, 2019