FINWIRES · TerminalLIVE
FINWIRES

PetroTal Restarts Bretana Oil Field Drilling in Peru

By

London-listed oil and gas developer PetroTal (PTAL.L) said Wednesday it resumed development drilling at its Bretana oil field in Peru, spudding the 25H horizontal well.

The well, which was spudded one week ahead of schedule, is expected to reach a measured depth of 4,300 meters and take roughly eight weeks to drill and complete at a cost of $15 million.

Meanwhile, Bretana's water injection capacity rose to more than 190,000 barrels per day following stimulations. Field production averaged 11,960 barrels of oil per day in September, while group output averaged 12,286 bopd.

What else is happening in Equities?

Equities

Market Chatter: Adnoc Unit XRG Targets Piece of Shell-led LNG Canada JV

Emirati energy investment company XRG is in talks with Chinese oil and gas producer PetroChina and other partners in the LNG Canada joint venture for a potential stake purchase, Bloomberg News reported Tuesday, citing people familiar with the matter.The liquefied natural gas export project is led by oil and gas major Shell (SHEL.L, SHELL.AS) with a 40% shareholding. Additionally, PetroChina and Mitsubishi Corp. each own a 15% interest, while Malaysia's Petroliam Nasional, or Petronas, and Korea Gas Corp., or Kogas, hold stakes of 25% and 5%, respectively.The discussions with Abu Dhabi National Oil Co., or Adnoc, unit XRG may not result in a deal, the sources said. Shell and LNG Canada declined to comment, while XRG and PetroChina did not immediately reply to a request for comment from.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

$SHEL.L$SHELL.AS
Equities

Market Chatter: Saudi Aramco Reportedly Plans New Gas Division, Eyes Potential Minority Listing

Saudi Arabian Oil Co. (SASE:2222), d/b/a Saudi Aramco, is looking to restructure its business to set up a gas division alongside its upstream and downstream segments, Reuters reported Tuesday, citing two sources familiar with the matter.The new division is said to give the company a dedicated platform to develop its natural gas resources domestically and expand its liquefied natural gas portfolio internationally.One of the sources added that the state-owned oil giant is also considering a potential listing of a minority stake in the gas business to raise funds.Aramco did not immediately respond to a request for comment from.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

SASE:2222
Equities

Shell Closes $840 Million Sale of Interests in Na Kika Platform, Coulomb Tieback

Shell (SHEL.L, SHELL.AS) said Tuesday that it earned $840 million from completing the sale of a 50% non-operated working interest in the Na Kika semi-submersible platform and the 100%-owned Coulomb tieback in the Gulf of Mexico.The oil and gas company's Shell Offshore unit agreed in June to sell the interests to a Talos Energy subsidiary and a Ridgewood Energy affiliate for a total consideration of $1.7 billion. The agreement covers uncapped upside-linked payments through 2027, as well as conditional overriding royalty interests on production from new Na Kika tiebacks.Shell co-owned the Na Kika platform with BP (BP.L), which holds the operating interest. It expects both assets to cease meaningful contribution to its production by 2030.

$BP.L$SHEL.L$SHELL.AS