SHELL SELLS NEW ZEALAND
Shell has put its upstream holdings in New Zealand, which account for a significant chunk of the nation's oil and gas production, up for sale.
"These assets are profitable, well maintained and are an important part of New Zealand's energy mix," Shell New Zealand Chairman Rob Jager said in a statement Thursday.
"The Shell business in New Zealand is great, but a small part of the global Shell business and hence the decision to undertake a strategic review at this time."
Shell is streamlining its global portfolio given the current low oil price environment.
"Shell is focusing on large growth opportunities, with deepwater and integrated gas as growth priorities," the company added.
Jager said the company was conscious of the uncertainty the review would create for staff and was committed to moving quickly through the process.
Shell holds 83.75% of the major Maui gas and condensate field in the North Island's Taranaki Basin, which has been producing since 1979.
It also owns 50% of Kapuni, the country's oldest gas and condensate field, and a 48% operating stake in the Pohokura gas field, which now meets around 40% of the nation's needs.
In addition, Shell owns 50% of Shell Todd Oil Services, operator of the Maui and Kapuni fields.
Overall, Shell's operating ventures produce around 80% of New Zealand's total natural gas production on behalf of the company and its partners.
According to figures from the Ministry of Business, Innovation and Employment, New Zealand produced 4.06 million barrels of crude and 58.6 petajoules of gas in the quarter ended September 30, 2015.
Shell also holds a 50% operating stake in exploration block PEP 50119 in the frontier Great South Basin, off New Zealand's South Island.
Shell and its joint venture partners OMV New Zealand and Mitsui E&P Australia are currently planning to drill a well in the block.
Shell sold its oil refining and marketing interests in New Zealand in 2011.
The company has also been paring back its operations in Australia, where it sold its downstream business to Vitol's Viva Energy and its stake in the Wheatstone LNG project to Kufpec in 2014.
|December, 15, 13:20:00|
|December, 15, 13:15:00|
|December, 15, 13:10:00|
|December, 15, 13:05:00|
|December, 15, 13:00:00|
|December, 15, 12:55:00|
LUKOIL - The plan is based on the conservative $50 per barrel oil price scenario. Sustainable hydrocarbon production growth is planned in the Upstream business segment along with the growth in the share of high-margin projects in the overall production. In the Downstream business segment, the focus is on the improvement of operating efficiency and selective investment projects targeted at the enhancement of product slate.
BP - BP will acquire on completion a 43% equity share in Lightsource for a total consideration of $200 million, paid over three years. The great majority of this investment will fund Lightsource’s worldwide growth pipeline. The company will be renamed Lightsource BP and BP will have two seats on the board of directors.
REUTERS - Brent crude was up 69 cents, or 1.1 percent, at $64.03 a barrel by 0743 GMT. It had settled down $1.35, or 2.1 percent, on Tuesday on a wave of profit-taking after news of a key North Sea pipeline shutdown helped send the global benchmark above $65 for the first time since mid-2015. U.S. West Texas Intermediate crude was up 45 cents, or 0.8 percent, at $57.59 a barrel.
ROSATOM - On December 10, 2017, the construction start ceremony took place at the Akkuyu NPP site under a limited construction licence issued by the Turkish Atomic Energy Agency (TAEK). Director General of the ROSATOM Alexey Likhachev, and First Deputy Minister of Energy and Mineral Resources of the Turkish Republic, Fatih Donmez, took part in the ceremony.