Majors To Grow Output By A Combined 15% In Next Five Years

03/08/17 •lweb.es/f2711•bit.ly/2pfkt4O

Oil, World

Five of the largest publicly traded oil companies – BP, Chevron, Exxon Mobil, Royal Dutch Shell, and Total – are trying to work down debts that totaled $297 billion at the end of December. “For the entire oil and gas industry, balance sheets have never been worse,” said Fadel Gheit from Oppenheimer & Co. The industry is betting that prices will maintain a delicate balance – high enough to repair balance sheets and finance new projects, but not so high that it creates a new glut.

India’s First Major Exploration Licensing Round In July

03/08/17 •lweb.es/f2716 •bit.ly/2oUmofL

Exploration, India, Oil

India, the world’s third-largest oil consumer, will conduct auctions of oil and gas blocks under the Open Acreage Licensing Policy twice a year with the first round being held in July. OALP will differ from the current licensing policy whereby the government identifies the oil and gas blocks and then puts them on auction. This policy gives an option to a company looking for exploring hydrocarbons to select the exploration areas on its own, based on the seismic and well data that the Directorate-General of Hydrocarbons has put in in a National Data Repository.