CNOOC International’s Post

Tamboran Resources and Santos have signed a non-binding memorandum of understanding to conduct technical studies for a potential expansion of the Darwin LNG facility in Australia's Northern Territory. https://ow.ly/M1iV50UMA0R

🚢 Proud to share that Seapath, one of our #maritime subsidiaries, which is developing the first dedicated LNG bunkering facility in the U.S. Gulf Coast with their JV partner Pilot LNG LLC, has successfully secured key environmental permits from the Texas Railroad Commission and the Texas Commission on Environmental Quality for their project in Texas City, TX - Galveston LNG Bunker Port (GLBP). This marks another significant milestone for the project, which was announced in 2023. ⚓ GLBP will provide #LNG—a cleaner, more environmentally friendly alternative to traditional marine fuels—to the Galveston Bay Port complex, which includes the crucial ports of Houston, Galveston, Texas City, and the Galveston Offshore Lightering Areas. The new terminal is being developed with a capacity to provide up to 760,000 gallons per day of LNG and will be built with two 3m-gallon storage tanks. GLBP has also executed agreements for the gas supply and additional pipeline facilities required to support the facility’s operations, including securing a gas supply agreement with Energy Transfer’s Houston Pipeline Company for the long-term LNG supply to GLBP. With construction set to begin this year and the launch of marine fuel production for its customers to occur in 2027, GLBP will play a pivotal role in supporting #sustainability within the maritime sector. As part of Libra Group’s efforts to foster #sustainable innovation, we are proud to see #Seapath’s commitment to strengthening the U.S.’s clean energy infrastructure.

🇦🇺 𝗡𝗲𝘄𝘀 𝘀𝘁𝗼𝗿𝘆: 𝗔𝘂𝘀𝘁𝗿𝗮𝗹𝗶𝗮’𝘀 𝗦𝗮𝗻𝘁𝗼𝘀 𝗱𝗲𝗹𝗮𝘆𝘀 𝗙𝗜𝗗 𝗼𝗻 𝗗𝗼𝗿𝗮𝗱𝗼 𝗼𝗶𝗹 𝗳𝗶𝗲𝗹𝗱 | 𝗔𝗿𝗴𝘂𝘀 𝗠𝗲𝗱𝗶𝗮 Australian independent Santos will now target a 2025 final investment decision (FID) on its 80pc-owned Dorado oil project in Western Australia (WA), after deferring it in 2022 and last year indicating a 2024 decision. Dorado's 10pc stakeholder Australian independent Carnarvon Energy said the joint venture (JV) will evaluate a lower capital expenditure (capex) option by reducing capacity below the previously guided 75,000-100,000 b/d and phasing development wells, targeting front-end engineering and design re-entry later in 2024 "once the JV secures the best option vessel or hull". By Tom Major: https://okt.to/NJst6Z? #ArgusMedia #oilandgas #oilproduction #gasmarkets #oildemand

Despite declaring its discoveries in the PEL39 license area #offshore #Namibia to be noncommercial, Energy Intelligence understands that Shell retains options for further #exploration on the acreage and is evaluating future commercial pathways on the block. #corporatestrategy #offshoreoilandgas

𝐎𝐜𝐞𝐚𝐧 𝐘𝐢𝐞𝐥𝐝 𝐄𝐧𝐭𝐞𝐫𝐬 𝐋𝐍𝐆 𝐂𝐚𝐫𝐫𝐢𝐞𝐫 𝐒𝐞𝐠𝐦𝐞𝐧𝐭 Norwegian-based shipowner Ocean Yield AS has announced an agreement to purchase infrastructure fund CVC DIF’s share in the French company Geogas LNG. The acquisition provides Ocean Yield with an indirect economic interest of up to 34% in France LNG Shipping SAS (FLS), marking its entry into the LNG carrier sector. FLS, which is 50/50 owned by NYK and Geogas LNG, boasts a portfolio of LNG carriers on long-term charters. Currently, six vessels are operational with an average age of three years, and two more are scheduled for delivery in 2024 and 2025. Additionally, four newbuildings are set to be novated to FLS around the transaction’s closing and will be delivered in 2027. All vessels are employed on long-term charters to tier-one investment grade-rated European energy companies, with an average contract duration of 10 years, extendable to 14 years. The acquisition, based on an indirect economic interest of 34%, will add approximately USD 840 million to Ocean Yield’s EBITDA backlog. The transaction is expected to close in the second half of 2024, subject to customary conditions.

Energy Update: 26 July 2024 Helmerich & Payne to buy KCA Deutag for $1.97 billion to boost Middle East presence (Reuters)  Helmerich & Payne Inc. will acquire Britain's KCA Deutag International for $1.97bn, making the combined company one of the biggest rig providers in the Middle East, the companies said. Oilfield service providers have, in recent quarters, bet on growth overseas as well as on deepwater projects to offset weak demand in North America. The deal will increase H&P's Middle East rig count to 88 from 12. The transaction, which will be funded with cash on hand and new borrowings, is expected to close before the end of the year.    Join the energy leaders — book your stand today: https://lnkd.in/dZmREi29 

Woodside Energy's strategy of investing in fossil fuel projects is not working. Woodside has lagged the market and its peers for the last 15 years and, considering how uncompetitive Woodside's unsanctioned projects are, the current strategy is likely to continue eroding value. It really is time for Woodside's board to stop developing high-capex, long-duration and marginal oil and gas projects. Our analysis suggests that share buybacks deliver more than these projects would. And if Woodside ceases developing new projects altogether, there's a further US$4 billion benefit from becoming a leaner and lower risk business. All of this financial opportunity is before considering that Woodside is the only company in the world that has been told by a majority of its investors that it's climate strategy is unacceptable. So a strategic pivot to redirecting capex from marginal projects back to investors, not only increases shareholder value, but would also finally recognise calls from Woodside's investors to improve its climate credentials.

Will S. American off shore oil production exceed Gulf Coast oil production in 5 years with $189 billion in CAP Ex ? South America is expected to see strong momentum in final investment decision (FID) activity out to 2030. The region leads in the cumulative conventional greenfield capex spent on the oil fields between 2020 and 2030, totaling $189 billion, majorly attributable to the offshore deepwater segment.

💡🤝 Could making smart partnerships be the key to extending field life? Equinor certainly thinks so! 💡🤝 💵The company is selling its 19.5% interests in production licenses PL 048E, which is the Eirin field, and PL 1201 to PGNiG Upstream Norway AS (PGNiG). With this, the ownership between Equinor and PNGiG in these licenses will be balanced with the Gina Krog field. ⚖️ "Balanced partnerships will make it easier to coordinate decisions in the licences to optimise production and enhance value creation from the area. Together with the electrification of the platform, the Eirin development will extend the lifetime of the Gina Krog field, which supplies gas to Europe with low emissions from production and transport," says Camilla Salthe, Equinor's Senior Vice President for late-life fields. ⚖️ As always, click below to read the full story over at oilfieldtechnology.com👇 #Equinor #PGNiG #partnership #divestment #oil #gas

#BreakingNews: Wintershall Dea's E&P business, excluding Russia-related activities, has been transferred to Harbour Energy as of 3 September 2024. The transfer includes production and development assets as well as exploration rights in Norway, Argentina, Germany, Mexico, Algeria, Libya (excluding Wintershall AG), Egypt and Denmark (excluding Ravn) as well as Wintershall Dea’s carbon storage licenses (CCS). This significant step transforms Harbour Energy into one of the world’s largest and most geographically diverse independent oil and gas companies. #EnergyConnects #energynews #energyindustry #news #oott #oilandgasindustry