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Rockhopper FID on Falklands Sea Lion crude project

  • : Crude oil
  • 25/12/10

London-listed Rockhopper Exploration has made a final investment decision (FID) on its long-delayed Sea Lion crude oil field development offshore the Falkland Islands in the South Atlantic.

Rockhopper's board has now sanctioned the project, the firm said today, with phase 1 planned for first output in 2028 targeting 170mn bl of crude with a peak production of 50,000 b/d. Phase 2 is anticipated to recover further gross resources of 149mn bl. The field is estimated to hold total gross resources of 917mn bl.

Sea Lion had a series of FID target dates in 2016, 2017, 2018, 2023-24 and 2024, all of which were missed. Rockhopper's original plans announced in 2012 estimated first output for 2017. The field was discovered in 2010.

Israel-based Navitas Petroleum revived the project after buying a 65pc operator stake in 2022, and the Falkland Islands government has approved the field development and production programme for phases 1 and 2.

Rockhopper now says total funding requirement for the project is $1.8bn to first oil — up from $1.4bn as recently as May — and $2.1bn to project completion.

"There remains some uncertainty around actual project costs," Rockhopper admitted today and around estimated costs of any early project failure required by the Falklands government. The project financing includes $1bn of senior debt — of which $350mn is Rockhopper's — and the firm plans a $140mn placing.

By Gavin Attridge

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25/12/09

Trans Mountain exports rise to record in November

Trans Mountain exports rise to record in November

Houston, 9 December (Argus) — Exports of Canadian heavy crude from Vancouver, British Colombia, increased in November to an all-time high because of rising Canadian production and favorable pipeline arbitrage economics. Total waterborne exports out of the 890,000 b/d Trans Mountain pipeline system averaged 547,000 b/d in November, eclipsing the prior record of 528,000 b/d in March, according to Kpler and Vessel Tracker data. Heavy crude loadings accounted for 522,000 b/d of November's total, surpassing the previous record of 442,000 b/d in October. The remaining 5pc of exports were synthetic and light Canadian crudes. November-loading supply of Canadian crude received support from peaking seasonal production in Canada during the colder months, and an open shipping arbitrage from Edmonton, Alberta, to the Westridge terminal in British Colombia. Canadian crude and condensate production is forecast to average a record 4.87mn b/d in the fourth quarter, according to Argus Consulting, a division of Argus Media. Canadian pipeline operator Enbridge rejected 4pc of November heavy crude nominations and 6pc of light nominations on its 3.1mn b/d Mainline due to strong US demand for Canadian crude. In September, when most November cargoes would have changed hands, prompt CMA WTI Nymex traded on average at a 79¢/bl premium to March CMA Nymex futures. The backwardated market pushed the growing volume of Canadian production to the Trans Mountain system for export, rather than into storage. Western Canadian Select at Hardisty, Alberta, traded for the November trade month on average at an $8.10/bl discount to November nomination low-TAN Cold Lake fob Vancouver, according to Argus pricing, indicating that sending cargoes to Westridge was lucrative for shippers with the longest and largest volume commitments on Trans Mountain. The tolls for committed shippers to send heavy crude on the Trans Mountain line range from $7.71-9.11/bl, depending on the length and size of shippers' commitments. But the arbitrage may be less important when the Mainline is fully apportioned, with market participants in a backwardated market more focused on getting barrels exported, rather than using the most profitable export route. China was the largest destination for Trans Mountain cargoes in November, all of which were heavy sour cargoes and most high-TAN, with loadings rising by 15pc to a record 442,000 b/d. Chinese demand for November-loading heavy Canadian crude was strong because it was one of the most competitively priced options into China for the cycle, market sources said. The remaining 106,000 b/d headed to the US west coast, including all the waterborne synthetic and light crudes and four Cold Lake shipments. Phillips 66 ceased crude processing at its 139,000 b/d Los Angeles refinery in October, pressuring demand for Canadian crude in the US west coast. The refinery imported 12 cargoes of Canadian crude over January-September this year, according to EIA data. By John Cordner Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

ExxonMobil expects to double Permian output by 2030

25/12/09
25/12/09

ExxonMobil expects to double Permian output by 2030

New York, 9 December (Argus) — ExxonMobil expects to double production from the prolific Permian basin by the end of the decade on the back of technology improvements and efficiency gains. The US major's output from the region is likely to advance to around 2.5mn b/d of oil equivalent (boe/d) over that timeframe from 2024 levels. That would also represent an increase of 200,000 boe/d from what the company expected a year ago. ExxonMobil is counting on the Permian for growth well into the next decade. The company aims to double recovery rates from the region, using new technology such as a patented lightweight proppant to squeeze more resource out of the basin. It has also upped expected cost savings from last year's acquisition of shale giant Pioneer Natural Resources. Booming Permian output — as well as contributions from other so-called advantaged assets such as Guyana and LNG — are helping the company to increase anticipated earnings and cash flow to 2030. ExxonMobil now expects to achieve $25bn in earnings growth and $35bn in cash flow growth by 2030 compared with 2024, an increase of $5bn for both metrics at constant prices, without any increase in capital spending. "We are more profitable than we were five years ago, and we expect that to continue as the advantages we've unlocked position us for even greater opportunities in the years ahead," chief executive officer Darren Woods said in prepared remarks ahead of a presentation. The major said it is on track to buy back $20bn of shares this year, and plans to maintain that pace through 2026 assuming reasonable market conditions. Total production is seen increasing to 5.5mn boe/d by 2030, with the company's advantaged assets accounting for 65pc of that boost. ExxonMobil lifted a target for structural cost savings by $2bn to $20bn by 2030 compared with 2019 levels. Capital spending for next year was pegged in a range of $27bn-$29bn, with overall production reaching around 4.9mn boe/d. By Stephen Cunningham Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Opec+ boosts production in November

25/12/09
25/12/09

Opec+ boosts production in November

London, 9 December (Argus) — The eight core members of Opec+ that are unwinding production cuts increased crude output by 160,000 b/d in November, Argus estimates. The rise means the eight have increased output by 2.25mn b/d since they started unwinding production cuts on a monthly basis in April 2025. But the eight's combined production in November, of 33.15mn b/d, was 90,000 b/d below their collective target for the month. This was largely due to compensation requirements and upstream limitations in some members. The same producers are scheduled for another increase in December, when their collective targets rise by 137,000 b/d. After this, the group has agreed to pause output rises between January and March to account for a seasonal drop in demand. The eight still have 1.24mn b/d of voluntary cuts left to unwind. The wider Opec+ group, which includes 18 members with output targets, increased production by 90,000 b/d to 36.25mn b/d in November. The largest increase came from Kazakhstan, which boosted output by 50,000 b/d to 1.73mn b/d on higher production from its Tengiz oil field — 170,000 b/d above its target for the month. Kazakhstan remains the alliance's biggest overproducer and is yet to deliver on its pledges to compensate for past overproduction . In contrast, Iraq continued to deliver on its compensation requirements. Its November output fell by 20,000 b/d to 4.09mn b/d — some 170,000 b/d below its target for the month. Saudi Arabia and the UAE each increased their production by 40,000 b/d. By Aydin Calik Opec+ crude production mn b/d Nov Oct* Nov target† Difference to target Opec 9 23.03 23.05 23.28 -0.25 Non-Opec 9 13.22 13.11 13.32 -0.10 Total Opec 18 36.25 36.16 36.60 -0.35 *revised †includes extra cuts agreed in Apr 23 Opec wellhead production mn b/d Nov Oct* Nov target† Difference to target Saudi Arabia 10.05 10.01 10.06 -0.01 Iraq 4.09 4.11 4.26 -0.17 Kuwait 2.56 2.57 2.57 -0.01 UAE 3.40 3.36 3.40 0.00 Algeria 0.98 0.97 0.97 0.01 Nigeria 1.48 1.52 1.50 -0.02 Congo (Brazzaville) 0.24 0.26 0.28 -0.04 Gabon 0.20 0.21 0.18 0.02 Equatorial Guinea 0.03 0.04 0.07 -0.04 Opec 9 23.03 23.05 23.28 -0.25 Iran 3.34 3.39 na na Libya 1.32 1.32 na na Venezuela 1.00 1.00 na na Total Opec 12^ 28.69 28.76 na na *revised †includes extra cuts agreed in Apr 23 ^Iran, Libya and Venezuela are exempt from production targets Non-Opec crude production mn b/d Nov Oct* Nov target† Difference to target Russia 9.43 9.41 9.53 -0.10 Oman 0.82 0.79 0.81 0.01 Azerbaijan 0.44 0.44 0.55 -0.11 Kazakhstan 1.73 1.68 1.56 0.17 Malaysia 0.37 0.35 0.40 -0.03 Bahrain 0.18 0.18 0.20 -0.02 Brunei 0.09 0.09 0.08 0.01 Sudan 0.02 0.02 0.06 -0.04 South Sudan 0.14 0.15 0.12 0.02 Total non-Opec 13.22 13.11 13.32 -0.10 *revised †includes extra cuts agreed in Apr 23 Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Brazil's Lula eyes draft to step away from fossil fuels

25/12/08
25/12/08

Brazil's Lula eyes draft to step away from fossil fuels

Sao Paulo, 8 December (Argus) — Brazil's president Luiz Inacio Lula da Silva called for the country's own draft roadmap for a "just and planned" energy transition, focusing on the move away from fossil fuels, after leading efforts for such an international plan. Brazil's energy, environment and finance ministries, as well as the chief of staff, must draft a resolution by 60 days from 5 December, or by 3 February, according to a presidential decree published in the official gazette on 8 December. Lula called for the creation of an international roadmap to move away from fossil fuels during a leaders' summit only a few days before the UN Cop 30 climate summit. That led to over 80 countries supporting a call for a roadmap to be included in final agreements at Cop 30. But the proposal did not make it to the summit's final decision. Instead, the Cop 30 presidency pledged to create a roadmap on the issue outside of official negotiations. Cop 30 president Andre Correa do Lago said recently that an initial draft of roadmap could be ready by April , when Colombia is set to host a global summit on the topic . Energy transition fund Lula also requested the creation of a draft resolution to "propose financing mechanisms to implement an energy transition policy", which would include creating an energy transition fund financed "by a portion of government revenues from oil and gas exploration". The ministries and chief of staff will also have 60 days from 5 December to draft this resolution. Lula had also asked oil and mining firms to pay their fair share of climate financing during a speech at Cop 30. This comes after similar efforts at previous climate summits. An initiative from the Cop 29 presidency called for a climate fund, capitalized with voluntary contributions from oil, coal and gas-producing countries and companies, to support developing economies in addressing climate change. But the fund was never set up and the topic slid from the agenda. Brazilian state-controlled oil firm Petrobras did not answer Argus ' requests for comments on the topic. Mining giant Vale declined to comment. But Brazil's oil, gas and biofuels institute IBP "recognizes the importance of creating a fund to finance energy transition and climate change projects and understands that the oil and gas sector can and should be part of the solution for this process", it told Argus . Brazil's oil and gas sector contributes with R325bn ($60.85bn)/yr in taxes and "part of this amount should be directed towards climate finance and a fair and efficient energy transition process", IBP said. But for that it is necessary to maintain oil and gas production, it said. Brazil has been steadily increasing its oil production. It produced 4.03mn b/d of crude in October , a 23pc increase from the same month in 2024, data from hydrocarbons regulator ANP show. The country has plans to expand oil production to 5.3mn b/d by 2030, according to energy research bureau Epe, hinging on new exploratory frontiers such as the southern Pelotas basin and the environmentally sensitive equatorial margin. IBP also argues that Brazil's oil sector already faces a large tax burden, with 66pc of all crude destined for the payment of taxes, fees and royalties. "We want to and will contribute, but it's necessary to point out that there's no way to create more burdens on the sector's supply chain", it said. The group argues that the fund's financing should come from the redistribution of current government oil and gas revenues. "Increasing taxation on oil and gas exploration and production could make future projects unfeasible," it said. By Lucas Parolin Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Eni and BP plan deepwater well in Libya in 1Q

25/12/05
25/12/05

Eni and BP plan deepwater well in Libya in 1Q

London, 5 December (Argus) — BP and Italy's Eni will drill a long-planned deepwater exploration well offshore Libya in the first quarter of 2026, a source at state-owned NOC told Argus . It is the most anticipated well since international oil companies, also including Spain's Repsol, Austria's OMV and Algerian state-owned Sonatrach, resumed exploration efforts late in 2024. "The first ultra-deepwater exploration well in Area C is scheduled in 2026," block operator Eni told Argus . NOC said the well is scheduled for January. The planned well is offshore Libya's Sirte Basin oil and gas heartland and targets a gas prospect. Eni and BP started a three-well exploration campaign in late 2024. The first well was drilled on their Area B in the Ghadames basin, but the NOC source said this yielded no commercial quantities of oil and gas. Eni and BP plan another exploration well on Area B in 2026, the source said. Any discoveries could be tied into Eni's nearby facilities. The two firms also hold the close by Area A. Eni is Libya's largest oil and gas producer by volume and is leading the country's exploration revival. It is currently drilling an offshore exploration well in Area D, close to its existing offshore production facilities. It will drill another after this is completed, the source said. IOCs were forced to abandon their exploration efforts in 2014 as the Libya's security situation deteriorated. Firms are returning because NOC lifted force majeure on these plans in 2024. "The companies are genuinely eager to explore," the source said. "This isn't just about them having to fulfill their contractual commitments." Repsol is drilling the third of a nine-well exploration campaign in the onshore Murzuq basin. So far, one of these has proven "successful", the source said. Discoveries will be tied into the Repsol-led 300,000 b/d El Sharara field. NOC has announced six new onshore discoveries this year, including one from OMV and one from Sonatrach . Exploration revival Libya has said it will announce winners of its first upstream licensing round in almost two decades in the first quarter of 2026. Firms including ExxonMobil, Chevron, Shell, BP, TotalEnergies and Eni have been shortlisted to participate in the licensing round. ExxonMobil , Chevron , Shell and BP have also signed bilateral preliminary agreements with NOC that could see them explore new areas and even develop existing onshore fields. The exploration programmes and licensing round are primarily aimed at boosting reserves and extending plateau production once Libya reaches its output goals, but discoveries could surprise to the upside. Libya aims to boost crude production from about 1.4mn b/d to 2mn b/d and gas production from about 1.2bn ft³/d (12.4bn m³/yr) to 4bn ft³/d over the next few years. By Aydin Calik Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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