Regional News

Russian gas pipelines to go ahead despite U.S. sanctions

August 03, 2017 | Eastern Europe & Russia, Pipelines

London, UK | –  New U.S. sanctions will make it harder for Russia to build two gas export pipelines to Europe but the projects are unlikely to be stopped. U.S. President Donald Trump has reluctantly signed into law further sanctions on Russia but some of the measures are discretionary and most White House watchers believe he will not take action against Russia’s energy infrastructure. This would allow Gazprom’s two big pipeline projects to go ahead, although at a higher price and with some delays. The …

Russia’s largest oil producer says new US sanctions are going to backfire

August 03, 2017 | Eastern Europe & Russia, Government & Regulations

Nizhnebureisky, Russia |  – New U.S. sanctions imposed on Russia will have negative consequences for the United States and backfire on U.S. energy majors, Igor Sechin, chief executive officer of Russia’s largest oil producer Rosneft , said on Thursday. U.S. President Donald Trump grudgingly signed into law new sanctions against Russia on Wednesday, a move Moscow said amounted to a full-scale trade war and an end to hopes for better ties with the Trump administration. “The sanctions are beginning to backfire on those who are …

Exxon sues U.S. over $2 million fine for breach of Russia sanctions

July 21, 2017 | Eastern Europe & Russia, Government & Regulations, Legal, United States & Canada

London, UK | – American multinational oil supermajor, Exxon Mobil Corporation must pay a $2 million fine for showing “reckless disregard” for U.S. sanctions on Russia while Secretary of State Rex Tillerson was the oil giant’s CEO, the Treasury Department said Thursday. Exxon sued the U.S. government to stop the fine. Treasury said that Exxon violated sanctions when it signed contracts in May 2014 with Russian oil magnate Igor Sechin, chairman of government-owned energy giant Rosneft. The U.S. blacklisted Sechin, Tillerson’s longtime business associate, as …

Shell to exit upstream business in Ireland with $1.23 billion stake sale

July 12, 2017 | Asset Acquisitions & Divestitures, North Sea & Western Europe, Upstream

London, UK | –  Royal Dutch Shell is to sell its 45 percent stake in the Corrib gas venture to a subsidiary of Canada Pension Plan Investment Board for up to $1.23 billion, marking the oil company’s exit from the upstream business in Ireland. The deal includes an initial consideration of $947 million and additional payments of up to $285 million between 2018-2025, subject to gas price and production, Shell said in a statement on Wednesday. The transaction will result in an impairment charge of …

Halliburton acquires Summit ESP

July 06, 2017 | Oilfield Services, United States & Canada

London, UK | – American multinational corporation and one of the world’s largest oil field service companies, Halliburton has announced the acquisition of Summit ESP, a leading provider of electric submersible pump (ESP) technology and services. The addition of Summit’s artificial lift offerings and industry-leading customer service strengthens Halliburton’s artificial lift portfolio for its global customers. “The acquisition of Summit expands Halliburton’s existing artificial lift capabilities and increases our overall leading position in North America oilfield services,” said Jeff Miller, president and CEO of Halliburton. …

Total signs major Iran gas deal, defying US pressure

July 05, 2017 | Contracts, Middle East

Tehran, Iran |  — French energy giant Total defied US pressure on Monday by signing a multibillion-dollar gas deal with Iran, the first by a European firm in more than a decade. Total will invest an initial US$1 billion (880 million euros) in the South Pars offshore gas field as part of a consortium with Chinese and Iranian firms. The 20-year project, which will eventually see the firms inject US$4.9 billion, is by far the biggest vote of confidence in the Islamic republic since sanctions …

Qatar signals LNG price war for market share in Asia

July 05, 2017 | LNG & LPG, Middle East

London, UK | – Qatar, the world’s biggest seller of liquefied natural gas, plan to boost liquefied natural gas (LNG) output by 30 percent is the opening shot in a price war for customers in Asia pitting the Gulf state against competitors from the United States, Russia and Australia. Qatar, facing regional isolation in a diplomatic dispute with its Gulf neighbours, took energy markets by surprise on Tuesday when it said it would raise its LNG production to 100 million tonnes per year – equivalent …

ExxonMobil awards FPSO contract to SBM Offshore

June 22, 2017 | Oilfield Services, Rigs & Vessels, South America

London, UK | – American multinational oil and gas corporation, ExxonMobil, has confirmed the award of contracts for the next phase of the Liza project in Guyana – including one for SBM Offshore. SBM Offshore will construct, install, lease and operate a FPSO vessel for the firm. The company’s chief executive Bruno Chabas welcomed the news, and put the award down to the company’s experience. He said: “We are proud that ExxonMobil awarded SBM Offshore the contracts for the Liza FPSO. The Liza Field offshore …