1. Eni made a major oil discovery off the coast of Ghana
Eni group of Italy said on July 6 that it may have found as much as 700 million barrels of oil equivalent in the Eban exploration prospect off the coast of Ghana. The discovery has resulted in an estimated oil and gas reserve of more than 1.1 billion BOE between the Sankofa field and the Eban akoma complex.
Eni group holds 42.469% equity of ctp4 block where the discovery is located and is the operator of the block. Partners include Vitol group (33.975%), Ghana national oil company (10%), woodfields upstream (9.556%), GNPC explorco (4%).
2. Technipfmc makes a big deal with tulo oil
Technipfmc recently announced that it has won the iepci contract for the development project of Jubilee South East led by Tullow oil. He said it was a “significant” contract worth $75 million to $250 million. Jubilee South East is an extension of the world-class Jubilee oilfield.
3. U.S. fossil energy consumption hit a record low in 2020
The US Energy Information Agency (EIA) said this week that the total consumption of fossil fuels (including oil, natural gas and coal) in the United States will drop to 72900 trillion BTU in 2020, 9% lower than that in 2019, the lowest level since 1991, and the largest annual decline in absolute and percentage terms since 1949.
The fall in oil prices and the economic response to covid-19, as well as the relatively warm weather last year, are the main reasons for the sharp decline in consumption of transportation fuels, heating fuels and industrial fossil fuels.
4. Mesquite energy is considering selling its Eagle Ford shale assets
Mesquite energy, the US oil producer, is considering selling more than 100000 acres of Catarina ranch assets in Eagle Ford, Texas. The divestiture may be a prelude to the sale of the company, according to people familiar with the matter.
The Houston based company has more than 400000 acres of assets in southern Texas
5. Petronas signs $7 billion LNG supply agreement with CNOOC
Petronas, through its subsidiary Petronas, has signed a 10-year LNG supply agreement with CNOOC, a subsidiary of CNOOC.
The agreement, which covers a 10-year supply of 2.2 million tons of LNG per year, is linked to the Brent and Alberta energy company (AECO) index. The transaction is valued at about $7 billion.
6. Saudi Aramco hopes to raise tens of billions of dollars by selling more assets
Saudi Aramco, the world’s largest oil company, is planning to raise tens of billions of dollars by selling more shares in the company.
Last year, shortly after the covid-19 pandemic triggered a collapse in energy prices and strained balance sheets, the Saudi state-owned company set up a new team to assess its assets. In April this year, Saudi Aramco sold the lease rights of the oil pipeline to a group of investors led by the United States, raising $12.4 billion.
7. Review energy services commercializes ConocoPhillips’ hydraulic fracturing pressure diagnosis technology
Reverse energy services has signed a technology license and development agreement to commercialize ConocoPhillips’ patented technology of porous elastic response measurement [PRM], and the two companies will conduct joint research and development in the field of PRM technology.
Reveal energy services will integrate this new technology for rendering hydraulic fracturing and real-time fracture monitoring into its image frac service. Image frac, developed under the exclusive license of equinor since 2016, provides a simple, accurate and affordable fracture map based on pressure measurements in adjacent wells. It has been used to quantify fractures in more than 30000 hydraulic fracturing stages in the United States and Canada.
8. Patterson UTI energy acquired pioneer energy services for us $295 million
Patterson UTI Energy Inc., a leading supplier of contract drilling services in the United States, announced that it has reached an agreement to acquire pioneer energy services Corp. for about $295 million, including the repayment of all pioneer energy services debts. The price of the acquisition includes the issuance of up to 26275000 Patterson UTI common shares, plus $30 million in cash. The transaction is expected to be completed in the fourth quarter of 2021, subject to regulatory approval, customary closing conditions and approval from pioneer energy services shareholders.
Post time: Jul-08-2021