Production ///

Presalt auction may raise as much as $50 billion for Brazil

An auction next month of oilfields in Brazil may be the priciest ever held, raising at least $50 billion in licensing fees and compensation, according to people familiar with government estimates.

Ecopetrol acquires Gato do Mato interest in Santos presalt

According to Ecopetrol estimates, the company could incorporate about 90 MMbbl of crude oil in contingent resources from 2020, which will be gradually added to its balance of reserves.

Africa’s biggest crude producer remains stuck on imported fuels

Over the past 12 years, Nigeria tried and failed four times to crank up its aging and unprofitable crude-processing plants.

Shell exits two Caspian Sea projects due to high costs

The retreat from the fields in the Kashagan area reflects an industry-wide push to cut break-even costs as megaprojects give way to smaller endeavors with quicker returns.

Equinor’s first cargo from Johan Sverdrup set for Asia trip

The first cargo is expected to leave for customers in Asia this week, and contains 1 MMbbl of crude with a market value of around $60 million.

McDermott signs agreement for up to $1.7 billion of new financing

"This new credit agreement is a continued signal from our lenders that they support McDermott, our underlying business, growth strategy and ability to achieve a long-term balance sheet solution," said David Dickson, president and CEO of McDermott.

ADNOC, LUKOIL sign cooperation agreement on UAE gas fields

The Ghasha mega-project is expected to produce over 1.5 Bcfd of natural gas by around 2025.

Chevron’s buyer for UK fields seek funds from commodity traders

A unit of Delek Group Ltd. is seeking alternative means of financing to complete its $2 billion acquisition of some of Chevron Corp.’s North Sea oil and gas assets after initial funding arrangements hit stumbling blocks, according to people familiar with the matter.

SBM Offshore completes US$1.14 billion financing of Liza Unity FPSO

The project financing was secured by a consortium of nine international banks. The company expects to draw the loan in full, phased over the construction period of the FPSO.

Ecopetrol logs results in near-field exploration efforts

Ecopetrol reports that the Flamencos-1 well, located in Puerto Wilches, confirmed presence of crude oil in the La Paz formation.

U.S. Gulf of Mexico crude oil production to continue to set records through 2020

Based on EIA’s latest Short-Term Energy Outlook’s expected production levels at new and existing fields, annual crude oil production in the GOM will increase to an average of 1.9 MMbpd in 2019 and 2.0 MMbpd in 2020.

ADNOC links up with Russian Energy Agency to explore collaboration opportunities

Under the terms of the agreement, ADNOC and REA will jointly explore opportunities for collaboration in relation to Abu Dhabi’s exploration and production concessions.

Canada’s election will determine its role on the global energy stage

Not only will the vote determine the future of carbon taxes, pipeline approvals and environmental regulations, it’s also a referendum on a dispute central to the country’s identity: Is Canada a global oil superpower or is it a leader in fighting climate change?

Veolia wins Guyana FPSO seawater treatment project

The award is for the design and procurement of equipment with construction technical assistance for a seawater treatment plant sized for 263,244 bpd of low sulphate water and 31,700 bpd of reverse osmosis process water for the Liza Unity FPSO.

Gazprom tallies gas production, infrastructure progress in eastern Russia

Gazprom reports preparations for the first pipeline supplies of Russian gas to China via the Power of Siberia gas pipeline, among several other eastern Russia gas projects.

Neptune Energy acquires North Sea assets from Energean

The portfolio will provide Neptune with material growth in contingent resources, an estimated 30 MMboe of 2P reserves and near-term production in core areas of the North Sea close to infrastructure.

Parsley Energy acquires Jagged Peak Energy in $2.27 billion all-stock deal

"Jagged Peak's oily, high-margin asset base slots in nicely to our returns-focused development approach, its acreage footprint and water infrastructure dovetails into our legacy Delaware Basin position," said Matt Gallagher, Parsley's president and CEO.

Aramco says production has returned to pre-attack levels

Saudi Aramco says it’s currently pumping 9.9 MMbpd, the same as before the Sept. 14 attacks at Abqaiq, the world’s biggest oil-processing facility, and the field at Khurais.

Kongsberg Digital to digitalize Shell’s Nyhamna gas facility in Norway

Kongsberg Digital signed an agreement to digitalize the Nyhamna facility, a gas processing and export hub for Ormen Lange and other fields connected to the Polarled pipeline.

Abu Dhabi seeks to shift oil markets with its own crude benchmark

Abu Dhabi wants to create a benchmark for Middle Eastern crude that competes for customers in Asia with exports from America’s shale boom. If the new contract for Murban crude takes off, it could herald a fundamental shift in the way Gulf producers sell oil.