Texas Drilling Permits and Completions Statistics for April 2019 (Tuesday, 21 May 2019)

The Railroad Commission of Texas (Commission) issued a total of 909 original drilling permits in April 2019 compared 1,221 in April 2018. The April 2019 total included 802 permits to drill new oil or gas wells, 14 to re-enter plugged well bores and 93 for re-completions of existing well bores. The breakdown of well types for those permits is 212 oil, 62 gas, 574 oil or gas, 45 injection, two service and 14 other permits.

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In April 2019, Commission staff processed 593 oil, 143 gas, 36 injection and three other completions compared to 616 oil, 134 gas, 48 injection and four other completions in April 2018. Total well completions processed for 2019 year to date are 3,244; down from 3,514 recorded during the same time period in 2018.

According to Baker Hughes, a GE company, the Texas rig count as of May 3 was 484, representing about 49% of all active rigs in the United States.

Source: www.worldoil.com

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ExxonMobil’s Gulf of Mexico Sale Draws Interest from Repsol, Ineos (Tuesday, 21 May 2019)

ExxonMobil Corp. has drawn interest from Repsol SA and closely held U.K. petrochemical company Ineos Group Holdings in a package of oil fields it's selling in the Gulf of Mexico, according to people familiar with the matter.

The assets could be worth as much as $1.5 billion, said one of the people, who asked not to be named because the talks are private. A sale to Spain’s Repsol would expand its existing position in the prolific offshore region, while for Ineos it would mark its debut as an oil and gas producer in the Gulf. The U.K. company already has petrochemical plants in the southern U.S.

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A sale agreement could be signed in as soon as month, the people said, although no deal has been agreed upon so far and the talks could still fall apart. Exxon, Ineos and Repsol declined to comment on the talks.

Oil majors regularly shed assets as they become older and less material to their large balance sheets. Exxon said in October that it was "testing market interest" in a number of operated and non-operated producing assets in the Gulf.

Source: www.worldoil.com

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Oil and Gas Companies Team Up to Create UKCS Decommissioning Company (Tuesday, 21 May 2019)

Three offshore contractors have launched a company aimed at providing decommissioning solutions for offshore oil and gas assets in the UK Continental Shelf (UKCS).

The new Aberdeen-based company, Fairfield Decom, combines Decom Energy’s experience as a decommissioning operator in the North Sea with Heerema and AF Offshore Decom’s expertise as decommissioning contractors.

Fairfield Decom managing director Graeme Fergusson said: “We have built a strong business relationship with Heerema and AF Offshore Decom as contracting partners in the Dunlin topsides removal and as alliance partners for integrated decommissioning business opportunities.

“The three companies have unrivalled experience in decommissioning and there is great alignment in terms of our responsible approach to business and our core values.

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“Our operator background means that we understand what the E&P community wants – an integrated solution that is technically robust, commercially creative and that will deliver a safe, cost-effective and environmentally-sound solution.”

Fairfield Decom offers what it calls “next generation decommissioning”, providing a decommissioning business model aimed at delivering cost-effectiveness and operational efficiency in line with the 35% cost reduction target set by the Oil and Gas Authority (OGA).

The new business model is designed to reduce the complexity of the decommissioning process, providing clients with the expertise and assets of the three partner companies with the intention of creating a more sustainable and innovative offshore decommissioning industry.

Fairfield Decom plans to support its business through local talent and supply chains in Scotland and intends to establish a thriving decommissioning hub in Scotland. According to the company, the development of this hub could provide access to a global decommissioning market worth more than $80bn over the next ten years.

Heerema CEO Koos-Jan van Brouwershaven said: “Heerema is proud to be part of this unique new venture. Three leaders in the global decommissioning market have joined forces, providing a smarter, cost-effective and more sustainable approach to decommissioning and recycling offshore structures.

“As an experienced offshore contractor, Heerema is continuously seeking opportunities to further strengthen our position in the international offshore market through innovation, pro-activity and reliability. Fairfield Decom is a great example of how we are achieving those ambitions.”

Bengt Hildisch, AF Offshore Decom managing director said: “AF Offshore Decom is very pleased to collaborate with partners who are aligned with our goals. The establishment of Fairfield Decom represents an important step change in the decommissioning business model.

“It responds to the call from the UK Regulator, the Oil and Gas Authority, to create new business delivery models to reduce complexity to support the next generation of decommissioning.”

Source: www.offshore-technology.com

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Intermoor Wins 2 Mooring Installation Contracts From COOEC (Tuesday, 21 May 2019)

InterMoor has signed a contract with COOEC, a subsidiary of China National Offshore Oil Corporation (CNOOC), to install deepwater mooring systems for the Liuhua 16-2 and Lingshui 17-2 floating production facilities in the South China Sea.

The Liuhua 16-2 turret-moored floating production and storage and offloading facility will be anchored in 390–420 m of water in the Baiyun Sag at the center of the Pearl River Mouth basin using nine suction pile anchors with chain-wire-chain legs. The Lingshui 17-2 taut-leg semisubmersible floating production unit will be anchored in 1220–1560 m of water in the Qiongdongnan basin in the northern South China Sea using 16 legs (4 × 4) built with driven piles, chain and polyester rope.

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InterMoor’s work scope includes project management, review and verification of detailed designs, detailed installation methodologies and procedures, installation engineering and offshore preparation and execution.

Both projects will start immediately. They will be managed from InterMoor’s Singapore office, but most of the InterMoor engineers and the project director will be seconded to COOEC’s office in Shenzhen, China, to ensure seamless interfaces with the client (COOEC), the operator (CNOOC) and the subcontractors.

Simon Gatcliffe, InterMoor’s vice president Asia Pacific, said, “It is an honor to be awarded such important work. This contract bears witness to InterMoor’s longstanding relationship with COOEC and track record in deepwater, permanent mooring projects.”

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Moblize CEO, Amit Mehta, Joins Ranks Of Unstoppable Leaders As EY Announces 2019 Entrepreneur Of The Year® Finalists

HOUSTON — EY announced that CEO Amit Mehta of Moblize is a finalist for the Entrepreneur Of The Year® 2019 Award in the Gulf Coast Area. Widely considered one of the most prestigious business awards programs in the U.S., the program recognizes entrepreneurs and leaders of high-growth companies who are excelling in areas such as innovation, financial performance, and personal…

In 2019, exports of natural gas to Austria continue to grow, and their pace is accelerating. According to preliminary data, gas supplies went up by 20.5 per cent in January-April 2019 compared to the same period of 2018, while the May 1–20 period of this year showed a 44 per cent increase.

In 2019, exports of natural gas to Austria continue to grow, and their pace is accelerating. According to preliminary data, gas supplies went up by 20.5 per cent in January-April 2019 compared to the same period of 2018, while the May 1–20 period of this year showed a 44 per cent increase.

Gazprom and OMV discuss gas supplies and Nord Stream 2

Gazprom and OMV discuss gas supplies and Nord Stream 2

A Massive Swell of Gasoline Imports Arrives to the West Coast

A string of refinery outages on the US West Coast, also known as PADD 5, have pushed gasoline inventories for this time of year to the lowest level since 2013. As prices have spiked, a surge of gasoline and blending components imports has arrived to satiate the region’s demand. Customs data analyzed by DrillingInfo show that imports of gasoline and blending components to PADD 5 have averaged more than 160,000 barrels per day so far in May, surpassing April’s mark of nearly 145,000.

PADD 5 gasoline and components imports exhibit seasonality. Data from the EIA shows that over the past 10 years, imports increased in the spring, peaked at an average of nearly 50,000 bbls/d for the month of April, declined slightly in May to nearly 48,000, and continued to decline through December. Within the EIA’s data, which goes back to 1981, there are only three months with imports greater than 120,000 bbls/d. This happened in the months of March, April, and May 2007. April 2007 saw the highest level of imports in history, 203,000 bbls/d. March was 167,000, while May was 163,000. April and May 2019 should be joining this club, but due to the nearly two-month lag of monthly data from the EIA, those quantities won’t start to be reported until the end of June.

For a much more real-time perspective on waterborne imports of crude and refined products, DrillingInfo leverages manifests from US Customs and Border Protection. The chart below shows a comparison between DrillingInfo’s customs-based estimate of PADD 5 gasoline and blending components imports and the EIA’s monthly report.

While the EIA does provide a weekly estimate of imports on a PADD level, the customs data allows for a more comprehensive understanding of the details, such as the port of discharge and lading. Looking at the port of discharge, it becomes evident that the biggest driver of the increased imports was addititional volume to Los Angeles. The Port of Los Angeles tends to import gasoline and components during the spring months, and that has been especially true this year. But imports to Los Angeles appear to have peaked in April. May’s record imports are actually more a result of increased imports to Bellingham, Washington.

Turning to the origins of those barrels, the customs data shows that April’s increase in imports was really driven by additional barrels from the Netherlands, along with some from Colombia. The story is different in May, with a big increase in imports from Canada, Belgium, and Ireland. The increase from Canada has not come from the west coast but rather from Point Tupper on Canada’s Atlantic coast. These imports appear to have been done by Musket, the trading arm of Love’s Truck Stops. The manifests show that the company imported two cargoes each from Point Tupper, totaling nearly 290,000 barrels of GTAB (gasoline treated as blendstock) to the West Coast so far in May, with one cargo going to Long Beach and the other to San Francisco.

Point Tupper played a role in backstopping PADD 1 gasoline supplies last summer, delivering an averge of approximately 8,000 bbls/d from May to September. This year, it’s already being called on to deliver product, with over 40,000 bbls/d going to PADD 1 and PADD 3 in April and now more than 30,000 bbls/d to PADD 5 in May. With PADD 5’s refineries coming back online, the surge in imports should begin to subside. The impact of diverting barrels from PADD 1 to PADD 5 remains to be seen, but it could result in additional tightness during the peak demand in the summer.

For a list of vessels that have delivered gasoline and blending components into PADD 5 so far this month, please see the table below.

For questions about accessing US customs import data through DrillingInfo, please contact Bert Gilbert at bert.gilbert@drillinginfo.com.

The post A Massive Swell of Gasoline Imports Arrives to the West Coast appeared first on Drillinginfo.

Record dividends of RUB 16.61 per share recommended by Board of Directors for 2018

The Gazprom Board of Directors addressed issues associated with arranging and holding the Company's annual General Shareholders Meeting.

It was resolved to convene the annual General Shareholders Meeting of Gazprom in St. Petersburg at 10 a.m. on June 28, 2019. The registration of the Meeting participants is to be carried out on June 26 (from 10 a.m. to 5 p.m.) and on June 28 (from 9 a.m.).

The Board of Directors approved the agenda of Gazprom's annual General Shareholders Meeting consisting of the following items:

  • on the approval of the Company's Annual Report;
  • on the approval of the Company's Annual Accounting (Financial) Statements;
  • on the approval of the distribution of the Company's profit based on the results of 2018;
  • on the amount, period and form of the dividend payout based on the results of 2018, as well as on the date when a list of persons entitled to receive dividends is drawn up;
  • on the approval of the Company's Auditor;
  • on the remuneration for the Board of Directors Members, who are not government officials, in the amount established by the Company's regulatory documents;
  • on the remuneration for the Audit Commission Members, who are not government officials, in the amount established by the Company's regulatory documents;
  • on the amendments to Gazprom's Articles of Association;
  • on the amendments to Gazprom's Regulation on the General Shareholders Meeting;
  • on the amendments to Gazprom's Regulation on the Board of Directors;
  • on the amendments to Gazprom's Regulation on the Management Committee;
  • on the revocation of the Gazprom Dividend Payment Procedure;
  • on the election of the Company's Board of Directors Members;
  • on the election of the Company's Audit Commission Members.

The Board of Directors formed the Shareholders Meeting Presidium made up of the Gazprom Board of Directors Members and approved the Board of Directors Chairman Viktor Zubkov as the Shareholders Meeting Chairman.

The Board of Directors recommended that the Shareholders Meeting approve the distribution of Gazprom's profit based on the 2018 operating results.

The Board of Directors recommended that the Shareholders Meeting approve the proposal to pay out RUB 16.61 per share (more than double the amount for 2017) in annual dividends based on Gazprom's operating results in 2018. Thus, it is recommended to allocate RUB 393.2 billion (27 per cent of the profit under International Financial Reporting Standards) for dividend payout. It is a record-high amount of dividends for the Company.

The Board of Directors proposed that the Shareholders Meeting set July 18, 2019, as the deadline for listing the persons entitled to receive dividends. The recommended deadline to receive dividends for the nominee shareholders and trustees who are stock market professionals recorded in the Register of Shareholders is August 1, 2019; for the rest of the registered shareholders, it is August 22, 2019.

It was resolved to provisionally endorse and submit to the Shareholders Meeting for consideration the Company's 2018 Annual Report and the 2018 Annual Accounting (Financial) Statements of Gazprom prepared in accordance with the Russian legislation.

The meeting approved the proposals on the amount of the remuneration for the Board of Directors and the Audit Commission Members of Gazprom.

The Board of Directors reviewed the results of the open tender held to select an auditing company responsible for performing the statutory annual audit of Gazprom and nominated the tender winner, FBK, to be endorsed by the General Shareholders Meeting of Gazprom as the Company's Auditor.

The Board of Directors approved and submitted to the Shareholders Meeting for consideration the draft amendments to Gazprom's Articles of Association, as well as to the regulations on the General Shareholders Meeting, the Board of Directors, and the Management Committee of the Company. The amendments had been made in line with the changes in the Federal Law on Joint Stock Companies, the requirements of the Bank of Russia Regulation No. 660-P on General Meetings of Shareholders dated November 16, 2018, and Gazprom's efforts for the improvement of corporate governance.

The Board of Directors recommended that the Shareholders Meeting revoke the Gazprom Dividend Payment Procedure approved by the resolution of the Company's Shareholders Meeting on June 28, 2013. The current procedure for monetary dividend payouts by joint stock companies is clearly regulated by the Federal Law on Joint Stock Companies, and Gazprom is strictly adhering to the said law.

The Board of Directors also endorsed the Report on related-party transactions executed by Gazprom in 2018.

In addition, the Board of Directors adopted decisions on other issues associated with arranging and holding the annual General Shareholders Meeting of Gazprom.

At present, the Company has several hundred thousand shareholders in Russia and abroad. Therefore, shareholders are advised to exercise the right to take part in the Meeting via their trustees by proxy or via a filled out voting ballot sent to Gazprom, or to give instructions regarding the vote to a nominee shareholder responsible for share registration.



Protestors Storm BP AGM Despite High Security – Video (Tuesday, 21 May 2019)

Climate Activists were forcibly removed from British Petroleum’s AGM in Aberdeen today after unveiling tape to put round the meeting while shouting “this is a crime scene!”.

Extinction Rebellion protestors made international headlines after shutting down central London last month, and the direct action group’s targeting of energy giant BP comes after First Minister Nicola Sturgeon declared a “climate emergency” at the end of April.

In a series of tweets following the action, Extinction Rebellion Scotland explained the “this is a crime scene” message.

“This is a crime scene. 250,000 people die a year due to the climate crisis.

“BP is responsible for 1.5 per cent of all global emissions. Decisions made in this room are directly responsible for deaths around the world.

“This is a crime scene. BP has trampled over indigenous rights. The Mapuche in Argentina. Drilling in sacred lands of the Gwich'in in Alaska.

“Displacing communities in Mozambique.

“This is a crime scene. BP invest less than 3 per cent in renewables.

“But promises to invest $52 billion on new oil and gas in the next decade.

“There is a climate emergency. Does this sound like a reasonable response?

“This is a crime scene. $30 million dollars a year are spent on greenwash. But we see through your lies. We know you lobbied for rollback on regulations.

“This is a crime scene. BP has lobbied against climate action, obstructing necessary legislation in the pursuit of profit. Hundreds of thousands of people die every year from climate impacts. And people in this room paid for that to worsen.

“BP has caused oil spills in the Gulf of Mexico. In Russia. In the North Sea.

“This is a crime scene.”

The protest comes after BP's HQ in London was blockaded yesterday. Following that incident a large police presence was visible at the Aberdeeed exhibition centre where the meeting was taking place. BP's Aberdeen office had police stationed outside it all night and today anyone in the vicintiy of the BP dyce office was stopped and questioned by police including our own reporter.

Despite the pre-warning and a high police presence, protesters still managed to get access to the venue.

BP CEO Bob Dudley was reported by Bloomberg News as saying he “likes a little Shakespeare” as the protesters were forcibly removed from the AGM.

Extinction Rebellion Scotland responded on its Twitter: “Laugh all you want Bob Dudley, but the real drama will be when the oil industry is made to pay for its crimes against humanity!”

The BP ‘Deepwater Horizon’ oil spill in the Gulf of Mexico in 2010 is considered to be the largest environmental disaster in American history. The US Government largely blamed BP for the failure, which it claimed was partly due to cost cutting exercises. BP plead guilty to eleven counts of manslaughter and had to pay a record fine of $4.5 billion.

The company’s chairman Helge Lund wrote in the Financial Times on Tuesday ahead of the AGM that he believed world energy consumption was on an “unsustainable path”, adding: “With the oil price above $70 a barrel for Brent crude, surely BP wants to keep producing and selling as much as it can for as long as it can? On the contrary.”

“The evolution into broader energy companies would require new carbon-neutral businesses to be created at an unprecedented rate and existing businesses to be transformed,” Lund said.

However, Lund did not explain how the company would change its business model away from fossil fuels. Out of a budget of £15-16 billion in 2018-19, just £0.5 billion was invested into renewables.

Commenting, John Bolland, a former oil worker in Aberdeen and Climate protestor at the BP AGM, said: “I am here today because the compelling weight of scientific evidence demonstrates that we are running out of time.

“Personally, I worked in the oil & gas industry for over 30 years and earned a living from it. I accept I share the blame.

“We have known for years that the impact of fossil fuel extraction was damaging the planet and our children's future. But, it's too easy to put off the big and necessary changes. ‘Beyond Petroleum’...what happened to that?!

“And too easy to think you can change things from the inside. We can't change this gradually from the inside. It has to stop and it has to stop now. So this is the new beginning. For our children and grandchildren. Their parents here, myself included, have driven the planet too close to catastrophic tipping points.

“People in this AGM, probably people I used to work with and for, are playing Russian roulette with their lives... and with most of the chambers loaded.”

Andrew Squire, an architect from Fort William, also joined the protest.

“I’m part of the BP protest primarily because I have two young grandchildren and I am terrified for their future and that of their generation, if the environment continues to be wrecked by massively wealthy corporations in their endless quest for greater profits,” Squire said.

CommonSpace reported last week on a new report published by Friends of the Earth Scotland, which found that Scotland faces a choice between a transition to green energy jobs for north sea oil workers now, or a “deferred collapse” of the industry in years to come. ‘Sea Change’ called on the Scottish Government to end support for continued North Sea fossil fuel extraction and state subsidy for the sector.

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Another stage in the construction of the Amur Gas Processing Plant has drawn to a close with the completion of the foundations for the heavy equipment of the GPP’s third production train (the units for cryogenic recovery and fine purification of helium). The foundations were built with over 5,000 piles and about 16,000 cubic meters of concrete. The heavy equipment for the third production train will be delivered by sea and river transport in late June. The units will be installed with the help of a special Liebherr crawler crane with the load capacity of 1,600 tons.

Another stage in the construction of the Amur Gas Processing Plant has drawn to a close with the completion of the foundations for the heavy equipment of the GPP’s third production train (the units for cryogenic recovery and fine purification of helium). The foundations were built with over 5,000 piles and about 16,000 cubic meters of concrete. The heavy equipment for the third production train will be delivered by sea and river transport in late June. The units will be installed with the help of a special Liebherr crawler crane with the load capacity of 1,600 tons.

Закончены фундаментные работы для монтажа оборудования третьей технологической линии Амурского ГПЗ

На площадке Амурского газоперерабатывающего завода (ГПЗ) завершен очередной этап строительных работ - подготовка фундаментов под крупнотоннажное оборудование тр...

Russia energy minister sees options for OPEC deal, including production rise

Russian Energy Minister Alexander Novak said there were different options available for OPEC and its oil-producing allies in the second half of 2019, including a possible raising of output. The OPEC+ alliance held a ministerial monitoring committee meeting, known as the JMMC, on Sunday in the Saudi Arabian city of Jeddah. The producers agreed to continue monitoring the oil market and are set to meet again in late June to review their oil supply cut agreement. “As far as our joint plan of action for the second half of the year. We are supportive of continuing our cooperation with our colleagues from other countries,” Novak told CNBC’s Dan Murphy in Jeddah, according to a translation. click here to read the entire article by the original publisher
Written by Matt Clinch at CNBC
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Source: Roseland Oil & Gas

IEA cuts oil demand outlook and says supply shrank in April due to Iran sanctions

Oil demand growth estimates for both 2018 and 2019 have been cut, the International Energy Agency revealed in its latest report issued Wednesday. Last year’s oil demand growth estimate has been revised downward by 70,000 barrels per day (bpd) to 1.2 million bpd, while the forecast for this year is cut by 90,000 bpd to 1.3 million bpd, the IEA said. The estimates come amid global worries over the U.S.-China trade war and increased tensions in the Middle East, but are attributable to a range of factors specific to individual markets. click here to read the entire article by the original publisher
Written by Natasha Turak at CNBC
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Source: Roseland Oil & Gas

OPEC is poised to defy Trump once again by keeping a lid on oil output

Major oil-producing nations are leaning toward keeping a lid on production throughout 2019, defying President Donald Trump’s calls to open the taps and cut the cost of crude. OPEC and a group of allies led by Russia are trying to keep supply and demand in balance and stabilize prices by pumping less oil. Over the weekend, a committee representing the so-called OPEC+ alliance strongly signaled the group will extend the policy, which has helped to boost oil prices by about $20 a barrel this year. If OPEC+ follows that course when producers meet in June, it would be the second time in six months the group ignored Trump, who lobbied against the current production cuts last fall. So long as the production caps remain in place, oil prices are likely to remain anchored near six-month highs around $63 a barrel. click here to read the entire article by the original publisher
Written by Tom DiChristopher at CNBC
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Oil up on escalating US-Iran tensions, but trade war worries cap gains

Oil prices rose on Tuesday on escalating U.S.Iran tensions and amid expectations that producer club OPEC will continue to withhold supply this year. But gains were checked by concerns that a prolonged trade war between Washington and Beijing could lead to a global economic slowdown. Brent crude futures, the international benchmark for oil prices, were at $72.18 per barrel at 0651 GMT, up 21 cents, or 0.3 percent, from their last close. click here to read the entire article by the original publisher
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