Здравствуйте. Вся информация этого сайта бесплатна. Вы можете сделать пожертвование и поддержать наше развитие. Спасибо.

Hello. All information of this site is free of charge. You can make a donation and support our development. Thank you.

2016-02-09 18:30:00

TOTAL STARTS GAS PROJECT

TOTAL STARTS GAS PROJECT

One of the last big North Sea projects sanctioned under high oil prices has begun pumping natural gas, highlighting an unexpected boom in U.K. energy production that analysts say is unsustainable.

French oil company Total SA said Monday that a deep-water natural-gas project west of the Shetland Islands called Laggan Tormore will produce the equivalent of 90,000 barrels of oil a day—almost 6% of the U.K.'s total output.

Laggan Tormore is part of $50 billion of U.K. offshore projects that were commissioned in recent years when oil prices were $80 a barrel or more. Now those developments are coming onstream, helping companies working off the U.K.'s coast to pump an estimated 8% more oil and gas in 2015, about 1.6 million barrels of oil equivalent a day.

The U.K. North Sea was once one of the world's great oil basins, with production that peaked in 2000 with 4.7 million barrels of oil equivalent a day. The region is home to the Brent oil field that underpins the global pricing benchmark and was the breeding ground for technology that allowed oil companies to drill in deep, stormy water.

The North Sea's fields, many in production since the 1970s, have gone into a rapid decline in recent years, with production falling to less than 1.5 million barrels a day in 2014 as the fields emptied out. Squeezing out some of the last petroleum there can be some of the costliest projects in the world.

A project led by Total committed to invest $5 billion in Laggan Tormore in 2010, when oil prices were $80 a barrel and rising. Few projects of its size, scope and technical difficulty would be launched now, with oil prices hovering around $30 a barrel, analysts said.

Oil prices are trading some 70% below their peak in 2014, amid a global glut of crude that far outpaces daily demand. The price collapse has fueled concerns that the decline of North Sea oil will accelerate.

At current oil prices more than one-third of fields are running at a loss, said Mike Tholen, economics director at Oil & Gas U.K., an advocacy group for oil companies.

"The question is what's next after the current wave of investment has worked its way through," Mr. Tholen said.

Even before oil prices crashed from a peak of $115 a barrel in 2014, the North Sea was struggling. Escalating costs, dwindling opportunities, technically challenging fields and a complex tax structure had already posed significant challenges for the companies.

One project still awaiting sanction is the Rosebank development led by Chevron Corp. In 2013, Chevron delayed its final investment decision on Rosebank, also west of the Shetlands, because of rising costs.

Chevron said the company remains focused on improving the economics of the multibillion-dollar development and is still conducting additional engineering work.

"It is premature to make any statement on a final investment date for the project," the company said in a written statement.

Companies have cut back on exploration drilling, which means there will be fewer opportunities to tap in the future. Last year, companies were forecast to have drilled only 14 exploration wells, down from about 40 in 2014, according to Oil & Gas U.K.

Much of the infrastructure—the pipes, platforms and processing facilities that keep the oil and gas flowing—is old, requiring constant maintenance and repairs. The smaller companies that work on squeezing the last drops from older fields have struggled to raise the necessary financing because of the lower oil prices and have scaled back work.

The total volume of oil and gas produced on the U.K. Continental Shelf, typically known as the North Sea, rose 8.6% in the first 10 months of 2015, compared with a year earlier, according to the U.K.'s Department for Energy and Climate Change.

Output in November and December historically tends to be more stable, which would result in a full-year increase of 8%, Oil & Gas U.K. said. Oil and gas output totaled 1.49 million barrels of oil equivalent a day in 2014.

Utility SSE PLC of the U.K. and Dong Energy of Denmark also have stakes in Laggan Tormore.

wsj.com

-----

More: 

UK'S OIL & GAS SUPPORT 

BRITISH GAS PRICES DOWN 40% 

UK OIL & GAS UP 7% 

UK MANUFACTURING DOWN 

U.K. ENERGY PRIORITIES

 

 

 

Tags: TOTAL, GAS, NORTH, SEA, LAGGAN, TORMORE, BRITAIN

Chronicle:

TOTAL STARTS GAS PROJECT
2018, August, 17, 11:30:00

U.S. INDUSTRIAL PRODUCTION UP 0.1%

U.S. FRB - Industrial production edged up 0.1 percent in July after rising at an average pace of 0.5 percent over the previous five months. Manufacturing production increased 0.3 percent, the output of utilities moved down 0.5 percent, and, after posting five consecutive months of growth, the index for mining declined 0.3 percent. At 108.0 percent of its 2012 average, total industrial production was 4.2 percent higher in July than it was a year earlier. Capacity utilization for the industrial sector was unchanged in July at 78.1 percent, a rate that is 1.7 percentage points below its long-run (1972–2017) average.

TOTAL STARTS GAS PROJECT
2018, August, 17, 11:25:00

NORWAY'S PETROLEUM PRODUCTION: 1.911 MBD

NPD - Preliminary production figures for July 2018 show an average daily production of 1 911 000 barrels of oil, NGL and condensate, which is an increase of 64 000 barrels per day compared to June.

TOTAL STARTS GAS PROJECT
2018, August, 17, 11:20:00

GAZPROM NEFT NET PROFIT UP TO 49.6%

GAZPROM NEFT - For the first six months of 2018 Gazprom Neft achieved revenue** growth of 24.4% year-on-year, at one trillion, 137.7 billion rubles (RUB1,137,700,000,000). The Company achieved a 49.8% year-on-year increase in adjusted EBITDA, to RUB368.2 billion. This performance reflected positive market conditions for oil and oil products, production growth at the Company’s new projects, and effective management initiatives. Net profit attributable to Gazprom Neft PJSC shareholders grew 49.6% year on year, to RUB166.4 billion. Growth in the Company’s operating cash flow, as well as the completion of key infrastructure investments at new upstream projects, delivered positive free cash flow of RUB47.5 billion for 1H 2018.

TOTAL STARTS GAS PROJECT
2018, August, 15, 11:10:00

OIL PRICE: NEAR $72

REUTERS - Front-month Brent crude oil futures LCOc1 were at $72.34 per barrel at 0648 GMT, down by 12 cents, or 0.2 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were down 23 cents, or 0.3 percent, at $66.81 per barrel.

All Publications »