Business/economics
Lower operating expenditures and a changing asset mix helped UKCS operators cut average production costs by 9% year over year, despite relatively flat production levels, according to the NSTA.
The deal adds 40,000 B/D of production and epands Cenovus’ SAGD footprint with three Alberta assets.
The Federal Reserve Bank of Dallas’ third-quarter energy survey reflects industry views on the drawdown of the US Strategic Petroleum Reserve, the outlook for Persian Gulf crude exports, and expectations for oil prices.
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The move will bolster Austin-based Parsley’s holdings in the Delaware Basin, giving it a contiguous 120,000 net acres opposite of its original Midland Basin focus area. -
The controller from Olis will be distributed and supported by iCsys and is expected to increase efficiency and decease costs.
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The agreement—in which Total will reportedly pay $600 million for a 37.4% stake in the Indian gas conglomerate—boosts the supermajor’s LNG market access in India and neighboring countries. It is the latest move in Total’s aggressive expansion of its LNG portfolio.
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The deal for ConocoPhillips’s northern Australian portfolio will help the Australian company boost its position in the country’s gas market, as it gains majority ownership in a set of key assets including Darwin LNG and the Barossa project.
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The round included a near-$1 billion signature bonus on a Campos Basin block awarded to a Total-led consortium.
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Heavy deal-making since 2015 by the two majors has resulted in very different upstream portfolios.
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A month after it got out of Norway, Bloomberg reports that the company is working with advisers on a potential Malaysian sale, which could raise as much as $3 billion. ExxonMobil plans to divest around $15 billion in nonstrategic assets by 2021.
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As Oxy looks to divest billions in assets and focus more on its prime US shale fields, it sheds itself of the ISND and ISSD fields off the eastern coast of Doha. In announcing the lease loss last year, Oxy said the fields need significant infrastructural investment.
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EP Energy is now one of at least 200 North American exploration and production companies to have filed for bankruptcy since 2015.
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The current M&A market is characterized by an increase in private capital, geographical diversity, and a variety of transaction types, including joint ventures and royalty deals.
