Gazprom, Mitsubishi Corp. in Talks on LNG Cooperation
Gazprom said on Friday it had held talks with Japan's Mitsubishi Corp. on Friday about cooperation at the Russian gas giant's Sakhalin-2 liquefied natural gas (LNG) plant. The talks, in the Russian city of St Petersburg, were between Gazprom head Alexei Miller and Takehiko Kakiuchi, the president and CEO of Mitsubishi Corp, Gazprom said in a statement. It said the talks focussed on the planned construction of a third production train at the Sakhalin-2 LNG plant. (Reporting by Christian Lowe; editing by Alexander Smith)
Exxon, Partners Set $4.4 Bln for Oil Project Offshore Guyana
Exxon Mobil Corp said on Friday it and partners would spend $4.4 billion to develop part of the Liza oilfield off the coast of Guyana, approving a megaproject at a time when the oil industry has grown obsessed with lower-cost shale. Exxon's decision shows that oil companies remain interested in large projects, especially offshore, even in an era of belt-tightening after two years of low crude prices. The Guyana announcement from Exxon and partners Hess Corp and CNOOC was the fifth deepwater project to gain approvals this year. BP Plc and Reliance Industries said on Thursday they would spend $6 billion to develop natural gas reserves off the Indian coast.
Jones Act Tanker Chartered for Airline Refinery
Delta Air Lines Inc's refining unit has chartered a U.S.-flagged oil tanker for the first time, allowing it to tap directly into cheap Texas shale oil as the company overhauls its supply strategy. Monroe Energy LLC, the Delta subsidiary that runs the airline's 165,000 barrel per day (bpd) Trainer refinery, has time-chartered the 330,000-barrel MR Seabulk Arctic, a Jones Act vessel built in 1998, for two years beginning in August, according to sources familiar with the deal. A Delta spokesman confirmed the charter but provided no further details. It has an option to switch to a newly build ship in 2016 for an additional three years. Seabulk Tankers Inc…
Oil Industry Starts to Halt Gulf Drilling
According to a report from The Wall Street Journal, oil and gas companies began halting exploratory drilling in the deepwater of the U.S. Gulf of Mexico following a federal government order. Exxon Mobil Corp. (XOM) and Marathon Oil Corp. (MRO) said they have stopped drilling two wells in the Gulf. Chevron Corp. (CVX), the second-largest publicly traded oil company after Exxon, warned that an offshore drilling moratorium extension will have a lasting negative impact in the U.S. economy. (Source: The Wall Street Journal)
EU Set For Full Probe Into Exxon, Mobil Merger
The European Commission's (EC) competition department will reportedly launch an in-depth probe into the proposed $87 billion merger of U.S. oil majors Exxon Corp. and Mobil Corp. later this month.
EU Expected To Launch Full Exxon Mobil Probe
The European Commission is expected to launch a full-scale probe into the proposed merger of Exxon Corp. and Mobil Corp.
EU Opens Full Probe Into Exxon/Mobil Merger
The European Union reportedly launched a full-scale probe into the proposed $87 billion merger of Exxon Corp. and Mobil Corp., citing a wide range of concerns about competition in the 15-nation EU.
Petrobras Signs Oil Deal With Exxon, Kerr
Petrobras reportedly signed an exploration and development contract worth up to $1 billion with U.S.-based Exxon Corp. and Kerr-McGee Corp.
Exxon to Take Bids for Tankers
Exxon Mobil Corp., said it will invite shipyards and vessel owners to take part in a tender for the supply of tankers to transport the fuel. Pre-qualification for the tender and decisions on the required number and size of vessels will be completed by the end of the year, Exxon said. PNG LNG plans to have a fleet of dedicated ships in order to control the required efficiency in shipping scheduling, it said. Source: Taiwan News
Exxon Says Pursuit of Ukraine Skifska Block on Hold
Reuters - Exxon Mobil Corp said its pursuit of the Ukraine Skifska block in the Black Sea has been stalled due to the unrest in that country. Andrew Swiger, senior vice president at Exxon, told investors the company's activity offshore Ukraine was "on hold due to current circumstances." Swiger's comments, broadcast on the internet, were made during a presentation to investors about the company's long-term exploration and production prospects.
Exxon Mobil Makes Major Find Off Nigeria
Exxon Mobil Corp. made a major oil and gas discovery in the deepwater off the coast of Nigeria. Located about 100 miles southeast of Lagos, the discovery well, Erha-1, was drilled from December 1998 to February 1999. Exxon Mobil said the appraisal well, Erha-2, stood in 3,860 feet of water and was drilled to a total depth of 12,287 feet. It tested at a flow rate of 2,800 barrels per day. As operator, Exxon will hold a 56.25 percent participating interest and Shell Nigeria Exploration and Production Co., a unit of the Royal Dutch/Shell Group, will a hold 43.75 percent stake. Including the Erha find, Exxon Mobil holds an interest in 44 deepwater blocks in West Africa.
Exxon, Mobil Address EU Concerns Regarding Merger
Exxon Corp. and Mobil Corp. have moved to address European Commission concerns about their merger in the natural gas sector in Germany and over an existing European joint venture between Mobil and BP Amoco Plc, a Commission spokesman said. The Commission was also no longer concerned that the $80 billion merger and a rival deal between BP Amoco and Atlantic Richfield would result in excessive consolidation in oil exploration, the spokesman added, paving the way for regulatory approval in the European Union. The news that the Commission has dropped fears the two oil mergers could significantly reduce competition in the upstream sector…
Oil Prices Rally On Tight Supplies
Crude oil prices bolted higher Monday as traders returned from a long holiday weekend to indications that exporting countries may extend the supply cuts that have helped double petroleum prices this year. Crude oil for delivery in February closed 46 cents higher at $26.33 a barrel on the New York Mercantile Exchange, but still failed to lift shares of companies such as Exxon Mobil Corp. and Chevron Corp. in stock market trading.
Qatar LNG Not Affected by Arab States Tension -Exxon
Exxon Mobil Corp said on Tuesday that production and exports of liquefied natural gas from Qatar have not been affected by rising diplomatic tensions in the Middle East. Saudi Arabia, the United Arab Emirates, Bahrain and Egypt on Monday cut ties with Qatar, accusing the country of supporting extremism. Qatar denies the allegations. The growing diplomatic rift has raised concerns about global access to Qatar's LNG, especially after some regional ports in the Persian Gulf said they would not accept Qatari-flagged vessels. Commodities traders have grown concerned Qatar's LNG could be barred from Saudi Arabia or from traversing Egypt's Suez Canal, though so far no limitations have been imposed.
Pakistan LNG Import Project Consortium Folds -Hoegh LNG
A consortium behind a liquefied natural gas (LNG) import project in Pakistan, including oil giant Exxon Mobil, France's Total and Qatar Petroleum, has been dissolved, shipping company Hoegh LNG said on Thursday. Hoegh LNG was due to supply the project's ship-based import terminal, a floating storage and regasification unit (FSRU), where LNG brought in by tanker is converted back to gas to feed into Pakistan's grid. The other six members of the consortium were Japan's Mitsubishi and Turkish developer Global Energy Infrastructure (GEI). "The consortium has spent considerable time and resources on finding [the project's] final form and structure.
Exxon Says Rising Costs Risk Derailing LNG Boom
A sharp surge in costs to develop liquefied natural gas projects risks halting a growth boom in the industry that has been driven by soaring demand, an Exxon Mobil Corp. an executive said. Exxon expects global demand for LNG to double by 2010 and quadruple by 2020 said the president of Exxon's LNG Market Development unit. But a surge in project costs could put the brakes on the bonanza for gas producers, he said. Still, advances in technology and the development of high-cost gas pipeline projects in the former Soviet Union and Russia mean that LNG may not always forever remain the more expensive option in delivering gas. Source: Reuters
ExxonMobil to Invest $25b in Canadian LNG Export
U.S. energy giant Exxon Mobil Corp could spend up to $25 billion on a British Columbia LNG terminal project to export liquefied natural gas. Exxon counts on its global expertise to make the Canadian project viable, says a report in the Globe and Mail. Malaysia’s state-owned Petronas is widely viewed as the front-runner among 18 entrants in the race to export LNG from the West Coast. Exxon is positioning itself to make up ground on Petronas. But, says the newspaper, Petronas decided…
Speedcast Launches CrewReach
Speedcast International Limited, provider of reliable, fully managed, remote communication and IT solutions, announced the release of CrewReach, a new global prepaid mobile SIM card designed with crew members in mind. Powered by a Multi-IMSI global network, CrewReach provides cost-effective access to 4G and 3G data. “Weeks and months at sea without being connected to family and friends can lead to feelings of isolation and depression for the thousands of Commercial Maritime sailors who are responsible for the transportation of goods around the globe…
Exxon, Shell Lose Nigerian Field Access
Chevron Corp. and Exxon Mobil lost an auction for Nigeria's most promising oil and gas fields last year to companies controlled by South Korea. In Venezuela, Royal Dutch Shell's bid to develop an offshore gas deposit collapsed when Brazil's state oil company stepped in. The world's biggest publicly traded oil producers are losing reserves to state-run companies willing to pay higher prices for energy needed to fuel growing economies. Petroleo Brasileiro SA, China's Cnooc Ltd. and India's Oil & Natural Gas Corp. have all bought reserves in the past year. The increasing competition for oil and gas fields is driving up costs, hurting corporate profits, while bolstering crude oil prices by inflating the cost of production.
Total Says Nigeria’s Oil Bill Will Hurt Industry
According to a September 21 report from the Associated Press, a top official at French oil major Total SA warned that a proposal to overhaul Nigeria's oil industry would hobble foreign investment, just as the firm prepares to bring a major offshore field into production. Analysts said the petroleum bill would sharply reduce the profits of foreign oil companies like Chevron Corp., Exxon Mobil Corp., Royal Dutch Shell PLC and Total, all of whom have subsidiaries operating oil fields in Nigeria. Government officials said the bill would allow more oil money to return to Nigeria's people. The bill also would require the government-run Nigerian National Petroleum Corp., which partners with all foreign oil firms, to seek profits like a private business and not rely on government subsidies.
Technip Awarded Subsea Contract in Gulf of Mexico
Technip has been awarded a contract by Exxon Mobil Corporation for subsea equipment on the Hadrian South natural gas project in the Gulf of Mexico in approximately 7,500 feet (2,300 meters) of water. The project consists of a subsea tie-back to the planned Anadarko operated spar platform, Lucius(1). The contract covers project management, procurement and installation of two 7- mile-mile long flowlines(2) and associated jumpers, installation of a 9-mile umbilical(3), associated foundation and flying leads. Technip’s operating center, in Houston, Texas, will execute the contract. The flowlines will be welded at Technip’s spoolbase, located in Mobile, Alabama.
Chevron: No Production Impact from US Gulf Storm
Chevron Corp has evacuated some workers not essential to oil production from its Gulf of Mexico operations as a low-pressure storm system moves through the basin, but output has not been affected, the company said on Monday. Royal Dutch Shell on Monday said it was still evacuating so-called non-essential workers ahead of the storm, such as cooks and maids, with no production impact from the weather. Chevron is the No. 3 oil producer in the U.S. Gulf, and Shell is No. 1. No. 2 BP Plc said it was monitoring the storm, but operations continued as normal. Other operators, including Hess Corp and Exxon Mobil Corp also said they were watching the weather. (Reporting By Kristen Hays; Editing by Terry Wade)
Refinery Workers Approve 6-year Labor Pact
Union workers at Exxon Mobil Corp's Beaumont, Texas, refinery agreed to an unusually long six-year contract on Thursday night, which sources say the company pushed to assure no work stoppages during a contemplated multibillion-dollar expansion. Members of United Steelworkers union (USW) Local 13-243 voted by secret ballot on the contract offer, which is two years longer than the national agreement reached by the USW and U.S. refinery owners in March. The 800 Exxon employees represented by Local 13-243 have been working on a rolling 24-hour extension of the contract that expired on Jan. 31.