As oil rises, shale drillers with few or no hedges stand to gain

As the price of oil rises, heavily-hedged shale drillers may find it harder to meet investor demands for payback, boosting the value of producers that haven’t locked in returns for future production. ...

North Sea Forties pipeline system fully operational, Ineos says

The North Sea’s Forties Pipeline System -- one of the world’s most important crude oil conduits -- is fully back in business after being shut earlier this month due to the discovery of a hairline crack. ...

OPEC wins over hedge funds to make 2017 oil's most bullish year

Oil bulls are charging into the new year with unprecedented vigor, and the credit goes to OPEC. ...

Shale shows restraint with drillers closing 2017 at standstill

Oil explorers are closing out a year marked for its heightened pleas of austerity from investors with restraint. ...

Rystad Energy: U.S. crude oil production capacity to reach 10 MMbpd

Data released today from EIA for October largely confirms earlier predictions by Rystad Energy that U.S. oil production could reach 10 MMbpd at the end of 2017. ...

BSEE proposes revisions to production safety systems regulations

In response to a Presidential Order to reduce undue burden on industry, the Bureau of Safety and Environmental Enforcement (BSEE) completed a comprehensive review of the Production Safety Systems regulations. ...

Messoyakhaneftegaz secures loan to develop Russia's northernmost onshore field

Gazprombank and Sberbank have released credit facilities under the first tranche of a syndicated loan facility for the Messoyakha project, agreed on Dec. 22, 2017. ...

Gas has biggest rally since October as Arctic freeze sets in

U.S. natural gas staged the biggest rally in two months as a frigid forecast signaled demand for the power-plant fuel may surge to new highs through the start of 2018. ...

Oil resurrection sets stage for another OPEC-shale clash in 2018

Oil continued its revival from the biggest crash in a generation, with prices set for a second annual gain after a year marked by hurricanes, Middle East conflict and the tussle between OPEC and U.S. shale. ...

Gazprom says Austrian blast isn't reason to worry

Europe shouldn’t overreact to the shock to natural gas markets caused by an explosion earlier this month in Austria, according to Gazprom PJSC. ...

Key North Sea oil pipeline approaches full service after repairs

One of the world’s most important crude oil pipeline networks is nearing a return to full service following an unexpected shutdown this month, as operator Ineos AG completes repairs and ends flow limitations. ...

Gulf Arab Energy producers issue record debt for expansion

Gulf Arab energy companies issued record debt this year as producers opted to exploit lower borrowing costs to fund expansion plans. ...

Trump rolls back offshore safety rules born from BP's Macondo disaster

The Trump administration is rolling back offshore drilling rules put in place after the 2010 Macondo well blowout and resulting Deepwater Horizon disaster killed 11 workers and spewed millions of barrels of oil into the Gulf of Mexico. ...

IPAA, Western Energy Alliance applaud repeal of hydraulic fracturing rule

The Independent Petroleum Association of America (IPAA) and Western Energy Alliance today applauded the Department of the Interior’s decision to repeal a costly Obama administration federal rule on hydraulic fracturing. ...

Petrobras comeback snubbed by former backer as election nears

Petrobras may be making progress in its plan to reduce debt, but a former shareholder in the state-controlled energy giant isn’t ready to jump back in quite yet. ...

Five oil signals to watch as 2018 pits OPEC against shale

Oil traders are going to have their work cut out for them in 2018. OPEC and its allies are heading into the second year of supply cuts to wipe out the global oil glut, while rising U.S. output is threatening those efforts. Geopolitical tensions also add a wild card to the market mix. ...

Russia to keep its grip on Europe's gas market after record 2017

Russia is working to keep natural gas exports to Europe near record levels in 2018 after the continent’s biggest supplier, Gazprom PJSC, said its deliveries this year signal it is achieving on its ambitions to expand. ...

Oil stalls below $60/bbl with resumption of Libya pipeline in sight

Crude slipped for the first time in more than a week following reports that a damaged Libyan pipeline should be repaired next week. ...

Essar Oilfields commences drilling contract with Mercator Petroleum

Essar Oilfields Services (India) Limited (EOSIL) has announced that it has commenced a contract awarded by Mercator Petroleum to drill two firm oil wells, plus one optional oil well in the Cambay basin. ...

BSEE oversees spudding of new oil well in Arctic

New oil exploration in Arctic federal waters is underway this week with the spudding of a new oil well from an existing man-made island in the Beaufort Sea. ...

How big data analytics are changing the oil and gas industry

Today, “big data” has become a ubiquitous phrase at any enterprise, primarily as data in volume, velocity and depth grows due to consumerization of the world. To understand its potential to change the oil and gas industry, one must first understand innovation dimensions and how they can be applied at any enterprise. ...

Libya oil output said to drop with pipe work lasting a week

Libyan crude production fell below 1 MMbpd as the country’s crucial energy infrastructure was once again targeted by violence. ...

All that new shale oil may not be enough as big discoveries wane

Three years after causing an oil-price crash, the shale boom may not be enough to meet rising global demand because the industry has cut back so sharply on higher-risk mega-projects. ...

Oil slips from highest since mid-2015 as trading volume muted

Oil retreated from its highest close in more than two years in London and New York amid low volume, as a pipeline carrying crude to a Libyan export terminal was said to need a week for repairs following an explosion on Tuesday. ...

Slump in energy cuts value of Canadian mergers to $243.5 billion

A slowdown in big energy deals pushed the value of mergers in Canada lower for the first time since 2013, offsetting a decade-high resurgence in domestic transactions. ...

Premier's new oil field offers relief after UK pipe halt

A new UK North Sea oil field came online last week, offering one of the country’s largest independent operators some relief from a pipeline halt that forced a significant portion of the region’s output to stop. ...

Libya's oil output revival thwarted by pipeline explosion

Libya’s oil industry revival suffered a setback Tuesday after an explosion at a pipeline carrying crude to the OPEC nation’s biggest export terminal. Oil rallied as a result. ...

Lukoil produces one million tonnes of oil at Yarega field in 2017

Lukoil has reached another milestone with one million tonnes of oil produced at Yarega field, in the Komi Republic, since the beginning of 2017. ...

Saudi Arabia said to expect oil revenue to increase 80% by 2023

Saudi Arabia expects oil revenue to jump about 80% by 2023 to help the kingdom record its first budget surplus in a decade, according to people with knowledge of the matter. ...

Oil holds gains above $58/bbl as U.S. drillers pause rig expansion

Oil held gains above $58/bbl as trading resumed following the Christmas holiday and after U.S. explorers refrained from adding rigs for a second week. ...

America's hottest oil play just needs a few thousand truckers

When the price of oil collapsed in 2014 and disrupted drilling operations all across Texas’s massive Permian basin shale formation, truckers were among those hardest hit. Rendered unnecessary by the slump in output, they were fired in scores. Now, three years later, with oil prices inching back higher and production in the Permian soaring once again, the drillers want the truckers back. ...

Oil's bull run wavers as investors wait to see what 2018 holds

Hedge funds lowered their bets on Brent crude after they rose to a record a week earlier. And the net-bullish position on West Texas Intermediate, which hit a nine-month high last month, dwindled for a third straight week. The message: After a months-long build-up, investors are wavering, concerned U.S. crude will continue to boom in 2018, undercutting OPEC’s push to drain a global glut. ...

Top Indian oil explorer to buy—not drill—its way to output goal

India’s biggest oil explorer plans to snatch up producing assets to reach its goal of raising overseas output by more than half in about three years, a faster route than drilling for new reserves. ...

New survey shows ​huge increase in recoverable energy resources in Alaska

U.S. Secretary of the Interior Ryan Zinke ​released an updated resource assessment​ for​ the National Petroleum Reserve in Alaska (NPR-A), the Western Beaufort Sea, adjacent State and Native lands, and State waters​,​​ which estimates the mean undiscovered, technically recoverable resources both on and offshore to include 17.6 Bbbl of oil and more than 50 Tcf of gas. ...

New Interior department survey shows ​huge increase in recoverable energy resources in Alaska

U.S. Secretary of the Interior Ryan Zinke ​released an updated resource assessment​ for​ the National Petroleum Reserve in Alaska (NPR-A), the Western Beaufort Sea, adjacent State and Native lands, and State waters​,​​ which estimates the mean undiscovered, technically recoverable resources both on and offshore to include 17.6 Bbbl of oil and more than 50 Tcf of gas. ...

Apache announces restart of production at Forties field

Apache North Sea confirms that production from the company's Forties field has been restarted as of Dec. 23, 2017, following the completion of unscheduled maintenance of an onshore section of the Forties Pipeline System, which is owned and operated by a third party, INEOS. ...

Saipem awarded additional EandC works, drilling contracts worth $380 million

Saipem has signed a contract with Eni Angola S.p.A. in relation to the West Hub Development project in Angola, which incorporates the work orders previously assigned and communicated in 2016 and 2017 and adds the scope of work for the development of Vandumbu field in Block 15/06. ...

Iraq's oil minister says he's optimistic crude prices will rise

Iraq’s Oil Minister Jabbar Al-Luaibi said he’s optimistic crude prices will rise in 2018, with global stockpiles falling and demand on the rise in China and India. ...

China’s LNG imports surge to record amid winter heating crunch

China’s imports of liquefied natural gas in November surged 53% to a record as the nation scrambles to meet fuel shortages amid peak winter demand and government’s drive to cut coal use. ...

Kuwait secures LNG deal as Gulf energy exporters hunt for gas

Kuwait struck a 15-year deal with Royal Dutch Shell Plc for liquefied natural gas, locking in supplies as neighbors in the oil rich Gulf consider their own import strategies. ...

China's winter misery brings LNG traders gift of volatility

China’s self-inflicted heating crisis this winter signals deeper seasonal price swings that may be a boon for liquefied natural gas traders. ...

Canada's economy unexpectedly stalls as oil production drops

Canada’s economy unexpectedly stalled in October on a decline in oil output, a disappointing kickoff to the final quarter of 2017. ...

McDermott awarded EPCC contract for Tyra redevelopment

McDermott International, Inc., today announced a substantial contract award from Mærsk Olie og Gas A/S (Maersk Oil) for engineering, procurement, construction and commissioning (EPCC) services for the Tyra Redevelopment project, located offshore in the Danish sector of the North Sea. ...

Hess completes sale of interests in Norway

Hess Corporation announced today that it has completed the previously announced sale of its subsidiary Hess Norge, which owns interests in Valhall and Hod fields in Norway, to Aker BP ASA for total proceeds of $2 billion, effective Jan. 1, 2017. ...

Oil pares first weekly gain in a month as boost from data fades

Oil fell, paring the first weekly gain in a month, as the support from a plunge in U.S. crude inventories faded and traders looked to 2018. ...

Mexico light oil vanishes from markets, leaving U.S. to plug gap

Pemex’s crude menu has just gotten simpler. ...

Mayan Energy provides operational update regarding Anacacho, Forest Hill fields

Mayan, the AIM listed oil and gas company, is pleased to announce additional progress in its development program at Kelly Lynne (Anacacho) field at Stockdale, Wilson County, Texas, in which the Company has a 60% working interest (WI) and 45% net revenue interest (NRI) and Forest Hill field, Wood County, Texas, in which the Company has a 70% WI and 52.5% NRI. ...

Wärtsilä’s energy storage solution for North Sea Giant reduces costs, emissions

The technology group Wärtsilä has agreed to retrofit the world’s first energy storage solution on board a large offshore supply vessel. ...

Eni's "mission impossible" points to seismic shift for major oil companies

Italian energy giant Eni SpA wanted to produce gas from the Zohr field little more than two years after finding it in August 2015. ...

Eni “mission impossible” points to seismic shift for major oil companies

Italian energy giant Eni SpA wanted to produce gas from the Zohr field little more than two years after finding it in August 2015. ...

Panama Canal Authority responds to claims of traffic demand challenges

The Panama Canal Authority has issued the following response to 'U.S. shale has a Panama Canal problem that's got no easy fix'. ...

Crude reaches one-week high as shrinking stockpiles stoke bulls

Crude revisited a one-week high as the lowest U.S. back-up supply in more than two years overshadowed the impending resumption of North Sea oil shipments. ...

TGS announces Alonso 3D multi-client project in U.S. Gulf of Mexico

TGS announces new multi-client acquisition project, Alonso 3D in the U.S. Gulf of Mexico. ...

Eni acquires operatorship of Evans Shoal gas field, offshore Australia

Eni has acquired the whole 32.5% interest from Shell Australia Proprietary Limited (Shell) in Evans Shoal gas field, and has become the Operator of the Retention Lease NT/RL7 located in the north Bonaparte basin, offshore Northern Australia. ...

Eni enters into new exploration permits offshore Morocco

Eni has signed a Petroleum Agreement (PA) with the Moroccan State Company ONHYM to enter into the Tarfaya Offshore Shallow exploration permits I-XII, located in the waters of the Atlantic Ocean offshore the cities of Sidi Ifni, Tan Tan and Tarfaya. ...

Statoil submits PDO for Snorre expansion project

Statoil is today, on behalf of the Snorre Unit partners, submitting the plan for development and operation (PDO) of the Snorre expansion project to the authorities. ...

Rosneft spuds first ultra-deepwater exploration well in Black Sea

Rosneft has spudded the Maria-1 exploration well offshore in the Black Sea. Forecasted oil in place for Zapadno-Chernomorskaya licence area is estimated to exceed 570 million tons. ...

Basis laid for another pipeline route of Russian gas supplies to China, Gazprom says

Negotiations continue over the planned supplies from Russia’s Far East. ...

Basis laid for another pipeline route of Russian gas supplies to China, Gazprom's Alexey Miller says

Negotiations continue over the planned supplies from Russia’s Far East. ...

World's most important oil benchmark feels strain of pipe crack

When a vital North Sea oil pipeline cracked earlier this month, it did more than halt the flow of barrels: it stress tested the world’s most important physical crude-price benchmark for producers, traders and consumers. ...

Wärtsilä announces acquisition of Trident B.V.

The technology group Wärtsilä strengthens its service offering by acquiring Trident B.V., a Netherland based company specialized in underwater ship maintenance, inspection and repair services. ...

All-time low for discovered resources in 2017, Rystad reports

Rystad Energy concluded this week that 2017 was yet another record low year for discovered conventional volumes globally. Less than 7 Bboe has been discovered YTD. ...

TechnipFMC awarded contract for Statoil Snorre expansion project

TechnipFMC has been awarded an Engineering, Procurement and Construction (EPC) contract by Statoil for the Snorre expansion project. ...

Crude trades near two-week high after U.S. stockpiles plunge

Oil traded near the highest close in more than two weeks after crude stockpiles in the world’s largest economy slid more than forecast to a two-year low. ...

Saudi Aramco embarks on global hunt for natural gas supplies

Saudi Aramco is looking for natural gas assets from Russia to East Africa and the U.S. as the kingdom’s state-owned energy giant hunts for ways to meet soaring domestic demand. ...

Condor Petroleum reports first gas at Poyraz Ridge field, in Turkey

Condor Petroleum Inc., a Canadian based oil and gas company focused on production and exploration activities in Turkey and Kazakhstan, is pleased to announce that natural gas production has commenced at the Company’s 100% owned and operated Poyraz Ridge field in Turkey. ...

Russia led the world for oil and gas discoveries in Q3 2017, GlobalData reports

A total of 30 oil and gas discoveries were made in the third quarter of 2017. Of these, 18 are conventional oil, one is heavy oil, one is unconventional gas, and the remaining 10 are conventional gas, according to GlobalData, a data and analytics company. ...

Goldman says "Stellar" demand may fast-forward OPEC's exit

OPEC’s desire to clear the global oil inventory overhang may come sooner than expected, enabling the group to exit from its production cuts early, according to Goldman Sachs Group Inc. ...

Drilling in Arctic refuge could see further delays, despite tax bill

Congress is close to lifting a 40-year-old ban on energy development in Alaska’s Arctic National Wildlife Refuge, but drilling for oil in that frozen wilderness may still be years away as the effort faces exhaustive environmental reviews and likely lawsuits. ...

United Oil and Gas provides update on Podere Maiar well, in northern Italy

United Oil and Gas Plc, the London Stock Exchange listed oil and gas exploration and development company, is pleased to announce the Podere Maiar 1 (PM1) well at Selva gas field in the Podere Gallina licence is to be flow tested next month, having been successfully cased for production. ...

Global Marine Group announces new offshore business unit

The Global Marine Group (GMG), a market leader in offshore engineering services to the telecommunications, renewables and oil and gas industries, announced today the launch of Global Offshore, a new business unit that will deliver trenching and power cable laying services to the oil and gas sector. ...

ADES signs PSA for three operational jackups in the Arabian Gulf

ADES International Holding Ltd., the London-listed company providing offshore and onshore oil and gas drilling and production services in the Middle East and Africa through its subsidiaries, has signed a Purchase and Sale Agreement (PSA) with Nabors Drilling International II Limited, a subsidiary of Nabors Industries Ltd (Nabors). to acquire three operating offshore jackup rigs currently contracted by a major national oil company in the Arabian Gulf for a total purchase price of $83 million. ...

TGS, Schlumberger announce new 2D multi-client project in Egyptian Red Sea

TGS and Schlumberger today announced a new 2D seismic project offshore Egypt. ...

Drydocks World awarded turret mooring system construction contract from SBM Offshore

Drydocks World the leading marine, onshore and offshore service provider to the oil, gas and renewable energy sectors has signed a contract agreement with SBM Offshore to carry-out the construction of the turret mooring system (TMS) for Statoil’s Johan Castberg Floating Production Storage and Offloading (FPSO) vessel. ...

SBM Offshore completes $720-million financing of Liza

SBM Offshore is pleased to announce that on Dec. 19, 2017, it completed the project financing of FPSO Liza for a total of $720 million. ...

Eni, Shell to face trial in Italy in $1 billion bribery case

Eni, Royal Dutch Shell and senior executives will face trial over a $1.1 billion bribery scandal in Nigeria, an Italian judge ruled on Wednesday. ...

Oil prices in 2018: Again it's all about U.S. shale output

The direction of oil prices in 2018 will be decided in Texas. ...

Crude propelled higher on strengthening signs of dwindling glut

Crude bumped higher as traders awaited a U.S. government report that’s expected to show a fifth straight week of shrinking American inventories. ...

Saudi Arabia sees higher oil revenue as OPEC cuts boost prices

Saudi Arabia expects oil revenue to jump 12% next year in a sign the world’s biggest crude exporter expects prices to keep rising in 2018. ...

Maersk Drilling is awarded contract extension by Total

Maersk Drilling has been awarded a contract extension for the jackup rig Maersk Intrepid by Total EandP Norge AS. ...

Maersk exits Egyptian Drilling Company joint venture

A.P. Møller - Mærsk A/S [A.P. Moller - Maersk] and Egyptian General Petroleum Corporation [EGPC] has signed an agreement whereby EGPC will acquire A.P. Moller - Maersk’s 50% shareholding in Egyptian Drilling Company [EDC] for $100 million in an all-cash transaction. ...

Total launches large-scale development of giant Libra field

Total announces that it has taken the investment decision for the first large-scale development phase of the Libra project, located deep offshore, 180 km off the coast of Rio de Janeiro, in the pre-salt area of the Santos basin in Brazil. ...

Repsol submits new PDO for Yme field

Operator Repsol has submitted a new Plan for Development and Operation (PDO) for Yme field, in the North Sea. More than eight billion kroner will be invested in the development. The planned start-up is 2020. ...

Rosneft board agrees on Samotlor development program

Rosneft's board of directors affirmed key parameters for Samotlor field development program. ...

Faroe Petroleum submits PDO for Fenja field

Faroe Petroleum, the independent oil and gas company focusing principally on exploration, appraisal and production opportunities in Norway and the UK, is pleased to announce that the partners in Fenja (previously named Pil/Bue) field (licence PL586) have submitted the Plan for its Development and Operation (PDO) to the Norwegian Ministry of Petroleum and Energy. ...

Genoil, Grupo Roales partner to develop oil projects in Mexico

Genoil, the publicly traded clean technology engineering company for the petroleum industry, and Grupo Roales Mexico, today announced that that they have formed a ten-year alliance and partnership agreement to jointly engage in bids and develop projects in Mexico. ...

Oil trades near $57 as U.S. crude stockpiles seen extending drop

Oil traded near $57/bbl for a third day before data expected to show that surplus crude inventories in the U.S. continued to diminish as global markets rebalance. ...

Gazprom to splurge on EU gas pipe as U.S. weighs penalties

Russia’s natural gas exporter is channeling more money into the fight for market share as the U.S. threatens its biggest European pipeline project with possible sanctions and delivers tankers of fuel to the region. ...

Maana raises $28 million to accelerate AI-driven industrial digital transformation

Maana, digital technology company, today announced it has raised $28 million in Series C funding. The round is led by China International Capital Corporation (CICC) and Eight Square Capital. Other new investors include Accenture Ventures and Sino Capital. All of Maana’s existing strategic investors, Intel Capital, GE Ventures, Chevron Technology Ventures, Saudi Aramco Energy Ventures and Shell Technology Ventures participated. ...

Maana raises $28 million from CICC, Accenture to accelerate AI-driven industrial digital transformation

Maana, digital technology company, today announced it has raised $28 million in Series C funding. The round is led by China International Capital Corporation (CICC) and Eight Square Capital. Other new investors include Accenture Ventures and Sino Capital. All of Maana’s existing strategic investors, Intel Capital, GE Ventures, Chevron Technology Ventures, Saudi Aramco Energy Ventures and Shell Technology Ventures participated. ...

McDermott and CBandI to combine in $6-billion transaction

McDermott International, Inc., and CBandI today announced that the companies have agreed to combine in an all-stock transaction to create a premier fully vertically integrated onshore-offshore company, with a broad engineering, procurement, construction and installation (EPCI) service offering and market leading technology portfolio. ...

EMGS enters into prefunded multi-client contract in Indonesia

Reference is made to the stock exchange notification published by Electromagnetic Geoservices ASA (EMGS) on Nov. 16, 2017, wherein it was announced that EMGS had received Letters of Intent for two contracts under which EMGS will perform prefunded multi-client acquisitions offshore Indonesia. ...

Wood secures two new contracts supporting Woodside in Australia

Wood has been awarded two new contracts by Woodside to deliver engineering and rig modification services offshore Australia and a concept definition study for the Julimar Phase 2 project. ...

Mexican protesters disable $400 million natural gas pipeline

A chunk of Sempra Energy’s natural gas pipeline sits in the dirt behind a community center in the village of Loma de Bacum in northwest Mexico. ...

Sanctions-proof oil rig thwarts U.S. policy from Cuba to Russia

The oil rig was built mostly in China and drilled its first well in Cuba. Now it’s delivering a victory for Russia in its fight against U.S. sanctions. ...

Crude declines as Nigeria oil workers strike is suspended

Crude edged lower as an oil-worker strike in Nigeria was suspended and the time line for fixing a key North Sea pipeline didn’t worsen. ...

Production at Wintershall's Maria field begins one year ahead of schedule

Wintershall, and its licence partners Petoro and Spirit Energy, have started production at the Maria field one year ahead of schedule. Costs have been reduced by more than 20% compared to plan. Oil production has now begun, whereas originally start-up was intended for the fourth quarter of 2018. ...

Simmons Edeco to carry out onshore drilling campaign in Mexico

Simmons Edeco, a leading global oilfield service provider, announced that it has been awarded a contract by Weatherford de Mexico S. de R.L. de C.V., a subsidiary of Weatherford International, to provide drilling services to Canadian-based Renaissance Oil Corp. and its partner Lukoil, which are developing a diversified shale and mature fields portfolio in oil-rich Mexico. ...

Oil ticks higher as North Sea supply hiccup enters second week

Crude edged higher for a third session as the shutdown of one of the world’s most important oil pipelines stretched into a second week. ...

Nigeria's Pengassan oil union on strike to protest job cuts

A Nigerian oil union said it began an indefinite strike to protest unfair labor practices at a local petroleum-exploration company. ...

Eni's giant Zohr gas field starts production in Egypt

Egypt’s Eni SpA-operated Zohr natural gas field has started production, bringing the country closer to its goal of energy self-sufficiency. ...

Statoil acquires 25% interest in Roncador field, tripling its production in Brazil

Statoil ASA and Petrobras have agreed that Statoil will acquire a 25% interest in Roncador, a large oil field in the Campos basin in Brazil. The transaction nearly triples Statoil's production in Brazil, with attractive break-evens and potential for additional value creation for both parties. ...

Kvaerner awarded contract for Valhall Flank West

Aker BP has awarded Kvaerner a contract for delivery of the topside and steel jacket substructure for Valhall Flank West. This is the first project in the Wellhead Platform Alliance, which was established in the spring of 2017 between Aker BP, Kvaerner, ABB and Aker Solutions. ...

Aker Solutions wins orders from Aker BP for offshore Norway fields

Aker Solutions won orders from Aker BP for the Skogul and Valhall Flank West oil fields, offshore Norway. ...

Serinus Energy reports Moftinu 1001 well incident

Serinus Energy Inc. has reported that at 1:49 a.m. CET on Monday, Dec. 18, 2017, during routine operation to prepare the Moftinu 1001 well for future production, an unexpected gas release occurred and subsequently ignited. ...

First gas achieved from Algerian Gas Project Reggane Nord

The Groupement Reggane Nord (GRN) consortium, of which DEA is part with a 19.5% stake, announced that production from four out of six Reggane Nord gas fields commenced successfully on Dec. 13, 2017. The first wells have been put in production. ...

Oil steadies above $57 amid supply disruptions around the world

Crude steadied above $57/bbl in New York as the threat of supply disruptions from the North Sea to OPEC member Nigeria and reduced U.S. drilling all suggested the global surplus may continue to fade. ...

Hedge funds eye oil's year-end high note after bumpy 2017

Oil’s bumpy ride to higher ground this year is winding down with a good dose of optimism that 2018 will be even better. ...

Bullish or bearish for oil next year? Here's what big banks say

Oil is on course for a second annual gain after last month’s decision by OPEC and its allies to extend production curbs in a bid to shrink bloated inventories. ...

Bumi Armada selects operational risk management, asset integrity solution for FPSOs globally

Malaysia-based international offshore energy facilities and services provider Bumi Armada Berhad has selected RiskPoynt Barrier Model as their operational risk management and asset integrity solution. ...

ExxonMobil, Petrobras form strategic alliance

Petrobras and ExxonMobil have signed a memorandum of understanding regarding a strategic alliance to jointly identify and evaluate potential business opportunities. ...

Aker BP submits PDOs for three North Sea projects

Today, Aker BP submitted Plans for Development and Operation (PDOs) for three projects. The total investments will amount to approximately NOK 15.5 billion. ...

Canadian oil shippers find rail space is scarce as prices slide

The trains are running late for Canada’s oil producers just when they need them the most. ...

The biggest voices in oil disagree on 2018 outlook

The two most critical forecasts of global oil markets offer contrasting visions for 2018: one in which OPEC finally succeeds in clearing a supply glut, and another where that goal remains elusive. ...

Nigeria takes $1 billion from oil savings to fight militants

Nigeria will take $1 billion from a special account for oil-revenue savings to boost its war against Boko Haram Islamist militants in the country’s northeast. ...

Oil deal may win back Sudan some influence over former enemy

Sudan lost three-quarters of its oil reserves when the south seceded in 2011. A four-year civil war in Africa’s youngest nation may be letting it reassert control. ...

New Africa gas comes at right time for Europe in supply woes

A week ago, Cameroon was getting ready to jostle for space in a global liquefied natural gas market already crowded with new supplies from the U.S. and Russia. Now the extra output couldn’t come at a better time. ...

Top oil buyers getting selective about U.S. crude purchases

The world’s biggest oil buyers are getting pickier about their American crude purchases. ...

Russia's upstream projects will require $102.6 billion by 2020, says GlobalData

An average of $34.1 billion per year in capital expenditure will be spent on 1,673 oil and gas fields in Russia between 2018 and 2020, according to GlobalData, a leading data and analytics company. ...

President Energy announces completion of workover wells at Argentina's Puesto Flores field

President Energy, the upstream oil and gas company with a diverse portfolio of production and exploration assets focused primarily in Argentina is pleased to announce successful results from its first two workover program wells at Puesto Flores field, Rio Negro Province, Argentina. ...

Total, Eni, Novatek win first Lebanon offshore licenses

Lebanon granted its first offshore energy rights to a group comprising Total SA, Eni SpA and Novatek PJSC, joining a regional race to find and develop oil and natural gas wealth in the eastern Mediterranean after years of delay. ...

Reveal Energy Services delivers first near real-time DiverterSCAN technology results

Reveal Energy Services announced today the company has produced and delivered the first near real-time DiverterSCAN technology results, which allowed an operator to identify a diversion design that enhances hydraulic fracturing fluid distribution. ...

NOV develops MWD system for Permian applications

Demand in the Permian basin for an MWD system with both electromagnetic (EM) and mud-pulse (MP) data transmission capabilities is increasing. ReedHycalog, a business unit of National Oilwell Varco’s Wellbore Technologies segment, developed the BlackStar II dual-telemetry MWD tool for use in such applications. ...

Oil trades below $57 after IEA says OPEC may not see happy 2018

Oil traded below $57/bbl as the International Energy Agency said OPEC-led production cuts aimed at clearing a global glut may falter next year. ...

Loose cap caused blast in Austria that rattled energy market

The massive explosion that shut down natural gas flows for half a day in Austria this week was caused by a loose cap seal on a newly-installed filtering unit, according to investigations by the operator of the Baumgarten hub. ...

Energean said to seek $1.2-billion loan for Israeli gas

Energean Oil and Gas SA is trying to raise about $1.2 billion of loans to develop two natural gas fields off the coast of Israel, according to people familiar with the matter. ...

Tendeka secures OGTC funding for technology testing

Independent global completions service company Tendeka has been awarded funding from the Oil and Gas Technology Center to advance further field testing of its wireless intelligent completions technology, PulseEight. ...

Subsea UK review shows £7.5-billion subsea industry supports 45,000 jobs

Subsea UK’s latest business activity review reveals that the industry is generating annual revenues of £7.5 billion, compared to £8.9 billion in 2014. ...

Aker Solutions secures subsea services agreement with Statoil

Aker Solutions has secured a framework agreement to provide subsea services for Statoil-operated oil and gas fields offshore Norway. ...

SNC-Lavalin, Saudi Aramco sign MoU supporting in-country opportunities

SNC-Lavalin and Saudi Aramco today signed a Memorandum of Understanding (MoU) signalling SNC-Lavalin’s continued commitment to creating and accelerating opportunities for local workforces in the Kingdom of Saudi Arabia. ...

Goldman says oil giants poised for best year in decades

Oil’s slump is over and industry domination beckons, according to Goldman Sachs Group Inc. ...

All Chinese oil traders want for Christmas is a futures contract

All Yuan Quwei wants for Christmas is to trade oil futures on a Chinese exchange. ...

Canada's oil capital is making leap toward renewable energy

Clean energy is coming to Canada’s oil patch. ...

Russia wins in Arctic after U.S. fails to kill giant gas project

Building the $27 billion Yamal LNG project meant shipping more than 5 million tons of materials to construct a plant 600 km north of the Arctic circle. ...

Gas demand to get boost as supply surge sends prices lower

Demand for natural gas will continue to rise over the next two decades, stimulated by lower prices resulting from an expected surge in supplies of shale gas. ...

Drillers flock to Rockies as sleepiest corner of shale awakens

It’s not exactly the Pike’s Peak gold rush of 160 years but with crude prices on the rise, explorers are returning to the oil-rich rock of Colorado as a way to expand beyond the shale plays of Texas and New Mexico. ...

The Global Offshore Brazil Summit is a must-attend event

Gulf Quest LLC, a joint venture between Quest Offshore and Gulf Publishing Company, is pleased to announce the first edition of the Global Offshore Brazil Summit (GOBS), which will be held June 11-13, 2018 at the Sheraton Grand, Rio de Janeiro, Brazil. ...

ExxonMobil completes LNG acquisition in Mozambique Area 4

ExxonMobil announced today the completion of a transaction by ExxonMobil Development Africa B.V. to acquire a 25% indirect interest in Mozambique’s gas-rich Area 4 block from Eni and assume responsibility for midstream operations. ...

Oil States to acquire GEODynamics for $525 million

Oil States International, Inc., announced today that it has entered into a definitive agreement to acquire GEODynamics, Inc., a provider of oil and gas perforation systems and downhole tools in support of completion, intervention, wireline and well abandonment operations. ...

Energean awarded five exploration licences, offshore Israel

Energean Oil and Gas has announced that Energean Israel has been awarded five offshore exploration licenses within the Israeli Exclusive Economic Zone (EEZ) by the Israeli Petroleum Commissioner following a recommendation by the Petroleum Council. ...

Well foundation technology to cut well costs, improve safety and reduce environmental impact

The Industry Technology Facilitator (ITF), in collaboration with Maersk Oil, Nexen, Shell, Siccar Point Energy, TechnipFMC and the Oil and Gas Technology Center (OGTC), is leading a joint industry project (JIP) to investigate an alternative well foundation technology for subsea exploration and production wells. ...

Canadian oil collapses amid pipeline and rail bottleneck

Heavy Canadian crude fell to the lowest in almost four years against benchmark prices Tuesday as bottlenecks on pipelines and rail networks crimped exports. ...

Tenaris unveils seamless pipe mill in Bay City, Texas

Tenaris unveiled its $1.8 billion state-of-the-art seamless pipe mill in Bay City, Texas, Monday before local, state and federal representatives, including U.S. Department of Energy Secretary Rick Perry and Texas Governor Greg Abbott. ...

TransCanada seeks to file amended Keystone plan in Nebraska

TransCanada Corp. is seeking consent from Nebraska regulators to amend its Keystone XL pipeline application in a bid to tackle concerns over the alternative route that was approved. ...

European gas flows resume after Austria blast rattled market

Natural gas flows resumed overnight in Europe after an explosion at an Austrian hub threatened supplies already pinched by a closed pipeline in the North Sea and a cold snap across the continent. ...

Investor bet on Middle East oil play pays off in Abu Dhabi IPO

Investors who bet on exposure to Middle East oil got it right, at least on the first trading day of shares in a unit of Abu Dhabi’s oil giant. ...

OPEC boosts forecast for rival supply, sees balance in late 2018

OPEC predicted that global oil markets won’t rebalance until late next year after boosting forecasts for supplies from the U.S. and other rivals. ...

North Sea oil pipeline halt to give OPEC mission shot in the arm

OPEC says the global oil glut is diminishing fast. The halt to a network of vital North Sea crude pipelines means the oversupply may be about to shrink quicker still. ...

Trelleborg supplies suite of solutions to world's first floating LNG ship-to-shore system

Trelleborg today hailed the recent successful test of the Universal Transfer System (UTS) conducted with Connect LNG and Gas Natural Fenosa, as tangible evidence of the new applications that its suite of products for jettyless LNG transfer can unlock in this challenging field. ...

Faroe Petroleum reports recommencement of production and infill program at Tambar Field, Norway

Faroe Petroleum, the independent oil and gas company focusing principally on exploration, appraisal and production opportunities in Norway, the UK and Atlantic Margin, reports that production from Tambar field in Norway (Faroe 45%) has recommenced, following the tragic accident on the Maersk Interceptor drilling rig on Thursday, Dec. 7, 2017. ...

OPEC says oil goal's close as stockpile glut shrinks further

OPEC is near its goal of rebalancing the oil market as an inventory overhang targeted by its output curbs continues to shrink, according to the group’s secretary general. ...

Aker Solutions wins modifications contract from Maersk Drilling

Aker Solutions won an order from Maersk Drilling to modify the production module on the Mærsk Inspirer jackup rig for the Repsol-operated Yme oilfield offshore Norway. ...

ABS partnership enhances safety in Ghana’s offshore industry

ABS, a provider of classification and technical services to the marine and offshore industries, formed a joint venture with Notabene Classification Limited to offer regulatory and technical support services, including key classification services to the upstream oil and gas market in Ghana. ...

U.S. fuels the world as shale boom powers record oil exports

The world’s largest oil consumer exported more hydrocarbons than ever before in 2017 and shows no signs of slowing down. ...

New report finds Marcellus shale development unrelated to Pennsylvania mortality rates

Mortality rates in the six Pennsylvania counties with the most Marcellus Shale development have declined or remained stable since shale production began in the region, according to a new Energy In Depth-commissioned report. The findings directly refute accusations from anti-energy groups that the fracing boom is a threat to public health. ...

Halliburton introduces new family of shaped cutter drill bits

Halliburton has announced the release of Geometrix 4D Shaped Cutters, a line of four distinct geometric profiles to help improve cutting efficiency and increase control to reduce drilling costs. Halliburton now offers the largest portfolio of shaped cutters in the oil and gas industry. ...

ABB to provide Woodside with battery storage system

ABB will provide Woodside, Australia’s largest independent oil and gas company, with a PowerStore Battery storage system that is capable of remote management of operations and service. The system will be installed on the Goodwyn A platform. ...

Oasis Petroleum acquires Delaware basin assets for $946 million

Oasis Petroleum Inc. has announced that it has entered into a definitive purchase and sale agreement with Forge Energy, LLC, to acquire 20,300 net acres in the Delaware basin (the Permian assets) for approximately $946 million. ...

Petrofac awarded contract for Khazzan phase 2 in Oman

Petrofac has been awarded a lump-sum contract worth approximately $800 million by BP for the Phase 2 central processing facility (CPF) at the Khazzan Phase 2 (Ghazeer) gas development in the Sultanate of Oman. ...

Eni completes 2017 drilling campaign in Mexico's Area 1, increases estimate to 2 Bboe

Eni successfully drilled the Tecoalli 2 well, in the shallow waters of the Campeche Bay, offshore Mexico. Thanks to the results of this well and the revision of the reservoir models of Amoca and Miztón fields, the hydrocarbon in place estimate for Area 1 is boosted from 1.4 to 2.0 Bboe, of which approximately 90% oil and the remaining associated gas. ...

Eni completes 2017 drilling campaign in Mexico's Area 1, increases resource estimate to 2 Bboe

Eni successfully drilled the Tecoalli 2 well, in the shallow waters of the Campeche Bay, offshore Mexico. Thanks to the results of this well and the revision of the reservoir models of Amoca and Miztón fields, the hydrocarbon in place estimate for Area 1 is boosted from 1.4 to 2.0 Bboe, of which approximately 90% oil and the remaining associated gas. ...

North Sea oil producers brace for effects of Forties Pipeline shutdown

North Sea oil producers braced for the impact of the closure of the Forties Pipeline System, a key conduit for crude that was shut after the discovery of a hairline crack. ...

Too big to grow, Exxon star dims amid struggles to boost oil

ExxonMobil Corp. basked in a premium stock valuation for two decades thanks to unparalleled financial discipline, management expertise and the ability to weather oil-price downturns that hobbled lesser rivals. Those days are over. ...

Genoil to develop 1.8 Bbbl of reserves in Sakha Republic, Russia

Genoil (GNOLF) has signed an agreement to develop five oil and gas fields in the Sakha Republic (Yakutia), Russia, with recoverable reserves of 1.8 Bbbl. The scale of the project will require $35 billion, with the first phase costing $6 billion, representing a landmark agreement for Genoil. ...

Santos strengthens Northern Australia position with Beehive 3D seismic survey

Santos today entered an agreement to partially fund and operate a 3D seismic survey over the exciting, undrilled Beehive prospect, earning the company a farm-in option for WA-488-P in the Bonaparte basin, offshore Western Australia. ...

Hurricane Energy provides operational update on early production system for Lancaster field

Hurricane Energy plc, the UK based oil and gas company focused on hydrocarbon resources in naturally fractured basement reservoirs, is pleased to provide an operations update on activities related to the early production system for Lancaster field (Lancaster EPS), at Drydocks World, Dubai, ahead of an analyst visit this week. ...

President Energy granted legislative approval of extension agreement for Puesto Flores field

President Energy has announced that the Rio Negro Provincial Legislature has approved the 10-year extension agreement for the Puesto Flores and Estancia Vieja Concession in that Province in Argentina. ...

Trump is said to open door for oil drilling off U.S. East Coast

The Trump administration is preparing to unveil as soon as this week an expansive offshore oil plan that would open the door to selling new drilling rights in Atlantic waters, according to people familiar with the plan. ...

Austrian gas hub explosion rattles Europe's energy markets

Natural gas and power prices jumped in Europe after an explosion at one of the continent’s biggest gas hubs further tightened supplies during a cold snap. ...

Noia names 2018 industry achievement awards

Noia is pleased to announce Bill Fanning of Kaverner Canada Ltd. and Stephen Edwards, P.Eng. of ExxonMobil Canada Ltd. as recipients of the Outstanding Contribution Award and Rising Star Award, respectively. These individuals will be recognized at Noia’s Industry Achievement Awards luncheon on March 9, 2018, at the Delta St. John’s Hotel. ...

Pumpjacks fail, as long shale wells make pumping oil harder

Imagine trying to slurp a thick chocolate shake through a J-shaped straw four miles long. That’s the kind of cheek-puckering test the American shale industry must overcome to prolong a record boom in oil output. ...

Brent reaches highest since 2015 after Forties Pipeline shutdown

Brent crude in London reached its highest since 2015 as a key North Sea pipeline shut down. ...

Novatek acquires Chernichnoye field

PAO Novatek has announced that an agreement was concluded to acquire OOO Chernichnoye from Oil Company “Mangazeya” JSC. The transaction is expected to close in early 2018. ...

SDX Energy reports gas discovery on Sebou permit, in Morocco

SDX Energy Inc., the North Africa focused oil and gas company, is pleased to announce that a gas discovery has been made at its KSR-16 development well on the Sebou permit in Morocco (SDX, 75% Working Interest). ...

PSA: Eni to resume production at Goliat

Following an overall assessment, the Petroleum Safety Authority Norway (PSA) has determined that the order which required a shutdown of Goliat has now been complied with. This means that operator Eni Norge (Eni) can bring the field back on stream. ...

The Petroleum Safety Authority begins investigation of fatal accident at Tambar field

The Petroleum Safety Authority Norway (PSA) has initiated an investigation of an incident where one person died and another suffered serious injuries on Maersk Interceptor at Tambar field on Dec. 7, 2017. ...

Aker Solutions to provide subsea production system for Aker BP's Ærfugl

Aker Solutions was awarded a contract from Aker BP to deliver the subsea production system for the first phase of the Ærfugl development offshore Norway. ...

Oil holds steady on OPEC oil-cuts review, increase in U.S. rigs

Oil held steady as U.S. drilling expanded and two OPEC nations signaled the group may phase out production cuts if the market improves by the middle of the year. ...

Kuwait says global oil cuts can halt if market balances by June

OPEC and its global allies including Russia may end their production cuts before 2019 if the crude market re-balances by June, Kuwait’s oil minister said. ...

Nodding donkeys fail as long shale wells make pumping oil harder

Imagine trying to slurp a thick chocolate shake through a J-shaped straw four miles long. That’s the kind of cheek-puckering test the American shale industry must overcome to prolong a record boom in oil output. ...

Woodside awards Greater Enfield subsea rig interface work to ICON Engineering

Woodside Energy has awarded ICON Engineering a scope of works providing subsea rig interfaces for the Greater Enfield oil development project. ...

DNO triples production from Peshkabir field in Kurdistan

DNO ASA, the Norwegian oil and gas operator, today announced a tripling of production from Peshkabir field in the Tawke license in the Kurdistan region of Iraq to 15,000 bopd following completion of the Peshkabir-3 well testing, stimulation and cleanup program. ...

Egypt sees pilot production at Eni's Zohr gas field in just days

Pilot production at Egypt’s Eni SpA-operated Zohr natural gas field will begin “in the coming few days,” the oil ministry said, as the country nears its goal of commercial output from the biggest gas discovery in the Mediterranean Sea by the end of this year. ...

Sonangol's former leader prepares new oil plans after losing post in Angola

Less than a month after being fired as head of Angola’s state-owned oil company, Isabel dos Santos says she is studying new deals. ...

Polarcus secures funding for 3D broadband project in Australia

Polarcus Limited has announced that the Company has secured significant industry prefunding and has been granted the environmental permit for a broadband 3D marine seismic project in Australia. ...

Yamal LNG project begins gas exports

Total announces that the first cargo of liquefied natural gas (LNG) from Yamal LNG is ready to leave Sabetta. This first shipment is a major milestone for Yamal LNG, one of the biggest liquefied natural gas projects in the world. ...

BASF, LetterOne sign letter of intent to merge oil and gas subsidiaries

BASF and LetterOne signed a letter of intent today to merge their respective oil and gas businesses in a joint venture, which would operate under the name Wintershall DEA. ...

Faroe Petroleum provides update regarding incident at Tambar field

Aker BP has confirmed that one person has died following the serious accident on the Maersk Interceptor drilling rig on Tambar field on Thursday. ...

Valorem Energy closes on $285-million acquisition of Williston basin assets

Valorem Energy, LLC, announced that it has closed on its acquisition of LINN Energy, Inc.’s Williston basin interests for a purchase price of $285 million. ...

U.S. shale has a Panama Canal problem that's got no easy fix

It seemed at the time like a somewhat random, and amazingly fortuitous, coincidence. ...

Arctic refuge drilling to get speedy permit review, U.S. says

The Trump administration has a plan in place to speed up permit reviews for drilling in Alaska’s Arctic National Wildlife Refuge if Congress approves exploration there, an advisor to the U.S. Interior Department said Thursday. ...

Next U.S. crude export surge may start at a lonely Gulf buoy

A 1,000-ft ship will likely pull up to a buoy floating in the Gulf of Mexico next year, hook up its hoses and usher the U.S. into a new era as a major oil exporter. ...

Oil rises, paring weekly decline after Chinese imports increase

Oil rose, paring a second weekly loss, as strong Chinese crude imports allayed concerns that U.S. markets may remain oversupplied. ...

Putin blesses multi-billion-dollar bet on Russian role in LNG

As Russia’s President Vladimir Putin oversees the official start of a $27-billion liquefied natural gas plant in the snow-covered tundra of northern Siberia, his mind may wander to its biggest competitor more than 3,000 mi away in Qatar. ...

Dogged $4-billion investor roused by shale's zeal for thrift

Shawn Reynolds is sticking to shale, with the $4-billion fund manager unshaken in his resolve that the U.S. industry’s stocks are due for a rebound after a lackluster 2017. ...

IPAA, Western Energy Alliance welcome suspension of Obama-era venting and flaring rule

The Independent Petroleum Association of America (IPAA) and Western Energy Alliance today welcomes the Bureau of Land Management’s (BLM) suspension of an Obama administration final rule regulating venting and flaring from oil and natural gas operations on federal and tribal lands. ...

IPAA, Western Energy Alliance welcome BLM suspension of Obama-era venting and flaring rule

The Independent Petroleum Association of America (IPAA) and Western Energy Alliance today welcomes the Bureau of Land Management’s (BLM) suspension of an Obama administration final rule regulating venting and flaring from oil and natural gas operations on federal and tribal lands. ...

Faroe Petroleum reports incident at Tambar field

Faroe Petroleum, the independent oil and gas company focusing principally on exploration, appraisal and production opportunities in Norway, the UK and Atlantic Margin, notes the press release provided below by Aker BP, the operator, regarding an incident at Tambar field in Norway (Faroe 45%). ...

China on its way to becoming second-largest importer of LNG

China is ahead of schedule on its way to becoming the second-largest importer of liquefied natural gas. ...

OPEC's surprise oil deal with Libya seen as empty gesture

OPEC appeared to score a diplomatic coup last week by persuading Libya, its most troubled member, to accept production limits. In reality, the agreement probably means little for the oil market. ...

Tight focus on costs, single region boosts top Canada oil gainer

Since crude prices sank below $100/bbl three years ago, investors in oil stocks have been sending one clear message to companies: Stick to your knitting. ...

CGG releases multi-client airborne gravity, magnetic survey over Perdido Fold Belt, Mexico

CGG Multi-Physics has announced completion of the acquisition, processing and interpretation of a multi-client airborne gravity and magnetic survey of approximately 38,000 line km over the Perdido Fold Belt. ...

Delmar Systems moves into new mooring equipment storage yard in Western Australia

Delmar Systems Pty, LTD has purchased a new mooring equipment storage yard and base facility at Karratha in Western Australia. ...

Chisholm Energy expands acreage position in New Mexico's Delaware basin

Chisholm Energy Holdings, LLC, a start-up oil and gas company backed by Warburg Pincus, today announced that it has signed a definitive agreement to acquire undeveloped acreage from Resource Rock Exploration, LLC, an oil and gas company backed by Kayne Anderson Energy Funds. The acreage, which contains multiple horizontal reservoir targets in the Bone Spring and Wolfcamp Formations, is located in Eddy County in New Mexico's Delaware basin. ...

Energean signs further gas sales contracts, moves closer to FID for Karish and Tanin fields

Energean Oil and Gas has announced that Energean Israel has signed further Gas Sales and Purchase Agreements (GSPAs) for natural gas supply from Karish and Tanin fields, offshore Israel. ...

Tendeka appoints new CEO to galvanize growth

Global oil and gas solutions provider Tendeka has appointed Brad Baker as its new CEO, as the independent completions and production optimization specialist gears up for further growth. ...

Sparrows Group awarded five-year contract from Premier Oil

Sparrows Group has secured a new five-year contract with Premier Oil for the provision of crane operations and maintenance across two of its North Sea assets. ...

Santos strengthens PNG growth with farm-in to Aure Fold Belt

Santos has announced it will acquire a 20% equity in the PPL 339 licence in Papua New Guinea via a farm-in agreement with Kina Petroleum Limited. ...

Aker Solutions to design Johan Castberg FPSO accommodation unit

Aker Solutions won a contract from Sembcorp Marine to design the living quarters for the Johan Castberg development's floating production, storage and offloading vessel (FPSO). ...

Chevron announces $18.3-billion capital, exploratory budget for 2018

Chevron Corporation has announced a 2018 capital and exploratory spending program of $18.3 billion. This figure includes $5.5 billion for the company’s share of expenditures by affiliated companies. ...

Crude falls to near $56 after U.S. gasoline stockpiles gain

Oil held losses near $56/bbl after falling the most in two months as U.S. gasoline stockpiles expanded more than expected, offsetting a third weekly decline in crude inventories. ...

U.S. ready to ship more natural gas to Middle East as Saudis get offer

U.S. natural gas exports could find buyers in the oil-rich Persian Gulf as countries there look to meet surging demand. ...

BHP Billiton sees bigger role for carbon-capture systems

BHP Billiton Ltd., the world’s biggest mining company, said wider use of systems that trap carbon emissions will be needed to meet international climate goals, even as investments in the technology stall. ...

OPEC's surprise oil-output deal with Libya seen as empty gesture

OPEC appeared to score a diplomatic coup last week by persuading Libya, its most troubled member, to accept production limits. In reality, the agreement probably means little for the oil market. ...

Dead well glut has Alberta regulators scrutinizing oil licenses

Alberta’s government is giving its energy regulator new authority to scrutinize and reject applications for oil and gas production licenses to try to slow the growth of the province’s inventory of abandoned wells. ...

Magic number for new shale surge: $60/bbl, JPMorgan says

For America’s shale drillers, the tipping point to boost production looks to be $60/bbl. ...

China's $160-billion energy MandA binge was bad for most investors

If history is any guide, investors in China’s biggest oil companies may lose out as a record $35 billion in cash is tapped for a fresh round of deals, according to Sanford C. Bernstein and Co. LLC. ...

SBM Offshore awarded turnkey contract for Johan Castberg turret mooring system

SBM Offshore has announced that the Company has been awarded the contract and received the corresponding notice from Statoil to proceed with the engineering, procurement, construction (EPC) work scope for a large-scale turret mooring system for its Johan Castberg development. ...

EIA: Appalachia drives growth in U.S. natural gas production since 2012

Shale gas production in the Appalachia region has increased rapidly since 2012, driving an overall increase in U.S. natural gas production. ...

Eni secures project financing for Coral South FLNG

Eni, together with its Area 4 Partners, announces that the Coral South FLNG multi-sourced project financing achieved financial close, for a total amount of $4,675,500,000. ...

Novatek acquires South-Khadyryakhinskoye and Eurotek

PAO Novatek has announced the acquisition of AO South-Khadyryakhinskoye and AO Eurotek from AR Oil and Gas BV, joint venture of AO Neftegazholding and Repsol SA. ...

DEA, Sonatrach strengthen cooperation with MoU in Algeria

DEA Deutsche Erdoel AG and the Algerian state company Sonatrach have signed a Memorandum of Understanding (MoU). The MoU aims at strengthening the cooperation between the two companies and defines the framework for DEA's potential participation in additional upstream projects in Algeria. ...

Oil drops as industry data show U.S. gasoline stockpiles grew

Oil declined after industry data showed U.S. gasoline stockpiles expanded for the first time in four weeks. ...

United Oil and Gas reports positive log results at Selva gas field, onshore Italy

United Oil and Gas Plc, the London Stock Exchange listed oil and gas exploration and development company, has announced positive log results from the drilling of the Podere Maiar 1 (PM1) well in Selva gas field in the Podere Gallina licence, onshore Italy. ...

Drillinginfo acquires Pattern Recognition Technologies

Drillinginfo, the energy industry's leading SaaS and data analytics company, announced today it has acquired Dallas-based Pattern Recognition Technologies (PRT), a global leader in energy forecasting. ...

Arctic oil rush abates in Norway after exploration letdown

Oil exploration in Norway’s Arctic seems to have lost some of its appeal after a disappointing drilling campaign. ...

Libya said to keep oil output stable, in line with OPEC deal

Libya, which has been stepping up efforts to boost oil output, will maintain its current production level until the end of next year to stay in line with OPEC’s agreement to trim global supplies. ...

Oil firms pledge to pare methane leaks, positioning natural gas for the future

As the Trump administration rolls back Obama-era curbs on greenhouse gas emissions, more than two dozen oil companies are uniting in a voluntary effort to pare methane leaks and better position natural gas for a clean-energy future. ...

Oil firms pledge to pare methane leaks, better positioning natural gas for the future

As the Trump administration rolls back Obama-era curbs on greenhouse gas emissions, more than two dozen oil companies are uniting in a voluntary effort to pare methane leaks and better position natural gas for a clean-energy future. ...

Drillinginfo acquires Patter Recognition Technologies

Drillinginfo, the energy industry's leading SaaS and data analytics company, announced today it has acquired Dallas-based Pattern Recognition Technologies (PRT), a global leader in energy forecasting. ...

African Petroleum announces licence extensions in Sierra Leone

African Petroleum, an independent oil and gas exploration company with licence interests in four countries offshore West Africa, has announced that its wholly owned subsidiaries, European Hydrocarbon Limited and African Petroleum Sierra Leone Limited, have signed agreements with the Petroleum Directorate Sierra Leone to enter into the Second Extension Periods of the SL-03 and SL-4A-10 licences, respectively. ...

Yamal LNG commences production

PAO NOVATEK (Novatek) today announced that Yamal LNG has commenced producing liquefied natural gas (LNG) at the first LNG train, with the nameplate capacity of 5.5 million tons per annum. ...

Dana Petroleum reports first oil from Western Isles development in the UK North Sea

Dana Petroleum has announced first oil from its Western Isles development in the UK North Sea. Production started on Nov. 15 and has continued steadily and in line with expectations. ...

Petrofac and SOCAR form joint venture

Petrofac’s Training Services business and the State Oil Company of the Republic of Azerbaijan (SOCAR) have signed a Shareholders Agreement to form a Joint Venture (JV) for the pursuit of training opportunities across the country’s oil and gas and petrochemical industries. ...

NPD: Solid applicants want to explore in the 24th round

Eleven companies have applied for production licenses in the 24th licensing round on the Norwegian shelf. ...

NPD: Solid applicants want to explore in the 24th round

Eleven companies have applied for production licenses in the 24th licensing round on the Norwegian shelf. ...

Aker Solutions wins NOK 4 billion worth of Johan Castberg orders

Aker Solutions won key work to help Statoil develop Johan Castberg field, the largest oil discovery in the Norwegian Barents Sea. ...

Goldman's an oil bull in 2018 with 9% total returns forecast

Goldman Sachs Group predicts oil prices will retain their strength, at least through 2018. ...

Oil industry to open 2018 stuck between thirst for growth, wary investors

Investor exhaustion with poor returns from the oil and gas industry may mean less financing to expand the U.S. shale boom next year, and less of a drive for consolidation. ...

Statoil greenlights key $6 billion Norway Arctic oil project

Statoil gave the final go-ahead to a flagship Arctic oil project after slashing costs by half. ...

OPEC crude output drops to six-month low on Angola maintenance

Crude production from the Organization of Petroleum Exporting Countries dropped again in November to a six-month low. ...

Emerson completes Paradigm acquisition

Emerson has announced it has completed the purchase of Paradigm, a provider of software solutions to the oil and gas industry. ...

Airborne Support, Fototerra announce JV to provide airborne oil spill response in the GOM

Airborne Support Inc. (ASI) and Fototerra Aerial Survey LLC (Fototerra) today announced a joint venture to provide integrated airborne oil spill response services in the Gulf of Mexico for the responder's community and the oil and gas operators. ...

Aker BP divests 10% in Valhall, Hod fields

Aker BP ASA has entered into an agreement with Pandion Energy AS to divest 10% interest in Valhall and Hod fields for an undisclosed cash consideration. ...

ExxonMobil acquires exploration acreage in three Mauritania offshore blocks

ExxonMobil has announced that its wholly owned affiliate, ExxonMobil EandP Mauritania Deepwater Ltd., has signed production sharing contracts with the government of Mauritania for three deepwater offshore blocks. ...

Lundin Petroleum spuds exploration well on Hurri prospect in the Barents Sea

Lundin Petroleum AB has announced that its wholly owned subsidiary Lundin Norway AS has commenced drilling of exploration well 7219/12-3 on the Hurri prospect in PL533 in the southern Barents Sea. ...

Acteon completes purchase of Viking Seatech Group

Subsea services group Acteon has announced that it has enhanced its moorings capabilities by completing the purchase of the Viking Seatech Group. ...

Lundin Petroleum spuds exploration well on Hurri prospect in the southern Barents Sea

Lundin Petroleum AB has announced that its wholly owned subsidiary Lundin Norway AS has commenced drilling of exploration well 7219/12-3 on the Hurri prospect in PL533 in the southern Barents Sea. ...

Oil falls below $58 as OPEC deal risks a new wave of shale

Oil dropped below $58/bbl as investors weighed an increase in U.S. drilling rigs against OPEC’s promise to extend output cuts through the end of next year. ...

Saudi oil minister says cuts to stay until market balanced

OPEC and its allies outside the group will maintain their cuts in oil output until global production meets demand, Saudi Arabia’s Energy Minister Khalid Al-Falih said. ...

Shale turns OPEC ally from foe with focus on oil returns

Don’t expect Big Shale to rush and fill the hole left by OPEC in the oil market. ...

Rosneft hedges Russia sanction threat with record debt binge

Rosneft Oil PJSC has racked up more than $17 billion worth of debt in 2017, its biggest year of borrowing on record, as the threat of new sanctions hangs over Russian debt markets. ...

Eni's former Indian oil explorer targets 12-fold sales jump

Hindustan Oil Exploration Co. is rising from the ashes about a year after Italy’s Eni SpA sold its controlling stake. ...

RGU launches world's first decommissioning simulator

Aberdeen’s Robert Gordon University (RGU) has today (Monday, Dec. 4) launched a state-of-the-art decommissioning simulator to service the growing sector. ...

Chevron's $1-million-an-hour dividend may go into overdrive

Chevron Corp. may accelerate dividend growth over the next two years thanks to megaprojects that are already in the budget, according to one of the top-rated analysts following the oil explorer. ...

Shale drillers "itchy" to plow OPEC's gift into more U.S. wells

OPEC and Russia just gave their most implacable foe, U.S. shale, an early holiday gift. ...

Blackstone said to offer $6 billion for Petrobras pipeline

Blackstone Group has teamed up with its Brazilian partner to compete for Petroleo Brasileiro SA’s natural gas pipeline network in the country’s northeast, said people with knowledge of the matter. ...

Probe Technologies, Hunter Well Science complete strategic merger

Probe Technologies Holdings, Inc., announced it has completed a strategic merger with Hunter Well Science Ltd. that significantly expands its product offering to better serve its growing international customer base. ...

EIA: Bakken gas production increasing at a faster rate than oil production

In North Dakota’s Bakken region, the ratio of natural gas production relative to crude oil, known as the gas-oil ratio, has been gradually increasing since 2008 and has increased at a faster rate since 2014. ...

EnQuest acquires 25% interest in Magnus field from BP

EnQuest PLC has announced that it has completed the acquisition of an initial 25% interest in the Magnus oil field (Magnus) in the UK North Sea, as well as a 3.0% interest in the Sullom Voe Oil terminal and supply facility (SVT) and additional interests in associated infrastructure from BP as planned. ...

Maersk Oil announces largest project investment ever made in the Danish North Sea

Maersk Oil is pleased to announce that the Danish Underground Consortium (DUC) has approved an investment of approximately DKK 21 billion in the full redevelopment of Tyra gas field. The announcement follows the Danish Parliament’s approval to implement legislation to secure the investment. ...

Newly named Mero field estimated to hold 3.3 Bbbl

Petrobras, as the Operator and acting on behalf of the Libra Consortium, announces that today it submitted the declaration of commerciality to the Brazil’s National Petroleum, Natural Gas and Biofuels Agency (ANP) regarding the oil accumulation located in the northwestern portion of Libra block, in the Pre-salt of the Santos basin. ...

CandJ Energy Services completes acquisition of O-Tex Holdings

CandJ Energy Services, Inc., has announced that it has completed its acquisition of all of the outstanding equity interests of O-Tex Holdings, Inc., and its operating subsidiaries, including O-Tex Pumping, LLC. ...

Goldman says no need for jittery oil market

Don’t worry about long-term oil supply, according to Goldman Sachs Group Inc. ...

MIT study suggests U.S. vastly overstates oil output forecasts

Turns out, America’s decade-long shale boom might just end up being a little too good to be true. ...

OPEC's easy win masks tough oil-market choices still to come

On the surface, Thursday’s OPEC meeting was a no-drama success. ...