1. With the rise in oil and gas prices, BP’s profits soared
Driven by rising oil and gas prices, refining profit margins, and strong trading performance in the global recovery from the epidemic, energy giant British Petroleum (BP)’s profit in the third quarter of 2021 has soared compared with the same period last year.
BP said on Tuesday that its potential replacement cost profit (industry standard) jumped to US$3.3 billion in the three months ending in September, compared to only US$86 million in the same period last year..
2. Egypt agrees to sign 5 oil project agreements with international companies
The Egyptian cabinet last week approved five draft oil project agreements between Egypt’s General Petroleum Company and some international companies. The oil projects are located in the Suez Bay, the Nile Delta, the Western Desert Comprehensive Zone, the Eastern Desert Comprehensive Development Zone, and the Western Fayoum Desert..
3. Maersk Drilling and Noble merge in an all-stock transaction
Last week, Maersk Drilling and Noble Corporation reached a final agreement to merge in an all-stock transaction. The combined company will be named Noble, and its shares will be listed on the New York Stock Exchange and Copenhagen Nasdaq. The transaction is scheduled to be completed in mid-2022.
4. Russia’s oil and gas discoveries fall to five-year lows
Data analysis company GlobalData said on Wednesday that after last year’s crisis led to a sharp cut in exploration capital expenditures, Russia’s oil and gas discoveries fell to the lowest level in five years in the first half of 2021: Russian companies discovered oil in six very small oil fields. And natural gas, only 36 million barrels of reserves have been added, which is less than Russia’s four-day daily oil production.
5. U.S. energy company adds oil and gas rigs for the third consecutive week
Last week, U.S. energy companies added oil and gas rigs for the third consecutive week. Energy services company Baker Hughes said on Friday that as of the week of November 12, as an early indicator of future production, the total number of active oil and gas wells increased by 6 to 556, which is the highest level since April 2020.
Since the beginning of this year, the number of oil rigs in the United States has increased by about 70%.
6. ExxonMobil negotiates to build a fourth oil production rig for Guyana
ExxonMobil recently discussed with the Dutch contractor SBM Offshore NV to build a fourth multi-billion-dollar production facility to develop its Guyana oil discovery. Negotiations include the possibility of some platform assembly in Guyana in the future. Guyana hopes to develop the oil industry infrastructure to promote economic and employment growth.
Guyana has the world’s largest offshore discovery in recent years, with recoverable oil and natural gas reaching 10 billion barrels. Guyana started production in 2019 and is hurriedly drafting petroleum legislation and establishing industry regulatory agencies. A consortium led by Exxon mobil is responsible for all output in the country
Post time: Nov-18-2021