Centrica, a British multinational utility company headquartered in Windsor, United Kingdom, today announced that its upstream gas and oil profitability increased by 20% to £919 million in 2012 (2011: £769 million), reflecting higher production volumes and higher achieved prices. The company’s total production of gas and liquids increased by 18% to 56.7mmboe (2011: 48.2mmboe). It [...]
Spain’s Repsol has reached an agreement with Shell for the sale of its LNG assets for $6.7 billion which includes the minority stakes in Atlantic LNG (Trinidad & Tobago,) Peru LNG and Bahia de Bizkaia Electricidad (BBE) as well as the LNG sale contracts and time charters with their associated loans and debt. Excluding the [...]
Rosneft President and Chairman of the Management Board Igor Sechin held a number of meetings with the heads of Chinese oil companies on 18 February as part of a working visit to China. Sechin held talks with CNPC General Manager Zhou Jiping. The two discussed prospects for hydrocarbon supplies to China and the creation of [...]
Rosneft delegation led by Igor Sechin began its work in China on February 17. Rosneft President and Chairman of the Management Board Igor Sechin held a working meeting with Vice Premier of the People’s Republic of China Wang Qishan. The parties discussed a broad range of issues related to increasing oil supplies to the People’s [...]
2012 was another record year for upstream M&A activity totalling $232 billion of spend according to Wood Mackenzie’s annual M&A review. The year was dominated by three major transactions in the second half of the year: Rosneft/TNK-BP; CNOOC/Nexen; and Freeport/Plains. Excluding these deals, while it wasn’t a record high, deal spend was very strong at [...]
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Wood Mackenzie’s annual review of the Norwegian upstream sector shows that the country’s oil and gas industry is thriving: 2012 was a record year for capital investment, M&A activity, and licences awarded. However, this was tempered by an underwhelming year for exploration and concerns about the sector overheating, as the ramp-up in activity on the [...]
![Wood Mackenzie: Mixed UK Upstream Sector Review]()
Wood Mackenzie’s annual UK upstream review concludes that continued high oil prices and fiscal engagement between the UK Government and industry have given companies the confidence to invest in the UK. However optimism generated by high levels of capital investment and M&A activity has been dampened by poor exploration and production performance in 2012. Wood [...]
BP today announced the appointment of Lamar McKay, 53, as Chief Executive, Upstream. He will take up the position with effect from January 1, 2013. In his new role, McKay will lead BP’s combined Upstream business, comprising the Exploration, Developments and Production divisions together with the Upstream strategy and integration team. These Upstream functional divisions [...]
Foster Wheeler AG announced today that the company is planning to open a new upstream office in Woking, UK, expanding its existing upstream capability in response to its success in this market sector and the growth opportunities this market offers. The new office in Dukes Court, Woking, is being established to provide specialist services to [...]
API Group Director of Upstream and Industry Operations Erik Milito yesterday called on the U.S. Government’s administration to make good on its promise to pursue an all-of-the-above energy strategy, citing a letter to President Obama yesterday by the Outer Continental Shelf Governors Coalition. “The U.S. has the potential to produce more energy, boost government revenues [...]
