Asset Management
As 50-50 joint venture partners in Arrow Energy, the operator of the Surat Gas Project, Shell and PetroChina will share the AUD 713 million (USD 501 million) cost of Phase 3.
The ultrasonic wellbore imaging firm is being taken over by Blackstone, the world's largest alternative asset manager.
New geothermal technical content and programming will highlight knowledge transfer among oil and gas and geothermal professionals.
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Chevron Technology Ventures President Barbara Burger discusses the adoption and integration of new technologies. -
The Búzios-5 production system is planned to include the interconnection of 15 wells to a floating production, storage, and offloading vessel in two phases.
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Barbara Burger says the key interest areas for the supermajor’s portfolio of startup investments remains unchanged despite a new industry downturn. However, the environment is tighter and the way in which deals are made has already seen notable change.
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Exploration is widely perceived as discretionary, even unwarranted. A report from Wood Mackenzie, however, presented a different scene. Only about half the supply needed to reach 2040 is guaranteed from fields already on stream, it said. The rest requires new capital investment and is up for grabs.
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The deal follows BP’s divestment of its global petrochemicals business in late June.
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Nearly everything’s on the table as companies aim to shore up portfolios by curtailing investments and dumping low-priority assets.
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Hit by the pandemic, the oil market crash, and the transition to a low-carbon energy future, exploration companies are spending bare budgets on near-term production and high-impact exploration.
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The Oil & Natural Gas Corporation (ONGC) has invited bids for partnership to raise production from 64 marginal fields that were given to the company by the government without bidding. As they are small in size, these fields are uneconomical for a larger company.
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Petrobras has taken a 65.3-billion Brazilian real ($11.2-billion) impairment on its exploration and production (E&P) assets, warning investors that changes in consumer behavior resulting from the coronavirus pandemic would likely be permanent.
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In its May 2020 Short-Term Energy Outlook, the US Energy Information Administration (EIA) forecast US-marketed natural gas production to decrease by 5% in 2020. Production is expected to average 94.3 Bcf/D in 2020, down from 99.2 Bcf/D in 2019.
