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. Once online in 2015, the project will build to a production capacity of 110,000 barrels of crude oil and 10,000 barrels liquefied petroleum gas per day. Associated natural gas will be commercialized through the Angola Liquefied Natural Gas (ALNG) plant in Soyo, Angola.

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 Cabaca South East-1 well, located at a depth of 470 meters (1,542 feet), at a distance of 100 km from the coast, successfully reached its multi-target objective in the deepest levels of Miocene age, where oil bearing reservoirs, with a total of 450 meters of gross thickness, have been proven. 5%) and Statoil Angola Block 15/06 Award AS (5%).

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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.), Maersk Oil and other partners declared the Azul-1 deepwater exploration well, located in Block 23 in the Kwanza Basin, a discovery well. The condition of the well prevented an assessment of flow capacity by a conventional test; this was performed as a mini-Drill Stem Test that enabled the recovery of two good quality oil samples. —Lars Nydahl Jorgensen, Head of Exploration at Maersk Oil.

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. During a shutdown, dead oil is circulated in both lines to displace the live oil. France-based Total has been present in Angola since 1953. In 2013, Total’s equity production amounted to 186,000 barrels of oil equivalent per day (boe/d).

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 also confirmed the recently-announced Pitu oil discovery in the frontier deepwater of the Potiguar basin off Brazil’s equatorial margin, announced by Petrobras. billion barrels of oil equivalent, according to Cobalt.

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

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Italy-based energy major Eni signed three agreements to further strengthen its cooperation with the Angolan national oil company, Sonangol. 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.

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 for the current quarter, according to the IEA Oil Market Report for March. mb/d, as losses in Libya and Iraq offset higher supply from Saudi Arabia, Iran and Angola. mb/d for the second quarter on sustained high margins and a slightly more robust oil demand outlook. mb/d in the final quarter of 2014 and in line with projected oil product demand growth.

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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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Exxon Mobil has started production at its Kearl oil sands expansion project in Alberta, Canada ahead of schedule; the expansion is expected to double overall capacity to 220,000 barrels of bitumen a day, with the expansion itself ultimately expected to reach 110,000 barrels per day. ExxonMobil says that the project produces blended bitumen with about the same lifecycle greenhouse gas emissions as the average crude oil refined in the United States.

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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 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.

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. On 30 January 2011, the Acergy Polaris finished installing three subsea separation units (SSU) for the Pazflor project, in 800 meters (2,625 feet) of water in Block 17 offshore Angola. The Pazflor oil field comprises four reservoirs. They contain more problematic oil that is heavier and much more viscous.

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

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Senturin made his remarks during the 25 th Oil & Gas of Turkmenistan Conference. The two-day Oil and Gas of Turkmenistan 2020 conference was organized by the Government of Turkmenistan and attracted the participation of regional and international energy companies, including CNPC, Dragon Oil, SOCAR, ENI, ARETI, Schlumberger, Hyundai, among others.

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

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OPEC next gathers December 4 in Vienna, just over a year since Saudi Oil Minister Ali Al-Naimi announced at the previous OPEC winter meeting the Saudi decision to let the oil market determine oil prices rather than to continue Saudi Arabia's role of guarantor of $100+/bbl oil. In fact, Saudis have downplayed the impact of lower prices on their country, asserting that the kingdom has the financial wherewithal to withstand lower oil prices. Oil Opinion

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Opinion: Is Russia Plotting To Bring Down OPEC?

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Putin has highlighted on various occasions the contribution Russia’s mineral wealth, in particular oil and natural gas, must make for Russia to be able to sustain economic growth, promote industrial development, catch up with the developed economies, and modernize Russia’s military and military industry. While oil and natural gas are crucial to Russia, Russia’s crude and natural gas are crucial to its neighbors on the Eurasian landmass. Market Background Oil Opinion Russia

EIA: China is now the world’s largest net importer of petroleum and other liquid fuels

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In September 2013, China’s net imports of petroleum and other liquids exceeded those of the United States on a monthly basis, making it the largest net importer of crude oil and other liquids in the world, according to figures from the US Energy Information Administration (EIA). million barrels per day, primarily from tight oil plays. Saudi Arabia continues to be the largest supplier of crude oil to China and in 2013 provided 19% of China’s 5.6

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Eni reports important new discovery offshore Congo

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The exploration well, Nene Marine 3, was drilled in a water depth of 28 meters (92 feet) and encountered a significant wet gas and light oil accumulation in the pre-salt clastic sequence, outlining a significant extension to the west of the reservoir and its hydraulic continuity. billion barrels of oil and 30 billion cubic meters of gas in place. billion barrels of oil equivalent in place.

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Using new seismic imaging technique, BP finds significant additional resources in the Gulf of Mexico

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As a result of this early success, BP now is deploying this technique to fields elsewhere in the Gulf of Mexico as well as in Azerbaijan, Angola, and Trinidad and Tobago. The subsurface property models that are created by FWI are used to create high quality and high resolution images of oil and gas reservoirs. Established in 2016, BP’s Subsurface Technical Center specializes in advanced seismic imaging and enhanced oil recovery.

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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. Total is in a strategic alliance with Cobalt International Energy to explore for oil in the Deepwater Gulf of Mexico. Total estimated that the discovery can have a potential of several hundred million barrels of oil.

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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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By 2017, we expect our net crude oil and natural gas production to grow about 20 percent to 3.3 Approximately 87% of the 2012 spending program is budgeted for upstream crude oil and natural gas exploration and production projects. Major capital investments include developments in Australia, the deepwater Gulf of Mexico, Nigeria, Angola and China. Once online, these two LNG projects are expected to add approximately 350,000 barrels net oil-equivalent production per day.

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

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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. A test performed in a partial section of the pay zone flowed 5,000 barrels per day of light oil and 28.5 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.

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ExxonMobil Reserves Replacement in 2008 Was 103% of Production

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billion oil-equivalent barrels—the bulk of it from Canadian oil sands—replacing 103% of production. Reserves additions from the Kearl Phase 1 oil sands project in Canada totaled 1.1 billion oil-equivalent barrels. Proved additions were also made in a diverse range of countries including the United States, Norway, Nigeria, Angola and Australia. billion oil-equivalent barrels. Additions to ExxonMobil’s proved reserves in 2008 totaled 1.5

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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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Ichthys will develop approximately 3 billion barrels oil equivalent of reserves, including around 500 million barrels of condensate. million tons per year) has already been sold for 15 years under oil-linked price contracts, mostly directed to third-party consortiums of Taiwanese and Japanese buyers including INPEX. The group has interests in LNG projects in Indonesia, Nigeria, Norway, Oman, Qatar, the United Arab Emirates, Yemen, Angola, and Russia.

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

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Worldwide, billions of cubic meters (bcm) of natural gas are wasted annually, typically as a by-product of oil extraction. Depending on region, these may include power generation; gas re-injection (for enhanced oil recovery, gathering and processing); pipeline development and distributed energy solutions. Although Nigeria has reduced flare gas emissions by 28% from 2000 levels, the country’s oil industry still wastes 15bcm of natural gas every year.

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