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Last Updated: November 16, 2017
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Last week in the world oil:

Prices

  • Crude prices are down slightly as American drillers predictably added rigs to capitalise on the recent high prices. Brent is trading at US$63/b and WTI at US$56/b, still in the upper range of recent price trends.

Upstream

  • Ghana has begun talks with ExxonMobil that could see the US supermajor begin exploring the offshore Deepwater Cape Three Point (DCTP) region. Ghana is bypassing traditional auctions for this, given its peculiar nature of the field, opting to negotiate directly with the experienced ExxonMobil.
  • Also in Ghana, Kosmos Energy will resume development drilling in the TEN deepwater oil and gas project in early 2018, delayed slightly from end-2017. The move comes as the International Tribunal for the Law of the Sea redrew ocean boundaries to favour Ghana over the Ivory Coast, paving the way for work to begin in the disputed area. TEN is led by Kosmos Energy, with Tullow Oil, Anadarko, PetroSA and GNPC.
  • Gambia is moving ahead with plans to market the two offshore oil blocks revoked from Norwegian-based African Petroleum earlier this year. The blocks A1 and A4 are estimated to contain up to 3 billion barrels.
  • Crude output in Venezuela is expected to sink to 1.84 mmb/d next year, the lowest in almost three decades as a cash crunch and mounting debts by PDVSA pile up. Venezuelan rig counts hit a 14-year low in October.
  • Shell shut down its offshore Enchilada platform in the US Gulf of Mexico after a fire broke out. Nearby infrastructure at the Salsa and Auger platforms, a gas export pipeline and associated fields were also shut. Impact should be minimal and output could restart within the month.
  • As Tullow Oil prepares to develop the Turkana oil fields, Kenya’s government is attempting to placate the tribesmen in the area, proposing to give 30% of the prospective oil avenue to the local community there in a bill. Full production of the 750 million barrel asset will begin in 2021.
  • American drillers added 9 new drilling rigs last week – all oil – responding to the recent strength in crude prices.

Downstream & Midstream

  • Egyptian Refining Co’s new US$3.7 billion refinery in Cairo is expecting completion by June 2018 with operations beginning in September. All product from the public-private 100 kb/d refinery will be sold to EGPC.

Natural Gas and LNG

  • Algeria’s Sonatrach is pumping in US$2 billion into the Hassi Rmel gas field to keep production there stable. The goal of the investment is to maintain output levels of 190 mcm/d over the next 10 years at the JGC-led field that represents 60% of Algeria’s gas production.
  • Egypt will be awarding its recent 12-cargo LNG tender to Spain’s Gas Natural Fenosa, Trafigura, Vitol and Glencore, as its goal of reducing LNG imports even further continues with growing domestic gas output.

Corporate

  • France’s Total has acquired the upstream LNG assets of French power and gas utility Engie for US$1.5 billion. This includes stakes in the Cameron LNG project in the US, a tanker fleet and existing sales contracts. Total will now be the second-largest LNG player in the world, behind Shell.

Last week in Asian oil

Upstream

  • A blast at Bahrain’s oil pipeline running through Buri has been blamed on Iran, with Iran vehemently denying involvement. The fire rattled Asian crude prices, already nervous after recent events in Saudi Arabia.
  • Production at the offshore Hail oilfield in the UAE has begun. Led by ADOC, Cepsa and Cosmo Oil, Hail is the fourth field to start production in the ADOC concession, joining the aging Mubarraz, Umm Al-Anbar and Neewat Al-Ghalan finds in the shallow waters off Abu Dhabi.

Downstream

  • Saudi Aramco will be pushing back planned maintenance at the Ras Tanura refinery’s condensate splitter to the end of November. The month-long shutdown at Saudi Arabia’s largest refinery will be shut until the end of December, with minimal impact on operations.
  • South Korea refiners are preparing to spend over US$5 billion to upgrade their plants in an attempt to benefit from tighter shipping emission standards entering force in 2020. The IMO’s decision will bring sulphur caps down from 35,000 ppm to 5,000 ppm, attempting to establish itself as a new bunkering force in Asia. SK Energy is adding a US$900 million desulphurisation unit, while Hyundai Oilbank will begin expanding its heavy oil upgrading capacity next year and S-Oil starts on its US$4.3 billion residue fuel oil upgrading unit/olefins complex in 1H18.
  • Rosneft and its new major investor, CEFC China Energy, are looking at the possibility of building a new petrochemical complex in Yangpu, Hainan. Capacity and timeline are unknown, with condensate and LPG feedstock presumably sourced from Rosneft.

Natural Gas & LNG

  • PetroChina will be expanding LNG storage capacity at the Caofeidian import facility in northern China to meet soaring domestic demand. Together with Beijing Enterprises Group, PetroChina will be adding two 160,000 cubic metre tanks at Caofeidian, doubling storage capacity to 1.28 million cubic metres, which will become PetroChina’s largest gas storage space, eclipsing two terminals in Dalian and Rudong in Jiangsu.
  • Japan’s Inpex announced that production at the offshore Ichthys LNG project in Australia will begin in March 2018, the fifth of Australia’s mega LNG export facilities to start up.

Corporate

  • Saudi Aramco will be boosting its capital expenditure budget by some 10% next year, as it prepares to restructure ahead of its planned IPO. This would take capital spending above US$100 billion, up from the US$93 billion allocated for 2017, to be primarily focused on domestic projects.
  • Petronas may be forced to exit Myanmar, as members of the Malaysian parliament have demanded that the state oil firm depart from upstream there in protest of the recent, ongoing violence against the Rohingya Muslim community. Its assets in Myanmar are predominantly gas-based, including a pipeline to ships gas to Thailand.

Saudi energy services company Arkad is forming a joint venture with Switzerland-s ABB to build a North Africa and Gulf-focused business. The focus of the new company will be on Algeria, Kuwait and the UAE.

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Infographic: Oil and Gas Scams & How to avoid them!

Oil and gas sector is one of the most lucrative sectors for job seekers from industries all over the world. It offers great salaries and benefits packages and an opportunity to travel and work overseas. Due to its high demand, scammers are preying on the vulnerable oil and gas workers. To ensure you don’t fall prey to their mischievous tactics, we would recommend reading our guideline below:

How does scamming occur? 

The scammer poses as an employer or recruiter of an oil and gas company or he may claim to be an employee or recruiter for a job consultancy firm catering to the oil and gas industry. They offer irresistible employment opportunities and often demand money in advance to conduct further processes. Money is often demanded on the pretext of work visas, travel expenses, background or credit checks that the job requires.

What do scammers want from you?

 It is important to understand what the scammer's agenda is so that it helps you shield yourself from getting conned:

To extract money: On the pretext of getting you a job in the energy sector employing any of the tactics mentioned above

For identity theft: scammers look for valid identity of people and ask for confidential personal details including bank details to commit fraud through your name or to withdraw money from your account.

Whatever be their modus operandi, their goal is to either separate you from your cash or accomplish an identity theft. The bigger problem is, the scammers are getting better at their game and coming up with innovative ideas to lure innocent job seekers. In oil and gas industry, the scammers are targeting the job seekers from overseas, immigrants or contractors as they feel it is easier to attract them on the pretext of work permits, high salaries, paid travel, better lifestyle in the first world countries.

How to spot a job scam and keep yourself secure?

 There is always a difference between real and fake, all you need to do is be watchful to notice the underlying discrepancies. There is a pattern that scammers usually follows, which is discussed below. Make sure you watch out for these red flags when you receive any job offer next time:

Free email provider - No legitimate hiring agency or company will use the services of free email provider like Gmail, Hotmail, or Yahoo. So, if you are receiving an email or have been requested to share your details on emails that use free email services, then be extremely cautious. The scammers try to trick the job seekers by using an email address that looks authentic for instance: [email protected]. It is important to notice here that the ‘xyz’ part of the email ID is usually a gmail, yahoo, etc. which is a free email address. A legitimate job provider would never use.

Fake or new company name - If company name or oil and gas recruitment agency name is mentioned along with the free email id, then do a quick search on the company. Verify its existence and contact them via official email address and contact numbers mentioned on the website. Check their social media presence too. If the website and social media page look new while the company claims to be in business for a substantial amount of time, know for sure that there is something fishy.

Bad grammar and confusing job details - The scammers usually do not pay much attention to structure the mail. You can spot grammatical errors and even the job descriptions are not explained well or is completely different than your skillset and experience. Any authentic mail from a company or oil and gas recruitment agency will ensure an error-free, concise, and clear communication

Fee to conduct a job interview - No legitimate oil and gas company or recruitment agency will ever ask for money to conduct a job interview or to apply to job positions. If the mail says, the money will be refunded once you appear for a job interview, then please do not trust such claims as it is always bogus.

Asking for confidential personal information - Anyone asking for information that you will never put on CV, is a warning sign. It includes your bank details, passport copy, identity cards, your current residential details and so on. No genuine company will ever ask for such details before you sign the offer letter. If by chance, you have shared your bank details or another confidential detail to the scammer, contact your bank and email service provider and register a complaint against it.

Unknown source - There are countries who have strict spam rules and until you subscribe or give consent to the company, they cannot send you emails. So, if you receive an email from a company you haven’t contacted or have not applied for jobs, then be cautious it might be a scam.

The principle on which scammers operate is “Too good to be true”.  Don’t entertain any job offer that offers a position, you are not qualified for or offers a salary which is unrealistically high. In the oil and gas sector, be careful not to reveal your passport/work visa details to the scammer. Remember, if you find anything which is way beyond the realistic expectations, then trust your instincts and drop the offer and do not respond.

See our infographic below for a quick summarized glance -


 If you are looking for a job in the Energy sector then sign up today to stay updated with the latest industry news, apply for jobs and network - https://www.nrgedge.net/jobs 

November, 04 2018
Infographic: Pros and Cons of App Based Talent Search in Oil and Gas


Searching for the right talent is often a tedious chore for the HR. However, with technological improvements, the usage of app-based recruitment has increased manifold. Recruiters and job seekers are increasingly adopting this new method. A mobile application simplifies the labor-intensive and time-consuming recruitment task and comes loaded with features that help to automate the recruitment cycle. For all the good, app-based approach can do, it still comes under fire from the critics. Here's our take on the pros & cons of App-based talent search.


November, 16 2018
Asif Mukri
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November, 15 2018