The first production from the Cascade and Chinook fields in the Gulf of Mexico by Brazil's state-owned oil giant Petrobras (NYSE:PBR) is set to launch sometime near the end of 2010.
Petrobras owns the entirety of the Cascade field after acquiring the remaining 50 percent from Devon Energy Corp. (NYSE:DVN), which has turned its focus to onshore natural gas in North America.
Concerning Chinook, Petrobras has a 66.7 percent stake in that field, with Total SA (NYSE:TOT) of France having the remaining 33.3 percent. Petrobras is the operator of both the fields.
The oil moratorium from the Obama administration has set the project back, but since the wells were drilled before the implementation of the moratorium, it won't be negatively impacted from the permitting process, which will take a lot of time for competitors to get approved for.
Showing posts with label Total SA. Show all posts
Showing posts with label Total SA. Show all posts
Thursday, October 28, 2010
Wednesday, October 27, 2010
BP (NYSE:BP), Conoco (NYSE:COP), Exxon (NYSE:XOM), Total (NYSE:TOT), Shell (NYSE:RDS-A), Apache (NYSE:APA) Land North Sea Licenses
Major oil companies like BP PLC (NYSE:BP), Royal Dutch Shell SA (NYSE:RDS-A), ConocoPhillips (NYSE:COP), ExxonMobil Corp. (NYSE:XOM), Total SA (NYSE:TOT) and Apache Corp. (NYSE:APA) were awarded gas and oil licenses by the British government to drill in the North Sea.
According the the government, 83 companies were awarded 144 licenses to drill for oil and gas in over 268 blocks in the region.
Although a lower number of licenses were awarded than the previous round of licensing in 2008, where 192 were offered, another 99 blocks entailing up to 45 licenses will be available after more research is done on them.
Oil production in British waters have dropped by about 5 percent annually since peaking in 1999 at 2.6 million barrels a day. In the next five years, even with an estimated 20 billion barrels of oil equivalent estimated to be left in the North Sea, production is expected to drop to about 1 million barrels a day.
In 2009-2010, 1.36 million barrels a day are being produced in British waters.
According the the government, 83 companies were awarded 144 licenses to drill for oil and gas in over 268 blocks in the region.
Although a lower number of licenses were awarded than the previous round of licensing in 2008, where 192 were offered, another 99 blocks entailing up to 45 licenses will be available after more research is done on them.
Oil production in British waters have dropped by about 5 percent annually since peaking in 1999 at 2.6 million barrels a day. In the next five years, even with an estimated 20 billion barrels of oil equivalent estimated to be left in the North Sea, production is expected to drop to about 1 million barrels a day.
In 2009-2010, 1.36 million barrels a day are being produced in British waters.
Tuesday, October 26, 2010
BP's (NYSE:BP) Well Design Under Fire Again
A day after BP (NYSE:BP) CEO Bob Dudley came out swinging to support and defend the company, competitors from major oil companies - Chevron (NYSE:CVX) and Total SA (NYSE:TOT) - came out and criticized the well design of BP on the Macondo Well, saying wasn't the best for the type of well it was.
Talking to a parliamentary committee in the UK, Richard Cohagan, managing director of Chevron UK, and Roland Festor, managing director of Total's Exploration and Production unit in the UK, said the the design of the Macondo Well wasn't the type that should have been used in a reservoir like Macondo.
This seems to be an ongoing attempt by most major oil companies to say their practices wouldn't have resulted in the explosion and resultant disaster.
Even so, Chevron and Total executives wouldn't commit to saying the design of the well was the cause of the explosion and oil leaking into the Gulf of Mexico.
BP with their internal investigation concluded there was no relationship between the design of the well and the accident. Investigations are ongoing as to the cause of the disaster.
Talking to a parliamentary committee in the UK, Richard Cohagan, managing director of Chevron UK, and Roland Festor, managing director of Total's Exploration and Production unit in the UK, said the the design of the Macondo Well wasn't the type that should have been used in a reservoir like Macondo.
This seems to be an ongoing attempt by most major oil companies to say their practices wouldn't have resulted in the explosion and resultant disaster.
Even so, Chevron and Total executives wouldn't commit to saying the design of the well was the cause of the explosion and oil leaking into the Gulf of Mexico.
BP with their internal investigation concluded there was no relationship between the design of the well and the accident. Investigations are ongoing as to the cause of the disaster.
Tuesday, October 19, 2010
BP (NYSE:BP), Total (NYSE:TOT) Talking with Russia over Offshore Oil Fields
BP (NYSE:BP) and Total (NYSE:TOT) have been approached by Russia to enter into talks concerning offshore oil fields in the region which have been in the past off limits for foreign companies.
Russian Prime Minister Vladimir Putin recently met with a group of potential foreign investors and companies who aired their concerns over challenges which need to be addressed and improvements made to loosen their pocketbooks and enter into the Russian market.
Russia realizes it must make improvements to attract foreign investment, and part of that strategy, apparently, is to open up formerly closed sectors.
Deputy Prime Minister Igor Sechin and Eduard Khudainatov, who is CEO of Rosneft, the giant Russian oil company, said they talked with BP and Total about "potential future cooperation on offshore deposits."
BP CEO Bob Dudley and Total's Christophe de Margerie participated in the discussions.
Russian Prime Minister Vladimir Putin recently met with a group of potential foreign investors and companies who aired their concerns over challenges which need to be addressed and improvements made to loosen their pocketbooks and enter into the Russian market.
Russia realizes it must make improvements to attract foreign investment, and part of that strategy, apparently, is to open up formerly closed sectors.
Deputy Prime Minister Igor Sechin and Eduard Khudainatov, who is CEO of Rosneft, the giant Russian oil company, said they talked with BP and Total about "potential future cooperation on offshore deposits."
BP CEO Bob Dudley and Total's Christophe de Margerie participated in the discussions.
Thursday, September 23, 2010
Morgan Stanley (NYSE:MS) Acquires Forties Crude from Trafigura, Shell (NYSE:RDS-A), BP (NYSE:BP) Also Buy North Sea Grade
Morgan Stanley (NYSE:MS) acquired Forties cargo from Trafigura Beheer BV, the third acquisition they made of the North Sea grade this week.
The latest acquisition by Morgan Stanley was for October 11 to October 14, paying a premium of 10 cents over Dated Brent, according to the financial institution.
For BP, their acquisition was from Royal Dutch Shell Plc (NYSE:RDS-A) for October 7 to October 9 loading. They paid close to 30 cents above Dated Brent, which was 19 cents below the cash cost of North Sea oil.
Shell purchased Forties from Total SA (NYSE:TOT) for October 4 to October 6, paying 20 cents above Dated Brent, according to the two companies.
The November settlement for Brent crude traded at $77.65 a barrel, while the December contract traded at $77.97, generating a contango of 32 cents between the two contracts. Both were in reference to the London-based ICE Futures Europe exchange.
The latest acquisition by Morgan Stanley was for October 11 to October 14, paying a premium of 10 cents over Dated Brent, according to the financial institution.
For BP, their acquisition was from Royal Dutch Shell Plc (NYSE:RDS-A) for October 7 to October 9 loading. They paid close to 30 cents above Dated Brent, which was 19 cents below the cash cost of North Sea oil.
Shell purchased Forties from Total SA (NYSE:TOT) for October 4 to October 6, paying 20 cents above Dated Brent, according to the two companies.
The November settlement for Brent crude traded at $77.65 a barrel, while the December contract traded at $77.97, generating a contango of 32 cents between the two contracts. Both were in reference to the London-based ICE Futures Europe exchange.
Wednesday, September 15, 2010
ING Group Upgrades Total S.A. (NYSE:TOT)
ING Group upgraded Total S.A. (NYSE:TOT) from "Hold" to "Buy," citing improved volume growth and committed spending to that end.
"We see renewed interest in Total's improved (and increasingly credible) volume-growth offering near term, supported by a robust spending commitment," said ING.
The global integrated oil and gas company closed Tuesday's session at $51.09, up $0.53, or 1.05 percent.
"We see renewed interest in Total's improved (and increasingly credible) volume-growth offering near term, supported by a robust spending commitment," said ING.
The global integrated oil and gas company closed Tuesday's session at $51.09, up $0.53, or 1.05 percent.
Wednesday, September 8, 2010
Citigroup (NYSE:C), Bank of America (NYSE:BAC), Goldman Sachs (NYSE:GS), UBS (NYSE:UBS), Barclays (NYSE:BCS) Initiate Coverage on Chesapeake (NYSE:CHKM)
It has been awhile since I've seen this many companies initiate coverage on a company at one time, but Citigroup (NYSE:C), Bank of America (NYSE:BAC), Goldman Sachs (NYSE:GS), UBS (NYSE:UBS) and Barclays (NYSE:BCS) have all started covering Chesapeake Midstream Partners, L.P (NYSE:CHKM).
UBS and Citigroup were the most upbeat on Chesapeake, starting them off at a "Buy." UBS wasn't as positive on its price target for the company, setting it at $25.50, while Citigroup is looking for $28.50.
Goldman Sachs and Bank of America, via Merrill Lynch, placed a "Neutral" rating on Chesapeake. Goldman has a price target of $25 on them.
Barclays rates the company at "Overweight," with a price target of $26.
Every financial institution liked the way the revenue for the company is structured, based on contracted fees over a period of 10 years.
That means there is little risk or downside to changing commodity or natural gas prices, as the fees aren't primarily based on price but on the service offered, which is transporting gas from the well head to the pipeline of the company they're doing business with.
Along with Chesapeake Energy (NYSE:CHK), the other major customer of Chesapeake Midstream is Total (NYSE:TOT).
There is a minimum volume agreement in place over a ten-year period, which will increase on an annual basis through 2018.
Chesapeake Midstream is a venture between Global Infrastructure Partners LP and Chesapeake Energy.
UBS and Citigroup were the most upbeat on Chesapeake, starting them off at a "Buy." UBS wasn't as positive on its price target for the company, setting it at $25.50, while Citigroup is looking for $28.50.
Goldman Sachs and Bank of America, via Merrill Lynch, placed a "Neutral" rating on Chesapeake. Goldman has a price target of $25 on them.
Barclays rates the company at "Overweight," with a price target of $26.
Every financial institution liked the way the revenue for the company is structured, based on contracted fees over a period of 10 years.
That means there is little risk or downside to changing commodity or natural gas prices, as the fees aren't primarily based on price but on the service offered, which is transporting gas from the well head to the pipeline of the company they're doing business with.
Along with Chesapeake Energy (NYSE:CHK), the other major customer of Chesapeake Midstream is Total (NYSE:TOT).
There is a minimum volume agreement in place over a ten-year period, which will increase on an annual basis through 2018.
Chesapeake Midstream is a venture between Global Infrastructure Partners LP and Chesapeake Energy.
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