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. While further appraisal drilling will be required to determine the ultimate size of the Lontra field, it is clear that Lontra is a discovery on a global scale. BP said that 2013 had been its most successful year for new field exploration for almost a decade.

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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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 Global demand is now seen advancing by 1.2 Global oil supplies increased by 310 kb/d in November to 92.3 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.

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GECF: more than a quarter of 2050 natural gas supply untapped

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According to the latest available figures from the GECF Global Gas Outlook 2050, natural gas production in the Central Asian Republic is set to increase by 78% to reach the level of more than 141 billion cubic metres (bcm) by 2050, at a remarkable annual growth rate of 1.9%. Yet-to-find (YTF) resources will contribute to around 30% of the total production of natural gas worldwide by 2050, according to Yury Sentyurin, the Secretary General of the Gas Exporting Countries Forum (GECF).

BP takes delivery of 6 new LNG tankers

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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. The vessels will help service a 20-year liquefaction contract with the Freeport LNG facility in Texas, as well as other international LNG projects in BP’s global portfolio. BP also participates in LNG projects in Australia, UAE, Indonesia, Trinidad and Angola.

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IEA March Oil Market Report revises 2015 demand forecast upward

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out in the second quarter of 2014, global oil demand growth has since steadily risen, with year?on?year mb/d, bringing global demand to an average 93.5 Global supply rose by 1.3 mb/d, as losses in Libya and Iraq offset higher supply from Saudi Arabia, Iran and Angola. Global crude refinery throughputs estimates have been raised to 77.8 Having bottomed?out year gains estimated at around 0.9

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

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ExxonMobil expects to increase its global production volumes this year by 2% to 4.1 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.

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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. Global exploration funding is expected to be $3 billion in 2012. 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.

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

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Saudi Arabia and its Gulf Arab allies, except Qatar, have increased output, while the output of other OPEC members, other than Iraq and Angola, has either flat-lined or decreased, compared to 2014: Given Saudi determination to defend its export markets, it is interesting that the percentage gain in their crude exports exceeded the percentage gain in crude output in 1H 2015, by 2.7 During this period, the Saudi and Gulf Arab share of global output was flat, declining only 0.1

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Opinion: Is Russia Plotting To Bring Down OPEC?

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from a market for Russian crude and natural gas (via LNG) to a global competitor. into a major (potential) LNG competitor in global LNG import markets, and, via the U.S. by Dalan McEndree for Oilprice.com.