UnaCom Oil and Gas News

                                         27th August- 2nd September

Exit of major companies provides revivial in Norways North Sea

Royal Dutch Shell Plc and BP Plc back in 2015 had cast doubts over the future of the mature North Sea, combined with the crash in crude oil prices and high operating costs, provided worrying prospects of shutting down operations. Since then two of the fields, Draugen and Valhall have seen fallen into the hands of smaller companies. Now with recovering oil prices it is defintely helping the North Seas prospects. However this trend of smaller companies taking over mature fields it changing the make-up of Norways oil industry a change also seen the UKs market. These smaller companies with portfolios with a smaller number of assets to look after, can focus more on these assests and extract as much oil as possible from these mature fields. While the big companies due to the collapse of crude oil prices have to narrow their focus on higher return projects like the US shale and liquifeid natural gas ventures. Leaving focus of the aging North Sea and disappointing Artic Exploration.

BP considering selling older US shares Shale Assets after BHP Process

BP plc is considering to sell some of its older US oil and gas fields after buying higher quality fields back in July from Austrialian BHP process. BP said in an emailed statement, that the sales will be part of a previsously announced plan to ofload as much as $6 billion of upstream assests globally to fund a share buyback program of the same amount. After its biggest acquisition for almost two decades of Australian BHP in July for $10.5 billion, BP wants to focus its capital on these shares.

ExxonMobil looking to deliver renewable energy to Texas 

The biggest U.S oil company, sent out requests for proposals inviting solar and wind power suppliers to pitch contracts that would last 12,15 or 20 years.  According to those involved in the matter ExxonMobil is looking for at least 100 Megawatts and would consider proposals for more than 200 Megawatts. New York based analyst at Bloomberg, Kyle Harrison, said“If you’re seeing the biggest oil and gas companies going out and making investments in clean energy, it shows that renewables are cost-competitive. This can be a way for them to show a commitment to sustainability without suffering economically.” ExxonMobil joins the rank of BP and Royal Dutch Shell in investing in renewable energies.

European oil firms push green agenda  

Norways Equinor has invested and focused its green efforts on offshore wind, a target which is well under way. As part of the 2015 Paris agreement, European companies are diversifying their portfolio to include less emitting energy sources, as part of a shift from fossil fuels. Equinor, has focused on offshore wind farms and only last year did it open its first floating offshore wind farm, off Scotland.  It also has plans to build three large, bottom fixed wind projects off the coasts of the US, Poland and Britain. Other notable companies that have delved into different technologies include Repsol heading into operating hydropower plants, Total developing solar power and owning its own battery producer and BP buying Britains largest electric vehicle charging company.

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