Chevron greenlights $5.6B Mafumeira Sul project offshore Angola

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Chevron Corporation’s Cabinda Gulf Oil Company Limited subsidiary will proceed with the development of the Mafumeira Sul project located offshore Angola. Associated natural gas will be commercialized through the Angola Liquefied Natural Gas (ALNG) plant in Soyo, Angola.

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Total and partners launch $16B ultra-deep Kaombo project offshore Angola

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Total and its joint venture partners have made the final investment decision to develop the ultra-deep offshore Kaombo project in Angola. Associated gas will be exported to the onshore Angola LNG plant. France-based Total has been present in Angola since 1953.

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New Major Oil Discovery in Angola Deep Offshore

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An Eni-led consortium announced a new major oil discovery in Block 15/06 in the deep offshore of Angola. The other partners in the JV are Sonangol Pesquisa e Produção (15%), SSI Fifteen Limited (20%), Total (15%), Falcon Oil Holding Angola SA (5%), Petrobras International Braspetro B.V. (5%) 5%) and Statoil Angola Block 15/06 Award AS (5%).

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BP closes out 2013 with deepwater finds in Gulf of Mexico and offshore Angola; new activity offshore Brazil

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Earlier in December, Cobalt International Energy announced a significant discovery at its Lontra well in the pre-salt play offshore Angola, in which BP holds a 30% interest. BP said that 2013 had been its most successful year for new field exploration for almost a decade.

Sonangol, Maersk Oil and partners strike oil with their first deepwater pre-salt well offshore Angola

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Sociedade Nacional de Combustíveis de Angola Empresa Pública (Sonangol, E.P.), The result may be a further step towards our goal of building up a significant business in Angola. Maersk Oil entered Angola in June 2005, when it acquired a 50% interest and operatorship of Block 16. Exploration activities are ongoing in Angola, Brazil, Norway, the US Gulf of Mexico, Greenland and in producing countries.

Eni signs 3 cooperation agreements with Angolan national oil company, including biodiesel

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Through the agreements, the two companies have established the framework for the development of joint mining initiatives in Angola and abroad; the execution of a pilot project in food and biodiesel; and non associated gas development projects related to block 15/06 in Angola. Eni said that this operation confirms Angola as one of the key countries in the company’s growth strategy.

Chevron announces $32.7B capital and exploratory budget for 2012; LNG and deepwater investments propel a step change

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Major capital investments include developments in Australia, the deepwater Gulf of Mexico, Nigeria, Angola and China. Angola: Angola LNG and development of Mafumeira Sul. Chevron Corporation announced a $32.7 billion capital and exploratory spending program for 2012. Included in the 2012 program are $3 billion of planned expenditures by affiliates, which do not require cash outlays by Chevron. We continue to develop an unparalleled project queue.

BP takes delivery of 6 new LNG tankers

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BP also participates in LNG projects in Australia, UAE, Indonesia, Trinidad and Angola. BP is taking delivery of six new, state-of-the-art liquefied natural gas (LNG) tankers to support its expanding global LNG portfolio, and to respond to growing demand for lower-carbon energy sources around the world. BP’s finance partners KMarin and ICBC Leasing are investing more than $1 billion in the tankers, which will join existing tankers in BP Shipping’s fleet in 2018 and 2019.

Statoil, Repsol Sinopec and Petrobras confirm high-impact deepwater discovery offshore Brazil

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This discovery increases our understanding of the pre-salt potential in the Campos Basin and improves our confidence in the recently acquired acreage position in the pre-salt Kwanza basin of Angola. Statoil, operator Repsol Sinopec, and Petrobras have confirmed a high-impact discovery in the Pão de Açúcar prospect offshore Brazil. Statoil defines a high-impact well as offering a total of more than 250 million barrels of oil equivalent (boe), or 100 million boe net to Statoil.

INPEX and Total launch the $34B Ichthys offshore Australia LNG Project; entire 8.5 Mt/y LNG output already sold for 15 years

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The group has interests in LNG projects in Indonesia, Nigeria, Norway, Oman, Qatar, the United Arab Emirates, Yemen, Angola, and Russia. Location of the Ichthys project. Source: INPEX. Click to enlarge. Japan-based INPEX Corporation and its joint venture partner Total have made the final investment decision (FID) for the Ichthys liquefied natural gas (LNG) project in Australia, representing an investment of US$34 billion dollars.

Total installs first subsea gas/liquid separation in 800 meters of water in Angolan deep offshore for heavy oil

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Begun in December 2007, development of the Pazflor oil field 150 kilometers (93 miles) offshore Angola is one of the biggest projects currently operated by Total.

GE study finds 5% of worlds natural gas production wasted per year by flaring

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Elsewhere in West Africa, Angola, Equatorial Guinea, Gabon, Congo and Cameroon collectively waste about 10 billion cubic meters of natural gas every year. Gas-flaring countries and trends. Click to enlarge. A newly released GE study — Flare Gas Reduction: Recent Global Trends and Policy Considerations —estimates that 5% of the world’s natural gas production is wasted by burning or “flaring” unused gas each year, despite some progress on the flaring issue.

Eni reports important new discovery offshore Congo

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Eni has been present in Sub-Saharan Africa since the 1960s and currently participates in exploration and production projects in Angola, Congo, Ghana, Gabon, Mozambique, Nigeria, Democratic Republic of Congo, Kenya and Liberia. Eni reports making an important new exploration discovery in the Marine XII Block located approximately 17 kilometers (10.6 miles) offshore Congo.

IEA: non-OPEC oil supply tops 43 mb/d for first time in decades; global demand to reach 92.4 mb/d in 2014

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Renewed disruptions in Libya and smaller drops in Nigeria, Kuwait, the United Arab Emirates and Venezuela more than offset higher output in Iran, Iraq and Angola. The International Energy Agency’s (IEA’s) Oil Market Report (OMR) for December raised the estimate of global oil demand for 2013 by 130,000 barrels per day (130 kb/d) to 91.2 million barrels per day (mb/d), on stronger-than-expected third-quarter demand growth among OECD countries of 320 kb/d.

IEA March Oil Market Report revises 2015 demand forecast upward

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mb/d, as losses in Libya and Iraq offset higher supply from Saudi Arabia, Iran and Angola. Having bottomed?out out in the second quarter of 2014, global oil demand growth has since steadily risen, with year?on?year year gains estimated at around 0.9 million barrels per day (mb/d) for the final quarter of last year and 1.0 mb/d for the current quarter, according to the IEA Oil Market Report for March. IEA raised its forecast of demand growth for all of 2015 by 75 kb/d to 1.0

ExxonMobil brings Kearl oil sands expansion online ahead of schedule; overall capacity doubling to 220K barrels per day

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The volume increase is supported by the ramp up of several projects completed in 2014 and the expected startup of seven major developments in 2015, including the Kearl expansion, Hadrian South in the Gulf of Mexico, Banyu Urip in Indonesia and deepwater expansion projects at Erha in Nigeria and Kizomba in Angola.

Cobalt and Total announce significant North Platte deepwater Gulf of Mexico discovery

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an independent oil exploration and production company focusing on the deepwater US Gulf of Mexico and offshore Angola and Gabon, announced a significant oil discovery at its North Platte prospect on Garden Banks Block 959 in the deepwater Gulf of Mexico. Cobalt International Energy, Inc.,

ExxonMobil Reserves Replacement in 2008 Was 103% of Production

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Proved additions were also made in a diverse range of countries including the United States, Norway, Nigeria, Angola and Australia. Additions to ExxonMobil’s proved reserves in 2008 totaled 1.5 billion oil-equivalent barrels—the bulk of it from Canadian oil sands—replacing 103% of production. Excluding the impact of asset sales, reserves additions replaced 110% of production.

Opinion: Saudis Could Face An Open Revolt At Next OPEC Meeting

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by Dalan McEndree for Oilprice.com.

Opinion: Is Russia Plotting To Bring Down OPEC?

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Putin has aligned Russia with OPEC’s have-nots—the members lacking financial resources to withstand low crude prices for an extended period and that have objected to Saudi policies (Iran, Iraq, Angola, Nigeria, Libya, Algeria, Ecuador, and Venezuela)—against the haves (Saudi Arabia, Kuwait, the UAE, and Qatar). by Dalan McEndree for Oilprice.com.