ConocoPhillips has entered into an agreement to sell the subsidiaries that hold its Australia-West assets and operations to Santos for $1.39 billion, plus customary closing adjustments.
In a new in-depth study, Rystad Energy estimates that as much as $100 billion can be eliminated from E&P upstream budgets through automation and digitalization initiatives in the 2020s. Service companies are reinventing themselves to help operators unlock these savings.
ExxonMobil has signed an agreement t with Vår Energi AS for the sale of its non-operated upstream assets in Norway for $4.5 billion as part of its previously announced plans to divest approximately $15 billion in non-strategic assets by 2021.
The Agência Nacional do Petróleo, Gás Natural e Biocombustíveis (ANP), Brazil’s national agency for petroleum, plans to increase the diversity of upstream oil and gas operators present in Brazil as a result of three licensing rounds organized in fall 2019, continuing a strategy that is expected to boost oil production by 1 million barrels per day (mmbd) by 2025 through recent licensing and the current Pre-Salt area development, says GlobalData, a leading data and analytics company.
As investments in tight oil increased from 2016 to 2018 and offshore investments decreased, tight oil investments almost reached the same level as offshore in 2018. However, in 2019 the table has turned. Now offshore investments are on the rise again, while tight oil has started to decline.
Equinor is the operator for 21 projects in the implementation phase, with a total investment of around 210 billion kroner. 20 of these are on the Norwegian shelf or at Norwegian onshore facilities.
The offshore wind project Dogger Bank in the UK North Sea will not only be Equinor’s largest project through 2026, it will also rank as the sixth largest offshore development project in the world during this period, according to Rystad Energy.
The recent oil price jump could create further momentum for service sector margins, according to Rystad Energy.
The oil & gas industry is one of the main economic drivers for both developed and developing economies.
Equinor has entered into an agreement to sell a 25% ownership interest in the Arkona offshore wind farm to funds advised by Credit Suisse Energy Infrastructure Partners AG for a total amount of approximately EUR 500 million.
Almost all segments in the oilfield service sector showed gains on a quarterly basis in the second quarter of 2019, according to a recent analysis by Rystad Energy. The only exception was the land drilling segment, where revenues fell by 7% compared to the previous quarter. The decline in land drilling is driven by decreased revenues in the United States where the drilling activity is slowing down. Industry players see increased oil price uncertainty and E&P spending cuts underlying the slowdown.
A second oil discovery in the Orinduik Block was announced earlier this week. The Joe-1 exploration well was drilled to a final depth of 2175 meters and encountered a high-quality oil-bearing sandstone reservoir of Upper Tertiary age.
Total announces the closing of the acquisition of Anadarko’s 26.5% operated interest in the Mozambique LNG project for a purchase price of $ 3.9 billion.
Chrysaor Holdings Limited announces that it has completed its acquisition of ConocoPhillips’ UK oil and gas business (“ConocoPhillips UK”) for $2.675 billion. With an effective date of 1 January 2018, completion of the transaction follows receipt of all necessary regulatory approvals.
McDermott International, Inc. has announced it recently received unsolicited approaches to acquire all or part of Lummus Technology, McDermott's industry-leading technology business, with valuation exceeding $2.5 billion. Based on the receipt of these approaches, McDermott is exploring strategic alternatives to unlock the value of Lummus Technology while maintaining the strategic rationale of engineering, procurement and construction (EPC) pull-through.
Equinor (OSE: EQNR, NYSE: EQNR) is launching a share buy-back program of up to USD 5 billion over a period until the end of 2022. The first tranche of the program of around USD 1.5 billion is commencing today and will end no later than 25 February 2020.
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