EXXON SELLS MALAYSIA
British independent oil producer EnQuest has agreed to take over ExxonMobil's share in the Malaysian Seligi oil field and the associated production sharing contract.
The acquisition, which is subject to regulator approval, will give EnQuest a 50 percent stake in the field which it will start operating once the deal is completed.
Malaysia's Petronas will retain the other 50 percent.
The Seligi oil field, EnQuest's third Malaysian project, will boost the company's net production by around 5,000 barrels of oil equivalent per day and add 11 million barrels of oil equivalent to its net reserves.
"This acquisition follows from our recent partnership with Petronas on the Tanjong Baram field and is a significant expansion to our Malaysian operation," said EnQuest chief executive Amjad Bseisu.
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REUTERS - Brent LCOc1 futures fell 43 cents, or 0.5 percent, to $79.14 a barrel by 0218 GMT, after climbing 35 cents on Tuesday. Last week, the global benchmark hit $80.50 a barrel, the highest since November 2014. U.S. West Texas Intermediate (WTI) crude CLc1 futures eased 25 cents, or 0.4 percent, to $71.95 a barrel, having climbed on Tuesday to $72.83 a barrel, the highest since November 2014.
FT - Most oil majors can now cover dividends and capital expenditure at prices around $50 per barrel, meaning that, at $80, they make a healthy surplus.
EIA - The United States remained the world's top producer of petroleum and natural gas hydrocarbons in 2017, reaching a record high. The United States has been the world's top producer of natural gas since 2009, when U.S. natural gas production surpassed that of Russia, and the world's top producer of petroleum hydrocarbons since 2013, when U.S. production exceeded Saudi Arabia’s. Since 2008, U.S. petroleum and natural gas production has increased by nearly 60%.
PLATTS - China became the largest contributor to global LNG consumption growth in 2017. It surpassed South Korea as the world's second largest LNG importer and its share of global LNG demand is expected to converge with that of Japan by 2030.