Forties North Sea oil fell to the lowest in almost eight years relative to Dated Brent after Royal Dutch Shell Plc sold a cargo to Total SA and Vitol Group offered a shipment without attracting a buyer.
North Sea Oil
Forties Oil Falls Near 8-Year Low as Shell, Total Trade Cargo
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Challenge to unlock North Sea oil reserves
A high oil price can make exploration more economical but some major players in the industry, including Royal Dutch Shell, are withdrawing from the North Sea because all the easy-to-find crude has been extracted.
Taqa to buy Shell and Exxon oilfields
The company this week announced that it was buying six North Sea oil fields from Shell and Exxon, giving it 40,000 barrels of oil equivalent per day of production, and an estimated 160m boe of reserves.
UK oil assets sold to Arab Emirate company
UK oil companies Shell and Esso have agreed to sell assets in the North Sea to the Abu Dhabi National Energy Company, Taqa.
Abu Dhabi’s Taqa buys Shell, Exxon North Sea interests
The sale includes all equity, infrastructure and production licences for the Tern, Eider, Cormorant North, South Cormorant, Kestrel and Pelican fields and related sub-sea satellite fields, Taqa's wholly owned subsidiary Taqa Bratani said in a statement.
Offshore safety review announced
The Gordon MP said: "I am concerned over reported delays in the maintenance of oil platforms. "It would be dangerous if delays were occurring because producers were seeking to maximise production at current high oil prices, as has been suggested."
North Sea could see second oil boom due to huge unexplored reserves
The amount of fuel still left in the oilfields could be the equivalent of all that has been extracted since they were first exploited in the 1970s; enough to last another 44 years. Experts explained that the high price of oil meant that it was now financially viable for firms to invest the vast sums required to remove it from depths and pressures that were previously too expensive.
North Sea may be set for second oil boom
There are many reasons why companies like to be conservative in reporting oil reserves, not least because it helps to maintain a high oil price. When Shell had to cut estimates by one fifth in 2004, it had a devastating impact on the company's share price and cost the members of the senior management team their jobs.
Separating the myths from the facts about North Sea oil
To manage costs, Shell has been selling off some of its core assets in the North Sea to newer and more aggressive companies such as Fairfield Energy.
Licensing round is North Sea’s ‘most successful’
Lloyds List: Licensing round is North Sea’s ‘most successful’
“ExxonMobil and Shell gained the largest ever licence awarded in the UK North Sea, gaining 20 blocks in a 1.2m acre area of the Mid-North Sea High area 90 miles east of Newcastle.”
Friday Sept 09, 2005
Martyn Wingrove
OIL and gas exploration markets in the North Sea received a further boost when the British government awarded a record 152 licences in the 23rd offshore round.
Up to 99 oil and gas companies were awarded a total of 264 exploration blocks, with 24 new entrants gaining opportunities to invest in the sector.
Energy Minister Malcolm Wicks described the round as the most successful since 1964 and is impressed how companies are driving to explore for more oil and gas resources.
Lloyds List: Shell in North Sea response deal
Lloyds List: Shell in North Sea response deal
“SHELL Exploration & Production has negotiated an umbrella contract to cover its entire North Sea stand-by and emergency response service needs, writes Hugh O’Mahony.”
Wednesday Aug 10, 2005
SHELL Exploration & Production has negotiated an umbrella contract to cover its entire North Sea stand-by and emergency response service needs, writes Hugh O’Mahony.
The simplified arrangement, worth GBP180m ($321m) over five years to the newly formed European Rescue Alliance, covers support for all North Sea offshore installations, including those of North Sea partners, where Shell operates on behalf of Esso Exploration and Production UK, Norske Shell and Nederlandse Aardolie Maatschappij.
THE WALL STREET JOURNAL: Kerr-McGee
THE WALL STREET JOURNAL: Kerr-McGee
“The world’s oil companies are having a hard time finding oil. So how come Kerr-McGee of the U.S. is getting rid of its North Sea oil fields? And why were none of the oil majors queuing up to buy them?”: “Some, like Shell, have tied their hands with lofty production promises to shareholders.
Posted Tuesday 9 August 2005
The world’s oil companies are having a hard time finding oil. So how come Kerr-McGee of the U.S. is getting rid of its North Sea oil fields? And why were none of the oil majors queuing up to buy them? Most of the fields have been snapped up by a Danish shipping company. And it was a similar story when Exxon Mobil sold its Texas fields earlier this summer to another minnow, Occidental Petroleum.
Kerr-McGee’s auction attracted only minor players partly because the fields in question were relatively small and mature. So a large oil company wouldn’t be able to get much more out of them than a small one. This also helps explain why Kerr-McGee is selling in the first place. Furthermore, the $3.5 billion (€2.83 billion) proceeds will reduce its debt, giving it greater flexibility to invest in higher-growth opportunities, such as the Gulf of Mexico. Likewise, Exxon says it plans to recycle the proceeds from the Texan sale into higher-return projects.
Rising level of drilling in UK North Sea leads to new oil finds
Lloyds List: Rising level of drilling in UK North Sea leads to new oil finds
“Drilling this year has led to new oil discoveries, including Amerada Hess’ Melville in the northern sector and Shell finding oil at Phoenix near the Nelson platform.”:
Tuesday 19 July 2005
UKOOA says 37 wells started in first half of this year represents a 9% interim increase and follows 40% E’A surge in previous year, writes Martyn Wingrove
EXPLORATION activity in the UK sector of the North Sea is up again this year, leading to new discoveries and more sanctioned offshore projects.
Violence in Nigeria forces Shell to cut output
Financial Times: Violence in Nigeria forces Shell to cut output
By Michael Peel in Lagos and James Boxell in London
Published: September 29 2004
Royal Dutch/Shell said yesterday it had suffered its first production loss as the result of violence in Nigeria’s oil-rich and troubled Niger Delta, where a militia leader has condemned oil multinationals and warned foreigners to leave the area.
The military taskforce set up in response to growing violence in the region called for calm but warned militia leaders to “stop stirring internal insurrection” and said “crack teams” of troops were ready to respond to trouble.
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