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ST. PETERSBURG, Russia -- Gazprom Neft has brought a third well into production at Iraq’s Badra oil field. The commissioning of this third well ensures the sustainable production of at least 15,000 bopd. Drilling of a further three wells at Badra field is continuing, under a contract previously concluded with China’s ZPEC.
HOUSTON (Bloomberg) -- U.S. oil drillers, facing the lowest crude prices in five years and rising competition from suppliers abroad, reduced the number of rigs to an eight-month low.
COTULLA, Texas (Bloomberg) -- As crude prices tumble, landowners across Texas are accelerating production of a different kind of oil -- olive oil.
PHOENIX, Arizona -- Freeport-McMoRan has announced a successful production test from Freeport-McMoRan Oil & Gas’ (FM O&G) Highlander discovery, located onshore in South Louisiana in the Inboard Lower Tertiary/Cretaceous trend.
Wentworth discovers gas at Tembo 1 exploration well ALBERTA, Canada Wentworth Resources has completed the drilling operations of the Tembo 1 well in the Rovuma onshore block, Mozambique and a natural gas discovery has been made in Cretaceous aged sands.
HOUSTON -- Magnum Hunter Resources has reported that the blowout of the company' s Utica shale well, the Stalder 3UH, located in Monroe County, Ohio, which occurred on Dec. 13, is now under control and the well has been temporarily capped.
STAVANGER, Norway -- Statoil is to reduce its working interest in the company’s non-operated Marcellus shale asset from 29% to 23%, following a $394 million transaction with Southwestern Energy.
BUENOS AIRES -- Exxon Mobil and Gas y Petróleo del Neuquén have made a second unconventional oil and gas discovery in Neuquén Province of Argentina. Located in the liquids-rich area of the Vaca Muerta play, the La Invernada X-3 well was drilled to a total measured depth of 15,374 ft. The horizontal leg of the well extends for 3,280 ft. The discovery is operated by ExxonMobil Exploration Argentina S.R.L., an affiliate of Exxon Mobil.
CALGARY, Alberta – Enbridge has completed repairs at its Regina terminal in Saskatchewan and returned the Line 4 pipeline to service following an oil spill earlier this week.
HOUSTON (Bloomberg) -- Tumbling oil prices have exposed a weakness in the insurance that some U.S. shale drillers bought to protect themselves against a crash. At least six companies, including Pioneer Natural Resources Co. and Noble Energy Inc., used a strategy known as a three-way collar that doesn’t guarantee a minimum price if crude falls below a certain level, according to company filings. While three-ways can be cheaper than other hedges, they can leave drillers exposed to steep declines.
CHICAGO (Bloomberg) -- U.S. electricity costs are poised to reach the highest level since 1999 because railroads are too clogged to deliver enough coal to power plants.
LOUISVILLE, Kentucky -- U.S. shale producers may begin producing less as crude prices drop to five-year lows -- with some North Dakota Bakken operators already treading water -- as rig counts nationwide are poised to decrease by nearly 600 in the next six months, according to Genscape.
HOUSTON (Bloomberg) -- Crude oil production from U.S. wells is poised to approach a 42-year record next year as drillers ignore the recent decline in price pointing them in the opposite direction. U.S. energy producers plan to pump more crude in 2015 as declining equipment costs and enhanced drilling techniques more than offset the collapse in oil markets, said Troy Eckard, whose Eckard Global LLC owns stakes in more than 260 North Dakota shale wells.
Blackhawk launches new wireless cement head HOUSTON Blackhawk Specialty Tools has developed the Hawkeye, a wireless top drive cement head that enhances speed, efficiency and safety in cementing operations. The Hawkeye operates on a fully wireless automation system, eradicating the
ALBANY, New York (Bloomberg) -- The New York state Health Department said fracing for natural gas can’t be done safely, dooming prospects that Governor Andrew Cuomo will allow the extraction process after a six-year-moratorium.
DALLAS, Texas -- Summit Midstream Partners, LLC (Summit Investments) has reached an agreement with XTO Energy to develop and operate a new natural gas gathering system servicing XTO’s natural gas production from Belmont and Monroe counties in southeastern Ohio.
HOUSTON -- Magnum Hunter Resources Corp. has reported that the company' s wholly-owned subsidiary, Triad Hunter, LLC , has experienced a loss of control of a well, the Stalder 3UH, located in Monroe County, Ohio.
HOUSTON -- Drilling Risk Management, Inc. (DRMI) set records for interval, ROP, and drilling footage using National Oilwell Varco (NOV) drill bits during three recent runs in Louisiana and Texas.
CALGARY, Alberta -- Encana has announced a highly focused 2015 capital program of between $2.7 billion and $2.9 billion, with approximately 80% directed to four of its highest margin growth plays; the Montney, Duvernay, Eagle Ford and Permian.
TRIPOLI, Libya (Bloomberg) -- Libya, the holder of Africa’s largest crude reserves, halted exports from two of its biggest oil ports as rival forces battled to control the nation’s main revenue source. National Oil Corp, the state-run oil company, declared force majeure at Es Sider and Ras Lanuf, Libya’s largest and third-largest oil ports, with a combined capacity of 560,000 bpd. Force majeure is a legal status that protects a company from liability when it can’t fulfill a contract for reasons beyond its control.
Husky Energy brings second Liwan Gas field online CALGARY, Alberta Husky Energy and CNOOC have started production at the Liuhua 34 2 gas field in the South China Sea, the second field to be brought online at the Liwan Gas
Aker Solutions wins two contracts in North Sea FORNEBU, Norway Aker Solutions secured a contract from Daewoo Shipbuilding and Marine Engineering to provide engineering, construction and commissioning services for the hook up phase of the Mariner oilfield development in the
HOUSTON -- Enterprise Products Partners has decided not to move forward with the development of its proposed Bakken-to-Cushing crude oil pipeline.
HOUSTON (Bloomberg) -- U.S. oil drillers, facing the lowest crude prices in five years and escalating competition from suppliers abroad, idled the most rigs in almost two years this week. Rigs targeting oil dropped by 29 to 1,546, the lowest level since June and the biggest decline since December 2012, Baker Hughes Inc. said. Those drilling for natural gas increased by two to 346, the Houston-based field services company said. The total count fell 27 to 1,893, the fewest since August.
MEXICO CITY (Bloomberg) -- Mexico is getting ready to welcome the U.S. shale revolution into its borders after 75 years of state monopoly. The timing couldn’t be worse. As a flood of supplies from Texas to North Dakota sends oil into a nosedive, U.S. producers are reducing investment budgets for 2015. The cuts dim the chances they’ll take their fracing and horizontal drilling capabilities down south anytime soon.
CALGARY, Alberta -- Husky Energy and BP have started operations at the Sunrise Phase 1 in-situ oil sands project in Alberta, Canada, with the start of steam generation. Husky is the operator of Sunrise, a 50/50 joint venture with BP.
TAG Oil bags two onshore Taranaki basin permits VANCOUVER, British Columbia TAG Oil has been awarded 100% interest in two new onshore Taranaki basin permits Petroleum Exploration Permit 57065 (Sidewinder North) and Petroleum Exploration Permit 57063 (Waiiti) by the New
CALGARY, Alberta (Bloomberg) -- Canadian heavy crude fell to near $40/bbl, threatening projects under construction as producers boosted output and space on a pipeline was rationed. Imperial Oil Ltd. is increasing output at its Kearl oil sands project to 110,000 bpd after a shutdown last month, Pius Rolheiser, a Calgary-based spokesman said by phone. Enbridge Inc. apportioned space on the Spearhead pipeline, which carries Canadian crude south to Cushing, Oklahoma, after demand to ship on the line exceeded capacity, according to a company statement.
BUENOS AIRES, Argentina (Bloomberg) -- YPF SA and Petroliam Nasional Bhd., state-controlled companies from Argentina and Malaysia, signed a $550 million deal to drill fields at the world’s fourth-largest shale oil deposit in Patagonia’s Vaca Muerta.
LAFAYETTE, Louisiana -- Stone Energy' s Pribble 6HU well in Wetzel County, West Virginia, has produced approximately 30 Mmcfd of gas from a 3,605-ft lateral.
HOUSTON (Bloomberg) -- Oilfield contractors hired to drill wells and fracture rock to raise crude and natural gas to the surface will have to lower prices by as much as 20% to help keep their cash-strapped customers working. Ultimately, that could carve out more than $3 billion from the 2015 earnings outlined by analysts for the world’s four biggest oil-service companies -- Schlumberger Ltd., Halliburton Co., Baker Hughes Inc. and Weatherford International Plc.
Empire signs LOI with Enerdrill for upto three wells CLAREMONT, Australia Empire has signed a Letter of Intent (LOI) with drilling contractor Enerdrill for the drilling of upto three wells (subject to successful fundraising). One of these is planned to
Oando Energy announces completition of Umugini pipleine CALGARY, Alberta Oando Energy has announced the completion of the 45,000 bpd, 51 km Umugini pipeline. The pipeline will provide an alternative evacuation route for crude oil produced from the Ebendo field through
HOUSTON (Bloomberg) -- The boom in U.S. oil production will live to see another week. The nation’s crude explorers, engaged in a pricing war with the world’s largest suppliers, defied predictions of a drilling slowdown and ran the most rigs since mid-November, boosting the U.S. count by three to 1,575, Baker Hughes Inc. said Dec. 5. Rigs targeting natural gas were unchanged at 344, the Houston-based field services company’s website showed.
U.S. oil reserves highest since at least 1975 on shale boom DAN MURTAUGH and HARRY R. WEBER HOUSTON (Bloomberg) Proved reserves of crude and lease condensate in the U.S. rose 9.3% in 2013 as drillers showed they could extract more
NEW YORK (Bloomberg) -- OPEC’s price war against the American shale industry will erode drilling budgets, shrink profits and even bankrupt some companies. It won’t do the one thing cartel leader Saudi Arabia wants: reduce U.S. production.
Bakken oil already under $50 bbl due to regional discount DAN MURTAUGH BISMARCK (Bloomberg) Oil market analysts are debating if oil will fall to $50. In North Dakota, prices are already there. Crude sold at the wellhead in the Bakken
CALGARY -- NCS Multistage has announced successful deployment of the company' s patented Multistage Unlimited frac-isolation system to complete four Montney gas wells in the Pouce Coupe field in British Columbia.
LONDON (Bloomberg) -- Genel Energy Plc and Gulf Keystone Petroleum Ltd., which operate in Iraqi Kurdistan, received initial payments from the regional government for shipments routed through Turkey and are awaiting further disbursements.
OKLAHOMA CITY, Oklahoma (Bloomberg) -- Billionaire wildcatter Harold Hamm, a founding father of the U.S. shale boom, said U.S. drilling will slow because of lower oil prices. While the chairman and CEO of Continental Resources Inc. sees U.S. activity decreasing, he said a potential price war bodes well for U.S. producers that can outlast many countries that depend on far higher oil.
HOUSTON -- Marathon Oil Corp., through its wholly owned subsidiary Marathon Oil KDV B.V., has announced that its Jisik-1 exploration well has discovered multiple stacked oil and natural gas producing zones on the company' s operated Harir Block in the Kurdistan Region of Iraq.
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