Major oil and gas companies’ recent record of bringing large projects on stream within projected timeframes and budgets leaves much to be desired. Ernst & Young analyzed the performance of 365 megaprojects – those costing over $1 billion – and found 64% face cost overruns and 73% face delays. See Kashagan in Kazakhstan as one… Keep reading →
Williams Partners subsidiary Transcontinental Pipeline will build a 1.2 million dekatherm per day expansion to supply the Cheniere Energy Partners Sabine Pass Liquefaction project being developed in Cameron Parish, La. “Gulf Trace is a pivotal project at an extremely important time for Transco and the U.S. natural gas industry as a whole,” said Rory Miller,… Keep reading →
As tension in Ukraine ratchets up, investors and business leaders with regional interests are closely monitoring their risk profiles. What would return to a Cold War era geopolitical landscape mean? Western oil companies like BP, ExxonMobil and Shell with extensive Russian operations are certainly asking this question. Germany’s Foreign Minister Frank-Walter Steinmeier recently weighed in… Keep reading →
The changing relationship between international oil companies and national oil companies is a fascinating topic that constantly shifts with global economic trends, supply/demand fundamentals, geopolitical balance of power and much more. The global oil market pivot eastward toward rapidly expanding Asian economies is nothing new, but the prospect of a powerful new Asian-based international oil… Keep reading →
The US State Department released its Final Environmental Impact Statement on the Keystone XL Pipeline project Friday, which received spirited reactions across the energy business and political spectrums. The findings were largely in line with previous Environmental Impact Statements, which concluded Canada’s oil sands resources would likely be developed regardless of the pipeline’s construction.… Keep reading →
A few years ago international oil companies were sharpening their drill bits in anticipation of re-entering Iraq’s post-Saddam Hussein oil industry, and now a similar situation is developing in Iran as plans to ease western-led economic sanctions progress. Potential investment opportunities in Iran – from upstream oil and gas to petrochemicals – have IOCs paying… Keep reading →
Google acquired smart thermostat startup company Nest for $3.2 billion in cash. Nest had been working on a reported $150 million financing round that would have valued the firm at $2 billion. CEO Tony Fadell – a former Apple SVP – said on the company’s blog “We’ve had great momentum, but this is a rocket… Keep reading →
Mexico’s legislature recently passed historic energy reforms designed to attract desperately-needed foreign direct investment to the inefficient nationalized energy sector for the first time since 1938. This was when then-President Lázaro Cárdenas seized fields from U.S. and British companies and made oil at all stages of production, refining and distribution constitutionally guaranteed legal property of… Keep reading →
What can cost a billion dollars more each week before it even exists? At the end of September, the Louisiana governor’s office projected that a new gas to liquids project announced by Royal Dutch Shell would cost an estimated $12.5 billion. Less than a week into December, the multinational energy giant cancelled its plans amid… Keep reading →
Timing of Iraq’s Oil Production Target Cuts No Coincidence
By Jared AndersonAmid much hype and excitement, international oil companies that had been chomping at the bit for years to get into Iraq finally got their chance in 2009 when the country hosted its first post-Saddam Hussain oil field development bid rounds. After much confusion and a generally failed first bid round, the second resulted in several… Keep reading →