As part of its recent initiative to provide the data behind its widely followed market analysis and price forecasts, PIRA Energy Group has launched the World Oil Supply Data Portal, (WOS) Available only via PIRA’s client site, WOS reflects the 30-plus years of PIRA forecast modeling of country-by-country and, at times, field-by-field supply data. The results of this bottom-up analysis, when combined with PIRA’s similarly detailed work for by-country and by-sector demand, provides the foundation for PIRA’s oil balances and price forecasts that are relied on by more the 500 client companies worldwide.
With the world now in the midst of a major evolution in oil supply, the timing of the WOS’s launch is particularly important. Markets in North America will increasingly be supplied by new local sources, and oil previously destined for North America from abroad will be seeking new markets in Asia and elsewhere. For instance, U.S. liquids production has grown from 9.5 MMB/D in the second quarter of 2010 to 12 MMB/D currently, with 1.8 MMB/D of that increase coming from relatively light, sweet shale crude production and the remainder primarily from shale NGLs. This higher production has led to a reduction in imports of 2 MMB/D, with largest portion of the reduction to date in African grades. PIRA anticipates that the growth in U.S. crude production will continue, albeit at a slowing rate, changing the global crude mix to one that is both lighter on average and less dependent on OPEC. Understanding the specifics of how this will evolve makes a resource like WOS critical to commercial success in refining, crude transport and maximizing the value of crude sales.
The Portal’s customized interface allows users to quickly access PIRA's latest world liquids supply forecast (annually to 2030 and monthly to end 2014), including assumptions on disruptions, maintenance, and spare capacity. The data can be viewed and organized for any geographical split, from world or regional totals all the way to U.S. states and Canadian provinces, and even to specific plays where available.
“What makes the Portal truly special is that it goes beyond understanding and displaying volumes,” notes Gary Ross, PIRA’s CEO. “Its critical advantage is how it allows users to delve quickly into specific components of liquids supply — conventional, nonconventional; onshore or offshore; shale or non-shale. WOS enables the user to drill down, so to speak, to specific types of liquids, not just crude or condensates. Details on NGLs, biodiesel and ethanol, GTLs and CTLs, syncrude and so on are all just a click or two away.”
Another unique aspect of the Portal is the ability to view crude and condensate production forecasts by quality (light sweet, medium sweet, heavy sweet, light sour, medium sour, heavy sour). Users are further empowered to customize their output by establishing specific value ranges for API, sulfur, TAN, and 650+ content in order to generate a report that contains only the specific grade of crude they need. This could be particularly valuable to a refiner seeking the best source of supply or a producer assessing its most direct competition.
Dr. Ross adds, “As a reflection of PIRA itself, where all of its information services come with high degree of value-added analysis, WOS is more than a collection of data presented in an easy-to-access interface. It comes with our team of seasoned analysts who understand the limitations of source data and work to normalize the various streams. Anticipating and quantifying disruptions is another key element of accurately forecasting supply. WOS inputs take into account all types of disruptions in production, including weather, technical problems, sabotage, sanctions, and other politically driven outages.”
Field start-ups are equally important to gauging future production. WOS’s “Production by Vintage” reports reveal which projects are scheduled to begin production in a particular year (or range of years) and show the behavior of those fields over time in PIRA’s forecast.
PIRA Energy Group, founded in 1976, is a preeminent energy information provider specializing in global energy markets research, analysis, and intelligence. PIRA offers primarily Retainer Client Services, but also can perform customized consulting, on a broad range of subjects in the international crude oil (and NGLs), refined products, natural gas (and LNG), electricity, coal, biofuels, shipping and emissions markets. Currently, more than 500 entities spread across some 60 countries — including international and national integrated oil and gas companies, independent producers, refiners, marketers, oil and gas pipelines, electric and gas utilities, industrials, trading companies, financial institutions and government agencies — use PIRA’s research and price forecasting services.
.
Petrobras announces that the oil output (oil plus natural gas liquids - NGL) of all of Petrobras' fields in Brazil was 1,979 thousand barrels per day (bpd), volume 4.6% higher than May (1,892 thousand bpd). Including the share operated by the company for its partners, oil output in Brazil reached 2,043 thousand bpd, indicating a 5.2% rise compared to May.
In June, Petrobras' total output (oil and natural gas) in Brazil averaged 2,378 thousand barrels of oil equivalent per day (boed), 4.8% higher than May. Including the share operated by Petrobras for partner companies, total production in June was 2,489 thousand boed, 5.5% higher than the previous month.
The increase in production was due to the startup of new wells connected to platforms FPSO Cidade de Itajaí, in Baúna field, Santos Basin, and FPSO Brasil, in Roncador field, Campos Basin, in addition to the startup of FPSO Cidade de Paraty, in the Lula NE Pilot Project, in the Santos Basin pre-salt. The production increase was also aided by the return into operation of platforms P-25 and P-31, in Albacora field, Campos Basin; and of FPSO Cidade de Angra dos Reis, which operates in the Lula field pilot project, in the Santos Basin pre-salt. These production units were undergoing planned shutdowns in May. According to the schedule, in June, platforms P-20 and Pampo-1 (PPM-1), both in Campos Basin, were stoped for maintenance.
Moreover, it is important to highlight the pre-salt's rising contribution to total volume. In June, a new record was set with the daily average of 310.2 thousand bpd, including the share operated by the company for its partners. Total oil and natural gas production in June, including the company's production abroad, averaged 2,612 thousand boed, 4.2% higher than May.
Natural Gas Production
In June, Petrobras' non-liquefied natural gas output in Brazil was 63,430 thousand cubic meters per day, 6.2% higher than May. Total gas production in Brazil, including the share operated by the company for its partners, was 70,834 thousand cubic meters per day, a 6.8% rise compared to the previous month.
International Production
In June, total oil and natural gas production abroad was 234,885 boed, which corresponds to a 0.7% rise against May. Of this total, 144,131 bpd of oil were produced, stable when compared to the previous month. International natural gas output was 15,419 thousand cubic meters per day, 1.9% higher than the volume produced in May.
The rise in international output was primarily due to higher demand for Bolivian gas by the Brazilian market.
Information to the Brazilian National Agency for Oil, Natural Gas and Biofuels (ANP) Total output reported to Brazil's National Petroleum, Natural Gas and Biofuels Agency (ANP) in June 2013 was 9,191,902.60 m³ of oil and 2,234,271.65 thousand m³ of gas.
This output corresponds to the total output from concessions where Petrobras is the operator. It does not include shale, NGL volumes and partners' output where Petrobras is not the operator.
.
Oceaneering International, Inc. (NYSE: OII) has reported record quarterly earnings for the second quarter ended June 30, 2013. On revenue of $820.4 million, Oceaneering generated net income of $98.8 million, or $0.91 per share. During the corresponding period in 2012, Oceaneering reported revenue of $672.5 million and net income of $72.6 million, or $0.67 per share.
|
Summary of Results (in thousands, except per share amounts) |
|||||||
|
Three Months Ended |
Six Months Ended |
||||||
|
June 30, |
March 31, |
June 30, |
|||||
|
2013 |
2012 |
2013 |
2013 |
2012 |
|||
|
Revenue |
$820,372 |
$672,545 |
$718,552 |
$1,538,924 |
$1,267,438 |
||
|
Gross Profit |
201,864 |
161,158 |
160,375 |
362,239 |
284,461 |
||
|
Income from Operations |
146,337 |
110,047 |
108,290 |
254,627 |
186,034 |
||
|
Net Income |
$98,811 |
$72,554 |
$74,849 |
$173,660 |
$124,009 |
||
|
Diluted Earnings Per Share (EPS) |
$0.91 |
$0.67 |
$0.69 |
$1.60 |
$1.14 |
||
Year over year and sequentially, quarterly EPS increased as all business segments achieved higher operating income, led by Subsea Products and Subsea Projects.
M. Kevin McEvoy, President and Chief Executive Officer, stated, "Our quarterly EPS was above our guidance range, and was up 32% over the first quarter of this year and up 36% compared to the second quarter of 2012. Our above-guidance performance was attributable to sales of subsea hardware, demand for asset integrity services offshore Norway, and early completion of a theme park project. We achieved record quarterly operating income from Remotely Operated Vehicles (ROV), Subsea Products, Asset Integrity, and Advanced Technologies.
"Our outlook for the second half of this year remains very positive and essentially unchanged from last quarter. Given this outlook and our year-to-date performance, we are raising our 2013 EPS guidance range to $3.20 to $3.35 from $3.10 to $3.30. Compared to 2012, we continue to forecast income growth for all of our operating segments in 2013. Relative to the first half of 2013, we expect to generate higher operating income during the second half led by ROV and Subsea Projects.
"Compared to the first quarter, Subsea Products operating income rose on the strength of increased revenue and profitability from tooling and subsea hardware. Subsea Products backlog at quarter end was $902 million, up from our March backlog of $776 million and $621 million one year ago. The sequential and year-over-year increases in backlog were predominantly attributable to umbilical awards. During the quarter we announced two large umbilical contracts, one for offshore Egypt and one for the U.S. Gulf of Mexico (GOM).
"Subsea Projects operating income increased due to a seasonal uptick in GOM demand for deepwater intervention and an escalation of work under our field support vessel services contract offshore Angola. The work offshore Angola included the provision of another chartered vessel, the Maersk Attender, for half of the quarter. The charter term on the Maersk Attender runs through September 2013, followed by two 45-day renewal options, subject to our customer's work program.
.On 07/16 in Rio de Janeiro, Petrobras signed two financing programs with the Japan Bank for International Cooperation - JBIC for the offer of two lines of credit amounting to US$ 1.5 billion. Mizuho Bank, Ltd. is the agent bank for these programs and the lines of credit will be 60% financed by JBIC and 40% by private Japanese financial institutions, which are insured by Nippon Export and Investment Insurance (NEXI).
The lines of credit are for Petrobras to purchase equipment and services from Japanese companies in Brazil and abroad, based on the memorandum of understanding signed in October 2012, when a strategic partnership between JBIC and Petrobras was established.
Petrobras and Japan Bank for International Cooperation has built up a close cooperative relationship over many years, with a number of joint operations already implemented. The two financing programs taken out represent vast funding possibilities for these entities, offering new ways of financing, and will further strengthen the relationship between the parties.
.
Offshore Source keeps you updated with relevant information concerning the Offshore Energy Sector.
Any views or opinions represented on this website belong solely to the author and do not represent those of the people, institutions or organizations that Offshore Source or collaborators may or may not have been associated with in a professional or personal capacity, unless explicitly stated.