LEADING oil and gas research firm Wood Mackenzie is forecasting a rebalancing of the LNG market with fears of oversupply beginning to ease. According to Massimo Di Odoardo, Wood Mackenzie’s VP Global Gas and LNG, record demand from China has absorbed a large part of the additional 33 million tonnes (mt) of LNG supply in 2017, with the question being can it continue to support the market? “We think yes
EXXONMOBIL has revealed plans to more than double its earnings potential by 2025. The company’s chairman and CEO Darren Woods told shareholders during the company’s annual meeting that the world’s growing energy needs will require trillions of dollars in new investment across industry, even under a scenario to limit the global increase in temperature to two degrees Celsius. Mr Woods said the company will continue to focus on investments that
PHILIPPINE President Rodrigo Duterte was on hand to turn the valves for the official start-up of production at the Alegria Oilfield in southern Cebu island. The President was joined by the Secretary of the Department of Energy (DOE) Alfonso Cusi at the inauguration ceremony which signaled the start of the commercial production of oil and gas in the oilfield, which is currently being operated by China International Mining Petroleum Limited
Westwood Energy has released its 2018 State of Exploration Report, the ninth edition of the definitive report covering global conventional oil and gas exploration. Key conclusions from the report are: • Exploration drilling activity in 2017 was little changed compared to 2016 but performance was strong with discovered volumes more than double that of 2016, overall commercial success rates rising to a record high of 47% and record low finding
LEADING PNG oil and gas company Oil Search Ltd believes a proposed three LNG train expansion and development will be ready to enter FEED in the second half of this year. Oil Search’s managing director, Peter Botten, told a company meeting today that the various partners in the PNG LNG and Papua LNG ventures had now agreed on the three train concept. The be constructed in the PNG LNG plant
EXXON Mobil Corporation has announced today its seventh oil discovery offshore Guyana, following drilling at the Pacora-1 exploration well. The company encountered approximately 20 m of high-quality, oil-bearing sandstone reservoir. The well was safely drilled to 5,597m depth in 2,067m of water. “This latest discovery further increases our confidence in developing this key area of the Stabroek Block,” said Steve Greenlee, president of ExxonMobil Exploration Company. “Pacora will be developed
CGG GeoConsulting and the Petroleum Corporation of Jamaica (PCJ) have announced the discovery of two independent live oil seeps from different parts of the island of Jamaica. This significant find marks the first documented occurrence of ‘live’, or flowing, oil from onshore Jamaica and will be of particular interest to oil explorationists focused on Central America and the Caribbean. The oil seeps were found during fieldwork for a recently completed
ExxonMobil has announced plans to triple total daily production to more than 600,000 oil-equivalent barrels by 2025 from its operations in the Permian Basin in West Texas and New Mexico. Tight oil production from the Delaware and Midland basins will increase five-fold in the same period. The company said recent changes in the U.S. corporate tax rate create an environment for increased future capital investments, including ExxonMobil’s plan to spend
Industry confidence has increased much faster than the oil price, as two-thirds of senior professionals globally plan to maintain or increase capital spending in 2018. 36% expect to increase investment in R&D and innovation – the highest level recorded in four years. Efficiency remains a priority, however, as half of professionals forecast increased cost control. Senior oil and gas sector professionals expect a step change in the industry’s capex, opex
DRILLING success in Papua New Guinea has helped ExxonMobil to be named 2017 Explorer of the Year by the World Oil and Gas Council. “This award is recognition of ExxonMobil’s successful efforts to strengthen our portfolio by accessing and discovering the highest quality resources,” said Steve Greenlee, president of ExxonMobil Exploration Company. “This recognition would not be possible without the dedication of our employees and their daily commitment to safety