FormulaE-2
  

ExxonMobil Buys Into Brazil

The U.S. company prior to the auction. Exxon Mobil has vastly expanded its presence in Brazil by winning 10 blocks in the country’s 14th round of bidding for oil exploration and production rights. Previously the company was among the few oil majors without a presence in the exploration of the recently discovered large offshore fields in Brazil. Exxon Mobil took six blocks in consortia with state-controlled oil giant Petrobras in the promising offshore Campos basin. The auction was Brazil’s 14th round for blocks outside of the coveted pre-salt area and should gauge appetite for the country’s second and third pre-salt rounds.

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More Of The National Petroleum Reserve-Alaska To Be Opened Up

25/10/17 •lweb.es/f3628 •bit.ly/2z1AmBe

The U.S. Interior Department will hold a lease sale for land in a federal reserve in northern Alaska to oil and gas drillers. The sale, to be held in December, will involve 900 tracts in part of the National Petroleum Reserve-Alaska. The U.S. Geological Survey said in 2010 that the NPR-A holds about 896 million barrels of undiscovered oil. A further 200 million barrels has been discovered in areas that have been explored. The reserve also contains large amounts of natural gas. Environmentalists, however, have been critical of drilling in the Alaskan wilderness.

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More Of The Gulf Of Mexico To Be Opened Up, Largest Lease Sale Ever

24/10/17 •lweb.es/f3627 •bit.ly/2B6cZrV

U.S. Secretary of the Interior Ryan Zinke has announced that the Department is proposing the largest oil and gas lease sale ever held in the U.S. – 76,967,935 acres in federal waters of the Gulf of Mexico, offshore Texas, Louisiana, Mississippi, Alabama and Florida. It is scheduled for March 2018 and includes all available unleased areas on the Gulf’s Outer Continental Shelf, surpassing last year’s region-wide lease sale by about one million acres. The resources projected to be developed range from 0.21 to 1.12 billion barrels of oil and from 0.55 to 4.42 trillion cubic feet of gas.

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Will Nigeria Partner With Russia To Develop Its Oil and Gas?

19/10/17 •lweb.es/f3625 •bit.ly/2Aijv1e

The Nigerian Senate has begun talks with Russian oil companies to develop Nigeria’s oil and gas sector in partnership. The Chairman of the Senate Committee on Oil and Gas, Bassey Akpan, said it was time Nigeria sought support to further develop the sector. Akpan was part of President of the Senate, Dr Bukola Saraki’s delegation to the 137th Inter-Parliamentary Union (IPU) Assembly in Russia, who met with the oil firms. “We came here as part of the delegation of the Senate to consult with the Russians as regards development of Nigerian oil and gas.”

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Iranian Oil Minister: Let American oil firms into Iran

17/10/17 •lweb.es/f3623 •bit.ly/2AWmzg1

Iran’s oil minister, Bijan Zanganeh, has said that President Trump should allow American oil firms to do business in the Islamic Republic: “If they want to, we are ready to negotiate American companies about development of oil and gas resources,” adding “We have not closed doors” to American companies, reported Iran’s state-run IRNA news agency. President Trump has refused to re-certify Iran’s compliance with the nuclear deal with world powers, and criticized Europeans for their participation in Iran’s energy projects. French oil giant Total SA has entered the Iranian market following the deal.

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Saudi Aramco Taps Into India’s Opportunities

11/10/17 •lweb.es/f3760 •bit.ly/2nxe5u1

India is particularly important for Aramco, which is looking for refinery stakes in major oil-consuming economies to lock in customers ahead of its Initial Public Offering next year. Aramco’s talks with Indian state-run refiners are not limited to locking in sale of crude but also encompasses increased LPG supplies and a foothold in petrochemicals and fuel retail businesses. India has already surpassed Japan as the world’s third largest oil consumer and is expected to overtake China. The country’s oil consumption growth is projected to be the fastest among all major economies over the next two decades.

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Vitol: Shallow Market With Moments At $60 And In $40s

10/10/17 •lweb.es/f3619 •bit.ly/2zSmOLy

According to Ian Taylor, the head of oil trader Vitol, U.S. oil output could have a spike in 2018 before growth flattens for a number of years. Vitol expects U.S. output to climb by 0.5-0.6 million barrels per day next year but the increase would cause cost inflation and make some production loss-making. The anticipated slowdown in U.S. output combined with robust growth in global demand for oil should push prices above the current range of $50-60 per barrel, Taylor said. Vitol has sold most of its oil in storage as it believes the market is tightening.

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Next Generation Technology To Double Oil And Gas Reserves By 2050

09/10/17 •lweb.es/f3759 •bit.ly/2AzDWUN

Next-generation technology will connect workers, suppliers, customers and assets through a reimagined business model. By leveraging Internet of Things enabled devices, the oil industry could turn insight into action. By using connected instruments from wellheads or pipelines to an integrated data repository, data sources will have increased insight into production. A cloud-based solution that aligns with talent as well as procurement provides integrated support to the supplier network, creating increased efficiency and cost savings. By optimization oil companies will have more time and resources to invest in technology to help increase oil reserves.

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Megaprojects Needed Now To Prevent Oil Shortage In 2020s

09/10/17 •lweb.es/f3758 •bit.ly/2B5w5Bu

Jonathan Chanis, vice president of policy at Securing America’s Future Energy considers that an oil supply shortage and price spikes of $80-$100 a barrel could hit the global oil market by the 2020s if producers do not fund major projects soon. He adds that rising US tight oil supply will not be able to stop this trend. Investment declined 40% in 2015 and 2016 and has been flat so far this year, he said. The number of megaprojects approved in the next year to two years will determine if that shortage arrives.

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Guyana Could Become One Of The Top Oil Producers In Latin America

08/10/17 •lweb.es/f3761 •bit.ly/2irvcrz

ExxonMobil has discovered more oil on the Stabroek block offshore Guyana, northeast Latin America, with the Turbot-1 well. Turbot is ExxonMobil’s latest discovery to date in the country, adding to previous discoveries at Liza, Payara, Snoek, and Liza Deep. Steve Greenlee, president of ExxonMobil Exploration Co., said on this that: “The results from this latest well further illustrate the tremendous potential we see from our exploration activities offshore Guyana.” Eventhough the country is not an oil producer at the moment Woodmac expects production to be around 350,000 to 400,000 barrels a day by 2026.

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Could Crude Fall Below $30? CEFC Head Ye Jianming

03/10/17 •lweb.es/f3762 •bit.ly/2jZgfxp

While there’s a risk oil may slide below $30 as it is displaced by alternative energy sources, it will still be used to make petrochemicals, said Ye Jianming, the head of CEFC, the Chinese company that has bought a $9 billion stake in Rosneft. CEFC plans to work with Rosneft and Abu Dhabi to produce petrochemicals for the Chinese market, he added. The company currently has more than 80 million metric tons of foreign crude oil equity, of which 42 million tons is from Rosneft, 13 million tons is from Abu Dhabi and the remaining from Chad and Kazakhstan.

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ExxonMobil Buys Into Brazil

28/09/17 •lweb.es/f3764 •bit.ly/2iYlHUP

The U.S. company prior to the auction. Exxon Mobil has vastly expanded its presence in Brazil by winning 10 blocks in the country’s 14th round of bidding for oil exploration and production rights. Previously the company was among the few oil majors without a presence in the exploration of the recently discovered large offshore fields in Brazil. Exxon Mobil took six blocks in consortia with state-controlled oil giant Petrobras in the promising offshore Campos basin. The auction was Brazil’s 14th round for blocks outside of the coveted pre-salt area and should gauge appetite for the country’s second and third pre-salt rounds.

Details