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Friday, Dec 63:08 AMStatoil, ExxonMobil stake another big gas find off Tanzania
Friday, Dec 63:08 AM| 1 Comment
- Statoil (STO) and its JV partner ExxonMobil (XOM) make another big gas discovery off Tanzania - their fifth in the region - confirming Tanzania's emergence as a new energy region. The find, called Mronge-1, can be seen here.
- Today's find contains 2-3 trillion cubic feet (tcf) of gas, or 360-540 million barrels of oil equivalent (boe), bringing the total gas resources in the license the firms hold to 17-20 tcf or 3.06-3.6 billion boe.
- BG (BRGYY, BRGXF) and Ophir Energy (OPGYF) have also found gas off Tanzania. BG and Statoil are planning to build an LNG plant in Tanzania to ship the gas to Asia.
- STO operates the area on behalf of Tanzania Petroleum Development Corporation and owns a 65% stake; XOM owns the other 35%.
Wednesday, Dec 48:17 AMEgypt promises to pay $1.5B arrears to foreign oil firms
Wednesday, Dec 48:17 AM| Comment!
- Egypt promises to pay $1.5B of the $6B it says it owes foreign oil companies, hoping the announcement will revive confidence in an economy battered by three years of political upheaval.
- Financial disclosures by firms including BP, Apache (APA), BG Group (BRGYY, BRGXF) and TransGlobe (TGA) show Egypt owed them more than $5.2 billion at the end of 2012.
- Egypt has repeatedly promised to repay arrears to the oil companies since Morsi's removal in July.
Wednesday, Nov 2011:25 AMConocoPhillips delivers first gas from North Sea Jasmine field
Wednesday, Nov 2011:25 AM| 1 Comment
- ConocoPhillips (COP +0.6%) says it has started gas production from the Jasmine field in the U.K. North Sea, the largest discovery to come onstream in the North Sea since the giant Buzzard field began production in 2007.
- Jasmine has the gross capacity to produce 140K boe/day in 2014; COP expects net production of ~40K boe/day.
- COP is operator of the field and the largest shareholder with a 36.5% interest, while Eni (E) holds 33% and BG Group (BRGYY, BRGXF) has 30.5%.
Thursday, Nov 149:58 AMOphir sells Tanzanian gas rights to Singapore firm for $1.3B
Thursday, Nov 149:58 AM| Comment!
- Ophir Energy (OPGYF) sells a 20% share of a giant natural gas discovery off the coast of Tanzania to Singapore's state-owned Pavilion Energy for $1.3B, the latest in a string of acquisitions by energy-hungry Asian nations in East Africa.
- The deal will help Singapore in its goal to diversify its energy supplies and become a hub for liquefied natural gas; it is dependent on gas supply for ~85% of its electricity generation.
- Ophir and partner BG Group (BRGYY, BRGXF) plan to build an LNG plant on the Tanzanian coast to ship the fuel to Asia.
Friday, Oct 255:23 PMTanzania seeks to hold up to 75% in newly offered gas blocks
Friday, Oct 255:23 PM| Comment!
- Natural gas exploration hotspot Tanzania is inviting bids for eight newly offered gas blocks, and plans to take stakes of 65%-75% in each of the new production-sharing contracts, the country's president says.
- The government is offering seven deep-sea offshore blocks and one block in Lake Tanganyika.
- BG Group (BRGYY, BRGXF) and Ophir Energy (OPGYF) have been at the forefront of exploration in Tanzania, while Exxon (XOM) and Statoil (STO) also have found gas there; BG and Statoil are planning to build a $10B liquefied natural gas terminal.
Monday, Oct 217:58 AMBHP to back away from India oil exploration projects
Monday, Oct 217:58 AM| Comment!
- BHP Billiton (BHP) plans to pull out of a series of Indian oil and gas explorations projects after being hit by regulatory delays in the country.
- The pullout makes BHP the latest large global company to scale back or end their operations in India because of of bureaucratic delays or disagreements with the government; earlier this month, Wal-Mart pulled out of its Indian joint venture, complaining about overly restrictive regulations on foreign investment.
Thursday, Oct 177:50 AMExco, BG Group to sell TGGT for $910M
Thursday, Oct 177:50 AM| Comment!
- Exco Resources (XCO) and BG Group (BRGYY.PK, BRGXF.PK) agree to sell their interests in U.S. gas production joint venture TGGT to Azure Midstream Holdings in a $910M deal.
- XCO expects to receive net cash proceeds of ~$230M after TGGT pays off its credit agreement; the cash proceeds will be used to reduce the asset sale tranche under XCO's credit agreement.
- TGGT owns and operates natural gas gathering and treating assets in shale gas formations across east Texas and north Louisiana.
- XCO +3.4% premarket.
Tuesday, Oct 15:45 PMEnergy Transfer and partners take next step toward LNG export project
Tuesday, Oct 15:45 PM| 1 Comment
- Energy Transfer Equity (ETE), Energy Transfer Partners (ETP) and BG Group (BRGYY.PK, BRGXF.PK) announce an agreement to jointly develop the liquefied natural gas export project at the existing Trunkline import terminal in Lake Charles, La.
- The proposed project will include the construction of three liquefaction trains and will use the existing LNG storage and marine berthing facilities.
- The announcement follows the U.S. government conditionally granting authorization to export from the existing Trunkline import terminal up to 15M metric tons/year.
- A final investment decision to proceed with the project is expected in 2015, with first LNG exports anticipated in 2019.
- ETP +2.2% AH.
Wednesday, Sep 259:06 AMLinc Energy in shale exploration talks with U.S. company
Wednesday, Sep 259:06 AM| 1 Comment
- Linc Energy (LNCGY.PK, LNCYF.PK), seeking a shale exploration partner in central Australia, says it is in talks with two groups, including a U.S. oil services company, interested in helping to develop its prospects.
- Linc wants to move ahead with its five-well drilling program at the shale oil properties in South Australia’s Arckaringa Basin on the assumption that a prospective partner will step up; Linc said earlier this year that it had been contacted by several companies interested in funding the development.
- Chevron (CVX), ConocoPhillips (COP), BG Group (BRGYY.PK, BRGXF.PK) and Statoil (STO) are among global energy companies that have made shale investments so far in Australia.
Thursday, Sep 1912:38 PMExxon, BP, BG to pass on bids for Brazil's Libra oil prospect
Thursday, Sep 1912:38 PM| 7 Comments
- Exxon Mobil (XOM -0.3%), BP (BP -0.2%) and BG Group (BRGYY.PK, BRGXF.PK) decide not to make bids for the giant offshore Libra oil prospect that Brazil plans to auction next month, the head of Brazil's oil regulator ANP says.
- As of yesterday's deadline, fewer than 40 companies had paid the 2.05M real ($931,818) fee to guarantee a spot at the auction.
- Libra is believed to contain 8B-12B barrels of recoverable oil.
Thursday, Sep 128:43 AMEgypt owes foreign oil companies $6B, PM says
Thursday, Sep 128:43 AM| 1 Comment
- Egypt is near agreement on a schedule for repaying $6B in outstanding debt to foreign oil companies which would lead to a rise in investments from the companies to $15B within two years, the prime minister says.
- Egypt, racked by political and economic turmoil, has been struggling to meet soaring energy bills caused by high subsidies on fuel products for the country's 84M-plus population.
- Financial disclosures by oil companies including BP, Apache (APA), BG Group (BRGYY.PK, BRGXF.PK) and TransGlobe Energy (TGA) show Egypt owed them more than $5.2B at the end of 2012.
Tuesday, Sep 109:59 AMExco Resources says BG Group pulling out of acquisition
Tuesday, Sep 109:59 AM| Comment!
- Exco Resources (XCO -1.5%) says BG Group (BRGYY.PK, BRGXF.PK) has elected not to acquire 50% of the recently acquired producing and undeveloped oil and gas assets in the Haynesville shale formation.
- XCO raises FY 2013 adjusted EBITDA guidance to ~$450M from $435M, the third time it has lifted expectations this year.
- The credit agreement which included a $400M asset sale requirement is amended to $269M.
Monday, Sep 94:54 AMEU shares mixed
Monday, Sep 94:54 AM| Comment!
- European stocks are mixed and seem to be failing to gain any significant lift from China's better-than-expected trade data.
- "European shares remain under some pressure due to the ongoing uncertainties of the situation in Syria and the increasing likelihood of U.S. QE tapering," says Richard Hunter, head of equities at London-based Hargreaves Lansdown.
- BG Group (BRGXF.PK) is -4.6% after the oil and gas producer said next year's output will be lower than initially expected, partly due to the turmoil in Egypt.
- EU Stoxx 50 -0.1%, London flat, Paris -0.4%, Frankfurt +0.1%, Milan +0.2%, Madrid -0.5%.
Wednesday, Aug 2112:49 PMTanzania expects fivefold increase in gas reserves by 2015
Wednesday, Aug 2112:49 PM| 3 Comments
- Tanzania expects its gas resources to increase fivefold to 200T cf within the next two years if new finds prove productive.
- Discoveries offshore Tanzania and Mozambique have led to predictions the region could become the world's third-largest exporter of natural gas, with the country strategically located for exports to Asia.
- Exxon Mobil (XOM), Royal Dutch Shell (RDS.A, RDS.B), Petrobras (PBR), Statoil (STO) and BG Group (BRGYY.PK, BRGXF.PK) are among companies already operating in Tanzania.
Thursday, Aug 156:58 PMGasLog announces new orders and charters
Thursday, Aug 156:58 PM| Comment!
- GasLog (GLOG) says it ordered two new 174K cbm Tri-Fuel Diesel Electric LNG carriers from Samsung Heavy Industries, to be delivered in 2016 when they will begin seven-year charters with BG Group (BRGYY.PK, BRGXF.PK).
- GLOG expects the vessels to generate a combined annualized EBITDA of $46M-$47M in their first year of operation.
- GLOG does not foresee the need to raise new equity "within the next couple of years" to fund the two orders.
Wednesday, Aug 712:36 PMEnergy Department approves Lake Charles terminal to export natural gas
Wednesday, Aug 712:36 PM| 3 Comments
- The Energy Department authorizes a third company to broadly export U.S. natural gas, granting conditional approval for overseas sales from the liquefied natural gas terminal in Lake Charles, La.
- Energy Transfer Equity (ETE +2.7%) built the project, and its shares popped higher on the news; Energy Transfer Partners (ETP) is flat. The terminal is owned by BG Group (BRGYY.PK, BRGXF.PK). GasLog (GLOG) manages all BG-owned LNG ships.
- Lake Charles Exports still must win regulatory approval to build a facility to convert natural gas into a liquefied form for tanker transport.