TAG's Cheal-E6 well intersects oil and gas bearing sands

TAG' s Cheal E6 well intersects oil and gas bearing sands VANCOUVER, Canada TAG Oil has successfully drilled the Cheal E JV 6 (Cheal E6) well, located in the onshore Taranaki basin of New Zealand to a total depth of 1,939

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Genel CEO sees merger shakeout among Kurdistan oil producers

ISTANBUL, Turkey (Bloomberg) -- The number of oil producers in Kurdistan will slump by three-quarters in five years with the biggest in the industry taking control in the region, according to Genel Energy Plc CEO Tony Hayward. “It’s likely that we’ll end up with, perhaps, five or six of the largest companies operating, with Genel, Exxon, Chevron ending up as major operators,” Hayward said in a Nov. 21 interview during the Atlantic Council conference in Istanbul. “It’s what happens in most hydrocarbon provinces.”

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Russian oil-production cuts to support OPEC seen as unlikely

VIENNA, Austria (Bloomberg) -- Each time oil takes a dive, the idea of Russia allying with OPEC to shore up prices gets an airing. It happened in the months after 9/11 and again during the 2008 financial crisis. Now it’s back on the agenda. Russia’s top two oil officials are in Vienna to meet OPEC nations before this week’s meeting maps out the group’s response to this year’s tumble in prices.

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Canadian oil-sands industry’s expansion wavers with $75/bbl crude

CALGARY, Alberta (Bloomberg) -- The Canadian oil-sands frenzy that led to $265 billion of investments in less than a decade won’t immediately stop with $75 crude. Two years from now is another matter. Oil-sands projects are multibillion-dollar investments made upfront to allow many years of output, unlike competing U.S. shale wells that require constant injections of capital. It’s future expansion that’s at risk.

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Beach Energy looks at selling Egyptian assets to focus on Australia

SYDNEY (Bloomberg) -- Beach Energy Ltd. is considering selling its holdings in Egypt as the company focuses on Australia, where it’s exploring with Chevron Corp. The decision on what to do with the assets, which include a gas project that’s forecast to begin output in the first quarter of 2015, will likely be made in the first half of next year, Managing Director Reg Nelson said Nov. 25 in an interview.

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McAda Fluids Heating breaks ground on Colorado facility

FORT LUPTON, COLORADO -- McAda Fluids Heating Services and McAda Drilling Fluids has broken ground on a 10-acre facility near Fort Lupton. The new facility, to be open in spring of 2015, will serve the Niobrara shale and other Rockie Mountain regional activities.

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Gazprom Neft Orenburg acquires new acreage

MOSCOW -- Gazprom Neft Orenburg has been announced as the winner in a recent auction for geological prospecting and E&P rights to the Yagodny license area in the Orenburg Oblast, a federal subject of Russia. Covering 500 sq km in total, the license area includes Zemlyanskoye field, originally discovered in 1978. Drilling of exploration and prospecting wells, as well as 2D and 3D seismic works, had previously been undertaken within the license area.

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Oil at $75/bbl won’t shut in much U.S. shale, Dow’s Liveris says

DUBAI (Bloomberg) -- Oil at $75/bbl won’t affect U.S. output from shale much because investments in wells and production have already been made, said Andrew Liveris, chairman and CEO of Dow Chemical Co. Some U.S. shale producers are already hurt by the drop in oil prices, though Dow, based in Midland, Michigan, sells enough different products that it can withstand lower crude, Liveris, the head of the largest U.S. chemical maker, said at a conference in Dubai.

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Oil at $75 means patches of Texas shale turn unprofitable

NEW YORK (Bloomberg) -- With crude at $75/bbl, the price Goldman Sachs Group Inc. says will be the average in the first three months of next year, 19 U.S. shale regions are no longer profitable, according to data compiled by Bloomberg New Energy Finance.

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CGG nets another commitment to StagSeis solution in Gulf of Mexico

PARIS -- CGG has announced another significant commitment from an E&P company to its StagSeis multi-client solution in the Gulf of Mexico, this time with an earlier prefunder expanding their position. Following completion of acquisition in October, StagSeis presales of all three surveys, IBALT, DEUX and TROIS, have continued to strengthen, both with new companies joining, and with repeat customers increasing their commitments.

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Mazarine Energy signs contract for Tunisia drilling campaign

Mazarine Energy signs contract for Tunisia drilling campaign THE HAGUE, The Netherlands Mazarine Energy Tunisia, a subsidiary of Mazarine Energy has signed a drilling contract with Compagnie Tunisienne de Forage (CTF) for the use of the CTF 4, a 2,000

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Liner-less spill containment system reduces wellsite contamination risk

Liner less spill containment system reduces wellsite contamination risk LAFAYETTE, Louisiana — Newpark Mats and Integrated Services (NMIS) has unveiled the Dura Base Defender liner less spill containment system, which provides drilling and completion crews with a faster and more

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U.S. production growth resilient amid lower oil prices, IHS says

WASHINGTON, D.C. -- The vast majority of potential U.S. tight oil production growth remains economical in the current crude oil price environment, according to a new report by IHS. About 80% of potential gross U.S. tight oil capacity additions in 2015 would remain resilient at WTI prices as low as $70/bbl, the report says.

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Halliburton gaining pump technology in Baker Hughes deal

HOUSTON (Bloomberg) -- With its $34.6 billion purchase of Baker Hughes Inc., Halliburton Co. will add a new technology that’s aimed at replacing the well-known nodding donkey pumps that have been a symbol of the oil business for a century. The new system, unveiled by Baker Hughes in May, offers a way to retrieve the final drops of crude from aging oilfields, and should help fill a gap in Halliburton’s offerings.

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Encana doubling Texas rigs unfazed by oil drop

CALGARY, Alberta (Bloomberg) -- Facing a 30% slide in the price of crude in the past five months, Encana Corp. CEO Doug Suttles still has his foot on the accelerator. The gas giant capped a year of asset sales and purchases worth more than $14 billion to focus more on crude, just as oil fell into a slump. Suttles remains confident in the shift and plans to expand drilling to capitalize on properties that promise higher returns, even after crude prices declined from a high in June of about $107/bbl to around $75.

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Eni strengthens its presence in Turkmenistan

Eni strengthens its presence in Turkmenistan MILAN, Italy Eni has signed an addendum to the Production Sharing Agreement (PSA) with respect to the onshore Nebit Dag Area, located in West Turkmenistan, with Turkmen State Agency for Management and Use of

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Shale output unchecked by rig cutback as top fields become focus

NEW YORK (Bloomberg) -- Shale drillers are planning on production growth with fewer rigs despite a worldwide glut that has sent crude prices to a four-year low. Companies including Devon Energy Corp., Continental Resources Inc. and EOG Resources Inc. said they expect to pump more from their prime properties while cutting back in their least productive prospects. That puts the onus on OPEC nations, led by Saudi Arabia, to cut output if they want to stem the slide in global oil prices.

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Cegelec adopts the Actemium brand name

Cegelec adopts the Actemium brand name ABU DHABI VINCI Energies has announced the rebranding of its Cegelec Oil and Gas businesses. All Cegelec activities in the Middle East region officially become Actemium, the VINCI Energies’ brand dedicated to industrial process.

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DNV GL tackles corrosion and integrity of ageing wells with new JIP

DNV GL tackles corrosion and integrity of ageing wells with new JIP HOVIK, Norway The global oil and gas industry is now facing the reality that many of its onshore and offshore wells are being used beyond the original lifespan.

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U.S. DOE authorizes Freeport LNG to export LNG to non-FTA countries

WASHINGTON D.C. -- The U.S. Energy Department has issued two final authorizations for Freeport LNG Expansion, L.P. and FLNG Liquefaction, LLC to export domestically produced LNG to countries that do not have a Free Trade Agreement (FTA) with the U.S.

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U.S. shale-oil surge to continue amid price slump, IEA says

PARIS (Bloomberg) -- The U.S. shale boom does not appear to be slowing in response to the oil-price slump, with the country’s output of petroleum liquids rising above 12 MMbpd for the first time, according to the International Energy Agency. U.S. production of crude oil, condensate and natural gas liquids climbed to 12.2 MMbpd last month, the Paris-based energy adviser said Nov. 14 in its monthly oil market report.

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IPAA '14: Independents face laundry list of issues at annual gathering

PALM BEACH, Florida -- Despite the calm and serenity exuded by their South Florida setting, independent U.S. producers have quite a plate full of issues to tackle during the annual meeting of the Independent Petroleum Association of America (IPAA). As members convene for their opening sessions on Wednesday afternoon at The Breakers resort in Palm Beach, they will examine the trends and implications surrounding lower oil prices, the effects of the mid-term election results, access to federal lands, punitive environmental regulations and availability of capital, among others.

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Tullow slashes exploration spending amid falling oil prices

LONDON -- Tullow Oil is to its slash it spending on exploration in favor of producing assets and existing discoveries next year, the company has said. While the London-based company “remains exploration-led,” such spending will be “significantly reduced” in 2015, the company’s CEO, Aidan Heavey, said.

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Polyflow opens new plant in the Permian basin

MIDLAND, Texas -- Polyflow, LLC, a manufacturer of spoolable RTP for transporting hydrocarbons, water, and other fluids and gases, has announced the opening of its new manufacturing plant in Midland, Texas -- the first reinforced thermoplastic pipe facility in the Permian basin.

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Adnoc assessing bids for 40-year oil concessions as prices sink

ABU DHABI, United Arab Emirates (Bloomberg) -- Abu Dhabi National Oil Co. is evaluating bids by foreign companies for stakes in the emirate’s biggest fields and has yet to recommend any offers to the government for approval. BP Plc, Total SA and several companies based in Asia are among those seeking to participate with state-run Adnoc in its onshore production of crude as early as January. Abu Dhabi holds most of the crude deposits in the United Arab Emirates, an OPEC member that holds about 6% of global reserves.

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Iraqi production falls less than expected under ISIL control, GlobalData says

LONDON -- Production declines in oil fields controlled by the Islamic State of Iraq and the Levant (ISIL) have been less dramatic than expected, because ISIL has promised to protect workers and pay their wages, according to an analyst with research and consulting firm GlobalData. Furthermore, ISIL is able to fund its war operations primarily by controlling oil fields that it has strategically seized, gaining an estimated $2-3 million daily from oil smuggling.

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Halcón Resources to slash rigs on falling oil prices

HOUSTON – Halcón Resources is to nearly half the number of rigs it planned to run next year as a result of the slide in oil prices.

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Canadian heavy oil strengthens as Imperial shuts Kearl operation

CALGARY, Alberta (Bloomberg) -- Canadian heavy oil strengthened the most in more than a month after Imperial Oil Ltd. shut operations at its Kearl oil sands project. Operations were suspended after vibrations were detected in an ore crusher unit at the site, the company said in an emailed statement. The shutdown will last “several weeks” and customers will be supplied from inventories and through purchases of crude on the market, spokesman Pius Rolheiser said by phone. Imperial was producing 92,000 bopd at Kearl in the third quarter, the company said.

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BP awarded two new exploration blocks in Egypt

CAIRO -- BP Egypt has been awarded two new exploration blocks as a result of the 2013 EGAS bid round. BP and its partners have committed to invest a total of $240 million in the blocks over different phases. Block 3 - North El Mataria is BP’s first entry into the Onshore Nile Delta. Block 8 - Karawan Offshore is located in the Mediterranean Sea, in the northeastern part of Egypt’s economic waters.

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Former Petrohawk president takes shale expertise to Australia

SYDNEY (Bloomberg) -- Dick Stoneburner helped sell Petrohawk Energy Corp. to BHP Billiton Ltd. in a $15.1 billion deal. Now he’s bringing his experience in U.S. shale to Australia as a board member of Tamboran Resources Ltd. “They have a lot of opportunity embedded in their assets, they just need some direction and need some capital,” Stoneburner, a managing director at New York-based investment firm Pine Brook Partners, said in a phone interview.

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South Africa asks shale-gas applicants to cut reference to fracing

CAPE TOWN, South Africa (Bloomberg) -- South Africa’s oil-industry regulator asked companies including Royal Dutch Shell Plc and Chevron Corp. to remove references to fracing from their applications for shale-gas projects in the Karoo region so they can be processed while relevant legislation is prepared.

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Icahn tank-car maker joins industry defying oil’s decline

DALLAS (Bloomberg) -- Surging railroad tank-car orders at companies owned by billionaires Warren Buffett and Carl Icahn are defying an oil price drop that threatens to slow the U.S. drilling boom.

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Plains to buy half of Texas pipeline for $1.1 billion

HOUSTON (Bloomberg) -- Plains All American Pipeline agreed to buy Occidental Petroleum Corp. 50% percent stake in a conduit that brings crude oil from the Permian Basin in West Texas to Gulf Coast refiners for $1.08 billion.

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Pioneer Natural Resources aiming to divest Eagle Ford midstream operations

DALLAS -- Pioneer Natural Resources Company announced it is pursuing the divestment of its 50.1% share of the Eagle Ford Shale Midstream business. Reliance Holding USA, Inc. owns the remaining 49.9% of the EFS Midstream business, and also plans to pursue the divestment of its share in a joint process with Pioneer.

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Chesapeake boosts profit on rising output as oil prices plunge

OKLAHOMA CITY, Oklahoma (Bloomberg) -- Chesapeake Energy Corp., the U.S. natural gas producer that’s been selling assets to fund a shift into oil, reported a rise in third-quarter profit as higher output and cost-cutting made up for the drop in crude prices.

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Touchstone announces signing of onshore exploration license

Touchstone announces signing of onshore exploration license CALGARY, Alberta Touchstone Exploration has signed an exploration and production license with the Ministry of Energy and Energy Affairs of Trinidad and Tobago, for the Ortoire block in Southern Trinidad. Under the terms

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Texas RRC issues new rules for disposal wells

AUSTIN, Texas -- The Texas Railroad Commission has adopted disposal well rule amendments that are designed to address disposal well operations in areas of historical or future seismic activity. Disposal wells are permitted by the Railroad Commission to safely dispose of non-hazardous produced water and hydraulic fracture flowback fluid from oil and gas wells.

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Hoegh LNG awarded FSRU contract in Colombia

Hoegh LNG awarded FSRU contract in ColombiaHAMILTON, Bermuda Hoegh LNG has been awarded an FSRU contract by Sociedad Portuaria El Cayao (SPEC) for a new LNG import terminal in Cartagena, on the Atlantic coast of Colombia. The contract is subject

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