Superior Drilling awarded patent for drillstring oscillation system

Superior Drilling Products, Inc., a designer and manufacturer of drilling tool technologies, announced today that it has been awarded a critical patent that addresses the unique characteristics and capabilities of its Strider technology that is a key component of the Company’s Coiled Tubing Strider (CTS) and Open Hole Strider tools for the oil and gas industry. More »

MOL Group posts significant 2016 profit, exceeding target

MOL Group has announced its financial results for 2016. MOL Group significantly outperformed its initial $2-billion target for 2016, and delivered a clean CCS EBITDA of $2.15 billion, which is only moderately down compared with the previous year. More »

Subsea 7 awarded contract for Cooper Energy's Sole project, offshore Australia

Subsea 7 S.A. has announced the award of a sizeable contract by Cooper Energy Ltd. for the Sole Development Project, offshore Australia. More »

Rystad examines what to expect from U.S. shale break-even prices in 2017

Since 2013, the average wellhead break-even price (BEP) for key shale plays has decreased from $80/bbl to $35/bbl. This represents a decrease of over 55%, on average. More »

Rystad examines what to expect from 2017 U.S. shale break-even prices

Since 2013, the average wellhead break-even price (BEP) for key shale plays has decreased from $80/bbl to $35/bbl. This represents a decrease of over 55%, on average. More »

Shell takes final investment decision for Kaikias deepwater project

Shell Offshore Inc., a subsidiary of Royal Dutch Shell plc, and MOEX North America LLC (MOEX NA), a wholly owned subsidiary of Mitsui Oil Exploration Co., have each taken the final investment decision to execute phase one of the Kaikias deepwater project in the U.S. Gulf of Mexico. More »

U.S. shale surge threatens OPEC strategy

OPEC’s Nov. 30 output agreement to cut production by 1.2 MMbpd may have put a floor under the oil price, but has also awakened U.S. shale. More »

Hedge funds may be falling back in love with commodities

Hedge funds are raising their exposure to commodities as prices rally and investors respond to macro shifts including the prospect of accelerating inflation under U.S. President Donald Trump, according to Citigroup Inc. More »

BP targets $40 break-even price in four years to reassure investors

BP Plc said it will need an oil price of about $40/bbl in 2021 to be able to cover spending and dividends, lowering the so-called cash-balance point from $60 this year. More »

Fracing provider STEP seeks $152 million in Canadian IPO

STEP Energy Services Ltd., a fracing services provider, plans to raise about C$200 million ($152 million) in the biggest initial public offering (IPO) in the Canadian oil and gas industry in more than two years. More »

Forum Energy seals ROV deal with Norway's ESEA Submarine

Forum Energy Technologies, Inc. has delivered a Remotely Operated Vehicle (ROV) to ESEA Submarine AS to perform a variety of offshore roles, including inspection, survey and salvage work. More »

Marathon Oil appoints Dane Whitehead as executive V.P., CFO

Marathon Oil Corp announced Dane Whitehead has been appointed executive vice president and chief financial officer, with an anticipated effective date of March 6. More »

Marathon Oil appoints Dane Whitehead EVP/CFO

Marathon Oil Corp announced Dane Whitehead has been appointed executive vice president and chief financial officer, with an anticipated effective date of March 6. More »

Exxon Mobil’s post-Tillerson fortunes closer to home as new CEO pivots

Exxon Mobil is pinning its fortunes closer to home as new CEO Darren Woods veers from the oil titan’s longtime focus on Asian and African riches. More »

Gazprom sees cheap gas keeping European market strong for years

Russia will keep Europe hooked on its natural gas for years to come, using its huge reserves and lower production costs in Siberia to maintain attractive prices, according to state-run Gazprom. More »

Oil holds near $54, as U.S. boosts rig count to most since 2015

Oil traded near $54/bbl after the U.S. boosted drilling rigs to the most since October 2015, keeping prices in a tight range amid speculation the country’s output may rise and counteract OPEC production cuts. More »

TAM International appoints new chairman of the board, president

TAM International, Inc., an independent oilfield services company providing inflatable and swellable packers to the oil and gas industry, announces that L. Bentley Sanford has moved into the position of chairman of the board and has appointed Michael Machowski as the new president of the company. More »

Borets acquires new operations facility in Midland, Texas

Borets, specializing in the engineering, manufacturing, sales and service of electric submersible pump (ESP) systems, has purchased a new operations facility in Midland, Texas. More »

Well Control School forms alliance with Drilbert Engineering

Well Control School (WCS) is announcing an alliance with Drilbert Engineering to provide advanced technical drilling operational training for the oil and gas industry. More »

Shell shuns new oil-sands projects as low crude prices force cost control

Royal Dutch Shell Plc is unlikely to take on new oil-sands projects as it maintains a grip on costs after crude’s crash forced competitors to write down Canadian reserves. More »

Orbital Gas Systems North America awarded quality management certification

Orbital Gas Systems North America (Orbital), a CUI Global company, has announced that certification audits on its headquarters and manufacturing center in Houston have been successfully completed and that the company was awarded the prestigious ISO 9001:2008 Quality Management Certification on Feb. 13, 2017. More »

LGO to begin drilling operations at Goudron field, Trinidad

LGO can today confirm that Rig#18 has now been successfully mobilized to Goudron field, where it has been contracted to drill at least two infill wells to the Mayaro sandstone reservoir. More »

Cooper Energy reaches final stage of Sole Gas Project field development plan

Cooper Energy announces the Sole Gas Project has now advanced to the final stage before commitment. More »

Lukoil's Middle East head sees oil at $55-$65/bbl on cuts

Oil will stabilize around $55 to $65/bbl as OPEC fulfills its agreement to cut output, with stockpiles and shale production keeping prices from rising much more, the Middle East head of Lukoil PJSC said. More »

Shell awards contract to Airborne for deepwater subsea TCP jumper spool qualification

Airborne Oil and Gas, a manufacturer of Thermoplastic Composite Pipe (TCP) has been awarded a qualification program from Shell for a high-pressure, deepwater TCP jumper spool. More »

Total sells interests in mature Gabon fields to Perenco

Total has signed an agreement for the sale of stakes and the transfer of operatorship in various mature assets in Gabon to Perenco. The transaction is subject to approval by the authorities. More »

Texas legislators file resolutions supporting delegation of federal energy regulations

The chairmen of the Texas House and Senate energy committees filed two concurrent resolutions this week calling on the federal government to work with Texas in unraveling the harmful, overreaching regulations that have been implemented over the past eight years, which were largely aimed at negatively impacting the oil and gas industry. More »

Saudi Arabia seeking ways to boost 4% foreign stock ownership

Saudi Arabia is seeking ways to boost foreign investment in its bourse, almost two years after easing access to the one of the world’s most restricted exchanges. More »

Total sells interests in mature Ganbon fields to Perenco

Total has signed an agreement for the sale of stakes and the transfer of operatorship in various mature assets in Gabon to Perenco. The transaction is subject to approval by the authorities. More »

Investors see oil break out of narrow range with record bets

Oil has been bound to the tightest price range in more than a decade, and yet hedge funds have never been so confident it will eventually rally. More »

Saudi Aramco IPO to impact markets in many ways

The exact dollar value of Saudi Aramco may be up for debate, but the listing of the world’s biggest company will be priceless for the kingdom’s markets. More »

EIA: LNG exports expected to drive growth in U.S. natural gas trade

The United States is expected to become a net exporter of natural gas on an average annual basis by 2018, according to the recently released Annual Energy Outlook 2017 (AEO2017) Reference case. The transition to net exporter is driven by declining pipeline imports, growing pipeline exports, and increasing exports of liquefied natural gas (LNG). More »

BP acquires interest in Kosmos Energy assets offshore Senegal

Kosmos Energy announced today that it has received government approval and completed its previously announced transaction with BP in Senegal. More »

Executive director at Soma Oil and Gas resigns, accepts role as Somalia Prime Minister

Soma Oil and Gas has announced the resignation of Hassan Khaire, executive director for Africa, so he can accept the honor of serving his country of origin, Somalia, as its Prime Minister. More »

Webtool, DNV GL release umbilical and cable recovery gripping and lifting tool

Webtool has released a gripping and lifting tool for recovering subsea umbilical and cable for offshore oil and gas and decommissioning projects. More »

API: BLM's methane and waste prevention rule hurting consumers and local economies

Colorado Petroleum Council Executive Director Tracee Bentley urged the U.S. Senate to follow the House and support a disapproval resolution on the Bureau of Land Management’s (BLM) Methane and Waste Prevention rule because the flawed rule doesn’t improve upon U.S. successes in methane emissions reductions and could negatively impact American consumers, local revenues and energy security. More »

Another record week for U.S. oil exports as production surges

Another week, another record for U.S. crude exports. More »

New oil trades pose menace for OPEC in its prized market

OPEC pumped at will the past two years to defend its turf against rivals. Its recent volte-face has left it contending with additional threats in the world’s biggest oil market. More »

YPF and Shell agree on pilot project for Bajada de Añelo, Argentina

Shell Argentina Country Chairman Teófilo Lacroze and YPF Chairman Miguel Ángel Gutiérrez have signed preliminary terms and conditions of an agreement to develop a shale gas pilot project in Vaca Muerta, Neuquén. Shell estimates an investment of $300 million, which would take place in two phases. More »

Harvest Natural Resources authorizes sale of Gabon interests, company dissolution

Harvest Natural Resources, Inc., has announced that the Company's stockholders have authorized the sale of all Gabon interests to BW Energy Gabon Pte. Ltd, a private Singapore company (BW Energy Gabon). More »

Dream of offshore U.S. wind power may be too ugly for Trump

Offshore wind companies have spent years struggling to convince skeptics that the future of U.S. energy should include giant windmills at sea. More »

OPEC cuts help drive crude prices to 19-month high

Oil traded near the highest level since July 2015 as a drop in U.S. crude imports signaled that OPEC’s output cuts are taking effect. More »

Saudi Arabia's $2-trillion Aramco vision runs into market reality

Saudi Arabia has said oil giant Saudi Aramco is worth more than $2 trillion, enough to consume Apple Inc. twice, and still have room for Google parent Alphabet Inc. More »

Canada's fading oil promise leaves U.S. majors struggling

Oil-sands investments in Western Canada that gobbled tens of billions of dollars over the past decade are proving an Achilles heel for some of the world’s biggest energy producers. More »

Repsol Norge granted drilling permit for first well in licence 705

The Norwegian Petroleum Directorate has granted Repsol Norge AS a drilling permit for well 6705/7-1, cf. Section 8 of the Resource Management Regulations. More »

Iran's natural gas push not deterred by Trump

Iran is hard at work gaining a foothold in the global energy market, and it’s not letting U.S. President Donald Trump’s confrontational tone stop it from trying. More »

Europe savors taste of Brazilian oil with more blocks opening

European oil majors given a taste of Brazil may soon be ready for more. More »

Sparrows Group secures five-year contract for Maersk Oil's UK floating assets

Sparrows Group has secured a five-year contract to deliver hydraulic, lifting and rigging services for Maersk Oil’s UK floating assets. More »

TGS, Schlumberger announce multi- and wide-azimuth multi-client reimaging program in GOM

TGS-NOPEC Geophysical Company (TGS) and Schlumberger have announced a new multi- and wide-azimuth (M-WAZ) multi-client reimaging program in the highly prospective central U.S. Gulf of Mexico. More »

Exxon bows to oil crash with historic global reserves cut

Exxon Mobil Corp. disclosed the deepest reserves cut in its modern history as prolonged routs in oil and natural gas markets erased the value of a $16-billion oil-sands investment and other North American assets. More »

VAM USA expands its field service operations in Permian

VAM USA announces the opening of a new VAM field service office located at 2456 IH-20 in Odessa, TX bringing the number of service locations in Texas to three. More »

Wood Group launches next phase of industry collaboration into subsea equipment reliability

Wood Group announced that it is commencing the next phase of a collaborative industry effort to develop a better understanding of the reliability of subsea equipment for use in offshore Australia. More »

Leviathan partners ratify $3.75 billion gas-development plan

The companies that own the rights to Leviathan, Israel’s largest natural gas reservoir, approved a plan to allocate $3.75 billion to develop the offshore site. Israel’s main gas equity index rose the most in almost five months. More »

Rosneft aims to expand oil-trading business with new crude deals

Rosneft will expand its oil-trading operations and seek more prepaid supply deals as the Russian energy giant moves to feed its growing network of international refineries. More »

Chevron names Saudi veteran to head Kuwait operations, Neutral Zone fields set to re-open

Chevron Corp. appointed veteran Saudi Arabian executive Ahmad Awad al-Omar as president of its operations in Kuwait as the two neighboring countries prepare to resume production from shared fields with capacity of more than 500,000 bpd. More »

Accenture opens innovation hub in Houston, Texas

Accenture opened a new innovation hub in Houston as part of the company’s accelerated innovation investment in the U.S. More »

Billionaire Sam Zell joins slew of investors in 'awesome' STACK shale play

Billionaire real-estate investor Sam Zell is joining Continental Resources Inc.’s Harold Hamm in the growing list of enthusiasts of Oklahoma’s STACK shale formation. More »

OPEC still waiting for evidence oil cuts are doing their job

OPEC officials this week hailed the “excellent” and “unprecedented” implementation of their agreement to cut oil production, but were still waiting for solid evidence that the deal was fulfilling their key measure of success and shrinking the global glut. More »

Chevron names Saudi veteran in Kuwait with oil fields to reopen

Chevron Corp. appointed veteran Saudi Arabian executive Ahmad Awad al-Omar as president of its operations in Kuwait as the two neighboring countries prepare to resume production from shared fields with capacity of more than 500,000 bpd. More »

Senex Energy sanctions $50 million investment in Australia's Western Surat gas project

Senex Energy Limited has sanctioned its first major investment in the Western Surat gas project, committing $50 million to a 30 well drilling campaign, with gas production of around ~0.6 MMboe expected by mid-2018. More »

Panoro Energy announces $12-million sale and purchase agreement for Dussafu PSC, Gabon

Panoro Energy ASA has announced that on Feb. 21, 2017, its fully-owned subsidiary, Pan-Petroleum Gabon B.V. (“PPGBV”), has entered into a definitive sale and purchase agreement (SPA) with BW Energy Gabon Pte. Ltd. More »

Rosneft's Taas-Yuryakh Neftegazodobycha reports 2016 production increase of 18.9%

Taas-Yuryakh Neftegazodobycha increased oil production by 18.9% in 2016 compared to the same period in 2015. More »

Rosneft's Taas-Yuryakh Neftegazodobycha reports production increase of 18.9% in 2016

Taas-Yuryakh Neftegazodobycha increased oil production by 18.9% in 2016 compared to the same period in 2015. More »

Rosneft's Taas-Yuryakh Neftegazodobycha increased production by 18.9% in 2016

Taas-Yuryakh Neftegazodobycha increased oil production by 18.9% in 2016 compared to the same period in 2015. More »

LUKOIL and INPEX complete well test in southern Iraq's Block 10

LUKOIL and INPEX have successfully completed the testing of the first exploratory well, Eridu 1, at Block 10 in southern Iraq. More »

Rovco completes first overseas contracts

UK-based start-up Rovco has taken its firsts steps into international waters and made significant progress towards growing its global footprint following the completion of two subsea survey contracts in Southeast Asia and the Middle East. More »

Goldman says commodities need proof of demand to rally more

Commodity markets will probably stay in a “holding pattern” until there are hard data showing real demand and shrinking stockpiles to support the recent price rally, according to Goldman Sachs Group Inc., which expects such evidence to emerge in the second quarter. More »

iSURVEY secures rig positioning contract with Shell

iSURVEY has secured a non-exclusive call-off contract with Shell UK, Shell NAM, Norske Shell and Shell EandP Ireland for the provision of rig positioning and surveying services. More »

Gas pioneer Chesapeake embarks on oil quest to escape junk label

Chesapeake Energy, the number two U.S. natural gas producer, thinks it has a one-word answer to its debt issues: oil. More »

Total CEO says OPEC needs to prolong cuts to eliminate glut

OPEC and Russia will need to prolong their six-month deal to cut oil output if they plan to trim the global inventory glut that has kept a lid on prices, said Total CEO Patrick Pouyanne. More »

LAGCOE expands to reflect strategic growth

LAGCOE, a nonprofit energy industry organization focused on educational programs and organizer of a technical exposition and conference, has expanded its mission to reflect its 62 years of strategic growth. More »

Trump's new EPA head woos skeptical staff with pro-energy mission

President Donald Trump’s newly installed environmental chief Scott Pruitt laid out his vision for reshaping the way the federal government safeguards air and water, as he tried to convince skeptical federal employees that a refashioned agency can remain effective. More »

Exxon Mobil to inspire girls to pursue future in engineering

In association with its ongoing “Be an Engineer” initiative, Exxon Mobil is inspiring girls to explore coursework and careers in engineering through its 14th annual Introduce a Girl to Engineering Day program. More »

Gazprom Neft to drill first prospecting and appraisal well in Ayashsky block

Gazpromneft-Sakhalin, a subsidiary of Gazprom Neft, has signed a contract with Hakuryu 5, Inc. (a 100%-owned subsidiary of Japan Drilling Co., Ltd., Japan) regarding the leasing of a drilling rig for construction of a prospecting and appraisal well at the Ayashsky licence block, located on the continental shelf of the Sea of Okhotsk. More »

ABS issues industry’s first cyber safety notation

ABS, a provider of classification and technical services to the marine and offshore industries, has issued its first notation for the ABS Guide for Cybersecurity Implementation for the Marine and Offshore Industries. More »

Foothills Exploration brings two Duck Creek project wells into production

Foothills Exploration, Inc., an independent oil and gas EandP company engaged in the acquisition and development of properties in the Rockies and Gulf Coast, today announced that, since acquiring Tiger Energy Partners International on December 30, 2016, the Company has successfully reworked two wells in its Duck Creek project, obtaining production from the Green River formation. More »

Oil may drop to low $30s without extension of OPEC supply cut, says ABN Amro

Crude prices could plunge toward $30/bbl -- a rout of about 40% from current levels -- unless OPEC extends production cuts that are propping up the market, ABN Amro Bank NV said. More »

Fugro Discovery to commence frontier seeps survey offshore Kenya

Fugro has been awarded a contract by Shell/BG Kenya for the execution of a seabed survey to detect natural leakages of hydrocarbons. The seeps survey complements a seismic exploration program that was completed recently offshore Kenya. More »

Oil prices climb as Citi raises forecast, OPEC targets 100% compliance

Brent oil extended gains to $57/bbl as Citigroup raised its price outlook and OPEC’s top official said the group will push for full compliance with supply cuts. More »

CGG wins multi-year dedicated center contract for Brunei Shell Petroleum

PARIS -- CGG announced that it has been awarded a contract by Brunei Shell Petroleum to operate a dedicated processing center (DPC) at its Seria office in Brunei Darussalam. More »

Rosneft signs Libya oil deal as more investors return to country

Rosneft signed investment and crude-purchasing agreements with Libya’s National Oil Corp. as more international companies return to the North African country to gain access to Africa’s largest reserves. More »

World renowned flow measurement expert joins NEL

NEL, the flow measurement RandD specialist, has appointed Dr. Bruno Pinguet as senior consultant. More »

LEKOIL to ramp up production with start of continuous flow at Otakikpo field, Nigeria

LEKOIL, the oil and gas exploration and development company with a focus on West Africa, is pleased to announce that oil is flowing at Otakikpo field to onshore storage tanks, where it will be evacuated upon completion of the offshore pipeline. More »

Oil hovers in tight trading range amid global supply tug of war

Oil held above $53/bbl, after spending last week in the smallest trading range in 13 years as investors weighed rising U.S. drilling activity against OPEC production cuts. More »

Rosneft begins drilling first exploration well in Iraq

Rosneft has begun drilling of the first exploration well at the Block 12 in the Republic of Iraq. More »

OPEC wins investors back as cuts prompt record bets on oil

OPEC has never taken supply cuts so seriously, and hedge funds are loving it. More »

Brent crude oil benchmark to undergo biggest change in a decade

The Brent crude price benchmark for millions of barrels of physical crude sales each day is poised for its biggest shakeup in a decade with a new grade added to the mix from January next year. More »

Russia overtakes Saudi Arabia as world's largest crude producer

Russia overtook Saudi Arabia as the world’s largest crude producer in December, when both countries started restricting supplies ahead of agreed cuts with other global producers to curb the worst glut in decades. More »

President Energy commences operations at Puesto Guardian Concession, Argentina

Further to the Company’s announcement on Jan. 11, 2017, President Energy has announced that the workover rig has been mobilized to the first well location, and that operations have already commenced. More »

Sound Energy commences drilling of third Tendrara well in Morocco

Sound Energy, the African and European focused upstream gas company, is pleased to confirm the commencement of drilling at the third Tendrara well, onshore Morocco. More »

Shell shakes up oil trading world with brash buying sprees

The giant tankers anchored along the Scottish coast in the Firth of Forth weren’t going anywhere. They were just providing floating storage because there was no demand for their cargo, North Sea crude oil. More »

Saudi Arabia breaks records on oil exports and output for year

Saudi Arabia boosted oil exports and production last year to the highest monthly averages on record as the global crude market endured oversupply. More »

China's CNPC buys stake in $22-billion Abu Dhabi oil venture

China National Petroleum Corp. bought a stake in Abu Dhabi’s largest oil concession as the Middle Eastern emirate with 6% of global crude reserves looks increasingly to Asia, its biggest market, for investment to raise output capacity. More »

Halliburton's GRIP delivers rapid response to offshore source-control incidents

The Global Rapid Intervention Package (GRIP) not only includes the compact and air-mobile designed Rapid Cap plus the air-mobile ‘Top Hat’, but also the necessary manifolds, a variety of debris removal and cutting tools, and wellhead dispersant connectors. More »

Oil Search weighs plans for further LNG expansion via possible Exxon, Total deal

On the jungle-covered hills of southern Papua New Guinea, 62-year-old geologist Peter Botten is seeking to engineer a $5-billion deal that would cement the country’s emerging status as one of the world’s most lucrative gas exporters. More »

IPAA releases statement regarding Pruitt's confirmation as EPA administrator

The Independent Petroleum Association of America (IPAA) congratulates Oklahoma Attorney General Scott Pruitt on his confirmation as administrator of the Environmental Protection Agency (EPA). More »

Biggest U.S. drilling surge since 2012 has producers cashing in

U.S. drillers pushed ahead on the biggest surge in oil drilling since 2012 as companies take advantage of oil prices that have held steady above $50 for almost three months. More »

Biggest U.S. drilling surge since 2012 has producers cashing in

U.S. drillers pushed ahead on the biggest surge in oil drilling since 2012 as companies take advantage of oil prices that have held steady above $50 for almost three months. More »

U.S. oil drilling stays on a roll as OPEC cuts prop up prices

U.S. drillers pushed ahead on the biggest surge in oil drilling since 2012 as companies take advantage of oil prices that have held steady above $50 for almost three months. More »

Model advances analysis of offshore BOP closure during extreme conditions

A new modelling approach developed and validated by the Southwest Research Institute (SwRI) presents a major step forward in understanding how offshore blowout preventers (BOPs) are likely to function if employed during a blowout. More »

ELA Containers develops new offshore container type

ELA Container Offshore GmbH announced the development of a new offshore container type: a 10 m x 3 m wide, high-cube accommodation container with interior hallway and two cabins More »

Kraken FPSO hooked up, on track for delivery of first oil

EnQuest has announced that the Kraken Floating Production Storage and Offloading (FPSO) vessel arrived at the field on Monday, Feb. 13. More »

Ithaca Energy reports production start-up at Stella field, North Sea

Ithaca Energy Inc. has announced the successful start-up of production from the Stella field, in the Central Graben area of the Central North Sea. More »

Saipem awarded onshore drilling contracts worth $240 million

Saipem has been awarded new contracts and the extension of pre-existing agreements in the onshore drilling sector in Saudi Arabia, Morocco, Bolivia and Argentina for a total value of $240 million. More »

Saipem awarded $240-million onshore drilling contracts

Saipem has been awarded new contracts and the extension of pre-existing agreements in the onshore drilling sector in Saudi Arabia, Morocco, Bolivia and Argentina for a total value of $240 million. More »

SOCO reports approval of Te Giac Trang field development plan in Vietnam

SOCO, an international oil and gas EandP company, announces that the Hoang Long Joint Operating Company has received from the Government of the Socialist Republic of Vietnam the formal approval of the updated Full Field Development Plan (FFDP) for the Te Giac Trang (TGT) field, offshore southern Vietnam. More »

LNG fights a losing battle in India as taxes weigh on demand

A province governed by India’s Prime Minister Narendra Modi for 13 years is impeding his plans to promote clean energy. More »

OPEC's oil curbs grant Russia's Urals a rare ticket for South Korea

The biggest oil producers in the Middle East are helping crude from Western Siberia boldly go where it’s rarely gone before. More »

CGG completes industry-first AGG survey for Bahrain Petroleum Company

CGG has completed the acquisition and processing of the first-ever airborne gravity gradiometry (AGG) survey of the Kingdom of Bahrain. More »

AGR data management and analysis software to be adopted at Wintershall's Maria field

AGR has announced that its well data management and analysis software tool iQx is to be adopted by Wintershall’s flagship Maria field on the Norwegian Continental Shelf (NCS). More »

API's Colorado Petroleum Council slams misleading research on hydraulic fracturing

Colorado Petroleum Council Executive Director Tracee Bentley strongly slammed a report released today by the University Of Colorado School Of Public Health. More »

Rosneft begins drilling first exploration well at Solimoes project, Brazil

Rosneft Brasil (100% owned Rosneft subsidiary) started the drilling of the first exploration well in the Solimoes basin. More »

Gazprom Neft developing oil-production technologies for gas cap drive reservoirs

As part of its ongoing technology strategy, Gazprom Neft has established a program directed at developing technologies to exploit oil reserves located below a gas cap. More »

Wood Group appoints new European president

Wood Group has appointed Alan Johnstone as president of its Asset Life Cycle Solutions business in Europe. More »

Covey Park buys additional Haynesville assets from Chesapeake

Covey Park Energy, announced the closing of the acquisition of additional assets in the Haynesville shale area of north Louisiana from Chesapeake Exploration, and related companies for $465 million. More »

Occidental said to be seeking buyer for South Texas assets

Occidental Petroleum Corp. is working with Citigroup Inc. to handle the sale of about 180,000 acres of EandP assets that hug the border with Mexico in South Texas, according to people familiar with the plans. More »

Exxon Mobil sets record in high performance oil and gas reservoir computing

Exxon Mobil, working with the National Center for Supercomputing Applications (NCSA), has achieved a major breakthrough with proprietary software using more than four times the previous number of processors used on complex oil and gas reservoir simulation models to improve exploration and production results. More »

Japanese energy companies see LNG as cornerstone fuel

Japanese gas consumption hit record levels in January. Tokyo Gas reported that usage in the capital city reached over 60 MMcmg. More »

British Columbia helps bestow benefits of LNG plant on native people

The Province of British Columbia and the Metlakatla First Nation have reached new agreements to ensure benefits accrue as a result of the construction and operation of a liquefied natural gas (LNG) export industry in the Prince Rupert area on the country’s west coast. More »

Iraq's February oil sales accelerate despite OPEC effort to cut

Iraqi crude shipments rose 3% in the first half of February even after OPEC’s second-biggest producer agreed to participate in global output cuts to mop up a glut that has put pressure on oil prices. More »

Frenzied betting, sleeping market: Something must give in oil

As hedge funds and money managers place record trades on a rally in oil, the price itself has fallen asleep. Logic dictates that something should give. More »

ENGIE EandP UK reports first gas from Cygnus field, securing 5% of UK gas production

Cygnus, located in licence areas P1055 and P1731, 150 km off the coast of Lincolnshire, is expected to contribute 5% of UK gas production – supplying sufficient gas to heat the equivalent of 1.5 million UK homes. The project added approximately £1.3 billion to the UK economy and supported nearly 5,000 jobs during its five-year development period. More »

TGS announces comprehensive well database available for the Permian basin

TGS, the leading provider of global geoscientific data products and services, today announces the immediate availability of the EandP industry's most comprehensive well database in the Permian basin. More »

Wintershall pursues subsea tie-back solution for Skarfjell field, North Sea

Wintershall and its license partners Capricorn, Bayerngas, Edison and DEA have selected a development solution for the Skarfjell field in the Norwegian North Sea. Under the proposed solution, the reservoir will be connected to the nearby Gjøa platform via a subsea tie-back. More »

JDR wins major umbilical contract for India's western offshore project

JDR, a supplier of subsea umbilicals and power cables to the global offshore energy industry, has been awarded a major steel tube umbilical contract by Cameron Ltd, on behalf of operator ONGC, for the 11 wells of western offshore project. More »

Siemens joins partners to drive forward digitalization of industrial production

Siemens is joining forces with three partners to take part in the research project, Road to Digital Production (R2D), supported by the Bavarian State Ministry for Economic Affairs and the Media, Energy and Technology, which is aimed at developing improved technologies, interfaces and infrastructures for the implementation of digital industrial production. More »

Wood Group develops new release of ENVision software

Wood Group has developed a new version of its ENVision software. The real-time environmental information management software system for process and industrial plants provides emissions monitoring, troubleshooting, data gathering, interpretation and complete reporting to regulatory agencies. More »

EIC launches UK energy initiative for survival of challenging market conditions

The Energy Industries Council (EIC), a trade association for UK companies that supply goods and services to the energy industries worldwide, officially launches its UK Energy Supply Chain: How to thrive and survive initiative today. More »

Kuwait boosts oil capacity to open taps once OPEC's cuts expire

Kuwait is sticking with plans to add half a MMbpd of oil-production capacity as it prepares for the eventual expiration of the output quotas OPEC adopted to help drain a global oversupply, the head of Kuwait Oil Co. said. More »

India taps newcomers to unlock $7-billion oil and gas assets

India approved awarding rights for 31 small discovered oil and gas fields in its first auction in six years, entrusting most of these to new entrants as it seeks to boost local production. More »

Noble, Barclays said to work on $1 billion Tamar stake sale

Noble Energy Inc. is working with Barclays Plc on the sale of a 7.5% stake in the offshore Tamar natural gas field, according to people with knowledge of the matter. More »

Wärtsilä to maximize availability and secure safe operations of PGS's seismic vessel fleet

Wärtsilä and PGS Geophysical AS have signed a service agreement that makes Wärtsilä the preferred service supplier for engines and other Wärtsilä equipment. More »

Golden Software releases 2D and 3D mapping, modeling, and analysis software

Golden Software, the leading developer of affordable scientific graphics software, today announces the release of Surfer version 14, a powerful 2D and 3D mapping, modeling and analysis program designed to facilitate a deeper understanding of geospatial data. More »

Libya sees crude output rising on better big oil work conditions

Libya’s crude production exceeded 700,000 bopd and is due to keep rising as working conditions in the conflict-ridden country improved for international companies like Eni SpA and Total SA, an official from the state oil company said. More »

Eni, BP pouring more investment into Egypt than anywhere else

Eni SpA will start producing from the giant Zohr natural gas field off Egypt’s Mediterranean coast by the end of 2017 and plans to invest $10 billion in the North African country over the next five years, CEO Claudio Descalzi said. More »

Siberian oil giant that bankrolled USSR may gush cash again

Russia’s largest oil field, so far past its prime that it now pumps almost 20 times more water than crude, could be on the verge of gushing profits again for Rosneft. More »

What oil crisis? Arctic drilling off Norway set for record

Explorers look set to drill a record number of wells in Norway’s Arctic waters this year, undeterred by oil prices apparently stuck below $60/bbl. More »

Trump repeal of Obama energy regulation signals more to come

President Donald Trump has overturned an Obama-era anti-corruption rule that would have forced oil, gas and mining companies to disclose payments to foreign governments, becoming the first president in 16 years to take advantage of a law that allows him to rescind a predecessor’s regulations. More »

AWE divests interest in New Zealand's Tui fields

AWE Limited has entered into an agreement to sell the company’s 57.5% interest in the Tui area oil fields to Tamarind Management Sdn Bhd, subject to customary consents from the New Zealand Government and Tui Joint Venture. More »

Tight oil expected to make up most of U.S. oil production increase through 2040, EIA says

EIA’s recently released Annual Energy Outlook 2017 (AEO2017) Reference case projects that U.S. tight oil production will increase to more than 6 MMbpd in the coming decade, making up most of total U.S. oil production. More »

Subsea Systems Institute director talks proposed digital transformation JIP

SSI is the program sponsor for a proposed digital transformation initiative, with principal drivers including needs for instrumentation, monitoring, control and automation, as well as technical challenges and barriers faced by operating companies. More »

Noble jumps as trader confirms strategic stake talks

Noble Group Ltd. surged the most in over a year after it said it’s in discussions with a strategic investor, which people familiar with the talks identified as China’s Sinochem Group. More »

Oceaneering to provide ROV, survey and associated services for Mærsk Supply Service

Oceaneering International, Inc., announced that it has entered into a long-term agreement with Mærsk Supply Service A/S to provide eight work-class remotely operated vehicles (ROVs), survey and associated services, including subsea tooling, engineering, communication and data solutions, to support Mærsk’s global operations. More »

Fugro acquires REM Etive IRM support vessel to service Southeast Asia contracts

Fugro has secured its continued utilization of high performance offshore IRM vessel, REM Etive, and has finalized a purchase agreement at conditions significantly more beneficial than a renewed charter agreement, with owner Solstad. More »

ProSep awarded contract for Statoil's Troll B ZMP Project

ProSep, the technology and service provider for integrated process solutions, announced today that it will supply one ProDry unit to Statoil for the Troll B ZMP Project. More »

Wood Group awarded BP global service agreement

Wood Group has been awarded a global agreement with BP for the provision of conceptual engineering services, pre-front end engineering design (pre-FEED) and FEED engineering services. More »

Nigeria loses up to $100 billion in revenue as attacks cut oil

Nigeria said it lost out on as much as $100 billion in revenue last year as attacks by militants in the oil-rich Niger Delta cut crude output to a record low. More »

OPEC wins plaudits for oil recovery, but economy lends a hand

OPEC may be getting all the credit for reviving the oil market, but it had a little help. More »

Saudis warm to solar as kingdom aims to bolster exports

The nation most identified with its massive oil reserves is turning to wind and solar to generate power at home and help extend the life of its crucial crude franchise. More »

Saudis warm to solar as OPEC producer aims to bolster exports

The nation most identified with its massive oil reserves is turning to wind and solar to generate power at home and help extend the life of its crucial crude franchise. More »

Oil slips most in three weeks as OPEC cuts face rising U.S. output

Oil declined in New York as OPEC’s supply cuts are tempered by a revival of shale drilling in the U.S. More »

Nigeria to generate $16.4 billion through asset sales

Nigeria plans to generate as much as $16.4 billion through asset sales in the next four years to reduce the burden on the public budget, a Budget Ministry document showed. More »

Eni and BP complete 10% sale of Shorouk, offshore Egypt

Eni’s CEO, Claudio Descalzi, Bob Dudley, CEO of BP, and the Egyptian Minister of Petroleum, Tarek El Molla signed a deed completing the sale to BP of a 10% stake in the Shorouk concession, offshore Egypt. More »

Start-up of Nyhamna expansion to increase Ormen Lange production

The Norwegian Petroleum Directorate (NPD) has granted consent for start-up of the expansion of the gas plant at Nyhamna in Møre og Romsdal County. More »

Statoil ensures area-wide emergency preparedness through four vessel contracts

Statoil awards Simon Møkster Shipping AS contracts for three emergency response and rescue vessels (ERRV), and Havila Shipping ASA for one ERRV. More »

Saudi Arabia cuts oil output by most in eight years

Saudi Arabia told OPEC that it cut oil production by the most in more than eight years, going beyond its obligations under a deal to balance world markets. More »

Bell Geospace introduces Malaysian multi-client FTG program

The multi-client FTG Program includes airborne 3D Full Tensor Gradiometry (FTG) and magnetic survey data that will be undertaken over offshore Peninsular Malaysia, Sarawak and Sabah. More »

Lundin discovers oil in the Filicudi prospect, southern Barents Sea

Lundin Petroleum announced that it has made an oil and gas discovery in the main well 7219/12-1 and is presently drilling a sidetrack 7219/12-1A on the Filicudi prospect. More »

Oil discovered in the Filicudi prospect, southern Barents Sea

Lundin Petroleum announced that it has made an oil and gas discovery in the main well 7219/12-1 and is presently drilling a sidetrack 7219/12-1A on the Filicudi prospect. More »

Kuwait sees OPEC leaning on non-members to cut more oil output

OPEC is urging oil suppliers outside the group to fulfill their commitments to cut output, and crude prices will rise once producers demonstrate better compliance with their agreement to clear a global glut, Kuwait’s oil minister said. More »

Investor honeymoon with OPEC falters as U.S. shale drilling booms

There are limits to investors’ love affair with OPEC. More »

Investor honeymoon with OPEC falters as shale drilling booms

There are limits to investors’ love affair with OPEC. More »

TOFCO completes fabrication of Juniper in Trinidad and Tobago

Trinidad Offshore Fabricators Unlimited (TOFCO) recently completed work for the Juniper offshore gas platform topsides at its facility in La Brea, Trinidad. More »

TOCFO completes fabrication of Juniper in Trinidad and Tobago

Trinidad Offshore Fabricators Unlimited (TOFCO) recently completed work for the Juniper offshore gas platform topsides at its facility in La Brea, Trinidad. More »

Petrobras' $5.2-billion deal hits legal snag

Petroleo Brasileiro SA’s $5.2-billion sale of a natural gas distribution unit to Brookfield Asset Management Inc. and other investors has just hit a legal snag. More »

New technology center to unlock North Sea oil and gas

Today, Lord Dunlop, UK Government Minister for Scotland and Paul Wheelhouse MSP, Scottish Government Minister for Business, Innovation and Energy opened the new £180-million Oil and Gas Technology Center in Aberdeen. More »

Petro River Oil identifies significant reserve potential with new 3D seismic data

Petro River Oil, an independent oil and gas exploration company utilizing the latest 3D seismic technology, announced today that recently acquired and reprocessed 3D seismic data has shown positive results in three of the Company’s project areas located in California and Oklahoma. More »

Oil jumps as IEA sees record OPEC cuts compliance, rising demand

Oil rose as the International Energy Agency said OPEC had achieved record initial compliance of 90% with their production cuts accord, while demand grew faster than expected. More »

At $60,000 an acre, Permian may be too ritzy as crude rises

Record prices for drilling rights in the Permian basin, the most fertile U.S. shale field, are prompting oil companies and private equity investors to look elsewhere for the next big gushers. More »

Wintershall Russia to relocate from Moscow to St. Petersburg

Wintershall is moving its Russian branch office, which currently has around 90 employees, from Moscow to St. Petersburg in August 2017. More »

Goldman sees cheaper energy from border tax, but not in U.S.

A proposed U.S. border-adjustment tax would make fuels that provide half the world’s energy cheaper -- for everyone except Americans. More »

Exxon Mobil awards license for efficient drilling technology to Pason Systems

Exxon Mobil has awarded to Pason Systems, Inc. the first global license of its patented Drilling Advisory System, a key component of the company’s Fast Drill technology suite. More »

Ulstein wins contract for delivery of marine alarm and monitoring systems

Deliveries of alarm and monitoring systems (ULSTEIN AMS) for 13 tugs have been contracted to Ulstein Power and Control by U.S. based Marine Technologies LLC (MT). The systems are based on ULSTEIN X-CONNECT. More »

Global Maritime completes suitability survey for world’s second-largest semisubmersible

Global Maritime Consultancy and Engineering, a provider of offshore marine warranty, dynamic positioning and engineering services, has completed a suitability survey for the world’s second largest semisubmersible, the Xin Guang Hua, in advance of her maiden voyage. More »

EPA staff to attend Alaska Summit cut in half

Just three days before this week’s environment conference in Alaska, the top EPA official in Anchorage called the organizer with some news: The agency had been instructed by the White House to slash the number of EPA staffers who could attend. More »

EPA staff to attend Alaska Summit cut in half

Just three days before this week’s environment conference in Alaska, the top EPA official in Anchorage called the organizer with some news: The agency had been instructed by the White House to slash the number of EPA staffers who could attend. More »

OPEC attains record 90% of output cuts as demand grows

OPEC achieved the best compliance rate in its history at the outset of an accord to clear the oil glut, a plan that’s being supported by surprising strength in demand, the IEA said. More »

Total lifts dividend, plans growth as profits beat estimates

Total SA raised its dividend by 1.6% and said it may give the go-ahead for almost a dozen new projects in the next 18 months after fourth-quarter profit beat analysts’ estimates. More »

CGG delivers final pre-STM data for Hobo 3D multi-client survey in Midland basin

CGG announced today that the final processed time volumes (Orthorhombic Kirchhoff PreSTM) from its recent Hobo 3D multi-client survey in the highly prospective Midland basin are now available for license. More »

Saudi Aramco and Baker Hughes introduce cable-deployed ESP system

Saudi Aramco and Baker Hughes announced today the first installation of the TransCoil rigless-deployed electrical submersible pumping (ESP) system, which is designed to help operators bring wells on production faster and lower the costs associated with installing and replacing ESPs. More »

Oilfield Helping Hands named beneficiary of OTC Distinguished Achievement Award

Oilfield Helping Hands (OHH), a nonprofit charitable organization comprised of volunteers devoted to providing financial assistance to oilfield workers in financial crisis, has been named the 2017 beneficiary of the Offshore Technology Conference (OTC) Distinguished Achievement Awards Luncheon. More »

Lundin Norway granted drilling permit in North Sea

The Norwegian Petroleum Directorate has granted Lundin Norway AS a drilling permit for well 16/1-27, cf. Section 8 of the Resource Management Regulations. More »

Dakota Access granted approval without Trump’s renegotiation

When President Donald Trump advised expediting the controversial Dakota Access oil pipeline, he said he’d negotiate the terms. But the project was greenlighted with no strings attached. More »

Oil’s sedate market poised for data shot on OPEC-led cuts

Oil prices caught in a trance above $50/bbl are set for a jolt as evidence on pledged output curbs from OPEC and other producing nations hits the market over two sessions. More »

Suncor output hits record with oil-sands unit at full speed

Suncor Energy Inc.’s production rose to a record last quarter after the oil-sands giant took control of the Syncrude processing unit and put it at full throttle. More »

DNV GL launches industry data platform to unlock potential of big data

To facilitate frictionless connections between different industry players, domain experts and data scientists, DNV GL is launching an industry data platform. More »

BHP Billiton approves $2.2-billion investment in Mad Dog Phase 2 project

BHP Billiton has announced that the board has approved expenditure of $2.2 billion for its share of the development of the Mad Dog Phase 2 project in the Gulf of Mexico. More »

An energy giant bigger than Exxon in the shadow of Saudi Aramco

Qatar Petroleum (QP) is the hidden giant of the global energy industry, overshadowed by its neighbor Saudi Aramco. More »

Samoco Oil Tools introduces new one-trip BOP testing tool

Samoco Oil Tools has launched OneTrip to greatly reduce the time and costs associated with mandatory BOP testing. The company collaborated with Shell Offshore to engineer, manufacture and test the new tool. More »

Wall street’s love affair with energy heats up as rigs soar

Wall Street is throwing the most money at U.S. energy companies since at least 2000 amid growing confidence that the industry is emerging from the worst downturn in a generation. More »

Parsley Energy announces $2.8-billion Midland basin buy

Parsley Energy, Inc., has announced that it has entered into an agreement to acquire certain undeveloped acreage and producing oil and gas properties in the core of the Midland basin from Double Eagle Energy Permian, LLC, for an aggregate purchase price of approximately $2.8 billion, subject to purchase price adjustments and customary closing conditions. More »

New scientific approach assesses land recovery following oil and gas drilling

A new scientific approach can now provide regional assessments of land recovery following oil and gas drilling activities, according to a new U.S. Geological Survey (USGS) study published in the journal Science of the Total Environment. More »

Global Tubing opens new service center near Montney shale basin

Global Tubing, LLC, the industry leader in coiled tubing products and services, announces the opening of a new service center in Grand Prairie, Alberta, Canada. More »

ABB wary of hailing recovery after first order growth since 2015

ABB Ltd. said the first signs of order growth in two years are not enough to call a turnaround as dwindling demand from the oil and gas industry and an increasingly uncertain political situation weigh on the outlook. More »

Eni starts production of the East Hub Development Project, offshore Angola

Eni has started production of the East Hub Development Project, in Block 15/06 of the Angolan deep offshore, ahead of development plan estimates and with a time-to-market among the best in the sector. More »

Nigeria's struggle to boost oil output a good sign for OPEC

Nigeria’s progress in curbing militant attacks hasn’t much boosted its oil output. While that’s bad news for a country mired in its worst economic slump in 25 years, it’s making life easier for fellow OPEC members. More »

Aker Solutions secures two BP framework agreements

Aker Solutions was awarded two framework agreements to provide concept and front-end engineering (FEED) services for BP globally. More »

Qatar Petroleum joins consortium to advance LNG import project in Pakistan

Qatar Petroleum (QP), Total, Mitsubishi, Exxon Mobil, and Hoegh have announced their commitment to advance a liquefied natural gas (LNG) import project in Pakistan in collaboration with Global Energy Infrastructure Limited (GEIL). More »

Oil market may be due a jolt as positioning stretched

The calmness in the oil market is disquieting. Volatility is lingering near a two-year low and hedge funds continue to ramp up their bullish bets on the price of crude. Some are beginning to worry. More »

The Getech Group wins OGA 21CXRM contract for UKCS study

Getech, providers of natural resources exploration data and information expertise, has been awarded a contract by the Oil and Gas Authority (OGA), in collaboration with the 21CXRM Technical Advisory Committee, for a petroleum system-related study of the United Kingdom Continental Shelf (UKCS) South West Approaches region. More »

U.S. oil output heads toward 48-year high as shale surge resumes

The U.S. will pump the most crude next year since 1970 as domestic producers benefit from OPEC supply cuts. More »

Halliburton introduces large bore subsea safety system

Halliburton has announced the release of the Dash Large Bore Subsea Safety System, which provides full electrohydraulic control of well safety and intervention functions. More »

Security boosted at oil fields to raise South Sudan output

South Sudan said it boosted security at oil installations and will source electricity from neighboring Sudan to resume output at two fields in efforts to restore production to levels achieved before the country descended into civil war. More »

Public consultation begins on Brent oil and gas field decommissioning program

An extended 60-day public consultation on recommendations to decommission the Brent oil and gas field in the North Sea has begun following submission by Shell UK Limited (“Shell”), the field’s operator, of a comprehensive decommissioning program to the Department for Business, Energy and Industrial Strategy (BEIS). More »

OPEC ministers don’t rule out renewing oil cut to balance market

OPEC and other major crude-producing nations may need to extend output cuts into the second half of the year to re-balance the market, oil ministers for Iran and fellow group member Qatar said. More »

UK to get first LNG from Peru while still waiting for U.S.

Almost a year after the first liquefied natural gas cargo left the Gulf of Mexico, the UK is still waiting to claim a slice of American supply. More »

Halliburton introduces next-generation acoustic analysis service

Halliburton has announced the release of the Dash Large Bore Subsea Safety System, which provides full electrohydraulic control of well safety and intervention functions. More »

BP lags behind competitors as spending spree pushes back cash goal

BP Plc is falling behind competitors in one crucial measure of its resilience to oil’s slump. More »

After slashing costs, Statoil ready to boost spending

Statoil ASA, Norway’s biggest oil company, is ready to increase investment again as it reaps the benefit of drastic cost reductions it pushed through after oil’s collapse -- cuts that it vowed to deepen even further. More »

MOL Group expands its exploration portfolio in Hungary and Norway

MOL Group expanded its exploration portfolio by acquiring new licenses in Hungary and Norway. MOL acquired six new licences in the 4th bid round in Hungary, doubling its exploration acreage in the country. MOL Norge participated in the latest APA licensing round and acquired four licences in the Norwegian Continental Shelf, one of which with operatorship. More »

Archer launches suite of plug solutions to ensure well integrity

Archer Oiltools has launched the SPARTAN plug family, to help operators deliver safer wells, boost operational efficiency and reduce costs. More »

Fluor JV awarded FEED contract for Tengizchevroil multi-phase pump project in Kazakhstan

Fluor Corporation has announced its JV team, KPJV, has been selected by Tengizchevroil LLP (TCO) to execute the front-end engineering and design (FEED) for the multi-phase pump project in Kazakhstan. More »

Aker BP reports decline in development costs at Johan Sverdrup

Aker BP ASA, along with the partners in Johan Sverdrup, has released updated key figures for the Johan Sverdrup project. The investment costs continue to show a positive trend. More »

Paradigm signs multi-year access agreement with Beicip-Franlab

Paradigm has announced that it signed a multi-year access agreement with Beicip-Franlab for a wide spectrum of software solutions, including seismic and geological interpretation, formation evaluation, and subsurface modeling. More »

Statoil reports unexpected loss on deepening U.S. writedowns

Statoil ASA reported an unexpected loss in the fourth-quarter after deepening writedowns on its U.S. shale assets. More »

Offshore drillers still seeking recovery enjoyed by shale

While oil drillers in U.S. shale basins are starting to see business come back, their offshore brethren will have to wait for prices to surge well above $60/bbl. More »

Oil falls after biggest loss in two weeks on rising U.S. supply

Oil fell in New York after the biggest drop in more than two weeks, on estimates that crude stockpiles continued to build up in the U.S. Futures slipped 0.7% after retreating 1.5% Monday. More »

BP and Shell profits slump after OPEC output cuts end oil-trading boom

The oil-trading boom that cushioned the profits of Royal Dutch Shell and BP through the price slump of 2015 and early 2016 is over. More »

Ithaca Energy announces recommended takeover by Delek Group

Ithaca Energy Inc. has announced that it has entered into a definitive support agreement with Delek Group Ltd. on the terms of a cash takeover bid for all of the issued, and to be issued common shares of Ithaca not currently owned by Delek or any of its affiliates for C$1.95 per share. More »

ICON Engineering and ENRA Group form JV for Asian wellhead platforms, marginal facility developments

ICON Engineering Pty Ltd, headquartered in Perth, and Malaysian-based ENRA Group Berhad have announced the formation of a jointly owned incorporated Joint Venture, ENRA ICON Sdn Bhd, based in Kuala Lumpur, to target undeveloped Asian oil and gas fields using ICON’s range of minimal facility, wellhead platforms and self-installing production facilities. More »

ABB signs safety and automation agreement with Statoil for Johan Castberg field

ABB has signed a project specific agreement for the safety and automation system with Statoil for the Johan Castberg offshore oil field development. Statoil has issued the first call-off from the agreement covering front-end engineering and design (FEED). More »

ABB signs safety and automation agreement with Statoil for Johan Castberg field in Norway

ABB has signed a project specific agreement for the safety and automation system with Statoil for the Johan Castberg offshore oil field development. Statoil has issued the first call-off from the agreement covering front-end engineering and design (FEED). More »

Ithaca Energy announces recommeded takeover by Delek Group

Ithaca Energy Inc. has announced that it has entered into a definitive support agreement with Delek Group Ltd. on the terms of a cash takeover bid for all of the issued, and to be issued common shares of Ithaca not currently owned by Delek or any of its affiliates for C$1.95 per share. More »

Singapore said to plan series of incentives to lure Aramco IPO

Singapore is considering a range of measures to lure a listing from energy giant Saudi Arabian Oil Co., according to people familiar with the matter, as global exchanges compete for a slice of what could be the world’s largest-ever initial public offering. More »

Petrofac secures BP maintenance contract worth $25 million

Petrofac is set to build on its provision of maintenance services for BP, following the award of a three-year extension to its existing contract in the North Sea. More »

Qatar Petroleum hunts for gas abroad as local growth hits limit

Qatar Petroleum is exploring for oil and gas in Cyprus and Morocco as part of a strategy to expand the tiny Gulf emirate’s global energy investments. More »

Investors are betting big that OPEC’s cuts are real

Money managers are the most bullish ever on West Texas Intermediate crude for a second week as signs show OPEC and other nations are slashing production. More »

Europa Oil and Gas farms out Holmwood prospect in Weald basin, UK

Europa Oil and Gas has announced that is wholly owned subsidiary has signed a farmout agreement (FOA)—in relation to a 12.5% interest in the PEDL143 licence, in the Weald basin—with a wholly owned subsidiary of Angus Energy. More »

GeoPark makes discovery in Llanos 34 Block, Colombia

GeoPark Limited, operator and consolidator with operations and growth platforms in Colombia, Chile, Brazil, Argentina, and Peru, has announced new drilling successes in the Llanos 34 Block (GeoPark operated with a 45% working interest), in Colombia. More »

Borets U.S. names Obren Lekic as CEO

Borets has named Obren Lekic as CEO of Borets U.S., located in Houston. More »

Oil trades near $54 as Iran tension offsets U.S. shale drilling boom

Oil traded near $54/bbl as increased tension between Iran and the U.S. countered expectations of rising American production. More »

Oil trades near $54 as Iran tension offsets rising U.S. drilling

Oil traded near $54/bbl as increased tension between Iran and the U.S. countered expectations of rising American production. More »

Top oil trader sees oil rattled as Trump makes market fret

Donald Trump and global crude producers are set to take prices on a bumpy ride this year, according to the world’s biggest independent oil trader. More »

Egypt said to seek LNG as BP, Eni gas flow to restore exports

Egypt plans to import as many as 108 cargoes of liquefied natural gas this year as the country prepares to start producing at two gas fields and move closer to its goal of self-sufficiency and even exports by 2019. More »

Gazprom supply jitters roil gas market facing freeze

European gas traders are once again focusing on exports from its biggest supplier as freezing weather is set to return to the region. More »

Dakota Access pipeline seen operational in second quarter

The $3.8-billion Dakota Access crude oil pipeline won’t start up until the second quarter of this year, according to stakeholder Phillips 66. More »

First offshore installation work complete at Statoil's Johan Sverdrup field

Ocean Installer has recently completed the very first permanent subsea installation at the Johan Sverdrup field, marking the kick-off of the Johan Sverdrup offshore work. More »

OPEC to swell investor gains by turning market upside down

OPEC’s production cuts have already turned oil speculators the most bullish in a decade. As their effect is felt, crude could become even more alluring. More »

Oil set for weekly gain as U.S. imposes new Iran sanctions

Oil headed for a third weekly gain as the U.S. imposed fresh sanctions on Iran after a missile test and OPEC reached about 60% of its output-cut target. More »

Eni's John Agyekum Kufuor FPSO prepares to set sail for Ghana

Eni announces that the naming ceremony of the John Agyekum Kufuor floating production, storage and offloading (FPSO) vessel was held today in Singapore. More »

IPAA applauds House resolution rejecting duplicative BLM rule on venting and flaring

Today, the Independent Petroleum Association of America (IPAA) applauded the U.S. House of Representatives’ action to reject the Bureau of Land Management’s (BLM) final rule on waste prevention and resource conservation, commonly referred to as the BLM methane Venting and Flaring Rule. More »

First offshore installation work complete at Statoil's Johan Sverdrup

Ocean Installer has recently completed the very first permanent subsea installation at the Johan Sverdrup field, marking the kick-off of the Johan Sverdrup offshore work. More »

Abu Dhabi said to improve oil-investor returns with new terms

Abu Dhabi’s state energy producer, which is seeking more partners to develop its fields, improved some terms in an oil-production partnership to offer greater returns to international companies, such as BP Plc and Total SA, according to people with knowledge of the matter. More »

Statoil releases details of gas discovery at Valemon facility, North Sea

Statoil Petroleum, operator of production license 193 D, has completed drilling operations on wildcat well 34/11-6 S, in 133 m of water 160 km northwest of Bergen, North Sea. More »

Trump trades barbs with Iran as new round of sanctions looms

Tensions between the U.S. and Iran escalated as President Donald Trump prepared new sanctions and told Tehran it’s “playing with fire,” prompting Iran to respond that it won’t be bullied. More »

Statoil releases details of gas discovery, Valemon facility North Sea

Statoil Petroleum, operator of production license 193 D, has completed drilling operations on wildcat well 34/11-6 S, in 133 m of water 160 km northwest of Bergen, North Sea. More »

Subsea 7 completes fleet investment program

Subsea 7, a global leader in seabed-to-surface engineering, construction and services, has taken delivery of Seven Arctic and Seven Kestrel, successfully completing a substantial and targeted fleet investment program that has added six new-build vessels to the Subsea 7 fleet since 2014. More »

PDVSA braces for fourth year production drop as default looms large

The recent bump in oil prices isn’t enough to help Petroleos de Venezuela SA (PDVSA) as it faces its fourth consecutive year of declining production. More »

Weatherford and Nabors form alliance for integrated drilling solutions

Nabors Industries Ltd. and Weatherford International plc have announced that they have signed a non-binding Memorandum of Understanding (MOU) to form an alliance focused on delivering enhanced drilling solutions to the oil and gas land market in the lower 48 states of the U.S. More »

U.S. may export more oil in 2017 than four OPEC nations produce

U.S. crude exports are poised to surpass production in four OPEC nations in 2017 and may grow even more if President Donald Trump honors pledges to ease drilling restrictions and maximize output. More »

Anadarko losses larger than expected, as industry tries to recover

Anadarko Petroleum Corp. followed Exxon Mobil Corp. and Chevron Corp. in missing Wall Street earnings expectations for 2016’s final quarter, in another sign that the oil industry’s financial pain isn’t over. More »

Saudi Arabia raises March crude oil pricing for all buyers

Saudi Arabia, the world’s largest crude exporter, raised pricing for March sales to buyers from the U.S. to Asia as output cuts by OPEC and other producers shore up oil prices. More »

Anadarko losses worse than expected as Big Oil pains linger

Anadarko Petroleum Corp. followed Exxon Mobil Corp. and Chevron Corp. in missing Wall Street earnings expectations for 2016’s final quarter, in another sign that the oil industry’s financial pain isn’t over. More »

With 2019 export goals, exploration in Egypt picks up

Egypt may announce new discoveries of natural gas by the second half of this year, Oil Minister Tarek El Molla said, bringing it closer to its goal of self-sufficiency by 2019. More »

TGS acquires multi-beam project in U.S. Gulf of Mexico

TGS announces the Otos multi-beam and seep study project in the U.S Gulf of Mexico. More »

Subsea sector set to increase exports in 2017, Subsea UK survey says

British subsea companies are expecting to increase overseas activity in the next 12 months, according to a survey conducted by industry body, Subsea UK. More »

Energean awards FEED contract to TechnipFMC for Israel's Karish and Tanin fields

Energean Oil and Gas has announced that it has appointed TechnipFMC as the Concept and Front End Engineering Design (FEED) contractor for the Karish and Tanin development program. More »

Texas energy sector on upswing: RRC faces critical budget needs

Railroad Commission of Texas chairman Christi Craddick met with leadership at the Federal Reserve Bank of Dallas this week to discuss this year's outlook for the state's oil and gas industry. More »

Shell signals worst of oil slump is over as debt declines

Royal Dutch Shell appeared to put the worst of the oil slump behind it as rising cash flow allowed Europe’s largest energy company to trim debt for the first time since the downturn began. More »

OPEC cuts oil production, but more work needed to fulfill deal

OPEC cut output by 840,000 barrels a day last month, but has more work to do to fully comply with last year’s historic production deal. More »

Federal Reserve economists expect an increase in Texas drilling this year

Chairman Christi Craddick met with leadership at the Federal Reserve Bank of Dallas (Dallas Fed) this week to discuss this year's outlook for the state's oil and gas industry. According to economists with the Dallas Fed, Texas oil and gas drilling activity will increase throughout this year. More »

Oceaneering awarded Statoil contract for E-ROV concept development and testing

Oceaneering International, Inc., has announced that one of its subsidiaries has been awarded a technology development contract by Statoil Petroleum AS. The contract provides for the development, manufacturing, testing, and mobilization of a self-contained, battery-powered work class remotely operated vehicle (E-ROV) system deployed on the seabed. More »

TAG Oil expands oil and gas operations into Australia

International oil and gas production company TAG Oil Ltd. has announced that the Company’s wholly owned Australian subsidiary, Cypress Petroleum Pty Ltd., has closed the purchase of 100% interest in Petroleum Lease (PL) 17 from privately held Southern Cross Petroleum and Exploration Pty Ltd. More »

TAM International Norway AS achieves Achilles JQS certification

TAM International, an independent oilfield services company providing inflatable and swellable packers to the oil and gas industry, announces that TAM International Norway AS has completed its registration as a fully qualified supplier in the Achilles Joint Qualification System (JQS). More »

Federal Reserve economists see increased drilling activity this year in Texas

Chairman Christi Craddick met with leadership at the Federal Reserve Bank of Dallas (Dallas Fed) this week to discuss this year's outlook for the state's oil and gas industry. According to economists with the Dallas Fed, Texas oil and gas drilling activity will increase throughout this year. More »

Chevron extends contract for Blackford Dolphin semisubmersible

Dolphin Drilling Ltd, a subsidiary of Fred. Olsen Energy ASA, has agreed to an extension of its current contract with Chevron North Sea Ltd for the semisubmersible Blackford Dolphin. More »

Iraq’s oil production unscathed for now by Trump travel ban

Iraq won’t bar U.S. citizens from entering the country, Prime Minister Haider Al-Abadi said, averting a potential disruption to the oil industry of OPEC’s second-biggest producer. More »

Zion Oil and Gas to aid in supply of Israel's energy needs

Zion Oil and Gas' vision is to help ensure Israel's political and economic independence by finding and producing oil or natural gas onshore in Israel. More »

Gazprom Neft completes pilot testing of Russia's first-ever PDC drill bit

Gazprom Neft has successfully completed pilot testing of Russia’s first-ever domestically produced polycrystalline diamond composite (PDC) drill bit, during pilot drilling at its Vyngapurovskoye field, Yamalo-Nenets Autonomous Okrug. More »

Dakota Access oil pipeline nears final permit, lawmakers say

Energy Transfer Partners LP may be close to getting the permit it needs to finish the Dakota Access oil pipeline, a project that became a flash point for environmentalists, but a symbol of President Donald Trump’s pledge to jump start energy infrastructure. More »

Shell sets trend through shared decommissioning costs in North Sea

Royal Dutch Shell Plc’s $3.8-billion sale of North Sea oil and gas fields creates a model for further transactions in a region where the question of who pays to remove decades-old offshore platforms has been an obstacle for other deals. More »

‘Nasty year’ leaves oil investors wary as profits fall short

Crude prices may have stabilized, but it’s still not a great time to be Big Oil. Investors eliminated about $53 billion in market value for producers over three days as the twin titans of U.S. oil posted their worst annual financial outcomes in decades. More »

Ashtead Technology to solve subsea challenges with launch of Engineered Measurement Solutions Group

Ashtead Technology is launching a new service to increase efficiency and drive down risk and cost in subsea and marine operations. More »

India plans merger of state-run firms to create oil giant

India is planning to create a state-owned oil giant through mergers to match the might of international companies and billionaire Mukesh Ambani’s Reliance Industries Ltd. More »

U.S. enjoys first-ever oil trade surplus with Latin America

The U.S. for the first time is pushing more crude and refined petroleum products into Latin America than it brings back, signaling a change in the global trade map that could be tested if President Donald Trump introduces border taxes. The scales tipped in favor of the U.S. in October, when it recorded a surplus of 89,000 bopd, the first gain for the U.S. since records began in 1993, according to the U.S. Energy Information Administration. In November, the surplus grew to 184,000 bopd, the EIA said Tuesday. That compares to a 4.3 million barrel deficit in 2005. More »

Saudi energy minister praises Trump’s pro-fossil-fuel policies

President Donald Trump’s energy policies are good for the petroleum industry and Saudi Arabia sees no problem with growth in U.S. oil production as long as it’s in line with demand, Saudi energy minister Khalid Al-Falih said. “President Trump has policies which are good for the oil industries,” Al-Falih said in an interview with the BBC. “He has steered away from excessively anti-fossil-fuel, unrealistic fossil-fuel policies.” More »