Shell, Chevron Combined Quarterly Losses Top $25 Billion
Shell and Chevron lead the pack in a slew of Q2 losses with $18.1 billion and $8.3 billion, respectively. ExxonMobil, ConocoPhillips, Royal Dutch Shell, Petrobras, and Repsol also posted losses. The tally of these global majors’ losses in a single quarter tops $30 billion.
Chevron Scoops Up Noble Energy in $5-Billion Deal
Chevron strengthens its North American position with assets in the Permian, DJ, and Eagle Ford basins and offshore in Israel and West Africa.
Startups in Oil and Gas—New Ventures, New Horizons
Chevron Technology Ventures President Barbara Burger discusses the adoption and integration of new technologies.
Head of Chevron Technology Ventures on the Realities of Investing Amid a Pandemic
Barbara Burger says the key interest areas for the supermajor’s portfolio of startup investments remains unchanged despite a new industry downturn. However, the environment is tighter and the way in which deals are made has already seen notable change.
Price-Plunge Fallout: Let’s Make a Deal
Nearly everything’s on the table as companies aim to shore up portfolios by curtailing investments and dumping low-priority assets.
Staking Energy and ESG Positions
What’s driving ESG investment?
Offshore Enters Uncharted Waters
For the offshore sector, the collapse in oil demand and prices came just as the market was beginning to look up. Now many companies are focused on survival. This article discusses how various market segments, regions, and companies are faring in “the new reality.”
Upstream Digitalization Is Proving Itself in the Real World
For the upstream industry, where improvement in efficiency or production can drive significant financial results, there is no question that the size of the digital prize is huge. So are the challenges.
Chevron Hits the Brakes on Permian, Cuts $8 Billion Across Company
The international major has lowered its output forecast in the world’s most prolific unconventional basin by 20%.
Interest in US Gulf Lease Sale Sapped by Price Crash
Oil and gas operators played it safe in the latest offshore auction by placing about half the high bids typically made. As a result, the total dollar commitment for the round was the lowest since 2017.
Don’t Tell Them You Are Using Excel
Engineering career tip of the day: If you are using Microsoft Excel at work, don’t leave it open on your computer when your boss is nearby.
Egypt Awards Oil Majors First Red Sea Blocks
The Arab world’s most populous country has awarded a string of concessions in a bid to become the region’s next major supplier of natural gas.
Chevron Sanctions First Deepwater Ultra-High-Pressure Development
The Anchor development in the US Gulf of Mexico is the first ultra-high-pressure project requiring 20-ksi operating pressure to reach a final investment decision.
Chevron Sets 2020 Upstream Budget, Writes Down At Least $10 Billion
The US major will keep its overall budget flat for a third straight year, but the expectation of lower oil and gas prices long-term will result in tax impairment charges of $10 billion–$11 billion. More than half of those charges will come from its Appalachia Shale gas assets.
Chevron to Sell Stake in Azerbaijan’s Giant ACG Field
The US major has had a stake in the field since it started production in 1997. It produced 584,000 B/D of oil last year.
Chevron, Repsol Awarded Most Blocks in Brazil’s 16th Round
The round included a near-$1 billion signature bonus on a Campos Basin block awarded to a Total-led consortium.
Chevron, Schlumberger, Microsoft Team To Improve Digital, Petrotechnical Work Flows
The combination of digital technologies will enable Chevron—and, eventually, other companies—to process, visualize, interpret, and glean insights from multiple data sources, the companies said.
BHP, Anadarko Among Leaders in Latest US Gulf Lease Sale
Australia’s BHP Billiton and the recently acquired Anadarko Petroleum submitted the largest dollar totals of high bids in US Gulf of Mexico Lease Sale 253.
Directional Drilling Becomes Office Work at Chevron, Hess
Moving their directional drillers into their Houston real-time remote operations centers has improved drilling efficiency for two of the top shale producers.
LNG at a Crossroads
In its first 50 years, LNG has become the world’s fastest-growing gas supply source and is now part of an upheaval in the global energy market. Today, the sector stands at a crossroads, and the industry must adopt new thinking to address current and future needs of buyers, sellers, and consumers.
Chevron Sells UK North Sea Assets
There is a new, big independent in the UK North Sea, Delek Group. Its UK North Sea arm, Ithaca, bought most of Chevron’s holdings in the sector in a $2 billion deal.
Chevron No Longer Pursuing Anadarko
Oxy has won the fight for Anadarko. Citing capital discipline as the reason, Chevron has elected not to make another bid for the independent.
Anadarko Accepts Oxy's Revised Takeover Offer
Anadarko Petroleum now plans to exit its agreement with Chevron after deeming Occidental Petroleum's revised takeover bid "superior."
Oxy Makes $38-Billion Bid for Anadarko in Hopes of Beating Out Chevron
Keen on Anadarko for a while, Occidental Petroleum is ready to do battle with Chevron for the big independent.
Blacktip: Shell’s New Discovery in the Gulf of Mexico
The explorer has so far encountered 400 ft of reservoir pay zone in an area where it has three other producing fields.
Chevron’s $50-Billion Purchase of Anadarko Will Create "Ultra-Major"
Chevron’s $50-billion purchase of Anadarko will make it the second-place ultra-major, behind ExxonMobil.
Is the Cloud Mature Enough for High-Performance Computing?
Data volumes are growing at an exponential rate. How can high-performance computing solutions help operators manage these volumes? Will faster, stronger processors and cloud computing solutions be the answer?
ExxonMobil, Chevron Target Nearly 2 Million BOE/D in Permian Production
The US majors plan to produce around 1 million BOE/D each from the basin, which has become a primary focus of their upstream operations.
An Eye on the Prize: Shell Invests in Computer Vision Developer
The backing of one of the world’s largest oil and gas companies aims to put this emerging digital technology on the path to widespread adoption.
CNOOC, Several International Firms Sign Agreements for Areas Offshore China
Chevron, ConocoPhillips, Equinor, Shell, and Total are among nine firms looking to explore the Pearl River Mouth Basin.
BP, Chevron Bring Two More Offshore Projects on Stream
Majors BP and Chevron have overcome development challenges and delays to launch their respective Clair Ridge and Big Foot projects.
Seeq’s Focus on Time-Series Data Draws in Chevron, Shell, and Pioneer
The 5-year-old software startup is getting noticed by the oil and gas industry for its ability to accelerate analytics projects by taking care of all the tedious work involved with data wrangling.
Bids, Dollars Rise in Third Regionwide US Gulf of Mexico Lease Sale
ExxonMobil and Hess led the way in the most active regionwide US gulf lease sale thus far.
Chevron Prepares To Sell Central North Sea Assets
The company announced it would “initiate the process” of marketing its UK Central North Sea fields as part of a portfolio review.
The UK North Sea: How To Manage an Aging Basin
A recent spike in production has engendered a cautiously optimistic outlook for the UKCS, but will it do anything to stave off the overall decline of the mature basin?
US Gulf of Mexico Production Projected To Hit Record High
Falling costs and breakeven prices, increased operational efficiencies, and favorable government policy are at the heart of a potential short-term boon in Gulf of Mexico production.
Latest Gulf of Mexico Lease Sale Generates Moderate Bidding Interest
The largest lease sale in the history of the area attracts $139 million in total bids, a $2 million increase over the previous lease sale held last August.
Chevron, Total Log Big Discovery in Deepwater Gulf of Mexico
The two supermajors and offshore powerhouses are assessing the latest Gulf of Mexico discovery.
Startups Critical to Developing Culture of Innovation
The president of Chevron Technology Ventures discussed how startup companies can fill the gaps in a rapidly changing technological ecosystem, and Chevron's mechanisms to understand the role startups can play in its operations.
Total Signs Deal With Chevron for Gulf of Mexico Acreage
Total is increasing its stake in the US Gulf of Mexico after buying shares of promising prospects from Chevron.
Optimism and Activity Rising in the Vaca Muerta
Shale explorers in Argentina are reporting that improving performance and activity is set to rise this year to boost the country’s gas production.
Searching for New Ways To Make the Cut
Much of the new technology development occurring now is aimed at finding better ways to sever the thick, tough steel structures and wellheads so that they can be removed.
Hurricanes Lead to Decommissioning Innovations
A destructive run of three hurricanes has been a catalyst for a flurry of innovations in decommissioning shallow-water wells in the US Gulf of Mexico.
Don't miss out on the latest technology delivered to your email weekly. Sign up for the JPT newsletter. If you are not logged in, you will receive a confirmation email that you will need to click on to confirm you want to receive the newsletter.
04 August 2020