Angola’s Sonangol and BP have signed an agreement to progress to final investment decision the development of the Platina field in deepwater Block 18, offshore Angola. They also agreed to extend the production license for the BP-operated Greater Plutonio project on Block 18 to 2032, subject to government approval, and for Sonangol to take an 8% equity interest in the block.
Chevron Corporation has announced a 2019 organic capital and exploratory spending program of $20 billion.
Royal Dutch Shell plc (Shell) announces plans to set short-term targets as part of a long-term ambition to reduce the Net Carbon Footprint of its energy products. The company plans to link these targets to executive remuneration, subject to shareholder approval.
Price volatility. Market turbulence. Geopolitical tensions. As 2018 draws to a close the stage is already set for a fascinating 2019 in the upstream industry.
Equinor and Faroe Petroleum have agreed a number of transactions in the Norwegian Sea and the North Sea region of the Norwegian Continental Shelf (NCS).
A/S Norske Shell has completed the sale of its interests in the Draugen and Gjøa fields in Norway for 4,52 Billion NOK (~US$526 million*) to OKEA AS.
The consolidation between GulfMark and Tidewater is a positive for the market. With Tidewater’s steadfast and unyielding attitude towards the scrapping of non-performing vessels, this is a good chance for the market to reduce some of its oversupply. Hopefully with this new entity taking the lead, other market players might follow suit.
Global Oil Markets
Major transformations are underway for the global energy sector, from growing electrification to the expansion of renewables, upheavals in oil production and globalization of natural gas markets. Across all regions and fuels, policy choices made by governments will determine the shape of the energy system of the future.
Coretrax, an independent wellbore clean-up and abandonment specialist, has received a substantial investment from private equity firm Buckthorn Partners to accelerate its ambitious international growth plans.
Royal Dutch Shell plc (Shell), through its affiliate Shell Overseas Holdings Limited, has completed the sale of its shares in Shell E&P Ireland Limited (SEPIL), which holds a 45% interest in the Corrib gas venture, for up to $1.30 billion (€1.14 billion), to Nephin Energy Holdings Limited (NEHL), a wholly-owned subsidiary of Canada Pension Plan Investment Board (CPPIB).
The LTA is part of an ambitious offshore investment program and covers engineering, procurement, construction, transportation and installation (EPCI) contracts to support Saudi Aramco's Offshore Maintain Potential Program, Oil & Gas Program, and other offshore expansions.
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