1. BP announces withdrawal from 19.75% stake in Rosneft
On February 27, local time, British energy giant BP announced on its official website that it would withdraw from its stake in Rosneft. A day earlier, the oil major came under pressure from British authorities.
BP Group has held a 19.75% stake in Rosneft since 2013. In addition, BP Group Chief Executive Bernard Looney will step down as a director of Rosneft, effective immediately. Another director nominated by BP Group in Rosneft, former BP Group CEO Bob Dudley, will also resign from the board.
2. LUKOIL completes acquisition of 50% stake in Mexico’s No. 4 shallow water oil project
Russia’s Lukoil said on Friday that it has completed the acquisition of 50% of the operating rights to the Mexico 4 area project through the acquisition of the operator’s holding company, in a transaction valued at $435 million, plus the effective date of January 1, 2021. Expenditures incurred since then (approximately $250 million).
The project consists of two blocks with a total area of 58 square kilometers, located 42 kilometers offshore the Gulf of Mexico. These blocks have seawater depths ranging from 30m to 45m. Two fields – Ichalkil and Pokoch – are located within these blocks. The recoverable oil and gas reserves of these fields amount to 564 million barrels of oil equivalent, of which more than 80% are crude oil. The project partner is PetroBal, the oil and gas subsidiary of Mexican conglomerate GrupoBAL, with the remaining 50% interest.
3. Schlumberger Launches GeoSphere 360 3D Reservoir Mapping While Drilling Service
Schlumberger announced the GeoSphere 360*3D reservoir mapping while drilling service at the International Petroleum Technology Conference (IPTC). The service utilizes advanced cloud computing and digital solutions to provide real-time 3D profiles of reservoir objects. This improves reservoir understanding and enhances well placement to maximize returns from complex reservoirs.
4. Chevron plans to implement emission reduction projects at 5 U.S. oil wells
U.S. oil giant Chevron is trying to prove it can reduce methane emissions at five wells in Texas and Colorado, part of the industry’s push to “procure responsibly” natural gas.
The energy giant is seeking independent certification for the wells from environmental assessment firm Project Canary, which will review and analyze emissions and other environmental information from the wells. These wells produce both oil and associated natural gas. Chevron said in a statement Wednesday that it will also deploy Project Canary monitoring equipment at some locations..
5. 13 major Russian companies including Russia’s largest shipping company are sanctioned by the United States
The United States on Thursday announced new debt and asset restrictions on 13 of Russia’s most critical large companies and entities. The restrictions include all new debt transactions, financing and other operations involving maturities longer than 14 days and new equity issues by 13 Russian state-owned companies and entities.
These include companies in the energy sector such as Gazprom, Gazprom Neft, Transneft, Russia’s state-owned shipping company Sovcomflot and others.
These entities, which include key businesses in the Russian economy with estimated assets of nearly $1.4 trillion, will be unable to raise funds through the U.S. market – a key source of capital and income.
Post time: Mar-01-2022