GLOBAL OIL

A North east equipment specialist has secured a multi-million private investment as it strives towards its ambitious growth strategy to become a £30million EBITDA business in the next five years.

GLOBAL OIL

ExxonMobil says it has updated its growth plans and expects annual earnings potential to increase by more than 140 percent by 2025 from 2017 adjusted earnings, assuming an oil price of $60 per barrel and based on 2017 margins.

Commercial decision-making in offshore drilling companies is a tough challenge, involving not just ensuring safe, efficient, and continued operations in some incredibly challenging physical environments, but also taking a position on where the market may be in 3-4 years, a typical lead-time for a new rig delivery.

Oil & Gas UK published its annual Business Outlook review and presented its findings in both London and Aberdeen on 20 March. Westwood’s Technical Manager, Alyson Harding, comments.

SCENARIOS

Byron Energy Limited announces that it has closed on the acquisition of South Marsh Island Block 58, SM 58 E1 producing wellbore, and the associated SM69 E Platform and Flowlines, for US$4.25 million dollars, being the price effective January 1st, 2019.

The five publicly listed shipping companies below have seen a combined fleet value growth of nearly USD 5 billion over the past 12 months. VesselsValue's Senior Analyst, Court Smith, provides further insight.

Murphy Oil Corporation has announced that a subsidiary has signed a sale and purchase agreement to divest the fully issued share capital of its two primary Malaysian subsidiaries, Murphy Sabah Oil Co., Ltd. and Murphy Sarawak Oil Co., Ltd., to a subsidiary of PTT Exploration and Production Public Company Limited (“PTTEP”).

President Donald Trump has proposed a $193.4 million Fiscal Year (FY) 2020 budget for BOEM to safely and responsibly manage offshore energy and mineral resources.

International offshore services company, Telford Offshore, has unwound the share trust originally set up when it was formed via a corporate restructuring in February 2018.

Exploration started with a bang in 2019 with a frontier discovery by a Total led joint venture at Brulpadda in South Africa, which follows the hugely successful play opening Liza discovery in Guyana in 2015 by an Exxon led JV.

Since the start of 2008, 153 exploration wells have been drilled in the SE Asia exploration hot spot of NW Borneo. 3.5bnboe has been discovered in 37 commercial discoveries, 94% of which is gas. Westwood has analyzed exploration performance in both the Sarawak and Sabah basins and reviewed the potential for new frontier plays that are needed to replace reserves and maintain current levels of production.

Total announces that it has signed the definitive agreements with Novatek for the acquisition of a direct 10% interest in Arctic LNG 2, a major liquefied natural gas development led by Novatek on the Gydan Peninsula, Russia.

GLOBAL OIL