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Woodside’s forecast for production to grow by 15% over the next three years, implying output of around 100 million barrels of oil equivalent by 2020, was ahead of some analysts’ forecasts for growth of around 5%. The increase will come from the Wheatstone LNG project, where operator Chevron Corp. expects production to start in mid-2017, and oil from Woodside’s Greater Enfield project.
SembMarine, majority-owned by conglomerate Sembcorp Industries Ltd., posted S$34 million (US$24 million) in profit for the three months through December, vs. a S$537 million loss a year prior. Revenue fell 38% to $830 million.
The IPO is the centerpiece of the Saudi government's ambitious plan, known as Vision 2030, to diversify the economy beyond oil, Reuters reported.
With over half a dozen operating FPSO units and more coming, Petrobras’ presalt production has soared, putting the company at an advantage to develop presalt riches.
However the U.K.-based company said it was seeing signs of a potential uptick in onshore spending in North America, as the rig count in the U.S. rises, Reuters reported.
Oil Search is also a partner in the Papua LNG project, run by Total, which is looking to develop the Elk-Antelope gas fields. Oil Search believes billions of dollars could be saved if those fields are used to help expand the PNG LNG project, Reuters reported.
Australia-based, but Alaska-focused 88 Energy was Australian Stock Index star as the country’s oil and gas sector climbed out of a very deep hole.
The two projects, Foster Creek phase H and Narrows Lake phase A, would add up to 75,000 barrels per day of production.
Encana has also narrowed operations to focus on four core North American plays: the Montney and Duvernay in Western Canada, and the Eagle Ford Shale and Permian in the U.S.
The expansion will allow the Ormen Lange Field in the Norwegian Sea to increase production by 25 billion standard cubic meters of gas.
Marc Benayoun, CEO of Italian energy group Edison, which is exploring areas near the Zohr Field, said on Feb. 14 he was confident more gas would be discovered, Reuters reported.
Eight key oil and gas industry players have formed a collaborative partnership to promote investment in and early adoption of innovative plugging and abandonment (P&A) technology.