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Tag: Chevron

KazMunaiGaz’s unpleasant surprise for oil majors

May 1, 2013 3:55pm by Isabel Gorst
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When KazMunaiGas muscled into the Karachaganak oil and gas field in 2011, international oil majors had no choice but to dilute their shares in the hugely profitable project to make way for Kazakhstan’s state oil company. At the time it was understood that KMG’s participation would clear the way for Kazakhstan to sanction the third phase of Karachaganak’s development and allow production to surge at the field. That now appears to be have been optimistic: in a surprise move this week, KMG said the expansion plan had been put on ice. Continue reading »

Tags: , , , , , Posted in Asia, Kazakhstan |

Chevron commits to $5.6bn African crude investment project

Feb 7, 2013 4:00pm by Andrew Bowman
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Californian oil major Chevron has given the go-ahead to a $5.6bn development project of an Angolan offshore oil field which will be the company’s second largest investment in African crude to date after its Agbami field in Nigeria.

The Mafumeira Sul project, run through Chevron’s subsidiary Cabinda Gulf Oil Company, is scheduled to begin production in 2015, and will eventually pump 110,000 barrels of crude oil per day from five new platforms, Chevron said. Continue reading »

Tags: , , , Posted in Africa, Angola |

Repsol sues Chevron over YPF deal

Dec 5, 2012 8:15pm by Jude Webber
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gavelJust when New York Judge Thomas Griesa must have been relaxing at having got Argentina’s holdout saga out of his court, another suit involving the country goes and plops into his in-tray.

This case this time? Repsol v. Chevron. The Spanish oil company followed up on its threat to sue any companies that sought to join forces with its expropriated former unit, YPF, to develop shale assets, and filed a complaint against the US major. Continue reading »

Tags: , , , Posted in Argentina, LatAm |

Indonesia: Chevron court case highlights doubts over energy regulation

Nov 28, 2012 7:28am by Ben Bland
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When one of the world’s biggest oil companies takes out a full-page local newspaper advert accusing the attorney general’s office of committing an “abuse of power” and a “human rights violation,” it is clear that something has gone badly wrong.

The unusual step taken by Chevron on Monday after four of its employees were jailed in September by Indonesia’s AGO on suspicion of corruption does not seem to have done the company any harm yet. Continue reading »

Tags: , , Posted in Indonesia |

Who’s afraid of doing business with YPF? Not Chevron

Aug 24, 2012 12:33am by Jude Webber
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Could Chevron be the one? YPF, Argentina’s nationalised energy company, has been hunting for partners to help it develop its vast shale reserves, and invest the $7bn a year it says it needs to boost production. Until now, many potential partners have been mooted, but none has even seemed close to wanting to do a deal. Continue reading »

Tags: , , Posted in Argentina, LatAm |

Chevron spill: Petrobras to the rescue?

Aug 16, 2012 1:20am by Samantha Pearson
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There’s nothing like an oil spill to show you who your real friends are.

On Wednesday Petrobras, Brazil’s state-run oil company, said it was working to help Chevron and Transocean fight an injunction that could ban the companies from operating in the country following last November’s oil spill. Continue reading »

Tags: , , , Posted in Brazil, LatAm |

RIL: turnaround on hold as profits fall

Jul 20, 2012 4:02pm by Kanupriya Kapoor
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Reliance Industries on Friday posted its third successive drop in net profit, only narrowly beating market expectations. Those hoping the new fiscal year would bring a turnaround for the oil and gas company after two gloomy quarters were left disappointed by a 21 per cent fall in net profit to $808m, compared with the same quarter last year. Continue reading »

Tags: , , , , Posted in Asia, India |

Chevron invests $2bn in Venezuelan oil

Jul 19, 2012 8:37pm by Benedict Mander
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While many inhabitants of Venezuela’s north-western state of Zulia are screaming blue murder about the onset of petrol rationing, US oil major Chevron has quietly just agreed to invest $2bn to ramp up production in the region.

Chevron’s announcement is good news for Zulians. Oil production in and around the state’s Lake Maracaibo, once the jewel in the crown of Venezuela’s vast oil reserves, has been declining for years. Continue reading »

Tags: , Posted in LatAm, Venezuela |

Fracking: easier said than done in Romania

Jun 7, 2012 4:44pm by Kester Eddy
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There is always a danger in using the word “inevitable”. Take the development of shale gas in central and eastern Europe.

It’s all very well KPMG describing it in such terms. Of course almost all of the countries in the region want affordable energy, but that’s not how some of the locals see it. The ‘Nimby’* contingent, aided by modern technology, are very active in the region. And politicians are taking note. Continue reading »

Tags: , , , , Posted in Europe, Romania |

Argentina and Big Oil: lots of noise but no money yet

Apr 24, 2012 9:50pm by Jude Webber
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It’s a busy week for Big Oil in Buenos Aires. The Argentine government, which has seized control of YPF from Repsol of Spain and is in the process of nationalising it, has been calling international oil executives in to hear their investment plans. It wants big ticket announcements, fast.

The government doubtless wants to portray any alliances as love matches, with the private oil majors embracing the new-look YPF and endorsing government control. In reality though, any deals are more likely to be more coldly calculated marriages of convenience. Continue reading »

Tags: , , , , , , Posted in Argentina, LatAm |

Petrobras: surrender your passports

Apr 12, 2012 7:41pm by Joe Leahy
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Following the discovery of an oil leak in a field controlled by Petrobras, beyondbrics has taken the liberty of preparing a press release for federal prosecutor Eduardo Santos de Oliveira.

Readers will recall that a Brazilian court has ordered 17 Chevron executives to hand in their passports at the behest of Santos de Oliveira, who is pursuing a R$22bn ($12bn) civil case against the US oil major and criminal charges against its bosses, demanding a 31 year prison term for George Buck, Chevron’s Brazil head. Continue reading »

Tags: , , Posted in Brazil, LatAm |

Poland’s shale gas divided by 5?

Mar 19, 2012 3:08pm by Jan Cienski
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Hopes that Poland could turn into an energy exporting potentate like Norway are looking fragile. The country may be sitting on Europe’s biggest shale gas deposits but it is becoming increasingly clear that early estimates of their size were much too large. Continue reading »

Tags: , , , , , Posted in Europe, Poland |

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