Equinor’s share saving plan allocates shares

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Following this, the share saving plan has 9,300,409 shares.

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

Source: Statoil - All News

Equinor’s share saving plan allocates shares

The shares purchased by DNB on behalf of Equinor (OSE: EQNR, NYSE: EQNR) on 13 July 2018 for use in the group’s Share Saving Plan have on 18 July 2018 been distributed to the employees in accordance with their savings amount. Following this, the share saving plan has 9,300,409 shares. This information is subject to [Read More…]

Source: BOE Report

Kosmos Energy Announces Successful Arbitration

DALLAS–(BUSINESS WIRE)–Kosmos Energy (NYSE: KOS) (LSE: KOS) announced today that its subsidiary Kosmos Energy Ghana HC was successful in its arbitration against Tullow Ghana Limited in a dispute over responsibility for expenditures stemming from termination of the West Leo drilling rig contract. The tribunal’s Final Award in the arbitration was delivered to the parties by [Read More…]

Source: BOE Report

SDX ENERGY INC. (“SDX” or the “Company”) – Signing of three year US$10 million Credit Facility for Morocco


Source: BOE Report

Mexican energy sector’s nervous wait for new president to take office

After Andres Manuel Lopez Obrador won Mexico’s presidential elections on July 2, industry participants and investors have been wondering what the future holds for the energy sector in Mexico.

It is still unclear what the position of Lopez Obrador — known widely as AMLO — will be when once he takes office on December 1, as his campaign was marked by contradictions.

He has long supported a nationalistic outlook on energy and has spent years criticizing Mexico’s reforms in opening up its energy markets to the private sector, liberalizing energy prices and ending the decades-long monopoly of Pemex.

During his campaign, AMLO left the door open to making changes.

Election results gave AMLO’s political coalition a majority in both the  Congress and the Senate, but estimates indicate this will not exceed the two-thirds threshold needed to change the constitution.

Nevertheless, the results give AMLO a strong mandate for implementing his policy agenda and could make it easier for him to obtain the votes he lacks to change the current laws, a scenario that almost no one had envisioned.

Industry analysts believe AMLO will not halt the reforms; however, he could slow down the pace of new auctions and farmouts.

Mexico’s hydrocarbon regulator CNH has to date awarded 110 blocks to over 70 companies, and two more tenders under a third bidding round are slated for September. Will AMLO allow them to proceed, or will he halt all new auctions?

If he opts for the latter, AMLO will struggle to achieve Mexico’s crude production targets. Pemex’s output has been declining since 2004 amid underinvestment, a lack of technology and infrastructure and natural decline at aging fields. According to Pemex’s year-end financial report, crude production fell 9.2% to 1.90 million b/d in 2017.

AMLO will also need the revenue generated by the energy sector to deliver on his campaign promises.

During his campaign and victory speech, AMLO pledged to review contracts awarded to private oil companies for signs of corruption. CNH has welcomed this and the possibility of finding such indicators is low, given CNH´s processes include transparency measures that make contract details public.

AMLO also pledged to build two refineries to produce oil products for domestic consumption. He estimated the cost of this at $6 billion-$8 billion; such projects typically end up costing more than was budgeted for.

With Mexico currently importing almost 70% of its gasoline from the US and domestic demand forecast to rise further, new refineries makes sense from a national security perspective, but do they make economic sense? Who will pay for these projects? And would it ultimately prove cheaper to upgrade Mexico’s existing refineries or import more from the US?

AMLO also pledged during his campaign to freeze gasoline and diesel prices for the first three years of his term – a retrocession in the newly liberalized fuel retail market. It could undermine all the government’s efforts to gradually remove price controls to boost competition, and would come after the civil unrest of “gasolinazo,” which erupted when gasoline prices surged in early 2017 amid rising global oil prices, a plummeting local currency and the end of gasoline subsidies.

A freeze on gasoline and diesel prices could discourage new entrants and investments after almost 40 brands have opened retail gas stations, and at a time when 50 new storage projects with a combined capacity of 30.7 million barrels are under development. According to Mexico’s energy minister Pedro Joaquin Coldwell, “the current policy of weekly adjustments to a key tax applied to fuel sales is a better way to keep volatile prices swings at bay.”

Since his victory, AMLO has moderated his stance, saying he will not reverse the energy reform process. But uncertainty in the energy market will prevail until he takes office and Mexico sees whether politics or economics will drive the course of energy reform.

The post Mexican energy sector’s nervous wait for new president to take office appeared first on The Barrel Blog.

Source: Platts - The Barrel Blog News Feed

Western Gas Announces Second Quarter 2018 Distribution And Schedules Earnings Conference Call

HOUSTON, July 17, 2018 /PRNewswire/ — Western Gas Partners, LP (NYSE: WES) announced today that the board of directors of its general partner declared a quarterly cash distribution of $0.9500 per unit for the second quarter of 2018.  This distribution represents a 2-percent increase over the prior quarter and a 7-percent increase over the second quarter [Read More…]

Source: BOE Report

OPEC To Rule Oil Markets Till Peak Demand

OPEC will continue to play a key role in oil supply and prices in the global oil market through 2040, despite the relentless oil production in the Permian and expectations for production increases in the United States and other non-OPEC countries in the 2020s. That’s the takeaway from Wood Mackenzie’s latest long-term outlook for global oil supply. Oil production from outside OPEC—U.S. onshore and conventional projects mostly in Brazil and Canada—will help ensure adequate global oil supply through 2030, but U.S. production…

Source: Oilprice.com

Oil Selloff Gives Trump More Room On Iran

The Trump administration has been going back and forth over how hard it plans on pushing countries to cut their imports of Iranian oil to zero. After softening the tone earlier this month, the U.S. government appears to be going back to its hardline on sanctions, which threatens to shut in the bulk of Iranian supply. The U.S. has rejected requests from a group of ministers from Germany, France, the UK to provide exemptions to sanctions on Iran for certain industries. The intention was to allow European companies to engage in some business with…

Source: Oilprice.com

McDermott Announces Date for Second Quarter 2018 Financial Results and Conference Call

HOUSTON, July 17, 2018 /PRNewswire/ — McDermott International, Inc. (NYSE: MDR) will report financial results for the second quarter 2018 on July 31, 2018, after the close of the U.S. markets. President and Chief Executive Officer David Dickson and Executive Vice President and Chief Financial Officer Stuart Spence will discuss the second quarter 2018 results during [Read More…]

Source: BOE Report

Is The U.S. Overly Dependent On Russian Oil?

At this week’s NATO meeting in Brussels, President Trump criticized Germany’s reliance on Russian natural gas: “Germany is totally controlled by Russia. They will be getting between 60 and 70 percent of their energy from Russia and a new pipeline.” President Trump’s point was that Germany’s purchases of Russian natural gas were making Russia richer, and that this posed a concern for NATO. He later took to Twitter to complain “What good is NATO if Germany is paying Russia billions of dollars for gas and…

Source: Oilprice.com

How China Will Win The Solar Race

More than a decade ago, China overtook the U.S. as the world's biggest carbon dioxide emitter. Today, it’s going for a complete 360 with a hungry drive to beat the United States at the renewable energy game.   After all, this is largely a technology game, and China hopes to be the global technology leader, according to its strategic state plan by 2030. And in many ways, Beijing is winning the game. China is now the largest investor in solar energy. In fact, according to the New York Times, the country is putting up new power generation…

Source: Oilprice.com

Oil Prices Inch Lower After API Reports Surprise Gasoline, Crude Build

The American Petroleum Institute (API) reported a surprise crude oil build of 629,000 barrels of United States crude oil inventories for the week ending July 14 compared to analyst expectations that this week would see a draw in crude oil inventories of 3.622 million barrels. Last week, the American Petroleum Institute (API) reported a massive draw of 6.796 million barrels of crude oil. The API also reported a build in gasoline inventories for week ending July 14 in the amount of 425,000 barrels. Analyst expectations were for a draw of 44,000 barrels.…

Source: Oilprice.com

Carlyle Reportedly Seeks To Raise New $4 Billion Energy Fund

Private-equity firm Carlyle Group LP is looking to raise a $4 billion fund for investing in oil and gas assets outside North America, the Financial Times reported July 17. The fund will be used to buy companies in the energy supply chain and through these companies, assets in exploration and production, refining, marketing and oilfield services will be bought, the FT reported. Carlyle was not immediately available for comment.

Source: Oilandgasinvestor.com Feeds

Shale Gas Export Projects said to Face U.S. Permit Delays (Tuesday, 17 July 2018)

Government approval of projects intended to export rising supplies of shale gas could be delayed by 18 months as the top energy regulator struggles with a backlog of permit requests, according to people familiar with the matter.

The Federal Energy Regulatory Commission is notifying some developers of multi-billion-dollar liquefied natural gas plants of a 12- to 18-month delay in environmental reviews, the people said, askingg not to be named because the information isn’t public. That could affect the commercial viability of several ventures vying for a spot in the rapidly expanding global gas market.

@[email protected]

The delays may undermine President Donald Trump’s pledges to streamline regulatory oversight, promote American energy might and nurture LNG exports. At the FERC, Chairman Kevin McIntyre is keen to hire private contractors for the first time to help work through LNG reviews.

Two weeks ago, the agency sent letters to nine LNG developers requesting they “consider providing a third-party contractor to assist” FERC staff in their reviews -- specifically for evaluating fire-safety protections.

Representatives of the FERC had no immediate comment.

The surge in applications for new export projects is testament to the American shale-gas boom that turned old plans to import the fuel on their head. The U.S. has two major LNG export facilities in operation today, with four more set to enter service by the end of 2019. Another four have received all major regulatory permits and are awaiting the final go-ahead from their developers. Meanwhile, more than a dozen are still seeking FERC approval.

‘Center of the world’

Paul Varello, president and CEO of Commonwealth LNG, which is developing an LNG terminal near Cameron, Louisiana, has pressed the FERC to broaden the contractor plan and seek ways to streamline reviews.

“FERC has been very open and very constructive,” Varello said in an interview. “They know they have an issue and need to find a way to fix it.”

On Wednesday, Commissioner Neil Chatterjee took to Twitter to offer possible solutions to the problem, including increasing pay for agency staffers in a bid to retain them or opening a regional office in Houston, which he called “the center of the world” for natural gas legal and technical expertise.

At least three projects -- Tellurian Inc.’s Driftwood, Venture Global’s Calcasieu Pass and NextDecade Corp.’s Rio Grande -- didn’t receive the letter. NextDecade confirmed it didn’t receive a letter and declined to comment further. Tellurian said Driftwood is still on schedule. Venture Global didn’t immediately respond to telephone and emailed messages.

Varello said he’s heard that it will take 18 months to two years to prepare an environmental review for proposed projects -- compared to the six to eight months traditionally spent on those assessments.

"It is a startling revelation to me that it will take me twice as long to permit the plant as to build it,” he said. “Five years to permit it, and two and a half years to build it."

Source: www.worldoil.com

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Goldman: Brent To Retest $80 This Year

Goldman Sachs—which has been bullish on oil for most of this year— continues to expect that Brent Crude prices could retest the $80 a barrel threshold this year, but probably only late in 2018, not this summer, as uncertainties mount over the timing and magnitude of global supply disruptions. “Production disruptions and large supply shifts driven by U.S. political decisions are the drivers of this new fundamental volatility, with demand remaining robust so far,” Goldman Sachs said in a note on Monday, adding that Brent Crude…

Source: Oilprice.com

Is This The End Of The Oil Rally?

Oil prices were mostly flat at the start of trading on Tuesday, after having posted two of the worst single-day declines over the past week. (Click to enlarge) (Click to enlarge) (Click to enlarge)- The U.S. processed a record amount of crude oil in 2017, even as refinery capacity remained flat. - Gross crude oil inputs averaged 16.6 million barrels per day in 2017, up from 14.3 mb/d in 2009. Over that period, refining capacity only increased by 945,000 bpd. - That means that refining utilization jumped over that time period from 83 percent to…

Source: Oilprice.com