Crude Oil Brokers Scam Blog
Monday, 31 October 2016
Lukoil starts pumping crude at Russia’s largest discovery in 25 years
Commercial production at Lukoil's Vladimir Filanovsky field in the Caspian Sea was launched Monday by Russian President Vladimir Putin. More »
Oilfield Helping Hands names new president
Oilfield Helping Hands (OHH), a nonprofit charitable organization comprised of volunteers devoted to providing financial assistance to oilfield workers in financial crisis, has appointed Gregory Rachal as president. More »
OPEC head says oil producers on course to clinch supply deal
OPEC’s most senior official said the organization and other major oil producers are “on course” to deliver a deal next month that will temper the global oversupply. More »
Condor Petroleum announces drilling results of Poyraz-3 in Turkey
Condor Petroleum Inc. has announced drilling results of the Poyraz-3 development well in Turkey. More »
Hedge funds ditch bullish U.S. gas bets amid worst rout in year
Hedge funds jettisoned bullish bets on U.S. natural gas after prices plunged 15%in a week, the steepest drop in a year. More »
African oil explorers poised for comeback after drilling low
Chariot Oil and Gas Ltd. plans to drill its first well in at least three years in 2017 off Morocco as African oil and gas explorers meeting in Cape Town this week ponder the potential for an industry renaissance. More »
GE, Baker Hughes deal creates $32-billion oil behemoth
General Electric agreed to combine its oil and gas business with Baker Hughes, creating an industry giant with a broader suite of offerings amid the ongoing slump in crude prices. More »
Teledyne CARIS introduces new automation capabilities
Teledyne CARIS has released HIPS and SIPS 10. More »
CONSOL, Noble Energy to separate Marcellus shale joint venture
CONSOL Energy and Noble Energy have entered into a definitive agreement to separate their 50-50 Marcellus shale joint venture. More »
UK receives promising applications for frontier licensing round
The UK’s Oil and Gas Authority (OGA) received 29 applications covering 113 blocks in the latest offshore licensing round which targeted under-explored areas of the UK Continental Shelf (UKCS). More »
Pacific Drilling lines up work for Pacific Bora drillship
Hyperdynamics Corporation, an emerging exploration company, has signed a Letter of Award with drilling contractor Pacific Drilling to engage the Pacific Bora drillship. More »
Saudi Aramco, Nabors ink onshore rig agreement
Nabors Industries has announced the signing of an agreement to form a new joint venture (JV) in the Kingdom of Saudi Arabia to own, manage and operate onshore drilling rigs. More »
Statoil ups stake in Norway’s Byrding development
Statoil has agreed to acquire Wintershall Norge’s 25% interest in the Byrding project on the Norwegian Continental Shelf. More »
Enquest’s Kraken FPSO heads for deepwater anchorage
EnQuest announced Monday that the FPSO vessel for the Kraken development has completed its shore-based commissioning activities at the quayside in Singapore. The vessel’s inclination testing program has also been completed. More »
Big Three’s shrinking in China has more to go as spending lags
China’s oil output slump shows no signs of abating as the country’s state-run energy giants hold back spending to cope with the crash in prices. More »
More OPEC exemption requests spur wagers on oil price slump
The growing list of OPEC members seeking exemptions from a planned supply cut has investors seeing future price drops. More »
GE to merge oil division with Baker Hughes in bet on energy
General Electric Co. agreed to combine its oil and gas business with Baker Hughes Inc. as the companies seek to bolster their operations amid the global slump in crude prices. More »
GE nears $30-billion deal with Baker Hughes, WSJ reports
General Electric is nearing a deal valued at about $30 billion to combine its oil and gas business with Baker Hughes Inc., the Wall Street Journal reported. More »
Sunday, 30 October 2016
Quorum expands portfolio with land management software for Canadian oil and gas industry
Quorum has announced the release of its new land management software for the Canadian market. More »
GE, Baker Hughes partnership would raise oilfield clout for both
Combining General Electric Co. and Baker Hughes Inc.’s oil businesses into partnerships could create a player capable of competing with the industry’s biggest—and may not require a huge amount of money. More »
Friday, 28 October 2016
OPEC said to end first day of Vienna talks without a deal
OPEC ended its first day of meetings in Vienna without reaching a deal on country quotas, delegates who took part in the talks said. More »
Oil heads for weekly drop as OPEC meets to discuss output quotas
Crude in New York is set for the first weekly drop since mid-September as an OPEC committee meets to discuss how deeply some of its members should cut production to comply with the group’s pledge to reduce supply. More »
Chevron posts first profit in a year as oil inches higher
Chevron Corp. posted its first profit in a year as a recovery in energy prices halted a string of writedowns that have depressed the oil explorer’s results since late 2015. More »
Oceaneering and BP agree to two-year extension offshore Angola
Oceaneering International, Inc., has announced that a unit of BP has agreed to a two-year extension through January 2019, under the Field Support Vessel Services contract that was entered into with the Company for work offshore Angola on Blocks 18 and 31. More »
Oil India Limited signs MOU with University of Houston to increase production
Oil India Limited (OIL), an upstream oil and gas public sector utility, has entered into a Memorandum of Understanding (MOU) with the University of Houston (UH), with the intent of augmenting its reserves base and maximizing recovery from its aging oilfields. More »
Maersk Supply Service announces sale of two more vessels
As part of Maersk Supply Service’s recently announced divestment plans, Maersk Feeder and Maersk Fighter have been sold. More »
Exxon Mobil profit slides as oil-market slump threatens reserves
Exxon Mobil profit sank as the world’s largest publicly traded oil company posted its lowest production in seven years and warned the prolonged slump in energy markets may force a write off of 19% of its reserves. More »
GE discussing Baker Hughes partnership as slump endures
General Electric is holding discussions with Baker Hughes on potential partnerships that would bring together an industrial equipment behemoth with one of the oil industry’s largest service providers. More »
Shale Support receives National Mining Association safety award
Shale Support, a provider of frac-sands and logistical solutions to the oil and gas proppant market, received the Sentinels of Safety Award from the National Mining Association (NMA) during the annual Mine Expo in Las Vegas. More »
Oil and Gas UK publishes guidelines on HPHT wells
In line with its commitment to continually reviewing and improving the safety and performance of all aspects of well practices on the UK Continental Shelf (UKCS), Oil and Gas UK has released new guidelines on wells with HPHT properties. More »
Developing Arctic resources requires relationships with local stakeholders, say panelists
At the Arctic Technology Conference hosted by the OTC group of associations earlier this week in St. John’s, Newfoundland and Labrador, one group of panelists discussed how the industry must engage local stakeholders, if they hope to develop frontier areas successfully. More »
TGS to expand Africa multi-client library with new survey
TGS is to expand its NWAAM multi-client library in the MSGBC basin. The company is to acquire more than 11,500 km of long-offset broadband 2D seismic data as well as magnetic and gravity data in the Republic of Guinea, Guinea Bissau and the AGC joint exploration zone between Guinea Bissau and Senegal. More »
Brazil to join Russia, Kazakhstan in OPEC cooperation talks
Brazil, the fastest-growing oil producer outside OPEC, will join talks with the exporters group in Vienna on Saturday about potential cooperation. More »
Big Oil’s half-time report: Recovery is still some way off
Business is still looking pretty bleak for major oil companies halfway through their third-quarter earnings season. More »
Exxon’s Pacific LNG model seen as future for Canadian gas
Canada’s liquefied natural gas developers will band together and merge projects like producers in Papua New Guinea are trying to do as a price crash limits cash for individual export terminals, according to IHS Markit. More »
Thursday, 27 October 2016
Baker Hughes talks don’t include ‘outright purchase,’ GE says
General Electric is in discussion with Baker Hughes on potential partnerships and the talks don’t include a full acquisition, a spokeswoman for the industrial behemoth said. More »
Weir announces results of SPM QEM 3000 frac pump, sales to Canyon Service Group
Weir Oil and Gas has announced significant milestones in the evolution of the SPM QEM 3000 frac pump: reaching more than 1,000 hr of pumping time in harsh conditions with minimal wear, resulting in the sale of a fleet to Canyon Services Group, Inc. More »
Oil rises from three-week low on report Gulf nations may cut output
Oil rose from a three-week low following a report that Gulf nations may be willing to cut output as OPEC members weigh a deal to ease a supply glut. More »
Schlumberger expands Accenture agreement to 2021
Accenture has announced an expanded five-year agreement to provide Schlumberger with transformational finance and accounting (FandA) business process outsourcing (BPO) services through 2021. More »
Ingevity launches environmentally friendly solvents for drilling fluids
Ingevity has announced the introduction of EnvaSolv, a new line of biodegradable solvents to be used in oilfield applications. More »
Exxon Mobil in billion barrel discovery offshore Nigeria
Exxon Mobil Corporation today announced a significant discovery with a potential recoverable resource of between 500 MMbbl and 1 Bbbl of oil on Owowo field, offshore Nigeria. More »
Ingevity launches environmentally friendly solvents for oilfield drilling fluids
Ingevity has announced the introduction of EnvaSolv, a new line of biodegradable solvents to be used in oilfield applications. More »
Cnooc quarterly sales drop 15% as output falls with spending
Cnooc Ltd., China’s biggest offshore oil and gas producer, posted a 15% fall in third-quarter sales as output declined with capital spending. More »
Husky Energy CEO Asim Ghosh to retire
Husky Energy has announced that President and CEO Asim Ghosh will be retiring effective Dec. 5, 2016. Ghosh will remain on the board of directors. More »
Akastor to sell Fjords Processing to NOV
Akastor ASA, an oil service investment company, has entered into a definitive agreement to sell Fjords Processing to National Oilwell Varco for a consideration of NOK 1,200 million on a debt- and cash-free basis. More »
Aker Solutions signs two subsea framework contracts with BP
Aker Solutions secured two five-year framework agreements for potential future deliveries of subsea production systems and lifecycle services at BP-operated oil and gas fields globally. More »
Statoil posts surprise loss on low oil prices, cuts spending
Statoil, the first of the major oil producers to report third-quarter earnings, posted an unexpected loss for a second quarter in a row as maintenance and exploration expenses compounded the impact of lower crude and gas prices. More »
OPEC can’t succeed alone as cuts would barely drain oil surplus
Even if OPEC defies a skeptical market by implementing output cuts in full, it still won’t drain the ocean of surplus oil already pumped from the ground. More »
Wednesday, 26 October 2016
Mexico's energy reform set to revitalize ailing sector and boost economy, IEA says
Mexico's wide-ranging energy reform, which began in 2013, is expected to reverse the country's declining oil production, increase the share of renewables in the power sector, and slow the growth in carbon emissions, providing a solid foundation for robust economic growth in the coming decades, according to the International Energy Agency. More »
Obama Admin officials express support for Arctic oil and gas development
Obama Administration officials and former leaders of U.S. Armed Forces expressed support for Arctic oil and gas development at an Atlantic Council event on Geopolitics, Security, and Energy in the Arctic, sponsored by the Arctic Energy Center, yesterday afternoon. More »
Mexico's energy reform is set to revitalise an ailing sector and boost the economy, IEA report says
Mexico's wide-ranging energy reform, which began in 2013, is expected to reverse the country's declining oil production, increase the share of renewables in the power sector, and slow the growth in carbon emissions, providing a solid foundation for robust economic growth in the coming decades, according to the International Energy Agency. More »
OPGAL offers new optical gas imaging technology for gas leak detection
OPGAL, a manufacturer of thermal imaging infrared cameras, is launching two new products to monitor and detect carbon dioxide (CO2) and carbon monoxide (CO) gas leaks in oil and gas and other heavy industries. More »
Rowan Joe Douglas jackup joins BP Trinidad and Tobago rig fleet
BP Trinidad and Tobago (bpTT) announced Wednesday that the Joe Douglas 240C jackup, which is owned and operated by Rowan Companies, has joined the bpTT rig fleet and has begun drilling at the bpTT Amherstia facility. More »
Baker Hughes introduces advanced small-diameter ESP system
Baker Hughes has announced the commercial release of its CENtrilift PASS slimline ESP system, which is designed to help operators optimize production and reserve recovery while lowering lifting costs in small-diameter wellbores or wells with restricted space due to casing patches or complex completion designs. More »
Honeywell, Flowserve to collaborate on Industrial IoT solutions
Honeywell and Flowserve will collaborate to provide Industrial Internet of Things (IIoT) solutions to help industrial customers make their operations, safer, more efficient and more reliable. More »
KBR, JGC America win FEED contracts for Woodfibre LNG project
Woodfibre LNG Limited, the privately held Canadian company behind the Woodfibre LNG project, has awarded two Front End Engineering and Design (FEED) contracts for the proposed project, located in the District of Squamish near Vancouver, British Columbia, Canada. More »
Mekers Offshore reports launch of liftboat in China
Mekers Offshore has successfully launched the first in a series of liftboats at Dajin Heavy Industries yard in Jiangsu, China. More »
Russia, Norway to exchange Barents Sea seismic data
The Norwegian Petroleum Directorate (NPD) and Russia’s Federal Subsoil Resources Management Agency (Rosnedra) have entered into an agreement to exchange seismic data from the areas around the demarcation line in the Barents Sea. More »
Saudi Arabia faces deeper cuts as Iraq opts out of OPEC deal
Saudi Arabia faces the prospect of much deeper—and financially painful—oil production cuts after Iraq joined the queue of group members seeking immunity from the deal hatched in Algiers. More »
Big Oil braces for profit pain as refining safety net slips
The world’s biggest oil companies, supported during crude’s collapse by a buoyant refining business, have lost that buffer as brimming fuel stockpiles swamp demand. More »
BP, Shell help lift oil-trading profitability to 6-year high
The trading arms of Royal Dutch Shell and BP enjoyed their best year ever in 2015, helping push the combined gross margins of oil merchants to a six-year high, according to a closely watched report. More »
Oil falls as U.S. supply seen rising while Russia resists cuts
Oil dropped for a third day after industry data showed U.S. crude stockpiles expanded as Russia reiterated it would prefer freezing output at current levels rather than cutting. More »
Tuesday, 25 October 2016
Clayton Williams transitions to pure play Permian operator with asset sale
Clayton Williams Energy has entered into a definitive purchase and sale agreement with a third party to sell substantially all of the company's assets in the Giddings Area in East Central Texas for a sale price of $400 million. More »
OPEC is at ‘hardest’ stage in its history, secretary-general says
OPEC Secretary-General Mohammed Barkindo said the 14-nation group is facing its toughest challenge as members debate oil-production cuts needed to balance the market. More »
Honeywell to control Statoil's Valemon platform remotely from onshore location
Honeywell Process Solutions (HPS) has announced it will provide advanced automation and safety solutions to enable remote onshore operation for an unmanned offshore platform in the North Sea, reducing overall production costs and improving safety. More »
Wastewater disposal likely induced magnitude 5.1 Oklahoma quake: USGS
Distant wastewater disposal wells likely induced the third largest earthquake in recent Oklahoma record, the Feb. 13, 2016, magnitude 5.1 event roughly 32 km northwest of Fairview, Okla. More »
First phase of BP’s massive gas project in Oman nears completion
The first phase of BP Oman’s Khazzan natural gas project is 80% complete and on track to deliver first gas near the end of 2017, the company said in a statement. More »
Lukoil starts production at Siberia’s Pyakyakhinskoye field
Lukoil has started commercial production at Pyakyakhinskoye oil and gas condensate field in the Yamal-Nenets Autononous District, the company said Tuesday. More »
Oil trades near $50 as OPEC chief seeks to resolve output plan
Crude traded near $50/bbl as OPEC’s secretary-general was due to visit Baghdad for talks aimed at resolving disagreements on output after Iraq said it should be exempt from planned cuts. More »
DNV GL launches scheme to assure accuracy of gas flow metering in field conditions
Currently there is no independent technology qualification scheme available for high-end fiscal gas meters under field conditions. More »
CGG wins Pemex contract for Mexico’s Perdido area
CGG has been awarded a major contract by Pemex to deliver an orthogonal wide-azimuth integrated solution designed to optimize subsalt seismic imaging in the geologically complex deep waters of the Perdido area. More »
Statoil to cancel contract for Stena Drilling semisubmersible
Statoil has decided to cancel its contract for the Stena Don semisubmersible, the Norwegian operator said Tuesday. More »
Service companies slip into bankruptcy as oil prices rally too late
The rally in energy prices is coming too late to save some of the most troubled oil services companies. More »
Services companies slip into bankruptcy as oil prices rally too late
The rally in energy prices is coming too late to save some of the most troubled oil services companies. More »
Monday, 24 October 2016
Petrobras and Total form strategic alliance
Petrobras and Total inform that Pedro Parente, CEO of Petrobras, and Patrick Pouyanné, chairman and CEO of Total, have signed a Memorandum of Understanding (MOU) which sets the general framework for a Strategic Alliance covering upstream and downstream activities in Brazil, as well as international potential opportunities. More »
Arctic Iñupiat Offshore joins campaign calling for Alaska's Arctic to remain in federal leasing plan
Arctic Iñupiat Offshore (AIO) has announced that it is joining the Arctic Coalition, a collection of 21 Alaskan and nationwide organizations that support responsible energy development in and off the coast of Alaska. More »
Carrizo Oil and Gas acquires Eagle Ford properties for $181 million
Carrizo Oil and Gas has announced that it has agreed to acquire Eagle Ford shale properties from an affiliate of Sanchez Energy Corp. for $181 million in cash, subject to customary closing adjustments. More »
Danos expands presence in Permian basin
Danos is expanding its footprint in the Permian basin region, adding more office and shop space in order make its full range of services offerings available to customers in the area. More »
Norwegian regulator approves Ivar Aasen production start-up
The Norwegian Petroleum Directorate (NPD) has granted consent for the start of production from Ivar Aasen field in the North Sea. The operator, AkerBP, has scheduled output to start in December. More »
Norway greenlights Ivar Aasen production start-up
The Norwegian Petroleum Directorate (NPD) has granted consent for the start of production from Ivar Aasen field in the North Sea. The operator, AkerBP, has scheduled output to start in December. More »
InterMoor opens new custom-built base in Norway
IOS InterMoor, an Acteon company, has opened a new mooring base in Fensfjord, Norway. Located on the Wergeland Base in Sløvågen, the facility will cater to all requirements for mooring equipment storage, supply, inspection and maintenance for IOS InterMoor and its customers. More »
Iraq balks at joining OPEC cuts, making output deal harder
Iraq threw an obstacle in OPEC’s path toward a final deal to stabilize oil markets when it balked at joining efforts to trim output to prop up crude prices. More »
Rubicon Oilfield International acquires Logan International
Rubicon Oilfield International has completed the acquisition of all of the outstanding common shares of Logan International, a supplier of oilfield intervention and production tools, for C$1.59 per share. More »
Hoover, Ferguson and CCC complete merger transaction
Hoover Container Solutions, Ferguson Group and CHEP Catalyst and Chemical Containers (CCC), three global providers of container solutions products in the energy, petrochemical and general industrial markets, have finalized their merger to form the independent joint venture company, Hoover Ferguson Group. More »
Wood Group wins multiyear contract on Canada's Hibernia platform
Wood Group has secured a five-year contract to provide engineering, procurement, construction and maintenance services to the Hibernia platform, offshore Newfoundland, from Hibernia Management and Development Company. More »
Texas Alliance recognizes World Oil, Gulf Publishing for 100th Anniversary
Last week, at its final quarterly Wildcatters event for 2016 in Houston, the Texas Alliance of Energy Producers honored World Oil magazine and Gulf Publishing Company for their 100th Anniversary. More »
Russia’s rising oil-output forecasts give leverage in OPEC talks
As Russia gets ready for talks on cooperation with OPEC on Monday, it’s using the playbooks of Iran, Iraq and Venezuela to gain leverage. More »
Give U.S. a seat at OPEC output meeting, Venezuela says
Venezuelan President Nicolas Maduro wants to invite the U.S. to OPEC’s next meeting, saying the world’s biggest crude producer should be in on talks to stabilize global crude prices. More »
Friday, 21 October 2016
Oil glut grows as Saudi Arabia says worst is over
Listen to Saudi Arabia and hear the oil market is rebalancing. Look at the screen, and Brent is indeed holding above $50/bbl. But dig deeper into the world of physical oil, and bearish signals abound, at least in the European market that helps dictate global prices. More »
Maersk Drilling names fourth and final XLE jackup
Maersk Drilling’s fourth XL Enhanced ultra-harsh environment jackup was named in a ceremony at the Daewoo Shipbuilding and Marine Engineering (DSME) shipyard in South Korea. More »
Santos quarterly sales rise 11% on production boost, LNG volumes
Santos, the Australian oil and gas company, reported an 11% rise in third-quarter sales due to a boost in production. More »
Aker Solutions to acquire majority stake in Brazil's C.S.E.
Aker Solutions agreed to buy 70% of Brazilian C.S.E. Mecânica e Instrumentação Ltda, building on a strategy to expand its services business in key international markets. More »
OPEC deal unlikely to lift oil prices for long, World Bank says
OPEC’s power to help lift oil prices by curbing output will be tested by the ability of shale-oil producers and other unconventional suppliers to ramp up production, the World Bank said. More »
Shell divests shale acreage in Western Canada for $1 billion
Royal Dutch Shell, through its affiliate Shell Canada Energy, has agreed to sell approximately 206,000 net acres of non-core oil and gas properties in Western Canada to Tourmaline Oil Corp. for a total consideration of approximately $1,037 million. More »
Chesapeake declares ‘propageddon’ with record frac job
The era of the monster frac has arrived in North America, and Chesapeake Energy Corp. is singing its praises. More »
Thursday, 20 October 2016
Schlumberger beats estimates as shale helps lead recovery
Schlumberger’s earnings beat expectations after the world’s largest oilfield services provider cashed in on an early U.S. recovery as it waits for the rest of the world to catch up. More »
Seven Lakes launches new workflow and analytics platform
Seven Lakes Technologies, Inc., has launched Joyn workflow and analytics platform. More »
NEL’s test facility is first in the UK to receive international accreditation
UKAS has awarded NEL’s Elevated Pressure and Temperature (EPAT) test facility ISO/IEC 17025 accreditation. This makes it the first and only HPHT facility in the UK to have gained the internationally recognized certification. More »
U.S. gas production gives back August gains, IHS Markit says
U.S. natural gas production levels in the lower 48 states declined by nearly 1.2% in September as compared to August levels, according to analysis from IHS Markit. More »
Dräger to take mobile showroom on the road
Dräger’s first North American mobile showroom is ready to be taken on the road by the company’s local sales representatives. More »
Halliburton, U.S. Silica break record for moving largest sand unit train in North America
Halliburton and U.S. Silica Holdings moved a record breaking unit train carrying nearly 19,000 tons of U.S. Silica White frac sand from Ottawa, Ill., to Elmendorf, Texas. More »
Aqualis Offshore wins work on FPSOs set for Brazil’s pre-salt
Marine and offshore engineering consultancy Aqualis Offshore has been awarded contracts to provide marine warranty services to three different FPSO projects in Brazil. More »
Nigeria cuts oil prices, sees ‘huge cargo overhang’ in market
Nigeria cut the price of every type of crude it sells in an effort to regain its share of the global oil market share at a time when there’s a “huge” glut of cargoes. More »
Subsea 7 awarded contract for Egypt’s Atoll field
Subsea 7 has been awarded a substantial contract by Pharaonic Petroleum Company. The contract is to be executed at Atoll field, offshore Egypt, at water depths of over 900 m. More »
Russian oil capable of ‘significant’ output growth, Rosneft CEO says
Russia’s largest oil company said the nation is capable of a substantial increase in production, less than two weeks after President Vladimir Putin pledged his support for international efforts to limit output. More »
Wednesday, 19 October 2016
Clariant introduces industry’s first intelligent digital chemical management system
Clariant is aiming to deliver the efficiency benefits of the digitized world to oil and gas chemical operations with its VERITRAX intelligent chemical management system. More »
Halliburton ready to sacrifice market share to boost profit
After boosting North American sales for the first time during the downturn, Halliburton is determined to raise prices for its services to lock in profits in the world’s largest fracing market. More »
ABS, SHI conclude JDP for new TLP design
ABS and Samsung Heavy Industries of South Korea have announced the conclusion of a joint development project (JDP) for a new tension leg platform (TLP) design. More »
Quadrant Energy reports successful well test offshore Western Australia
Successful Well Test in Bedout Basin Offshore Western Australia More »
Iran in talks with investors to bid on 50 oil and gas projects
Iran is negotiating with 16 international energy companies to help operate and manage 50 oil and natural gas projects around the country to boost production after years of international sanctions. More »
Long is the new deep for shale drillers in the oil patch
Long is the new deep. Just ask SM Energy Co., which on Tuesday spent $1.6 billion to expand its acreage in America’s most prodigious oil patch, the Permian basin. More »
Royal IHC secures order for FSO equipment designated for Culzean field
Royal IHC has signed a new contract for the engineering, procurement and construction of a tandem mooring and offloading system for an FSO vessel (Floating, Storage and Offloading). More »
Exxon Mobil CEO doesn’t see supply shortage pushing up oil prices
The world’s largest publicly listed oil company says ample production from U.S. shale regions will keep prices subdued for years to come, disagreeing with others in the industry who have warned about a looming shortage. Rex Tillerson, chief executive officer at Exxon Mobil, presented an upbeat view of how technology will allow companies to pump more, preventing a price “blow out” in the future. More »
Qatargas, Petronas sign five-year LNG deal
Qatargas has signed a new five-year liquefied natural gas sale and purchase agreement (SPA) with Petronas LNG UK Limited (PLUK). More »
Oasis’ Bakken deal shows play still has life as costs drop
Oasis Petroleum’s double-down on North Dakota’s Bakken shale shows the rapid drop in U.S. drilling costs can make a case for even the ugly ducklings of American shale plays. More »
Global Maritime, Statoil sign master services agreement
Global Maritime Consultancy and Engineering, a provider of marine warranty, dynamic positioning and engineering services to the offshore sector, has been awarded a master services agreement (MSA) by Statoil. More »
Casillas Petroleum acquires SCOOP acreage from Continental
Casillas Petroleum Resource Partners, a partnership between Casillas Petroleum Corp. and Kayne Anderson Energy Funds, has closed on the purchase of certain oil and gas assets owned by Continental Resources in the SCOOP play in Oklahoma for an adjusted purchase price of $294 million. More »
Halliburton swings to profit as oil explorers get back to work
Halliburton eked out a surprise profit in the third quarter as the world’s second-largest oil services company gained business from oil producers that are beginning to ramp up operations following the worst crude-market crash in a generation. More »
Permian is ‘last man standing’ in worldwide collapse
The biggest U.S. oil field just keeps getting bigger as explorers discover so many rich new pockets of crude that investors are more than willing to look past the slump in oil prices to bankroll ambitious drilling and acquisition programs. More »
Tuesday, 18 October 2016
Oil seen stuck in $50 to $60 range as shale offsets OPEC action
The world should get used to oil prices between $50 and $60/bbl as falling costs in America’s shale fields counteract OPEC’s renewed commitment to supply management. More »
Saudis said to boost oil sales to China as pricing lures buyers
Saudi Arabia, which is marshaling a potential deal with global crude producers to limit output, is said to have lifted sales to the world’s second biggest oil consumer after cutting the pricing for its supply. More »
JDR to open new European service support center in UK
JDR, a supplier of subsea power cables and umbilicals to the offshore energy industry, is to open a new European service support center in Newcastle upon Tyne, UK. More »
Extraction Oil and Gas names Jacobsen as senior V.P. of operations
Extraction Oil and Gas has named Eric S. Jacobsen as the company's new senior V.P. of operations. More »
Geophysical Insights licenses seismic attribute technology from AASPI Consortium
The Attribute Assisted Seismic Processing and Interpretation (AASPI) Consortium at the University of Oklahoma and Geophysical Insights, headquartered in Houston, Texas, have announced a major cooperative agreement. More »
Condor Petroleum starts production at Kazakhstan's Taskuduk field
Condor Petroleum Inc. has announced that commercial oil production has commenced at Taskuduk field in Kazakhstan. More »
CGG releases enhancements to reservoir characterization software
CGG GeoSoftware has announced a series of new software releases across its reservoir characterization product portfolio. More »
GeoPark successfully drills Tigana 4 well in Colombia
GeoPark Limited has announced the successful drilling and testing of the Tigana 4 development well, at a rate over 3,200 bopd in the Tigana oil field in the Llanos 34 Block (GeoPark-operated, with a 45% working interest) in Colombia. More »
CGG GeoSoftware releases new enhancements to reservoir characterization software
CGG GeoSoftware has announced a series of new software releases across its reservoir characterization product portfolio. More »
Condor Petroleum begins commercial oil production at Kazakhstan's Taskuduk field
Condor Petroleum Inc. has announced that commercial oil production has commenced at Taskuduk field in Kazakhstan. More »
BLM finalizes three new oil and gas measurement rules
The Bureau of Land Management (BLM) announced the finalization of three rules designed to ensure the accurate measurement, proper reporting, and accurate recordkeeping of oil and gas produced from Federal and Indian leases, in order to ensure that royalties are paid. More »
Saudi Arabia says oil at $50-$60, ensures adequate global supply
Officials from Saudi Arabia and Kuwait, key protagonists in shaping OPEC policy, said oil at $50 to $60 a barrel would ensure adequate global supply, setting out a potential price band for the producer club before its meeting in Vienna next month. More »
Faroe Petroleum reports discovery in Norwegian Sea
LONDON -- Faroe Petroleum has reported an oil and gas discovery at the Njord North Flank in the Norwegian Sea. More »
SM Energy expands in Midland basin with new acquisition
SM Energy has entered into a definitive purchase agreement to acquire 35,700 net acres in Howard and Martin Counties in West Texas, expanding the company’s Midland basin footprint to approximately 82,450 net acres. More »
Comstock Resources sells south Texas gas assets
Comstock Resources has entered into a definitive purchase and sale agreement with a third party to sell Comstock's conventional natural gas properties in south Texas for a sale price of $28.0 million. More »
SM Energy expands in Midland basin with acquisition
SM Energy has entered into a definitive purchase agreement to acquire 35,700 net acres in Howard and Martin Counties in West Texas, expanding the company’s Midland basin footprint to approximately 82,450 net acres. More »
Permian to pump oil at record rate as other plays dwindle
Oil production in the Permian basin keeps growing as other U.S. shale plays falter. More »
As OPEC waits on Russia, Naimi memoir offers cautionary history
Ali Al-Naimi, the former Saudi oil minister and architect of the 2014 pump-at-will OPEC policy that’s roiled markets since, drew the conclusion during his final years in office that there was "zero" chance of countries outside the group joining in production cuts. More »
Monday, 17 October 2016
OPEC’s reversal is gift to oil majors after two years of ‘hell’
When the bosses of the world’s biggest oil companies gather in London on Tuesday, they might have the urge to track down the Saudi energy minister and shake him by the hand. More »
Oil declines as OPEC members boost output, U.S. rig count gains
Oil declined as OPEC members added supply and U.S. producers increased drilling, threatening to compound a global surplus. More »
Sentinel Peak Resources acquires Freeport-McMoRan's California assets for $742 million
Sentinel Peak Resources (SPR) has entered into an agreement with the oil and gas subsidiary of Freeport-McMoRan to purchase their onshore California assets for $592 million plus an additional consideration of up to $150 million payable in certain circumstances based on a sustained Brent oil price environment over $70/bbl. More »
Wireless IoT detection device alerts operators to impending leaks
Ambyint, a firm specializing in cost saving IoT technology solutions for oil and gas producers, has announced the launch of its new, pre-emptive, leak-detection device ambySense:SLD. More »
CGG and Wood Mackenzie release exploration valuation platform
Launched today, the EV2 decision support platform enables oil and gas clients to determine the value of undrilled exploration acreage in the world’s most prospective basins. More »
Trelleborg completes supply of floatover equipment for Malaysian project
Trelleborg’s engineered products operation has successfully completed its supply of floatover equipment for the PETRONAS NC3 gas field, located in Block SK316, 200 km North of Bintulu, Sarawak in Malaysia. More »
Iran to boost oil output as OPEC plans cut
Iran, OPEC’s third-biggest member, plans to boost its oil output to a level of 4 MMbpd this year, potentially complicating the producer group’s plan to cut supply in an effort to prop up prices. More »
PGS improves imaging capabilities with new supercomputer
PGS has further strengthened one of the most powerful compute platforms in the oil service industry, by adding another Cray XC supercomputer to its Houston Mega Center. More »
Dril-Quip to acquire TIW Corporation for $143 million
Dril-Quip has entered into an agreement to acquire TIW Corporation, a manufacturer of consumable downhole products, for approximately $143 million. More »
Oceaneering expands services with Blue Ocean Technologies acquisition
Oceaneering International has acquired the assets of Blue Ocean Technologies, a privately held provider of riserless light well intervention (RLWI) services, for approximately $30 million in cash. More »
SKF, GE sign collaboration agreement to develop use of active magnetic bearing applications
SKF and GE Oil and Gas have signed a non-exclusive, license-based collaboration agreement, aimed at further developing the use of active magnetic bearing technologies within the oil and gas sector. More »
Sercel sells 10,000 UNITE nodes to Serbia's NIS
Sercel has sold 10,000 channels of its high-end UNITE cable-free land seismic acquisition system to NIS, a Serbian oil and gas company in which Gazprom Neft has a majority shareholding. More »
Aker Solutions wins contract to upgrade Mongstad terminal for Johan Sverdrup
Aker Solutions has been awarded a contract to upgrade the Mongstad terminal for oil from Johan Sverdrup from late 2019. More »
SKF, GE Oil and Gas sign collaboration agreement to develop use of active magnetic bearing applications
SKF and GE Oil and Gas have signed a non-exclusive, license-based collaboration agreement, aimed at further developing the use of active magnetic bearing technologies within the oil and gas sector. More »
ODE signs four-year framework agreement with DONG Energy
ODE, an engineering consultancy, has secured an engineering services and consultancy framework agreement with DONG Energy. More »
Aker Solutions wins contract to upgrade Mongstad terminal for oil from Johan Sverdrup
Aker Solutions has been awarded a contract to upgrade the Mongstad terminal for oil from Johan Sverdrup from late 2019. More »
Mexico sweetens Pemex Trion JV terms for second time
Mexico has eased the terms of a joint venture with state oil company Petroleos Mexicanos in the deepwater Trion field to attract more bids. More »
OPEC spat over production data grows as Iran rejects estimates
OPEC’s struggle with the first step of its new production deal—agreeing on how much its members are pumping—deepened as Iran became the third nation to openly question the organization’s data. More »
Friday, 14 October 2016
Newfield CEO sees cautious approach on ‘huge’ Oklahoma oil find
Don’t expect a major ramp-up of oil production in Oklahoma’s hot new shale plays any time soon, even as companies invest billions of dollars in the region, said Newfield Exploration Co.’s CEO. More »
Williams’ $3-billion shale gas pipeline faces another setback
Williams Partners LP is facing yet another setback for a $3-billion pipeline project that would carry natural gas out of shale formations in the eastern U.S. More »
Jordanians protest against gas deal with Israeli partners
Hundreds of Jordanians took to the streets of Amman on Friday to protest a $10-billion gas deal recently reached between Natural Electric Power Co. (NEPCO) of Jordan and partners in Israel’s Leviathan field. More »
ProSep inks distribution agreement with Puffer-Sweiven
ProSep has signed a distribution agreement with Puffer-Sweiven, a supplier of products and services for process control and flow control. More »
Eni's Armada Olombendo FPSO vessel ready for operations offshore Angola
Eni announces that the naming ceremony of the Armada Olombendo FPSO vessel was held today in Singapore. The FPSO shall operate in Block 15/06, offshore Angola, for the East Hub Development Project. More »
API highlights importance of Gulf seismic surveys and BOEM environmental report
Offshore Senior Policy Advisor Andy Radford today highlighted the importance of seismic surveys in the Gulf of Mexico and the potential significance of the Bureau of Ocean Energy Management’s (BOEM) recently released Draft Programmatic Environmental Impact Statement (PEIS). More »
API highlights importance of seismic surveys in Gulf and BOEM environmental report
Offshore Senior Policy Advisor Andy Radford today highlighted the importance of seismic surveys in the Gulf of Mexico and the potential significance of the Bureau of Ocean Energy Management’s (BOEM) recently released Draft Programmatic Environmental Impact Statement (PEIS). More »
Oil rebound’s dirty little secret threatens U.S. gas bulls
One of the biggest threats to an extended rally in U.S. natural gas prices is lurking in the oil patch. Gas production in most of the country has dropped amid cost-cutting. Not so in the Permian basin, the nation’s biggest crude reservoir and one of the few places where drilling has remained profitable. Permian drillers, led by Occidental Petroleum and Pioneer Natural Resources, are pumping more oil as prices rise, pushing natural gas extracted as a byproduct from the West Texas play to almost 7 Bcfpd, Bloomberg Intelligence data show. That’s about 8%of U.S. supply. More »
Statoil ends its search for oil and gas in New Zealand's Reinga basin
Statoil has informed the New Zealand Government of its decision to stop looking for oil and gas in the Reinga basin. More »
Technip awarded subsea contract in Malaysia
Technip has been awarded a subsea contract by PETRONAS Carigali Sdn Bhd, (wholly owned subsidiary of PETRONAS), for the Samarang Redevelopment Project Phase 2 EOR, in Malaysia. More »
U.S. oil output slide seen slowing as shale drillers return
Increased drilling by shale producers buoyed by higher prices will slow the decline in U.S. crude production, a government forecast showed. More »
Shell said to weigh sale of over $1 billion Malaysia LNG stake
Royal Dutch Shell Plc is considering a sale of its stake in a Malaysian liquefied natural gas export plant, which could fetch more than $1 billion, people familiar with the matter said. More »
Oil from $50-billion Kashagan field starts flowing to export
Kashagan, a vast oil field in the Caspian Sea, sent its first crude for export after about 16 years in development and more than $50 billion of investments. More »
Thursday, 13 October 2016
Winners of 2016 World Oil Awards honored at Houston gala
More than 300 of the upstream industry’s brightest minds gathered on Thursday evening to celebrate the winners of the 2016 World Oil Awards. More »
RSP Permian to pay $2.4 billion for Silver Hill Energy Partners
RSP Permian Inc. agreed to pay $2.4 billion in cash and stock for Silver Hill Energy Partners amid increasing competition for drilling rights in the biggest U.S. oil field. More »
RSP to pay $2.4 billion for Permian oil driller Silver Hill
RSP Permian Inc. agreed to pay $2.4 billion in cash and stock for Silver Hill Energy Partners amid increasing competition for drilling rights in the biggest U.S. oil field. More »
North Dakota is pumping oil at the slowest pace in two years
North Dakota oil production dropped below 1 MMbpd in August for the first time in more than two years, as depressed prices forced explorers to cut back. More »
ONGC, United Energy said to vie for $2-billion Chevron asset
Oil and Natural Gas Corp., the largest Indian oil and gas explorer, and Hong Kong-listed United Energy Group Ltd. are among bidders for Bangladesh natural gas assets being sold by Chevron Corp., people with knowledge of the matter said. More »
U.S. crude stocks rise for first time in six weeks
Oil retreated after U.S. government data showed inventories climbed for the first time since August. More »
China crude imports rise to record high as storage expanded
China’s crude imports rose to a record as a new strategic reserve site became operational and refineries prepare to process more oil. Net oil product exports also rose near a record. More »
Kuwait Energy brings Faihaa-2 oil well online in Iraq
Kuwait Energy has started production from the Faihaa-2 well in the Block 9 concession in southern Iraq. More »
Maersk Oil awards five-year agreement to Lloyd's Register
Maersk Oil has awarded a long-term contract to Lloyd's Register for a comprehensive suite of asset integrity services to support the development of Maersk Oil’s offshore operations in an efficient, safe and environmentally responsible manner. More »
Apache Corp. partners with UTA on Alpine High water study
Chemists from The University of Texas at Arlington have partnered with Apache Corporation to conduct a baseline water quality study of groundwater and surface water in the newly discovered Alpine High resource play in West Texas. More »
Lilis Energy in Delaware basin acquisition
Lilis Energy has acquired certain oil and gas properties in Winkler County, Texas, for a purchase price of $3 million. More »
CGG wins multi-client projects offshore Mozambique
CGG has been awarded an extensive multi-client program by the Instituto Nacional de Petroleo (INP) to acquire seismic data offshore Mozambique. More »
AGR names new head for Well Management business in Norway
AGR has appointed Tore Øian to lead the company’s Well Management business in Norway. More »
BP bulks up offshore Australia gas to feed Northwest Shelf LNG
BP picked up new offshore Australia gas fields to expand supply options for the North West Shelf LNG venture. More »
Oil seen at $70 next year as OPEC cuts speed supply slide
LONDON (Bloomberg) -- Hedge fund manager Pierre Andurand said he expects crude oil prices to reach $60/bbl over the next three months and $70 next year as Saudi Arabia agrees to cut production and helps rebalance the market. More »
Wednesday, 12 October 2016
Shell North Sea sale said to draw Ineos, Siccar Point bids
Royal Dutch Shell Plc has invited binding bids from parties including Ineos AG and Blackstone Group LP-backed Siccar Point Energy for the sale of some of its UK North Sea assets worth about $2 billion, according to people familiar with the matter. More »
U.S. set to double the shale gas it sends overseas
The United States is set to double the volume of shale natural gas it’s sending abroad. More »
NOV's Quality Tubing produces record-setting tubing string
In early September, Quality Tubing, part NOV's Intervention and Stimulation Equipment (ISE) business unit, reached a milestone by producing their largest coiled tubing string on record, measuring 25,595 ft long, 2.625 in. in diameter, and weighing 149,748 lb. More »
Libya’s oil production set to reach three-year high by December
Libya’s oil production is set to reach a three-year high by December, as fields restart and ports reopen after five years of armed conflict crippled sales. More »
Falcon Oil and Gas JV reports discovery in Australia's Beetaloo basin
Falcon Oil and Gas Ltd. has announced that Origin Energy Resources Limited, the company's Joint Venture partner, has submitted a notification of discovery and an initial report on discovery to the Department of Primary Industry and Resources (DPIR) of the Northern Territory, Australia on the A mungee NW - 1H well in the Beetaloo basin, Australia. More »
Searcher Seismic starts survey offshore Papua New Guinea
Searcher Seismic has commenced acquisition of the 11,000 km Hahonua 2D seismic survey offshore Papua New Guinea. More »
DNO completes three production wells in Kurdistan’s Tawke field
DNO ASA has reported the completion of three new production wells at the flagship Tawke field in the Kurdistan region of Iraq as part of a stepped up drilling program kicked off in July 2016. More »
Technip, FMC win subsea work for Hurricane’s Lancaster development
Hurricane Energy has provisionally selected Technip and FMC Technologies, under their alliance, as its exclusive provider of subsea solutions for the Lancaster Early Production System (EPS) and for subsequent development of the Greater Lancaster Area. More »
Ranger Energy Services expands with acquisitions
Ranger Energy Services has acquired Bayou Workover Services, a privately held oilfield services company providing workover, plug and abandonment, and fluid management services in the Rockies and Williston basin. More »
OPEC faces 500,000 bpd dispute with members on oil cuts
The scale of the internal differences OPEC must resolve before securing a deal to cut supply was revealed Wednesday as the group’s latest output estimates showed a half-million-barrel difference of opinion over how much two key members are pumping. More »
Activists’ tampering shuts down five Canada-U.S. pipelines
Activists acting in solidarity with protesters seeking to stop construction of an oil pipeline in North Dakota temporarily shut five pipelines able to carry more than 2 MMbpd of Canadian crude into the U.S. More »
OPEC hails Putin production pledge but internal disputes persist
OPEC’s most senior official talked up Russia’s commitment to joining efforts to limit oil production even as the group’s internal disagreements over how to share the burden of cuts stood in the way of a global deal. More »
Tuesday, 11 October 2016
Chevron said to seek $2 billion in sale of Bangladesh assets
Chevron Corp., the U.S. oil producer divesting assets to counter an energy-price slump, is seeking about $2 billion from a sale of natural gas assets in Bangladesh, according to people familiar with the matter. More »
API: Decline in exploratory drilling showing signs of slowing
The estimated number of oil wells drilled and completed in the third quarter of 2016 remained relatively unchanged from the previous quarter at 2,285, the American Petroleum Institute (API) said. More »
U.S. shale output seen surging if crude reaches $60
Crude prices of $60/bbl would probably trigger a strong increase in North American oil production while trimming global demand growth, the head of the International Energy Agency said. More »
Optime Subsea Services merges with Telemark Technologies
Subsea technology company Optime Subsea Services AS is set to merge with engineering house Telemark Technologies AS to fast track its cost-saving subsea installation solution to the global oil and gas market. More »
Oil market seen rebalancing faster if OPEC respects deal
Oil supply and demand could come back into balance earlier than expected if OPEC’s agreement to curb output is implemented, the International Energy Agency said. More »
Saudi Aramco inks MOUs with Turkish companies
Saudi Aramco has signed a series of Memoranda of Understanding (MoU) with 18 Turkish industrial enterprises, adding new potential partners to the company’s slate of future capital projects, promoting diversification and infrastructure enhancement in support of Saudi Vision 2030. More »
Russia oil producers would cut if there’s OPEC deal, Lukoil says
Russian oil companies will unify behind their government if talks with the Organization of Petroleum Exporting Countries result in an agreement to limit output, including cuts, said the country’s second-largest producer. More »
Wood Group awarded three-year agreement for Suncor heavy oil well pads
Wood Group has received the first project work authorization under a recently signed multiuse agreement with Suncor Energy, for work to be completed at its Firebag in-situ site in Alberta, Canada, approximately 120 km northeast of Ft. McMurray. More »
Aker Solutions, MAN to cut cost of subsea compression systems
Aker Solutions and MAN Diesel and Turbo expect to cut the size and weight of subsea compression systems by at least 50% just a year after the first such system successfully went on stream at Statoil’s Åsgard field. More »
BP exits frontier exploration project offshore Australia
BP has abandoned oil exploration in the offshore Great Australian Bight, five years after it began searching for resources in one of the world’s last frontier regions and before it could drill a single well. More »
IEA head sees $60 oil prompting surge in North American output
Crude prices of $60/bbl would probably trigger a strong increase in North American oil production while trimming global demand growth, the head of the International Energy Agency said. More »
Saudi Arabia sees oil reserves lasting another 70 years
Saudi Arabia, the biggest oil exporter, sees its crude reserves of 266.5 Bbbl lasting 70 more years and hasn’t sought an independent consultant to review the figures, according to a bond prospectus seen by Bloomberg News. More »
Monday, 10 October 2016
Diamondback Energy surges as Permian producer ups output forecast
Diamondback Energy rose the most since 2013 after the oil and natural gas explorer increased its 2016 production outlook in a preview of third-quarter results. More »
SIMMONS EDECO launches Well Life Cycle and Well Integrity Awareness Program
SIMMONS EDECO, a supplier of wellhead and valve maintenance, asset integrity solutions and onshore drilling services, has announced the launch of its Well Life Cycle and Well Integrity Awareness Program. More »
Sasol completes first-ever onshore 3D seismic campaign in Mozambique
Sasol recently announced the completion of the first-ever 3D onshore seismic program in Mozambique. More »
Brent hits one-year high as optimism grows over output deal (1)
Oil rose to a one-year high in London as Saudi Arabia expressed optimism that OPEC will work out a deal with other producers and Russia said it would back an accord. More »
Brent hits one-year high as optimism grows over output deal
Oil rose to a one-year high in London as Saudi Arabia expressed optimism that OPEC will work out a deal with other producers and Russia said it would back an accord. More »
Emerson introduces new multi-phase flow meter
Emerson Automation Solutions has introduced the Roxar MPFM 2600 M multi-phase flow meter. The Roxar MPFM 2600 M is a flexible and easily manageable wellhead measurement solution based on a field-proven technology platform. More »
Deepwater opening luring Big Oil to Brazil, Petrobras says
International oil companies are reaching out to Brazil after it opened its most promising offshore region to increased competition, a move welcomed by Petrobras CEO Pedro Parente as he seeks partners to spread investment costs. More »
Russia ready to freeze or cut output with OPEC, Putin says
Russia, the world’s largest energy exporter, is willing to consider freezing or even cutting oil output in cooperation with OPEC, said President Vladimir Putin. More »
Statoil cleared to drill four survey wells at Johan Sverdrup
Statoil has received consent to drill four survey wells at Johan Sverdrup field, Petroleum Safety Authority (PSA) Norway said Monday. More »
Australia Pacific LNG's second train starts production
Australia Pacific LNG confirmed Monday that it had produced the equivalent of a cargo of liquefied natural gas from the second train at its LNG facility on Curtis Island near Gladstone, Queensland. More »
Oil glut isn’t holding back energy efficiency gains, IEA says
The world is squeezing more from the energy it uses even though markets are awash in cheap oil and natural gas, a report from the International Energy Agency showed. More »
China oil output rebound seen unlikely until prices top $60
Oil may need to rally further before China’s producers make enough money to reverse a drop in output to the lowest in more than six years. More »
Saudi minister says oil at $60 by year-end not ‘unthinkable’
The oil-price could recover to $60/bbl by the end of 2016, said Saudi Arabia’s Energy Minister, just weeks after agreeing to cut supply for the first time in eight years. More »
Friday, 7 October 2016
Shale explorers boost activity further after OPEC’s ‘lifeline’
Explorers added oil rigs in the U.S. for a sixth consecutive week after OPEC’s pledge to cut output livened up the crude market, allowing producers to lock in higher prices with hedge contracts. More »
North Sea drilling activity plunges to all-time low
The number of rigs drilling for oil and gas in the North Sea, home of the Brent crude benchmark, plunged in September to the lowest in nearly 35 years as companies cut spending to weather low prices. More »
Frank’s International buys Blackhawk Specialty Tools in $321-million deal
Frank’s International has entered into a definitive merger agreement to acquire Blackhawk Group Holdings, Inc., the ultimate parent company of Blackhawk Specialty Tools, a provider of well construction and well intervention services and products. More »
Suncor Energy closes purchase of interest in Rosebank project
Suncor Energy UK Limited has closed its previously announced purchase of a 30% participating interest in the UK North Sea Rosebank project from OMV (U.K.) Limited. More »
Karoon to explore in Great Australian Bight
Karoon Gas Australia has been awarded a license for exploration permit EPP46. The permit covers 17,793 km2 of Australia’s most active and prospective frontier oil province, the Ceduna sub‐basin, in the Great Australian Bight (GAB), offshore South Australia. More »
As UK gives nod to fracing, a U.S.-style shale boom remains far away
Four wells are better than none if you’re trying to assess whether your country could host the next shale boom—but it’s not nearly enough. More »
Extended reach drilling course launched by RGU, Merlin
Aberdeen's Robert Gordon University (RGU), in conjunction with Merlin ERD Limited, has developed a bespoke training course in extended reach drilling (ERD). More »
Oil drops as Russia sees no deal with OPEC next week
Oil dropped near $50/bbl after Russia cast doubt over a deal anytime soon with OPEC, following the cartel’s pledge to reduce output. More »
Thursday, 6 October 2016
U.S. oil advances above $50/bbl for first time since June
Oil climbed above $50/bbl in New York for the first time since June as declines in U.S. crude inventories and OPEC’s pledge to reduce supply lifted hopes the global glut may clear. More »
Exxon Mobil fined $74 billion by Chad court over royalties
A court in Chad told Exxon Mobil Corp. to pay a record fine of $74 billion, as well as $819 million in royalties it said the oil company owed to the state, according to a court document. More »
Johan Sverdrup shipment arrives at Kvaerner’s Verdal yard
The first of two shipments of pile clusters and flotation tanks have arrived at Kvaerner’s yard in Verdal, Norway. More »
OPEC seen failing to meet supply-cut targets
Gunvor Group, one of the four largest independent oil traders, doesn’t expect oil prices to push much above $5/bbl for the next nine months as OPEC struggles to meet its goals for curbing production. More »
BOEM to strengthen environmental cooperation with Mexico
The U.S. Bureau of Ocean Energy Management (BOEM) and Mexico’s Agency for Safety, Energy and Environment (ASEA) have signed a letter of intent to strengthen cooperation, coordination and information sharing on environmental matters related to offshore hydrocarbon activities in the Gulf of Mexico. More »
Searcher Seismic completes Buscador survey offshore Mexico
Searcher Seismic has completed acquisition of the Buscador Near-Shore 2D Seismic Survey, offshore Mexico. More »
Searcher Seismic completes survey offshore Mexico
Searcher Seismic has completed acquisition of the Buscador Near-Shore 2D Seismic Survey, offshore Mexico. More »
Delaware basin offers operators chance to thrive, IHS Markit says
A handful of dominant oil and gas companies operating in established sub-plays in the Delaware basin are delivering remarkable profitability at current prices thanks, in part, to their early entry and their extensive technical knowledge of the local geology, according to analysis from IHS Markit. More »
Fugro, CGG JV nabs $60-million ADNOC contract
Seabed Geosolutions, a joint venture between Fugro and CGG, has secured a new extension to its ongoing shallow water operations in the United Arab Emirates. More »
Saudi Aramco IPO will offer stake in all of company’s operations
The world’s biggest oil company is planning to sell shares in the entire business and not just in its refining or distribution operations, its CEO said in an interview. More »
Wintershall sells stake in North Sea’s Yme license to OKEA
Wintershall Norge has signed a sales agreement with OKEA, a Norwegian oil company which was established in Trondheim last year, to sell its 10% share in the Yme license on the Norwegian Continental Shelf. More »
Saudis risk more pain from OPEC reversal as rivals ramp up
For OPEC’s production deal to work, it was always clear that Saudi Arabia would need to make sacrifices. The world’s largest oil exporter faces the risk the costs will keep getting bigger. More »
GE drones are coming to squeeze more savings from the oil patch
General Electric has a solution for U.S. oil and natural gas explorers struggling to save more money after squeezing drilling costs by more than a third during the past two years. More »
Wednesday, 5 October 2016
Subsea Services Alliance to develop the first riserless open-water abandonment module
The Subsea Services Alliance, a contractual collaboration between Helix Energy Solutions Group, Inc., and Schlumberger, today announced the launch of the development of the first Riserless Open-water Abandonment Module (ROAM). More »
Oil tankers piling up in North Sea show glut facing OPEC
A pile up of tankers waiting in the North Sea suggests a glut is building again in the market where benchmark crude is traded, highlighting the task facing OPEC as it seeks to rein in a global glut. More »
Encana to boost spending with eye on biggest U.S. oil patch
Encana Corp., one of Canada’s largest energy explorers, is increasing capital spending by as much as 64% as it seeks to pull more crude out of America’s most prolific oil field. More »
GE opens new oil and gas RandD Center in Oklahoma
Providing a present and future glimpse of promising new technologies in the pipeline for the Oil and Gas industry, GE today held the grand opening of its new Oil and Gas Technology Center in Oklahoma City. More »
Oceaneering expands AUV operations into West Africa
Oceaneering International is expanding its presence for autonomous underwater vehicle (AUV) survey services to the West African region. More »
Vallourec merges its two main Brazilian companies
Vallourec announced that it finalized the merger of Vallourec Tubos do Brasil (VBR) and Vallourec and Sumitomo Tubos do Brasil (VSB) on Oct. 1, 2016. More »
Oceaneering expands its AUV operations into West Africa
Oceaneering International, Inc. announced that it is expanding its presence for Autonomous Underwater Vehicle (AUV) survey services to the West African region. More »
Aker Solutions introduces new low-cost platform for marginal fields
Aker Solutions has introduced a new lighter weight semisubmersible platform that will help producers unlock more marginal oil and gas fields in harsh environments across the globe. The platform delivery time has also been reduced. More »
WTI nears $50 after U.S. stockpiles fall for fifth week
Oil climbed, approaching $50/bbl in New York after government data showed that U.S. crude stockpiles dropped last week. More »
GE opens new RandD Center in Oklahoma
Providing a present and future glimpse of promising new technologies in the pipeline for the Oil and Gas industry, GE today held the grand opening of its new Oil and Gas Technology Center in Oklahoma City. More »
CGG acquires Saturno multi-client survey over Santos basin, offshore Brazil
CGG announced the start of a large broadband 3D multi-client survey in the pre-salt area of the deepwater Santos Basin. Santos VII (Saturno) is the third phase in CGG’s most ambitious pre-salt project to date, collectively known as the Santos Basin Trilogy. The project is designed to make ultramodern seismic datasets available as quickly as possible to support each phase in the pre-salt evaluation process in anticipation of Brazil’s next pre-salt licensing round. More »
‘Wall of supply’ to block oil rally at $55, Goldman Sachs says
Oil’s rally will stall at $55/bbl as U.S. shale drillers get back to work and a “wall of supply” from investments made over the past decade hits the market, Goldman Sachs Group said. More »
ConocoPhillips sets Alaska drilling record
ConocoPhillips Alaska Inc. announced that it achieved a drilling record for Alaska at drill site CD5 in the Colville River Unit (Alpine) on Alaska’s North Slope. More »
Resolute Energy in $135-million Delaware basin buy
Resolute Energy Corporation has entered into a definitive agreement with Firewheel Energy, a portfolio company of EnCap Investments, to acquire certain oil and gas properties in Reeves County, Texas, for a purchase price of $135 million. More »
SM Energy closes Permian basin acquisition
SM Energy Company has closed its previously announced acquisition of 24,783 net acres in Howard County, Texas, from Rock Oil Holdings for $980 million, before customary purchase price adjustments. More »
Saudi Aramco cuts pricing for oil sales to Asia as glut persists
Saudi Arabia, the world’s largest crude exporter, cut pricing for November oil sales to Asia and Northwest Europe and for most grades to other regions amid a global supply glut. More »
Trump meets with energy CEOs discouraged by fracing remarks
Energy executives in Denver on Tuesday warned Donald Trump, who has said he supports letting local residents vote on fracing bans, that state regulations are thwarting oil and gas development. More »
Oil major BP buys first Iranian oil since sanctions eased
Iran’s state-owned oil company sold condensate to BP for the first time since sanctions were lifted in January, marking the country’s re-emergence as one of the world’s top suppliers of crude oil and NGLs. More »
Caelus reports 6 Bbbl discovery on Alaska’s North Slope
Caelus Energy Alaska has announced a significant light oil discovery on its Smith Bay state leases on the North Slope of Alaska. More »
Tuesday, 4 October 2016
Venezuela sees oil output deal cutting 1.2 MMbpd
CARACAS (Bloomberg) -- An agreement among OPEC and non-OPEC states to limit oil production could slash global supply by 1.2 MMbpd and add as much as $15 to prices, said Venezuelan Oil Minister Eulogio Del Pino. More »
Sandvik inaugurates new, fully automated OCTG ultrasonic testing facility
Sandvik is inaugurating a new, state-of-the-art, fully automated ultrasonic testing facility for pipes to the oil and gas industry. More »
BP to buy all LNG from Eni’s proposed Coral South FLNG facility
BP and the Area 4 concession partners—Eni East Africa (EEA), Galp Energia, Kogas and Empresa Nactional de Hidrocarbonetos—have entered into a sales and purchase agreement for BP to purchase 100% of the LNG produced by the EEA-operated Coral South Floating LNG facility, which is expected to be installed offshore Mozambique. More »
Billionaire chairman said to be willing to lend Seadrill $1.2 billion
Seadrill’s billionaire chairman and largest shareholder, John Fredriksen, is willing to lend the rig company as much as $1.2 billion as part of a potential deal with banks and bondholders to restructure the biggest debt load in the offshore-drilling industry, two people familiar with the matter said. More »
OPEC crude output rises to record as Nigeria, Libya boost supply
OPEC crude production rose to a record in September, according to a Bloomberg survey, driven by returning output from Libya and Nigeria, members who will likely be exempt from last week’s deal to cut supply. More »
Vanguard Natural Resources misses $15-million interest payment
The rally in energy prices may not have come soon enough to help some U.S. oil and gas producers, with Vanguard Natural Resources joining the rapidly growing list of companies that can’t pay their debts on time. More »
Penn West Petroleum names new CEO
Penn West Petroleum said Tuesday that David French will be joining the company as its new president and CEO. French, who will also join the company’s board, succeeds Dave Roberts, who has been in the role since June 2013. More »
TGS completes Gigante seismic survey offshore Mexico
TGS has completed acquisition of its 186,000 km Gigante seismic survey in Mexico. Acquisition of this survey began in June 2015 with five seismic vessels contracted to acquire a dense, modern, long-offset regional 2D seismic grid. More »
Penspen wins contract for work on ADCO’s Bab and Asab fields
Penspen, a provider of engineering and project management services, has signed an agreement with Matrix Construction to provide modification works at Bab and Asab fields, which lie to the west of Abu Dhabi. More »
Aker Solutions wins subsea contracts for DEA’s Dvalin field
DEA Norge has awarded Aker Solutions two contracts, worth at least NOK 900 million ($113 million), to deliver the subsea production system, maintenance and services at the Dvalin natural gas development offshore Norway. More »
Abu Dhabi to combine two offshore units amid price drop
Abu Dhabi National Oil Co. will combine two offshore oil and natural gas ventures operated with partners including BP and Exxon Mobil, as the U.A.E. producer takes measures to cope with the drop in oil prices over the past two years. More »
Iran, OPEC’s big winner, agrees on landmark oil contract
Iran, fresh from an OPEC meeting where it won significant concessions from regional rival Saudi Arabia, accelerated the rejuvenation of its sanctions-ravaged energy industry on Tuesday when the state producer signed a new-model oil investment contract. More »
Monday, 3 October 2016
Weatherford introduces Compact formation sampler
Weatherford has announced the official launch of its Compact formation sampler. The slim-profile wireline tool can capture up to three 700-cc samples in a wide range of borehole sizes. More »
Transocean wins new 15-month contract as Reliance cancels drillship contract
ZUG, Switzerland – Transocean, the world’s largest offshore drilling contractor, has received a 15-month contract with Suncor Energy, the company said Monday. More »
Shale producers hedge 2017 prices in ‘droves’ after OPEC rally
Independent oil companies are using the post-OPEC rally to hedge their price risk for next year, banks and consultants said, a trend that’s likely to be viewed with concern from Saudi Arabia to Venezuela. More »
DEA submits PDO for Dvalin field in the Norwegian Sea
DEA has submitted the Plan for Development and Operation (PDO) for Dvalin field—previously Zidane—to Norway’s Ministry of Petroleum and Energy. Dvalin will be the company’s first operated field development project in Norway. More »
UK’s Oil and Gas Authority established as government company
The Oil and Gas Authority (OGA) has been established as an independent government company by the UK government. This formalizes the transfer of the Secretary of State’s regulatory powers in respect of oil and gas to the OGA, and grants it new powers. More »
Oil trade gives clearest sign yet Nigeria’s Forcados to return
The oil market gave the clearest sign yet that Nigeria’s Forcados crude is about to flow again for the first time in eight months, after Royal Dutch Shell was among companies said to have purchased the grade halted by militant attacks in February. More »
Aker BP to acquire Norwegian licenses from Tullow
Aker BP has agreed to acquire stakes in a number of licenses offshore Norway from Tullow Norge. The transaction comprises working interests in eight licenses, including 15% in the Oda—previously known as Butch—discovery in PL405. More »
Maersk Supply Service to cut quarter of onshore jobs
Maersk Supply Service is to reduce its onshore organization by up to 25%. The move is in response to market conditions and the company’s vessel divestment plans. More »
SM Energy to divest assets in Williston basin
SM Energy has engaged Petrie Partners to explore the sale of certain leasehold assets in the Williston basin. More »
Denbury Resources promotes Christian S. Kendall to president
Denbury Resources has named Chris Kendall as the company’s new president as part of its ongoing succession planning process. More »
Marathon Oil sells West Texas, New Mexico assets for $235 million
Marathon Oil has signed an agreement for the sale of certain non-operated CO2 and waterflood assets in West Texas and New Mexico for $235 million, excluding closing adjustments. More »
INPEX awards Ichthys LNG contract to Amec Foster Wheeler
INPEX, Japan’s largest EandP company, has awarded Amec Foster Wheeler a consultancy contract for the Ichthys LNG project in Australia. More »
Oil rises to three-month high as investors assess OPEC agreement
Oil climbed to the highest level in three months in New York as traders continued to assess last week’s change in OPEC policy. More »
Sunday, 2 October 2016
U.S. drilling rebound plows ahead as oil rigs are added
U.S. oil producers put more rigs back to work, marking the highest level of activity since February as crude markets headed for a second monthly gain. More »
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