Global Upstream Summary
In May 2019, global upstream was encompassed by all sorts of activities including new licensing rounds, oil and gas discoveries, development projects status updates, and acquisition and divesture (A&D) transactions involving operating assets. Notably, an active offshore report grabs the spotlight this month. Stratas Advisors tracked six countries’ new licensing rounds, three new offshore oil and gas discoveries, and seven offshore development projects’ new status updates. In addition, 15 major companies participated in E&P asset deals, which could amount to as much as USD$64 billion in combined value. Occidental Petroleum’s takeover of Anadarko Petroleum, priced at about $57 billion, is expected to spawn additional A&D activity.
Six countries announced new licensing rounds. The UAE offered five offshore and onshore blocks in a second licensing round; Australia opened onshore bids in the Cooper and Otway basins; China launched a third CBM bidding round in Shanxi province (open to domestic companies only); Norway launched its APA licensing round covering 48 offshore blocks in the frontier region of the Barents Sea; Sierra Leone reopened its 4th licensing round for offshore blocks; and Ukraine awarded 36 onshore and offshore blocks to four wining consortiums in its second licensing round.
What’s more, three notable new oil and gas discoveries were made in the following countries: Angola, where the Ndungu-1 NFW discovery in ultra-deep water; Ghana, with its Akoma-1X discovery in deep water; and Morocco, with its Anchois-1 discovery in deep water. Total new discoveries of oil and gas could reach around 300 million barrels (MMBbl) of oil and condensate and 2 trillion cubic feet (Tcf) of gas resources.
Switching to existing projects, many development projects posted progress updates including announcements of conceptual, front-end engineering and design (FEED), final investment decision (FID), engineering, procurement, and construction (EPC), first production, and operatorship and partnership working interests change. Development projects on Stratas’ radar by country include the Appomattox project and the Anchor project in the U.S. Gulf of Mexico (GOM); the Liza Phase 2 project offshore Guyana; the Johan Sverdrup Phase 2 project and the Trestakk project in the Norway North Sea; the Lancaster EPS project in the UK North Sea; and the Evans Shoal project offshore Australia.
Looking forward, Stratas Advisors is monitoring the following global upstream projects and activities, among others: 1) next steps in the development of the prolific deep-water Block 15/06 offshore Angola following ENI’s latest (fifth) finding at Agidigbo in June; 2) announcements pertaining to UK’s awards on its 31st Offshore Round (30 companies) in June; and 3) BP’s plan to sell off more than $10 billion of assets in two years. The main content and data information is only available for subscribers.
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