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Premier Oil

Premier Oil Acquired by Chrysaor and Becomes North Sea’s Top Oil and Gas Producer

Premier Oil Plc will be acquired by Chrysaor Holdings Ltd. in a reverse takeover, creating the largest listed independent oil and gas producer in the UK North Sea.

The deal marks the end of the road for one of the oldest independent oil explorers. After years laboring under a mountain of debt Premier has finally bowed to pressure from creditors, with CEO Tony Durrant abandoning his plan to acquire some of BP’s North Sea assets and agreeing to step down.

The transaction will create a stronger company, pumping more than 250,000 barrels of oil equivalent day. Yet Premier’s current shareholders will end up with just a sliver of the combined group — no more than 5.45%, while Chrysaor’s backers will get at least 77% and Premier’s other stakeholders the rest.

After “years trying to recover Premier from its debts and set the company back toward growth,” the company had few other options, Arden Partners Ltd analyst Daniel Slater said in a note. Recommending the merger is a decision “we don’t believe it would have done lightly.”

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Source: Bloomberg via World Oil

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Alaska oil and gas industry

Alaska Oil and Gas Industry | The Future is Female

Jennifer Starck was all set to head to medical school after finishing her degrees in chemistry and chemical engineering. Then she encountered a BP recruiter at a job fair who is in the Alaska oil and gas industry. Before she knew it, she had a job offer and a choice to make.

“They said ‘Houston or Alaska?’ and I said ‘Alaska,’” Starck recalled. “And they said ‘No, seriously — Houston or Alaska?’”

She insisted, and she never looked back. After 21 years, Alaska — and the petroleum industry — has become her home.

Starck is just one of the many women who help keep Alaska’s oil and gas flowing. And just like Starck, many other women in the petroleum industry made their way there on unexpected paths. Jacki Rose planned to work in mining; she now handles regulatory permitting and compliance for Bluecrest Energy. Laura Green started her career in fire protection systems; she is now the regional safety manager for Hilcorp Alaska.

None of these women imagined they’d end up in the oil and gas industry — or that they’d love it as much as they do.

‘You aspire to be what you see’

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Source: ADN.com

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gas flaring

Why Natural Gas Prices Are Set To Soar Next Week

A significant cooldown has arrived, with the jet stream from Canada plunging this weekend, which will allow the eastern United States to experience its first taste of fall for much of next week.
The ten-day outlook in terms of the thermal aspect shows a cold airmass will encompass all U.S. Plains, Midwest, Southeast, and Northeast, where temperatures could hover 8 to 15 degrees below normal through the first week of October.

E.C. Operational Forecast (with gray 32 degrees Fahrenheit line) shows the blast of cold air pouring in from Canada this weekend and will cover much of the eastern U.S. through Oct. 6.

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Source: Oil Price

refinery

The Two Crucial Factors For Global Oil Demand Recovery

Market sentiment has been generally bullish over the last week supported by (i) supply disruption caused by Hurricane Sally in the Gulf of Mexico (ii) a draw in commercial crude oil inventories by 4.4 million barrels w/w and (iii) strong language coming from OPEC+ during the JMMC meeting last Thursday, during which Saudi Arabia pressured members to boost compliance to output cuts.

The supply disruption in the Gulf of Mexico reached around 497 thousand bbl/d. Yet, it is reported that supply will soon return as the hurricane has passed the oil production area while being downgraded from category 2 to a tropical storm. Next to the production outages, fuel demand in the affected areas is likely to have been disrupted, at least for a couple of days. Gulf of Mexico drillers, however, are already preparing for a new storm as Beta is approaching fast, potentially leading to another supply outage in the Gulf.

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Source: Oil Price

oil-and-gas

Oil and Gas is a Partner — Not Adversary — in Meeting Our Economic and Environmental Goals

The majority of the news this week is on the Supreme Court talking about if oil and gas is a partner. There are a number of energy and environmental actions under discussion in the legislative branch. The Senate Committee on Environment & Public Works legislative hearing on Chairman John Barrasso’s (R-Wyo.). “The Endangered Species Act Amendments of 2020”, and Rep. Garrett Graves (R-La.) introduction of a bill to codify much of the Council on Environmental Quality (CEQ’s) National Environmental Policy Act (NEPA) rulemaking.

These legislative actions are crucial because they recognize that our nation needs affordable, reliable energy and modern infrastructure to rebuild our economy, grow our workforce, and lead the world’s transition to a lower carbon future.

There is an inextricable link between a healthy and robust economy and a reliable and affordable energy source. Real, lasting climate solutions are driven by innovation and technological breakthroughs that enhance our way of life and reduce emissions.

That’s the message that we plan to deliver this week. This is as men and women of the oil and gas industry will virtually meet with congressional offices. Energy is not a partisan issue.

Economically, the U.S. Shale industry is credited with driving 10 percent of U.S. GDP growth from 2010-2015 — a time that was vital to our ability to emerge from the housing crisis and last recession. We also provide good-paying American jobs – about 1 million direct upstream onshore jobs.

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Source: The Hill

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colombia oil

Colombia’s Oil Major Plans To Drill 100 Wells In The Permian

Colombia’s state-held oil firm Ecopetrol has a strategic alliance with Occidental Petroleum. It is to develop acreage in the Permian. There are plans to have drilled as many as 100 wells in the most prolific U.S. shale basin. It is by the end of 2021. Ecopetrol’s CEO Felipe Bayon told a conference on Monday. Continue reading about Colombia oil production below.

“By the end of next year, we should have over a hundred wells,” Bayon said at a virtual conference, as carried by Reuters.

Last year, Ecopetrol and Occidental Petroleum Corp agreed to set up a strategic joint venture to develop unconventional reservoirs in approximately 97,000 acres of the Permian Basin in West Texas.

This deal was part of Ecopetrol’s strategic priorities to develop more unconventional resources and have more operations outside Colombia, the company said in November 2019.

Between November last year and June this year, Ecopetrol drilled 22 wells. However, oil production has slowed because of the oil demand and price crash in the pandemic, according to Bayon.

Despite the current low oil prices, Ecopetrol expects to have 100 wells drilled in the Permian by the end of next year, said the company’s executive.

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Source: Oil Price

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hurricane

Oil Prices Rise On Hurricane Outages

Oil prices rose on Tuesday afternoon, ahead of the weekly crude inventory data releases, but traders remain concerned about the pace of the recovery in global oil markets.

After a sobering OPEC report on Monday, the IEA published its updated demand forecast for 2020, revising its previous outlook downward by 200,000 bpd to 91.7 bpd, slightly more optimistic than OPEC’s 90.2 million bpd forecast.

After a few months of quick demand recovery, the International Energy Agency now sees headwinds for further recovery of crude demand, expecting the pace of recovery to slow down significantly as most of the ‘’easy gains’’ are already achieved.

While most analysts and energy executives remain concerned about the slowing demand for road fuels as driving season in North America comes to an end, it’s jet fuels that represent the largest mid to long-term threat for oil markets.

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Source: Oil Price

oil industry

IBM’s Next Big Bet is … the Oil Industry

IBM wants to dig more deeply into oil and gas. They want to explore more about the oil industry.

In partnership with oilfield services giant Schlumberger (SLB), IBM will create a digital platform. A platform where oil and gas companies can access real-time data and software give them a competitive advantage.

The platform will layer Schlumberger’s suite of apps, called DELFI, onto IBM technology to provide digital tools to oil and gas companies — which rely heavily on computing-heavy processes like surveying a drilling site. The software could, for example, help determine if the soil and landscape in a certain area are good for drilling, or which angle is the best to drill to access the most oil over time.

“Digital has become an imperative for our industry,” Schlumberger CEO Olivier Le Peuch told CNN Business. “The whole industry recognizes that this is what can unlock the next level of efficiency, productivity and performance.”

A tech platform for oil and gas

The Schlumberger partnership is part of IBM’s big bet on “hybrid cloud” — a technical setup that lets companies manage data using multiple clouds in addition to their own on-premises servers. It relies on software from Red Hat, which IBM acquired for a whopping $34 billion in July 2019, which makes it easier to move data between those various spaces.

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Source: CNN

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US-oil-drilling

US Oil Drilling Set to Start Rising after Cycle Turns: Kemp

The US oil industry probably passed the low point in the current cycle in July and August, with drilling rates set to start increasing from September or October and production turning up from March or April 2021.

Since hitting a low in late April, when the coronavirus epidemic was raging and lockdowns were most stringent, front-month US oil futures prices have progressively risen for the last 19 weeks.

Over the last 30 years, changes in futures prices have typically been followed by changes in drilling with an average delay of 4-5 months (15-20 weeks) and changes in output with an overall delay of 9-12 months.

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Source: ETEnergyworld

oil-gas-renewables

There May Be No Choice but to Nationalize Oil and Gas — and Renewables, Too

Once on the margin of the margins, calls for the nationalization of US fossil fuel interests are growing. Before the COVID-19 pandemic, the basic argument was this: nationalization could expedite the phasing out of fossil fuels in order to reach climate targets while ensuring a “just transition” for workers in coal, oil, and gas. Nationalization would also remove the toxic political influence of “Big Oil” and other large fossil fuel corporations. The legal architecture for nationalization exists — principally via “eminent domain” — and should be used.

But the case for nationalization has gotten stronger in recent months. The share values of large fossil fuel companies have tanked, so this is a good time for the federal government to buy. In April 2020, one source estimated that a 100 percent government buyout of the entire sector would cost $700 billion, and a 51 percent stake in each of the major companies would, of course, be considerably less. However, in May 2020 stock prices rose by a third or so based on expectations of a fairly rapid restoration of demand.

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Source: Jacobin Mag