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 well has produced results beyond initial expectations and confirms the potential for a second productive hub in the North East area of the block. The current engineering studies and the activities prior to the development of the West Hub will provide guidance for the second production centre. 5%) and Statoil Angola Block 15/06 Award AS (5%).

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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. With a production capacity of 230,000 barrels per day, Kaombo will develop estimated reserves of 650 million barrels. The two FPSOs will be based on conversions of very large crude carriers (VLCCs) into production units. Associated gas will be exported to the onshore Angola LNG plant.

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. There is substantial evaluation work ahead of us to determine whether the discovery is enough to invest further to get production going. Maersk Oil entered Angola in June 2005, when it acquired a 50% interest and operatorship of Block 16.

Eni announces first production from the Junin-5 giant heavy oil field in Venezuela

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PetroJunín, joint venture formed by PDVSA (60%) and Eni (40%), has started production from the Junín-5 giant heavy oil field, located in the Faja del Orinoco—the area with the largest untapped hydrocarbon reserves in the world, according to Eni. With the first well on stream, the production start-up was achieved nine months ahead of the approved development plan for Phase 1 (early production phase). Deepwater Angola.

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.

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

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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). According to Sentyurin, around 80% of the natural gas production by mid-century will stem from new projects, highlighting the importance of continued investment in upstream. North America and Middle East will retain their position as the largest expanders of gas production.

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. Excluding the impact of asset sales, reserves additions replaced 110% of production. Proved additions were also made in a diverse range of countries including the United States, Norway, Nigeria, Angola and Australia. billion oil-equivalent barrels in 2008, replacing 136% of production, including the effect of asset sales.

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

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The rise in China’s net imports of petroleum and other liquids is driven by steady economic growth, with rapidly rising Chinese petroleum demand outpacing production growth. US total annual petroleum and other liquids production is expected to rise 31% between 2011 and 2014 to 13.3 In the meantime, Chinese production will increase at a much lower rate (5% over this period) and is forecast to be only one-third of US production in 2014.

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Eni reports important new discovery offshore Congo

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During the production test in the oil interval, the well flowed more than 5,000 barrels of oil per day at 36° API gravity. Eni, which holds 65% of the Marine XII Block, quickly activated with the joint venture’s partners New Age (25%) and the national company SNPC (Société Nationale des Pétroles du Congo, 10%) the studies to ensure a rapid commercial development of these significant hydrocarbon reserves with the aim of launching a first oil production from 2016.

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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 subsea production system for Pazflor’s three Miocene reservoirs includes three subsea separation units.

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. mb/d in the final quarter of 2014 and in line with projected oil product demand growth. related product draws. 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

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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. The bitumen is then blended with condensate to create a diluted bitumen product. ExxonMobil expects to increase its global production volumes this year by 2% to 4.1

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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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We believe these investments will yield significant production growth and reward our shareholders for years to come. 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. billion is planned for exploration and production activities, including major natural gas-related projects.

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. The Group’s production in the US was at 56,000 barrels of oil equivalent per day in 2011. Cobalt International Energy, Inc.,

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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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First production is expected at the end of 2016. In delivering this important project into production we will be securing vital long-term energy supply to Japan.Ichthys production volumes represent more than 10% of Japan’s LNG imports at current. In addition to its LNG production, the Ichthys project is expected to generate 1.6 The entire annual production of LNG from the Ichthys project (8.4 Location of the Ichthys project. Source: INPEX. Click to enlarge.

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

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They asserted that the their traditional method of stabilizing the oil market, production cuts, would not work since non-OPEC producers would increase output; second, that “market” forces would reduce investment and therefore increase prices in the medium and longer term and ultimately benefit all OPEC members; and third, that any Saudi increase in output was aimed at defending its market share, not reducing theirs. by Dalan McEndree for Oilprice.com.

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Opinion: Is Russia Plotting To Bring Down OPEC?

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The Saudi decision to let the market set prices and to pursue market share, has led to steep declines in crude and petroleum product prices. 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).