Oct. 10, 2013, 2:09 AM
- A group of former rebels aligned with the Libya's interior ministry has seized Libyan Prime Minister Ali Zaidan and taken him to an unknown destination.
- The head of the Supreme Security Committee for Tripoli says the group, called the Libya Revolutionaries Operations Room, took Zaidan based on false information that an arrest warrant had been issued for him.
- Zaidan's kidnapping highlights the difficulty that Libya has had in restoring law and order since the fall of Muammar Gaddafi in 2011.
- Nymex crude oil is +0.4% to $102.04, Brent is +0.7% to $109.75.
- Major energy companies with interests in Libya, which has Africa's largest proven oil reserves, include Marathon Oil (MRO), Hess (HES), ConocoPhillips (COP), Eni (E), Shell (RDS.A, RDS.B), Exxon (XOM), Repsol (REPYY.PK), Total (TOT) and Apache (APA).
- ETFs: OIL, USO, DBO, OLO, USL, CRUD, UCO, DTO, SCO, SZO, DNO, UWTI, DWTI, BNO, UOIL, DOIL
Oct. 8, 2013, 11:42 AM
- Kazakhstan's giant Kashagan oilfield is pumping 61K bbl/day after resuming production halted by an accident last month, according to the head of Kazakh state oil and gas firm KazMunaiGas.
- An international consortium developing the huge reservoir estimated to contain 9B-13B recoverable barrels of oil has to achieve what is called "commercial output" of 75K bl/day this month to meet contractual obligations.
- KazMunaiGas, ExxonMobil (XOM), Royal Dutch Shell (RDS.A, RDS.B), Eni (E) and Total (TOT) each hold 16.81% stakes in Kashagan, China National Petroleum (PTR) acquired 8.33% this year, and Japan's Inpex owns 7.56%.
Oct. 7, 2013, 3:21 PM
- Exxon Mobil (XOM -0.1%), BP (BP -0.1%), ConocoPhillips (COP +0.1%) and TransCanada (TRP +0.2%), seeking to advance a multibillion dollar natural gas pipeline project in Alaska, select the Kenai Peninsula town of Nikiski as the leading site for the terminal.
- The news is seen as a significant step in the decades-old dream of building a natural gas pipeline to rival that of the trans-Alaska oil pipeline, but the companies haven't yet committed to building the pipeline, which could cost $65B or more.
Oct. 7, 2013, 11:39 AM
- Somalia's government says it is in talks with some of the world's biggest energy companies in an attempt to restart oil exploration in the war-torn east African country.
- Somali officials have discussed having BP, Exxon Mobil (XOM), Royal Dutch Shell (RDS.A, [RDS.B]]), Chevron (CVX), ConocoPhillips (COP) and Eni (E) return after more than two decades of violence drove away major oil producers.
- Shell says talks with the government "are of a preliminary and exploratory nature"; BP and Eni confirm having some discussions.
- Somalia last year transitioned to its first permanent government in years and is trying to rebuild the economy with oil as a cornerstone.
Oct. 4, 2013, 2:12 PM
- As Gulf coast states prepare for the advance of tropical storm Karen, BP says it is shutting in all of its oil and natural gas production in the deepwater Gulf of Mexico, and Anadarko (APC) says it has removed all workers and shut in all production at its eastern Gulf facilities.
- Last year, BP produced 214K bbl/day from the Gulf, making it the largest producer in the region.
- Shell (RDS.A, RDS.B), Exxon (XOM), Chevron (CVX), Marathon Oil (MRO) and Murphy Oil (MUR) are all removing non-essential workers from their offshore facilities.
- Seven major refineries with a combined capacity of 1.8M bbl/day - ~10% of the U.S. total - are in Karen's path; Phillips 66 (PSX) and Valero (VLO) say they're continuing to monitor the storm's progress.
- Crude oil price gains remain subdued, as WTI +0.2% to $103.50/bbl and Brent +0.1% to $109.07.
- ETFs: OIL, USO, DBO, OLO, USL, CRUD, UCO, DTO, SCO, SZO, DNO, UWTI, DWTI, BNO, UOIL, DOIL.
Oct. 4, 2013, 12:34 PM
- Exxon Mobil (XOM +0.7%) has secured an additional $1.5B in debt financing for its $19B Papua New Guinea liquefied natural gas project, according to project partner Oil Search (OIS +1.7%).
- The $1.5B in supplemental financing will help cover overruns at the 6.9M metric tons/year LNG development, where costs have climbed to $19B.
- The PNG LNG project is the country's biggest-ever resources development and could lift GDP by 20%; OIS says the project remains on track to deliver its first LNG cargoes in 2014.
Oct. 4, 2013, 10:34 AM
- Exxon Mobil (XOM +0.6%) is now a contrarian stock after a brutal August and September, but Raymond James thinks it's time for the stock to start catching up, upgrading shares to Strong Buy from Outperform.
- Several of XOM’s big, capital-intensive projects are completed or close to completion, freeing up more cash for 2014, the firm notes, and U.S. refining likely has ceased to be a drag.
- A share buyback would be an unlikely but powerful catalyst, but even without it, RJ sees a chance that the Q4 buyback run-rate will increase, a less impactful but still useful catalyst to help get the stock out of its rut.
Oct. 4, 2013, 9:06 AM
- Oil firms are evacuating Gulf of Mexico rigs as tropical storm Karen looks set to become a hurricane; Anadarko (APC) and Exxon Mobil (XOM) were curbing Gulf production yesterday, and companies including BP, Chevron (CVX) and Shell (RDS.A, RDS.B) began evacuating workers from operations in the storm’s path.
- Oil prices are up only modestly, as WTI +0.7% to $104.01/bbl and Brent +0.6% to $109.63; prices have been pulled down by the U.S. government shutdown, declining geopolitical risks and positive inventory data released earlier this week, but the storm is helping oil prices find support.
- ETFs: OIL, USO, DBO, OLO, USL, CRUD, UCO, DTO, SCO, SZO, DNO, UWTI, DWTI, BNO, UOIL, DOIL.
Oct. 4, 2013, 6:44 AM| Oct. 4, 2013, 6:44 AM | Comment!
Oct. 2, 2013, 11:27 AM
- Oil exploration and production analysts at Wunderlich make it clear they like the Permian Basin in west Texas for the variety of stacked pays offered, and they think producers are just beginning to understand the full potential of the resource plays in the region.
- The firm estimates potential for more than 100 years of production, and that the region could have well over 1B barrels of oil.
- The big E&P companies, with the financial power to cover the costs, have a decided edge in the Permian Basin, the firm says: APC, APA, CVX, COP, XOM, EOG, OXY.
Sep. 27, 2013, 6:14 PM
- ExxonMobil (XOM) says it will begin offering benefits to legally married same-sex couples in the U.S. for the first time as of Oct. 1.
- Though dozens of U.S. companies have offered domestic partner benefits to gay couples for years, the step at XOM, the world's largest publicly traded oil company, is considered especially significant.
- A minority of shareholders have repeatedly implored XOM to add language to its company guidelines that specifically bans discrimination against gay employees, in line with peers such as BP, Chevron and Shell.
Sep. 27, 2013, 11:42 AM
- ExxonMobil (XOM -0.3%) and partner Rosneft (RNFTF.PK) award preliminary front end engineering and design contracts to CB&I (CBI) and Foster Wheeler (FWLT) for a proposed liquefied natural gas facility in Russia's far east.
- XOM and Rosneft want to build an LNG plant - likely near Sakhalin Island where the two companies hold leases to produce natural gas - to liquefy 5M tons/year for export because domestic demand in Russia is more than ample.
- With its LNG plan, Rosneft is signaling it expects the Russian government to grant it the right to export LNG to international markets, bypassing Gazprom’s (OGZPY.PK) monopoly over gas exports from Russia.
Sep. 26, 2013, 12:54 PM
- An accident that has halted production at Kazakhstan's giant Kashagan offshore oilfield just two weeks after its launch will not delay the start of commercial output in October, the country's oil and gas minister says.
- The multi-national consortium developing Kashagan - which includes Exxon (XOM), Shell (RDS.A, RDS.B), Eni (E) and Total (TOT) - needs to launch commercial output by an October deadline or faces fines under a production-sharing agreement with Kazakhstan.
- It took nearly 13 years and ~$50B before first oil was produced on Sept. 11 at the field in the Caspian Sea, where production eventually is expected to reach 1.5M bbl/day.
Sep. 25, 2013, 8:11 AM
- Gazprom (OGZPY.PK) voices strong opposition to the plans of Rosneft (RNFTF.PK) and Exxon Mobil (XOM) to build a gas liquefaction plant on Russia's Sakhalin Island in the Pacific and is prepared to continue talks on buying and liquefying the gas itself.
- Gazprom operates Russia's only liquefied natural gas plant, but is facing competition from the planned Rosneft-Exxon plant and Novatek's Yamal LNG.
Sep. 24, 2013, 10:48 AM
- Iraq's central government is asking the autonomous Kurdish region to connect its new 300K bbl/day oil pipeline to the Kirkuk-Ceyhan pipeline to Turkey in a way that allows for the measurement of crude flows, Iraq's deputy prime minister for energy affairs says.
- Iraqi output is set to rise sharply in coming months with help from new oil fields in the south; the biggest contributor will be the Majnoon field, where Royal Dutch Shell (RDS.A, RDS.B) last week began testing production and output is expected to rise to almost 200K bbl/day before year-end.
- ExxonMobil (XOM), which angered Iraq by signing production-sharing contracts with Kurdistan, is now looking to sell its stake in the West Qurna-1 oil field in southern Iraq, the official says, declining to identify potential buyers.
Sep. 21, 2013, 8:25 AM
- Both critics and supporters of the new EPA draft regulations on CO2 emissions agree on one thing: This will be the final blow to many proposed coal plants.
- The truth is, U.S. coal generation already was in decline not because of climate regulations, but because of good ol' free-market capitalism; the boom in natural gas production has dramatically increased supplies, sent prices plummeting and prompted a shift away from coal.
- Among potential long-term winners: U.S. nat gas drillers such as CHK and XOM, drilling services firms such as HAL and BHI, pipeline companies such as SE and KMI, makers of gas-fired turbines such as GE and SI, power generators such as NRG and CPN if electricity prices rise.
- Likely losers: Coal appears headed for a decline, and companies with large Appalachian operations such as JRCC and ANR could suffer most as more coal comes from cheaper-to-access deposits in the Illinois Basin and Wyoming; big industrial companies, which have used low U.S. power prices as a competitive advantage, are concerned.
- ETFs: KOL, IDU, PUI, XLU, VPU, RYU, FXU, PSCU, UPW, SDP, UTLT.
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