BP reports second-quarter 2017 exploration highlights

BP has reported that it continues to make progress in shifting its exploration portfolio toward natural gas and advantaged oil. ...

U.S. oil drillers cut rigs for first week since January

U.S. oil drillers cut rigs this week for the first time since January and the pace of additions slowed this quarter due to declines in crude prices despite an OPEC-led effort to cut production and end a multi-year supply glut. ...

Baker Hughes, GE merger to close July 3, following stockholder approval

Baker Hughes Incorporated has announced that more than 99% of the votes cast at the special meeting of Baker Hughes stockowners were voted to approve the previously announced combination of Baker Hughes with General Electric Company’s oil and gas business (GE Oil and Gas). The combination will create Baker Hughes, a GE company. ...

Russia's Rosneft set for global gas tussle with Gazprom

Russia's Rosneft, the world's top listed oil producer, wants to supply gas in parts of Europe where Gazprom is not present - or Moscow risks losing the market to U.S. liquefied natural gas (LNG), a Rosneft executive said. ...

U.S. Department of Energy authorizes additional LNG exports from Lake Charles

The U.S. Department of Energy announced today the approval of two long-term applications to export additional liquefied natural gas (LNG) from the Lake Charles LNG Liquefaction Project in Lake Charles, La. Additional exports in the amount of 0.33 Bcfd of natural gas are approved from Lake Charles’ proposed liquefaction facility. ...

Federal offshore well permits support safe energy and economic development, BSEE says

The operation of drilling an offshore oil and gas well provides for economic development and supports as many as 450 new jobs. As Energy Week concludes, the Bureau of Safety and Environmental Enforcement’s well permit approvals in 2017 total 69. ...

Saudi Arabia and Qatar continue sharing oil tankers amid tensions

As Saudi Arabia leads three other Arab nations in accusing Qatar of links to terror groups and being too close to Iran, one thing is becoming increasingly clear in the oil market: tensions have yet to reach a point where the world’s biggest crude exporter is disrupting its tiny neighbor’s shipments. ...

Trump's road to energy dominance starts with tiny Texas pipeline

What does energy dominance look like? A little like a 46-mi pipeline trickling modest volumes of gasoline and diesel into Mexico. ...

LNG price row between India, U.S. crimps Trump's export plans

India's biggest importer of U.S. liquefied natural gas (LNG) is trying to re-negotiate prices with the U.S. seller, sources said, undermining plans by U.S. President Donald Trump to export more gas to the fast-growing Asian nation. ...

Libyan oil output exceeds 1 MMbpd for first time in four years

Libya's oil production has risen to 1.012 MMbopd, a Libyan oil industry source told Reuters on Friday, topping 1 MMbpd for the first time in four years. ...

IPAA applauds opening of comment period to expand offshore energy development

President Donald Trump announced the Interior Department will open a public comment period for a new Five-Year National Offshore Oil and Gas Leasing Program on the Outer Continental Shelf (OCS). ...

Schlumberger signs $700 million oil field deal in Nigeria

Nigeria’s state-owned oil company said it signed a deal with Schlumberger to provide $700 million for the development of two oil fields in the country’s crude-rich south. ...

Major oil producers' cost-cutting swept away by new price decline

Major oil companies have spent three years slashing spending and firing workers to protect profits, only to find their cost cutting initiatives negated by a bear market. ...

South Korea is very interested in America's natural gas

One thing became clear on the fourth day of the White House’s “Energy Week”: South Korea is really into U.S. natural gas. ...

Trump launches "dominant" energy policy focused on exports

U.S. President Donald Trump on Thursday announced measures to launch what he calls a "golden era" of energy policy, which will revive the ailing nuclear power sector and ease restrictions on energy exports. ...

Rosneft eyes Chinese gas market after Beijing Gas deal

Russia's largest oil producer Rosneft said on Thursday it was targeting China's gas market after completing a $1.1-billion deal to sell 20% of its subsidiary Verkhnechyonskneftegaz (VChNG) to Beijing Gas. ...

Hurricane Energy to raise $520 million to revitalize aging offshore basin

Hurricane Energy plans to raise $520 million for test drilling at its Lancaster oilfield in the North Sea, a major milestone for the project that could breathe new life into the ageing offshore basin. ...

BP takes $750-million hit for Angola exploration write-off

BP will book a $750-million charge for unsuccessful exploration campaigns in Angola, the company said on Thursday, a write-off that will weigh on its second-quarter results. ...

Lundin Norway granted drilling permit for North Sea wildcat

The Norwegian Petroleum Directorate has granted Lundin Norway AS a drilling permit for well 7220/6-3, cf. Section 8 of the Resource Management Regulations. ...

Russia sticks to conservative $40 oil forecast for 2018 budget

The Russian government is sticking to its conservative assumptions for oil prices as it drafts the budget for the next three years, relying mainly on domestic borrowing to finance the deficit in order to preserve its rainy-day funds. ...

ConocoPhillips to sell Barnett assets for $305 million

ConocoPhillips has announced that it has entered into a definitive agreement to sell its interests in the Barnett to an affiliate of Miller Thomson and Partners LLC for $305 million, plus net customary adjustments. Proceeds from this transaction will be used for general corporate purposes. ...

Prelude FLNG begins its journey to Australia

Royal Dutch Shell’s Prelude floating liquefied natural gas (FLNG) facility left the Samsung Heavy Industries shipyard in Geoje, South Korea this morning, marking a significant milestone for the project. ...

South Korea's SK Group signs MOU with GE to jointly develop U.S. shale gas

South Korean energy conglomerate SK Group signed a memorandum of understanding (MOU) with General Electric on Thursday to jointly develop U.S. shale gas fields in a bid to expand in the U.S. shale gas sector. ...

John Wood Group sees weak first half on fewer projects

Oilfield services company John Wood Group Plc said fewer projects and modifications work, particularly in the North Sea region, weighed on its first half, while impact of a tougher pricing environment would result in a reduction in the first-half margin. ...

Cyprus to push ahead with energy plans despite challenges

Cyprus will push ahead with its oil and gas development plans despite potential setbacks, including the decades-long Cyprus conflict, its energy minister said on Thursday. ...

BHP chairman says $20-billion investment in shale was a mistake

BHP Billiton's Chairman Jac Nasser said on Thursday that BHP's $20-billion investment in U.S. shale oil and gas six years ago was, in hindsight, a mistake. ...

M2 Subsea awarded numerous DNV-GL certifications

M2 Subsea, the global independent provider of ROV services, has been awarded a raft of industry certifications from DNV-GL for its management system standards, just seven months after starting up. ...

DNO completes acquisition of Origo Exploration

DNO ASA, the Norwegian oil and gas operator, today announced the completion of the acquisition of Origo Exploration Holding AS, a privately-held oil and gas exploration company with a focus offshore Norway and the UK. ...

Wood Group wins engineering contract for Husky Energy's White Rose

Husky Energy has awarded Wood Group a multi-million-dollar contract to complete detailed engineering for the topsides of White Rose, a concrete gravity-based structure wellhead platform planned for offshore eastern Canada. The project includes procurement services and engineering design work. ...

OPEC resists flow of history with reluctance to cut deeper

The chorus in the oil market calling for deeper production cuts gets louder almost every day. By resisting the clamor, OPEC is breaking with its own history. ...

Vedanta makes $3 billion bet to re-energize biggest oilfield

India’s Vedanta Ltd. will spend $3 billion over the next three years as it seeks to expand oil reserves and nearly double output from its largest field. ...

EIA: U.S. exports of crude oil, petroleum products double since 2010

U.S. crude oil and petroleum product gross exports have more than doubled over the past six years, increasing from 2.4 MMbpd in 2010 to 5.2 MMbpd in 2016. Exports of distillate, gasoline, propane, and crude oil have all increased, but at different paces and for different reasons. ...

EIA: U.S. exports of crude oil, petroleum products have doubled since 2010

U.S. crude oil and petroleum product gross exports have more than doubled over the past six years, increasing from 2.4 MMbpd in 2010 to 5.2 MMbpd in 2016. Exports of distillate, gasoline, propane, and crude oil have all increased, but at different paces and for different reasons. ...

Libyan crude gushes into tankers as nation's output accelerates

Libyan oil shipments are poised to hit the highest in at least three years in the latest sign the North African country is managing to sustain a production revival. ...

Cheniere's getting ready for the `next round' of LNG projects

Sixteen months after finishing a terminal and sending the first cargo of U.S. shale gas overseas, Cheniere Energy Inc. is already preparing for its next round of export projects. ...

Noble Corp. awards MPD contract to AFGlobal

Noble Corporation plc has awarded AFGlobal a contract for the provision of an integrated deepwater managed pressure drilling (MPD) system. ...

Well-SENSE Technology’s FLI achieves success in Eagle Ford field trials

Well-SENSE Technology Ltd. has achieved success with its pioneering FibreLine Intervention (FLI) technology for an oil major operating in the Eagle Ford. ...

Repsol Sinopec delivers first gas from Cayley field, in Montrose Area redevelopment

First gas has been delivered on schedule from Cayley field, the third and final new discovery to be brought on stream during the major redevelopment of the Montrose Area in the Central North Sea operated by Repsol Sinopec Resources UK. ...

Clariant introduces new non-triazine H2S scavenger

Clariant, a world leader in specialty chemicals, introduces an alternative to triazine H2S scavenger chemistry with substantial benefits for oil producers. New SCAVINATOR increases overall production with less downtime due to its best-in-class solids control and reduced potential for mineral scaling. ...

Lundin Norway divests 39% working interest in Brynhild field

Lundin Petroleum AB has announced that its wholly-owned subsidiary Lundin Norway AS on June 27, 2017, entered into a sales and purchase agreement with CapeOmega AS to divest a 39% working interest in Brynhild field in PL148 in the Norwegian North Sea. ...

Platts proposes removing restrictions on Qatar crude

Oil price agency SandP Global Platts is proposing to remove from next month restrictions it had placed on Qatari crude in its pricing assessment after Saudi Arabia and some other Arab states cut ties with Doha, a spokeswoman said on Wednesday. ...

Brazilian study urges Petrobras to cut Bolivian natural gas purchases

Petróleo Brasileiro SA should cut the maximum amount of natural gas it buys from neighboring Bolivia in half in an effort to encourage domestic importers and distributors to enter the market, according to a Brazilian government study. ...

Shell, Exxon to appeal latest Groningen gas production cap

A joint venture between Royal Dutch Shell and Exxon Mobil said on Wednesday it would appeal against a Dutch government plan to lower a production cap at the Groningen natural gas field by a further 10%. ...

McKinsey Energy Insights expects U.S. shale production to reach 9 MMbpd by 2025

McKinsey Energy Insights (MEI), the data and analytics specialist that provides insight and support to the global energy industry, has released its North American Shale Oil Outlook. Under its Price Recovery scenario, which assumes WTI prices will hit $60–$70/bbl from 2019 onward, MEI expects shale drilling and completions to grow at 20% p.a. and production to increase at 12% p.a. through to 2021. ...

Cyber attack reaches Asia as new targets hit by ransomware

A new cyber attack reached parts of Asia after hitting businesses, port operators and government systems in Europe, U.S. and South America. ...

Oil's record bearish bets prompt warning of violent rally

The oil market is getting worse: there are now more bearish bets than at any time in at least six years. But to traders, that’s a signal prices are vulnerable to a sharp rebound. ...

Oil snaps longest gain in a month on signs U.S. supplies rose

Oil fell, snapping the longest run of gains in a month, as U.S. industry data showed crude stockpiles rose. ...

Pipeline pinch adds to oil-sands woes with Keystone still a hope

Call it the pipeline pinch, or maybe the Keystone quagmire. ...

Cyberattack affects Rosneft production, hits new targets in Asia

A new cyberattack reached parts of Asia after hitting businesses, port operators and government systems in Europe, U.S. and South America. ...

BP doubles down on deep water, despite surging shale

Seven years after its Deepwater Horizon explosion and oil spill, BP is betting tens of billions of dollars on the prospect that it can slash the costs of offshore drilling by half or more - just as shale oil producers have done onshore. ...

Rosneft finds first oil field offshore eastern Arctic

Russia's largest oil producer Rosneft said on Sunday it had found its first oil field in the Laptev Sea in the eastern Arctic, making a breakthrough in the search for hydrocarbons in the harsh and far-flung region despite Western sanctions. ...

Study shows Quebec’s economy benefits from Canadian oil sands

Economic analysis shows that Canada’s oil sands generate significant economic benefits for Quebecers, including 16,200 jobs, $1.25 billion in GDP and $215 million in government revenues, according to an independent study prepared by AppEco. ...

BSEE says offshore oil and gas production contributes to America’s energy future

Oil production from submerged federal lands, the U.S. Outer Continental Shelf, accounted for 72% of all oil production from federal lands in 2016. The Bureau of Safety and Environmental Enforcement pointed to the critical role that the offshore oil and gas industry plays in meeting our country’s energy needs as it marked the start of “Energy Week.” ...

Total launches second Plant 4.0 start-up incubator, accelerating digital technology deployment

Total is launching its second Plant 4.0 start-up incubator, joined this year by Air Liquide, AREVA, Eiffage, Solvay and VINCI Energies. This is the very first multi-corporate Plant 4.0 start-up incubator in the world. The partners’ common goal is to accelerate the deployment of digital technology in industry. ...

Perry seeks energy pact with Mexico, Canada as Nafta talks near

The U.S. has a unique opportunity to develop a "North American energy strategy" with Canada and Mexico, Energy Secretary Rick Perry said, striking a conciliatory tone with the other members of the North American Free Trade Agreement. ...

Hackers hit 75% of drillers as sketchy monitoring is blamed

Three out of four oil and natural gas companies fell victim to at least one cyber attack last year as hacking efforts against the industry become more frequent and sophisticated. ...

3esi-Enersight acquires Energy Navigator, becomes largest provider of planning, reserves solutions

3esi-Enersight, a provider of solutions for integrated strategy, planning and reserves has announced it has acquired Energy Navigator. ...

Survey highlights need for digital experts as energy sector adapts to lower prices

The oil and gas industry urgently needs digital natives – but the right people may not be looking at the sector as a potential career choice. That is one of the key messages from Petroplan’s second ‘Talent Insight Index’. ...

Wood Group secures FEED for Alexandroupolis LNG project in northern Greece

Wood Group has secured a new front end engineering design (FEED) contract with Gastrade S.A. for the Alexandroupolis Independent Natural Gas System (INGS) offshore Greece. ...

GE, Eni sign agreement to develop gas resources offshore Mozambique

GE Oil and Gas has signed an agreement to collaborate with Eni East Africa, on the offshore Mozambique developments it operates. ...

Petrofac sees higher bidding activity in core markets

British oilfield services company Petrofac Ltd on Tuesday said it expected an underlying net profit of $135-$145 million for the first-half of 2017 as higher bidding activity in its core markets led to a strong order book. ...

BP doubles down on deepwater, despite surging shale

Seven years after its Deepwater Horizon explosion and oil spill, BP is betting tens of billions of dollars on the prospect that it can slash the costs of offshore drilling by half or more - just as shale oil producers have done onshore. ...

Rosneft reports cyber attack, oil production unaffected

Russia's top oil producer Rosneft said on Tuesday that its servers had been hit been a large-scale cyber attack, but its oil production was unaffected. ...

GE and Eni sign agreement to develop gas resources offshore Mozambique

GE Oil and Gas has signed an agreement to collaborate with Eni East Africa, on the offshore Mozambique developments it operates. ...

Oil heads for longest gain in a month as U.S. supply seen lower

Oil advanced for a fourth day in New York, its longest run of gains in a month, on estimates that U.S. crude inventories continued their decline from record levels. ...

Welcome to the booming Texas port at the heart of U.S. oil exports

Port in Corpus Christi, Texas, central to America’s booming crude-export industry. ...

Welcome to the booming Texas port at the heart of U.S. oil sales

Port in Corpus Christi, Texas, central to America’s booming crude-export industry. ...

Canada MandA hits decade-high as foreign owners flee oil sands

MandA in Canada is set for the strongest start in a decade as foreigners sell oil sands investments. ...

Oil edges higher, growing U.S. supply limits gains

Oil prices crept higher on Monday in quiet trade that featured bargain hunting after prices slid last week and hit seven-month lows, but gains were limited by rising crude supply in the United States and other countries. ...

Oil tanker explosion kills 146 people in Pakistan

An oil tanker crashed and exploded on a road in Pakistan on Sunday, killing 146 people, many of whom were collecting leaking fuel before it ignited, government officials and rescue workers said. ...

Statoil announces considerable spin-offs at Johan Castberg

Statoil has, on behalf of the licence partners, decided that the Johan Castberg operation will be supported by a supply and helicopter base in Hammerfest and an operations organization in Harstad. Recruitment of offshore personnel from Finnmark county is also prioritized. ...

Gazprom Neft begins exploratory drilling at Ayasksky block, Sea of Okhotsk

Gazpromneft Sakhalin (a subsidiary of Gazprom Neft) has begun drilling the first exploratory well at the Ayashsky licence block, located on the continental shelf of the Sea of Okhotsk. ...

Lukoil produces 1 million tonnes of oil at Pyakyakhinskoye field, Western Siberia

Lukoil's accumulated oil production at Pyakyakhinskoye oil and gas condensate field in the Yamal-Nenets Autonomous District has exceeded 1 million tonnes since the start of commercial production in October 2016. ...

Cheniere's LNG market share expands as Korea contract begins

Add South Korea to the growing list of regulars buying America’s shale gas. ...

OPEC gets another supply headache from surging Brazilian exports

Brazil’s most crippling recession on record is complicating life for OPEC. ...

Oseberg Vestflanken 2 platform, jacket set sail

At Heerema Zwijndrecht, one of the production locations of Heerema Fabrication Group (HFG), the topside for the Oseberg Vestflanken 2 Unmanned Wellhead Platform sailed out on Sunday, June 25. The jacket followed on Monday, June 26. ...

Wood Group extends digital solutions collaboration with Librestream Technologies

Wood Group has signed an extension to its collaborative agreement with Canadian technology company Librestream Technologies to continue its exclusive industry partnership, providing advanced digitally-enabled solutions for oil and gas customers. ...

Aker Solutions to supply umbilicals for Mozambique's first offshore field development

Aker Solutions was awarded a contract to deliver three umbilicals and associated equipment at Eni's Coral South project, Mozambique's first offshore field development. ...

North Sea oil producer jumps on hopes new field will ease debt

EnQuest Plc climbed the most in three months in London trading on speculation borrowings will fall following the start of production at its Kraken oil field in the UK North Sea. ...

Seatronics supports global oilfield engineering services provider with key Brazilian project

Seatronics has supported a global oilfield provider of engineered services and products, with a key project in Brazil through the supply of subsea equipment. ...

Oil gains as biggest monthly loss in a year considered excessive

Oil rose, trimming its biggest monthly decline in almost a year, on speculation that its recent sell-off may have been excessive. ...

Oil prey for “hungry” bears as investors drop bets on rally

Bears are dominating the oil market. ...

Running out of time to reduce stockpiles in 2017, Statoil says

The oil market is running out of time for crude inventories to show a significant drop in 2017, according to Statoil ASA’s chief economist. ...

Trump to call for U.S. `dominance' in global energy production

Donald Trump will tout surging U.S. exports of oil and natural gas during a week of events aimed at highlighting the country’s growing energy dominance. ...

ITC Global initiates satellite communication on Brazil FPSO fleet following West Africa deployment

ITC Global, a provider of satellite communications to remote and harsh environments, announced today that it has initiated installations to deliver communications services to seven floating production, storage and offloading (FPSO) vessels located offshore Brazil for a leading oil and gas service company. ...

Abrado sets double-string section milling record on North Sea well

Abrado announced today that it has completed the first double-string section milled window in the North Sea utilizing the proprietary Medusa cutting technology. ...

Shale Support honors students with $2,500 STEM scholarships

Shale Support, LLC, a provider of frac-sands and logistical solutions to the oil and gas proppant market, is proud to announce the winners of the 2017 Shale Support STEM Scholarship. ...

Jones Energy exits Arkoma basin with non-core asset sales

Jones Energy, Inc., has announced that it has entered into definitive agreements to sell several non-core assets, including an agreement to sell its Arkoma basin properties, for a combined total of up to $70 million, subject to closing adjustments. ...

First riser platform jacket for Johan Sverdrup complete

The riser platform (RP) jacket for the Johan Sverdrup development will be ready for delivery in July and was given the name Ægir at a ceremony held at Kvaerner’s yard at Verdal. ...

Ministry of Petroleum and Energy announces 24th licensing round

The Ministry of Petroleum and Energy (MPE) has announced the 24th licensing round. In this round, 102 blocks/parts of blocks will be announced, divided among nine in the Norwegian Sea and 93 in the Barents Sea. ...

Shale tycoon who turned Enron reject into gold builds again

After helping give birth to the U.S. shale boom a decade ago, Mark Papa is starting over at age 70 with a new $3.6-billion oil explorer he built from scrap amid the worst market crash in a generation. ...

Shell's $1 billion New Zealand sale said to draw OMV, Vermilion

Royal Dutch Shell Plc’s sale of its remaining New Zealand energy assets has drawn interest from companies including OMV AG and Vermilion Energy Inc., people with knowledge of the matter said. ...

ONGC, Aqualis Offshore match rig move record offshore India

The Oil and Natural Gas Corporation Limited (ONGC), with the support of Aqualis Offshore, has matched its own pre-monsoon rig move record set last year offshore India. Aqualis Offshore has also secured a new contract extension to support ONGC. ...

World's no. 3 oil reserves tested by rout as Shell decamps

When Shell decided to pull out of the Canadian oil sands, the local producers doubled down with more investment. Crude’s bear market is testing their resolve. ...

Oil heads for fifth weekly drop as supply climbs

Oil is heading for a fifth weekly decline after sinking into a bear market amid concerns rising supply from the U.S. to Libya would offset production cuts from OPEC and its allies. ...

Gazprom smells opportunity as UK's biggest gas store closes

Gazprom plans to ramp up gas sales in the UK as coal plants are shuttered and the nation’s biggest storage site is closed. ...

OPEC has few escape routes from another bear market

Oil’s back in a bear market and investors remain unmoved by last month’s agreement to prolong supply cuts, leaving OPEC and its allies with few remaining tools to boost prices. ...

Kurdish oil appears bound for U.S. again after three-year pause

An oil tanker carrying Kurdish crude appears to be en route to the U.S., reviving a trade from three years ago that became a symbol of a dispute between the semi-autonomous region in Iraq and the federal government in Baghdad. ...

Rosneft says Essar takeover is pending final details

Rosneft PJSC, Russia’s biggest oil producer, said it has all but completed its multi-billion-dollar joint purchase of India’s Essar Oil Ltd., expanding its access to the Asian nation’s burgeoning fuel market. ...

Downgrades abound as oil analysts turn gloomy on supply glut

Energy analysts are heading for the exits. ...

Maersk Invincible becomes world's first shore-powered jack-up

On May 28, 2017, the Maersk Invincible became the world's first harsh environment jack-up drilling rig to operate entirely on shore-power. ...

ION expands West African 2D data library with new acquisition offshore Gabon

ION Geophysical Corporation has announced a new 2D multi-client program offshore Gabon, EquatorSPAN II, in cooperation with the Gabon Ministry of Petroleum and Hydrocarbons, Direction Général des Hydrocarbures of Gabon (DGH). ...

Shale Support recognized for zero recordable incidents in 2016

Shale Support, LLC, a leading provider of frac-sands and logistical solutions to the oil and gas proppant market, announces recent recognition for safety achievements across two facilities. The company maintained a recordable incident rate of zero for the year 2016. ...

Lonestar Resources announces 30-day production rate of 2,123 boed at Eagle Ford well

Lonestar Resources has announced that the Wildcat B1H well has established a 30-day production rate of 2,123 boed, consisting of 890 bopd (42%), 764 bbl of natural gas liquids (36%) and 2,815 Mcfgd (22%). ...

Cook Inlet Federal Lease Sale yields more than $3 million in high bids

Cook Inlet Lease Sale 244 -- the first lease sale held in Alaska’s federal waters since 2008 -- garnered $3,034,815 in high bids for 14 tracts covering roughly 76,615 acres in Cook Inlet, off south-central Alaska. All bids were submitted by Hilcorp Alaska LLC. ...

McDermott awards major Trinidad and Tobago contract to PJ Valves

PJ Valves (PJV) and PJ Piping (PJP), the specialist manufacturers and suppliers of valves and piping components for the global energy industry, have been awarded a major contract by McDermott International Inc. to supply valves and piping elements for an offshore project in Trinidad and Tobago. ...

Obama's energy chief returns, citing leadership void under Trump

While President Donald Trump’s Energy Department is studying how to save coal plants, veterans from the administration of President Barack Obama’s Energy Department announced a new effort to figure out how to curtail carbon in the U.S. energy system. ...

SBM Offshore secures contracts for next phase of Exxon Mobil's Liza project

SBM Offshore is pleased to announce that Exxon Mobil has formally confirmed the award of contracts for the next phase of the Liza project in Guyana. Under these contracts, SBM Offshore will construct, install, lease and operate a floating production, storage and offloading vessel (FPSO). ...

Oil posts slight gain after falling into bear market

Oil prices recovered after falling into a bear market amid speculation rising U.S. output will blunt OPEC-led efforts to trim a global glut. ...

Storm Cindy bears down on Gulf coast after curbing oil and gas operations

Tropical Storm Cindy has curbed energy production in the GOM, disrupted shipping and forced workers off oil and gas platforms. ...

Storm Cindy bears down on Gulf coast after curbing oil, gas operations

Tropical Storm Cindy has curbed energy production in the GOM and disrupted shipping and forced workers off oil and gas platforms. ...

Nine Energy Service, MorphPackers Limited announce joint distribution agreement

Nine Energy Service, Inc., and MorphPackers Limited announced jointly that they have entered into an agreement, whereby Nine will be the exclusive provider of MorphPackers’ STORM and CENTURION completion product line for the re-frac market in the United States and Canada. ...

Empyrean reports increased interest in Sacramento basin, California

Empyrean has announced that it has entered into a new agreement with Sacgasco Limited, to increase Empyrean’s interest in the package of gas projects in the Sacramento basin, onshore California (the Farm-In), previously announced on May 15, 2017 and amended on June 16, 2017. ...

UK set up for global gas fight as giant storage site shuts down

Already buffeted by political chaos at home and abroad, the UK gas market must now operate without its biggest stabilizing force: the giant Rough gas storage facility under the North Sea. ...

Smart IT solution reaps benefits for agency, industry

A new well log electronic filing system has reduced the burden on operators and saved both the industry and Railroad Commission thousands of dollars and man-hours in its first six months of use. ...

Protest-hit Ethiopia region plans private oil company to calm unrest

A central Ethiopian region that’s seen almost two years of sporadic anti-government protests is planning a new private oil company and is in talks to import Middle Eastern crude, part of an economic initiative authorities say will address some of the roots of the unrest. ...

Venezuela looks abroad for fuel as domestic production wanes

Venezuela, home to the largest oil reserves in the world, is seeking to import 13 MMbbl of fuel this year as the country’s refineries are now operating at less than half of their capacity. ...

Gulf of Mexico Storm Cindy threatens shipping, crude imports

Tropical Storm Cindy has halted service at a major oil terminal in the Gulf of Mexico, prompted some evacuations at rigs and platforms and put states from Texas to Florida on notice for life-threatening floods. ...

Echo Energy enters Bolivia's gas market with 80% interest in Hauyco block

Further to the Company’s recently announced onshore gas strategy across Latin America, Echo is delighted to announce the signature of its first transaction in Bolivia. ...

Oil majors risk wasting $2.3 trillion if peak demand looms

Oil companies risk wasting $2.3 trillion of investments should demand peak in the next decade as the world works toward its goal of limiting global warming, according to a report from Carbon Tracker. ...

Statoil, Faroe Petroleum announce PDO approval for Njord and Bauge fields

Faroe Petroleum, the independent oil and gas company focusing principally on exploration, appraisal and production opportunities in Norway, the UK and Atlantic Margin, notes Statoil’s announcement regarding PDO of Njord and Bauge in the Norwegian North Sea. ...

Oil markets see heightened conflict risk in Saudi Arabian power shift

Energy markets need to brace for an even more assertive Saudi Arabian foreign policy that could threaten regional stability in the heart of the global oil industry. ...

Crude languishes in bear market ignoring Middle East, GOM storm risk

Oil languished in a bear market as prices were unmoved by risks ranging from tropical storms in the GOM to geopolitical tensions in the Middle East. ...

Oil market sees heightened conflict risk in Saudi power shift

Energy markets need to brace for an even more assertive Saudi Arabian foreign policy that could threaten regional stability in the heart of the global oil industry. ...

OPEC's loss is Poland's gain as shale boom tames inflation

North America’s shale industry may be the swing producer in the oil market, but it’s becoming a dominant factor across the Atlantic for eastern Europe’s biggest importer of energy. ...

Crude slides into bear market as oversupply distress deepens

Oil entered the first bear market since August as concerns worsen that OPEC is failing to ease a global supply glut. ...

H2O Midstream acquires Permian basin produced water assets from Encana

H2O Midstream announced today the acquisition of produced water infrastructure from Encana Oil and Gas (USA) Inc. concurrent with the execution of an acreage dedication based midstream water services agreement. Under the agreement, H2O Midstream will gather, dispose and deliver for re-use produced water for a substantial portion of Encana’s acreage position in Howard County, Texas. ...

Energean submits FDP for Karish and Tanin gas fields, offshore Israel

Energean Oil and Gas has announced that its subsidiary, Energean Israel, has submitted the Field Development Plan (FDP) for the Karish and Tanin natural gas fields, offshore Israel, to the Israeli Petroleum Commissioner. ...

Oil drops to seven-month low as Libya adds to persistent surplus

Oil dropped to the lowest in seven months amid a revival in output from Libya and rising volumes of fuel held in floating storage. ...

Dana Gas bid to void debt stuns analysts who question motive

A decision by a Middle Eastern gas producer to declare its own Shariah-compliant bonds unlawful has baffled investors in the $2-trillion Islamic finance industry. ...

Expro secures $10-million well services contract extension from Apache North Sea

International oilfield services company Expro has secured a $10-million well services contract extension with Apache North Sea. ...

Caspian success sees ATR unveil new facilities, staff in Kazakhstan

ATR, a Centurion company, has opened a new base in Kazakhstan as the company looks to capitalize on recent business growth in the region. The business will initially employ 12 new personnel, 10 of which are local content, with plans to double the team over the next 12 months. ...

Cairn Energy secures interest in two licences offshore Mexico

Cairn has announced that it has secured interests in two licences in the Mexico offshore bid round. ...

Shale patch MandA frenzy cools as oil price seen stuck below $45

Deals in the shale patch aren’t so hot anymore with oil in the doldrums. ...

EQT dubbed largest U.S. gas driller after $6.7-billion Rice buy

EQT Corp. will become the largest U.S. natural gas producer after agreeing to buy Rice Energy Inc.’s holdings in the hydrocarbon-rich Marcellus shale formation for about $6.7 billion in cash and stock. ...

Eni wins big in Mexico's auction of shallow-water prospects

Eni SpA was the biggest winner in Mexico’s latest auction of shallow-water oil prospects. ...

Iran, Total expect to sign biggest gas deal in weeks

Iran and France’s Total SA expect to sign a contract to develop part of the world’s biggest natural gas field in the next few weeks in what would be the Persian Gulf country’s first investment by an international energy company since sanctions were eased last year. ...

Oil tankers store most oil this year as glut refuses to die

Oil traders are resorting to storing more and more oil at sea amid swelling output in the Atlantic region, a sign the market is far from the kind of re-balancing that OPEC would have hoped for when the group set out last year to bring down global stockpiles. ...

Shale's record fraclog could force oil prices lower

There’s yet another concern growing as oil prices continue to erode: A record U.S. fraclog. ...

BP celebrates 40 years of production at Prudhoe Bay

The BP-operated Prudhoe Bay oil field in Alaska has reached 40 years of production, a milestone highlighting its historic contribution to U.S. energy security and ongoing role as a key economic engine for the region and nation. ...

Gov. Abbott signs resolution supporting delegation of federal energy regulations to state

Texas Governor Greg Abbott signed a resolution urging the federal government to work with Texas in unraveling overreaching regulations, which were largely aimed at negatively impacting the oil and gas industry. ...

LAGCOE announces LAGCOE Looey 2017: Don Briggs

LAGCOE is proud to announce LAGCOE Looey 2017, Mr. Don Briggs, Founding Member and President of the Louisiana Oil and Gas Association. LAGCOE Looey is an honorary position given to someone who has accomplished something great in the oil and gas industry. ...

Aker BP drills dry well west of Volund field, North Sea

Aker BP ASA, operator of production licence 150 B, has completed the drilling of wildcat well 24/9-11 S. ...

Hess announces sale of enhanced oil recovery assets in Permian basin

Hess Corporation has announced that it has entered into an agreement to sell its interests in enhanced oil recovery (EOR) assets in the Permian basin to Occidental Petroleum Corporation for a total consideration of $600 million, effective June 1, 2017. ...

Statoil reports more research on CO2 reduction and digitalization

Statoil’s new technology strategy intensifies the company’s research on CO2 reduction and digital solutions. ...

Chevron shielded from nearly $9-billion verdict as court rejects appeal

The U.S. Supreme Court left intact a ruling that protects Chevron Corp. from having to pay $8.6 billion in a decades-long battle over oil pollution in Ecuador, rebuffing an American lawyer who was found to have committed fraud in the Central American country’s court. ...

Weatherford introduces cased-hole evaluation system for enhanced oil recovery

Weatherford International plc announced the commercial release of the Raptor 2.0 cased-hole evaluation system today at the Society of Petrophysicists and Well Log Analysts Annual Symposium. ...

WebCreek releases virtual reality oilfield training solution

Houston-based software company WebCreek has recently launched its virtual training module for oilfield operations. ...

Schlumberger introduces rigless formation evaluation, monitoring for any reservoir

Schlumberger today introduced the Pulsar multi-function spectroscopy service at the SPWLA 58th Annual Symposium. The new service provides the industry’s first complete cased hole formation evaluation and reservoir saturation monitoring with openhole logging quality. ...

EQT Corp. to acquire Rice Energy for $6.7 billion

EQT Corporation and Rice Energy Inc. announce that they have entered into a definitive merger agreement under which EQT will acquire all of the outstanding shares of Rice common stock for total consideration of approximately $6.7 billion – consisting of 0.37 shares of EQT common stock and $5.30 in cash per share of Rice common stock. ...

Claxton awarded casing cutting, recovery combined services contract with southern North Sea operator

Claxton, a leading supplier of engineering and services for shallow-water, jackup-depth markets in subsea services company Acteon, has been awarded a contract to riglessly casing cut and recover a total of seven wells in the southern North Sea across two of the operator’s, normally unmanned, platforms, along with an additional subsea suspended well at one of the locations. ...

ITF launches tech talk events to support oil and gas technology development

The Industry Technology Facilitator (ITF) is launching a series of tech talk events to support and promote the developer community and increase interaction with oil and gas operators. ...

Aquaterra Energy wins multi-million-pound North Sea abandonment contract

Aquaterra Energy, a leading global offshore engineering solutions provider, has won a major contract to supply subsea high pressure riser (HPR) equipment and services for a subsea abandonment project in the central North Sea. ...

Libya pumps most oil since 2013 on restart at Wintershall fields

Libya is pumping the most oil in four years after a deal with Wintershall AG enabled at least two fields to resume production. ...

Saudis see oil market balance despite added Libyan barrels

Oil markets are expected to balance in the fourth quarter even as output from fellow OPEC members Libya and Nigeria as well as from shale oil producers is on the rise, according to Saudi Energy Minister Khalid Al-Falih. ...

Oil trades near $45 as U.S. continues drilling expansion

Oil traded near $45/bbl following a fourth weekly loss as U.S. drillers continued to add rigs, blunting OPEC-led efforts to rebalance an oversupplied market. ...

UK natural gas has worst week since 2012 as demand collapses

UK gas prices for immediate delivery posted the the biggest weekly decline in five years as works on a pipeline to mainland Europe damp demand for the fuel. ...

Trump EPA chief met energy CEOs at Trump Hotel amid rollback

U.S. environmental chief Scott Pruitt met in March with oil executives over dinner in Trump International Hotel, just as he was moving to relieve the industry of one of its biggest Obama-era regulatory burdens: a requirement to curtail methane leaks. ...

Alberta Premier Notley fires back at opposition during GPS, touts accomplishments

In an appearance just three weeks after the two-year anniversary of her New Democratic Party gaining a majority in the Province’s Legislative Assembly, Alberta Premier Rachel Notley spoke on Wednesday about her administration’s accomplishments and seemed to be issuing a rebuttal to her official opposition. ...

Sanchez Energy announces sale of non-core Marquis asset in Eagle Ford

Sanchez Energy Corporation has announced that the Company has sold its non-core Marquis asset in the Eagle Ford Shale to Lonestar Resources U.S., Inc., for approximately $50 million of cash, subject to the Jan. 1, 2017, effective date and other normal and customary pre- and post-closing adjustments. ...

Condor Petroleum begins drilling Yakamoz-1 exploration well in Turkey

Condor Petroleum Inc., has announced that drilling has commenced on the Yakamoz-1 exploration well, which is located 2 km north of the Company’s 100% owned and operated Poyraz Ridge gas field in Turkey. ...

The forward curve for oil prices suddenly looks awful for OPEC

As if a mini-collapse in oil prices wasn’t bad enough for OPEC, the pattern in which futures contracts are trading years from now has flipped into the worst possible structure for the exporter group. ...

CEO who called Canada's stock bottom sees $90 oil by 2020

Early last year, Jean-Guy Desjardins correctly predicted that Canadian equities were due for a rebound. He’s now saying oil prices will double, taking energy stocks along for the ride. ...

South Sudan Ministry of Petroleum launches open tender for petroleum audit

South Sudan’s government will commission an audit of national oil production and petroleum industry activities, the Ministry of Petroleum announced today. The Ministry invites companies to bid on a public tender to perform the audit and produce a 2017 audit report on the industry. ...

Exxon Mobil to proceed with Liza oil development, offshore Guyana

Exxon Mobil will proceed with the first phase of development for the Liza field, one of the largest oil discoveries of the past decade, located offshore Guyana. ...

Oil set for longest run of weekly losses since 2015

Oil headed for the longest run of weekly losses since August 2015 as OPEC member Libya restored production just as the surplus in the U.S. showed few signs of abating. ...

New Russia sanctions impact muted even as energy shares sag

For investors in Russia’s energy and metals sectors, the U.S. Senate’s bill to expand sanctions was a blow. Whether it will hurt Russian companies targeted by the legislation is less certain. ...

Oil set for longest run of weekly losses since 2015 amid glut

Oil headed for the longest run of weekly losses since August 2015 as OPEC member Libya restored production just as the surplus in the U.S. showed few signs of abating. ...

Alberta’s opposition leader outlines his energy vision at Global Petroleum Show

The organizers of Canada’s largest oil and gas event, the Global Petroleum Show (GPS), tried something new this year by staging a speaker series directly on the exhibition floor, in Hall E. There, on a makeshift stage, “thought leaders” would share their ideas, opinions and expertise on a variety of topics facing the energy industry. ...

Shareholders approve Wood Group's all-share offer for Amec Foster Wheeler

Today shareholders of Wood Group and Amec Foster Wheeler overwhelmingly approved Wood Group’s recommended all-share offer for Amec Foster Wheeler. ...

Shareholders approve Wood Group's recommended all-share offer for Amec Foster Wheeler

Today shareholders of Wood Group and Amec Foster Wheeler overwhelmingly approved Wood Group’s recommended all-share offer for Amec Foster Wheeler. ...

BP, Reliance to revive India investments after eight years

BP Plc and Reliance Industries Ltd. will invest as much as $6 billion to restart work in Indian oil and gas blocks after eight years, in an area off the South Asian country’s east coast, where both companies have faced trouble boosting production. ...

Germany, Austria tell U.S. not to interfere in EU energy sector

Germany and Austria condemned a proposed expansion of U.S. sanctions on Russia, saying the measures sought to bolster U.S. economic interests and included an unacceptable intervention in the region’s energy sector. ...

Maersk Oil North Sea UK receives OGA approval for interest in Scott, Telford fields

RockRose Energy has announced that the OGA has confirmed to RockRose that Maersk Oil North Sea UK Ltd will receive consent from the OGA for the assignment of their interest in licence P218. ...

Iraq's 2017 target for oil expansion within reach, Wood Mac says

Iraq’s ambition to boost oil-output capacity to a record 5 MMbpd is “not unrealistic” as the country prepares for the end of OPEC-mandated supply limits, consultants Wood Mackenzie Ltd. said. ...

Investors snap up assets in a nation where defaults are rife

For a country that has missed several debt payments this year, Mozambique’s assets are performing remarkably well. ...

Oil trades near seven-month low after U.S. gasoline supplies surge

Oil traded near the lowest closing level in seven months as U.S. gasoline supplies unexpectedly rose for a second week. ...

Petro Matad receives approval of exploration period extention in Mongolia

Petro Matad, the Mongolia focussed oil exploration and future development and production company is pleased to advise that the Mongolian regulatory body (MRPAM) has formally approved an extension of the exploration period for the Block IV and V Production Sharing Contracts, for two years each, until July 29, 2019. ...

Oil trades near 7-month low after U.S. gasoline supplies surge

Oil traded near the lowest closing level in seven months as U.S. gasoline supplies unexpectedly rose for a second week. ...

Qatar crisis mediators said to expect Saudi, UAE proposal

Saudi Arabia and the UAE are expected to relay to mediators what they want Qatar do to in return for ending their isolation of the Gulf nation. ...

Fight to stop the Dakota Access oil pipeline revived in U.S. court

The Dakota Access oil pipeline may already be carrying crude. But the fight to stop it is just getting started again. ...

Oil guru who foresaw crash says OPEC should have cut deeper

The oil guru who predicted the market rout in 2014 said OPEC and its allies should have gone much further when they extended their supply deal last month. ...

Santos, Exxon Mobil report positive results at Muruk 1ST3 well in Papua New Guinea

Santos today announced positive production well test results from the Muruk 1ST3 exploration well in the Papua New Guinea (PNG) Highlands. ...

Schlumberger, Seitel partner in new 2D multi-client reimaging program onshore Mexico

Schlumberger and Seitel today announced a strategic multi-client alliance to reimage and acquire new geophysical data in key areas across onshore Mexico. ...

Schlumberger, Seitel announce new 2D multi-client reimaging program onshore Mexico

Schlumberger and Seitel today announced a strategic multi-client alliance to reimage and acquire new geophysical data in key areas across onshore Mexico. ...

Senex Energy commences Phase 2 drilling campaign in Surat basin

Senex Energy Limited has announced that it has commenced its Phase 2 drilling campaign in the Surat basin on its flagship Western Surat Gas Project. ...

Santos, Exxon Mobil report positive results at Muruk 1 well in Papua New Guinea

Santos today announced positive production well test results from the Muruk 1ST3 exploration well in the Papua New Guinea (PNG) Highlands. ...

Lukoil completes fifth production well at Vladimir Filanovsky field, Caspian Sea

Lukoil has completed the construction and commissioning of the fifth production well at Vladimir Filanovsky offshore field in the Caspian Sea and commenced the construction of the sixth well that is going to be used for water injection. ...

Statoil awards EPC contract extention to TechnipFMC

TechnipFMC has been awarded an extension to its ongoing Engineering, Procurement and Construction (EPC) contract from Statoil in the Norwegian North Sea. ...

Santos reports positive results at Muruk 1ST3 well in Papua New Guinea

Santos today announced positive production well test results from the Muruk 1ST3 exploration well in the Papua New Guinea (PNG) Highlands. ...

Rockhopper Exploration provides operational, corporate update

Rockhopper Exploration, the oil and gas company with key interests in the North Falkland basin and the Greater Mediterranean region, is pleased to provide the following operational and corporate update. ...

President Energy provides update on Argentina work-over program

President Energy, the upstream oil and gas company provides an update on its work-over program at its Puesto Guardian Concession, Argentina. ...

Sound Energy's Badile exploration well encounters significant gas shows in Italy

Sound Energy, the African and European focused upstream gas company, is pleased to provide an update on the drilling of the Badile exploration well, onshore Italy. ...

Oil falls as U.S. stockpiles rise and IEA sees 2018 supply surge

Oil resumed its decline as industry data showed U.S. crude stockpiles extended gains and as the IEA predicted new output from OPEC’s rivals will exceed demand growth next year. ...

Qatar crisis spills into Libya, tangling Glencore in oil dispute

The Qatar crisis is reverberating in Libya, inflaming political divisions in the war-torn oil exporter and dragging commodity-trading giant Glencore into a dispute over crude sales. ...

Oil from OPEC's rivals to exceed demand growth in 2018

New oil supplies from OPEC’s rivals will be more than enough to meet growth in demand next year, the International Energy Agency said in its first forecast for 2018, an indication the cartel may need to extend production cuts further. ...

Iraq is new oil king, beats Saudis in fastest growing market

Iraq is gaining the edge over Saudi Arabia in the world’s fastest-growing oil consumer amid an intensifying race among producers to retain their most-prized markets. ...

Shale drillers may be digging own hole as oil flirts with $40

U.S. shale is coming perilously close to puncturing its own rally. ...

Halliburton, GroundMetrics launch 3D formation evaluation service

Halliburton has announced an agreement with GroundMetrics, a San Diego company specializing in the development of electromagnetic sensor systems, to deliver full field reservoir characterization and monitoring services. ...

Growth in Canadian oil sands projects drives need for more pipelines to 2030: CAPP

Canada will need more pipelines built through to 2030 to transport an additional 1.3 MMbpd of oil sands production to markets across North America and around the world, the Canadian Association of Petroleum Producers (CAPP) announced today in its 2017 Crude Oil Forecast, Markets and Transportation report. ...

Norway emerges from downturn as growth seen at pre-crisis levels

Norway may be finally emerging from an oil downturn with companies the most upbeat they’ve been on economy since before the oil crisis, according to a central bank survey. The krone jumped on the news. ...

Halliburton names new executive V.P., CFO

Halliburton Company has announced the appointment of Christopher (Chris) Weber as executive V.P. and chief financial officer (CFO), effective June 22, 2017. ...

Petrofac secures five-year training agreement with Kuwait Oil Co.

Petrofac has agreed a five-year relationship with Kuwait Oil Company (KOC) for the provision of specialist technical training and competency development services. ...

Gazprom Neft concludes long-term partnership memorandum with Helmerich and Payne

Gazprom Neft has concluded a long-term partnership memorandum on oil and gas projects in Russia with American oil services company Helmerich and Payne International Drilling Co. The document, outlining the terms of the partnership, was signed by First Deputy CEO, Gazprom Neft, Vadim Yakovlev and V.P., Hellmerich and Payne, David Millwee. ...

BP Statistical Review shows long-term energy market shifts underway

The 2017 edition of the BP Statistical Review of World Energy, published today, shows global energy markets continuing to undergo long-term changes as they also adapt to nearer-term price challenges. ...

Blast backlash hangs over drillers as 'fractivists' seek limits

Two months after a Colorado home exploded near an Anadarko Petroleum Corp. well, the reverberations are still rattling the oil industry, driving down driller shares and raising fears of a regulatory backlash. ...

GE wins U.S. antitrust approval for Baker Hughes tie-up

General Electric Co. and Baker Hughes Inc. have cleared a second major antitrust hurdle in their effort to create the world’s second-biggest oilfield services provider. ...

Faroe Petroleum reports preliminary results for Brasse appraisal well

Faroe Petroleum, the independent oil and gas company focusing principally on exploration, appraisal and production opportunities in Norway, the UK and Atlantic Margin, is pleased to announce the results of the Brasse appraisal well in the Norwegian North Sea (Faroe, 50% and operator, Point Resources, 50%). ...

Wood Group awarded contract for Greater Western Flank 2 in Australia

Wood Group has secured a $6-million contract with Woodside to support the execution of phase two of their Greater Western Flank (GWF-2) project, on the North West Shelf (NWS), offshore Western Australia. ...

Wireless Seismic, Geokinetics and Total EandP RandD partner for next-generation land seismic acquisition

Wireless Seismic, Inc., Geokinetics Inc., and Total EandP Research and Development announced today the development of the next-generation land seismic acquisition and processing system, Multiphysics Exploration Technology Integrated System (METIS). ...

GE unveils new big data tools for amid software shift

GE is unveiling software for boosting its machines’ productivity and streamlining repairs, alongside deals with Danish shipping line Maersk Corp. and French energy producer Dalkia SA. ...

Oil slips as increase in OPEC supply offsets projected U.S. drop

Oil’s gains over the past two days faded as OPEC reported rising production, offsetting expectations that U.S. crude stockpiles fell again. ...

GE unveils big data tools for industry amid software shift

GE is unveiling software for boosting its machines’ productivity and streamlining repairs, alongside deals with Danish shipping line Maersk Corp. and French energy producer Dalkia SA. ...

When OPEC met to extend cuts, output rose most in six months

As OPEC and its partners last month agreed on prolonging production cuts, the group’s output was climbing the most since November as members exempt from the deal restored lost supply. ...

Shale gas giants battle for dominance as U.S. supplies surge

The two biggest shale gas deposits in the U.S. are producing a record amount of the power-plant fuel, signaling that a fight for market share will intensify as supply outstrips demand. ...

University of Michigan endowment to boost investments in energy

The University of Michigan’s endowment is looking for yield by boosting its holdings in two Texas-based energy funds. ...

Oil steady after third weekly loss as U.S. shale producers keep drilling

Oil steadied after a third weekly loss on speculation that sustained drilling by U.S. producers will blunt efforts by OPEC and Russia to re-balance an oversupplied crude market. ...

Exxon settles dispute with Chad, avoiding $74-billion fine

Exxon Mobil Corp. reached a settlement with Chad over tax payments, avoiding a $74-billion fine the Central African country had imposed on the oil major. ...

John Flannery takes the helm at GE as Immelt steps down

GE announced today that John Flannery, current president and CEO of GE Healthcare, has been named CEO of the company by the GE board of directors, effective Aug. 1, 2017, and chairman and CEO, effective Jan. 1, 2018. Jeff Immelt, chairman and CEO, will remain chairman of the board through his retirement from the company on Dec. 31, 2017. ...

Stone Energy initiates drilling operations at Rampart Deep Prospect

Stone Energy Corporation has announced that drilling operations on its Rampart Deep Prospect in Mississippi Canyon Block 116 were initiated on June 3, 2017. The Stone generated prospect will be drilled and operated by Deep Gulf Energy III, LLC, and is expected to be tied back to Stone's 100% owned Pompano platform, if successful. ...

Eni and the University of Bologna to collaborate on new energy paradigm

Eni CEO Claudio Descalzi, and the Rector of the Alma Mater Studiorum University of Bologna, Francesco Ubertini, in the presence of the Environment Minister, Gian Luca Galletti, yesterday signed a three-year research and development collaboration agreement in the field of energy. ...

Weir Oil and Gas acquires KOP Surface Products

Weir will acquire KOP Surface Products, a provider of advanced pressure control wellhead technologies, systems and services. ...

Sound Energy provides operational update for Morocco, Italy assets

Sound Energy, the African and European focused upstream gas company, is pleased to confirm the commencement of operations to re-enter and test the Koba-1 well at the Company's Sidi Moktar licence, onshore Morocco, and to provide a further update on the drilling of the Badile exploration well, onshore Italy. ...

Leistritz Advanced Technologies completes installation of multi-phase production systems in Kuwait

Leistritz Advanced Technologies Corp. has announced the installation of two Multi-phase Production Systems (MPS) in Kuwait. ...

America's stubborn oil-supply glut catches funds off guard

Crude markets are taking oil optimists by surprise yet again. ...

Wood Group wins Statoil concept and feasibility study contracts

Wood Group has been awarded two new contracts by Statoil to deliver concept and feasibility studies to their Norwegian North Sea assets. ...

Weir Oil and Gas acquires pressure control provider, KOP Surface Products

Weir will acquire KOP Surface Products, a provider of advanced pressure control wellhead technologies, systems and services. ...

Oil rises after third weekly loss as Saudi Arabia sees recovery

Oil steadied after a third weekly loss as predictions by Saudi Arabia and Russia that crude markets will rebalance vied with signs that U.S. companies are drilling even more wells. ...

As Qatar prepares for isolation, gas buyers seek better deals

As Qatar grapples with deepening diplomatic isolation, Japanese LNG buyers are pushing the world’s largest seller for cheaper supplies. ...

Russia, Saudis see oil inventories falling after price drop

A deal among oil-producing countries to curb production and balance an oversupplied market will achieve its objective in the first quarter of next year, Russian Energy Minister Alexander Novak said, after prices tumbled on news of a build-up in U.S. inventories. ...

Oil heads for third weekly loss as U.S., Nigeria prolong glut

Oil headed for a third weekly drop as rising supplies from the U.S. and Nigeria showed that OPEC is still struggling to clear a global oil surplus. ...

Mexico said to take first steps in annual oil hedging program

Mexico has taken the first step in its annual oil hedging program, asking Wall Street banks for price quotes on the put options it buys to lock in prices for the following year, according to people familiar with the matter. ...

Pemex to speed up association strategy to increase crude output

Pemex will accelerate the establishment of farm-out arrangements and strategic associations across its business lines in order to increase production of both crude and petroliferous protects, and to bring reserves into production and gain access to the latest t ...

Statoil revises exploration program in Great Australian Bight

Statoil has signed a swap agreement with BP and has been granted regulatory approval to take over two exploration permits and extend its work program in the Great Australian Bight. ...

BSEE rule allows industry more development time

A final regulation by the Bureau of Safety and Environmental Enforcement (BSEE) doubles the amount of time offshore oil and gas operators will have to coordinate development operations and retain their leases in federal waters of the U.S. Outer Continental Shelf. ...

API welcomes Senate letter supporting North American energy markets

API President and CEO Jack Gerard welcomed a letter sent by eight U.S. Senators to U.S. Trade Representative Lighthizer emphasizing the importance of North American energy markets to American consumers and U.S. energy security in advance of the North American Free Trade Agreement (NAFTA) renegotiation. ...

Encana sells Piceance assets in northwestern Colorado for $735 million

Encana Corporation has announced that its wholly-owned subsidiary, Encana Oil and Gas, Inc., has reached an agreement to sell its Piceance natural gas assets, located in northwestern Colorado, to Denver-based Caerus Oil and Gas LLC. ...

Encana sells Piceance gas assets in northwestern Colorado for $735 million

Encana Corporation has announced that its wholly-owned subsidiary, Encana Oil and Gas, Inc., has reached an agreement to sell its Piceance natural gas assets, located in northwestern Colorado, to Denver-based Caerus Oil and Gas LLC. ...

EMGS reports pre-funding for multi-client acquisition in Norway

Electromagnetic Geoservices ASA (EMGS) announces that the Company has entered into pre-funding agreements related to 3D CSEM data surveys in the Barents Sea and Norwegian Sea using the conventional technology and the new Deep Blue source. ...

Honeywell invests in cyber security innovation center in Asia-Pacific

Honeywell Process Solutions (HPS), with the support of the Singapore Economic Development Board (EDB), will establish a new industrial cyber security center of excellence (COE) for Asia-Pacific in Singapore ...

Oil market abandons 2017 re-balancing hope as contango returns

The oil market has all but abandoned the hope of a re-balancing any time soon, with the re-emergence of a pricing structure that signals investors expect a glut to endure into next year. ...

Once stalwart oil stock bulls starting to say enough is enough

Investors are pulling money out of exchange-traded funds tracking oil producers for the first time in two years, reversing a pattern in which price declines were invariably met with buying. ...

Gas boom snarling traffic at one of America's busiest ports

A boom in natural gas exports from the U.S. Gulf Coast is raising the prospect of traffic jams at one of America’s busiest ports. ...

Paris pullout pits U.S. Chamber against the likes of Exxon Mobil, Citigroup

As President Donald Trump mulled whether to exit the Paris climate accord, companies as varied as Dow Chemical Corp., Exxon Mobil Corp. and Citigroup Inc. prodded him to stay in. ...

Paris pullout pits U.S. Chamber against some of its biggest members

As President Donald Trump mulled whether to exit the Paris climate accord, companies as varied as Dow Chemical Corp., Exxon Mobil Corp. and Citigroup Inc. prodded him to stay in. ...

Oil snoozes while Mideast smolders, as glut keeps price in check

Qatar and Saudi Arabia square off in a major diplomatic feud. Suicide bombers strike at the heart of the Iranian capital. Kurdistan moves toward independence, and war rages on in Syria and Yemen. ...

Saudis have a lot to lose in Qatar fight, even if they win

Saudi Arabia dwarfs Qatar on almost any measure, yet there are plenty of ways the tussle between the Gulf neighbors could end up hurting the world’s biggest oil exporter -- even if it wins. ...

Empyrean Energy commences 3D seismic survey offshore China

Empyrean Energy plc, the oil and gas development company with interests in China, Indonesia and the United States, is pleased to announce that a 3D seismic survey has commenced on its 100% owned Block 29/11, offshore China. ...

Petrofac secures 10-year framework agreement with Petroleum Development Oman

Petrofac has secured a long-term framework agreement (FA) with Petroleum Development Oman (PDO) for the provision of Engineering, Procurement and Construction Management (EP+Cm) Support Services for major oil and gas projects. ...

Gazprom Neft acquires subsoil usage licence for Parabelsky block

Gazprom Neft subsidiary Gazpromneft-Vostok has acquired the subsoil usage licence for the Parabelsky block, located in the Tomsk Oblast. The licence, for geological prospecting at the block, was awarded by the Subsoil Usage Department for the Central Siberian Okrug and runs to May 10, 2022. ...

Trump said to mull combining agencies split after Gulf spill

After the 2010 Gulf oil spill, the Obama administration broke the scandal-plagued federal agency that policed offshore drilling into separate bureaus. Now the Trump administration is considering putting it back together again. ...

CGG delivers final data from Encontrado project over Perdido fold belt

CGG announced today that the final products from its Encontrado multi-client reprocessing project across the Gulf of Mexico’s prolific Perdido fold belt have been delivered on schedule to the Comision Nacional de Hidrocarburos (CNH) and the industry. ...

As oil falls, someone sees $80/bbl by December

As Brent crude oil closed on Wednesday at its lowest level since before OPEC and other nations agreed to cut output, someone bet half a million dollars on prices surging to $80 by year-end. ...

Bissau Exploration, Petroguin to accelerate development offshore Guinea Bissau with JV

Bissau Exploration Company (BEC) has announced the signing a joint venture participation agreement between themselves and A Empresa Nacional de Pesquisa e Exploracao Petroliferas (Petroguin) for petroleum exploration, development and production in Block 4B, offshore Guinea Bissau. ...

UTEC secures contract win with Saipem for support of Zohr field

UTEC, a leading global survey company in subsea services group Acteon, has been awarded a contract with world leading subsea construction company Saipem to support its operations as part of the Zohr Field Development Project. ...

Oil slumps as U.S. stockpile increase stirs oversupply concerns

Oil tumbled to its lowest level in four weeks as an unexpected increase in U.S. crude and gasoline stockpiles stoked fears that the global supply glut will remain unabated. ...

Sercel successfully deploys multi-sensor solid streamer in Ireland's southern Porcupine basin

Sercel announced today that its multi-sensor solid streamer, the Sentinel MS, has been commercially deployed for the first time and is being successfully operated on a large 3D CGG multi-client survey being conducted by the CGG Geo Coral in the southern Porcupine basin in Ireland. ...

Northern Petroleum acquires onshore gas assets in Italy

Northern Petroleum has announced the acquisition of onshore production and development gas assets in Italy from Rockhopper Mediterranean Limited, a wholly owned subsidiary of Rockhopper Exploration Plc. ...

Engie seeks $512-million selling stake in India LNG importer

Engie SA, France’s former natural-gas monopoly, is seeking to raise as much as 33 billion rupees ($512 million) selling its entire stake in India’s biggest importer of liquefied natural gas. ...

UAE needs Qatari natural gas to keep Dubai's lights on

When it comes to natural gas shipments, the United Arab Emirates needs Qatar more than Qatar needs the UAE. ...

AGF bullish on Canada as “washed out” energy sector will rebound

AGF Management is bullish on Canadian stocks because it sees oil prices recovering, which would prop up what it says is an oversold energy sector. ...

UAE closes airspace to Qatar flights as Middle East spat deepens

UAE banned all international flights serving Doha from flying through its airspace in an effort to deepen Qatar’s isolation. ...

Libya’s biggest oil field halted by workers’ protest

Libya’s biggest oil field shut down due to a protest by workers, stalling a revival in the politically divided country’s production of crude. ...

The world wants more Canadian oil and natural gas, CAPP survey says

The world sees Canadian oil and natural gas as part of the energy future and the preferred source of energy imports, according to a new global research survey, 2017 Global Energy Pulse, the first-of-its-kind conducted by Ipsos on behalf of the Canadian Association of Petroleum Producers. ...

Weatherford, Gazprom Neft enter into technology cooperation agreement

Vadim Yakovlev, the first deputy general director of Gazprom Neft, and Lance Marklinger, president of global sales for Weatherford International, signed a technology cooperation agreement at the St. Petersburg International Economic Forum. ...

Statoil granted drilling permit for wildcat in Barents Sea

The Norwegian Petroleum Directorate has granted Statoil Petroleum AS a drilling permit for well 7219/9-2, cf. Section 8 of the Resource Management Regulations. ...

Gazprom Neft to develop digital technologies in conjunction with Skoltech

Gazprom Neft has entered into a Cooperation Agreement with the Skolkovo Institute of Science and Technology (Skoltech), the document having been signed by Vadim Yakovlev, first deputy CEO, Gazprom Neft, and Skoltech Rector Alexander Kuleshov, at the new laboratory at the Institute’s Center for Hydrocarbon Recovery. ...

Beyond Limits secures investment of $20 million from BP Ventures

Beyond Limits, an artificial intelligence (AI) and cognitive computing company, today announced it has secured $20 million in Series B funding from BP Ventures, the corporate investment arm of global energy business, BP. ...

U.S. sees crude output breaking 48-year-old record in 2018

U.S. crude production will average more than 10 MMbopd for the first time in 2018, breaking a record almost five decades old and keeping prices from rising as much as previously estimated, government forecasts showed Tuesday. ...

EIA: U.S. remains the world’s top producer of petroleum and natural gas hydrocarbons

The United States remained the world's top producer of petroleum and natural gas hydrocarbons in 2016 for the fifth straight year despite production declines for both petroleum and natural gas relative to their 2015 levels. ...

OPEC's newest member urges African nations to join group, protect resources

Equatorial Guinea, OPEC’s newest member, called on fellow African producers to band together to protect the value of their oil resources and join the group. ...

TechnipFMC awarded three-year well intervention contract in Australia

TechnipFMC has entered into a three-year frame agreement with Woodside Energy in Australia for Riserless Light Well Intervention (RLWI) and subsea services, including intervention, installation, and plug and abandonment services. ...

Providence Resources, Sosina Exploration sign farm-in agreement with Total

Providence Resources, the Irish based Oil and Gas Exploration Company, has provided a commercial update on Licensing Option (LO) 16/27, which lies in 1,300-m water depth in the southern Porcupine basin and is located 150 km off the southwest coast of Ireland. ...

Norway oil-wage talks near deadline as 10% of output at risk

Norwegian oil workers will hold last-ditch wage talks with their employers on Friday in an attempt to avoid a strike that could cut 10% of crude output from western Europe’s largest producer starting this weekend. ...

Nigeria's Forcados oil comes back in fresh blow to OPEC cuts

Shell lifted restrictions on exports of a key Nigerian crude oil, 472 days after imposing them following militant attacks. The extra flows alone amount to about 20% of the supply OPEC has pledged to cut from world markets. ...

Middle East crisis builds as U.A.E. downplays chance of quick fix

The worst crisis in decades among the Gulf’s Arab monarchies intensified on Wednesday, with a Saudi-led alliance imposing more punitive sanctions against Qatar and a senior U.A.E. official playing down the chances of a quick diplomatic resolution. ...

Key shale-boom booster threatened by Trump's spending-cut plans

An agency instrumental to America’s surge in energy production would lose half its funding in President Donald Trump’s proposed federal budget. ...

ConocoPhillips receives DU Corporate Conservation Achievement Award

ConocoPhillips, the multinational energy corporation headquartered in Houston, Texas, received the inaugural Ducks Unlimited Corporate Conservation Achievement Award Saturday, June 3, at DU’s 80th Annual National Convention in San Antonio, Texas. ...

Repsol uncovers its largest gas volumes in five years offshore Trinidad and Tobago

Repsol has uncovered its largest volume of gas of the last five years offshore Trinidad and Tobago, where the find is the most significant in a decade for the country. The company estimates the finds made in two wells at 2 Tcf. ...

Texas oil and gas expansion frustrates OPEC production cuts

Upstream oil and gas development in Texas rallied for the fifth straight month in April, according to the Texas Petro Index, which improved to 164.8 to post its first year-over-year increase in 27 months. ...

Biggest Middle East ports shun Qatar as Saudis tighten isolation

The biggest Middle East oil and container ports banned all vessels sailing to and from Qatar from using their facilities amid a diplomatic crisis gripping the world’s main energy-exporting region. ...

Fugro Venturer to commence offshore survey campaign

With a maiden voyage that takes her to the deep waters of Ireland’s Atlantic margin and the far North of the Barents Sea, Fugro Venturer is the newest of Fugro’s successful purpose-designed, standardized survey vessels, originally formulated in 2013. ...

World's southernmost gas development, Vega Pléyade, reaches 10,000 hr of production

Total Austral, operator of the CMA-1 consortium, togehter with its partners Wintershall Energía and Panamerican Energy, has announced that after the production start-up of the offshore gas and condensate field Vega Pléyade, the world’s southernmost gas development, 10,000 hr of production have been reached. ...

Oil trades near $47 amid talks to resolve Gulf diplomatic clash

Oil traded little changed as diplomatic efforts to resolve a clash between Qatar and Saudi Arabia played out, with crude supplies seen as unaffected. ...

For Goldman Sachs, OPEC's exit strategy is a high-wire act

The biggest question in oil markets is what OPEC should do once its deal to cut output ends next spring. Goldman Sachs Group Inc. has an answer, but it requires a bit of balancing. ...

Executive leadership team announced for Baker Hughes, a GE company

Baker Hughes Incorporated and General Electric Company have announced the executive team that will lead Baker Hughes, a GE Company, upon closing of their proposed transaction to combine GE’s Oil and Gas business with Baker Hughes. ...

SM Energy accelerates activity in the Eagle Ford

SM Energy Company has announced that it is increasing production guidance by approximately 0.4 MMBoe, all of which is attributable to the second-quarter 2017, due to acceleration of completion activity at its core Eagle Ford program. ...

Oilex provides update on Cambay field workover program in India

Oilex Ltd. has released the following update on the Cambay field workover program in India, and ongoing activities. ...

Oilex provides update on the Cambay field workover program in India

Oilex Ltd. has released the following update on the Cambay field workover program in India, and ongoing activities. ...

NEL develops new flow measurement technique for viscous oil

NEL, the flow measurement RandD specialist, has developed a new method to improve the accuracy of differential pressure meters for high viscosity oil, which will help the oil and gas industry to reduce financial exposure and tackle the challenges involved in its measurement. ...

Saudi dispute with Qatar has 22-year history rooted in gas

Saudi Arabia’s isolation of Qatar has been brewing since 1995, and the dispute’s long past are best explained by natural gas. ...

Oil trades near three-week low despite Qatar spat

Oil traded near the lowest closing level in three weeks as diplomatic efforts to resolve a clash between Qatar and Saudi Arabia eased tensions in the world’s biggest energy-producing region. ...

Wyoming's Powder River basin a bargain compared to pricey Permian

A year ago, it cost Kirkwood OandG a relative pittance to secure drilling rights in the Powder River basin, northeast Wyoming. Today, it’s a different story. ...

Exxon Mobil acquires exploration acreage in Equatorial Guinea

Exxon Mobil Corporation has announced that its wholly owned affiliate, Exploration and Production Equatorial Guinea (Deepwater) Ltd., has signed a production sharing contract with the government of Equatorial Guinea for a deepwater block located 36 mi west of Malabo. ...

Total asks to revisit South Sudan oil blocks, minister says

Total SA approached South Sudan about developing two of its biggest oil blocks after previous talks on the fields collapsed, according to the African nation’s petroleum minister. ...

Old school gas sellers try new tricks to lure pickier buyers

One of the stodgier corners of the energy industry is getting more relaxed. ...

Abrado increases U.S. land position with downhole video, fishing, milling contract

Abrado has announced that it was awarded a downhole video, fishing and milling contract in four different onshore fields for a major onshore North America Shale Operator. ...

Postle Industries introduces new hardbanding re-application procedure

Postle Industries, suppliers of Duraband NC, has developed a cost-saving procedure for re-application of hardbanding that promises cool tool joint internal diameters and protects the Internal Plastic Coating (IPC). ...

OPEC deal extension isn't enough to rope in crude-oil bulls

The good news from OPEC wasn’t good enough. ...

Stress Engineering Services joins DeepMar Consulting to expand services

Stress Engineering Services, Inc., (SES) the global leader in consulting engineering services, has teamed up with DeepMar Consulting to expand its existing upstream service offerings. ...

Aquaterra Sea Swift platform installed and operating in Egypt

Aquaterra Energy, a leading global offshore engineering solutions provider, has designed, fabricated and installed a new Sea Swift platform for PICO Petroleum Integrated Services, the lead contractor for Amal Petroleum Company’s (AMAPETCO) Amal field in the Gulf of Suez, offshore Egypt. ...

Oil bears can't look to Libya as expat exodus slows recovery

The rapid increase in Libya’s oil production is heading toward a hard ceiling. ...

Zion Oil and Gas begins active drilling operations in Israel

Zion Oil and Gas announces it has spud the Megiddo-Jezreel #1 – a deep, onshore well located in Israel’s Jezreel Valley. ...

OPEC's LNG giant keeps exporting as Saudis cut ties

Qatar can still access shipping routes to deliver OandG to buyers after Saudi Arabia and neighboring states barred them from exporting through their territorial waters. ...

OPEC's LNG giant keeps exporting OandG as Saudis cut ties

Qatar can still access shipping routes to deliver OandG to buyers after Saudi Arabia and neighboring states barred them from exporting through their territorial waters. ...

Oil steadies as limited impact seen from Gulf crisis

Oil erased earlier gains as a diplomatic clash involving OPEC members Saudi Arabia and Qatar was seen having limited impact on the group’s policy. ...

Oil steadies as limited impact seen from Gulf diplomatic crisis

Oil erased earlier gains as a diplomatic clash involving OPEC members Saudi Arabia and Qatar was seen having limited impact on the group’s policy. ...

Saudi-led alliance moves to isolate Qatar over Iran tensions

Saudi Arabia cut diplomatic and economic ties to Qatar, in a move to punish one of the region’s financial superpowers for its ties with Iran and Islamist groups. ...

Aramco raises crude pricing to U.S. and Asia on increased demand

Saudi Arabia, the world’s largest oil exporter, raised pricing for July sales of all crude grades to Asia, the U.S. and Northwest Europe as it seeks to take advantage of increased demand after suppliers extended production cuts to help curb a global glut. ...

Tethys Petroleum completes installation of ESP in Kazakhstan

Tethys Petroleum Limited has announced that it has successfully completed the installation of an Electrical Submersible Pump (ESP) in its main oil producing well, AKD-01. ...

First floating gas terminal in Gulf gets approval for exports

The first floating terminal proposed to export natural gas out of the Gulf of Mexico has been cleared by U.S. regulators to send cargoes overseas. ...

Marathon Oil closes acquisition of Northern Delaware acreage, sale of Canadian business

Marathon Oil Corporation has announced that it has closed the acquisition of approximately 21,000 net surface acres in the Northern Delaware basin of New Mexico from Black Mountain Oil and Gas and other private sellers for $700 million, excluding closing adjustments. ...

Saipem secures $230-million in drilling contracts in Mozambique, the Black Sea and the Mediterranean

Saipem and Eni have signed a contract for offshore drilling activity in Mozambique, utilizing the drillship Saipem 12000. In addition to this contract, which will allow the Company to participate in the development of the Coral field, Saipem has been awarded other offshore drilling contracts. ...

Wall Street has bad news for OPEC: 2018 doesn't look great

As oil prices sag despite OPEC’s renewed efforts to shore up world crude markets, Wall Street banks have more bad news for the producer group: the outlook for next year isn’t great either. ...

Russia's top oil boss sees risk of shale crippling OPEC deal

Russia’s most powerful oil boss said the deal between OPEC and its partners to curb output won’t stabilize the crude market over the long term as U.S. shale fills the supply shortfall. ...

Gazprom Neft, Halliburton strengthen cooperation for new technologies

Gazprom Neft has concluded a technological cooperation agreement with Halliburton International GmbH. ...

BP and Rosneft agree on strategic cooperation in gas business

Rosneft and BP have signed today an agreement on strategic cooperation in gas and a Memorandum of Understanding (MOU) in respect to the sale and purchase of natural gas in Europe. ...

BP Trinidad and Tobago gets green light for Angelin gas project

BP Trinidad and Tobago (BPTT) LLC today announced the sanction for the development of its Angelin offshore gas project. ...

BP announces two significant gas discoveries, offshore Trinidad

BP Trinidad and Tobago (BPTT) today announced that it has made two significant gas discoveries with the Savannah and Macadamia exploration wells, offshore Trinidad. The results of these wells have unlocked approximately 2 Tcf of gas in place to underpin new developments in these areas. ...

Lukoil continues construction at Yuri Korchagin field in the Caspian Sea

Lukoil continues the construction of second-stage facilities at Yuri Korchagin field, in the northern part of the Caspian Sea. ...

Russia can `live forever' with $40 oil as hedge funds baffle

A race to the bottom in oil prices may not have many winners, but Russia is certain it can survive. It’s less sure about hedge funds. ...

Oil set for biggest weekly loss in a month as rebalancing drags

Oil headed for its biggest weekly drop in four weeks as U.S. supply data signaled that OPEC’s efforts to re-balance oversupplied markets need more time. ...

Eni finalizes $7-billion Mozambique gas project investment

Eni SpA led a group that signed off on a $7-billion investment in a project to export natural gas from Mozambique. ...

Trump cedes climate leadership to China amid broad protests

President Trump’s decision to isolate the U.S. on climate change triggered waves of complaints from government and business leaders around the world. ...

Trump's Paris adieu is a win for coal and oil

NEW YORK (Bloomberg) -- The biggest winners in President Donald Trump’s decision to walk away from the Paris climate accord are oil, coal and natural gas producers. ...

Americans are doing everything they can to drain oil inventories

There’s a loud sucking sound coming from the depths of oil storage tanks across the United States. ...

U.S. needs new climate policy if it quits Paris deal, says BP

The U.S. should find new policies to support the inevitable transition to a low-carbon economy if it quits the Paris Agreement on climate change, said BP Plc CEO Bob Dudley. ...

Rosneft director says Russia unlikely to extend OPEC deal again

Russia is unlikely to prolong its supply deal with OPEC beyond the nine-month extension agreed last week, because by then it will have served its purpose, according to a Rosneft board member. ...

USGS study shows unconventional oil and gas production not currently affecting drinking water quality

A new U.S. Geological Survey study shows that unconventional oil and gas production in some areas of Arkansas, Louisiana, and Texas is not currently a significant source of methane or benzene to drinking water wells. These production areas include the Eagle Ford, Fayetteville, and Haynesville shale formations, which are some of the largest sources of natural gas in the country and have trillions of cubic feet of gas. ...

USGS study shows unconventional oil and gas production not currently affecting drinking water quality

A new U.S. Geological Survey study shows that unconventional oil and gas production in some areas of Arkansas, Louisiana, and Texas is not currently a significant source of methane or benzene to drinking water wells. These production areas include the Eagle Ford, Fayetteville, and Haynesville shale formations, which are some of the largest sources of natural gas in the country and have trillions of cubic feet of gas. ...

Gazprom Neft, State Marine Technical University partner in technology advancements

Gazprom Neft has signed a strategic partnership agreement with the State Marine Technical University of St. Petersburg. The document is to support their joint development of domestic technologies to develop the Russian Continental Shelf. ...

Oil trades near two-week low before U.S. crude inventory data

Oil traded near the lowest level in two weeks as traders waited to see if U.S. government data would confirm industry reports of another drop in crude stockpiles. ...

Halliburton awards multi-million-dollar software grant to King Fahd University

Landmark, a Halliburton business line, today announced a multi-million-dollar educational software grant to King Fahd University for Petroleum and Minerals (KFUPM), a leading public university in Saudi Arabia. ...

Goldman Sachs says OPEC should be more like the Federal Reserve

OPEC should learn from the U.S. Federal Reserve and do more to explain its long-term oil-output policies instead of just focusing on short-term goals, according to Goldman Sachs Group Inc. ...

America's shale gas bounty is heading overseas at a record clip

America’s natural gas is flowing out of the country at a record pace, helping to ease a supply glut at home while tumbling prices for the fuel entice overseas buyers. ...

Amec Foster Wheeler wins contract for major Saudi Aramco oilfield development

Amec Foster Wheeler announces today that it has been awarded a contract by Saudi Aramco, for facilities required as part of the integrated oil and gas expansion of the Marjan offshore and onshore oilfield in the Eastern province of Saudi Arabia. ...

Russia-OPEC deal extension hastens decline of oil heartlands

Russia’s deal with OPEC has bolstered state coffers by putting a floor under crude prices, but it’s also depressing output in the nation’s West Siberian oil heartlands. ...

Wärtsilä to contribute to operations of Maran Gas Maritime TFDE LNG carrier fleet

The technology group Wärtsilä and Maran Gas Maritime (MGM), both key players in worldwide LNG transportation, extend their current cooperation with a five-year maintenance agreement. ...

Exxon, Conoco back Paris climate deal

President Trump faces some unlikely opposition to the idea of pulling the U.S. out of the 2015 Paris climate accord. ...

Trump administration aims to open more arctic areas for oil

U.S. Interior Secretary Ryan Zinke issued a directive aimed at spurring oil and natural gas development in Alaska. ...