BLOOMBERG - Exxon is planning to invest more than $200 billion in major oil and gas projects around the world over seven years, a signal that growth carries a bit more weight in company plans.
REUTERS - Malaysia’s state-owned oil and gas company Petroliam Nasional Bhd [PETR.UL] said on Thursday it is buying a 25 percent stake in a Canadian liquefied natural gas (LNG) export project, nearly a year after cancelling its own planned terminal.
REUTERS - The global oil industry should ramp up investment to ensure it can cope with future consumption growth and avoid supply shortages, OPEC Secretary-General Mohammad Barkindo told a conference in Baku.
EIA - Financial Review of the Global Oil and Natural Gas Industry: 2017 - Brent crude oil daily average prices were $54.75 per barrel in 2017—21% higher than 2016 levels - Excluding proved reserve acquisitions, upstream costs incurred increased from 2016 levels but remained lower than 2008–15 levels - Proved reserves additions in 2017 approached the highest levels in the 2008–17 period - Finding plus lifting costs fell to $29 dollars per barrel of oil equivalent in 2017, the lowest level in the 2008–17 period - The energy companies reduced debt in 2017, the first year in the 2008–17 period - Refiners with global refining assets reduced distillation capacity for the eighth consecutive year
NOVATEK - At the 22nd Saint Petersburg International Economic Forum, in the presence of the President of Russia Vladimir Putin and the President of France Emmanuel Macron, Chairman of the Management Board of PAO NOVATEK (“NOVATEK”) Leonid Mikhelson and Chairman and Chief Executive Officer of TOTAL S.A. (“TOTAL”) Patrick Pouyanné signed a binding agreement on the terms to enter the Arctic LNG 2 project.
BLOOMBERG - Natural gas will probably emerge as the main fossil fuel “winner” as it balances renewables in power generation and is used as a substitute for oil in petrochemicals. Long-term gas demand is set to increase by 15 percent, or by 750 billion cubic meters, compared to business as usual,
BLOOMBERG - The fund shocked markets around the world in November when it asked for permission to divest oil and gas companies to reduce financial risk, arguing Norway as a whole is already heavily exposed to oil as western Europe’s biggest petroleum producer. At the time of the proposal, the fund held about $40 billion of shares in oil giants such as Exxon Mobil Corp. and Royal Dutch Shell Plc.
AOG - The Abu Dhabi National Oil Company (ADNOC) has unveiled plans to invest $45bn alongside partners, over the next five years, to become a leading global downstream player.
PENEWS - Blackstone Group LP is planning a first close this quarter on more than half of the roughly $4.5 billion it seeks for its third energy fund, according to a person familiar with the matter. The New York firm is raising the pool three years after it sealed $4.5 billion for its previous energy fund, people said.
AOG - Shell Gas & Power Developments has signed a memorandum of understanding (MoU) with Oman’s government to cover proposed energy development projects in Oman. The agreement covers upstream gas exploration and development, gas-to-liquids (GTL), liquefied natural gas (LNG) and renewable energies.