IS - Woodside clears regulatory hurdle for Scarborough, cuts capex - April 2020Australia’s National Offshore Petroleum Safety and Environmental Management Authority approved Woodside Petroleum’s Scarborough offshore project proposal on April 2. The project is still subject to further regulatory approvals, including an accepted environmental plan, a well operations management plan and a safety case. The development of Scarborough off Western Australia is part of the company’s Burrup hub vision. Woodside had planned to take a final investment decision on Scarborough...
Apr 15, 2020
IS - Woodside wins dispute with Far over Conoco’s Senegal asset sale - March 2020Woodside Petroleum will retain the 35% WI it acquired in the Sangomar project off Senegal from ConocoPhillips for $350 million in 2016. The Australian company received a favorable final ruling Feb. 13 from the International Chamber of Commerce related to a dispute with partner Far Ltd., which claimed it had the pre-emptive right to match Woodside’s offer. Far said it was reviewing the ruling. Far had claimed that Conoco did not issue a pre-emptive rights notice to the JV partners and then...
Mar 03, 2020
IS - Woodside & partners take FID on Sangomar Phase 1 off Senegal
- January 2020Woodside Petroleum and its JV partners formally signed a final investment decision for the Phase 1 development of the Sangomar oil and gas field off Senegal on Jan. 14, after the country’s government approved the project Jan. 8. Phase 1 will target estimated 2P reserves of 231 MMbo from the lower, less complex reservoirs and will also include an initial pilot phase in the upper reservoirs. Woodside is targeting early 2023 for first oil. The project involves 23 subsea production, gas and water...
Jan 21, 2020
IS - Significant investments already underway in early 2020 - January 2020There is no rest for the weary in oil and gas, as companies are already making significant investments in the opening days of 2020. Woodside Petroleum took a financial investment decision on the Sangomar Phase 1 development (PG.1), and it is projecting capital investments 3x 2019 levels at $4.1-4.4 billion (PG.19). UK-based Premier Oil is expanding its North Sea portfolio in deals with BP and Dana Petroleum worth $816 million (PG.1). That deal manifested a theme the market saw...
Jan 21, 2020
IS - Woodside boosts Scarborough contingent resources by 3.8 Tcf - November 2019Woodside Energy Ltd. has increased its estimated gross 2C dry gas resource volume for the Scarborough field off Western Australia to 11.1 Tcf, up 52% from 7.3 Tcf. As a result, it has increased the estimated gross 2C dry gas resource volume for Greater Scarborough— comprised of the Scarborough, Thebe and Jupiter fields—to 13.0 Tcf, up 41% from 9.2 Tcf. Woodside said the increased volumes followed completion of integrated subsurface studies incorporating full waveform inversion 3D seismic...
Nov 26, 2019
IS - Woodside gets OK for SNE development offshore Senegal - March 2019Woodside Petroleum has received approval for its development and exploitation plan of the SNE development offshore Senegal, its partner Cairn Energy reported. The JV plans to make a final investment decision in mid-2019. Peek production from the field is expected to reach 100,000 bo/d, with first oil expected in 2022. The SNE development concept is a stand-alone FPSO vessel with a capacity of ~100,000 bo/d, with 23 subsea wells and supporting subsea infrastructure. It will be designed...
Mar 14, 2019
Repsol picks up deepwater Black Sea stake from ShellSpain’s Repsol acquired 20% WI in a deepwater block offshore Bulgaria from Shell.
Located in the western Black Sea, the 6,893-sq-km Khan Kubrat 1-14 block is in water
depths ranging 40-2,000 meters. Operator Shell was awarded the block by the Bulgarian
government in 2016, representing the Anglo-Dutch supermajor’s first upstream
asset in the country. The Balkan country initially awarded the block per its efforts
to reduce reliance on Russia for natural gas supply.
The first exploration...
Mar 06, 2019
Australia awards Carnarvon & Otway assets in bidding roundThe Australian government awarded three offshore licenses to four companies
as part of its 2018 offshore petroleum exploration acreage release. Four companies
submitted $7.89 million in total cash bids for three six-year term licenses.
Woodside Energy and Kufpec Australia Pty Ltd. were awarded license WA-536-P,
located off Western Australia in the north Carnarvon Basin, for $3.63 million. Woodside
will operate the 80-sq-km license, which
contains one block.
US supermajor Chevron...
Mar 06, 2019
Australian E&Ps in 2018: The year of living profitablyWoodside Petroleum and Santos Ltd., long viewed as Australia’s most prolific
domestic E&Ps both onshore and off, were joined last year by Beach Energy, which is now
the largest Aussie onshore producer. All three came up jet black in their recent earnings
reports—Woodside’s best since 2014, a reversal of years of misfortune for Santos and a
half-year for Beach that was, for lack of a better metaphor, a day at the beach.
Woodside earned $1.36
billion in 2018, up 28% YOY, as it
increased...
Feb 27, 2019
Woodside & ENN will work together on LNG businessWoodside Petroleum signed a cooperation agreement with Chinese investor ENN Group Co. Ltd. for opportunities in LNG, trading and shipping, according to Woodside’s EVP of those areas Reinhardt Matisons, who said the aim of the company was to “grow our relationship with ENN Group.”“Other potential areas for cooperation include oil and gas exploration and production, liquefaction and regasification projects, and power generation,” he said. Woodside plans to add proposed offshore LNG...
Nov 08, 2018
Q2 international M&A down from Q1 but up YOYInternational upstream M&A in Q2 was down slightly from Q1, with $11.9 billion in value and 55 total deals reported (including deals without disclosed values) versus $13.5 billion and 69 deals, according to the PLS Global M&A Database. However, dealmaking was up markedly from 2Q17, which saw $5.6 billion across 72 transactions. YTD, there have been $25.4 billion across 125 transactions, versus $21.5 billion across 147 transactions by the end of June 2017.Russia and the Middle East saw...
Jul 11, 2018
Cost of Cairn’s SNE development off Senegal falls 33%Cairn Energy's SNE project off Senegal had its cost cut by a third to $2.0 billion. The company will submit a plan in 2H18 envisionining SNE being put on stream in two phases. Phase 1 will develop 240 MMbo and Phase 2 more than 250 MMbo. Both phases will likely use an FPSO. More than 1.0 Tcf of associated gas will also be produced. SNE will peak at 100,000 bo/d with first oil scheduled in 2021-23.One unresolved obstacle is Far Ltd.’s requested arbitration at the International Chamber of...
Jun 07, 2018
CS - News Briefs - March 10, 2020Advantagewon Oil Corp. said it has completed work on its second Canadian well and encountered oil again. The former producing well had a historic production rate of 20-30 bo/d. The company is in the process of tying in the well and expects to report flow rates in mid-March. In February, Advantagewon sold all of its Texas assets to focus solely on Canada. The Impact Assessment Agency of Canada is seeking public comments until April 4 on Australian natural resources conglomerate...
Mar 11, 2020
IS - News Briefs - July 23, 2019ASX-listed ADX Energy struck a deal
with Austrian E&P firm RAG Exploration
& Production GmbH to acquire the
onshore Zisterdorf and Gaiselberg fields
located in Austria’s Vienna Basin for $4.5
million (€4 million). Each field covers
2,503 sq km and holds total 2P reserves
of 0.98 MMboe. The assets are producing
350 boe/d and are expected to generate
2019 post-tax flow of $2.25 million. Axxis Geo Solutions, an enlarged
company through the buyout of Songa
Bulk, announced its listing on...
Jul 23, 2019
IS - Oceania Briefs - May 16, 2019Beach Energy has awarded Baker
Hughes, a GE company a contract to
supply the subsea production system for
its Victorian Otway Basin development
project offshore Victoria, Australia. The
contract includes medium-water horizontal
Christmas trees and associated subsea
control systems in addition to wellheads. Shell plans to ship its first cargo
of LNG from the Prelude FLNG vessel
offshore Australia in Q2,
CFO Jessica Uhl said in a
conference call with investors.
She declined to give a...
May 16, 2019