Exploration & Production - News
Chevron has decided to launch the sale of its stake in Azerbaijan's largest oil field as well as the Baku-Tbilisi-Ceyhan pipeline, the San Ramon, Calif.-based company said in a statement.
Several oil companies in Canada pushed back on Dec. 3 against Alberta's mandated cuts in crude production, warning about excessive government intervention even as the discount on Canadian crudes narrowed sharply on the curtailment plan.
Southwestern Energy closed the sale of its Fayetteville Shale business to Flywheel Energy in a transaction worth more than $2 billion completing its transformation to an Appalachian pure-play E&P.
The BLM has retained EnergyNet to handle an online oil and gas lease sale covering the Permian Basin, San Juan Basin, South Texas and Midcontinent regions.
Following the closing the GoM JV with Petrobras, Murphy Oil also raised its full-year capex outlook and expects to use some of the cash flow to accelerate activity in the Eagle Ford.
Chevron retained EnergyNet to divest multiple Midcontinent packages throughout Oklahoma including in the Scoop, Stack and Meramec plays in sealed-bid offerings.
U.S. crude oil output hit a new all-time high of 11.5 million barrels per day (MMbbl/d) in September, according to the government on Nov. 30, the latest indicator of a wave of onshore U.S. production that has weighed on global markets.
The two global oil benchmarks, North Sea Brent and U.S. light crude, have had their weakest month for more than 10 years in November, losing more than 20% as global supply has outstripped demand.
Oil reversed course and rose as much as 2% on Nov. 29 after industry sources said Russia accepted the need to cut production with OPEC ahead of its meeting next week.
Crude reserves increased 6.4 billion barrels (Bbbl), or 19.5%, to 39.2 Bbbl at year-end 2017, marginally higher than the previous record of 39 Bbbl set in 1970.
Delek reported quarterly profit of 323 million shekels (US$87 million), up from 151 million shekels a year earlier, which excluded the sale of part of its stake in the Tamar offshore gas field.
Oil producer group OPEC and its allies, led by Russia, meet in Vienna next week against the backdrop of concerns over a slowing global economy and rising oil supplies from the United States, which is not involved in an existing agreement to restrain output.