Bill Barrett Corporation (NYSE: BBG) announced today that it has entered into an agreement with an unaffiliated third party to sell certain non-core assets located in the Uinta Basin for cash proceeds of approximately $30 million. The transaction is expected to close on or before June 30, 2016, and is subject to customary closing conditions. The assets produced approximately 1,000 Boe/d (63% oil) during the first quarter of 2016 and had estimated proved reserves of 2 million barrels of oil equivalent (87% proved developed) as of December 31, 2015. Based on the Company's internal estimates, the expected 2016 operating cash flow from the divested properties will be less than $2 million based on current strip pricing.
Chief Executive Officer and President Scot Woodall commented, 'The sale of another portion of our non-core Uinta Basin assets at attractive sale metrics further streamlines our operational portfolio and improves operating metrics. Given the current outlook for commodity prices and a focus on our core DJ Basin assets, we had no development activity planned for this year. The divestiture will minimally impact our 2016 production and cash flow, while improving our operating cost structure due to the higher-cost nature of the properties. The proceeds from this transaction will be used to strengthen our balance sheet by adding to our cash position.'
Wells Fargo Securities, LLC advised the Company with respect to the Uinta Basin divestiture process.
How Will The UK's Abandonment Of The EU Impact The O&G Industry? Peter Thompson writes, "Brexit – or, if you prefer the longhand version, Great Britain and Northern Ireland leaving the European Union – has turned something that many thought was unimaginably dull (European matters) into something pulsating and vital."[Oilpro]
OTC 2016: Drone Leader Announces Opening Of Houston Office To Serve US O&G. As OTC-2016 got underway Monday, Cyberhawk Innovations has announced the opening of a Houston office, marking its entrance into a burgeoning U.S. O&G market demand for drone technology. [Oilpro]
Oil Down Early Tuesday. Oil fell on Tuesday, as rising output from the Middle East and North Sea renewed concerns about a global supply overhang. Brent was down 25 cents at $45.58 per barrel at 7:23 a.m. ET (1123 GMT). U.S. crude futures were fell 39 cents to $44.39 a barrel. [CNBC]
Anadarko Hits Off Ivory Coast. Anadarko Petroleum reported that in Q1 the company drilled its first horizontal deepwater well offshore Ivory Coast at Paon-5A, the independent announced in its operations report released on 2 May. [oedigital.com, Oilpro]
Hercules Offshore Extends Forbearance Putting Newbuild Jackup In Jeopardy.Houston-based offshore drilling company Hercules Offshore has given itself some breathing space as it faces bankruptcy having defaulted on a $450m loan. [Splash 247, Oilpro]
2 More O&G Bankruptcies: Ultra & Midstates Petroleum. Two more oil and gas companies have filed for Chapter 11 bankruptcy protection: Midstates Petroleum and Ultra Petroleum. According to court documents filed over the weekend in Houston, both companies have a total debt of $5.8 billion. [Oilpro]
Oil Price Rally Isn't as Deep Rooted as It Looks at First Glance. At first glance, oil prices have rallied -- a lot. Look closer, however, and the market is still pricing the "lower-for-longer" mantra, much as it did at the beginning of the year. [Bloomberg]
Saudis To Sell A Portion Of ARAMCO. Tim Pollard writes, "The sale of such a small portion of Aramco assets or production represents such an insignificant amount of the company capitalization and net worth that any purchase would simply be a tiny hiccough in the royal family's holdings." [Oilpro]
Anadarko Beats 1Q Expectations. "During the first quarter, we maintained strong operating performance and continued to improve our cost structure and efficiencies,while taking significant steps to strengthen our financial position without diluting equity," said Al Walker, Anadarko CEO. [Anadarko]
Encana Continues Cost-Cutting In 1Q. CEO Doug Suttles said, "Our teams are drilling some of the fastest, highest performing and lowest cost wells in our core four assets and we continue to find greater efficiency in every part of the business. We are on track to deliver $550 million of year-over-year cost savings." [Encana]
WesternZagros Resources Ltd. (TSX VENTURE:WZR) is pleased to announce the resumption of crude oil production and sales from the Sarqala-1 well in the Kurdistan Region of Iraq.
Sales are to be in accordance with the payment mechanism for crude oil sales announced by the Ministry of Natural Resources of the Kurdistan Regional Government on February 1, 2016 based on the contractual entitlements under the Garmian Production Sharing Contract.
Gross production rates are expected to average approximately 5,000 barrels per day for the well with monthly payments to be received within 10 working days of the following month.
5月3日，Erin Energy公司发布消息称：Island Constructor号轻型井干预(LWI)船已经成功在Oyo-8号井完成任务，并且公司已经恢复该井的生产作业。石油圈原创www.oilsns.com
Erin Energy将在接下来的几天内提升产量，提高至关井前7,000桶/日的生产水平。Island Constructor号在Oyo-8号井进行了LWI服务，以打开水下控制的水下安全阀（SCSSV），该安全阀在Oyo油田落实减产计划后无法再次打开。
首席运营官Segun Omidele表示：“很高兴看到Oyo-8号井恢复生产作业，而且此次工作的成功在于能够在预算费用内按时完成，感谢合作伙伴能够如此高效、迅速地完成工作。”
来自/Oil Voice 5月3日消息 编译/赵宁
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Erin Energy Corporation (NYSE MKT:ERN) (JSE:K) announced today the Island Constructor light well intervention (LWI) vessel has successfully completed work on the Oyo-8 well and the Company has resumed production from the well.
Erin Energy will now begin a ramp up of production from the well over the next few days to pre-shut in levels of approximately 7,000 barrels of oil per day. The vessel performed LWI service on the Oyo-8 well, to open the sub-surface controlled sub-surface safety valve (SCSSV), which failed to re-open following a planned production curtailment in the Oyo field.
'We are pleased to have Oyo-8 back on production with the work completed on time and within budget,' said Segun Omidele, Chief Operating Officer. 'I thank the team and our service partners for their quick and efficient work.'
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能源服务公司Proserv已经同Apache公司签订了一项数百万美元的合同，双方将合作完成英国大陆架地区的工作。
根据合同规定，Proserv将为位于Beryl Alpha平台南部的Callater井提供水下控制系统、相关海面设备和水下对接设备。在Proserv成功在Apache旗下的Bacchus和Aviat探边井完成工作后，Proserv与Apache签订了此项合同。
Proserv首席执行官David Lamont在公司声明中表示：这份合同对于我们公司而言意义重大，通过这次合作，我们既可以展现Proserv强大的工程技术，又可以提升Proserv在水下控制和通信领域的市场地位。这次合作证明：虽然当今油价低迷，但是依然有大量的机会让我们挑战传统方式、降低操作成本，延长油田寿命，最大限度提高最终采收率。石油圈原创www.oilsns.com
来自/Rig Zone 5月3日消息 编译/赵宁
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Energy services company Proserv has been awarded a multi-million dollar contract from Apache Corporation for work on the UK Continental Shelf.
As part of the deal, Proserv will supply a subsea control system and associated topside and subsea interface equipment for use on the new Callater wells located south of the Beryl Alpha platform. The latest award comes after Proserv successfully completed work for Apache on the Bacchus and Aviat extension wells for the provision of subsea control modules and services in the Forties field.
“This is a significant win for the company that highlights the strength of our technical and engineering expertise as well as our market-leading status in the subsea controls and communications field,” Proserv CEO David Lamont said in a company statement. “It also reinforces that there are still major opportunities in a low oil price marketplace to provide truly smarter solutions that challenge convention and reduce operating costs, extend field-life and maximise ultimate recovery. This is where Proserv uniquely delivers.”
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5月3日，Torchlight Energy Resources公司发布消息称：公司已经将旗下的Cimarron Trail资产以750,000美元的价格售出，生效期为2016年4月1日。此次交易，连同Founders Oil and Gas所支付University Founders B-19 #1号井500,000美元的钻井费用，为Torchlight带来了1,250,000美元的流动资金。
Torchlight将继续出售剩下的Hunton资产，并集中精力推进Orogrande项目和最近刚刚收购的West Texas的Permian Basin Hazel项目。石油圈原创www.oilsns.com
来自/Oil Voice 5月3日消息 编译/赵宁
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Torchlight Energy Resources, Inc. (NASDAQ: TRCH), today announced that it has closed the sale of assets in the Cimarron Trail property for net proceeds of $750,000 with an effective date of April 1, 2016. The sale, along with the receipt of the $500,000 received from Founders Oil and Gas as payment of their obligation upon spudding the University Founders B-19 #1 well in the Orogrande Project, adds $1.25 million of liquidity for Torchlight.
The Company will continue marketing its remaining Hunton Assets and exit that play to focus efforts on its Orogrande Project and recently acquired Permian Basin Hazel Project in West Texas.
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Ultra公司2015年在Utah and Pennsylvania州的Wyoming开发的天然气量达到2900亿立方。Midstates公司2015年在Texas、Louisiana和Oklahoma的油气当量达到1200万桶。
尽管大量能源生产公司破产，但对美国能源生产几乎没有影响，油价突然下降也远超一些分析师的预期。
一些油气生产商开始出现破产，但即使是免除他们所有的债务，这种形势也很难有起色。
来自/Oilvoice 5月3日消息 编译/吴海君
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Oil-and-gas producers Midstates Petroleum Co Inc and Ultra Petroleum Corp have filed for Chapter 11 bankruptcy protection, joining several companies that have been unable to meet debt obligations after a steep decline in energy prices.
Oklahoma-based Midstates and Houston-based Ultra have a combined $5.8 billion in debt, according to court documents filed in Houston's U.S. Bankruptcy Court over the weekend.
The two join dozens of U.S. oil and gas producers that have filed for bankruptcy since the start of 2015. After years of using junk bonds to fuel a frenzy of shale drilling, energy prices began to decline in late 2014 and left many exploration and production companie unable to service their obligations.
Both companies entered bankruptcy as banks are conducting regular six-month reviews of their lending to energy producers. There are signs that banks may take a tougher line this spring, deepening the financial crisis for many producers.
Midstates said it had reached agreements with significant groups of creditors to cuts its $2 billion of debt by more than $1.8 billion.
Ultra said in court filings it planned to engage creditors to reduce $3.8 billion in debt, all of which is unsecured.
Midstates went public in 2012, raising nearly $500 million. Its shares were down 34 percent at about 19 cents in early over-the-counter trading. Its stock was trading at more than $70 per share when energy prices began to fall in 2014.
Shares of Ultra were halted at 31 cents.
Ultra produced 290 billion cubic feet of natural gas in 2015, and operates in Wyoming, Utah and Pennsylvania. Midstates operates in Texas, Louisiana and Oklahoma and produced 12 million barrels of oil equivalent in 2015.
Despite the pace of energy-producer bankruptcies, to date there has been little impact on U.S. energy production, undercutting some analysts' expectations for a sudden output decline.
Some producers that entered bankruptcy are beginning to emerge, but even those that eliminated all of their debt may struggle to grow again.
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挪威能源巨头Statoil公司称其已经同意将美国West Virginia 洲的Marcellus资产以40,700万美元的价格售给EQT公司。
EQT将获得62,500英亩的区域，目前该区域的天然气产量为50百万立方英尺当量。本次交易将在2016年7月8日左右完成。
EQT周一发布声明表示：该区域主要位于West Virginia洲的Wetzel郡、Tyler郡和Harrison郡，此次收购增加了EQT核心开发区域的面积，并且和EQT在Wetzel郡的作业互补。
被收购区域的天然气储藏量达9.2万亿立方英尺。被收购区域包括现有的Marcellus区域和大约500个未开发区域，这些未开发区域平均横向长度为5,600英尺。
EQT表示：这次收购使EQT核心未开发Marcellus区域面积增加了29%。此次并购资产还包括大约53,000英亩未开发区域的开采权益。石油圈原创www.oilsns.com
来自/LNG World News 5月3日消息 编译/赵宁
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Norwegian energy giant Statoil said it has agreed to divest its operated Marcellus properties in the US state of West Virginia to EQT Corporation for US$407 million.
EQT will acquire 62,500 net acres, and current natural gas production of 50 MMcfe per day from Statoil USA Onshore Properties, a unit of Statoil. The transaction is expected to close on or about July 8, 2016.
Primarily located in Wetzel, Tyler, and Harrison Counties of West Virginia, the acquisition adds a “sizeable amount of acreage” within EQT’s core development area and complements the company’s adjacent operations in Wetzel County, EQT said in a statement on Monday.
The 62,500 acre acquisition includes existing Marcellus production and approximately 500 undeveloped locations that are expected to have an average lateral length of 5,600 feet.
According to EQT, this acquisition increases the company’s core undeveloped Marcellus acreage by 29%. The acquisition also includes drilling rights on an estimated 53,000 net acres that are undeveloped and prospective for the deep Utica.
Assets include 31 Marcellus wells, 24 of which are currently producing – three complete, not online and four drilled, not complete. The resource potential of the acreage is estimated at 9.2 Tcf; and 87% of the acreage is either held by production or has lease expiration terms that extend beyond 2018, EQT said.
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TEHRAN, May 01 (Shana) –- National Iran Gas Exports Company (NIGEC) and the Korean Gas Corporation (KOGAS) have signed their first memorandum of understanding in oil industry in the post-sanctions setting.
Alireza Kameli from NIGEC and Seung-Hoon Lee from KOGAS signed the MoU in Tehran on Sunday.
The MoU concerns Iran's natural gas exports in the form of liquefied natural gas (LNG), gas market, and transfer of the related experiences in gas industry cooperation.
The KOGAS was established in 1983 and is one of world's biggest LNG importers.
On Sunday morning, Iranian Minister of Petroleum Bijan Zangeneh received South Korea's Minister of Land, Infrastructure and Transport Kang Hoin in his office in Tehran.
The two officials discussed avenues for future cooperation in energy fields.
地震服务供应商SeaBird Exploration公司已经签订一项合同，为西北欧地区的一项地震测量提供海洋地震测量船。
公司表示，这项调查将从在2016年第二季度开始，时长大约两个月，在今年夏季完成。
SeaBird称公司届时将启用Osprey Explorer号参与该次地震测量，这艘船制造于1985年。
Osprey Explorer在波兰被改造成2D长偏移距/海洋地震测量船（2D Long offset/source vessel）后，于2006年8月加入SeaBird船队。石油圈原创www.oilsns.com
公司没有公布这项合同将为双方所带来的利益，及其客户的任何细节。
来自/Offshore Energy Today 5月2日消息 编译/赵宁
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Seismic services provider SeaBird Exploration has signed an agreement to supply one source vessel for an upcoming survey in North West Europe.
According to the company, the North Sea survey will be done during this coming summer season.
The project is due to start during the second quarter of 2016, and will run for approximately two months, the company said on Monday.
SeaBird stated it would be using the 1985-built Osprey Explorer for the work.
Osprey Explorer joined SeaBird’s fleet in August 2006 after being converted to 2D Long offset/source vessel in Poland.
The company did not provide any details regarding the value of the agreement, nor its client.
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1. Halliburton-Baker Hughes合并计划告吹
Halliburton和Baker Hughes周日宣称：双方已终止合并协议，2014年11月Halliburton宣布收购Baker Hughes，这项交易为石油服务领域有史以来数额最大的交易。
2. OPEC石油产量上升 油价回落
由于中东地区石油产量不断上升，抵消了美国原油产量下滑和美元走弱带来的利好。周一，油价从2016年至高点回落。路透社一项调查显示：4月OPEC石油产量升至3264万桶/日，为近几年最高。
3. 钻机数量并不代表石油产量
David Bridgeman在Updated Rig Model一文中表示：“钻机数量依然保持低水平”但是，他提醒道：“钻井数量并不代表石油产量！如果电视节目里的专家试图把钻机数量和油价联系在一起，千万别被他们迷惑。”
4. Chevron称“2016年公司将会继续削减成本”
周五，Chevron公司管理层再次承诺：Chevron将在油价低迷时期遵纪守法、随机应变。由于石油市场变幻莫测，Chevron将继续保持灵活性，或进一步削减开支。
5. Diamond Offshore公布业绩 任命新首席财务官
首席执行官Marc Edwards表示：“第一季度，Diamond Offshore营运效率高达98.2%，这在公司业绩中有所体现。”此外，Halliburton资深职员Kelly Youngblood被任命为首席财务官。
6. H&P首席执行官预计艰难时期将会继续
John Lindsay表示：“全球各地都在裁减职员、降低花费、减少投资，我们估计，第三财政季度的钻井工作将会进一步恶化。”
7. 沙特工人焚烧公司大巴 抗议“裁员欠薪”
沙特Al-Watan报发布消息称：沙特一公司解雇50,000名外籍员工，并向他们发放出境签证。随后，工人纵火焚烧公司大巴。
8. IEA主席表示：油价或许已经触底
周日，国际能源署（IEA）主席Fatih Birol表示：如果全球经济状况保持良好状态，油价或许已经降至最低点。
9. Hamm 称：没有OPEC 市场依然可以保持稳定
Harold Hamm在一篇专栏评论中表示：“事实上，美国原油现在已经出口到了世界上的各个角落 --- 从德国到意大利，从以色列到日本。在美国取消出口禁令后不到半年的时间里，自由市场正在发挥作用，全球石油市场趋于稳定，但这与OPEC无关。”石油圈原创www.oilsns.com
10. Technip与Petrobra所签合同延期
Petrobras公司与Technip公司所签订的五年期合同延期四年，根据该合同规定，Technip将为Petrobras旗下Flexible Pipes Logistic Base (BAVIT) 提供服务。而此次合同延期为双方带来的价值并没有对外公布。
来自/Oilpro 5月2日消息 编译/赵宁
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The Halliburton-Baker Hughes Merger Has Been Called Off. Halliburton and Baker Hughes announced on Sunday that the companies have terminated the merger agreement they entered into in November 2014. The deal would have been the largest in oil service history. [Oilpro]
Oil Prices Slip From 2016 Highs On OPEC Output Boost. Oil prices edged back from 2016 highs on Monday as rising production in the Middle East outweighed a decline in U.S. output and a sliding dollar. A Reuters survey showed that OPEC production rose in April to 32.64 M/bpd, close to the highest level in recent history. [Reuters]
Update On Oil Rig Forecast; And Rigs Aren’t Production. David Bridgeman's updated Rig Model "suggests the rig count continues low, but somewhat stable, until picking up a year from now." But, he cautions, "Rigs Are Not Production! Don’t be confused by the “talking heads” on TV when the try to relate rig count to oil prices." [Oilpro]
Earnings Review
Chevron Says "Cost Reduction Momentum Should Continue Throughout 2016". On Friday, Chevron's management team reiterated its commitment to a disciplined and resilient approach amid the downturn. It is remaining flexible given the volatility of the oil market to enact further cuts if needed. [Oilpro]
Diamond Offshore Reports Earnings, Names New CFO. CEO Marc Edwards said, "Fleet-wide, we achieved operational efficiency for the quarter of 98.2 percent, which is reflected in our earnings results and improved project economics for our clients." Also, Halliburton veteran Kelly Youngblood has been appointed CFO. [Diamond Offshore]
H&P CEO Sees "Demanding Times" Continuing. John Lindsay said, "Sharp reductions in personnel, expenses, and investments are occurring worldwide, and we expect to see further deterioration in terms of drilling activity during the third fiscal quarter." [Helmerich & Payne]
Saudi Workers Set Fire To Buses Over '50,000 Sacked And Salaries Unpaid'. The attack on the company buses came after Saudi Al-Watan newspaper reported the company had laid off 50,000 foreign employees and issued them exit visas. [UK Independent, Oilpro]
IEA Chief: Oil Prices May Have Hit Bottom, But Watch The Economy. International Energy Agency (IEA) chief Fatih Birol said on Sunday that oil prices may have bottomed out, providing that the health of the global economy does not pose a concern. [CNBC]
Hamm: No Doha Deal, No OPEC, No Problem. "U.S. crude oil exports are now reaching virtually every corner of the world – from Germany to Italy to Israel to Japan. Less than six months after America lifted its 40-year-old export ban, free markets are working, OPEC is irrelevant, and the global oil market is stabilizing," Harold Hamm says in this op-ed column. [journalrecord.com, Oilpro]
Technip's Contract Extended At Petrobras' Base For Flexible Pipes. Petrobras has extended Technip's five-year contract at its Flexible Pipes Logistic Base (BAVIT) by a further four years. The value of the contract extension was not disclosed. [Splash 247, Oilpro]
Meet Environmental Scientist, Andra Wilcox, #HUMANSofOG. She writes, "I’m one of the lucky ones that gets to say I love my job! I’ve been working with the environmental side of O&G since 2012 and I get to see how far industry has come and how above and beyond many are going to ensure the environment and employees are protected." [Oilpro]
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A moments silence was held by staff across Statoil’s operations in the wake of the North Sea helicopter crash which killed 13 people.
The company’s chief executive Eldar Saetre was joined by other officials including executive vice president Arne Sige Nylund on a visit to the Gullfaks B platform.
The flight, which had 11 passengers and two crew on board, had been making a return journey from the platform when it crashed closed to Flesland Airport near Bergen. Norwegian police have released the names of eight of the victims.
Production from the North Sea platform resumed on Sunday after it was shut down following the helicopter crash at the request of staff.
Satre said there had been a “tremendously strong community” amongst those working in the industry.
He said safety remained the company’s “biggest priority” and it would be important to determine the cause of incident.
80:20已经赢得一项价值2500万英镑的合同，合同涉及北海地区的工作。
80:20是一家专业的采购公司，80:20常务董事Paul Dorward表示：“虽然当今市场形势严峻，但我们很高兴能在2016年有一个良好的开端。我们公司一直采用新技术，有着高水平的采购专家，并且一直致力于提升员工素质。此外，80:20和采购与供应特许机构(CIPS)关系密切，该机构在世界范围内被公认为顶尖采购专家的规范，我们认为这也是客户信任80:20为他们所提供的采购服务的原因。”
公司表示，合同签订为Houston办公部的建立创造了条件。石油圈原创www.oilsns.com
80:20公司在能源热点拥有一个有三人组成的团队。Adrian Quick已经被任命为新办公部的业务经理。80:20称其正计划招聘新员工以跟进公司不断增长的业务。
该公司目前在英国、荷兰、挪威、特立尼达和马耳他设有办公地点。
来自/Energy Voice 5月2日消息 编译/赵宁
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80:20 has landed £25million in North Sea contracts.
The procurement specialist, which is owned Peterson, said the contract wins include two successful re-tenders for a further three years each.
Managing director Paul Dorward said: “We have had an extremely positive start to 2016, particularly in this difficult market. Our use of innovative commercial and technology solutions has been the driving force behind these wins.
“We have a highly skilled team of procurement experts and are committed to continuing the development of our people. We have a strong affiliation with the Chartered Institute of Procurement and Supply (CIPS) which is recognised worldwide as the standard for top quality procurement professionals and we believe this is key to clients entrusting 80:20 to deliver their procurement services.”
The wins support the opening of its new Houston office, according to the firm.
Adrian Quick has been appointed as new office’s business manager. 80:20, which has a team of three in the energy hotspot, said plans were already underway to hire additional resource to support its growing workbook.
The company currently employs 36 people worldwide with bases in the UK, Netherlands, Norway, Trinidad and Malta.
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日本经济产业省（METI）发布的一项声明显示：世界最大LNG进口国日本正计划在21世纪20年代初建成国际LNG贸易枢纽。
METI表示：日本正致力于在本世纪20年代初之前建成国际公认的LNG市场，相关措施包括允许第三方使用LNG接收站以及加强LNG储藏设施建设。
5月1日到2日，加拿大、法国、德国、意大利、日本、英国和美国的能源部长以及欧盟气候行动与能源委员在Kitakyushu市召开会议，就当前油价多变环境下的能源行业的发展问题展开讨论。周一会上，METI发布了这项声明。
各国部长在一份联合声明中表示： 天然气市场的地位不断提升，不断迈向国际化，这既是机遇又是挑战。
建成运转良好、富有弹性且关联性强的天然气市场是提升天然气供应安全的前提，该市场需遵循市场定价规律，并且透明度、灵活度和流动性更高。为达成这个目标，需要提出能够反映LNG供求状况的物价指数，并且各股东要持续沟通。石油圈原创www.oilsns.com
来自/LNG World News 5月2日消息 编译/赵宁
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Japan, the world’s largest buyer of liquefied natural gas is aiming to establish an international LNG trading hub by the early 2020s, according to a statement by Japan’s Ministry of Economy, Trade and Industry.
The country will boost its efforts to “achieve a goal of obtaining the status as an internationally recognized LNG hub by the early 2020s,” METI said, adding that the measures include allowing third-party access to LNG terminals and boosting LNG storage facilities.
METI made the announcement on Monday at a meeting of energy ministers from G7 countries in Kitakyushu.
The ministers of Canada, France, Germany, Italy, Japan, the United Kingdom, the United States, and the European Commissioner for Climate Action and Energy, met in Kitakyushu on 1-2 May to discuss developments against the background of volatile energy prices and the COP21 Paris Agreement.
“The expanding role and globalization of natural gas markets, for both pipeline and liquefied natural gas (LNG), bring new opportunities and challenges. We welcome Japan’s Strategy for LNG Market Development, the EU Strategy for LNG and gas storage, and LNG exports from North America and other sources,” the ministers said in a joint statement.
“Enhancing gas supply security requires well-functioning, resilient and interlinked natural gas markets with market-based pricing and with greater transparency, flexibility and liquidity. Relaxing destination clauses in LNG contracts, encouraging market development of price indices reflecting LNG supply and demand, and continued dialogue among stakeholders are crucial to achieve this,” the statement said.
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HOUSTON (Bloomberg) -- Baker Hughes Inc. said it will buy back shares and debt and simplify its organization to save $500 million annually after the collapse of a planned merger with Halliburton Co.
The third-largest oil services provider is taking steps to cut costs related to the merger agreement, Baker Hughes said in a statement Monday. On Sunday, the companies called off their $28-billion combination after stiff resistance from regulators in the U.S. and Europe over antitrust concerns. Halliburton will pay Baker Hughes a $3.5 billion termination fee by May 4.
Houston-based Baker Hughes will buy back shares totaling $1.5 billion and debt totaling $1 billion, from proceeds of the breakup fee, the company said. It will also refinance its $2.5 billion credit facility, which expires in September 2016. Restructuring will focus on well construction, including drilling services, drill bits and completions, and productionservices, including artificial lift and production chemicals, Craighead said.、
"More than ever, our customers need to lower their costs and maximize production,” CEO Martin Craig said in the statement.
Halliburton announced the Baker Hughes takeover in November 2014 in a bid to better compete against industry leader Schlumberger Ltd. But as the tussle for regulatory approval turned into a war of attrition, shares of Halliburton and Baker Hughes declined amid the worst oil slump in a generation, reducing the deal’s value from $34.6 billion when it was announced.
CHICAGO (Bloomberg) -- Occidental Petroleum Corp. named Vicki Hollub as CEO Friday, making her the first female CEO of a major U.S. energy explorer.
Hollub, 56, an Occidental lifer who oversaw Western Hemisphere fields pumping almost half the company’s production before becoming global president last year, takes over as Stephen Chazen, her mentor at the second-largest independent oil explorer, retired.
The handover was approved by Occidental directors during a conclave that followed the company’s annual shareholders meeting in Midland, Texas, on Friday, according to a statement issued by the Houston-based company.
Hollub inherits a slimmed-down Occidental that under Chazen’s leadership shed assets from California to the Middle East amid the worst oil-market collapse in at least a generation. Chazen, 69, said in an interview on Friday that he plans to concentrate on philanthropy in his retirement.
Occidental shares have risen 13% this year, more than seven times the increase seen by bigger rival ConocoPhillips and outperforming the Standard & Poor’s 500 Index.
Hollub is a University of Alabama-trained mineral engineer who’s seen Occidental shift from the far-flung international conglomerate assembled by the late Armand Hammer to an oil producer focused on Texas, a handful of Persian Gulf countries and Latin America.
Zorlu Holding, the Turkish conglomerate, is planning to increase its investments in energy business as well as planning joint ventures in Israel, CEO Omer Yungul said, according to a report in Dunyanewspaper.
"We have strong connections in Israel. The shipping of Israeli gas to Turkey is 'big business'. As our partners call us to invest in Israel more, we may be in the possible consortium to ship natural gas to Turkey, in the near future," Yungul was quoted. He also said that the business volume will be over $8bn for the project.
Currently, Zorlu has three natural gas power plants in Israel, producing 8% of Israel's electricity needs, Yungul said.
He also said that the holding is considering to sell Bursa and Luleburgaz natural gas power plants, according to the report. The company is seeking to channel investments from gas powered plants to renewable energy plants, Yungul said.
The company has already closed down two natural gas powered plants – Ankara and Kayseri – and has potential buyers for its natural gas powered businesses in Luleburgaz and Bursa. The company is holding talks with these investors and may sell both this year, Yungul added.
Also, the company has plans to invest in renewable energy, espacially geothermal and wind power plants, he said.
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