1. New York pension fund to divest half of U.S. shale companies from its portfolio
New York’s $280 billion state pension fund will divest its assets including Pioneer Natural Resources Co., Hess Corp. and Diamondback Energy Inc., according to foreign media reports. Twenty-one oil and gas companies had more than $238 million in stocks and bonds as the companies failed to demonstrate a viable net-zero transition plan. At the same time will continue to invest in another 21 companies in the industry.
2. ExxonMobil announces massive restructuring
Exxon Mobil Corp unveiled a sweeping restructuring plan for its global operations on Jan. 31, combining its refining and chemical businesses into one and placing its energy transition business on the same footing as its other businesses. In addition, the company plans to relocate its corporate headquarters from Irving, Texas, to a campus about 250 miles north of Houston in mid-2023.
3. Uganda’s $10 billion oil development gets official approval
France’s Total Energies and its partners reached a final investment decision worth more than $10 billion earlier this month. Uganda’s oil discoveries include building a $4.2 billion, 897-mile (1,444-kilometer) heated pipeline to transport waxy crude to Tanzania’s port of Tanga over the next four years. Total owns 62% of the development. Unocal and Tanzania Petroleum Development Company each hold 15%, CNOOC holds the rest.
4. Chevron seeks U.S. reinstatement of its Venezuelan crude trading rights
The United States is considering a proposal from Chevron to allow the company to accept and trade Venezuelan oil cargoes in order to recover arrears.
Chevron, the last U.S. oil producer with employees and offices in Venezuela, has a joint venture with local state oil company PDVSA.
Chevron petitions U.S. authorities to restore trade privileges it enjoyed until mid-2020, allowing it to trade 1 million to 2 million barrels a month of Venezuelan crude.
5. Shell makes oil discovery at highly anticipated Namibian offshore oilfield
Royal Dutch Shell announced an oil discovery in Namibia last week after explorers drilled 15 exploratory wells in the region and largely failed to find commercial resources. It is reported that Shell owns 45% of the 2913A block, Qatar Petroleum holds 45%, and Namibia National Oil Company holds 10%..
6. TotalEnergies exits US Gulf of Mexico project
French energy giant TotalEnergies announced on Thursday its decision to withdraw from its North Platte deepwater project in the U.S. Gulf of Mexico to focus on better opportunities to allocate its capital.
TotalEnergies, which holds a 60% operating interest in North Platte, and its co-owner Equinor (40%) have formally notified its partners and authorities that it will withdraw from the project immediately and resign as operator. This will come into effect after a short transition period to ensure an orderly handover of operational rights.
The North Platte oil field spans four blocks in the Garden Bank area, 275 kilometers from the Louisiana coast, in approximately 1,300 meters of water. The reservoir has high porosity and permeability and is over 1200 meters thick. The discovery was made in 2012.
Post time: Feb-15-2022