Point Resources, HitecVision to acquire Exxon Mobil's Norwegian business

HitecVision and its majority owned portfolio company Point Resources have announced the signing of an agreement to acquire Exxon Mobil’s operated upstream business in Norway from Exxon Mobil Exploration and Production Norway AS. ...

Shell opens new technology center in Bangalore, India

Shell has opened a new major technology hub in Bangalore, India, expanding the company’s RandD activities in Asia. The 52-acre, custom built technology center can house up to 1,500 experts working collaboratively on innovative projects worldwide. ...

Rosneft discovers new field in Republic of Bashkortostan, Russia

Rosneft has announced a new field in the Republic of Bashkortostan. The geological reserves of Anastasyinskoye field of C1+C2 category in the amount of 0.6 mmt were recommended by The State Commission on Reserves for state registration. ...

Cenovus said to seek $1.35 billion in asset sales for Conoco buy

Cenovus Energy Inc. plans to raise about C$1.8 billion ($1.35 billion) from property sales as it seeks to offset the cost of its C$17.7 billion purchase of ConocoPhillips’ Canadian oil assets, according to people familiar with the matter. ...

Elite Control Systems awarded contract renewal for Chirag platform in Azerbaijan

Elite Control Systems, a provider of systems integration services, has announced that once again a major oil and gas operator has renewed its contract with the company to provide a comprehensive process control software system and ongoing support in Azerbaijan. ...

Energean farms out assets in Western Greece to Repsol

Energean Oil and Gas has announced that it has agreed to farm out a 60% interest in its Ioannina and Aitoloakarnania Blocks, onshore Western Greece, to Repsol. Repsol will also become the Operator for both blocks. ...

Texas drillers face threat of too much oil, too few pipelines

Oil production in West Texas is about to outgrow pipeline capacity, a combination that knocked down crude prices in the region three years ago. ...

Oil set for biggest weekly gain in 2017 as OPEC eyes extension

Oil headed for its biggest weekly increase this year amid speculation OPEC will extend its deal to curb output and ease a global glut. ...

Oil tops $50 as Kuwait says OPEC in talks for meeting consensus

Crude rose to a three-week high after Kuwaiti comments bolstered optimism that OPEC and its partners will extended output curbs. ...

Aker BP announces 10-year production period extension at Tambar, North Sea

Tambar- license, with owners Aker BP and Faroe, have now approved Tambar- development, consisting of two additional wells and gas lift. This is a major milestone for Tambar- that extends the production period from about 2018 to 2028 with a potential upside. ...

Snadd discovery to begin producing in Barents Sea, reserves to increase at Goliat

Two wells will be drilled from Goliat in the Barents Sea in order to start production from the Snadd discovery. This will increase oil reserves on Goliat by 1.2 MMscm (7.5 MMbbl). ...

Exxon Mobil announces new oil discovery offshore Guyana

Exxon Mobil announced today positive results on the Snoek well offshore Guyana, confirming a new discovery on the Stabroek Block. Drilling targeted similar aged reservoirs as encountered in previous discoveries at Liza and Payara. ...

Gazprom Neft, ONGC to collaborate on offshore field development in the Arctic

Gazprom Neft and India’s ONGC Videsh Ltd. have used the International Arctic forum ‘Arctic: Territory of Dialogue’, currently taking place in Arkhangelsk, to announce the signing of a Memorandum of Understanding, which confirms the companies’ mutual intent in joining forces for implementation of offshore hydrocarbon production projects in Russia and elsewhere in the world. ...

ExxonMobil announces new oil discovery offshore Guyana

Exxon Mobil announced today positive results on the Snoek well offshore Guyana, confirming a new discovery on the Stabroek Block. Drilling targeted similar aged reservoirs as encountered in previous discoveries at Liza and Payara. ...

Wood Mackenzie: Some deepwater projects closing cost gap with tight oil plays

According to a recent Wood Mackenzie report, a leaner and more cost-competitive deepwater industry is emerging from the downturn, with the most attractive projects now competing with U.S. tight oil plays. ...

Schlumberger announces new artificial lift management service

Schlumberger announced today the introduction of the Lift IQ production life cycle management service, which offers monitoring, diagnostics and optimization of artificial lift systems in real time. ...

Deloitte to expand cyber risk platform for industrial control systems, operational technologies security

Deloitte has announced plans to expand its cyber risk platform for end-to-end industrial control systems (ICS) and operational technologies (OT) security with next generation technology enabled by Dragos, a cybersecurity company focusing on securing ICS and OT networks. ...

IEA welcomes India as association country

The International Energy Agency welcomed India as an association country on Thursday, expanding its partnership for a more secure and sustainable energy future with the world's third-largest energy consumer. ...

Aker Solutions to acquire Norwegian oil services provider Reinertsen

Aker Solutions agreed to buy oil-services provider Reinertsen to build on its position as a leading maintenance and modifications supplier offshore Norway. ...

Mubadala almost triples profit on `opportunistic investments'

Mubadala Development Co., the Abu Dhabi sovereign wealth fund merging with International Petroleum Investment Co., said 2016 profit almost tripled following successful investments in “strategic sectors.” ...

Oil workers seen as target in new phase of South Sudan's war

Crude oil brings in the cash to keep South Sudan’s army fighting. That may have made oil workers a target for rebels waging the African nation’s three-year civil war. ...

Abu Dhabi's Taqa posts $5.2 billion loss on oil asset write-off

Abu Dhabi National Energy Co reported its biggest loss on record as the state-controlled power and oil company wrote down the value of oil assets after prices slumped. ...

CGG awarded multi-year integrated geoscience study by Kuwait Gulf Oil Co

CGG has been awarded a multi-year integrated geoscience study by Kuwait Gulf Oil Company (KGOC) to identify resource growth potential in the onshore partitioned zone (PZ). ...

Paradigm expands high-definition software suite

Paradigm released Paradigm 17 software suite, running on an expanded high-definition platform. This release aims at ensuring that investments in data acquisition result in added value to drilling, completion and production. ...

ConocoPhillips sells Canadian oil and gas assets to Cenovus for $13.3 billion

ConocoPhillips has signed an agreement with Cenovus to sell its 50% non-operated interest in the Foster Creek Christina Lake (FCCL) oil sands partnership, as well as the majority of its western Canada Deep Basin gas assets, for a total of $13.3 billion. ...

ConocoPhillips sells Canadian oil and gas assets to Cenovus for $13.3 billion

ConocoPhillips has signed an agreement with Cenovus to sell its 50% non-operated interest in the Foster Creek Christina Lake (FCCL) oil sands partnership, as well as the majority of its western Canada Deep Basin gas assets, for a total of $13.3 billion. ...

PetroChina posts record-low profit in third year of oil pain

PetroChina Co.’s profit fell 78% to the lowest on record as the energy price crash punished the country’s biggest oil and gas producer for a third year. ...

Tenaris' Rocca touts jobs in Trump's America

The billionaire steel tycoon who controls Tenaris SA, the world’s largest maker of seamless-steel pipes for the energy industry, expects the creation of American jobs at his $1.8 billion plant in Texas will allow his company to continue to import certain types of pipes into the U.S. The pipe-making plant is due to open this fall in Bay City to serve the shale wells. ...

Energy companies may pay U.S. more to drill on public land

Energy companies could pay the U.S. government higher royalties for oil, gas and other resources extracted from public land, under a review Interior Secretary Ryan Zinke authorized Wednesday. ...

Land swaps let Permian operators expand shale wells on the cheap

Working with fresh technology that lets producers drill longer wells than ever before, companies such as Pioneer Natural Resources Co., Parsley Energy Inc. and Double Eagle Energy Permian LLC are increasingly haggling with other producers for slivers of land that allow them to extend the reach of their drilling with hardly any acquisition costs. ...

Oil traders warn supply crunch looming as project spending drops

The oil market is risking a supply crunch as producers cut spending on major projects to focus on short-term low-cost shale output in the U.S., some of the top crude and products traders said. ...

Shale drillers face uncertain 2018 with most hedges expiring

A surge in hedging contracts is helping U.S. shale drillers ride out the turmoil in global oil markets this year. Next year may not be so easy. ...

Lukoil develops new technology for Arctic oil spill response

LUKOIL has developed a new technique to respond to oil spills in the Arctic waters. ...

Gazprom signs MOU with National Iranian Oil Co.

Gazprom and National Iranian Oil Company have signed a Memorandum of Understanding in Moscow. ...

Fugro boosts specialist oil and gas services in Guyana

Fugro is to boost its marine site characterization services for the oil and gas industry in the Republic of Guyana, with a new strategic alliance with Ground Structures Engineering Consultants Ltd. ...

Subsea UK shares knowledge and expertise with Mexico's NOC

Senior figures from Mexico’s national oil company, Pemex, have been discovering the secrets of the UK subsea sector’s success and how it has revolutionized the way in which hydrocarbons have been extracted from beneath the seabed during a fact-finding visit to Aberdeen. ...

Texas' Eagle Ford, Permian shale to fuel Mexico

The newest oil refineries in Texas are looking to join the hottest two plays in the North American oil industry. ...

Nido Petroleum reports mobilization of Deepsea Metro I drillship

Nido Petroleum Limited, on behalf of the Galoc JV partners, has advised that the drillship Deepsea Metro I has commenced mobilization from Labuan, Malaysia, to the Galoc-7/7ST well location in Block C1 of Service Contract 14, offshore the Republic of the Philippines. ...

Texas shale to provide fuel for Mexico

The newest oil refineries in Texas are looking to join the hottest two plays in the North American oil industry. ...

President Energy provides Argentina operations update

Further to the Company’s announcement on March 10, 2017, President Energy has announced that the second workover of a previously producing well, DP1001, at Dos Puntitas field, has achieved successful production substantially ahead of rates prior to it being shut-in. ...

U.S. review to weigh higher royalties for energy on federal land

U.S. Interior Secretary Ryan Zinke is kick-starting a process that could lead to companies paying higher royalties for oil, gas and other energy resources they extract from federal land. ...

Oil climbs as Libyan pipeline disruption eases crude oversupply

HONG KONG (Bloomberg) -- Oil prices rose after a pipeline halt reduced output in OPEC member Libya, countering concerns that a U.S. surplus shows little sign of diminishing. ...

Russia can wait for $70 oil before re-entering arctic waters

Russia can wait for a sustained recovery in oil prices before drilling again in Arctic waters, relying for now on less costly regions even as rival producer Norway accelerates development of its northerly fields. ...

EIA: U.S. crude oil exports went to more destinations in 2016

In 2016, U.S. crude oil exports averaged 520,000 bpd, 55,000 bpd (12%) above the 2015 level, despite a year-over-year decline in domestic crude oil production. Even though oil exports have increased, growth in U.S. crude oil exports has slowed significantly from its pace from 2013 to 2015, when annual U.S. crude oil production grew rapidly. ...

Petrofac awarded $1.3-billion project in Kuwait

Petrofac has been awarded a contract for Kuwait Oil Company’s (KOC) gathering center project, GC 32, located at Burgan oil field, southeast of Kuwait. ...

Maersk Drilling secures contract for Maersk Gallant

Maersk Drilling has been awarded a contract for the harsh-environment jackup rig Mærsk Gallant, following a competitive tendering exercise by Nexen Petroleum U.K. Limited, a wholly owned subsidiary of CNOOC Limited. ...

Lundin Norway granted drilling permit for appraisal well 7220/11-4

The Norwegian Petroleum Directorate has granted Lundin Norway AS a drilling permit for well 7220/11-4, cf. Section 8 of the Resource Management Regulations. ...

Lukoil applies innovative core examination technologies at West Qurna-2

LUKOIL has applied innovative technologies for examination of core samples of the West Qurna-2 field. ...

Schlumberger opens new Production Technologies Center of Excellence

Schlumberger has announced the opening of a new purpose-built Production Technologies Center of Excellence aimed at solving customers’ global challenges related to oil and gas production chemistry, particularly those encountered in deepwater, heavy oil and other extreme environments. ...

War-ravaged South Sudan draws $500-million Oranto oil bet

Nigeria’s Oranto Petroleum International Ltd. plans to bet half a billion dollars that Africa’s newest nation can end a three-year civil war and create the conditions to revive its oil industry. ...

Sparrows Group secures lifting, rigging contract for Ichthys LNG project

Sparrows Group has secured a three-year contract to deliver fixed crane maintenance and lifting and rigging services for the INPEX-operated Ichthys liquefied natural gas (LNG) project in Australia. ...

Sound Energy confirms potential of Morocco's TAGI play

Sound Energy, the African and European focused upstream gas company, has announced the results of its third well at its Tendrara licence, onshore Morocco, which both establishes the Westward extension of the primary hydrocarbon system proven in Algeria into Morocco, and further confirms the potential of the TAGI play in-country. ...

Genel plummets after cutting reserves estimates at Kurdish field

Genel Energy Plc sank to the lowest since the shares started trading after it reduced estimated reserves at its flagship oil field in Iraqi Kurdistan and scrapped an output forecast for the deposit. ...

Saudi Aramco valuation topping $1 trillion after tax cut

Saudi Aramco could have a market value of more than $1 trillion, Sanford C. Bernstein and Co. estimates, after the government slashed the oil producer’s tax burden to attract investors ahead of what may be the world’s biggest initial public offering. ...

Oil company sees Congo output accord after tribunal ruling

La Generale Petroliere du Congo, a family-owned exploration company, said it expects the Democratic Republic of Congo’s government to sign an oil production-sharing contract after a tribunal upheld its rights to blocks covering the length of Lake Tanganyika. ...

Mexico's guerrilla country up in arms as oil drillers move in

When an angry mob torched City Hall in the southern Mexican town of Tecpatan last month, it sent a warning flare across a country already thrown into turmoil by Donald Trump. ...

GE and Noble Corp partner to deliver operational productivity gains across the rig fleet

GE and Noble Corp jointly announced a partnership to collaborate on a digital optimization tool, called Digital Rigsm, which will enable data-driven operational efficiency using data analytics. ...

Libya's oil output drops after biggest field said to close

Libya’s biggest oil field was said to stop producing, leading to a 20% decline in crude output from the country with Africa’s largest reserves. ...

Canada, Bakken light oil jump as supply cut meets demand surge

Prices for light crude surged after an oil-sands upgrader shut for maintenance and reduced supply caused by preparations to place the Dakota Access pipeline into service. ...

Oil falls as traders shrug off OPEC-led pledge to mull extension

Oil fell as a pledge by OPEC-led producers to consider extending their output-cut deal failed to excite traders concerned that more time is needed to trim global stockpiles. ...

Surge in oil hedging could worsen U.S. supply glut, Wood Mac says

Wood Mackenzie's latest analysis of oil and gas hedging activity shows a recent surge in oil hedges. ...

Saudi Aramco tax slashed to prepare oil producer for giant IPO

Saudi Arabia slashed the tax rate paid by state oil producer Saudi Aramco, a key milestone in preparing the company for what may be the world’s biggest initial public offering. ...

Development plans submitted for Njord field, Bauge discovery

The licensees for Njord field and the nearby Bauge discovery in the Norwegian Sea submitted two PDOs (Plans for development and operation) to the authorities today. ...

Lukoil begins construction of water treatment facility at Yarega field

LUKOIL commenced construction of a water treatment facility with a capacity of 4.3 thousand cubic meters an hour at Yarega field in the Komi Republic. ...

Final winter blast gives U.S. gas bulls reason to celebrate

A final icy blast of winter was welcome news for U.S. natural gas bulls. ...

China's Sinopec invited to invest in Saudi Aramco IPO

China Petroleum and Chemical Corp. said it was invited to invest in Saudi Arabian Oil Co. as part of what could be the world’s biggest-ever initial public offering. ...

TechnipFMC awarded Shell contract for Kaikias subsea equipment

TechnipFMC has been awarded a contract by Shell Offshore Inc., a subsidiary of Royal Dutch Shell PLC (Shell), for the delivery, integration, and installation of the subsea production system (SPS) and subsea riser, jumper and flowline (SURF) equipment for phase one of the Kaikias deepwater project in the Gulf of Mexico. ...

Hurricane Energy completes Halifax well operations, initial data analysis

Hurricane Energy plc, the UK based oil and gas company focused on hydrocarbon resources in naturally fractured basement reservoirs, announces that operations on the 205/23-3A well (the Halifax well) are complete. ...

Maersk Oil reports first oil from Flyndre field, UK

Production has begun from the Maersk Oil-operated Flyndre field in the UK and Norwegian North Sea. ...

Oil speculators can't dump rally bets fast enough amid glut

The bullish sentiment following OPEC’s deal is almost all gone. ...

Newfield Exploration completes record oil well in Anadarko basin

Newfield Exploration Company, in conjunction with the Company's participation in this week's Scotia Howard Weil Energy Conference, has provided an interim update on its recent enhanced completions in the Anadarko basin's STACK play and raised expectations for its first-quarter 2017 domestic production. ...

BP hits third gas discovery in North Damietta Concession, East Nile Delta, Egypt

BP announced another gas discovery in the North Damietta Offshore Concession in the East Nile Delta, Egypt. ...

Wood Group renews and extends North Sea contract with Premier Oil

Wood Group has been awarded a $50 million contract with Premier Oil, to deliver topside operations and maintenance services to the Balmoral floating production vessel (FPV) in the Central North Sea and the Solan installation, West of Shetland. ...

Oil drops as producers say they need more time to cut stockpiles

A pledge by crude producers to consider extending their output-cut deal failed to excite oil bulls, with prices dropping as more time was seen needed to trim swollen global stockpiles. ...

Kuwait says oil at $50-$55/bbl puts producers in good position

Oil at $50 to $55 a barrel would put producers in a “good position” with stockpiles expected to fall later this year, according to Kuwait’s Oil Minister Issam Almarzooq. ...

BP makes third gas discovery in North Damietta Concession, East Nile Delta, Egypt

BP announced another gas discovery in the North Damietta Offshore Concession in the East Nile Delta, Egypt. ...

Oil producers consider output cut extension as support grows

Oil producers pledged to consider extending their pact limiting supply, as six nations said more time was needed to drain swollen stockpiles. ...

New Schlumberger, Weatherford JV takes aim at Halliburton

Schlumberger Ltd. and Weatherford International Plc are forming a joint venture aimed at taking on the king of fracing, Halliburton Co. ...

Russia seen hunkering down for $40 oil

Perhaps the Bank of Russia knows something the world doesn’t. As the Organization of Petroleum Exporting Countries and its allies prepare to meet for a review of their production cuts this weekend, the central bank of the world’s biggest energy exporter is hunkering down for years of oil near $40/bbl. ...

EMGS reports $3.7 million in Barents Sea data licensing

Electromagnetic Geoservices ASA (EMGS) has announced that the Company has entered into agreements involving data licensing (prefunding and late sales) related to 3D EM data in the Barents Sea, Norway. ...

PSAC announces government funding for beleaguered oil and gas services

The Petroleum Services Association of Canada (PSAC) was pleased to hear the federal government will provide a one-time payment of $30 million to the Government of Alberta to “support provincial actions that will stimulate economic activity and employment in Alberta’s resource sector.” ...

Statoil reinforces exploration strategy with 13 new leases in GOM

Statoil successfully bid on 13 leases in the U.S. Department of the Interior’s central region Gulf of Mexico lease sale 247, which took place on March 22. The company was the high bidder on all but two of the leases targeted, securing a stake in all of its main priorities. ...

Statoil wildcat strikes oil northeast of Gullfaks field

Statoil Petroleum AS, operator of Gimle Unit and production licence 193, has completed the drilling of wildcat well 34/10-55 S. ...

Global gas market battered by glut gets eager buyer in Thailand

Thailand has a message for embattled global LNG sellers: It’s going on a shopping spree. ...

U.S. shale to feed European gas market battered by winter

The heart of Europe’s gas market may finally get a helping hand from the American shale revolution as fuel is poised to cross the Atlantic to replenish depleted inventories after the coldest January in seven years. ...

Cnooc rises as crude reserves boost investor appeal

Cnooc Ltd.’s wider disclosure about its reserve base and a higher-than-expected dividend is turning more analysts positive on the company. Shares jumped the most in almost four months. ...

Shell divests Gabon onshore interests

Royal Dutch Shell, through its affiliates, has reached an agreement with Assala Energy Holdings, a portfolio company of the Carlyle Group, to sell 100% of its Gabon onshore assets for $587 million. The sale and purchase agreement (SPA) is subject to certain conditions which include various approvals. Closing is expected in mid-2017. ...

OPEC, allies meet as oil market warns them: job's not done

OPEC and allies reviewing the impact of their oil cuts this weekend face a market with an unambiguous message: their work is far from done. ...

TransCanada granted Presidential permit for Keystone XL pipeline

After eight years of political haggling, the Keystone XL oil pipeline running from Canada to the U.S. has been approved by President Donald Trump. ...

OPEC cuts seen filling wallets of North American heavy oil producers

OPEC’s supply cuts are providing a windfall for producers of heavy crude from Western Canada and the Gulf of Mexico. ...

Siemens and Saipem to collaborate on subsea control system technology

Saipem and Siemens have signed a Joint Development Agreement aimed at qualifying and promoting an open standard subsea control systems for Saipem’s Subsea Bus architecture based on Siemens Subsea DigiGrid. ...

Eni strikes pay in Mexico's Campeche Bay

Eni has successfully drilled the Amoca-2 well in the shallow waters of Campeche Bay, offshore Mexico, confirming the presence of oil in multiple reservoirs. ...

NPD extends life of subsea facilities at Exxon Mobil's Sigyn field

The Norwegian Petroleum Directorate has granted consent for continued use of the subsea facilities on the Sigyn field in the North Sea from the end of 2017 until the end of 2022. ...

Anadarko announces multi-billion-dollar capital program

Anadarko Petroleum Corporation recently announced its 2017 initial capital program of $4.5 to $4.7 billion along with its 2017 initial capital expectations and guidance. ...

Big bets placed on distressed oil industry assets

Two former associates of billionaire shipping and rig tycoon John Fredriksen are delivering out-sized returns by snapping up distressed and shunned oil-related assets. And they say it’s a bet that has plenty of room to run. ...

OGA awards 25 licences for UKCS in 29th offshore licensing round

The Oil and Gas Authority (OGA) is to award 25 licenses for 111 blocks or part blocks to 17 companies in the 29th Offshore Licensing Round to enable further exploration and production across frontier areas of the UK Continental Shelf (UKCS). ...

Anadarko announces $4.5-4.7 billion capital program

Anadarko Petroleum Corporation recently announced its 2017 initial capital program of $4.5 to $4.7 billion along with its 2017 initial capital expectations and guidance. ...

Maersk Oil welcomes agreement encouraging full redevelopment of Tyra field

Maersk Oil has, on behalf of the Danish Underground Consortium (DUC), reached an agreement with the Government of Denmark, which will facilitate future oil and gas investments in the Danish North Sea and protect industry jobs in Denmark. ...

Pioneer Natural Resources announces sale of Texas acreage for $266 million

DALLAS -- Pioneer Natural Resources Company has announced that it has signed a purchase and sale agreement with an undisclosed buyer to sell its previously-announced acreage package in northeastern Martin County, Texas, for $266 million, subject to normal closing adjustments. ...

Pioneer Natural Resources announces sale of northeastern Martin County acreage for $266 million

DALLAS -- Pioneer Natural Resources Company has announced that it has signed a purchase and sale agreement with an undisclosed buyer to sell its previously-announced acreage package in northeastern Martin County, Texas, for $266 million, subject to normal closing adjustments. ...

Oil price forecasts falling on shale surge, OPEC uncertainty

Analysts following the $1.8 trillion-a-year oil market are tempering bullish price outlooks after the commodity lost about 10% of its value in less than two weeks amid ominous signs the worldwide supply glut may not be shrinking. ...

ONGC to invest $10 billion in deepwater projects off India's east coast

India’s Oil and Natural Gas Corp. is wading into deep waters, where energy giants BP Plc and Reliance Industries Ltd. found a sea of trouble. ...

Statoil receives consent for exploration drilling in block 7121

Statoil has received consent to drill exploration well 7121/8-1 in production licence 849. The well is to be drilled in a prospect named Blåmann. ...

Sound Energy completes drilling of third Tendrara well, onshore Morocco

Sound Energy, the African and European focused upstream gas company, has announced that TE-8, the third well at the Company's Tendrara licence (onshore Morocco), has now been drilled to a final target depth, at a measured depth (MD) of 3,120 m, corresponding to a vertical depth of 3,066 m, some 359 m into the Paleozoic formation. ...

4Subsea awarded master service agreement with Statoil

4Subsea will deliver services and research projects related to structural integrity of fixed and floating offshore installations. ...

China energy giant seen ready to unleash $85 billion spinoff

As China’s biggest oil and gas producer prepares to report what may be its worst-ever earnings, investors are focused on billions of dollars that could be unlocked by a spinoff of its massive pipeline network. ...

Oil majors plunge into industry that may hurt fossil fuel

Oil companies are starting to challenge the biggest utilities in the race to erect wind turbines at sea. ...

Oil rises as U.S. fuel-supply drop counters crude-stockpile gain

Oil rose as an increase in U.S. crude inventories was countered by a drop in fuel stockpiles in the world’s largest oil consumer. ...

Russia, Saudis move at a different pace as oil cuts scrutinized

Russia and Saudi Arabia head to this weekend’s OPEC committee meeting as the tortoise and hare of a global deal to cut oil supply, with Moscow sticking to a slow and steady pace despite Riyadh’s cajoling. ...

Algeria’s Sonatrach to invest $50 billion, boost crude output

Algeria’s state-run energy producer plans to boost crude oil output by 14% in the four years to 2019 and invest billions of dollars in exploration projects. ...

Gulf of Mexico lease sale yields $275 million in high bids

U.S. Secretary of the Interior Ryan Zinke today announced that Lease Sale 247 for oil and gas parcels in the Gulf of Mexico garnered $274,797,434 in high bids for 163 tracts, covering 913,542 acres in the Central Planning Area of the Outer Continental Shelf offshore Louisiana, Mississippi, and Alabama. ...

Eni awarded two new blocks offshore Ivory Coast

Eni today announced that it has obtained majority stakes in two new exploration blocks off the shore of the Ivory Coast. The two blocks are located approximately 50 km from the country’s coastline. ...

Kalnin Ventures announces third Marcellus acquisition

Kalnin Ventures LLC has announced that it has signed a Purchase and Sale Agreement (PSA) on its third acquisition of a non-operating portfolio in the northeastern Marcellus shale play of Pennsylvania, on behalf of its investor Banpu Pcl. ...

GE Oil and Gas expands global footprint with new facility in Ghana

GE Oil and Gas has opened a new facility in Takoradi Port, Ghana, expanding its global footprint and supporting local investment. The company committed to deliver more than 45,000 training hours for Ghanaian personnel over the next five years, as it seeks to build a world-class team locally. ...

Wintershall to continue production growth

Wintershall attained 165 MMboe in 2016, a historic level for the company, despite the difficult conditions in the industry. This means the company has increased its oil and gas production in the last 10 years by around 50%. During that time, Wintershall has doubled its commercially recoverable oil and gas reserves from 814 MMboe to 1.62 Bboe. ...

Oil tightens grip around currency market

Oil is re-asserting its stranglehold on the currencies of energy producers. ...

Saudi Aramco said to weigh rolling bank hires for record IPO

Saudi Arabian Oil Co. is weighing a plan to hire investment banks for different stages of its initial public offering, four people with knowledge of the matter said. ...

Early 2017 recovery in Utica production seems realistic, Rystad says

The latest published well production data from the Ohio Department of Natural Resources (ODNR) suggests that shale gas production in Ohio contracted by 180 MMcfgd during fourth-quarter 2016, with only 58 new wells turned in line. ...

JDR, Proserv form strategic alliance in West Africa

JDR, a supplier of subsea cables and umbilicals for the global offshore energy industry, has expanded its presence in West Africa through a partnership agreement with Proserv Instrumentation Nigeria Ltd. ...

Mozambique sees capital gains of $350 million on Exxon deal

Mozambique said Exxon Mobil Corp.’s acquisition of a 25% stake in an offshore gas block from Eni SpA will generate capital gains revenue of $350 million. ...

Oil's bad timing pressures drillers as banks review loans

The rally in global oil prices has stalled at the worst possible time for explorers, just as banks reassess credit lines crucial to their growth. ...

Libya's oil output rebounds, nearly matching levels prior to clashes

Libya’s oil production has climbed to almost match the level before clashes disrupted output three weeks ago and forced the OPEC nation’s two biggest oil ports to halt shipments. ...

Oil closes at lowest since November as U.S. supply seen rising

Oil closed at the lowest level since November, erasing the gains that followed OPEC’s deal to cut output, as U.S. crude supplies are forecast to climb. ...

Chaparral Energy emerges from Chapter 11; eliminates $1.2 Billion in debt, $100 Million in annual interest expense

Chaparral Energy announced today that it has successfully completed its financial restructuring and emerged from Chapter 11 bankruptcy protection. The company, whose financial reorganization plan was confirmed by the U.S. Bankruptcy Court of Delaware on March 10, converted $1.2 billion of pre-petition debt to equity and eliminated approximately $100 million of annual interest expense. ...

Gazprom and Eni sign MOU for supply of gas from Russia to Europe

Gazprom CEO Alexey Miller and Eni S.p.A. CEO Claudio Descalzi have signed a Memorandum of Understanding (MOU). ...

Investment trio hunts for bargains after crude crash

A trio of Houston-based private-equity funds is sifting through the oil industry with a view to potentially reaching $4 billion of investments after the market crash created some bargains. ...

Halliburton introduces new real-time coiled tubing services

Halliburton has introduced SPECTRUM FUSION service, the newest offering in the SPECTRUM family of real-time coiled tubing services. ...

Bristow forms new search and rescue consortium for Gulf of Mexico

Bristow U.S. LLC today announced that it has been awarded a contract with Shell Offshore, Inc., a subsidiary of Royal Dutch Shell (Shell), for medevac and search and rescue (SAR) services in the Gulf of Mexic ...

Smart Driller Indicator wins CIPPE 2017 Gold Award

For CIPPE 2017 Gold Award, the review committee consists of Chinese academy of sciences and Chinese academy of engineering academicians, and authoritative experts from CNPC, Sinopec and CNOOC. With strict evaluation for innovative products and technologies from well-known drilling companies, the committee has selected the Smart Driller Indicator (SDI), developed by Strategy and Planning Institute from CNPC DR, as the final winner, due to its unique innovation and superior drilling performance in the intelligent drilling field. ...

EnerMech wins Technip Oceania pre-commissioning subcontract in Australia

EnerMech has been awarded a pre-commissioning subcontract by Technip Oceania Pty Ltd, part of TechnipFMC in Australia, on the Shell Australia-operated Prelude FLNG project. ...

Marathon Oil announces $700-million acquisition in Northern Delaware basin

Marathon Oil Corporation announced today the signing of a definitive agreement to acquire approximately 21,000 net surface acres largely in the Permian's Northern Delaware basin of New Mexico from Black Mountain Oil and Gas and other private sellers for $700 million in cash, excluding closing adjustments. ...

Marathon Oil announces $700-million acquisition in Permian's Northern Delaware basin

Marathon Oil Corporation announced today the signing of a definitive agreement to acquire approximately 21,000 net surface acres largely in the Permian's Northern Delaware basin of New Mexico from Black Mountain Oil and Gas and other private sellers for $700 million in cash, excluding closing adjustments. ...

TechnipFMC awarded an onshore contract in Ghana

TechnipFMC has been awarded a contract by ENI Ghana EandP Limited (a subsidiary of ENI, GNPC and Vitol), for the onshore part of the OCTP(2) development of Sankofa field, offshore Ghan ...

Aker Solutions secures FEED contract for Johan Sverdrup Phase 2

Aker Solutions secured a front-end engineering and design (FEED) contract from Statoil for the second phase of the major Johan Sverdrup development offshore Norway. ...

Oil giants upending shale turf where wildcat drillers once ruled

Exxon Mobil Corp., Royal Dutch Shell Plc and Chevron Corp., are jumping into American shale with gusto, planning to spend a combined $10 billion this year, up from next to nothing only a few years ago. ...

Chevron ends LNG mega-project after $88-billion spree

Chevron Corp. has signaled the end of major new LNG projects in Western Australia and is unlikely to sanction an expansion of its Gorgon and Wheatstone export developments as it focuses on boosting returns from $88 billion of investment. ...

Johan Sverdrup development proceeds with concept selection for DG2 Phase 2

Lundin Petroleum announced that the Johan Sverdrup partnership has decided to proceed with DG2 Phase 2 of the Johan Sverdrup development. ...

BP awards Schlumberger contract for Mad Dog 2 project

OneSubsea, a Schlumberger company, today announced the award by BP of an engineering, procurement and construction (EPC) contract to supply the subsea production system for the Mad Dog 2 development in the Gulf of Mexico (GOM). ...

Rival drilling tycoons place bets on offshore rig recovery

Billionaire John Fredriksen and his former top adviser Tor Olav Troim may not see eye to eye anymore, but they agree on this: it’s time to buy offshore rigs again. ...

Chevron's $1 billion sale of China oil fields said to stall

Chevron’s sale of its stakes in Chinese offshore oil fields operated by state-owned CNOOC has stalled. ...

Source Energy said to lower range on IPO amid oil slump

Source Energy Services Inc., Canada’s largest distributor of fracking sand, has cut the size of its initial public offering to about C$250 million ($187 million) from C$300 million amid a decline in oil prices, according to a document obtained by Bloomberg News. ...

Rival drilling tycoons place bets on offshore oil rig recovery

Billionaire John Fredriksen and his former top adviser Tor Olav Troim may not see eye to eye anymore, but they agree on this: it’s time to buy offshore rigs again. ...

Borr Drilling to acquire 15 jackups from Transocean in $1.35-billion deal

Borr Drilling has announced the signing of a Letter of Intent with Transocean for the acquisition of 15 high-specification jackup rigs. ...

South Sudan, Equatorial Guinea to collaborate on African oil and gas

South Sudan and Equatorial Guinea announced an historic partnership today in Juba, setting out the terms for a strong bilateral relationship between the African oil and gas producers. ...

Vryhof launches offshore engineering unit

Vryhof and its business unit Deep Sea Mooring (DSM) have launched a new engineering unit to support the company’s offshore oil and gas, renewables and aquaculture operations across the globe. ...

South Sudan, Equatorial Guinea to collaborate on East African oil and gas

South Sudan and Equatorial Guinea announced an historic partnership today in Juba, setting out the terms for a strong bilateral relationship between the African oil and gas producers. ...

SDX Energy commences drilling at South Disouq, Egypt

SDX Energy Inc., the North Africa focused oil and gas company, has announced the commencement of drilling operations on the SD-1X well at its South Disouq concession in the Nile Delta area of Egypt. ...

Madalena Energy begins drilling Vaca Muerta shale at Coiron Amargo Sur Este

Madalena Energy Inc. has announced the commencement of the first horizontal multi-frac re-entry in the Vaca Muerta shale formation at Coiron Amargo Sur Este (CASE). ...

Danos reports record-low incident rate

Danos completed 2016 with a Total Recordable Incident Rate (TRIR) of 0.11, the lowest since the company began tracking the data in 1979. The company credits this record to its comprehensive safety management system and the dedication of employees at every level. ...

America's shale gas selling at record prices to overseas buyers

A year after Cheniere Energy Inc.’s Louisiana terminal shipped the first exports of U.S. natural gas from shale, cargoes from the facility are fetching higher prices than ever. ...

Oil prices seen stuck below $60 this year as high stocks persist

An historic agreement between OPEC countries and other oil producers to reduce their output won’t be enough to nudge crude prices above $60/bbl this year, according to energy lender Arab Petroleum Investment Corp. ...

Libya ports poised to ship oil as workers back after clashes

Libya’s major oil ports of Es Sider and Ras Lanuf are resuming operations and preparing to export crude after a two-week halt in shipments due to military clashes in the holder of Africa’s largest crude reserves. ...

Bullish crude bets cut by most ever as price falls below $50

The exodus of oil-price optimists has begun. Money managers cut bets on rising WTI crude by a record amount during the week ended March 14, while wagers on a further price drop doubled as oil remained below $50/bbl. ...

Armed with $11 Billion, Thai oil giants hunt for investments

The Asian energy companies sitting on the largest hoard of cash outside China are ready to put it to use. ...

Oil drops as U.S. drilling growth threatens to counter OPEC cuts

Oil fell as U.S. drilling continued to rise, undermining the potential for even an extended OPEC output-reduction deal to rebalance the market. ...

U.S. rig count climbs by 21 following stockpile decline

The U.S. rig count increased by a total 21 rigs in the latest Baker Hughes rig count, from 768 rigs working on March 10 to 789 rigs on March 17. ...

Oil at three-month low, Russia says too soon for cut-extension talks

Oil traded near a three-month low as Russia’s energy minister said it’s too early to discuss extending an output-reduction deal a day after Saudi Arabia indicated that a rollover to the second half of the year is a near certainty. ...

Senex accelerates Cooper basin gas production with grant funding

Senex Energy has today announced it will accelerate the delivery of gas from its Vanessa field in the Cooper basin with the approval of $5.82 million in funding through the South Australian Government’s PACE Gas Grant Program. ...

Polarcus names Duncan Eley as new CEO

Polarcus Limited announces that Duncan Eley has been appointed CEO. Eley replaces Rod Starr, who has resigned from the Company following the completion of a two-year period of restructuring, refinancing and reorganization. ...

BP confirms talks to sell key North Sea oil pipeline to Ineos

BP Plc is in talks with Ineos AG to sell the Forties pipeline, one of the most important pieces of oil infrastructure in the UK North Sea. ...

Fugro continues hunt for hydrocarbon seeps in U.S. Gulf of Mexico

In collaboration with multi-client geoscience data company, TGS, Fugro continues to map the seafloor in the Gulf of Mexico to pull together a complete picture of geological features, including hydrocarbon seeps. ...

Golar LNG enters new contract for steam LNG carrier

Golar LNG Partners LP announced today that it has entered into a time charter for a period of up to nine years with a major international oil and gas company for one of its steam LNG carriers, the Golar Grand. ...

CNOOC exercises pre-emption rights in Tullow’s Uganda farm-down

CNOOC Uganda Limited has notified Tullow that it has exercised its pre-emption rights under the joint operating agreements between Tullow, Total and CNOOC to acquire 50% of the interests being transferred to Total on the same terms and conditions that were agreed between Tullow and Total. ...

Aker Solutions secures NOK 1 billion in work for Statoil's Njord A upgrade

Aker Solutions will, as a subcontractor of Kvaerner, take part in upgrading the platform after operator Statoil exercised an option in an agreement awarded in April 2016. ...

Physical oil market weakness hits $50-billion hedge funds' bet

The real world of oil trading -- where actual cargoes are bought and sold -- is doing little to help the hedge funds and other speculators who placed record bets that OPEC and its allies would drive up prices. ...

Fuel-conscious U.S. drivers crimp OPEC’s bid to raise oil prices

Rising U.S. oil production isn’t the only thing getting in the way of OPEC’s efforts to drain a global glut. American drivers aren’t helping either. ...

Crude set for weekly gain as Saudis willing to extend curbs

Oil headed for a weekly increase as U.S. stockpiles retreated from record levels while Saudi Arabia said it’s prepared to continue production curbs in the second half of the year. ...

Statoil CEO warns of globalization 'in reverse,' effects on oil market

After the surprise election of Donald Trump, the head of Norway’s biggest oil company headed to Washington D.C. this month looking for reassurance. He came away as worried as ever. ...

Iran set to out-produce Qatar at world's biggest gas field

Iran is on track to out-produce Qatar, the world’s biggest LNG exporter, at the vast natural gas deposit they share in the Persian Gulf. But as much as they might want, the Iranians won’t have much gas to export because they are likely to use most of the new production themselves. ...

Statoil CEO warns of globalization 'in reverse,' effects on oil market

After the surprise election of Donald Trump, the head of Norway’s biggest oil company headed to Washington D.C. this month looking for reassurance. He came away as worried as ever. ...

Trump weighing Eni bid to drill in Arctic waters after Obama ban

The Interior Department is weighing Eni SpA’s request to explore for oil in waters north of Alaska, giving the Trump administration a chance to reverse course from former President Barack Obama’s attempt to curtail Arctic drilling. ...

EIA: U.S. crude oil production in 2016 decreased, while exports increased

Even with a rising crude oil price throughout most of 2016, total U.S. oil production in 2016 was below its 2015 level. However, monthly production began growing in the fourth quarter of the year after declining over its first three quarters. ...

EIA: Despite growth late in 2016, U.S. crude oil production decreased while imports, exports increased

Even with a rising crude oil price throughout most of 2016, total U.S. oil production in 2016 was below its 2015 level. However, monthly production began growing in the fourth quarter of the year after declining over its first three quarters. ...

GustoMSC introduces new self-propelled cantilever jackup

The NG-5500X-LD is the latest design in GustoMSC’s successful series of self-propelled jackup designs, the NG series. Based on the proven and seasoned NG-2500X and NG-1800X designs, the NG-5500X-LD is a solution for light drilling and well intervention in a large number of mature fields in the Southern North Sea, Middle East and Southeast Asia. ...

Italy said to confirm CEOs of state-owned Eni, Enel for another term

Italy is planning to confirm the holders of the top jobs at energy firms Eni SpA and Enel SpA for another term, according to people familiar with the matter, including a government official. ...

BSEE's oil spill research program supports testing of new oil burning technology

A team of researchers funded by the Bureau of Safety and Environmental Enforcement began testing new oil burning technology Wednesday at the U.S. Coast Guard’s Joint Maritime Test Facility on Little Sand Island off the coast of Mobile. ...

Eni reports dry well northwest of Johan Castberg, Barents Sea

Eni Norge AS, operator of production licence 716, has completed the drilling of wildcat well 7318/12-2. The well, which was drilled about 80 km northwest of the 7220/8-1 Johan Castberg discovery in the Barents Sea, is dry. ...

BP reports send-off of second Shah Deniz 2 platform jacket

The Shah Deniz consortium is pleased to announce the sail away of the second jacket for the Shah Deniz Stage 2 platforms. The Quarters and Utilities (QU) platform jacket sailed away to the Shah Deniz contract area in the Caspian Sea from the Heydar Aliyev Baku Deepwater Jackets Factory (BDJF) ahead of schedule on March 15. ...

How Iran will out-produce Qatar at world's biggest gas field

Iran is on track to out-produce Qatar, the world’s biggest LNG exporter, at the vast natural gas deposit they share in the Persian Gulf. But as much as they might want, the Iranians won’t have much gas to export because they are likely to use most of the new production themselves. ...

Iraq plans to boost crude oil production, exports in 2017

Iraq pumped 4.57 MMbopd in February and plans to boost output later in the year even as the OPEC member reaffirmed its commitment to the group’s decision to cut production to counter a global glut. ...

Oil extends advance as U.S. stockpiles drop first time this year

Oil extended gains above $49/bbl as U.S. government data showed an unexpected fall in crude stockpiles, the first decline this year. ...

China, Saudis said to discuss CIC, CNPC stake in Aramco IPO

China’s in talks with Saudi Arabia for its wealth fund and largest energy company to invest in the public offering of the Middle East nation’s state oil producer. ...

Wall Street keeps faith in oil recovery even as prices drop

Prices have sunk, stockpiles ballooned and doubts about OPEC’s effectiveness grown, yet Wall Street hasn’t lost faith in oil’s recovery. ...

Weatherford Brazil facility achieves API Q2 certification

Weatherford International announced today that its facility in Macaé, Brazil, received API Specification Q2 certification. To gain certification, a facility must demonstrate a robust quality management system that assures personnel competency, risk assessment, contingency planning and other key elements. ...

EMGC '17: Establishment of EEZs would help to expedite Eastern Med gas exports

In the last portion of EMGC Day 2, options for regional gas ownership and export were discussed. Gina Cohen, gas consultant on the Eastern Mediterranean, shared her perspective on energizing regional economic, business and political relationships. ...

CGG completes processing of Carabao regional study in Philippines

CGG announced today that the final geoscience data for its Carabao multi-client study, acquired offshore the Philippines, are now ready for delivery. The study integrates over 8,500 km of new broadband prestack time-migrated 2D BroadSeis data and complementary marine gravity and magnetic data acquired with the seismic. ...

EMGC '17: Prospects for accelerating gas trade and regional energy cooperation

...

EMGC '17: Eye on Cyprus—doing business on an island nation

In the second session of the morning, George Pantelides, partner and head of Consulting Services at Deloitte, next offered strategies for operators and service companies to overcome the challenges of operating in Cyprus. ...

EMGC '17: Forecasting prosperity to predict global energy demand

Gulf Publishing Company's Eastern Mediterranean Gas Conference (EMGC) 2017, the world's primary event for discussing the forces shaping gas industry development in the Eastern Med, continued on March 15. Sessions covered a variety of topics, ranging from predicting energy demand, to the logistics of operating gas projects and boosting regional gas supplies, to the long­-term future of the Eastern Med gas market. ...

Russian oil production data confirms delayed compliance, Rystad says

Russian oil output averaged 11.11 MMbpd in February 2017, representing no further output reductions relative to the January 2017 level. Since the early December 2016, the Russian government has been reassuring the industry that the country will reach the production cut target of 300,000 bpd relative to October 2016 by April 2017. ...

Amec Foster Wheeler wins £60-million contract extension for Centrica’s Morecambe Bay assets

Amec Foster Wheeler announced today that it has been awarded a contract extension by Centrica for its Morecambe Bay onshore and offshore gas production assets. The Engineering, Construction and Project Support (ECAPS) contract includes work for operations and maintenance, minor modifications and projects. ...

No hydrocarbons found in Boné exploration well, Faroe Petroleum says

The Boné well has been drilled to a total depth of 3,501 m. The well encountered approximately 106 m of gross water bearing reservoir in the primary target, the Realgrunnen Group. Data acquisition and sampling has been undertaken including logging and water sampling. ...

Oil at $40 no problem as U.S. drillers snub OPEC with hedges

American oil explorers who survived the worst of the 2014-2016 market rout are shrugging off the 14% slide in prices this year from a high of $55.24/bbl to less than $48/bbl Tuesday. ...

Australia's Turnbull wins promise of more gas from energy majors

Oil and gas executives have pledged to boost domestic gas production in Australia as Prime Minister Malcolm Turnbull seeks to bridge a supply shortfall threatening the nation’s energy security. ...

Canada's STEP Energy said to postpone IPO as oil prices fall

Fracking service provider STEP Energy Services Ltd. postponed its planned initial public offering, according to people familiar with the matter, after oil prices fell making market conditions less favorable. ...

Total starts production on deepwater Congo field

Total has started production from the Moho Nord deep offshore project, located 75 km offshore Pointe-Noire in the Republic of the Congo. The project has production capacity of 100,000 boed. ...

Cutting climate spending made harder by Obama's budget tactics

President Donald Trump will find the job of reining in spending on climate initiatives made harder by Obama-era policies. ...

Trump wins Saudi prince praise for “turning point” in ties

Saudi Arabia, seeking to breathe life into its decades-old alliance with the U.S., claimed “a historic turning point” in bilateral relations. ...

Oil gains on U.S. stockpile reduction

Oil rebounded above $48/bbl amid a reported decline in U.S. crude stockpiles as the IEA said the market needs time to drain a global inventory glut. ...

EMGC '17: Eastern Med gas monetization demands regional cooperation

NICOSIA -- Sessions devoted to gas monetization options and foreign investment initiatives dominated the afternoon of the first day of Gulf Publishing Company's fourth Eastern Mediterranean Gas Conference (EMGC) 2017, March 14. ...

EMGC '17: Execs outline gas prospects for Cyprus, Lebanon, Israel

Gulf Publishing Company's Eastern Mediterranean Gas Conference (EMGC) 2017, the fourth iteration of the world's primary event for discussing the forces shaping gas industry development in the Eastern Med, opened on March 14. ...

EMGC '17: Eni chief shares invigorating projections for Eastern Med gas

Gulf Publishing Company's Eastern Mediterranean Gas Conference (EMGC) 2017, the fourth incarnation of the world's primary event for discussing the forces shaping gas industry development in the Eastern Mediterranean, opened on March 14. ...

READ signs multi-country cased hole logging services and analysis agreement with Shell

READ Cased Hole (READ) has been awarded a multi-country award in the UK, Ireland and Norway, to provide all cased hole logging services and analysis within scope of supply for Shell’s operations in these regions. ...

Baker Hughes launches new automated TerrAdapt drill bit

Baker Hughes announced today the commercial release of its TerrAdapt adaptive drill bit, which uses automation to mitigate downhole dysfunctions that cause inefficient drilling and tool failures. ...

Wärtsilä garners performance contracts for four Songa Offshore drilling rigs

The technology group Wärtsilä has signed a five-year technical management and services agreement with Songa Offshore for four Cat-D type semi-submersible drilling rigs operating in the North Sea. Through the partnership with Wärtsilä, Songa Offshore ensures optimal performance and maximum availability of the Wärtsilä engines and thrusters on board the drilling rigs, which operate in extremely harsh conditions. This is possible with real-time knowledge of the actual condition of the equipment, provided by Wärtsilä's digital offering. ...

DynaEnergetics expands DynaStage factory-assembled, well perforating systems

DynaEnergetics has introduced two new product dimensions to its line of DynaStage factory-assembled well perforating systems, which are now available in 3 3/8-in. and 2 3/4-in. diameters, in addition to the original 3 1/8-in. model. ...

Lukoil returns to quarterly profit on crude-price recovery

Lukoil PJSC returned to profit in the fourth quarter after crude prices rallied. ...

Oil drops after Saudis tell OPEC they reversed some output cuts

Oil reversed earlier gains after Saudi Arabia told OPEC it raised output back above 10 MMbpd in February. ...

Oil legend’s biggest hunt ever: 10 billion barrels in Alaska

It’s hard to tell where the world ends here on the Alaska North Slope. ...

Trump tax cut may save oil drillers $10 billion, boost drilling

The Trump administration’s plan to slash corporate tax rates could free up more than $10 billion a year for U.S. oil explorers. ...

Drilling boom in the Permian may be bad news for gas bulls

A drilling surge in America’s hottest oil play may prove to be a pitfall for natural gas bulls. ...

Weir wins Maersk Oil safety and control valve project for Culzean field

Weir Flow Control has announced a major valve order of strategic importance for Maersk Oil. The multi-million-Euro deal comprises 132 Sarasin-RSBD special service pressure relief valves, together with 130 purpose-designed Blakeborough control and choke valves. ...

Amec Foster Wheeler wins Brunei Shell Petroleum contract

Amec Foster Wheeler recently announced that it has been awarded a major contract by Brunei Shell Petroleum Sdn Bhd (BSP) for the rejuvenation of assets in Brunei. ...

TGS announces new multi-client acquisition project in Norway

Carlsen 3D is a 5,490-km2 multi-client survey in open acreage in the Southwest Barents Sea, between the Tromsø and Sørvestnaget basins. ...

Statoil wildcat strikes gas east of Alve field, Norwegian Sea

Statoil Petroleum AS, operator of production licence 159 B, has completed the drilling of wildcat well 6507/3-12 and appraisal well 6507/3-12 A. The wells proved gas. ...

U.S. rig count grows by 212 from February 2016

Baker Hughes recently announced the average U.S. rig count for February 2017 was 744, up 61 from the 683 counted in January 2017, and up 212 from the 532 counted in February 2016. ...

Oil executives confident that energy future is bright

Oil prices are down nearly 10% over the past month, leading some to wonder if we're set for a resumption of the plunge seen between 2014 and early 2016. Executives at oil companies, however, are optimistic. ...

Kuwait supports extending OPEC production cuts beyond June

Kuwait wants OPEC to extend output cuts beyond June, becoming the producer group’s first member to call for more time to balance the global oil market as the rally that boosted prices initially on the curbs has faded. ...

Oil executives confident that future is bright

Oil prices are down nearly 10% over the past month, leading some to wonder if we're set for a resumption of the plunge seen between 2014 and early 2016. Executives at oil companies, however, are optimistic. ...

Wood Group awarded two Mad Dog Phase 2 contracts

Wood Group has won two separate contracts related to BP’s Mad Dog 2 project providing engineering services to further develop deepwater production. ...

SM Energy announces closing sale for non-operated Eagle Ford assets

SM Energy Company has announced that it closed the previously announced sale of its third-party operated assets in the Eagle Ford, including ownership interest in midstream assets, for $800 million gross or $754 million net cash proceeds adjusted for post-effective date revenue and expenses, before final customary purchase price adjustments. ...

Jadestone Energy acquires Ogan Komering PSC

Jadestone Energy acquires Ogan Komering PSC ...

Helmerich and Payne announces changes to board of directors

Helmerich and Payne recently announced that Kevin G. Cramton and José R. Mas were appointed to the company’s board of directors effective March 1, 2017. ...

Oil bulls exit before market dive on swollen U.S. stockpiles

Oil’s fall from grace last week started with hedge funds, and it may only get worse from here. ...

Oil steadies below $49 as U.S. drilling threatens longer glut (1)

Oil steadied below $49 a barrel as U.S. drillers continued to boost activity, countering OPEC’s efforts to drain a global glut. ...

CERAWeek `17: Israel’s energy minister discusses prospects for Levant basin

Israel’s Energy Minister, Dr. Yuval Steinitz, outlined the changing regional dynamics, and his country’s emerging role as a natural gas producer and exporter, during a strategic dialogue held Wednesday at the 2017 CERAWeek conference in Houston. ...

Oil steadies below $49 as U.S. drilling threatens longer glut

Oil steadied below $49 a barrel as U.S. drillers continued to boost activity, countering OPEC’s efforts to drain a global glut. ...

Wood Group to acquire Amec in $2.7 billion all-share deal

John Wood Group agreed to acquire Amec Foster Wheeler in an all-share deal that values the UK engineering-service provider at about $2.7 billion USD. The shares of both companies surged. ...

Libya crude oil output said to fall 11% on field closings

Libya’s crude output dropped 11% as clashes among rival armed groups over the last 11 days led to the closing of some of the OPEC nation’s biggest oil export terminals, forcing a number of fields to halt production. ...

CERAWeek ’17: U.S. Senators Murkowski, Cornyn advocate for open trade, easing energy regulation

As President Trump’s administration continues to settle in, energy industry constituents in Alaska and Texas are watching closely, in hopes that the new staff will move forward with a common-sense regulatory approach, when it comes to EandP activities. ...

Race to bottom on costs may cause oil to choke on supplies

Houston hosted two events this week: the nation’s largest energy conference and the town’s famous rodeo. They have more in common than you’d think. For energy executives, it means controlling every cost to lower the break-even price and survive what’s been a wild ride on the oil market. ...

India makes policy changes to encourage hydrocarbon development

A delegation led by Mr. Dharmendra Pradhan, India’s minister of petroleum, participated in CERAWeek in Houston. ...

CERAWeek `17: EPA's Pruitt pledges new era of cooperation with energy producers

EPA Administrator Scott Pruitt said the agency will undergo fundamental changes, and will partner with the energy industry to the benefit all stakeholders. ...

CERAWeek `17: EPA boss Scott Pruitt pledges new era of cooperation with energy producers

EPA Administrator Scott Pruitt said the agency will undergo fundamental changes, and will partner with the energy industry to the benefit all stakeholders. ...

CERAWeek `17: Shell to develop transition framework over next two decades

Royal Dutch Shell plans to shift its business model in the next several decades to a mix of renewables and traditional fossil fuels, said Shell CEO Ben van Beurden, during a keynote address given Thursday at the 2017 CERAWeek conference in Houston. ...

Gazprom Neft commissions three new wells at Badra, Iraq

Gazprom Neft Badra—a subsidiary of Gazprom Neft—has commissioned three new production wells (BD-2, P-14 and P-10) at Badra field in Iraq. ...

Gazprom Neft commissions three new wells at Badra, Iraq

Gazprom Neft Badra—a subsidiary of Gazprom Neft—has commissioned three new production wells (BD-2, P-14 and P-10) at Badra field in Iraq. ...

CERAWeek `17: Shell to develop energy transition framework over next two decades

Royal Dutch Shell plans to shift its business model in the next several decades to a mix of renewables and traditional fossil fuels, said Shell CEO Ben van Beurden, during a keynote address given Thursday at the 2017 CERAWeek conference in Houston. ...

Highlands Natural Resources acquires additional acreage east of Denver, Colorado

Highlands Natural Resources announced that it has executed an expanded agreement with Renegade Oil and Gas Co. ...

Engie to sell interest in India's biggest LNG importer

Engie SA, France’s former natural-gas monopoly, plans to sell its entire 10% holding in India’s biggest importer of liquefied natural gas. ...

EDF Energy enters into framework agreement with SIMMONS EDECO

SIMMONS EDECO, a supplier of wellhead and valve maintenance, asset integrity solutions and onshore drilling services to the global oil and gas industry, announced that it has entered into a framework agreement with EDF Energy to maintain its gas storage facilities in Cheshire, England. ...

Nigeria’s Aiteo Group achieves 90,000-bopd output rate in one year

Integrated energy group Aiteo has announced a peak production of 90,000 bopd just one year after its acquisition of sub-Sharan Africa’s reputedly largest onshore oil block OML 29. ...

President Energy announces successful workover operations in Argentina

Further to the Company’s announcement on Feb. 20, 2017, President Energy has announced that the first workover of a previously producing well, DP12 at Dos Puntitas field in Argentina, has been completed on time and on budget. ...

Nalcor Energy issues EOI for future use of Bull Arm Fabrication

Nalcor Energy has issued a request for Expressions of Interest (EOI) across local, national and international markets to invite and assess interest for the potential use of the Bull Arm Fabrication facility, following the completion of Exxon Mobil Canada Properties lease in March 2018. ...

Oil trader Vitol foresees`a lot more' growth in U.S. crude exports

Vitol Group BV, the trader that shipped the first cargo of U.S. crude after export restrictions ended in late 2015, predicts the country’s oil exports will grow “a lot more” because of rising production in Texas. ...

Rising dividends give Lukoil a leg up on Russian competitors

Investing in Russian oil has become a choice between cash or glory, and Lukoil PSJC looks like the richer side of the bet. ...

Up to $600 million to be invested in Permian via private equity firms

Private equity firms Pine Brook and Riverstone Holdings agreed to invest as much as $600 million in a newly created oil and natural gas explorer in Texas’s energy-rich Permian basin. ...

Canada oil dependence on U.S. loosens in age of President Trump

The Canadian oil patch’s half-century bond to the U.S. market is loosening one tanker load at a time in Donald Trump’s “America First” era. ...

Oil trades below $50 after U.S. supply glut erases OPEC's gains

WTI traded below $50 a barrel after surging U.S. supplies wiped out gains in the last three months since OPEC’s decision to cut output. ...

CERAWeek ’17: Optimism grows for North American EandP

HOUSTON -- After two years of severely low levels of EandP activity in North America, the industry is starting to see signs of life. ...

CERAWeek ’17: Chevron to boost Permian output 35% through 2020

Chevron plans to capitalize on its Permian basin position of 2 million acres by growing production in the region 25% to 35% through the end of the decade, said Chevron Chairman and CEO John Watson during remarks delivered Wednesday at the 2017 CERAWeek conference in Houston. ...

Europa Oil and Gas and Cairn Energy announce offshore Ireland farm-out

Europa Oil and Gas, UK and Ireland focused exploration, development and production company, is pleased to announce that it has signed a farm-out agreement (FOA) with a wholly owned subsidiary of leading operator Cairn Energy PLC Group in relation to a 70% interest in and operatorship of Licensing Option 16/19. ...

Industry spending binge may 'kill' oil market, shale billionaire Hamm warns

Harold Hamm, the billionaire shale oilman, said the U.S. industry could "kill" the oil market if it embarks into another spending binge, a rare warning in a business focused on fast growth to compete with OPEC. ...

U.S. stockpiles drive oil below $50 for first time this year

Oil dropped below $50 in New York for the first time since December as concerns that OPEC’s output cuts are failing to reign in record U.S. stockpiles triggered the biggest slump in more than a year. ...

Asia's U.S. LNG fever going cold as buyers seek supply swaps

More Asian LNG buyers are trying to avoid taking the U.S. supplies they signed up for just a few years ago in order to cut shipping costs. ...

Marathon announces multi-billion-dollar oil sands divestiture, Permian acquisition

Marathon Oil Corporation announced today that it has signed an agreement to sell its Canadian subsidiary, which includes the Company's 20% non-operated interest in the Athabasca Oil Sands Project (AOSP), to Shell and Canadian Natural Resources Limited for $2.5 billion in cash, excluding closing adjustments. ...

Marathon Oil announces $2.5-billion oil sands divestiture, $1.1-billion Permian acquisition

Marathon Oil Corporation announced today that it has signed an agreement to sell its Canadian subsidiary, which includes the Company's 20% non-operated interest in the Athabasca Oil Sands Project (AOSP), to Shell and Canadian Natural Resources Limited for $2.5 billion in cash, excluding closing adjustments. ...

A father of fracing sees Alaska's North Slope emulating Eagle Ford

A pioneer of the U.S. shale revolution wants to take fracing to America’s final frontier. Success could help revive Alaska’s flagging oil fortunes. ...

The EIC appoints Petrofac’s Tony Brady to board of directors

The Energy Industries Council (EIC), the leading trade association for UK companies that supply goods and services to the energy industries worldwide, has announced the appointment of Petrofac’s Business Development Manager Tony Brady as the newest member of its board of directors. ...

Trump said to pick an attorney to lead Federal Energy Agency

President Donald Trump plans to nominate Jones Day attorney Kevin McIntyre as chairman of the Federal Energy Regulatory Commission, an agency charged with overseeing the nation’s power grid and deciding on multi-billion-dollar energy projects, people familiar with the situation said. ...

Shell cuts debt with $7.25-billion sale of Canada oil sands

Royal Dutch Shell Plc will sell almost all of its production assets in Canada’s oil sands in a $7.25-billion deal that cuts debt and reduces involvement in one of the most environmentally damaging forms of fossil-fuel extraction. ...

Tanker to Libya's biggest oil port diverted to avoid conflict

An oil tanker that was scheduled to load crude at Libya’s Es Sider port changed its course to a different terminal in the west of the country as clashes in the eastern region keep the main export terminals out of service. ...

U.S. may be the world's biggest LNG supplier in two decades

By 2035, the U.S. may have surpassed Australia and Qatar to become the world’s biggest supplier of liquefied natural gas, according to the CEOs of Canadian energy giant Enbridge and LNG exporter Tellurian. ...

OPEC's Houston huddle only deepens dilemma of extending cuts

OPEC ministers met with partners and rivals in Houston this week as they try to figure out whether to prolong production cuts. That decision only got harder. ...

Exxon Mobil to buy stake in Mozambique block from Eni for $2.8 billion

Exxon Mobil said it will buy a 25% stake in a project off Mozambique from Italy’s Eni SpA for about $2.8 billion as the U.S. oil giant expands in natural gas. ...

CERAWeek ’17: Saudi minister says preparing for the future: the imperative of investment

On Wednesday morning, Saudi Arabian Energy Minister Khalid Al-Falih delivered the following keynote address to the CERAWeek audience in Houston. This address contained a number of strategies and forwarding-looking initiatives. ...

CERAWeek ’17: Permian has room to grow at $40/bbl says Oxy, Pioneer

Lessons learned from the shale revolution, combined with excellent geology, will allow Permian basin operations to grow and maintain profitability at a mere $40/bbl, according to two of the region’s top operators—Occidental Petroleum and Pioneer Natural Resources. ...

CERAWeek ‘17: Iraq to reach 5 MMbopd in 2017, additional farm-outs for PEMEX

Iraq achieved production of 4 MMbopd in mid-2016, but the country plans to reach 5 MMbopd by the second half of 2017, said Jabbar Ali Al-Luiebi, Minister of Oil for the Republic of Iraq, during a ministerial address Tuesday at the 2017 CERAWeek conference. ...

CERAWeek ’17: OPEC asks others to join production cuts, IEA lobbies for investment

Only several months into the agreement between OPEC and 11 non-OPEC countries to cut production by 1.8 MMbopd, OPEC Secretary General Mohammad Sanusi Barkindo has urged other producers to join in the effort. ...

CERAWeek ’17: OPEC asks others to join production cuts, IEA lobbies for investment

Only several months into the agreement between OPEC and 11 non-OPEC countries to cut production by 1.8 MMbopd, OPEC Secretary General Mohammad Sanusi Barkindo has urged other producers to join in the effort. ...

CERAWeek ’17: OPEC asks others to join production cuts, IEA lobbies for increased EandP investment

Only several months into the agreement between OPEC and 11 non-OPEC countries to cut production by 1.8 MMbopd, OPEC Secretary General Mohammad Sanusi Barkindo has urged other producers to join in the effort. ...

LNG still at the forefront of Japan’s energy future

One of Japan’s largest companies, the general trading giant and business developer Mitsui and Co., has underlined the importance of a stable liquefied natural gas supply in order to fulfil future energy demand in Japan. ...

PetroPlan survey finds oil and gas recruitment on the mend

A review of the employment environment in the energy sector by Petroplan has found that, despite a major contraction in the value of the energy employment market over the past two years, global oil prices are now around the level where demand for talent looks set to pick up again. ...

There are big problems with UK's biggest natural gas store

The prognosis for Centrica Plc’s business of storing natural gas is getting worse. ...

McDermott signs MOU with Saudi Aramco to construct offshore production solutions

McDermott International, Inc., has announced that it plans to construct offshore production solutions in Saudi Arabia. McDermott signed a memorandum of understanding (MOU) with Saudi Aramco for a long-term land lease at the new maritime facility at Ras Al Khair in Saudi Arabia, currently being developed by Saudi Aramco. ...

API: Senate reversal of BLM 2.0 rule strengthens regulatory certainty and U.S. energy security

API Upstream and Industry Operations Group Director Erik Milito applauded the Senate vote to disapprove the Bureau of Land Management’s (BLM) final Planning 2.0 rule for developing domestic oil and natural gas resources on public lands and encouraged the Senate to vote to repeal the methane rule next. ...

BTL Group seeks U.S. energy companies to pilot blockchain project

BTL GROUP is reimagining reconciliation in the energy industry, and is seeking a small group of innovative North American energy companies who would see benefit from exploring the possibilities of blockchain technology for energy trading. ...

PetroVietnam Oil to offer 'most attractive' IPO of 2017

PetroVietnam Oil Corp., Vietnam’s sole crude exporter, said it’s in talks to sell as much as 40% to strategic investors and expects to narrow down to a list of about five potential bidders for the government this month. ...

Chevron starts production at Mafumeira Sul, offshore Angola

Chevron Corporation announced today that its subsidiary, Cabinda Gulf Oil Company (CABGOC) Limited, has commenced oil and gas production from the main production facility of the Mafumeira Sul project, offshore Angola. ...

Cubility supports Catoosa Test Facility in drilling thier deepest well ever

Cubility AS has implemented its MudCube solids control system for a 6,000-ft borehole at the Catoosa Test Facility in Tulsa, Oklahoma. ...

Global Marine Systems expands vessel fleet with addition of CS Recorder

Global Marine Systems Limited, the world leader in subsea cable systems design, installation and maintenance, announced today the addition of the 6,200-ton cable deadweight CS Recorder to its existing fleet of vessels. ...

Oil to hit $40 if OPEC fails to expand cuts, Pioneer says

Oil prices will tumble to $40/bbl if OPEC doesn’t extend its pact later this year to cut output, according to one of the most prominent producers in the shale patch. ...

Chinese imports surged in February as domestic demand heats up

China’s imports surged in February from a year earlier with the nation posting a rare trade deficit as exports slipped. Analysts said seasonal factors mostly explain the swings. ...

Proserv awarded significant subsea control system contract for Premier Oil

Energy services company Proserv has been awarded a multi-million-dollar contract with Premier Oil for work in Asia-Pacific. ...

Sound Energy commences drilling of Badile exploration well, onshore Italy

Sound Energy, the African and European focused upstream gas company, is pleased to confirm that drilling of the Badile exploration well, onshore Italy, commenced on March 7, 2017. ...

Saudi Arabia, Russia offer united front on oil supply cuts

Saudi Arabia and Russia, the architects of an oil production cut that has stabilized prices, presented a united front on compliance just as rising U.S. inventories have sparked doubts about the OPEC and non-OPEC deal. ...

U.S. shale seen changing global gas trade

A cargo of chilled natural gas hauled from Louisiana in late December has become a symbol of how global trade is changing for a fuel increasingly seen as a cheap, cleaner-burning option for countries from Latin America to China and India. ...

CERAWeek '17: Energy minister says Saudi Arabia interested in promoting U.S. economic, EandP health

During a plenary session at CERAWeek led by IHS Markit, Saudi Arabia’s Energy Minister Khalid A. Al-Falih said that his country has an interest in promoting the economic health of the U.S. economy and its EandP industry. ...

Energy minister says Saudi Arabia interested in promoting U.S. economic/EandP health

During a plenary session at CERAWeek led by IHS Markit, Saudi Arabia’s Energy Minister Khalid A. Al-Falih said that his country has an interest in promoting the economic health of the U.S. economy and its EandP industry. ...

BNK Petroleum releases Oklahoma drilling update

BNK Petroleum Inc. has announced that the Chandler 8-6H well in Oklahoma is producing through facilities, while flowing back fracture stimulation fluids, after its fracture stimulation. In addition, the Hartgraves 1-6H well, the second well of the Company’s 2017 drilling program, has been drilled and cased. ...

CERAWeek '17: Exxon unveils $20-billion Gulf Coast project, Novak says no to OPEC

The upstream technology breakthroughs that led to the U.S. shale revolution have, in turn, enabled a new downstream manufacturing renaissance, said Exxon Mobil CEO Darren Woods at the IHS CERAWeek event on Monday in Houston. ...

Gas firms locked in legal spats as $200-billion spree sours

After splurging $200 billion building the world’s biggest gas export plants, producers in Australia are now locked in legal battles with contractors over who should shoulder billions of dollars in liabilities sparked by delays and cost blow-outs. ...

Nigeria to cut stake in oil assets under Buhari's economic plan

Nigeria will sell portions of its oil assets to help fund President Muhammadu Buhari’s four-year plan to lift the economy from its worst slump in a quarter century and create 15 million jobs. ...

Iran's crude-oil exports increase to level last seen in 1970s

Iran’s crude-oil exports touched 3 MMbpd for the first time since the 1979 Islamic Revolution. ...

Eni finalizes farm-in agreement with Total, acquiring interest offshore Cyprus

Eni announces that has finalized a farm-in agreement with Total to acquire 50% participating interest of Block 11, offshore Cyprus. ...

Lukoil completes drilling at Filanovsky field, Caspian Sea

LUKOIL has completed drilling the fourth well at Filanovsky field in the Caspian Sea. The length of the horizontal section is 1,194 m for the main bore and 1,366 m for the lateral. ...

Norway buries oil-tax incentive as crude crisis seen moving on

Norway’s government won’t propose any tax incentives for oil companies to boost recovery at aging fields and marginal offshore discoveries before parliamentary elections later this year. ...

Cairn releases well results of appraisal well, offshore Senegal

Cairn is pleased to announce the results of the SNE-5 appraisal well offshore Senegal, where operations have been safely and successfully completed ahead of schedule and under budget, following drilling, logging, drill stem testing and the setting of pressure gauges. ...

Trump travel ban comes just as world oil execs meet in Texas

As President Donald Trump was signing his latest travel ban, restricting people from six predominately Muslim countries from entering the U.S., oil and natural gas executives from around the world were gathering in Houston for one of the industry’s biggest events of the year. ...

U.S. Justice Department questions pending GE, Baker Hughes merger

The U.S. Justice Department is seeking additional information from General Electric Co. and Baker Hughes Inc. over the pending merger to create an oil and gas behemoth. ...

$80,000-jobs find few takers in America's red-hot shale country

Five years ago, the thought of $55/bbl oil would have given Piotr Galitzine heartburn. Now it’s keeping one of his steel-pipe shops in Houston open 24/7 and fueling a flurry of orders. ...

Weatherford announces appointment of new president, CEO

Weatherford International has announced that after a full and diligent search process, the board has appointed Mark A. McCollum as president and CEO, as well as a member of the board of directors, with an effective start date in late April 2017. ...

UK oil, gas output set for longest expansion in two decades

UK oil and gas production will continue to grow through 2018, putting it on course for the longest expansion in almost two decades, amid project startups and productivity gains, an industry lobby said. ...

OPEC meets with U.S. shale producers in rare show of detente

For the last two years, they’ve been locked in a battle for supremacy of the oil market. ...

Two-in-one drill fluid additive creates super muds

Designed and engineered to make its original downhole lubricant even more effective for operators, ProOne scientists introduced Diamond Dust two-in-one drill fluid additive as the company’s second major technological breakthrough, which began with XPL+ eight years ago. ...

Secretary Zinke announces proposed 73-million-acre GOM lease sale

U.S. Secretary of the Interior Ryan Zinke has announced that the Department will offer 73 million acres offshore Texas, Louisiana, Mississippi, Alabama, and Florida for oil and gas exploration and development. ...

Oranto launches $500-million oil exploration campaign in South Sudan

Oranto Petroleum will invest $500 million to develop South Sudan’s Block B3, launching a comprehensive exploration campaign starting immediately. The Ministry of Petroleum and Oranto Petroleum Company, South Sudan signed the exploration and production sharing agreement for the block today in Juba. ...

IEA doubles forecast for new OPEC oil by 2022 as Iraq ramps up

OPEC will increase its production capacity by about twice as much as previously thought, led by expansion in Iran and Iraq, the International Energy Agency (IEA) said. ...

Papua New Guinea grasps at its own gas as LNG exports surge

Less than three years after it began sending one of its most precious resources overseas, Papua New Guinea’s future may be determined by how much of it stays at home. ...

Lundin Petroleum spuds appraisal wells at Edvard Grieg, Gohta

The appraisal well 16/1-27 in PL338 on the Edvard Grieg field is being drilled on the southwestern flank of the field by the semisubmersible drilling rig Island Innovator. ...

Patterson-UTI adds four rigs to monthly U.S. average

Patterson-UTI reported today the company had an average of 80 drilling rigs operating in the U.S. and two rigs in Canada for the month of February. ...

BHP Billiton and Pemex sign agreement for deepwater oil discovery in Mexico

BHP Billiton has advanced its exploration and production interests in the Gulf of Mexico by executing a contract with PEMEX Exploration and Production Mexico (Pemex) to complete work on the significant Trion discovery in Mexico. ...

Lundin Petroleum spuds appraisal wells on North Sea's Edvard Grieg field, Gohta discovery in southern Barents

The appraisal well 16/1-27 in PL338 on the Edvard Grieg field is being drilled on the southwestern flank of the field by the semisubmersible drilling rig Island Innovator. ...

Weatherford develops cement retainer and bridge plug for Sakhalin wells

Weatherford International plc today announced the development and deployment of a high-performance cement retainer and bridge plug for use in wells in Sakhalin Island, Russia. ...

Trelleborg launches buoyancy repair service for the Gulf of Mexico

Trelleborg’s offshore operation has formalized its Drill Riser Buoyancy Module (DRBM) repair service for the Gulf of Mexico through its partnership with the Deepwater Riser Services division of Chet Morrison Contractors. ...

Bowleven and Victoria Oil and Gas agree to Bomono farm-out

Bowleven plc, the Africa focused oil and gas exploration group and Victoria Oil and Gas Plc, an integrated energy company with operations in Cameroon, both trading on AIM, are pleased to announce that they have signed a farm-out agreement relating to the Bomono production sharing contract (Bomono PSC). ...

Libya oil output falls as fresh clashes force ports to shut

Libya’s crude output dropped after clashes forced two of the country’s biggest oil ports to shut down, threatening the OPEC member’s efforts to revive the production of its most important commodity. ...

U.S. oil industry becomes refiner to the world as exports boom

When PBF Energy scooped up a refinery from Exxon Mobil on the Mississippi River in 2015, it wasted no time sprucing up the plant with an eye toward quickly resuming lucrative fuel exports. ...

Investors start doubting oil rally after failure to top $55

The oil market’s failure to break out of the tightest range in more than a decade is sapping investor interest. ...

Canada sees no remaining hurdles on Trump's Keystone XL approval

TransCanada Corp.’s Keystone XL pipeline doesn’t face any major remaining hurdles to U.S. approval, Canada’s ambassador to Washington said. ...

EPA withdraws information request for the oil and gas industry

WASHINGTON -- The U.S. Environmental Protection Agency (EPA) is withdrawing its request that owners and operators in the oil and natural gas industry provide information on equipment and emissions at existing oil and gas operations. The withdrawal is effective immediately, meaning owners and operators, including those who have received an extension to their due dates for providing the information, are no longer required to respond. ...

Damen reacts to growing market with LNG carrier design

The maritime LNG market has long been faced with the conundrum around the subject of supply and demand. Ship owners have been reluctant to make the switch to LNG because of the lack of bunkering infrastructure. At the same time, development of bunker infrastructure has been slow to get off the ground due to the low demand from the market. This has been described on numerous occasions as ‘the chicken and egg’ situation. ...

Libya's largest oil port seized in blow to production surge

Libya’s biggest oil port was seized by an armed group, dealing a blow to the North African country as it seeks to revive production of its most important commodity. Brent crude futures climbed. ...

Consol continues gas drilling transformation, hires Credit Suisse, BofA to find buyer for coal

Consol Energy Inc. said it has hired advisers to help push ahead with plans to divest its coal business in a transaction that, people familiar with the matter say, could be worth $2.8 billion or more. ...

Libya's biggest oil terminal evacuated as fighting erupts nearby

Workers were evacuated from Libya’s biggest oil port of Es Sider as fighting escalated nearby, highlighting threats to the North African country’s efforts to restore its crude production following two years of conflict. ...

Aker BP receives consent to drill an exploration well at Volund

The Petroleum Safety Authority Norway (PSA) has given Aker BP consent to drill an exploration well with the designation 24/9-11S on the field. The consent also covers a potential sidetrack. The object of the drilling is to investigate the potential of a formation 7.5 km west of the subsea facility at Volund. ...

Repsol receives consent for exploration drilling offshore Norway

The Petroleum Safety Authority Norway (PSA) has given Repsol consent to drill exploration well 6705/7-1 in a prospect named Stordal. ...

Polarcus secures additional backlog in Australia, West Africa

Polarcus Limited has announced that the company has finalized a contract for 3D marine seismic acquisition in Australia. The program will deliver a broadband data-set utilizing one of the company's Polarcus X-bow vessels operating under the Polarcus Explore Green environmental agenda. ...

Lukoil launches new well completion technologies for multi-stage hydrofracturing in Yugra

Lukoil launches new well completion technologies for multi-stage hydrofracturing in Yugra ...

Gazprom says Europe's appetite for gas keeps getting bigger

Europe’s appetite for natural gas is leading to a growth “renaissance” as its stores of the fuel languish at the lowest levels since 2013, according to Gazprom PJSC. ...

Damen reacts to growing LNG market with 500-7,500-cu-m liquefied gas carriers

The maritime LNG market has long been faced with the conundrum around the subject of supply and demand. Ship owners have been reluctant to make the switch to LNG because of the lack of bunkering infrastructure. At the same time, development of bunker infrastructure has been slow to get off the ground due to the low demand from the market. This has been described on numerous occasions as ‘the chicken and egg’ situation. ...

Baker McKenzie predicts turnaround for energy MandA

More oil price stability and significant internal restructuring of the sector are the key drivers leading a recovery in energy MandA with a peak in 2018, according to a new forecast by Baker McKenzie. ...

Nigeria charges Shell, Eni with corruption over oil license

Nigeria’s anti-graft agency filed new charges against Royal Dutch Shell Plc and Eni SpA, alleging the companies “corruptly” paid $801 million in 2011 when acquiring an offshore oil field. ...

Gazprom's Medvedev channels Mao in quest to sell gas to China

Gazprom deputy head Alexander Medvedev is taking solace in old sayings by the founding father of the People’s Republic of China as the natural gas giant pushes ahead with a plan to become its biggest supplier. ...

Leaner, fitter, faster: U.S. shale challenges OPEC again

When the who’s who of the oil industry met a year ago in Houston, Saudi Arabia’s energy minister had harsh words for U.S. shale drillers struggling with the worst price crash in a generation. ...

Samson Resources emerges from bankruptcy

Samson Resources Corporation has announced that the Company and its subsidiaries have emerged from Chapter 11 bankruptcy protection, after satisfying all of the conditions required under its Plan of Reorganization, which was confirmed by the U.S. Bankruptcy Court for the District of Delaware on Feb. 13, 2017. ...

McDermott awarded offshore subsea contract from Hess

McDermott International, Inc., announced today a contract award from Hess Corporation for subsea tie-back work for its deepwater Penn State Deep (PSD) field in the Gulf of Mexico. ...

Wood Group begins detailed engineering of Leviathan for Noble Energy

Wood Group recently completed the seven-month front-end engineering design (FEED) for Noble Energy’s Leviathan Field Development Project in the Eastern Mediterranean Sea and has started the detailed engineering for the platform, including the topsides and jacket. The FEED and detail design has a total contract value of approximately $95 million. ...

Wood Group begins detailed engineering of Leviathan

Wood Group recently completed the seven-month front-end engineering design (FEED) for Noble Energy’s Leviathan Field Development Project in the Eastern Mediterranean Sea and has started the detailed engineering for the platform, including the topsides and jacket. The FEED and detail design has a total contract value of approximately $95 million. ...

Iraq's Kirkuk oil exports at risk as Kurds seize pumping station

Iraqi oil shipments of about 105,000 bpd were halted briefly on Thursday after Kurdish troops seized control of a pumping station in disputed Kirkuk province and demanded that crude shipments to the country’s central government be stopped. ...

Eaton begins nationwide roadshow, stops in Houston

Power management company Eaton recently stopped in Houston on its 2017 Industrial Controls in Motion mobile tour. ...

Iraq's February oil exports rose despite OPEC output cuts

Iraq’s crude exports rose 1% by volume in February, contrasting with a decrease in monthly shipments by Saudi Arabia after both countries agreed to OPEC’s plan to cut oil production in an effort to prop up prices and trim a global oversupply. ...

Eaton's nationwide roadshow stops in Houston

Power management company Eaton recently stopped in Houston on its 2017 Industrial Controls in Motion mobile tour. ...

Sanchez Energy closes on acquisition of Eagle Ford acreage

Sanchez Energy Corporation has announced the closing of the previously announced acquisition of working interests in approximately 318,000 gross operated acres in the Western Eagle Ford from Anadarko Petroleum Corporation through a 50/50 partnership involving wholly-owned subsidiaries of the Company and with Blackstone Energy Partners. ...

Eaton Kicks begins nationwide roadshow, stops in Houston

Power management company Eaton recently stopped in Houston on its 2017 Industrial Controls in Motion mobile tour. ...

Kuwait Energy said to plan London IPO, seeking $1-billion valuation

Kuwait Energy is planning an initial public offering in London that could value the oil and gas exploration business at as much as $1 billion, according to authorities familiar with the matter. ...

Saudi Arabia still bears brunt of oil cuts as OPEC output drops

Saudi Arabia continued to lead OPEC’s efforts to cut production, helping the organization get closer to a goal set out in a historic accord last year. ...

Oil prices decline as U.S. stockpiles set record

Oil slid for a third day as record-high U.S. crude stockpiles were seen jeopardizing OPEC’s efforts to drain a global surplus. ...

ONGC said to see spending plans curtailed by potential merger

India’s plan to push its top oil producer to fund a takeover of a state refining company may threaten some near-term investments. ...

Kuwait Energy said to plan London IPO, seek $1 billion valuation

Kuwait Energy is planning an initial public offering in London that could value the oil and gas exploration business at as much as $1 billion, according to authorities familiar with the matter. ...

Oil prices decline as U.S. stockpiles set record despite OPEC cuts

Oil slid for a third day as record-high U.S. crude stockpiles were seen jeopardizing OPEC’s efforts to drain a global surplus. ...

Exxon Mobil shifts investments to quick-earning shale

Exxon Mobil Corp. is trading in long-term projects that pump oil over decades for U.S. shale drilling that can be switched on or off as crude prices change. ...

Saudi Arabia oil tanker tracking shows another slide in exports

Saudi Arabia’s shipments of crude oil fell last month, indicating OPEC’s biggest producer is continuing to cut supplies by more than it originally pledged. ...

Exxon positioned to succeed in any price environment, CEO says

Exxon Mobil Corp. is positioned to succeed in any price environment by maximizing the competitive advantages of its integrated businesses and by investing in projects that generate high-value products across the commodity cycle, Chairman and CEO Darren W. Woods said Wednesday. ...

DNV GL launches data analytics platform

To assist companies in getting more out of their management systems, DNV GL is launching Lumina, a set of performance benchmarking tools giving organizations market-based insights and support to identify and prioritize improvement areas. ...

Energy from U.S. lands seen gaining under new Interior Chief

With Ryan Zinke at the helm, the Interior Department is set to prioritize coal, oil and natural gas development over renewable projects on federal lands and waters. ...

Northern Petroleum, Shell initiate seismic program in northern Italy

Northern Petroleum, the AIM quoted oil and gas company focusing on production led growth, balanced with high impact exploration and appraisal opportunities, announced that Shell Italia EandP has initiated a local engagement program in relation to the Cascina Alberto permit, onshore northern Italy. ...

Statoil granted drilling permit southwest of Norne field

The Norwegian Petroleum Directorate has granted Statoil Petroleum AS a drilling permit for well 6507/3-12 A, cf. Section 8 of the Resource Management Regulations. ...

iSURVEY Singapore awarded contract with Solstad Offshore

Following two years of successful operations, iSURVEY Pte Ltd, Singapore, has again been awarded a marine construction survey support contract with Solstad Offshore Asia-Pacific for works onboard the DLB Norce Endeavour. ...

Proserv launches new subsea sampling innovation

Global energy services company Proserv has launched a new subsea sampling cylinder that can improve the quality of results and reduce risks normally associated with sample transfer. ...

Total and Petrobras sign definitive contracts, seal strategic alliance

Petrobras and Total inform that they have signed yesterday definitive contracts in relation to the package of assets contemplated in a strategic alliance, outlined December 2016. ...

Actemium signs global maintenance contract with Total Nigeria

Total has awarded its global maintenance contract for the Egina FPSO in Nigeria to a consortium of two Actemium business units: Actemium Oil and Gas Maintenance and PACE Nigeria, Actemium being the VINCI Energies brand dedicated to industrial processes. Beginning in 2018, the contract will span five years. ...

Canada may have the U.S. to thank for its first-ever LNG exports

Canada’s first exports of LNG may soon be heading overseas from a port in Louisiana. ...