Parsian Oil & Gas Development Co. (POGDC), Iran’s largest nongovernmental petrochemical holding, has entered an agreement with Italy’s Saipem SPA, Milan, to collaborate on future projects involving major overhauls designed to modernize two Iranian refineries under POGDC’s management.
Pakistan plans to raise some $800 million from selling a stake in state-owned Oil & Gas Development Co. Ltd., in the country's biggest share sale in eight years.
US-based Hess Corporation (HES) has unveiled a $5.8 billion exploration and production budget for this year, with a focus on unconventional shale resources and big drilling plans in Africa. Hess will spend $2.85 billion this year on developing unconventional shale resources, along with $1.475 billion on production, $925 million on development and $550 million on new exploration. While much focus is on the US side of the Hess portfolio, particularly the Bakken and Utica shale plays and the Tubular Bells Field in the deepwater Gulf of Mexico, the…Read more...
USGS recently completed an assessment of the conventional undiscovered resources of the Cretaceous-Tertiary Composite Total Petroleum System (TPS), Taranaki Basin Assessment Unit (AU), onshore and offshore New Zealand (fig. 1).The Cretaceous-Tertiary Composite TPS and Taranaki Basin AU include an area of approximately 153,000 square kilometers (km2). The TPS and AU boundaries are coincident and will be referred to as the AU. The offshore portion of the AU makes up approximately 80 percent of the total area. Water depths range from 0 to 1,500 meters. The AU includes Cretaceous and Tertiary rocks in all or part of the Taranaki, Wanganui, and Deep-Water Taranaki Basins (fig. 1).Situated on the Australian tectonic plate, the AU consists of an onshore and offshore eastern graben complex and an offshore western stable platform. The graben complex and stable platform developed during Jurassic and Late Cretaceous–Paleogene rifting events between Australia and New Zealand that created a rift sag basin and the Tasman Sea. The Late Cretaceous–Paleogene rifting was followed, from 35 to 24 million years ago (Ma), by a relatively continuous period of regional compression and initiation of subduction of the Pacific plate. Collision of the Australian and Pacific plates resulted in the Australian plate overriding the Pacific plate on North Island and the Pacific plate overriding the Australian plate on South Island creating a plate inversion zone between the North and South Islands. The southernmost portion of the AU, between the North and South Islands, is part of the plate inversion zone. Back-arc extension related to subduction started approximately 4 Ma and continues today.The source rocks include Cretaceous and Paleogene marine and lacustrine shales and mudstones and Cretaceous and possibly Jurassic coals. Oil and gas generation occurred as early as Late Cretaceous in the deep-water part of the AU (Deep-Water Taranaki Basin) (Uruski and Warburton, 2010). Due to a variedburial history, generation has continued intermittently in different parts of the AU throughout the Cenozoic and is ongoing today in parts of the AU. The Taranaki Basin is filled with as much as 9 km of sediments. Maximum burial depth occurred during late Miocene in much of the basin. Migration is primarily along fault zones and into adjacent reservoirs. Cretaceous and Tertiary reservoir rocks and potential reservoir rocks include turbidites, carbonates, alluvial sandstones, and volcaniclastics. Traps are primarily structural. Collisionrelated late Tertiary tectonics created three primary structural trap types—faulted anticlines, overthrusts, and tilted fault blocks (Crown Minerals, 2011). Seals are primarily shales and mudstones. Production is mainly from sandstones of the Eocene Kapuni Group and Oligocene Otaraoa Formation. There are eight discovered oil accumulations and twelve gas accumulations with a grown size (maximum expected volume of production) greater than the 5 million barrels of oil equivalent minimum assessed size (IHS Energy, 2010). Two fields, Kapuni and Maui, presently account for over 80 percent of New Zealand’s gas production and condensate (Crown Minerals, 2011). The Kapuni and Maui fields formed in faulted anticline traps.USGS estimated mean volumes of 487 million barrels of oil, 9.8 trillion cubic feet of gas, and 408 million barrels of natural gas liquids.- - - -487 million barrels of oil = 66.4 млн т. нефти9.8 trillion cubic feet of gas = 274.4 млрд. м3- - - -BP Statistical Review of World Energy June 2012Нет своей добычи нефти и газа2011Oil: Consumption = 6.9 млн.тNatural Gas: Consumption = 3.9 млрд. м3 МаксимумOil: Consumption (2007-2008)= 7.2 млн.тNatural Gas: Consumption (2001) = 5.9 млрд. м3
The U.K. government unveils plans to bolster the country's oil and gas sector, promising to work with the industry to provide tax certainty, supply chain support and skills development. Net energy imports last year rose to the highest levels since 1976, reflecting more than a decade of declining output due to natural decline rates at mature fields and a changing tax regime.
The U.K. government unveils plans to bolster the country's oil and gas sector, promising to work with the industry to provide tax certainty, supply chain support and skills development. Net energy imports last year rose to the highest levels since 1976, reflecting more than a decade of declining output due to natural decline rates at mature fields and a changing tax regime. Post your comment!
Australia-based Linc Energy ([[LNCGY.PK]] -14.6%) tumbles after announcing $200M convertible bond issue. Linc is raising cash to pay down debt and fund the development of oil and gas assets. Analysts said dilution fears made the stock drop a foregone conclusion.
Australia-based Linc Energy (LNCGY.PK -14.6%) tumbles after announcing $200M convertible bond issue. Linc is raising cash to pay down debt and fund the development of oil and gas assets. Analysts said dilution fears made the stock drop a foregone conclusion. Post your comment!
Eni (E) is considering opening its business in Iraq to investment by Chinese oil company CNPC after offering it a stake in its bumper Mozambique gas field earlier this month, Reuters reports. Eni, Occidental Petroleum (OXY) and South Korea's Kogas signed a 20-year deal with Iraq in 2010 to develop the Zubair oilfield, where production is ~270K bbl/day.
Eni (E) is considering opening its business in Iraq to investment by Chinese oil company CNPC after offering it a stake in its bumper Mozambique gas field earlier this month, Reuters reports. Eni, Occidental Petroleum (OXY) and South Korea's Kogas signed a 20-year deal with Iraq in 2010 to develop the Zubair oilfield, where production is ~270K bbl/day. Post your comment!
[[KKR]] reportedly is seeking $1.5B for an energy fund to invest in oil and gas development, mostly drilling partnerships with a goal of generating steady income and distributions for investors. The firm has made several shale-related natural gas investments in recent years and has a group dedicated to energy and infrastructure transactions.
reportedly is seeking $1.5B for an energy fund to invest in oil and gas development, mostly drilling partnerships with a goal of generating steady income and distributions for investors. The firm has made several shale-related natural gas investments in recent years and has a group dedicated to energy and infrastructure transactions. Post your comment!
The oil and gas rush from Texas' Eagle Ford shale now generates ~$61B in economic impact and supports 116K jobs, far more than year-ago projections, according to a new report by the Univ. of Texas Institute for Economic Development. Eagle Ford oil output rose more than 50% Y/Y in January to ~373K bbl/day; 258 rigs are drilling there, according to Baker Hughes' latest weekly count.
The oil and gas rush from Texas' Eagle Ford shale now generates ~$61B in economic impact and supports 116K jobs, far more than year-ago projections, according to a new report by the Univ. of Texas Institute for Economic Development. Eagle Ford oil output rose more than 50% Y/Y in January to ~373K bbl/day; 258 rigs are drilling there, according to Baker Hughes' latest weekly count. 1 comment!
Spending on subsea valves, pipelines and cables to meet the challenges of ferrying oil and natural gas more than 10K feet through the ocean is expected to grow to a record $13.9B this year, a 66% jump over the $8.4B spent in 2012. Subsea development is only "in the middle innings"; FMC Technologies (FTI), Cameron (CAM) and others should enjoy a "powerful wave of orders" for at least the next five years.
Spending on subsea valves, pipelines and cables to meet the challenges of ferrying oil and natural gas more than 10K feet through the ocean is expected to grow to a record $13.9B this year, a 66% jump over the $8.4B spent in 2012. Subsea development is only "in the middle innings"; FMC Technologies (FTI), Cameron (CAM) and others should enjoy a "powerful wave of orders" for at least the next five years. 2 comments!
Billionaire property magnate attacks decision to build experimental offshore windfarm near his golf course as 'purely political'Scottish ministers have given the go-ahead to an experimental offshore windfarm site near Aberdeen after ignoring Donald Trump's angry threats of legal action to block the project.Trump has repeatedly attacked the European offshore wind deployment centre (EOWDC) proposal, alleging the turbines will ruin the view from his £750m golf resort, which overlooks the North Sea and sits several kilometres north of the site's boundary.The billionaire property magnate again threatened to use his financial muscle to oppose the 11-turbine project in the courts using "every legal means" to defeat it. Despite recently announcing plans to build a second 18-hole golf course at his resort, he repeated his threat to put his entire project on hold because the windfarm threatened the financial viability of his resort.In a statement, the developer attacked his former friend and ally Alex Salmond, the first minister. "This was a purely political decision," Trump said."As dictated by Alex Salmond, a man whose obsession with obsolete wind technology will destroy the magnificence and beauty of Scotland. Likewise, tourism, Scotland's biggest industry, will be ruined. We will spend whatever monies are necessary to see to it that these huge and unsightly industrial wind turbines are never constructed."All over the world they are being abandoned, but in Scotland they are being built. We will put our future plans in Aberdeen on hold, as will many others, until this ridiculous proposal is defeated. Likewise, we will be bringing a lawsuit within the allocated period of time to stop what will definitely be the destruction of Aberdeen and Scotland itself."Fergus Ewing, the Scottish energy minister, said the £230m project would be capable of generating up to 100MW of power, enough for nearly half of Aberdeen's homes.But he added that the project was chiefly designed to test and evaluate advanced new offshore wind power designs, potentially helping to find new breakthrough technologies. Scottish and UK ministers, who also support the project, believe it could be crucial to helping the UK exploit the £100bn offshore wind industry.The 11 turbines, which have been reduced in number and location after objections from fisheries and aviation interests, are expected to be of different heights and designs. The project, owned by the Swedish power giant Vattenfall and a local business and university consortium, still needs marine consents and planning consent for an onshore sub-station.Ewing said: "Offshore renewables represent a huge opportunity for Scotland; an opportunity to build up new industries and to deliver on our ambitious renewable energy and carbon reduction targets."The proposed European offshore wind deployment centre will give the industry the ability to test and demonstrate new technologies in order to accelerate its growth. [It] secures Aberdeen's place as the energy capital of Europe."The scheme has been made subject to a series of fresh conditions, to protect defence and civil aviation radar systems, avoid a military firing range at Black Dog, on environmental management and on protecting shipping and fishing in the area.Trump's opposition to the project led to open hostilities between him and Salmond, who had originally been a prominent cheerleader for Trump's golf resort and hotel development and played a crucial role in it securing planning approval.Trump's attacks on Salmond's vigorous support for wind power have put the two men in direct conflict and also soured Trump's relationships with some of his most influential supporters in Aberdeen.Several major figures and institutions who supported Trump's resort – the North Sea engineering millionaire Sir Ian Wood, Robert Gordon University and Aberdeenshire council – are also directly involved in the EOWDC project.They believe it could substantially support Aberdeen's attempts to benefit from the billions of pounds being spent on renewable energy investment, particularly as an alternative to North Sea oil and gas.Iain Todd, a spokesman for the project, made this clear, stating: "The Scottish government's most welcome approval for the EOWDC is extremely positive news for both Scotland and the UK's offshore wind industry as it helps position Scotland, the UK and Europe at the global vanguard of the sector."The decision also confirms Aberdeen city and shire's status as a world-class energy hub, bringing with it significant economic benefits which will be pivotal to ensuring the region's long-term prosperity."Richard Dixon, director of Friends of the Earth Scotland, said: "Offshore wind will be a huge part of our energy future and this scheme is a big step forward."Well done to the Scottish government for standing up to Donald Trump's threats and bluster."Wind powerEnergyRenewable energyScotlandDonald TrumpEnergy industryGolfSeverin Carrellguardian.co.uk © 2013 Guardian News and Media Limited or its affiliated companies. 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The East China Sea is a source of vital resources, especially fisheries and natural resources like gas and oil. Regional cooperation on fisheries conservation as well as joint energy development projects could go a long way to offsetting tensions over territorial disputes.
Written by: Brett LintonAccording to Baker Hughes data from March 22nd, 2013, the U.S rig count for this week is 1,746 rigs exploring for or developing oil or natural gas. This number represents a decrease of 30 rigs from last week....
Emissions of carbon dioxide from fossil fuel consumption in the United States have fallen remarkably since 2008, with recent levels the lowest since 1995. Here I comment on some of the factors behind this. Carbon dioxide emissions from U.S. consumption of fossil fuels for 12 months ending at indicated date, Jan 1975 to Nov 2012, in millions of metric tons. Data source: EIA Monthly Energy Review, Feb 2013 The policy response to growing atmospheric carbon dioxide concentrations that is favored by most economists is a tax on carbon emissions. If we could calculate in dollar terms the economic damage associated with an additional ton of carbon emissions, a tax in exactly that amount would lead society to reduce emissions by the optimal amount in the least costly manner. Estimates of that dollar cost differ greatly across academic studies, but a modal estimate might be $25 a ton, which would correspond to about 25 cents a gallon of gasoline. A relatively high estimate from the range of academic studies would be in the neighborhood of $100 per ton of CO2, or about $1.00 per gallon of gasoline. But anyone who buys gasoline knows that 25 cents a gallon is only half the size of the run-ups we saw in the spring of each of the previous 3 years. Longer term, the $2/gallon increase since 2003 is about twice the size of the upper range of proposed carbon taxes. As far as gasoline is concerned, the U.S. did not adopt a carbon tax, but the bottom line for consumers was a change much bigger than most of the policy proposals envisioned. Average weekly U.S. retail gasoline price in dollars per gallon. Data source: EIA And it's worth remembering why that happened-- we didn't have a choice. Global field production of crude oil (excluding natural gas liquids, which are not used as transportation fuel) stagnated at about 74 million barrels/day between 2005 and 2008. It is up a couple of million barrels since then, but more than 100% of this increase has been consumed by China alone, forcing the U.S. and other countries to reduce our oil consumption. Global crude oil field production, millions of barrels per day. Data source: EIA Looking at the breakdown of U.S. carbon emissions by sources, reduced consumption of petroleum made a prominent contribution to the total, as seen in the turquoise line on the graph below. Carbon dioxide emissions from U.S. consumption of petroleum, coal, and natural gas. Data source: EIA Monthly Energy Review, Feb 2012 But rising oil prices cannot account for the concomitant decline in carbon dioxide emissions from coal. And here I want to argue that at least one reason for declining use of coal was that we did have a choice, and chose something better. The U.S. has been quite successful at increasing natural gas production in recent years. Data source: EIA. Rising gas production helped lower prices, which has helped make gas more competitive relative to coal. Data source: EIA. Generating electricity from natural gas emits about half the carbon dioxide as coal. Hence we enjoyed a serendipitous, unplanned decline in carbon emissions from a development that ended up benefiting consumers rather than forcing them into painful adjustments. This is not to claim that the problem is solving itself. An even bigger factor in the reduction in fuel use was likely the economic recession itself. The Economic Report of the President estimated that 52% of the decline in U.S. CO2 emissions could be attributed to the economic recession, 40% to fuel switching, and 8% to improved energy efficiency. As the economy recovers, the EIA is expecting U.S. emissions to resume their historical climb if there are no new policy actions. Source: Economic Report of the President. But there is one important lesson from the recent U.S. experience that's worth emphasizing: these outcomes may ultimately end up being driven by events that are bigger than any policy initiatives we might contemplate. UPDATE (3/25/2013 at 4:11 PDT): Reader benamery21 correctly notes a problem with a graph that appeared in the original version of this post, which has since been removed.
This leading Caspian gas exporter with massive untapped oil and gas potential is now open for business after years of eccentric isolation—and the playing field is wide, wide open. Turkmenistan is hoping to lure more foreign companies in to explore and develop oil and gas resources, and to this end earlier this month Turkmen officials spent two days in Dubai selling their potential. What is that potential? The fourth largest natural gas reserves in the world (estimated at around 265 trillion cubic feet) and proven oil reserves of around 600…Read more...
Samson Oil & Gas ([[SSN]] -15.6%) hits a 52-week low after last night's news it raised $2.8M from U.S. institutional investors through a placement of American Depositary shares and a shareholder rights offering; SSN plans to use the proceeds to drill six development wells in North Dakota.
Samson Oil & Gas (SSN -15.6%) hits a 52-week low after last night's news it raised $2.8M from U.S. institutional investors through a placement of American Depositary shares and a shareholder rights offering; SSN plans to use the proceeds to drill six development wells in North Dakota. Post your comment!
ProPublica's Justin Elliott reports: When President Obama nominated Ernest Moniz to be energy secretary earlier this month, he hailed the nuclear physicist as a “brilliant scientist” who, among his many talents, had effectively brought together “prominent thinkers and energy companies” in the continuing effort to figure out a safe and economically sound energy future for the country. Indeed, Moniz’s collaborative work – best captured in the industry-backed research program he oversaw at The Massachusetts Institute of Technology – is well known. So, too, is his support for Obama’s “all of the above” energy strategy – one that embraces, fossil fuels, nuclear, and renewable energy sources. But beyond his job in academia, Moniz has also spent the last decade serving on a range of boards and advisory councils for energy industry heavyweights, including some that do business with the Department of Energy. That includes a six-year paid stint on BP’s Technology Advisory Council as well as similar positions at a uranium enrichment company and a pair of energy investment firms. Such industry ties aren’t uncommon for cabinet nominees, and Obama specifically praised Moniz for understanding both environmental and economic issues. Still, Moniz’s work for energy companies since he served in President Clinton’s Energy Department has irked some environmentalists. “His connections to the fossil fuel and nuclear power industries threaten to undermine the focus we need to see on renewables and energy efficiency,” said Tyson Slocum, director of the energy program at the consumer advocacy group Public Citizen. Slocum pointed out that Moniz, if confirmed, will set research and investment priorities, including at the department’s network of national laboratories. The Energy Department hands out billions of dollars in contracts and loan guarantees as it pushes energy research and development and administers the nation’s nuclear weapons stockpile and cleanup efforts. (On fracking, probably the highest-profile energy issue of the moment, the Environmental Protection Agency has jurisdiction.) Reaction to Moniz’s nomination has been mixed among environmental groups, ranging from support (Natural Resources Defense Council) to concerned acceptance (Sierra Club) to outright opposition (Food and Water Watch). What criticism there has been has focused on his support for nuclear power and for natural gas extracted through fracking as a “bridge fuel” to transition away from coal. Here’s what we know about Moniz’s recent involvement with the energy industry: He was on BP’s Technology Advisory Council between 2005 and 2011, a position for which he received a stipend, according to BP. Spokesman Matt Hartwig said the company does not disclose details of such payments. (A 2012 BP financial report disclosed that one council member received about $6,200.) The council “provides feedback and advice to BP’s executive management as to the company’s approach to research and technology,” according to the company. BP has also provided $50 million in funding to Moniz’s MIT Energy Initiative. Moniz talked about that relationship while delivering a warm introduction before a 2009 speech at MIT by BP’s then-CEO Tony Hayward. From 2002 to 2004, Moniz sat on the strategic advisory council of USEC, a public company that provides enriched uranium to nuclear power plants. A company spokesman said Moniz was paid for his role on the nine-member council, but declined to say how much. USEC, which has been seeking a $2 billion loan guarantee from the Energy Department for a centrifuge plant in Ohio, has applauded Moniz’s nomination. He's on the board of ICF International, a Fairfax, Virginia-based company which does energy and environmental consulting. It has received Energy Department contracts as part of what one executive called a “longstanding relationship with the Department of Energy.” As a board member, Moniz got $158,000 in cash and stock in 2011, according to the company’s most recent annual report. He is on the strategic advisory council of NGP Energy Technology Partners, a private equity firm that invests in both alternative energy and fossil fuel companies. The Washington, D.C.-based firm declined to comment. He is on the board of advisers of another private equity firm, the Angeleno Group, which says it provides “growth capital for next generation clean energy and natural resources companies.” The Los Angeles-based firm didn’t respond to requests for comment. He is a trustee of the King Abdullah Petroleum Studies and Research Center (KAPSARC), a Saudi Aramco-backed nonprofit organization. The organization did not respond to requests for comment. He was on the board of directors of the Electric Power Research Institute from 2007 to 2011, following a stint on the group’s advisory council that began in 2002. A nonprofit utility consortium, the organization does research for the industry with an annual budget of over $300 million. The group paid Moniz $8,000 between 2009 and 2011, according to its most recent tax returns. Since 2006, Moniz has been on the board of General Electric’s “ecomagination” advisory board which advises the company on “critical environmental and business issues.” The company did not respond to inquiries about compensation.A spokesperson for the MIT Energy Initiative said Moniz is not giving interviews, and the White House didn’t respond to requests for comment. Moniz’s nomination has not encountered resistance from the Senate, where the Energy and Natural Resources Committee is scheduled to hold a hearing on Moniz April 9. As part of the nomination process, Moniz has to fill out a financial disclosure that will become public, along with an ethics agreement on how he will avoid any conflicts of interest. If confirmed Moniz won’t be the first energy secretary who has been close to industry. Steven Chu, the outgoing energy secretary, received scrutiny over his ties to BP. The company had chosen the lab Chu headed at the University of California, Berkeley, to lead a $500 million energy research project. BP’s chief scientist at the time of the grant, Steven Koonin, became Chu’s undersecretary for science. When the Energy Department became involved in the government’s response to the 2010 Gulf oil spill, Koonin recused himself. Critics who thought the administration was too soft on the company pointed to Chu’s ties to BP. But no evidence emerged that Chu had played any role going to bat for BP within the administration.