1. Organization of Petroleum Exporting Countries Member States Increased Crude Oil Production in November Exceeded Limit
The Organization of Petroleum Exporting Countries (OPEC) member countries increased production in November far exceeding the requirements of the resumption plan. OPEC member countries increased their daily crude oil production by 350,000 barrels last month, nearly 40% more than the quota stipulated in the resumption plan. Part of the increase was due to the recovery of Nigeria’s production and the excessive increase in Iraq’s production. The survey showed that the output of its 13 member states recorded the largest increase since July, reaching a total of 28 million barrels per day..
2. SBM Offshore and Petrobras signed Mero FPSO agreement
Dutch FPSO operator SBM Offshore has signed a 22.5-year lease and operation contract for FPSO Alexandre de Gusmão with Petrobras to conduct business in Brazilian waters.
FPSO Alexandre de Gusmão will be deployed in the Mero oil field offshore of Brazil’s Santos Basin. Mero is a project in charge of Libra Consortium, of which Petrobras is the operator and holds 40% of the shares, the partner Shell Brasil 20%, and TotalEnergies 20% , CNODC and CNOOC each account for 10%, and Pré-sal Petroleo SA (PPSA) is the manager of this contract.
The project is expected to interconnect 15 wells with FPSO through a subsea infrastructure consisting of rigid production and injection pipelines and flexible service pipelines, of which 8 are oil production wells, 6 water injection wells and gas injection wells, and 1 secondary production well. Convertible wells from wells to gas injection wells. So far, the project has drilled four wells and completed two wells.
3. Chevron expects capital expenditures of US$15 billion in 2022
The US oil giant Chevron recently stated that it plans to set the capital and exploration expenditure budget for the 2022 fiscal year at 15 billion U.S. dollars, which is at the bottom of the guidance range of 15 to 17 billion U.S. dollars, but is 20% higher than the expected level in 2021. above.
Among them, Chevron’s upstream planned capital and exploration expenditures will total approximately US$12.6 billion, of which approximately US$8 billion will be allocated to current production assets, approximately US$3 billion will be used for unconventional development in the Permian Basin, approximately US$1.5 billion Used in other shale and tight assets worldwide.
4. NEO Energy acquires JX Nippon’s UK assets for US$1.7 billion
The British upstream company Neo Energy recently announced that it has signed an agreement to acquire all the shares held by Japan’s JX New Japan Oil and Gas Exploration and Production Company in the UK for US$1.66 billion.
JX New Japan’s oil and gas exploration and production company’s assets in the UK include a 20% stake in the Marina Oilfield and an 18% stake in the Culzean Oilfield, but the transaction does not include JX UK’s interest in the Andrew area
Post time: Dec-09-2021