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BP, Eni near deal on Angola JV and Algeria asset swap

March 11, 2022
| Archives

Eni and BP are near a deal to raise around $2.5 billion in financing to merge their oil and gas operations in Angola and close to a separate agreement for Eni to buy stakes in Algerian gas plants, three sources told Reuters. The two companies last year announced plans to combine their Angolan businesses into a new self-funded

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Exxon looking at a Bakken asset sale

March 11, 2022
| Archives

Exxon Mobil is considering a sale of assets in North Dakota’s Bakken, after drawing interest from potential suitors, the Bloomberg News reported on Thursday, citing people familiar with the matter. Exxon’s shares were up as much as 2.31% at $84.71 in afternoon trade. The Bakken properties could be worth about $5 billion and the oil major is in the

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As Shell shuns off Russian oil, writedowns of over $400 million are announced

March 11, 2022
| Archives

Shell has announced its intent to withdraw from its involvement in all Russian hydrocarbons, including crude oil, petroleum products, gas and liquefied natural gas (LNG) in a phased manner, aligned with new government guidance. As an immediate first step, the company will stop all spot purchases of Russian crude oil. It will also shut its service stations, aviation fuels

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Eni drops Russian oil purchases

March 11, 2022
| Archives

Italian energy group Eni has suspended the purchase of oil from Russia following its invasion of Ukraine and is watching developments closely with regards to gas procurement. "Eni has suspended the stipulation of new contracts related to the procurement of oil and oil products from Russia," the company said in emailed comments on Wednesday. Western sanctions imposed after the

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International Rig Count down 28 units

March 5, 2022
| International Rig Count

Baker Hughes issued their international rig count data, here is the breakdown: The international rig count for February is 813, down 28 units from the count in January and up 112 units from the 701 counted in February 2021. Latin America is down 5 units to 153 from the January count of 158 and is up 28 units year over year. The Asia-Pacific

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QatarEnergy signs cooperation agreement with NAMCOR

March 4, 2022
| Archives

QatarEnergy has signed a Cooperation Agreement with NAMCOR E&P, a subsidiary of the National Petroleum Corporation of Namibia (NAMCOR). The agreement provides the framework for cooperation between QatarEnergy and NAMCOR E&P to support and develop a sustainable upstream oil and gas sector in Namibia, including the provision of opportunities for the training and development of NAMCOR employees in industry-based skills. His Excellency

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Pressure grows on Biden to ban U.S. imports of Russian oil

March 4, 2022
| Archives

A bipartisan group of U.S. senators introduced a bill on Thursday to ban U.S. imports of Russian oil, saying the shipments could be replaced by boosting output in North America and other places. The bill would have to pass the Senate and House and be signed by President Joe Biden to become law, but the White House has

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ADES purchases the Hakuryu 12

March 4, 2022
| Archives

According to Esgian, an Oslo based company that provides analytical tools for the energy industry, noted that ADES has completed the acquisition of 2015-built PPL Pacific Class 400 Hakuryu-12 (now Admarine 680) from Japan Drilling Company (JDC). The jackup is valued by Esgian Rig Values in the range of $50 - $58 million. The acquisition price is

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