Sylvia Pfeifer reports from “Gas City” or Doha, the capital of the state of Qatar. Located halfway along the Western coast of the Arabian Gulf, Qatar has been enjoying a construction boom fuelled by its hydrocarbon riches, in particular the world’s largest single gas field, the North Field. The field contains more than 900 trillion cubic feet of gas, equivalent to 150bn barrels of oil, or more than 10 per cent of worldwide gas resources. Read more
Royal Dutch Shell’s announcement this morning that it is selling its holding in six oil and gas fields in the Gulf of Mexico is by no means a signal that the Anglo-Dutch major is about to reduce its presence in the area. The company is doing what most of its peers have been doing - selling non-core assets and focusing on higher-quality ones.
At the same time, most of the supermajors are also increasing their capital expenditure budgets in an attempt to increase production growth – one of the themes to come out of the third quarter reporting season that just ended which saw Exxon and Shell report sharply higher profits, fuelled by strong crude prices and better refining margins.
Tudor, Pickering, Holt & Co Securities puts out a chatty research report every day, and it is worth reading. Case in point came yesterday when I came down to the header Industry response to Macondo. Read more