Oil & Gas company in all aspects of the petroleum business, including in the exploration, development and production of crude oil, natural gas; the transportation of petroleum products and liquefied petroleum gas (LPG) and natural gas; petroleum refining; production of petrochemicals and... More
Yesterday, 7:55 AM
- Libya's largest oil field is ramping up production much faster than expected and may reach nearly two-thirds of its output capacity by late today, according to a manager at the field.
- The 340K bbl/day Sharara oil field, where Repsol (REPYY, REPYF) is a partner, has resumed output after protests ended there, but a field manager says production already has reached 120K bbl/day and may reach 200K by the end of the day.
- Together with the recent reopening of two key oil terminals, Sharara's resumption could bring oil production close to 1M bbl/day, three times the current level.
- ETFs: USO, OIL, UCO, SCO, BNO, DTO, DBO, CRUD, USL, UWTI, DWTI, DNO, SZO, OLO, OLEM, TWTI
Wed, Jul. 2, 9:58 AM
- Rebels blocking Libyan oil production say they are reopening Es Sider and Ras Lanuf, the country’s largest and third-largest export facilities with combined capacity of 560K bbl/day, in a gesture of support for the newly elected parliament.
- Libya is now producing ~320K bbl/day, ~20% of its output before Qaddafi was overthrown in 2011; reopening the two terminals would increase Libya’s crude export capacity almost five-fold.
- August Brent futures (BNO) fell as much as 0.7% to $111.54, the lowest intraday level in almost three weeks; the restart at the two ports probably would send Brent down to $110/bbl, Commerzbank says.
- Energy companies with a significant presence in Libya include Total (TOT), Statoil (STO), ConocoPhillips (COP), Marathon Oil (MRO), Hess (HES), Occidental Petroleum (OXY) and Repsol (REPYF, REPYY).
- ETFs: USO, OIL, UCO, SCO, DTO, DBO, CRUD, USL, UWTI, DNO, DWTI, SZO, OLO, OLEM, TWTI
Tue, Jun. 24, 10:03 AM
- Repsol’s (REPYY, REPYF) plan to explore for oil off the Canary Islands in a $10B project reportedly has won the backing of the country's Supreme Court, which rejected seven appeals against Repsol’s exploration permits.
- A favorable ruling would remove one of the last few hurdles remaining for Spain's biggest oil company to begin drilling off Fuerteventura and Lanzarote islands near West Africa; should Repsol discover oil, it has estimated the project would cost €7.5B ($10.2B).
Mon, Jun. 23, 12:59 PM
- Repsol (REPYY, REPYF) says it has made a significant hydrocarbon discovery in a relatively unexplored part of West Siberia.
- Russia's Ministry of Natural Resources and Environment calls it the largest discovery made in the country in the last two years.
- Repsol says the discoveries in the Karabashsky 1 and 2 blocks could produce 240M boe in recoverable resources.
Tue, Jun. 10, 3:57 PM
- Spain’s government set rules for Repsol (REPYY, REPYF) to explore for oil off the Canary Islands, noting that the $10B project drew opposition from nearly 12K people and institutions over its environmental risks.
- The project, frozen for 12 years in court challenges and administrative reviews, finally is moving ahead under a government that’s trying to revive fossil fuels development in a country highly dependent on imports of oil and gas.
- The government said on May 29 that it would clear the exploration plans, but challenges to the project continue; Spain’s Supreme Court today began to hear cases contesting the exploration permit, and final approval is still needed by Spain’s Industry Ministry.
Wed, Jun. 4, 3:38 PM
- Eni (E -1.1%) says it and partner Repsol (REPYY, REPYF) each will invest $500M to develop and exploit the 17T cubic feet in gas reserves at the Perla field in Venezuela.
- The two European companies each will own 20% of a joint venture set up to exploit the field, with the remaining 60% controlled by Venezuelan state-run oil and gas company PdVSA.
- The Perla field is expected to begin production by the end of the year, eventually reaching 1.2B cf/day.
Tue, Jun. 3, 5:07 PM
- Pemex is selling a 7.9% stake in Repsol (REPYY, REPYF), according to a Citigroup regulatory filing to the Spanish stock exchange.
- The 104.1M shares, which represent most of Pemex's 9.3% stake in Repsol, are worth close to $3B at current prices.
- The Mexican state-owned oil company is reducing its holdings as lawmakers prepare regulations to open up the oil industry to foreign investment.
Fri, May. 30, 12:28 PM
- The new Russia-China gas deal, along with a new trend of setting prices linked to gas prices rather than the traditional crude oil benchmarks, could upset western Canada's plans for launching a liquefied natural gas export industry, according to a new report by TD Bank.
- "With so much LNG supply capacity set to come on stream, Asian buyers have more power to bargain for lower prices in LNG contracts, lowering the potential prices Canadian producers would receive, and could squeeze the economics of certain LNG projects,” TD says.
- Canadian projects still offer attractive spreads and proximity to Asian markets despite the challenges, but proponents must move quickly to grab first-mover advantage, TD says as it expects two LNG projects to secure final investment decisions before the end of the year.
- Relevant tickers include CVX, RDS.A, RDS.B, XOM, TRP, REPYY, REPYF, CEO, BRGYY, BRGXF.
Fri, May. 30, 9:58 AM
- Prolonged closures in Libya's oil fields will delay a return to normal output, and a return to normal production at the country's largest oil field could be delayed by four months because more than 20 underground pumps needed to be replaced, according to the head of production at Libya's National Oil Corp.
- The Sharara field in western Libya, which is operated by Repsol (REPYY, REPYF), is shut after being occupied by local protesters, and underground pumps there have been repeatedly switched on and off amid false starts.
- Eni's (E) Abu Attifel field in eastern Libya hasn't been restarted because it doesn't want to risk blocking pipelines with the waxy oil it produces if flows are interrupted again.
- The country's oil production stands at 150K bbl/day, ~10% of normal levels.
Thu, May. 29, 2:25 PM
- Spain's Environment Ministry clears the way for Repsol's (REPYY, REPYF) proposed $10B exploration for oil and gas off the coast of the Canary Islands.
- The favorable environmental impact statement, which includes conditions for limiting the impact of light and noise pollution, is one of the final steps needed before exploration can begin.
- Spain imports 99% of the oil and natural gas it uses, and officials hope the Canary Islands project can supply ~10% of national demand.
- Though the Industry Ministry likely will give final approval for the exploration permit, courts may intervene; Spain's Supreme Court is set to rule June 10 on a challenge to Repsol's exploration permit.
Fri, May. 23, 3:57 PM
- Repsol (REPYY, REPYF) says it has completed its exit from Argentina and pocketed $6.3B in compensation and asset sales after the government's 2012 seizure of its YPF unit.
- Repsol says it earned $5B from the sale of Argentine government bonds, which had been paid by the government in compensation over the YPF seizure; the final batch of bonds sold to investors had a face value of $117.4M.
- Repsol also says it completed the sale of its remaining 12.34% stake in YPF for a total $1.31B; most of the stake had been sold to investors earlier this month.
Fri, May. 23, 11:59 AM
- Spanish media says domestic oil company Repsol (REPYY, REPYF) is poised to make a bid of €2B ($2.7B) for Marathon Oil's (MRO) assets off Norway in a move to optimize its own portfolio.
- Sweden's Lundin (LNDNF, LNDNY) is among a lineup of 10 bidders angling for the MRO's portfolio, with possible participation by Asian players, according to the head of Oslo-based research firm Rystad Energy.
- Analysts say MRO could announce a deal for the assets as soon as mid-June after bids were submitted earlier this month.
Thu, May. 22, 8:59 AM
- Total (TOT) and Repsol (REPYY, REPYF) are the latest western oil companies to pull out some expatriate employees from Libya amid escalating violence there, posing the latest challenge to the Libyan oil industry's fragile recovery.
- Strikes and armed occupation of oil terminals already have reduced the Libya's oil output to less than 20% of its normal level of ~1.5M bbl/day.
- Among other oil majors with a Libyan presence are Statoil (STO), ConocoPhillips (COP), Marathon Oil (MRO), Hess (HES), Eni (E) and Occidental Petroleum (APC).
Wed, May. 21, 6:13 PM
- Venezuela's state oil company PDVSA has signed financing deals worth $2.2B with Schlumberger (SLB), Halliburton (HAL) and Weatherford International (WFT), the country's oil minister says.
- PDVSA renewed a $1B credit line with SLB, while the HAL and WFT arrangements are for $600M each.
- Also, officials from Repsol (REPYY, REPYF) and Eni (E) are planning to visit the country next month to sign a deal related to the Perla 3X offshore natural gas well, the minister says.
Tue, May. 20, 8:49 AM
- Repsol (REPYY, REPYF) is considering building a $2B plant on Canada’s Atlantic coast to export natural gas, as Europe seeks to reduce its dependence on Russia for the fuel, Bloomberg reports.
- Repsol would erect the facility at its existing Canaport LNG plant, which was designed to import liquefied natural gas and is underused.
- The crisis in Ukraine may help Repsol justify investing more in a disappointing project that has already undergone a $1.3B writedown.
Wed, May. 14, 8:32 AM
- Repsol (REPYY, REPYF) has agreed to sell nearly all the remaining Argentina government bonds held as compensation for the nationalization of its Argentine unit.
- JPMorgan Chase's agreement to buy $2B worth of the securities follows its decision to buy $2.8B tranche of the bonds from Repsol last week.
- Repsol has said the proceeds of the bond sales will be used mostly for acquisitions.