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 »
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 »
Just 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 »
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 »
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 »
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 »
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 »
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 »
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 »
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 »
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 »