Oil's never-ending supply glut story has a built-in ending: Column

This isn't the way things were supposed to be for the oil market. Instead of seeing supply and demand rebalance and prices recover, we're sitting on the edge of a bear market. More »

Saudis lower oil price to Asia most in 10 months in sign of glut

Saudi Aramco, the world’s largest oil exporter, lowered the pricing terms for Arab Light sold to Asia by the most in 10 months as refineries grapple with falling margins and oversupply. More »

Oil giants find there’s nowhere to hide from doomsday market

Exxon Mobil Corp. and Royal Dutch Shell Plc this week reported their lowest quarterly profits since 1999 and 2005, respectively. Chevron Corp.’s third straight loss marked the longest slump in 27 years, and BP Plc lodged its lowest refining margins in six years. More »

Libya's Petroleum Facilities Guard to reopen ports for oil exports

Libya’s Petroleum Facilities Guard (PFG) signed an agreement on Thursday to reopen the ports of Ras Lanuf, Zuwetina, Es Sidra and Brega. More »

Libya's Petroleum Facilities Guard reopens four ports to resume oil exports

Libya’s Petroleum Facilities Guard (PFG) signed an agreement on Thursday to reopen the ports of Ras Lanuf, Zuwetina, Es Sidra and Brega. More »

Fracture ID announces Drillbit Geomechanics to lower costs, increase production

Fracture ID, a Denver-based oil and gas technology company, has announced a low-cost solution for engineered completions. More »

Exxon misses profit, output estimates as oil glut spreads

Exxon Mobil Corp. posted the smallest profit since 1999 as Canadian wildfires shut some production and a global glut of oil spread to motor fuels, dragging down refinery margins. More »

Seadrill nets three-year contract extensions for two jackups

Seadrill has received three-year contract extensions from Saudi Aramco for the jackups AOD I and AOD II. More »

Chevron extends losing streak as prices reel under glut’s weight

Chevron Corp. posted its third straight loss as demand for the company’s raw materials and fuels failed to keep pace with swelling supplies. More »

DOF Subsea wins Prelude FLNG contract

Shell Australia has awarded DOF Subsea a five-year contract with 2x two-year options to provide a full-time underwater services and multi-purpose supply vessel (MPSV) to the Prelude FLNG facility. More »

DNO launches $300-million offer to acquire Gulf Keystone

DNO has unveiled a $300-million proposal to acquire all of the enlarged share capital in Gulf Keystone Petroleum following the latter's contemplated financial restructuring announced earlier this month. More »

Exxon Mobil’s second-quarter profit drops 59% to $1.7 billion

IRVING, Texas -- Exxon Mobil Corporation has announced estimated second-quarter 2016 earnings of $1.7 billion, or $0.41 per diluted share, compared with $4.2 billion a year earlier. More »

Exxon Mobil earns $1.7 billion in second quarter

IRVING, Texas -- Exxon Mobil Corporation has announced estimated second-quarter 2016 earnings of $1.7 billion, or $0.41 per diluted share, compared with $4.2 billion a year earlier. More »

OPEC’s new chief faces fragile unity as prices sting have-nots

When OPEC’s new chief starts next week, he’ll take over an organization that’s largely reconciled internal differences after a two-year fight over strategy. But as oil prices sink again, that unity could be at risk. More »

Statoil buys $2.5-billion stake in Santos basin license from Petrobras

Statoil is to acquire Petrobras’ 66% operated interest in the BM-S-8 offshore license in Brazil’s Santos basin. More »

The glut strikes back as oil returns to brink of bear market

The bullish spirit that gripped oil traders as industry giants from Saudi Arabia to Goldman Sachs Group Inc. declared the supply glut over is rapidly ebbing away. More »

$60 is the new $50 for U.S. drillers contemplating rebound

For U.S. oil drillers, $60 is the new $50.Earlier this year, oil and natural gas companies facing the worst slump in a generation said they’d need crude to reach $50/bbl before resuming drilling. More »

U.S. explorer Halcon Resources files for bankruptcy

Halcon Resources Corp., the oil and gas explorer founded by wildcatter Floyd Wilson, filed for bankruptcy as part of a restructuring agreement reached with key lenders in May. More »

U.S. shale gas shaking up global markets as LNG supply surges

Shale drillers from Pennsylvania to Texas flooded the U.S. with so much natural gas over the past decade that prices slid to a 17-year low. Now they’re going global, with the potential to upset markets from London to Tokyo. More »

North America recovery unlikely this year, Baker Hughes says as it reports loss

Baker Hughes reported a second-quarter loss Thursday as it warned that a recovery in the North American market is unlikely this year. More »

ConocoPhillips reports second quarter net loss of $1.1 billion

HOUSTON – ConocoPhillips has reported a second-quarter net loss of $1.1 billion, or $0.86 per share, compared with a second-quarter 2015 net loss of $179 million, or $0.15 per share. More »

Rimrock Resource Partners acquires assets in Oklahoma’s SCOOP play

Rimrock Resource Partners has closed a $150-million acquisition of assets from an undisclosed seller. More »

Crude oil is skidding toward its next big technical test: Column

Here's a number that matters in the oil market right now: $40.76. More »

Venari Resources ups stake in deepwater Shenandoah field

Venari Resources has acquired an additional 7% working interest in Shenandoah field on Walker Ridge Blocks 51, 52 and 53. The company also reported successful results from the Shenandoah #5 appraisal well. More »

Shell reports new deepwater discovery in U.S. Gulf of Mexico

Shell has made a new discovery in the deepwater U.S. Gulf of Mexico. The initial estimated recoverable resources for the Fort Sumter well are more than 125 MMboe. More »

Bibby Offshore wins multi-million-dollar North Sea contract

Bibby Offshore has secured a multi-million-dollar contract with an independent UK-based EandP company, to provide air diving, and ROV inspection and construction services across five of its North Sea assets. More »

Total profit beats estimates as cost cuts deepen amid slump

Total said profit fell 30% in the second quarter, beating analysts’ estimates as deeper cost cuts and rising production helped the French company offset the slump in crude prices and strikes at its domestic refineries. More »

Shell earnings tumble to 11-year low on oil, weaker refining

Royal Dutch Shell reported the lowest quarterly earnings in 11 years and missed estimates by more than $1 billion as a mix of lower energy prices, weaker refining margins and production halts weighed on Europe’s largest oil company. More »

Pioneer boosts oil production target as earnings beat estimates

Pioneer Natural Resources, which has been ramping up drilling while rivals pull back, increased its full-year output target after earnings beat expectations. More »

Anadarko looks to $60 oil next year as signal to spend more

Anadarko Petroleum Corp. expects higher oil prices next year will allow it to spend more money on oil and natural gas exploration. More »

UK opens up frontier acreage in new licensing round

The Oil and Gas Authority (OGA) has launched the 29th Offshore Licensing Round with more than 1,200 blocks on offer to support the OGA’s objective of maximizing economic recovery (MER) from the UK Continental Shelf (UKCS). More »

Painted Pony swaps Montney acreage, wells with industry partner

Painted Pony Petroleum has entered into an asset exchange agreement, which includes Montney acreage, wells and non-operated facility interests, with a large industry partner on jointly held acreage in the Daiber, Cameron and Blair areas of Painted Pony's northeast British Columbia Montney asset. More »

BSEE forms interagency group focused on subsea bolts

In another step to address a critical safety concern involving the failure of subsea bolts offshore, BSEE Director Brian Salerno is forming an interagency group to focus on the subsea bolt issue and the risks it poses to offshore operations. Director Salerno is calling upon federal partners to work on this critical safety issue as part of BSEE’s Interagency Bolt Action Team. More »

OGA launches 29th Offshore Licensing Round

The Oil and Gas Authority (OGA) has launched the 29th Offshore Licensing Round with more than 1,200 blocks on offer to support the OGA’s objective of maximizing economic recovery (MER) from the UK Continental Shelf (UKCS). More »

Hess slumps as driller cuts production outlook on Gulf woes

Hess Corp. slid to the lowest in more than three months after the oil and gas producer trimmed its output estimate for the year by as much a 10% following disruptions in two Gulf of Mexico fields. More »

Weatherford boosts production optimization offering with IBM collaboration

Weatherford has signed a Joint Initiative Agreement (JIA) with IBM to collaborate on the development of new products and services for oil and gas producers that leverage IBM advanced analytics and Internet of Things (IoT) capabilities on the IBM Cloud and further strengthen Weatherford's production optimization technologies. More »

BLM to analyze proposed production well in NPR-A

The Bureau of Land Management (BLM) has announced a Notice of Intent to conduct an environmental review for a proposed oil and gas production well in the 23 million-acre National Petroleum Reserve in Alaska (NPR-A). More »

Technip wins subsea contract for Woodside’s Greater Enfield development

Technip has been awarded a large subsea contract by Woodside to support the development of the Greater Enfield Project offshore Western Australia. More »

Statoil suffers surprise loss amid collapse in oil prices

Statoil deepened spending cuts after Norway’s biggest oil producer reported an unexpected loss amid lower crude prices and taxes on unprofitable international operations. More »

Oil falls from three-month low as supplies at U.S. hub swell

Oil fell from the lowest close in three months as industry data showed crude stockpiles at the biggest U.S. storage hub rose, swelling supplies already at a seasonal record. More »

Claxton awarded Statoil decommissioning contract for Huldra wells

Claxton, an Acteon company, has been awarded a contract with Statoil to provide ‘rigless recovery’ of seven abandoned wells on the Huldra platform on the Norwegian Continental Shelf. More »

Technip wins large contract for Woodside’s Greater Enfield development

Technip has been awarded a large subsea contract by Woodside to support the development of the Greater Enfield Project offshore Western Australia. More »

Flotek to acquire International Polymerics

Flotek Industries has announced its intent to acquire International Polymerics, Inc. (IPI), and affiliates, for a consideration consisting of cash and Flotek common stock. More »

Oil majors lost one engine; Now the second one Is sputtering

If Big Oil was a two-engine airplane, you could say it’s been flying on a single engine since energy prices crashed in 2014. Now, the second motor is sputtering. More »

Tullow to pump first oil from Ghana’s TEN field early August

LONDON (Bloomberg) -- Tullow Oil said a new project off Ghana will produce its first crude early next month as the African-focused explorer reported its first profit in three years. More »

Statoil CEO ‘very confident’ oil will reach $50-60

The CEO of Norway’s biggest oil company says he has few doubts that crude will again trade at around $50 to $60, marking a jump in prices that could be more than 30% compared with today’s level. More »

Weatherford boosts production optimization offering with IBM analytics collaboration

Weatherford has signed a Joint Initiative Agreement (JIA) with IBM to collaborate on the development of new products and services for oil and gas producers that leverage IBM advanced analytics and Internet of Things (IoT) capabilities on the IBM Cloud and further strengthen Weatherford's production optimization technologies. More »

McDermott, N-KOM enter exclusive cooperation agreement in Qatar

McDermott International and Nakilat-Keppel Offshore Marine (N-KOM) have announced a memorandum of understanding for an exclusive cooperation agreement to pursue offshore engineering, procurement, construction and installation (EPCI) projects within Qatari waters. More »

Acquisitions seen accelerating as fear of bad deals fade

Oil and gas acquisitions are poised to pick up as energy prices stabilize and fears of bad deals wane, according to Ernst and Young LLP. More »

Anadarko loss narrower than expected as oil producer cuts costs

Anadarko Petroleum Corp. posted a loss that was narrower than expected for the second quarter as it cuts costs and sells assets to weather the oil industry downturn. More »

Oil falls to three-month low amid projected fuel supply growth

Oil dropped to a three-month low in New York amid speculation that U.S. fuel stockpiles increased, bolstering a glut in the world’s biggest crude-consuming nation. More »

Romgaz awards casing, connections and services contract to Tenaris

Romgaz has awarded Tenaris with a contract to provide 6,000 tons of casing and TenarisHydril Blue connections to Societatea Națională de Gaze Naturale Romgaz SA Mediaș (Romgaz), the largest producer and main supplier of natural gas in Romania. More »

Well Control Rule set to take effect this week

With many of the Well Control Rule provisions set to take effect in less than a week, on July 28, Bureau of Safety and Environmental Enforcement (BSEE) Director Brian Salerno today reminded his senior staff to provide timely responses to any questions the agency receives. More »

Deep Down nets orders valued at over $3 million

Deep Down, an oilfield services company specializing in deepwater and ultra-deepwater oil production distribution system support services, has received orders for flying leads and umbilical accessories, valued at over $3 million, directly from two major operators. More »

Oil bulls beware: Demand is about to fall sharply

Beware, oil bulls: Just as U.S. oil production sinks low enough to drain supplies, demand is about to fall off a cliff. More »

Beware, oil bulls: Demand is about to fall sharply

Beware, oil bulls: Just as U.S. oil production sinks low enough to drain supplies, demand is about to fall off a cliff. More »

Exxon Mobil’s South Pacific gas grab derided by InterOil’s founder

InterOil Corp.’s founder and third-largest investor said Exxon Mobil Corp.’s $3.6-billion offer for the South Pacific natural gas driller is “vastly inadequate” and he urged Exxon to sweeten the offer. More »

More companies set to break even at $50 but future growth prospects are damaged

HOUSTON -- Wood Mackenzie's recent analysis of corporates in the oil and gas sector shows the industry has a strong ‘survival’ reflex, measured by dramatically tighter cash flow management. More »

Intertek achieves first SANAS accreditation in South Africa

Intertek has achieved its first industry accreditation in South Africa for flow metering verification. This will enable the company to provide assurance to SANAS industry standards that its clients’ flow metering equipment is operating as accurately as possible. More »

EV names Fraser Louden as new CEO

Well diagnosis specialist EV has announced the appointment of a new CEO. More »

Technip wins key IRM frame agreement in UKCS

Technip has been awarded a key contract by Repsol Sinopec Resources UK Limited for Inspection, Repair and Maintenance (IRM) works on its North Sea subsea infrastructure. More »

LNG’s surge from decade-low seen fizzling as supply ramps up

LNG’s surge is running out of gas. Liquefied natural gas in Asia, which was in such over-supply that prices in Japan fell to a decade-low in April, has risen by almost half in the past three months as production outages stifled supply, demand rose in places like China and India and a cold snap in Europe increased the need for heating fuel. More »

China’s biggest oil field posts 1st-half profit on cost cuts

China National Petroleum Corp. said its Changqing oil field, the country’s biggest crude and gas producer, rebounded from losses earlier this year to post a first-half profit amid reduced spending. More »

BP profit sinks as lower oil, weak refining strain industry

BP posted a 45% slump in earnings, pointing to a poor set of results from the industry as oil production barely breaks even and profits from refining sputter. More »

Oceaneering acquires Meridian Ocean Services

Oceaneering International, Inc. completed its acquisition of Meridian Ocean Services. More »

Large deposits of potentially producible gas hydrate found in Indian Ocean

The USGS has assisted the government of India in the discovery of large, highly enriched accumulations of natural gas hydrate in the Bay of Bengal. This is the first discovery of its kind in the Indian Ocean that has the potential to be producible. More »

Oil tumbles to three-month low as U.S. drilling climbs amid glut

Oil dropped to the lowest in three months in New York after U.S. producers increased drilling for a fourth week even as the market contends with abundant stockpiles. More »

Falcon spuds Beetaloo W-1 vertical well in Beetaloo basin, Australia

Falcon Oil and Gas Ltd. has announced the successful re-entry and casing of Amungee NW-1H horizontal well, and the spudding of the Beetaloo W-1 vertical well in the Beetaloo basin, Australia. More »

Nigeria talks to militants as Avengers strike gas pipeline

The Movement for the Emancipation of the Niger Delta started talks with Nigeria’s government, even as another militant group claimed to have blown up a pipeline in the oil-rich region. More »

Oil falls to two-month low as drilling increases amid surplus

Oil dropped to the lowest in more than two months after U.S. producers increased drilling for a fourth week even as the market contended with abundant supplies. More »

Tenth production well commissioned at Iraq’s Badra field, Gazprom Neft says

Gazprom Neft Badra, a subsidiary of Gazprom Neft, has commissioned its tenth production well (P-07) at Iraq’s Badra field. More »

Golar, Schlumberger target stranded gas with new joint venture

Golar LNG Limited and Schlumberger have announced the creation of OneLNG, a joint venture to rapidly develop low cost gas reserves to LNG. More »

Highlands Natural Resources farms into DJ basin acreage

Highlands Natural Resources has entered into a farm-in agreement in Arapahoe County, Colo., with Renegade Oil and Gas Company, which will allow it to drill up to six horizontal wells in acreage prospective for the Niobrara shale formation. More »

Libya oil ports’ re-opening halted by harder stances on payments

Two of Libya’s biggest oil ports may not re-open soon as the hardening positions of rival factions pose a fresh challenge to international efforts to reunite the country and restore its crude exports. More »

Refinery-driven oil price correction is upon us, Morgan Stanley says

Gear up for a fall in oil prices. The global oil market is "severely oversupplied" with gasoline—with stocks at a five-year high—serving as a blow to crude prices from next month, reckon Morgan Stanley analysts led by Adam Longson. More »

Forum unveils new syntactic foam manufacturing plant near Houston

Forum Energy Technologies has expanded its specialist syntactic foam manufacturing capabilities with the opening of a new plant near Houston. More »

Petrofac names Blackburn as senior V.P.

Petrofac has appointed Dave Blackburn, formerly of Hess Corporation, as senior V.P. of engineering and operations. Blackburn will be based in Aberdeen, Scotland. More »

Expro secures major well testing contract in India

Expro has been awarded new contracts from India’s Oil and Natural Gas Corporation Ltd (ONGC). More »

Suncor's emissions goal seen challenging even without total cuts

Suncor Energy Inc. plans to hold total greenhouse gas emissions at current levels through 2030, even as it boosts crude production by targeting a reduction in carbon output per barrel. More »

Southwestern's gas drilling revival could be bad sign for U.S. bulls

Southwestern Energy Co.’s revival of its dormant drilling program may be the beginning of the end for the U.S. natural gas rally. More »

BOEM to broadcast next month’s Gulf of Mexico lease sale online

BOEM Director Abigail Ross Hopper announced Friday that the bureau will offer 23.8 million acres offshore Texas for oil and gas exploration and development in a milestone lease sale that will include all available unleased areas in the Western Gulf of Mexico Planning Area. More »

Operators add 14 oil rigs in longest streak since August

U.S. oil producers continue to revive drilling in the shale patch, adding rigs for the fourth consecutive week in the longest streak of increases since August. More »

Oil glut deeper than just crude exposed as recovery stumbles

For almost two years, the spotlight in the global oil market has been on a surplus of crude. The latest stumble in prices has shown that the glut extends further. More »

Noble Energy starts production at Gunflint in deepwater Gulf Of Mexico

Noble Energy has started production at the company's Gunflint oil development in the deepwater Gulf of Mexico. More »

Total signs long-term LNG agreement with Japan’s Chugoku Electric

Total has signed a binding Heads of Agreement with Chugoku Electric for the direct supply of LNG for a period of 17 years starting from 2019. More »

Oil’s second quarter shaping up to be best of the year

For oil companies, the second quarter might be as good as it gets. Shares gained more than in any other industry, thanks to crude rising from a 12-year low. More »

Precision Drilling eyes Kuwait growth once oil prices recover

Precision Drilling Corp. is eyeing growth in Kuwait and other Middle Eastern countries once crude prices recover as a way to reduce dependency on North American markets, CEO Kevin Neveu said. More »

Fraclog in the biggest U.S. oil field may all but disappear

The number of dormant crude and natural gas wells in the U.S. stopped growing in the first quarter—and may all but disappear in the nation’s biggest oil field should prices hold steady. More »

Schlumberger posts surprise loss, job cuts as CEO sees bottom

Schlumberger reported an unexpected loss and cut more jobs as cheap crude has pushed a recovery in the oilfield services market out further than expected. More »

Schlumberger posts surprise loss, job cut as CEO sees bottom

Schlumberger reported an unexpected loss and cut more jobs as cheap crude has pushed a recovery in the oilfield services market out further than expected. More »

Exxon Mobil to buy gas explorer InterOil for up to $3.6 billion

Exxon Mobil Corp. agreed to buy natural gas explorer InterOil Corp. for as much as $3.6 billion to acquire discoveries in Papua New Guinea that will feed the buyer’s existing gas-export plant. More »

$150 billion slashed in U.S. Lower 48 alone: Wood Mac

Of the more than US$370 billion in global capital expenditure cut by upstream developers across 2016 and 2017, US$150 billion was slashed in the U.S. Lower 48 alone—more than three times any other single country, according to the latest Wood Mackenzie analysis. More »

2H Offshore appoints new managing director

2H Offshore, an Acteon company, has announced the appointment of Yann Helle as managing director. More »

Hoover Container Solutions' chairman and CEO named to PESA Advisory Board

Hoover Container Solutions’ chairman and CEO, Donald Young, has been nominated and elected to the Petroleum Equipment and Services Association (PESA) Advisory Board for a three-year term. More »

Woodside second-quarter sales decline 8% as energy prices slide

More »

Alberta power project to use associated gas from heavy oil production

Kineticor Resource Corp. has entered into long-term agreements with multiple oil and gas producers to construct, own and operate the 100 MW Peace River Power Project. The project will utilize associated gas produced as a result of heavy oil production near Peace River, Alberta, to create clean energy while significantly reducing flaring in the area. More »

Petronas appoints Vestigo Petroleum as operator of Berantai field

Petronas has appointed Vestigo Petroleum, a wholly owned subsidiary, to continue the operations and maintenance of Berantai field following the cessation of the Berantai Risk Service Contract (RSC) with the previous contractor. More »

Chevron sign LNG supply agreement with JOVO

Chevron U.S.A., a wholly owned subsidiary of Chevron Corp., has signed a Key Terms Agreement with Singapore Carbon Hydrogen Energy Pte. Ltd., a subsidiary of JOVO, for the delivery of LNG from Chevron’s global supply portfolio. More »

Technip wins MSA for Louisiana’s Monkey Island LNG project

Technip was awarded a Master Services Agreement (MSA) by SCTandE LNG, Inc. for their proposed 12 mtpa LNG export terminal on Monkey Island, in Cameron Parish, La. More »

Lundin starts three well campaign in southern Barents Sea

Lundin Norway, a wholly owned subsidiary of Lundin Petroleum, has commenced its 2016 exploration and appraisal campaign in the Loppa High area in the southern Barents Sea. The campaign will be carried out by the Leiv Eiriksson semisubmersible. More »

Exxon Mobil grabs reins in InterOil hunt as rivals bow out of deal

Exxon Mobil Corp. has a clear path to expanding its reach in Papua New Guinea after its rivals said they wouldn’t counter a $2.5-billion bid for gas explorer InterOil Corp. More »

Engie said to offer exploration assets from Europe to Africa

French utility company Engie SA is pushing ahead with a plan to sell its exploration unit, offering assets that span Europe to Africa as the company works to reduce its exposure to oil and gas prices, people familiar with the matter said. More »

Keppel profit falls as oversupply of oil rigs delays deliveries

Keppel Corp., the world’s largest builder of oil rigs, posted a 48% drop in second-quarter profit as oversupply led to delivery delays for offshore projects, and said it doesn’t expect demand for rigs to return soon. More »

Strategic investments and synergies critical to global energy sector progress

Making strategic long-term investments, and pooling resources from within the oil and gas industry is central to energy sector progress, said senior officials at a recent gathering of the Middle East Petroleum Club (MEPC) in Abu Dhabi. More »

Halliburton sheds more jobs, looks to North America recovery

Halliburton cut another 5,000 jobs in the second quarter as it positioned itself for a recovery in North America in the second half of the year. More »

Oil rises after EIA shows U.S. crude supplies falling for record ninth week

Oil rose after a government report showed that U.S. crude stockpiles fell a ninth week, marking the longest stretch of declines on record. More »

Saudi Aramco CEO signs off on $13-billion gas project

Saudi Aramco President and CEO Amin H. Nasser presided over a signing ceremony of the Fadhili gas project, marking a new milestone in the company’s drive to expand gas production and supply to meet growing domestic demand for energy. The new Saudi Aramco mega project will help boost production and supply with clean-burning natural gas, lessening dependence on oil for power generation. More »

Saudi Aramco signs mega gas project to meet growing domestic demand for energy

Saudi Aramco President and CEO Amin H. Nasser presided over a signing ceremony of the Fadhili gas project, marking a new milestone in the company’s drive to expand gas production and supply to meet growing domestic demand for energy. The new Saudi Aramco mega project will help boost production and supply with clean-burning natural gas, lessening dependence on oil for power generation. More »

Saudi Aramco boss says drilling, IPO unaffected by oil price

Saudi Arabia’s oil and natural gas production and drilling activities are unaffected by crude prices at current levels, the state-run producer’s CEO said, signaling that the world’s biggest oil exporter will maintain its battle for market share. More »

Saudi Arabian Drilling Academy launched to serve the region's drilling and workover industry

A dynamic new project, the Saudi Arabian Drilling Academy (SADA), has officially been launched. More »

Exxon Mobil awards Alternate Path well packing license to Baker Hughes

Exxon Mobil has awarded Baker Hughes a limited international license to Exxon Mobil’s Alternate Path technology patent portfolio for services of gravel packing cased and openhole completion wells. More »

Goldman sees Russian oil output topping Soviet record by 2018

Russian oil output will exceed the former Soviet record set almost 30 years ago by the end of 2018 as low-cost fields allow producers to defy the slump in prices, according to Goldman Sachs Group. More »

Halliburton sees North American slump turning around this year

Halliburton sees the market in North America turning around in the second half of the year after a drilling slump weighed on earnings. More »

First Subsea supplies relatchable bend stiffener connector for Gina Krog FSO

First Subsea has supplied a relatchable bend stiffener connector to NOV Completion and Production Solutions for a flexible production riser for Statoil’s Gina Krog, turret moored, Floating Storage and Offloading (FSO) vessel in the Norwegian sector of the North Sea. More »

Deep Casing Tools deploys first system In Iraq

Casing and completion tool specialist Deep Casing Tools has continued its Middle East expansion with a successful deployment of its unique drillable turbine technology in Iraq. More »

Sinopec cuts central China gas supply after pipeline fire

BEIJING (Bloomberg) -- China Petrochemical Corp. has shut some natural gas operations in central China after a landslide caused a pipeline fire Wednesday that killed two people. More »

Halliburton swings to loss as North American woes weigh

Halliburton swung to a loss in the second quarter as the worst crude market crash in a generation has transformed North America into a trouble spot for the global oil service giant. More »

Oil falls to two-month low amid dollar strength, ample supply

Oil closed at the lowest level in more than two months in New York as the dollar rose against its peers and global crude markets were deemed comfortably supplied despite threats to output. More »

American LNG will be first to pass through expanded Panama Canal

The first cargo of liquefied natural gas set to pass through the newly expanded Panama Canal locks will be American. More »

GEODynamics releases FracIQ Limited Entry Perforating System

GEODynamics, Inc.’s Engineered Perforating Solutions Division has completed extensive field testing of the latest addition to their family of plug-and-perf technology based products. The FracIQ Limited Entry Perforating System has been applied in over 1,000 frac stages since field testing commenced in April 2016. More »

Packers Plus cuts completion costs in Duvernay formation by up to 30%

Packers Plus Energy Services’ StackFRAC Titanium XV HPHT open hole ball drop completion system enabled operators in Alberta's Duvernay formation to achieve cost savings of up to 30% compared to plug-and-perf completion methods. More »

First downhole X-ray diagnostic operation performed offshore Norway

On June 27, Visuray performed the first downhole X-ray diagnostic operation offshore Norway for Statoil. More »

Maximizing operational efficiency through competency is essential for EOR in Iran

Lloyd’s Register recently held an exclusive one-day event at the NITC in Tehran, Iran, to share knowledge and experience to help companies optimize their oil and gas operations. It brought together 130 senior oil and gas executives from international and national companies. More »

Pakistan Petroleum reports gas discovery at Hadi X-1A

Pakistan Petroleum Limited (PPL)—operator of the Gambat South Block with a 65% working interest—along with its joint venture partners, Government Holdings Private Limited (25%) and Asia Resources Oil Limited (10%), has announced a gas discovery at the Hadi X-1A exploration well in District Sanghar, Sindh. More »

Sanchez Production Partners closes sale of operated assets in Oklahoma, Kansas

Sanchez Production Partners (SPP) has closed the sale of substantially all of its operated oil and natural gas wells, leases and associated assets and interests in Oklahoma and Kansas. More »

Maximizing operational efficiency through workforce competency is essential for EOR in Iran

Lloyd’s Register recently held an exclusive one-day event at the NITC in Tehran, Iran, to share knowledge and experience to help companies optimize their oil and gas operations. It brought together 130 senior oil and gas executives from international and national companies. More »

KrisEnergy starts 3D survey in the Gulf of Thailand

The CGG Amadeus has commenced an 884 sq km 3D seismic acquisition program in the G10/48 contract area in the Gulf of Thailand, KrisEnergy said Tuesday. The program, which was awarded to CGG Services, is expected to last 41 days. More »

Aberdeen Drilling Consultants awarded contract by BP

Aberdeen Drilling Consultants (ADC), a rig inspection consultancy based in Scotland, has been awarded a contract by BP to provide engineering services globally. More »

First foreign tanker set to load Alaska oil in three decades

A cargo of Alaska North Slope crude is scheduled to load next week aboard a foreign-flagged tanker for the first time in more than 30 years. More »

Chesapeake, Tom Ward sued by shale owners for alleged conspiracy

Chesapeake Energy Corp., the company Aubrey McClendon built into a natural-gas giant, was sued along with his former partner by investors who say the pair conspired to rig bids for drilling rights during the shale boom. More »

North Sea field shutdowns to climb as Brexit deepens oil gloom

The pace of North Sea oil-field shutdowns is picking up as the impact of the market slump is compounded by the uncertain investment environment created by Brexit. More »

Devon Energy brings record-setting well online in Oklahoma's STACK play

Devon Energy Corp. has brought online another successful spacing pilot and a record-setting oil well in the over-pressured oil window of the STACK play. More »

U.S. Silica to acquire regional frac sand producer for $210 million

U.S. Silica Holdings, Inc., has agreed to acquire a leading regional sand producer for approximately $210 million, subject to certain adjustments at closing. More »

Devon Energy brings record-setting oil well online in Kingfisher County

Devon Energy Corp. has brought online another successful spacing pilot and a record-setting oil well in the over-pressured oil window of the STACK play. More »

HHI delivers world’s largest semisubmersible to Diamond Offshore

Hyundai Heavy Industries (HHI), the world’s largest shipbuilder and a leading offshore facilities manufacturer, has delivered Ocean Greatwhite, the world’s largest semisubmersible rig, to Diamond Offshore. More »

Mark Cuban invests in production forecasting company BetaZi

BetaZi has opened the door to its first external investor with the recent initial tranche of funding from businessman and entrepreneur Mark Cuban, through his VC entity Radical Investments. Cuban's business presence brings tremendous market opportunity to the early-stage data science company, which is quietly revolutionizing how independent assessment of oil and gas assets is done. More »

Ulterra Drilling Technologies acquired by private equity firm

American Securities LLC, a U.S. private equity firm, has announced its acquisition of Ulterra Drilling Technologies, L.P. in partnership with the Ulterra’s management team. More »

Bill Barrett Corp. closes sales of non-core assets in Uinta basin

Bill Barrett Corporation has completed the sale of non-core assets in the Uinta basin for net cash proceeds of approximately $30 million. More »

Cameron LNG liquefaction expansion project receives non-FTA export authorization

Sempra Energy said Monday that Cameron LNG has received authorization from the U.S. Department of Energy (DOE) to export an additional 1.41 Bcfd from its proposed Louisiana liquefaction expansion project to countries that do not have a free-trade agreement with the U.S. More »

Saudi Arabia plans shipbuilding complex to support oil exports

Saudi Arabia will build a maritime complex on its east coast, with shipbuilding capability, to provide sufficient capacity for exporting oil, Energy Minister Khalid Al-Falih said Sunday. More »

Sembcorp Marine delivers world’s largest jackup to Noble Corporation

Sembcorp Marine has delivered the world’s largest jackup rig to Noble Corporation. More »

RigNet to cut 12% of jobs as part of restructuring plan

RigNet, a provider of digital technology solutions, has announced a corporate restructuring plan to create more common processes and more consistent customer experiences across the company. More »

Legislation targeting oil and gas production is misguided, API says

Legislation introduced by a small number of Democratic senators increasing liability for oil and natural gas companies is unnecessary and out of step with voters’ energy priorities, API Executive V.P. Louis Finkel said. More »

Even the losers may win as Exxon outbids partner for PNG gas

Being outbid by Exxon Mobil Corp. for prized Papua New Guinea natural gas assets might actually be a good thing for Oil Search Ltd. More »

Oil flows through Turkey unhindered after coup quelled

Oil tankers are loading and unloading cargoes normally at Turkey’s ports and sailing without interruption in the nation’s waters after forces loyal to President Recep Tayyip Erdogan crushed an attempted coup. More »

Energy veteran betting on LNG bounce sees future floating at sea

Turmoil in the oil market gave Fred Jones his start in the energy business four decades ago. Now he’ll be hoping turmoil in the gas market doesn’t sour his new venture. More »

Oil Search says Exxon makes ‘superior’ InterOil bid

Exxon Mobil Corp. has offered a superior bid for InterOil Corp., according to Oil Search Ltd., which is also in the running for large natural gas reserves in Papua New Guinea and the possibility to export the fuel from the Pacific nation. More »

Oil producers prepare for second-half slump as rally sputters

Oil producers aren’t betting on the rally. After surviving two years of low prices, they’re gearing up for a third by buying protection against a renewed downturn. More »

Shale revolution extended to old wells seen unleashing more oil

U.S. oil explorers are yet to fully reap all the rewards of horizontal drilling techniques that helped trigger the shale boom, research firm IHS Markit Energy said. More »

Attempted coup in Turkey may imperil crude transport in region

The attempted coup in Turkey may boost oil prices by imperiling crude shipments through the country, a major energy-trade corridor. More »

Oil patch buying time with stock sales as bust drags on

U.S. oil and gas producers are selling shares at record speed, a sharp turnaround from past years when debt markets were the industry’s favored source of cash. More »

Baker Hughes, Tier 1 Energy Solutions partner in Western Canada

CALGARY, Alberta -- Tier 1 Energy Solutions has entered into an exclusive partnership with Baker Hughes in Western Canada. More »

Faroe Petroleum to acquire North Sea assets from DONG EandP Norge

Faroe Petroleum has conditionally agreed to acquire a package of interests in producing Norwegian oil and gas assets from DONG EandP Norge. More »

Fire that engulfed WPX Energy oil production facility now out

A fire at a WPX Energy oil production facility in San Juan County, NM, is out, according to a statement released by the company. More »

Luxe Energy to sell Southern Delaware basin assets

Luxe Energy has entered into a definitive agreement with an undisclosed third party buyer for the purchase of Luxe's Southern Delaware basin leasehold interests and related assets for an aggregate purchase price of $560 million, subject to certain closing adjustments. More »

BOEM clamps down on OCS decommissioning obligations with new requirements

The U.S. Bureau of Ocean Energy Management (BOEM) has notified companies holding oil and gas leases in federal waters that it is updating financial assurance and risk management requirements to ensure that taxpayers never have to pay for decommissioning and removing a company’s offshore production facilities. More »

BOEM updates financial assurance, risk management requirements for offshore leases

The U.S. Bureau of Ocean Energy Management (BOEM) has notified companies holding oil and gas leases in federal waters that it is updating financial assurance and risk management requirements to ensure that taxpayers never have to pay for decommissioning and removing a company’s offshore production facilities. More »

Oil rises as Exxon declares force majeure on Nigeria exports

Oil rose as Exxon Mobil Corp. declared force majeure on shipments of Nigeria’s biggest crude export grade. More »

Fugro awarded geotehnical site investigation contract by ONGC India

Fugro has been awarded a geotechnical site investigation contract by ONGC India for the KG-DWN-98/2 project on the East Coast of India. More »

Woodside awards OneSubsea integrated EPC contract for Greater Enfield project

OneSubsea, a Schlumberger company, has been awarded an engineering, procurement and construction contract totaling approximately $300 million from Woodside Energy Ltd. More »

Horizontal drilling seen key to boosting output from tight conventional reservoirs

A new study indicates there is significant upside potential for U.S. oil and gas operators to apply lower-cost unconventional drilling and completion technologies to boost production from tight conventional reservoirs, according to analysis from IHS Markit. More »

BP raises Deepwater Horizon spill liability by $5.2 billion

BP has raised the total liability from the Deepwater Horizon oil disaster, which triggered the worst offshore oil spill in U.S. history, by $5.2 billion to $61.6 billion before tax. More »

Faltering oil recovery prompts warnings of a relapse to $40

Oil fell in New York amid forecasts crude may slide toward $40/bbl on oversupply concerns. More »

Oil falls in New York amid forecasts for $40 on glut concerns

Oil fell in New York amid forecasts crude may slide toward $40/bbl on oversupply concerns. More »

CNOOC cutbacks at Long Lake oil-sands site caps years of trouble

CNOOC Ltd.’s decision this week to idle part of its Long Lake oil-sands operation in Alberta comes after five years of problems cemented the site’s reputation as one of the most troubled projects in the region. More »

AFGlobal to acquire Managed Pressure Operations

AFGlobal Corporation has agreed to acquire Managed Pressure Operations (MPO), a subsidiary of MHWirth. As a vertically integrated supplier, this acquisition solidifies the company’s position as a specialized original equipment manufacturer. More »

Baker Hughes expands e-commerce portal

Baker Hughes has significantly expanded its ShopBakerHughes.com e-Commerce portal, which allows customers to purchase online the same products Baker Hughes uses in providing its oilfield services. More »

Keppel AmFELS delivers fifth jackup to Mexico’s Perforadora Central

More »

Laredo Petroleum acquires bolt-on Midland basin acreage

Laredo Petroleum has signed a purchase and sale agreement for additional acreage within the company's existing footprint in the Midland basin for $125 million. More »

Traders hoarding most oil since 2009 amass North Sea fleet

Oil traders increased the fleet of ships deployed in the North Sea to store crude, the latest sign of faltering demand that has triggered the biggest buildup of stockpiles at sea since 2009. More »

Devon Energy sells Access Pipeline stake for C$1.4 billion

Devon Energy Corp. has entered into a definitive agreement to sell its 50% ownership interest in Access Pipeline to Wolf Midstream Inc., a portfolio company of Canada Pension Plan Investment Board, for C$1.4 billion. More »

Marathon Oil achieves first gas from Alba B3 compression platform offshore Equatorial Guinea

Marathon Oil has achieved first gas production through its new Alba B3 offshore compression platform off Equatorial Guinea. More »

Gulf Keystone creditors to take control following oil slump

Gulf Keystone Petroleum Ltd. creditors will take control of the oil producer after low crude prices and erratic export payments left the company unable to service debts. More »

ConocoPhillips sells Senegal assets to Woodside in $350-million deal

ConocoPhillips has entered into an agreement to sell its 35% interest in three exploration blocks offshore Senegal, which include the SNE and FAN discoveries. More »

Shawcor wins contract to provide pipe coating services for Tuxpan pipeline project

Shawcor Ltd. announced that its pipe coating group has received a conditional contract worth approximately C$300 million from Infraestructura Marina del Golfo (IMG), to provide pipeline coating solutions to the Comisión Federal de Electricidad (CFE) Sur de Texas - Tuxpan gas pipeline project. More »

InterOil said to get Exxon buyout offer topping Oil Search

Exxon Mobil Corp. made an indicative takeover proposal for InterOil Corp. that topped a competing $2.2-billion bid for the owner of trillions of cubic feet of natural gas discoveries in Papua New Guinea, a person with knowledge of the matter said. More »

U.S. tight oil is biggest winner of cost cutting, Wood Mac says

The collapse in oil prices in 2014 left many planned oil investments with high costs and not commercially viable. Two years on, and the industry has started to adapt to lower oil prices, cutting costs, and getting more projects over the economic threshold. More »

Weatherford deep-set safety valve achieves V1 rating

Weatherford International's new model WUDP-10 deep-set safety valve has been certified to V1 standards under the American Petroleum Institute (API) Specification 14A. More »

McClendon’s Permian assets said to be snapped up by investors

Distressed-debt investors including Leon Black’s Apollo Global Management LLC have snapped up much of the debt of Permian Resources, with an eye to potentially capturing control of the oil and gas producer started in 2014 by the late Aubrey McClendon, people familiar with the matter said. More »

UK awards PGS, WesternGeco contracts for new seismic campaign

The OGA has awarded contracts for the second government-funded £20 million ($26.5 million) seismic campaign to promote underexplored areas of the UK Continental Shelf. More »

Oceaneering, Heerema Marine Contractors in ROV agreement

Oceaneering International has entered into a Master Service Agreement with Heerema Marine Contractors Nederland (HMC) through December 2020. More »

Apache awards subsea master service agreement extension to Wood Group

Wood Group has been awarded an extension to its master service agreement (MSA) contract with Apache Corporation in the North Sea. More »

Venezuela’s oil production fell to 13-year low in June, IEA says

More »

Oil retreats after industry data show U.S. stockpiles expanding

Oil fell after the biggest gain in three months as U.S. industry data showed the nation’s crude stockpiles increased, adding to concerns about oversupply. More »

IEA sees record Middle East oil supply while U.S. output slumps

Oil production from the Middle East has climbed to a record while U.S. output slumps, the International Energy Agency said, in a sign that OPEC’s strategy of defending market share is succeeding. More »

Oil seen by Kuwait trading as high as $60 until at least 2018

Crude oil will rise to a range of $50 to $60/bbl until at least 2018 as demand increases and markets absorb an oversupply that’s led to lower prices over the last two years, according to the acting oil minister of OPEC member Kuwait. More »

Petrobras' Lula field is eighth in the Santos basin pre-salt

Petrobras has announced the start-up of the Lula Central production system, with the interconnection of the first production well (8-LL-81D-RJS) to FPSO Cidade de Saquarema, on July 8, and the production stabilization at around 30 Mbpd on July 11. More »

Data gap whipsaws oil prices on differing views of stockpiles

Oil traders don’t know who to follow these days. More »

Nexen to cut 350 jobs in Canada after oil-sands upgrader blast

Cnooc Ltd.’s Nexen Energy unit will eliminate 350 jobs this year after deciding not to repair its Long Lake oil-sands upgrader in northern Alberta following an explosion in January. More »

Premier Oil jumps in London as Brexit cuts costs in Sterling

Premier Oil rose the most this month in London trading after saying it’s benefiting from a decline in the British pound following the UK’s vote to leave the European Union. More »

Searcher kicks off 2D seismic survey offshore Mexico

The BGP Pioneer has commenced acquisition of the Buscador near-shore 2D seismic survey, offshore Mexico, Searcher Seismic said in a statement. More »

Searcher Seismic starts 3D reprocessing project in Australia

Searcher Seismic’s Olympus 3D Reprocessing Project in the Carnarvon basin, Western Australia, has commenced processing at DownUnder GeoSolutions’ Perth facility. More »

Amec Foster Wheeler wins North Sea contracts from Repsol Sinopec

Amec Foster Wheeler has been awarded two long-term major services contracts as part of Repsol Sinopec Resources UK’s long-term transformation and long-term commitment to the North Sea. More »

Dril-Quip wins $40-million subsea contract

Dril-Quip’s wholly owned subsidiary Dril-Quip Asia Pacific Pte Ltd, in conjunction with its local representative, was awarded a contract in late June valued at approximately $40 million to supply subsea drilling and production equipment and related services to Kangean Energy Indonesia Ltd., a contractor for SKK Migas. More »

OPEC sees rising crude demand in 2017 as Saudis pump near record

OPEC forecast higher demand for its crude next year as the global surplus fades, while Saudi Arabia pumped near-record levels amid peak summer consumption. More »

Aker Solutions wins Vietnam contract from Idemitsu Oil and Gas

Aker Solutions has secured a contract from Idemitsu Oil and Gas Co., Ltd. to provide engineering services for the development of oil and gas resources in the Nam Con Son basin, offshore Vietnam. More »

Shell-led group delays decision on Canada gas export plan

Royal Dutch Shell Plc and its partners delayed for the second time this year a final investment decision on a terminal to export liquefied natural gas from Canada’s Pacific Coast to Asian markets. More »

Return of oil contango shows price recovery to be bumpy ride

On the surface, the recovery of the global oil market is firmly in place, signaling an end to two years of oversupply and collapsing prices. However, one key indicator is warning of turbulence ahead. More »

Falling U.S. oil output not enticing enough for wary investors

Not even a sharp decline in U.S. oil production can convince investors that crude prices are ready to rebound. More »

Halliburton introduces rapid intervention package with capping stack for subsea applications

Boots and Coots Services, a Halliburton business, announced that it has developed a global rapid intervention package (GRIP), a suite of services to help reduce costs and deployment time in the event of subsea well control events. More »

Reopening Libya oil ports is newly unified NOC’s ‘top’ priority

Libya’s state crude producer is seeking to reopen oil ports and restore crude output as the fractured OPEC nation struggles to reunite after five years of civil strife, according to its chairman. More »

Forum Energy Technologies nets order for three ROVs

Forum Energy Technologies has received an order from New Orient Marine Pte. Ltd, to supply three remotely operated vehicles (ROVs) for its multi-purpose ice-class vessel currently under construction in Singapore. More »

NPD approves Tambar facility extension for BP

The Norwegian Petroleum Directorate is giving the green light to use the facility on Tambar field in the North Sea until Jan. 1, 2022. More »

Exxon Mobil granted consent to start subsea facility on Balder field

The Norwegian Petroleum Directorate has granted Exxon Mobil, operator and sole licensee in production license 001, consent to start-up a subsea facility for production well 25/11-E-29 AH on Balder field. More »

Faroe confirms Brasse discovery with side-track appraisal well

Faroe Petroleum has completed a successful side-track appraisal well on the Brasse discovery in license PL740 in the Norwegian North Sea. More »

Statoil completes sale of W.Va. Marcellus assets to EQT

Statoil has completed the sale of its non-core operated assets in the U.S. state of West Virginia to EQT Corporation. More »

N-Sea strengthens Middle East presence with new Dubai office

N-Sea, a subsea IMR provider, is opening of a new office in Dubai, with operations due to commence as early as August. More »

UTEC completes major project in deepwater Gulf of Mexico

UTEC Survey, an Acteon company and one of the world’s largest independent offshore and onshore survey providers, has completed a significant ROV navigation and seismic node positioning project in the deepwater Gulf of Mexico. More »

Oil price seen stable even as Iran plans to boost crude exports

Oil markets will remain stable this year even as Iran plans to keep boosting crude exports to regain the market share it lost due to sanctions, according to a senior official at state-run National Iranian Oil Co. More »

Oil falls to two-month low as U.S. drillers boost operations

Oil dropped to a two-month low after U.S. producers deployed the most rigs since April, signaling that output losses that trimmed a global glut may slow. More »

API: Arctic rule could inhibit innovation and U.S. energy leadership

API Upstream and Industry Operations Director Erik Milito issued the following statement on the U.S. oil and natural gas industry’s concerns with the Arctic Rules Package, issued by the Bureau of Safety and Environmental Enforcement (BSEE) and the Bureau of Ocean Energy Management (BOEM). More »

Suncor top dealmaker as CEO doubles down on oil-sands future

Suncor Energy Inc. is making the biggest bet on oil among the world’s largest producers, counting on recent purchases to help push costs lower while betting demand will outweigh supply. More »

Norway will keep the UK warm this winter with gas supply boost

Britons won’t have to worry about staying warm this winter and they have Norway to thank. More »

Petrofac appointed Well Operator for Hurricane Energy

Petrofac has been appointed Well Operator by Hurricane Energy in a three-year contract to support wells located West of Shetland. More »

Delmar uses rig anchor release acoustic tech on DP/moored capable rig

Delmar Systems has completed mooring operations and successfully installed Delmar OMNI-Max anchors with InterOcean’s proprietary Rig Anchor Releases (RARs) on each of the eight preset mooring lines on the semisubmersible MODU ENSCO 8503. More »

Petrofac’s Walter Thain to lead UK offshore efficiency drive

Walter Thain, managing director of Petrofac’s Engineering and Production Services (EPS) West business, is to lead the UK offshore oil and gas industry’s efficiency drive as chairman of the Oil and Gas UK Efficiency Taskforce (ETF). More »

Despite industry pleas, Obama imposes costly Arctic drill rules

Energy companies that hunt for crude in icy Arctic waters will have to stash extra equipment nearby and take other potentially costly steps meant to prevent oil spills in the fragile, remote region under regulations the Obama administration imposed Thursday. More »

Big Oil’s $45 billion of new projects signal spending revival

Two projects worth $45 billion announced this month show the world’s largest oil companies are regaining the confidence to make big investments, emboldened by rising crude prices and low costs that promise to trigger more expansion ahead. More »

Size isn’t everything anymore for world’s oil-service providers

The era of monster takeouts in the oil-services world took a further step back Thursday when National Oilwell Varco Inc. and GE Oil and Gas partnered up, reinforcing an industry-wide push for cost savings over size. More »

Faroe Petroleum awarded new license in Slyne/Erris basin, offshore Ireland

Faroe Petroleum, the independent oil and gas company focusing principally on exploration, appraisal, development and production opportunities, has been awarded a new licence under Ireland’s 2015 Atlantic Margin Licensing Round. More »

Otto Energy acquires interest in Bivouac Peak lease, onshore Louisiana

Otto Energy has advised that it has exercised its option under the staged farm-in with Operator, Byron Energy Limited, to acquire a 45% working interest in the Bivouac Peak lease. More »

NOVATEK ships first LNG cargo from Trinidad and Tobago

OAO NOVATEK has announced that Novatek Gas and Power, a wholly owned trading subsidiary of NOVATEK, has supplied its first LNG cargo sourced from the Trinidad and Tobago LNG plant, to Chile, Port Quintero. More »

Oil falls after smaller-than-projected U.S. crude supply decline

Oil retreated after a government report showed U.S. crude stockpiles dropped by less than expected. More »

U.S. Energy Corp. to acquire interest in DJ basin developments

U.S. Energy Corp., a Wyoming corporation, has entered into a non-binding Letter of Intent (LOI) with IronHorse Resources LLC. pursuant to which the company expects to acquire a 40% interest in IronHorse Resource’s farmout agreement to participate in developing three core areas in the DJ basin's Wattenberg field, in Weld County, Colo. More »

Keppel Offshore and Marine wins four new contracts

Keppel Shipyard, a wholly owned subsidiary of Keppel Offshore and Marine, has secured four contracts worth about S$120 million ($89 million) from repeat customers. More »

Statoil awards long-term frame agreement to ALTUS Intervention

Global well intervention provider ALTUS Intervention, a subsidiary of Qinterra AS, has secured a long-term frame agreement with Statoil for the delivery of mechanical wireline services. More »

Tullow wildcat strikes out in North Sea

Tullow Oil Norge has finished drilling exploration well 16/5-6 on the Rome prospect in production license PL776 in the Central North Sea. More »

Saipem wins Zohr work as it lands contracts worth over €1.5 billion

Saipem has been awarded new contracts and variation orders in EandC offshore, for an overall amount in excess of €1.5 billion. The most significant contract relates to the field development project for the supergiant Zohr gas field, located off the Egyptian coast in the Mediterranean Sea. More »

GE, NOV collaborate to digitize floating production

National Oilwell Varco and GE Oil and Gas announced today the execution of an agreement to collaborate on delivering integrated solutions for floating production storage and offloading vessels. More »

Tullow Oil tumbles after announcing $300-million bond sale

Tullow Oil tumbled the most since the global financial crisis almost eight years ago after announcing a $300 million sale of convertible bonds. More »

Libya to resume oil exports from biggest ports within a week

Libya will resume crude exports from two of its biggest oil ports within one week after clashes that forced Islamic State militants to pull out of the area, according to the commander of the petroleum guards in the region. More »

Lost generation of oil workers leaves few options for next boom

The oil industry is fighting a generation gap. More »

Seven Generations buys Alberta shale assets in C$1.9 billion Paramount deal

Seven Generations Energy Ltd. agreed to buy assets in Alberta’s Montney shale play from Paramount Resources Ltd. as it presses ahead with an expansion during the industry’s worst downturn in decades. More »

Blackhawk acquires surge reduction line from Allamon Tool Co., launches UltraSeal

Blackhawk Specialty Tools, LLC, has acquired the surge reduction business line of Allamon Tool Company and its related intellectual property. More »

Oil swings between gains, losses as traders weigh Brexit effect

Oil swung between gains and losses after falling to a one-week low as investors fled to haven assets on concern the UK’s vote to leave the European Union (EU) will hinder global growth. More »

Petrobras to sell nine shallow-water concessions

Petrobras is selling nine shallow-water concessions in the states of Ceará and Sergipe. More »

Norwegian Petroleum Directorate grants drilling permit to Wintershall Norge

The Norwegian Petroleum Directorate has granted Wintershall Norge AS a drilling permit for well 35/11-20 A, cf. Section 8 of the Resource Management Regulations. More »

Exxon said to join forces with Qatar for Mozambique gas assets

Exxon Mobil Corp. and Qatar Petroleum have teamed up to look at energy assets in Mozambique, home to some of the biggest natural gas discoveries in a generation. More »

DeepWell secures major Statoil contract

DeepWell has secured a long-term contract for the provision of mechanical wireline services to Statoil. More »

First Subsea wins contract for Shell’s deepwater Appomattox development

First Subsea, a subsea mooring specialist, has been awarded a contract by Shell Offshore to supply Ballgrab subsea mooring line connectors for the Appomattox development. More »

Neos, Lockheed Martin develop new sensor to seek out oil, gas

Neos and Lockheed Martin are building a unique sensor, which is so advanced it could find a 10-m tall hill buried 1 km below the earth's surface. More »

Restrata, Shetland FM join forces to expand North Sea response service

The HSE arm of Restrata, formerly known as Stirling Group, has formed a strategic partnership with Shetland Facilities Management (FM) to further expand its HR response service to companies operating in the Northern North Sea. More »

Record heat wiping out U.S. gas glut fuels best rally since ’08

A blistering start to summer is helping put U.S. natural gas futures on course for the biggest gain in eight years. More »

BP awards Bibby Offshore combined diving campaign

Bibby Offshore, a subsea services provider to the oil and gas industry, has secured an important contract with BP. More »

VAALCO executes agreement with Transocean regarding drilling program offshore Gabon

VAALCO Energy, Inc., has executed an agreement with Transocean Ltd., regarding the remaining contract term associated with the Constellation II rig utilized in the company’s recent drilling program offshore Gabon, which provides for payment of $5.1 million net to VAALCO’s interest for unused rig days under the contract. More »

Oil heads for biggest drop in five months amid ample supplies

Crude headed for the biggest decline in almost five months on a gloomy outlook for the world economy and signs that oil stockpiles remain ample. More »

World Economic Forum names GlassPoint Solar technology pioneer

GlassPoint Solar, the leading supplier of solar to the oil and gas industry, was named as one of the World Economic Forum’s Technology Pioneers, a selection of the world’s most innovative companies. More »

India demand surge overtakes LNG otherwise meant for Europe

India’s burgeoning demand for liquefied natural gas is dictating how many tankers make it to Europe, the world’s dumping ground for the fuel. More »

Libya oil comeback unlikely as political stalemate endures

The end of a split in Libya’s National Oil Corp. marks a small step toward healing the divided country, but the political stalemate that shut down of most of its crude production is as entrenched as ever. More »

U.S. producers are threatening to boost output yet again

Shale producers are tapping their crown jewel assets in response to the latest oil price rally, according to Morgan Stanley. More »

Wood Group, Librestream Technologies form collaboration to deliver efficiency-enabling technical solutions

Wood Group has signed a collaborative agreement with the Canadian technology company Librestream Technologies. More »

Noble sells 3% interest in Tamar field, offshore Israel, for $369 million

Noble Energy has signed a definitive agreement to divest a 3% working interest in Tamar field, offshore Israel, to the Harel Group, a leading insurance provider and pension manager in Israel, in partnership with Israel Infrastructure Fund (IIF), Israel's largest infrastructure private equity fund. More »

Atlas Copco acquires Norwegian offshore compressed air rental business

Atlas Copco has acquired the operating assets of Roxel Rental AS, a supplier of temporary air solutions for the Norwegian offshore industry. More »

New rival seen in Mediterranean gas race ‘before it’s too late’

Lebanon may soon approve measures to push ahead with a stalled first auction of offshore oil and natural gas rights, ending years of political wrangling as it tries to catch up in a regional race to tap energy wealth in the eastern Mediterranean. More »

World’s top oil trader says prices won’t rise much further

Oil prices won’t rise much further over the next year and a half as demand growth slows and refiners comfortably meet gasoline consumption, according to the world’s largest independent oil-trading house. More »

Chevron approves $37-billion expansion of Kazakh oil project

Chevron Corp. will go ahead with the $36.8-billion expansion of the Tengiz oil project in Kazakhstan, one of the biggest new investments since crude’s slump two years ago. More »

OPEC crude production rises in June led by gains in Nigeria

OPEC’s crude production increased in June as Nigeria raised output following repairs to some infrastructure that had been damaged by militant attacks. More »

U.S. now holds more oil reserves than Saudi Arabia: Rystad

A new independent estimate of world oil reserves has been released by Rystad Energy, showing that the U.S. now holds more recoverable oil reserves than both Saudi Arabia and Russia. More »

TWMA secures North Sea contract with Apache

Integrated drilling waste management and environmental services firm, TWMA, has recently secured a £1.5-million ($1.9-million) contract with Apache on the WilPhoenix platform in the North Sea Beryl field. More »

Oil deficit dalliance seen ending as disrupted crude returns

The oil market surplus that vanished last quarter, helping prices post the best quarter in seven years, may return as early as this month as disrupted supply starts to pump again. More »

Oil rally threatened as gasoline supply surge swamps U.S. demand

American drivers’ seemingly insatiable thirst for gasoline is running into a flood of supply. More »

Russian oil exports set for record as Europe competition grows

Russian crude exports are on track to set a record this year, which is intensifying competition in Europe as Iran boosts shipments to the region. More »

Nigerian oil militants claim 5 attacks in blow to cease-fire

Niger Delta Avengers, a militant group operating in Nigeria’s southern oil-producing region, said it attacked five crude-pumping facilities overnight Sunday, dealing a blow to the government’s effort to enforce a cease-fire. More »

U.S. drillers bring back rigs as oil market seen stabilizing

HOUSTON (Bloomberg) -- Shale drillers brought back the most oil rigs of any week this year as confidence in a stabilized market is prompting talk of expansion throughout 2016. More »

Fossil fuels still dominate U.S. energy consumption despite market share decline: EIA

Three fossil fuels—petroleum, natural gas, and coal—have provided more than 80% of total U.S. energy consumption for more than 100 years. In 2015, fossil fuels made up 81.5% of total U.S. energy consumption, the lowest fossil fuel share in the past century. More »

NOVATEK obtains new license areas on the Gydan peninsula

OAO NOVATEK announced today that its subsidiary OOO NOVATEK-Yurkharovneftegas obtained the right to explore and appraise licenses for the West-Solpatinskiy, North-Tanamskiy and Nyavuyahskiy license areas located in the Yamal-Nenets autonomous region in the central part of the Gydan peninsula. More »

Panama Canal to see 550 U.S. LNG tankers a year following expansion

Natural gas exports from the U.S. Gulf Coast will reach buyers in Asia and South America faster and at lower costs thanks to an expanded Panama Canal that could see 550 tankers a year by 2021. More »

Production of Arctic resources benefits Alaska and the nation, Sen. Murkowski says

U.S. Sen. Lisa Murkowski, R-Alaska, has underscored the criticality of oil and gas production in the Arctic Outer Continental Shelf (OCS) to Alaska and the entire nation. More »

New milestone reached for transferring personnel offshore

A new guidance document has been published by the Marine Transfer Forum. The document, Offshore Personnel Transfer by Crane – Best Practice Guidelines for Routine and Emergency Operations, aims to support an international market which performs over 5 million passenger transfers every year. More »

BP approves expansion of Indonesia’s Tangguh LNG facility

BP, on behalf of Tangguh Production Sharing Contract partners, announced that the final investment decision (FID) has been approved for the development of the Tangguh Expansion Project in the Papua Barat Province of Indonesia. More »

Norway oil worker talks hold 6% of production in the balance

Norway is facing the first oil worker strike since 2012 as government-mediated talks for platform workers approach a Friday midnight deadline. More »

Chevron deadline nears for $40-billion bet on next decade’s oil

Chevron Corp. may shortly give a green light to the most expensive oil project in the world this year as the industry digs out from the worst slump in a generation. More »

Chevron suspends LNG production at Gorgon again after leak

Chevron Corp. halted output at its $54-billion Gorgon LNG development for the second time this year after a gas leak at the site, the latest problem for the Australian mega-project. More »