UK reexamining shale gas fracing in push toward energy security

(Bloomberg) — Business Secretary Kwasi Kwarteng commissioned a geological report into the science of shale gas fracing, as the U.K. government tries to boost energy self-sufficiency in the wake of the Ukraine war. Kwarteng  Tuesday to the British Geological requesting a report in three months’ time on the modeling of seismic activi...

Exxon sees up to $4 billion writedown on Russian departure

(Bloomberg) — Exxon Mobil Corp. expects to take a writedown of as much as $4 billion on the Sakhalin-1 oil development in Russia as the company attempts to exit the operation following the invasion of Ukraine.  “As operator of Sakhalin, the Company remains focused on the safety of people, protection of the environment and integrity of o...

Oil & gas market report expects continued demand increases this year

(World Oil) — A new market update report shows the U.S. oil and gas (O&G) industry can expect to see continued demand recovery and positive effects from the passage of the Infrastructure Investment and Jobs Act, but regulatory environments tightened last year. The is authored by Patrick McRorie, a partner with Lathrop GPM, using U.S. Energy...

Shell Trinidad and Tobago delivers first gas from Colibri project

Shell Trinidad and Tobago (through BG International, a subsidiary of Shell plc) announced that production has started on Block 22 and NCMA-4 in the North Coast Marine Area (NCMA) in Trinidad and Tobago. The start-up of Colibri follows the amendment to the Block 6 production sharing contract for the Manatee field, marking yet another significant...

Santos dispute with ConocoPhillips snags Alaska oil project, stake sale

(Reuters) — Australia's Santos Ltd. is locked in a dispute with ConocoPhillips over road access in Alaska, potentially holding up a $3 billion oil project, according to letters from both companies to the U.S. state's government. The dispute could also delay Santos's planned sale of its majority stake in the project, which c...

Petrofac awarded major Australian decommissioning contract

Petrofac, a leading provider of services to the global energy industry, has been awarded a major decommissioning contract by the Australian Government, heralding the start of an era of decommissioning in the nation's offshore oil and gas sector. Petrofac's Australia team based in Perth, WA, has been contracted to complete Phase 1 of the decommis...

Baghdad tells Kurdistan to move oil activities to new company

(Bloomberg) — Iraq’s government has told Kurdistan to transfer its oil and gas activities to a new company ahead of Baghdad’s takeover of the region’s operations, according to a document seen by Bloomberg. The document, signed by Oil Minister Ihsan Abdul Jabbar, requests copies of all oil and gas contracts signed by the Kurdistan Regiona...

U.K.’s contested Cambo oil field secures license extension

(Bloomberg) — A controversial U.K. oil project won a license extension, keeping open the possibility of development even after Shell Plc retreated amid a backlash from climate protesters. The Cambo field has received a two-year extension from the energy regulator, operator Siccar Point Energy Ltd. said Wednesday. The project was put on ice lat...

OEUK responds to the Chancellor’s Spring Statement and OBR forecast

Offshore Energies UK, the leading trade body for the UK’s integrating offshore energy industry has responded to Chancellor Rishi Sunak’s Spring Statement, and forecasts by the Office for Fiscal Responsibility.  Commenting, OEUK CEO Deirdre Michie OBE said:  “The OBR figures published today show that the oil an...

Chicago City Council bans fossil-fuel investments

(Bloomberg) — The Chicago City Council on Wednesday voted to ban city investments in coal, oil and gas companies in an effort to combat climate change.  The  was supported by Chicago Mayor Lori Lightfoot and Treasurer Melissa Conyears-Ervin, who manages investments for the city as well as its pension funds and oversees $9 billio...