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Sunday, 31 January 2016
Seadrill deepens cost cuts to ride out CEO’s worst rig slump
Seadrill Ltd., once the crown jewel among billionaire John Fredriksen’s oil and shipping holdings, is deepening planned cost reductions this year as it attempts to make it through the worst market slump its chief executive has ever seen. More »
Makai upgrades software to simulate subsea power and telecom cable lays
Makai has released version 6.0 of MakaiPlan Pro, which is a popular software for planning and simulating subsea power and telecom cable installations. More »
Saturday, 30 January 2016
Oil and gas companies face difficult year as hedging protections roll off: IHS
As oil prices continue to decline, North American EandP companies have hedged just 15% of their total production volumes for 2016, including 14% of oil and 18% of natural gas, leaving the companies largely exposed to current depressed market prices, according to new analysis from IHS. More »
Friday, 29 January 2016
Land deal finalized in preparation for Tanzania LNG project
Tanzania said on Friday it had finalized a land acquisition for the site of a planned LNG plant, and was now working to compensate and resettle villagers to move forward on a long-delayed project. More »
Oil industry relieved as Alberta holds royalties steady
Alberta's left-leaning government unveiled a new energy royalty framework on Friday that left rates unchanged on existing oil wells and oil sands projects, alleviating fears that costs would rise to punishing levels amid the worst crude price slump in decades. More »
U.S. oil drillers cut rigs for sixth straight week: Baker Hughes
U.S. energy firms cut oil rigs for the sixth straight week, data showed on Friday, and were expected to shed more with major U.S. shale oil companies slashing spending plans after crude prices hit 12-year lows. More »
Producing fields can sustain Petrobras for 2-3 years of low prices, board member says
Oil and gas fields already paid for and in production can sustain Brazilian state-run company Petroleo Brasileiro SA for two to three years of low prices, a board member for the firm told reporters on Friday. More »
Lundin Petroleum cuts 2016 capex by 26%
Sweden's Lundin Petroleum said on Friday it will cut its 2016 capital spending by around a quarter compared to last year and doubled its production guidance due to a new oil field coming onstream. More »
Chevron posts first loss since 2002 on cheap oil prices
Chevron Corp reported its first quarterly loss in more than 13 years on Friday as the oil producer struggled to cope with plunging crude prices that are eroding profitability across all its divisions. More »
Iran pushes OPEC oil output to new high as sanctions are lifted
OPEC oil production has jumped to its highest in recent history in January as Iran increased sales following the lifting of sanctions and its rivals Saudi Arabia and Iraq also boosted supply, a Reuters survey showed on Friday. More »
Lundin Petroleum drills Maligan exploration well, offshore Malaysia
Lundin Petroleum’s wholly owned subsidiary Lundin Malaysia has commenced drilling of the Maligan exploration well in Block SB307/SB308, offshore East Malaysia. More »
Oil pares gains as Russia says no meeting with OPEC scheduled
Oil pared gains near a three-week high as Russia said that although it’s prepared to discuss output with the Organization of Petroleum Exporting Countries, no action is currently planned. More »
China’s energy giant sees profit sliding 70% on oil’s slump
PetroChina Co., the country’s biggest oil and gas producer, expects its 2015 profit to have fallen 60% to 70% from a year earlier because of the slump in energy prices. More »
Thursday, 28 January 2016
BG shareholders give Shell's $52-billion acquisition final nod
BG Group shareholders overwhelmingly approved Royal Dutch Shell's $52-billion takeover on Thursday, clearing the way for the two firms to create the world's biggest trader of LNG. More »
Russia says studying proposal for global oil production cuts
Russia said on Thursday that OPEC had proposed oil production cuts of up to 5% in what would be the first global deal in over a decade to help reduce a glut of crude and prop up sinking prices. More »
Supportive measures will strengthen industry emergence, says Oil and Gas UK
Welcoming the further measures to boost the UK oil and gas industry announced by the Prime Minister at a meeting with senior industry leaders this afternoon, Deirdre Michie, Oil and Gas UK’s chief executive, said: “The Prime Minister has signaled his on-going commitment to the UK oil and gas industry, which we very much welcome." More »
Gazprom Neft eyes Russia's unconventionals with new study of Bazhenov formation
Gazprom Neft has started investigating reserves in the Bazhenov formation at Vyngayakhinskoye field in Russia's Yamalo-Nenets Autonomous Okrug. More »
Gazprom Neft eyes unconventionals with study of Russia’s Bazhenov formation
Gazprom Neft has started investigating reserves in the Bazhenov formation at Vyngayakhinskoye field in Russia's Yamalo-Nenets Autonomous Okrug. More »
Baker Hughes posts fourth straight loss on $1.25-billion charge
Oilfield services provider Baker Hughes, which is being acquired by larger rival Halliburton, reported a quarterly net loss, hurt by a $1.25 billion impairment charge. More »
TGS reaches midway point on Gigante seismic program, starts coring program
TGS has acquired 93,000 km of the 186,000 km 2D seismic project, Gigante, the company reported Thursday. More »
Ensco, Wärtsilä sign maintenance agreement
Wärtsilä has signed a seven-year maintenance agreement with Ensco. More »
INPEX to sell interest in Block WA-155-P to Carnarvon
INPEX Alpha, a wholly owned subsidiary of INPEX Corp., has reached an agreement with Carnarvon Petroleum Ltd. for the sale of all its participating interest (28.5%) in Block WA-155-P (Part 1). More »
Kuwait plans to cut spending next year as oil revenue plummets
Kuwait plans to cut spending by 1.6% in the fiscal year beginning in April, joining other Gulf states trying to deal with falling oil prices. More »
ProSep appoints sales manager to strengthen Norwegian foothold
Houston-headquartered ProSep, the oil, gas and water process separations technology company, has appointed Jacek Kacperski as Norway sales manager. More »
Low oil prices will not last long, Iran’s president says
Iranian President Hassan Rouhani said on Thursday that oil prices would not stay low for long as producers restore market balance. More »
Penn West slashes capital spending 90%, sees lower output
Canadian oil and natural gas producer Penn West Petroleum Ltd. cut its 2016 capital budget by as much as 90% from a year earlier, to weather a steep plunge in crude oil prices. More »
Oilfield services find little room to squeeze out further cuts
Companies that supply drilling rigs, fracing sand and other necessary tools to the U.S. oil industry are finding themselves stuck with a choice between losing customers or making further price cuts that could wipe out their profits altogether. More »
Wednesday, 27 January 2016
Russia and oil industry bosses discuss whether to work with OPEC
The Russian government and oil company bosses discussed whether the country should coordinate production with the Organization of Petroleum Exporting Countries to revive slumping prices. More »
Hess' quarterly loss less than expected on cost cuts
Oil producer Hess Corp. lost less money than expected in the fourth quarter, as it managed to cut costs to weather the low-price storm that has battered the entire energy industry. More »
Protea delivers its first man-riding winch
Protea has further expanded its product range with the delivery of its first winch certified for man-riding operations for installation on the Maersk Gallant jack-up rig. More »
Pulse Seismic acquires 2D seismic data library
Pulse Seismic has acquired a 2D seismic data library in a deal valued at C$3.65 million. More »
InterMoor appoints Bolatiwa as general manager in Nigeria
InterMoor, an Acteon company, has appointed Folabi Bolatiwa as general manager in Nigeria. Bolatiwa will be responsible for overseeing the company’s continued growth in the region. More »
Shell shareholders approve $49-billion BG takeover
Shareholders of Royal Dutch Shell approved the company's $49-billion takeover of BG Group on Wednesday, clearing one of the final hurdles for a deal that will create the world's biggest LNG trader. More »
CNOOC’s Kenli 10-4 oil field starts production
CNOOC’s Kenli 10-4 oil field has started production, China's largest offshore oil company said Wednesday. More »
Kosmos Energy in significant gas find offshore Senegal
Kosmos Energy’s Guembeul-1 exploration well, in the northern part of the St. Louis Offshore Profond license area in Senegal, has made a significant gas discovery. More »
Kosmos Energy discovers gas offshore Senegal
Kosmos Energy has announced that its Guembeul-1 exploration well, located in the northern part of the St. Louis Offshore Profond license area in Senegal, has made a significant gas discovery. More »
U.S. shale firms, struggling to profit with $30 oil, slash spending more
Three major U.S. shale oil companies have slashed their 2016 capital spending plans more than expected in a bid to survive $30/bbl oil prices, with one of them saying prices would need to rise more than 20% just to turn a profit. More »
Renowned oil investor sees conditions ripe for a rebound in crude
After a 2015 that famed oil bull Andrew Hall said "wasn't much fun" because of plunging crude prices, the chief of Astenbeck Commodities says the market is ripe for a jump as producers operate near maximum capacity while supply risks rise. More »
U.S. oil explorers seen reporting $14 billion in 2015 losses
During the next eight days, independent U.S. oil explorers are expected to report 2015 losses totaling almost $14 billion, the result of the steepest price collapse in a generation. More »
Oil resumes decline near $30 as U.S. supplies worsen global glut
Oil resumed its decline near $30 a barrel after U.S. industry data showed crude stockpiles increased, exacerbating a global glut. More »
Tuesday, 26 January 2016
Chevron reports first gas from Chuandongbei project in southwest China
Chevron’s fully-owned subsidiary Unocal East China Sea, Ltd. began natural gas production from the first stage of the Chuandongbei project in southwest China. More »
World Bank slashes 2016 oil price forecast to $37
The World Bank has slashed its forecast for crude oil prices by $14 to $37/bbl for 2016, it said on Tuesday, amid growing supply and weak demand prospects from emerging markets. More »
Kuwait’s OPEC governor sees tough 2016, oil at $40-60 to 2020
Kuwait's OPEC governor said on Tuesday that this year would be tough, with oil prices seen recovering only after 2016 but remaining between $40-60/bbl until 2020. More »
Oil extends slide below $30 on oversupply
Crude futures dropped below $30/bbl on Tuesday, extending the previous day's losses by more than 3%, as persistent worries about oversupply and more signs of a Chinese economic slowdown spooked the market. More »
China oil demand to grow in 2016
China's oil demand will grow 4.3% this year to surpass 11 MMbpd, compared to 4.8% growth last year, the country's top energy group forecast on Tuesday. More »
Seatronics achieves calibration facility reaccreditation
Seatronics, an Acteon company, is the first to sign up to enhanced accreditation as a supplier of third party calibrations to the ROV and survey communities, globally. More »
Bordelon Marine selects Sonardyne DP technology for new intervention vessel
Bordelon Marine has selected acoustically-aided inertial navigation technology from Sonardyne for its new Ultra-Light Intervention Vessel (ULIV), Brandon Bordelon. More »
Hess cuts capital spending 40% on low oil prices
Hess Corp. has announced a 2016 EandP capital and exploratory budget of $2.4 billion, a 40% reduction from its 2015 actual spend of $4.0 billion and approximately 20% below preliminary 2016 guidance of $2.9-$3.1 billion provided in October. More »
AziNam completes 3D survey offshore Namibia
HAMILTON, Bermuda -- AziNam, the offshore Namibia focused exploration company, has completed a 3D seismic survey on PEL 34, the Guy Block, offshore Namibia. More »
Marathon Oil awards North Sea umbilical contract to JDR
Marathon Oil has awarded JDR a contract for the design and manufacture of 11.3 km of power and static subsea umbilicals, with accompanying termination hardware, for West Brae field. More »
Lamprell Energy signs MOU with Saudi Aramco
Lamprell Energy Ltd. has signed a Memorandum of Understanding (MOU) with Saudi Aramco, the National Shipping Company of Saudi Arabia and Hyundai Heavy Industries in connection with a potential partnership collaboration on establishing a maritime complex in Saudi Arabia. More »
Aker Solutions to deliver FPSO concept study for Statoil’s Johan Castberg
Aker Solutions has secured an order from Statoil to provide a concept study for a floating production, storage and offloading facility for the Johan Castberg field development in the Barents Sea. More »
Aker Solutions wins MMO contracts for Åsgard A
Statoil has awarded Aker Solutions a front end engineering design (FEED) contract for the tie-in of Trestakk field to the Åsgard A production vessel in the Norwegian Sea. More »
Key to surviving the oil bust: Beware bankers bearing cheap debt
During the go-go days of $100 oil, bankers swarmed into Travis Stice’s office in downtown Midland, Texas, trying to sell him on the wonders of easy credit. More »
Saudis, Russia seen by Iraq as more flexible on oil-output cuts
Saudi Arabia and Russia, the world’s biggest oil producers, are now more flexible about cooperating to cut output as crude prices have fallen to levels that hydrocarbon- rich nations didn’t foresee, Iraq’s Oil Minister Adel Abdul Mahdi said. More »
Monday, 25 January 2016
FMC wins $180-million subsea contract from Woodside
FMC Technologies has signed an agreement with Woodside for the design, manufacture and supply of subsea production systems for the Greater Western Flank Phase 2 (GWF-2) Project as part of the North West Shelf (NWS) Project in Western Australia. More »
Halliburton boosts asset sales in push for Baker Hughes deal
Halliburton Co. said it expanded its list of assets to sell as it tries to convince antitrust authorities around the world that its purchase of rival Baker Hughes Inc. won’t impede competition. More »
Libya's $60 billion in lost oil highlights risk of failed state
Libya’s rival political factions must quickly form a unity government to stop the country with Africa’s largest oil reserves from collapsing into a “failed state,” National Oil Corp. Chairman Mustafa Sanalla said. More »
Saudis unbowed by oil crash with no spending cut before IPO
The world’s biggest oil producer is spending as much now as it did before the crash in crude prices, signaling no surrender in Saudi Arabia’s battle with rivals. More »
Churchill Drilling Tools launches hydraulic pipe recovery tool in the Middle East
Churchill Drilling Tools has launched its HyPR HoleSaver in the Middle East. The expansion follows successful deployments of the hydraulic pipe recovery tool in the North Sea and Gulf of Mexico. More »
Churchill Drilling Tools launches world’s first hydraulic pipe recovery tool in the Middle East
Churchill Drilling Tools has launched its HyPR HoleSaver in the Middle East. The expansion follows successful deployments of the hydraulic pipe recovery tool in the North Sea and Gulf of Mexico. More »
Lundin spuds wildcat on the Fosen prospect, offshore Norway
Lundin Norway has started drilling exploration well 16/4-10, the company announced Monday. The well is located approximately 27 km south of Edvard Grieg field, and 11 km south of the Luno II discovery on the Utsira High on the Norwegian Continental Shelf. More »
Oilfield service sector seen undergoing surge of MandA in new survey
A desire to capitalize on distressed situations, grow international market share and acquire new technology will drive a surge in MandA activity in the global oilfield services sector during 2016, according to major new research from international law firm Pinsent Masons. More »
Halliburton reports a loss as shale drillers plan more cuts
Halliburton Co. swung to a loss as the world’s largest fracing provider braces for more customer cutbacks during the worst crude market downturn since the 1980s. More »
Forum Subsea Rentals signs global agreement for Aquatec’s LEAKlog
Forum Subsea Rentals and Aquatec Group have signed a global agreement for the rental of Aquatec’s proven LEAKlog leak detection and inspection suite. More »
Aberdeen-based engineering consultancy PDi acquired
Project Development International (PDi) is under new ownership following its acquisition by Tattva International Holdings, the Aberdeen-based company said Monday. More »
Keppel FELS delivers first rig of the year
Keppel FELS, a wholly owned subsidiary of Keppel Offshore and Marine (Keppel OandM) has delivered Halul, a KFELS B Class jackup rig, to Qatar’s Gulf Drilling International. More »
Lundin completes Bambazon exploration well, offshore Malaysia
Lundin Petroleum’s wholly owned subsidiary Lundin Malaysia has completed the Bambazon exploration well in Block SB307/SB308, offshore East Malaysia. More »
Lundin spuds exploration well on the Fosen prospect, offshore Norway
Lundin Petroleum’s wholly owned subsidiary Lundin Norway has commenced drilling of exploration well 16/4-10 on the Fosen prospect. More »
Japan oil imports fall to lowest since 1988 as demand drops
Japan’s crude oil imports last year fell to the lowest level since 1988 as demand weakens amid a declining population and more efficient vehicles. More »
Russia could work with OPEC on supply, Lukoil’s Fedun tells Tass
Russia could work with the Organization of Petroleum Exporting Countries on removing supply from the market if a political decision was taken to cooperate, OAO Lukoil Vice President Leonid Fedun said in an interview with state news agency Tass. More »
OPEC’s El-Badri calls on global oil producers to help curb glut
The head of the Organization of Petroleum Exporting Countries said he wants oil producers outside the group to assist in reducing the global oversupply, signaling once again that OPEC won’t make output cuts alone. More »
Sunday, 24 January 2016
Interior unveils proposal to reduce methane emissions, wasted gas on public, tribal lands
U.S. Secretary of the Interior Sally Jewell has proposed to update 30 year-old regulations in order to reduce the release of natural gas into the atmosphere from oil and gas operations on public and American Indian lands. More »
Saudi Aramco may open IPO to foreigners as it keeps output high
Saudi Arabian Oil Co. is pumping at high levels as it sees demand growing, and the state-run company may open a possible share offering to international investors. More »
Friday, 22 January 2016
Oil trader who predicted the decline says price has bottomed
Pierre Andurand, the founder of the $615 million Andurand Capital Management who correctly predicted the slump in oil prices, said the commodity has probably hit bottom and will end the year higher. More »
Schlumberger, Golar LNG team up to market gas monetization solutions
Golar LNG has signed a Memorandum of Understanding with Schlumberger to co-operate on the global development of greenfield, brownfield and stranded gas reserves. More »
Chesapeake suspends quarterly preferred stock dividends
Chesapeake Energy Corp. has suspended payment of dividends on each series of its outstanding convertible preferred stock effective immediately, the company said Friday. More »
Southwestern Energy to cut 1,100 jobs on lower drilling
Southwestern Energy is to cut 1,100 jobs in response to lower activity, the Houston-based company said in a regulatory filing. More »
Oil rout prompts Moody’s to consider Shell, Total for downgrade
Royal Dutch Shell, Total and Statoil, three of Europe’s biggest oil producers, were among more than 100 energy companies whose credit ratings were placed on review for possible downgrade by Moody’s Investors Service. More »
ENI terminates Ocean Rig drillship contract on oil slump
Ocean Rig, a provider of offshore deepwater drilling services, has seen the contract for one of its drillships terminated. More »
Keppel uncertainty prolongs as Brazil client delays decision
Keppel Corp.’s uncertainties about the oil-rig market are set to continue after a key customer in Brazil that has fallen more than a year behind on its bills postponed a meeting on restructuring. More »
Oil drilling at record low spells doom for North Sea’s revival
The pace of drilling in the North Sea, the center of U.K. oil production for the past 40 years, has sunk to a record as crashing energy prices force explorers to abandon costly projects. More »
CGG to acquire airborne gravity, magnetic survey offshore South Africa
CGG is to commence a multi-client airborne gravity and magnetic survey offshore South Africa. The Petroleum Agency of South Africa (PASA) has authorized the program, which will extend across two blocks totaling approximately 78,000 line kilometers. More »
Lundin to sell Bertam FPSO as it focuses on core business
Lundin Petroleum has entered into an agreement to sell the Bertam FPSO to M3nergy Investment Ltd., a wholly owned subsidiary of M3nergy Berhad of Malaysia. Lundin will receive a cash consideration of $265 million, based on a transaction effective date of Jan. 1, 2016. More »
Thursday, 21 January 2016
Schlumberger posts loss, cuts another 10,000 jobs
Schlumberger Ltd. posted a fourth-quarter loss as the company cut another 10,000 jobs and took a $1.46 a share charge to account for restructuring as the oil market downturn deepened. More »
Schlumberger posts loss as oil rout forces deeper cuts
Schlumberger Ltd. posted a fourth-quarter loss as the company cut another 10,000 jobs and took a $1.46 a share charge to account for restructuring as the oil market downturn deepened. More »
Schlumberger seen as only oil service provider surviving margin drop
Oil company earnings are expected to be so grim that only the biggest of the big service providers will keep its head above water. More »
CandJ Energy Services’ directional drilling motor provides operators with new levels of efficiency
CandJ Energy Services announces another successful job by its Ultra Short Bearing Section (USBS) directional drilling motor. More »
Shale gas drillers emerge as refuge for investors in energy rout
U.S. natural gas drillers are emerging as an unlikely bright spot in this week’s collapse of energy stocks. More »
OPEC flood a boon to China oil giant as Iraq boosts output
OPEC’s decision to flood global markets is helping China’s biggest oil company pump record volumes overseas. More »
China’s CNPC boosts overseas production to record high
China National Petroleum Corp., the country’s biggest oil and gas producer, boosted overseas output in countries from Central Asia to Africa to a record amid tumbling oil prices and currency fluctuations. More »
Rosneft subsidiary brings Zapadno-Epasskoye field onstream
MOSCOW -- RN-Uvatneftegaz, a subsidiary of Rosneft, has started commercial oil production at Zapadno-Epasskoye field, part of the company’s Uvat project, in Russia. More »
BP CEO says flood of crude means ‘sharp shocks’
BP Plc’s Bob Dudley joined other oil executives in Davos in painting a gloomy outlook for 2016, saying the market faced a “flood of oil.” More »
Wood Group strengthens commissioning capabilities through Magma collaboration
Wood Group has established a collaborative agreement Magma Products, an international engineering consultancy, to extend its existing commissioning service. More »
Total transfers 20% interest and operatorship of Kharyaga PSA to Russia’s Zarubezhneft
Total and Zarubezhneft have agreed to adjust their participation in the Kharyaga Production Sharing Agreement (PSA) whereby Total will transfer a 20% interest together with operatorship to Zarubezhneft, one of Russia’s leading state-owned energy companies. More »
TGS adds data to Canada, U.S. onshore multi-client libraries
TGS, through its wholly owned subsidiary Arcis Seismic Solutions, has reported the acquisition of the Chickadee 3C-3D multi-client survey covering 190 km2. More »
Polarcus sets record with largest man-made moving object on earth
Polarcus is in the process of acquiring an ultra-wide 3D marine seismic project offshore Myanmar. More »
Polarcus breaking production records with largest man-made moving object on earth
Polarcus is in the process of acquiring an ultra-wide 3D marine seismic project offshore Myanmar. More »
Shoreline of Nigeria suspends $500 million bond on oil crash
Shoreline Group, a Nigerian oil producer, has halted plans to issue $500 million of Eurobonds and will cut staff as Africa’s biggest economy struggles with plunging prices for the fuel, CEO Kola Karim said. More »
Keppel stops work for Brazil client, takes $160 million hit
Keppel Corp., the world’s biggest builder of oil rigs, said it stopped work in the fourth quarter on projects for a Brazilian client that is more than a year behind on its bills, and took a S$230 million ($160 million) charge on the delinquent projects. More »
China’s CNPC boosts overseas oil, gas production to record high
China National Petroleum Corp., the country’s biggest oil and gas producer, boosted overseas output in countries from Central Asia to Africa to a record amid tumbling oil prices and currency fluctuations. More »
Brent extends drop from 12-year low as U.S. supplies swell glut
Brent oil extended its decline from the lowest close in more than 12 years as rising U.S. crude stockpiles added to a swelling global glut. More »
Oil-market crash ripples through billionaire Premji’s outsourcer
Wipro Ltd., the Indian outsourcing company led by billionaire Chairman Azim Premji, said its push into the energy industry has backfired after the plunge in oil prices. More »
Wednesday, 20 January 2016
Husky assets said likely to see KKR, Canadian Natural interest
As Husky Energy Inc. opens a data room next month on a package of Western Canadian oil and natural gas assets, several private equity firms including KKR and Co. LP, as well as strategics like Canadian Natural Resources Ltd., are likely to show interest, according to people familiar with the situation. More »
Chevron's costly LNG project to start in shadow of oil collapse
After years of delays, cost overruns and labor unrest, Chevron Corp.’s Gorgon project, one of the world’s most expensive liquefied natural gas ventures, faces another challenge: the weakest energy prices in more than a decade. More »
Aquatic joins DNV GL in subsea supply chain JIP
Aquatic Engineering and Construction Ltd, an Acteon company, is working with DNV GL and other organizations in the subsea supply chain, on a JIP to develop a set of guidelines to be incorporated into new or existing DNV GL offshore standards or recommended practices. More »
Paradigm updates Sysdrill well planning, drilling engineering offering
Paradigm has announced the release of Paradigm Sysdrill 10.5, the latest version of its integrated suite of well planning and drilling engineering applications. More »
Saudi king inaugurates King Abdullah Petroleum Studies and Research Center
The Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud, the King of Saudi Arabia today inaugurated The King Abdullah Petroleum Studies and Research Center (KAPSARC), a non-profit economics and policy research institution dedicated to finding solutions for the most effective and productive use of energy to enable economic and social progress across the globe. More »
SRI ENERGY’s gate valve passes qualifications for 20,000 psi subsea, surface use
SRI ENERGY has qualified its SUPRAM line of products for subsea and surface use. The qualifications include API 17D, API 6A PR2 (20th edition) and follow the guideline for ultra-high pressure and high temperature from API 17TR8. More »
CME Group launches new WTI futures contracts on lifting of export ban
CME Group has launched six new West Texas Intermediate (WTI) Houston (Argus) Crude Oil futures contracts. More »
CandJ Energy Services opens new Texas facility to support regional pumping, acid services
GIDDINGS, Texas -- A ribbon-cutting ceremony was recently held to mark the grand opening of the new CandJ Energy Services Casedhole Solutions facility in Giddings, Texas. The ceremony was attended by business leaders, state and local officials, CandJ executives and community members. More »
SRI ENERGY’s SUPRAM gate valve passes qualifications for 20,000 psi subsea and surface use
SRI ENERGY has qualified its SUPRAM line of products for subsea and surface use. The qualifications include API 17D, API 6A PR2 (20th edition) and follow the guideline for ultra-high pressure and high temperature from API 17TR8. More »
Statoil signs new multi-year agreement with AVEVA for AVEVA Everything3D
AVEVA has entered a multiyear agreement with Statoil ASA for AVEVA Everything3D™ (AVEVA E3D™). The Norwegian Energy owner operator has selected AVEVA E3D to be its strategic 3D design software platform. More »
In private Davos meeting, oil chiefs push plan to cut costs
The world’s largest oil companies, grappling with lowest crude prices in 12 years, met behind closed doors at Davos in a push to cut costs by standardizing some of the equipment used in exploration and production, according to two people attended. More »
Craig International opens offices in the Middle East on back of major contract win
Craig International, is fast-tracking its expansion into the Middle East following the award of a contract to manage a $55 million client spend with a major operator in Qatar. More »
Gazprom Neft raises processing capacity at Iraq’s Badra field
A new process train—process train B—has been brought into operation at the central processing facility at Iraq’s Badra field, Gazprom Neft, the field’s operator, said in a statement. More »
Drilling down by half in fourth quarter, API says
Estimated total U.S. oil and natural gas well completions fell by 51% in the fourth quarter of 2015 compared to year-ago levels, according to API's 2015 Quarterly Well Completion Report, Fourth Quarter. More »
Lundin’s Lorry exploration well disappoints in Norwegian Sea
Lundin Norway has completed the drilling and evaluation of exploration well 6407/10-4 on the Lorry prospect. More »
CME Group launches six new WTI Houston (Argus) Crude Oil futures contracts
CME Group has launched six new West Texas Intermediate (WTI) Houston (Argus) Crude Oil futures contracts. More »
Statoil signs new multiyear agreement with AVEVA for AVEVA Everything3D
AVEVA has entered a multiyear agreement with Statoil ASA for AVEVA Everything3D™ (AVEVA E3D™). The Norwegian Energy owner operator has selected AVEVA E3D to be its strategic 3D design software platform. More »
Craig International opens new offices in the Middle East on the back of $55 million contract
Craig International, is fast-tracking its expansion into the Middle East following the award of a contract to manage a $55 million client spend with a major operator in Qatar. More »
Shell profit plunges at least 42% as oil slump deepens
Royal Dutch Shell Plc, which is buying BG Group Plc in the industry’s largest deal in a decade, expects fourth-quarter profit to drop at least 42% after the rout in crude prices deepened. More »
Craig International opens new offices in the Middle East on the back of $55million contract
Craig International, is fast-tracking its expansion into the Middle East following the award of a contract to manage a $55 million client spend with a major operator in Qatar. More »
Some bankrupt oil and gas drillers can’t give their assets away
Oil is in free fall and Terry Clark couldn’t be happier. More »
Tuesday, 19 January 2016
FEI launches comprehensive digital rock software
FEI announced the release of PerGeos, the industry’s first comprehensive digital rock software that helps geoscientists rapidly interpret and model digital rock imagery so that EandP engineers can obtain meaningful, actionable data quickly and easily. More »
AADE donates $76,500 to UL's Petroleum Engineering Department
The National Chapter of American Association of Drilling Engineers (AADE) and the Lafayette Chapter recently joined forces to donate more than $76,500 to the University of Louisiana at Lafayette (UL) to go toward its Petroleum Engineering Department Equipment Fund. More »
Concho Resources enhances position in southern Delaware basin
Concho Resources has announced three separate transactions that enhance the company’s position in the southern Delaware basin, high grade the company’s portfolio and reduce net debt. More »
MicroSeismic announces world’s longest-installed active BuriedArray
MicroSeismic has achieved the longest-installed active, permanent, near-surface array in the world. This BuriedArray was installed to monitor completions in the Haynesville formation in Louisiana and includes 99 stations covering 15 square miles. More »
Norway awards 56 exploration licenses to 22 operators in APA 2015
Norway’s Ministry of Petroleum and Energy has offered 56 exploration licenses on the Norwegian Continental Shelf (NCS) in the Awards in Pre-defined Areas 2015 (APA 2015) licensing round. More »
SAL Heavy Lift names new head of Asia desk
SAL Heavy Lift has appointed Jürgen Kuntz as the new head of the company's Asia desk in Hamburg. More »
Iran gives order to boost crude oil output amid global glut
Iran’s oil ministry issued an order to increase production by 500,000 bpd as the country moved ahead with plans to add supply to a glutted market even at the risk of contributing to a price collapse. More »
Chevron signs Gorgon LNG agreement with China's ENN
Chevron Corp. announced Monday that its Australian subsidiaries have signed a non-binding Heads of Agreement (HoA) with ENN LNG Trading Company (ENN) for the delivery of LNG to China from the Chevron-operated Gorgon natural gas project in Australia. More »
Halliburton opens Elmendorf South Texas Sand Plant
Halliburton has officially opened its Elmendorf South Texas Sand Plant with a ribbon-cutting ceremony in early December. It is the largest Halliburton sand facility in the world and represents a $35.7-million investment. More »
SAL appoints Jürgen Kuntz as new head of Asia Desk at SAL Heavy Lift
SAL has appointed Jürgen Kuntz as the new Head of Asia Desk in Hamburg. More »
Kongsberg Evotec bags contacts for Seismic Handling System
Kongsberg Maritime’s wholly owned subsidiary Kongsberg Evotec has inked three new contracts for advanced Seismic Handling systems. More »
Shell awards Wood Group contract for Prelude FLNG
Wood Group has secured a three-year contract with Shell Australia’s Prelude FLNG project. More »
Cnooc to cut oil output for first time since 1999 amid plunge
Cnooc Ltd., China’s biggest offshore oil and gas producer, plans to trim output for the first time in more than a decade as it cuts spending to cope with oil’s plunge below $30/bbl. More »
Oil rout could deepen as market ‘drowns’ in oversupply, IEA says
Global oil markets could “drown in oversupply,” sending prices even lower as demand growth slows and Iran revives exports with the end of sanctions, according to the International Energy Agency. More »
Suncor Energy and Canadian Oil Sands reach agreement to support acquisition
Suncor Energy and Canadian Oil Sands Ltd. have reached an agreement to support the offer by Suncor to purchase all of the shares of COS. More »
Monday, 18 January 2016
Chevron signs Gorgon LNG agreement with ENN
Chevron Corp. announced Monday that its Australian subsidiaries have signed a non-binding Heads of Agreement (HoA) with ENN LNG Trading Company (ENN) for the delivery of LNG to China from the Chevron-operated Gorgon natural gas project in Australia. More »
Chevron Australia reports Gorgon LNG commissioning milestone
Chevron Australia has commenced the cool-down of the LNG export system, following the recent arrival of a commissioning LNG cargo at the Chevron-operated Gorgon natural gas plant on Barrow Island, Western Australia. More »
Anadarko reports first oil from Heidelberg development in Gulf of Mexico
Anadarko has reported first oil from its Heidelberg development in the Gulf of Mexico. More »
ExxonMobil, Hunting’s Titan Division to develop autonomous tools technology
ExxonMobil Upstream Research Company has signed a joint development agreement with Hunting’s Titan Division to develop new autonomous tools technology focused on creating a step change in well construction and intervention efficiency. More »
Deepsea Stavanger wins contract with JX Nippon
JX Nippon Exploration and Production (UK) Ltd. has awarded Odfjell Drilling’s semi‐submersible Deepsea Stavanger a contract for drilling one exploration well located West of Shetland on the UK Continental Shelf. More »
Samir Brikho steps down as chief executive of Amec Foster Wheeler
Samir Brikho is stepping down as CEO of Amec Foster Wheeler, the company said Monday. Ian McHoul, CFO, has been appointed into the role of interim CEO with immediate effect and will chair the group leadership team while the search for the new CEO is conducted. More »
Increased take-up of shared industry tools drives efficiency on UKCS
A rising number of companies are using shared industry tools developed by Oil and Gas UK and its subsidiary, LOGIC (Leading Oil and Gas Industry Competitiveness), to simplify procedures and improve the efficiency of working and commercial practices on the UK Continental Shelf (UKCS). More »
Suncor, Canadian Oil Sands agree to merge in C$6.6-billion deal
Suncor Energy and Canadian Oil Sands (COS) have reached an agreement to support the offer by Suncor to purchase all of the shares of COS. Under the terms of the agreement, Suncor has agreed to amend its offer to provide for an increase in the original offer to COS shareholders to 0.28 of a Suncor share for each COS share. More »
Chariot starts 3D survey offshore Namibia
Chariot Oil and Gas Ltd., in conjunction with its partners AziNam (20%), NAMCOR (10%) and Ignitus (5%), has started a 3D seismic survey, of approximately 2,600 km2, in Blocks 2312 and 2412A offshore Namibia. More »
Suncor drills dry well west of Balder field in North Sea
Suncor Energy Norge, operator of production license 571, has completed the drilling of wildcat well 25/10-14 S. More »
Shell exits development of Abu Dhabi's Bab sour gas reservoirs
Shell is to exit the joint development of the Bab sour gas reservoirs with ADNOC, in the emirate of Abu Dhabi, and to stop further joint work on the project, the company said Monday. More »
The North Dakota crude oil that’s worth less than nothing
Oil is so plentiful and cheap in the U.S. that at least one buyer says it would need to be paid to take a certain type of low-quality crude. More »
Shell’s earnings to show depth of rout as oil extends losses
Royal Dutch Shell Plc will this week reveal how deep the oil rout goes as energy companies reel from the worst market crisis in decades. More »
Statoil trims costs on giant Sverdrup field amid oil collapse
Statoil ASA and partners have cut costs to develop the giant Norwegian Johan Sverdrup oilfield by more than 10% as a devaluation sweeps through the offshore industry of western Europe’s largest crude producer amid a collapse in prices. More »
Amec CEO Brikho quits as oil slump crushes services industry
Amec Foster Wheeler Plc said Samir Brikho, who oversaw the acquisition of Foster Wheeler AG before the crash in crude prices, has stepped down after nine years as chief executive officer of the oil-engineering company. More »
Brent falls to 12-year low below $28 as Iran’s oil to swell glut
Brent crude fell to a 12-year low in London, briefly dipping below $28/bbl, after the lifting of international sanctions on Iran paved the way for increased supply amid a global glut. More »
Saudi oil minister says he’s optimistic crude prices to rise
Saudi Oil Minister Ali al-Naimi said crude prices will rise and foresees that market forces and cooperation among producing nations will lead in time to renewed stability. More »
Sunday, 17 January 2016
Iran kicks off plan to boost oil exports as sanctions lifted
Iran is beginning efforts to boost oil production and exports amid a global supply glut after the removal of sanctions that shackled its economy and capped crude sales. More »
Saturday, 16 January 2016
Goldman Sachs sees oil bull market being born in crash
Oil will turn into a new bull market before the year is out as the price rout shuts down sufficient production to erode the global glut, according to Goldman Sachs Group Inc. More »
Friday, 15 January 2016
Nexen responding to fatal explosion at Long Lake oil sands facility
Nexen Energy is responding to an incident at its Long Lake oil sands facility south of Fort McMurray, Alberta. More »
Nexen responding to fatal explosion at Long Lake oil sands facility
Nexen Energy is responding to an incident at its Long Lake oil sands facility south of Fort McMurray, Alberta. More »
U.S. drillers park one oil rig as production continues climb
Explorers parked one more drilling rig in U.S. oil fields this week as producers strive to make good on a government forecast that daily production will fall by a million barrels in the next two years. More »
API launches new certification program for quality systems auditors
The American Petroleum Institute's Global Industry Services department (API Global) has established a new and comprehensive Auditor Certification Program, which is the first to be developed by industry experts. More »
Seadrill delays delivery of two ultra-deepwater drillships
Seadrill has reached an agreement with DSME shipyard to defer the delivery of two ultra-deepwater drillships, the West Aquila and West Libra, until the second quarter of 2018 and first quarter of 2019, respectively. More »
Goldman Sachs sees oil bull market being born in today’s crash
Oil will turn into a new bull market before the year is out as the price rout shuts down sufficient production to erode the global glut, according to Goldman Sachs Group Inc. More »
Aker Solutions to cut up to 900 positions from Norway MMO unit
Aker Solutions has notified employees in its maintenance, modifications and operations (MMO) unit across Norway of plans to reposition the business and enhance its competitiveness. More »
RasGas delivers first LNG to Petronet under new agreement
RasGas Company Ltd. has delivered the inaugural LNG cargo to Petronet LNG Ltd. under the new Sales and Purchase Agreement (SPA) signed on Dec. 31, 2015, between Petronet and Ras Laffan Liquefied Natural Gas Company Ltd. More »
Norway declares crisis in oil industry as devaluation continues
With oil dropping below $30/bbl, producers in western Europe’s biggest crude exporting nation are now considerably worse off than they were in the darkest hours of 2008. More »
Oil falls back below $30 with Brent discount biggest since 2010
Oil fell to a new 12-year low below $30/bbl in New York, while the discount on global benchmark Brent reached a five-year high as Iran moved closer to restoring exports. More »
BHP Billiton expects to book $4.9-billion writedown on U.S. shale assets
BHP Billiton has announced an expected impairment charge of approximately $4.9 billion post-tax—approximately $7.2 billion pre-tax—against the carrying value of its onshore U.S. assets. According to the company's website, BHP has operations in the Eagle Ford and Permian basin in Texas, the Fayetteville shale in Arkansas and the Haynesville shale in Louisiana. More »
LQT Industries wins contracts from international drilling company
LQT Industries has been awarded multiple contracts to provide Fire and Safety services for a drilling company located in Asia. More »
RasGas delivers first cargo to Petronet under the new SPA
RasGas Company Limited has delivered the inaugural LNG cargo to Petronet LNG Limited. More »
Wärtsilä to provide maintenance and performance optimisation for Prosafe's new flotels
Wärtsilä has signed a long-term maintenance agreement with Prosafe, the owner and operator of semi-submersible accommodation vessels also known as flotels. More »
MR Solutions partners with Green Imaging to bring better rock core imaging solution to oil and gas sector
A new 3D magnetic resonance imaging (MRI) solution, the ImaCore 3017, is being introduced to the oil and gas sector for high resolution rock core imaging. MR Solutions, of Guildford, UK in partnership with Green Imaging Technologies, based in New Brunswick, Canada have combined technologies to bring a complete rock core imaging solution to the sector. More »
Thursday, 14 January 2016
McClendon, YPF in $500-million Vaca Muerta venture
Aubrey McClendon, CEO of American Energy Partners, LP (AELP), and Miguel Galuccio, president and CEO of YPF, have signed initial agreements for the exploration and development of the Vaca Muerta formation in Argentina’s Neuquén basin. More »
PEMEX, Linde extend nitrogen contract for EOR at Cantarell, Ku Maloob Zaap
The Linde Group has signed a contract with Pemex Exploración y Producción (PEP), a subsidiary of PEMEX, to extend its supply of high-pressure, high-purity nitrogen to Pemex's oil reservoirs in the Gulf of Mexico through 2027. More »
Neptune wins Chevron diving contract
Neptune has been awarded a marine maintenance diving contract by Chevron Australia Pty Ltd under a recently awarded Master Services Agreement (MSA). More »
Crude at $10 already a reality for Canadian oil-sands miners
Think oil in the $20s is bad? In Canada they’d be happy to sell it for $10. More »
Cheniere delays first Sabine Pass LNG export to late February or March
Cheniere Energy Partners expects to export the first LNG commissioning cargo from its Sabine Pass liquefaction project in Cameron Parish, Louisiana, in late February or March. The first commissioning cargo was initially expected to occur by late January. More »
PEMEX, Linde extend nitrogen supply contract for EOR at Cantarell, Ku Maloob Zaap
The Linde Group has signed a contract with Pemex Exploración y Producción (PEP), a subsidiary of PEMEX, to extend its supply of high-pressure, high-purity nitrogen to Pemex's oil reservoirs in the Gulf of Mexico through 2027. More »
Cheniere expects to ship first LNG cargo in late February or March
Cheniere Energy Partners expects to export the first LNG commissioning cargo from its Sabine Pass liquefaction project in Cameron Parish, Louisiana, in late February or March. The first commissioning cargo was initially expected to occur by late January. More »
Cost reductions, efficiency key for future NCS developmets: NPD
Low oil prices have given rise to considerable challenges for the petroleum industry. More »
Toll of oil price slump mounts as 68 major projects delayed
Wood Mackenzie has updated its analysis published in July 2015 on the impact of continued low oil prices on upstream oil and gas projects. It concludes that in the last six months of 2015 an additional 22 major projects and 7 Bboe of commercial reserves have been deferred, on top of the 46 developments and 20 Bboe of reserves identified previously. More »
Iran’s post-sanctions oil surge likely to come in a half measure
Iran may only be able to deliver about half of the promised surge in crude output after sanctions are lifted as it struggles to revive idled fields, according to banks including UBS Group AG and Saxo Bank A/S. More »
Statoil boosts Sverdrup exposure as it buys stake in Lundin
Statoil has acquired a minority interest in Sweden’s Lundin Petroleum, a move which will increase the company's exposure to the giant Johan Sverdrup field. More »
Frames completes solar powered chemical injection systems for Kuwait Oil Company EPF-50
In partnership, Frames and aQuaintance have successfully completed the design and manufacturing of four solar powered chemical injection systems for the Kuwait Oil Company (KOC) Early Production Facility-50. More »
Dana Gas announces new senior management appointments
Dana Gas has announced various key senior management appointments. More »
Wednesday, 13 January 2016
Trican Well Service looks to sell U.S. pressure pumping business
Trican Well Service is in negotiations with Keane Group, a privately held, U.S.-based well completion services company, for the sale of Trican's U.S. pressure pumping business. More »
Delmar releases first Australian risk assessment software
Delmar is answering the call for better risk assessment software in Australia with the launch of ConStatAU. More »
Premier Oil to buy E.ON’s UK North Sea assets for $120 million
Premier Oil has agreed to acquire the whole of E.ON’s UK North Sea assets for a net consideration of $120 million plus working capital adjustments. More »
U.S., Australian LNG start-ups in 2016, but real LNG growth yet to come
Wood Mackenzie's latest review of the global LNG industry concludes that the market was characterized by weak Asian demand in 2015, with a year-on-year decline of 2%. More »
China sets oil price floor at $40 to protect domestic supply
China won’t let fuel prices fall in line with crude below $40/bbl as the world’s second-biggest oil consumer seeks to curb pollution and shield domestic producers from oil’s collapse. More »
Ashtead enhances remote communications with nCentric deal
Ashtead Technology is to provide fast, reliable and more cost-effective broadband communications between rigs and vessels and onshore facilities following a worldwide agreement with a leader in remote communications technology. More »
The Underwater Centre to deliver new ROV training course
The Underwater Centre, a subsea training and testing facility, has added the FMC Schilling TITAN 4 syllabus to its ROV training suite. More »
$20 oil no longer mirage as world confronts 12-year low
The world mostly ignored Ed Morse 11 months ago when the head of commodities research at Citigroup said oil could drop as low as $20. It’s paying attention now that crude has tipped below $30. More »
SBM Offshore wins FEED for Premier Oil Sea Lion FPSO
Premier Oil has awarded SBM Offshore the Front-End Engineering and Design (FEED) contract for an FPSO for Phase 1 of its Sea Lion development in the North Falkland basin. More »
ABS Group to develop intelligent maintenance strategy for Golar FLNG fleet
ABS Group subsidiary Genesis Technology Solutions, Inc. has been awarded a contract by Golar LNG to develop an intelligent maintenance strategy for the company’s new fleet of floating LNG (FLNG) vessels utilizing the GoFLNG floating liquefaction technology. More »
Tuesday, 12 January 2016
Idle tugboats eager to steer LNG tankers to Sabine Pass terminal
Just off the coast of Louisiana right now, the Energy Atlantic is waiting to collect an historic cargo: the first exports from America’s shale gas revolution. More »
Crude falls below $30 for first time in 12 years
Oil dropped below $30/bbl in New York for the first time in 12 years on concern that turmoil in China’s markets will curb fuel demand. More »
Halliburton, Baker Hughes respond to European Commission action
Halliburton and Baker Hughes today noted the decision by the European Commission to initiate a Phase II review of Halliburton’s pending acquisition of Baker Hughes. More »
Maersk Oil awards Peterson five-year integrated logistics contract
International energy logistics provider Peterson has secured a long-term logistics contract with Maersk Oil. The five-year deal enables greater focus on delivering sustainable cost saving concepts and systems. More »
Fugro investigation across Australia’s North West Shelf supports jackup campaign
Fugro’s Seafloor Drill 2 (SFD2) has completed a challenging multi-site investigation across the North West Shelf of Australia, encountering variable calcareous sediments and delivering results to support a jack-up drilling campaign. More »
Fugro investigation across Australia’s North West Shelf supports jackup campaign
Fugro’s Seafloor Drill 2 (SFD2) has completed a challenging multi-site investigation across the North West Shelf of Australia, encountering variable calcareous sediments and delivering results to support a jack-up drilling campaign. More »
CIS Group completes operation in southern North Sea
Conductor Installation Services (CIS), an Acteon company that provides hammer services to install conductors and drive piles, has completed its second conductor installation operation during the last 12 months for a leading North Sea oil and gas operator. More »
OPEC may meet soon as oil even hurting Saudis, Nigeria says
OPEC will soon make efforts to convene before the next scheduled meeting in June as the slump in oil prices is hurting producers, including the world’s biggest exporter, Saudi Arabia, said Emmanuel Kachikwu, Nigeria’s minister of state for petroleum resources. More »
Greene’s receives patent for closed gas buster separation system, method
Greene’s Energy Group has been awarded a United States patent for its Closed Loop Separator, a step change in safety and solids handling for the oil and gas industry. More »
BP plans to cut a further 4,000 jobs as crude-oil slump deepens
BP Plc will cut 4,000 jobs in its crude-oil production division this year as prices continue to tumble. More »
Enerplus to sell certain Canadian natural gas assets
Enerplus Corporation has entered into agreements to sell various Canadian natural gas properties located in Alberta. More »
Gazprom Neft commissions first bilateral well in Arctic conditions
Gazprom Neft has finished drilling the first bilateral production well—with horizontal shafts of 1,000 m—on the Yamal Peninsula. More »
Yarudeyskoye oil field reaches full production capacity: NOVATEK
Yarudeyskoye oil field has reached its planned production capacity of 9,700 tons of crude oil per day, which is equivalent to approximately 3.5 million tons per annum, NOVATEK said Tuesday. More »
Shale patch about to lose oil output equivalent to OPEC member
Oil bulls suffering with the lowest prices since 2003 got a glimmer of hope as the government said the U.S. shale patch will lose as much output as an OPEC member. Unfortunately, it’s one of the small ones. More »
McDermott appoints Murray as V.P., Treasurer and Investor Relations
McDermott International has appointed Kathy Murray as V.P., Treasurer and Investor Relations. Ms. Murray adds the role of Investor Relations to her current duties as Treasurer. More »
Zahroof Valves launches ZVI Unloader Valve
Zahroof Valves Inc. (ZVI) has launched its newest product: the ZVI unloader valve. More »
Greene’s Energy Group receives patent for closed gas buster separation system and method
Greene’s Energy Group has been awarded a United States patent for its Closed Loop Separator, a step change in safety and solids handling for the oil and gas industry. More »
Enerplus announces sale of certain Canadian Natural Gas assets
Enerplus Corporation has entered into agreements to sell various Canadian natural gas properties located in Alberta. More »
Monday, 11 January 2016
Well Control School receives IWCF accreditation for drilling course
Well Control School (WCS) announced today that it received accreditation from International Well Control Forum (IWCF) for its System 21 e‐Learning Drilling course. More »
Technip enters strategic pipeline welding partnership with Vallourec subsidiary
Technip and Serimax, a subsidiary of Vallourec, have signed an agreement in principle in order to achieve a strategic partnership in the domain of pipeline welding. In this respect, Technip, a long-lasting customer of Serimax, would acquire a minority stake in Serimax. More »
Crude tumbles to 12-year low as hedge funds head for exit
Crude declined to a 12-year low, confirming the view of hedge funds that cut bullish price bets to the lowest since 2010. More »
Tesoro Corp. buys logistical assets in Williston basin
Tesoro Corp. has closed its acquisition of Great Northern Midstream LLC, a crude oil logistics provider. More »
Suncor seen needing to raise Canadian Oil Sands bid after rebuff
Suncor Energy Inc. will probably need to sweeten its bid for Canadian Oil Sands Ltd. after failing to convince enough shareholders to accept a C$4.03-billion ($2.84-billion) offer that management repeatedly rejected for undervaluing the company. More »
Eni starts production at Mpungi field, offshore Angola
Eni has started production from Mpungi field, in the West Hub Development Project, within Block 15/06 of the Angolan Deep Offshore, approximately 350 km northwest of Luanda, Angola, and 130 km west of Soyo. More »
ConocoPhillips exports first cargo from Australia Pacific LNG
The first cargo of LNG has departed from the Australia Pacific LNG (APLNG) facility on Curtis Island in Queensland, Australia, ConocoPhillips said Monday. More »
Protea supplies three cranes for Martin Linge field FSO
Protea has recently completed the manufacture of a comprehensive crane package for an FSO that will be chartered by Total EandP Norge for operation at the Martin Linge offshore development. More »
iSURVEY awarded multi-year contract with Nexans
iSURVEY AS, Norway, has been awarded a multi-year frame agreement with Nexans Norway to provide navigation, positioning and survey support for its cable lay operations on board the C/S Nexans Skagerrak. More »
Poland mulls oil-and-gas merger push to avoid hostile takeovers
Poland’s government is considering merging the nation’s biggest oil and gas companies PKN Orlen SA, Grupa Lotos SA and PGNiG SA, three stalwarts of the Warsaw bourse. More »
Oil seen heading to $20 by Morgan Stanley on dollar strength
A rapid appreciation of the U.S. dollar may send Brent oil to as low as $20/bbl, according to Morgan Stanley. More »
Eni brings Angola’s Mpungi field online
Eni has started production from the Mpungi field in the West Hub Development Project, within Block 15/06 of the Angolan Deep Offshore, approximately 350 km northwest of Luanda and 130 km west of Soyo. More »
Premier Oil discovers oil in Isobel Deep offshore Falkland
Premier oil has announced the Isobel Deep re-drill (well 14/20-2) has successfully confirmed the oil discovery encountered in the original Isobel Deep well. More »
Australian oil and gas supermajor awards second contract to Asset Guardian Solutions
Asset Guardian Solutions Ltd (AGSL), which specializes in protecting companies’ process control software assets has landed another contract to support an oil and gas supermajor in Perth, Western Australia. More »
Trelleborg Sealing Solutions unveils dedicated swivel stack seal inspection facility
Trelleborg Sealing Solutions has opened a dedicated climate-controlled swivel stack seal inspection facility for the validation of bespoke seals. More »
Peak appoints Neil Poxon as Global Business Development Director
Peak Well Systems has appointed Neil Poxon as Global Business Development Director, effective immediately. More »
Friday, 8 January 2016
Suncor extends Canadian Oil Sands offer for second time
Suncor Energy has extended the deadline for its hostile takeover bid for Canadian Oil Sands (COS) Ltd. for a second time. More »
U.S. drillers idle 20 oil-directed rigs: Baker Hughes
Drillers in the U.S. idled 20 oil-directed rigs this week, according to the latest data from Baker Hughes. More »
Condor Petroleum to acquire Marsa Energy
Condor Petroleum Inc. and Marsa Energy Inc. have announced that they have entered into an agreement that provides for the acquisition of Marsa by Condor, to create a well-capitalized company with significant exploration and development assets. More »
Statoil confirms Kårstø gas leak stopped
The gas leak occurring at the Kårstø processing plant Thursday night has now been stopped. More »
Iran's bid for oil investment at risk from Saudi clash
Iran’s diplomatic rift with regional rival Saudi Arabia will stiffen the challenge it faces in attracting foreign investment once sanctions on its economy are lifted. More »
Untapped Mexican oil fields lure next generation of wildcatters
While more than 180,000 onshore wells are producing oil in Texas, only 8,250 have been drilled by Petroleos Mexicanos across the border in Mexico. Welcome to the land of opportunity. More »
Saudi Aramco confirms consideration of IPO
Saudi Aramco has confirmed that it is considering an initial public offering. More »
Canadian regulator approves LNG Canada export license
Canada's National Energy Board (NEB) has approved the application of LNG Canada Development Inc. for a 40-year natural gas export license with a maximum term quantity of 1,494 Bcm. The issuance of this licence is subject to the approval of the Governor in Council. More »
Economics and opportunities driving consolidation in Permian basin: IHS
In an energy market struggling from oil price declines and anemic financial returns, the Permian Basin is the only U.S. unconventional liquids resource seeing significant year-over year, per-well productivity gains. More »
Canadian regulator approves LNG Canada export licence
Canada's National Energy Board (NEB) has approved the application of LNG Canada Development Inc. for a 40-year natural gas export license with a maximum term quantity of 1,494 Bcm. The issuance of this licence is subject to the approval of the Governor in Council. More »
Statoil inks new agreements with OneSubsea, Aker Solutions
Statoil Petroleum has signed Master Service Agreements with Aker Solutions and OneSubsea Processing. More »
Lundin spuds Bambazon exploration well, offshore Malaysia
Lundin Malaysia, a wholly owned subsidiary of Lundin Petroleum, has started drilling the Bambazon exploration well in Block SB307/SB308, offshore East Malaysia. More »
Lundin completes Imbok exploration well, offshore Malaysia
Lundin Malaysia, a wholly owned subsidiary of Lundin Petroleum, has completed the Imbok-1 exploration well in Block SB307/308, offshore East Malaysia. More »
Saudi Aramco confirms consideration of share sale
Saudi Aramco has confirmed that it is considering an initial public offering. More »
Shell’s BG deal gets backing of shareholder advisory firm
Royal Dutch Shell Plc has won the backing for its takeover of BG Group Plc from a body that advises many of its largest shareholders. More »
NEB approves LNG Canada export licence
The National Energy Board (NEB) has approved the application of LNG Canada Development Inc. for a 40-year natural gas export licence with a maximum term quantity of 1494 Bcm. More »
Safety Management Systems acquires a division of Petrofac’s Houston training operations
Safety Management Systems (SMS), through a recent transaction with Petrofac, will now establish a Houston training facility and will begin offering Major Emergency Management (MEM) training and additional health, safety and environmental (HSE) training. More »
Aquatic achieves 1 million working hours without a single Lost Time Incident
Aquatic Engineering and Construction Ltd. has marked 1 million working hours without a single Lost Time Incident (LTI). This milestone follows on from Aquatic’s achievement of 1000 days without an LTI in December 2014. More »
Economics and opportunities driving consolidation in top-performing Permian basin, says IHS
In an energy market struggling from oil price declines and anemic financial returns, the Permian Basin is the only U.S. unconventional liquids resource seeing significant year-over year, per-well productivity gains. More »
Thursday, 7 January 2016
Saudi Arabia considering IPO for Aramco
Saudi Arabia is considering its own Big Bang. The world biggest crude exporter is considering selling a stake in its state-owned company, which controls more than a tenth of the global oil market. More »
Baker Hughes starts first field trial of its LEAP adaptive production system
Baker Hughes’ first field trial of its LEAP adaptive production system, installed on Dec. 12 at a depth of 5,200 ft in the Mississippi Lime play in Woods County, Oklahoma, for SandRidge Energy, is delivering 300% greater oil production and 200% higher natural gas production compared to the previous artificial lift solution. More »
Borets names Langley as North American HSE manager
Borets, a leader in the engineering, manufacturing, sales and service of electric submersible pump (ESP) systems, has named David Langley as North American HSE manager. More »
Energean increases production with new Prinos well
Energean Oil and Gas has completed the drilling of well PA-35A in Prinos, which was brought on-stream on Dec. 27. More »
TransCanada counters Keystone XL denial with $15-billion claim
TransCanada has filed a Notice of Intent to initiate a claim under Chapter 11 of the North American Free Trade Agreement in response to the U.S. Administration's decision to deny a Presidential Permit for the Keystone XL Pipeline on the basis that the denial was arbitrary and unjustified. More »
Lloyd’s Register, Aker Solutions ink global framework agreement
Lloyd’s Register and Aker Solutions have collaborated under a new global framework agreement to drive efficiency in engineering and subsea oil and gas developments. More »
TransCanada counters Keystone XL denial with $15-billion trade appeal
TransCanada Corporation has filed a Notice of Intent to initiate a claim under Chapter 11 of the North American Free Trade Agreement (NAFTA) in response to the U.S. Administration's decision to deny a Presidential Permit for the Keystone XL Pipeline on the basis that the denial was arbitrary and unjustified. More »
Statoil sees risk of deeper slump as oil touches 12-year low
Statoil ASA, Norway’s biggest energy company, said an oil rout that’s pushed prices to a 12-year low may still get worse. More »
Wood Group wins PetroRio contract in Brazil
Wood Group has been awarded a new contract by PetroRio to deliver services to the Polvo A platform, in the southern Campos basin, approximately 100 km off the coast of Rio de Janeiro. More »
Shale explorers pump oil on the cheap from slumbering U.S. wells
U.S. shale explorers will be able to bring new supply to market this year even with most of the rig fleet idled and drilling budgets cut to the bone. Their secret: thousands of mothballed wells. More »
Oil slides to 12-year low on China turmoil as $30 gets closer
U.S. oil futures in New York slid to the lowest in 12 years as turmoil in China’s markets pushes crude closer to $30/bbl. More »
TransCanada commences legal actions following Keystone XL denial
TransCanada Corporation has filed a Notice of Intent to initiate a claim under Chapter 11 of the North American Free Trade Agreement (NAFTA) in response to the U.S. Administration's decision to deny a Presidential Permit for the Keystone XL Pipeline on the basis that the denial was arbitrary and unjustified. More »
Pennsylvania DEP sends final oil and gas rules to Environmental Quality Board
The Pennsylvania Department of Environmental Protection (DEP) transmitted the final "Environmental Protection Performance Standards at Oil and Gas Well Sites" rulemaking (Chapters 78 and 78a) to the state Environmental Quality Board (EQB) for review. More »
Lloyd’s Register and Aker Solutions in new global framework agreement
Lloyd’s Register and Aker Solutions have collaborated under a new global framework agreement to drive efficiency in engineering and subsea oil and gas developments. More »
Wednesday, 6 January 2016
Crude tumbles below $34 as U.S. supply glut expands
Oil fell below $34/bbl in New York after U.S. gasoline inventories surged the most in 22 years and crude supplies at the American hub climbed to a record. More »
Southwestern Energy names new CEO as Mueller retires
Southwestern Energy Company said Wednesday that Bill Way, previously president and COO, has been appointed president and CEO by the board of directors. He succeeds Steve Mueller. More »
MandA to ramp up in 2016 as financial pressures force companies to act: Wood Mac
In contrast to 2015, upstream oil and gas deal activity is set to ramp up this year regardless of what happens to the oil price, according to Wood Mackenzie's MandA outlook for 2016. More »
Oil pipeline needed to catalyze East African production boom: GlobalData
With recoverable oil reserve estimates of approximately 750 MMbbl and 600 MMbbl in Uganda and Kenya, respectively, and with government share of the reserves expected to be about 30–50%, the potential impact on economic development in these countries could be great. More »
Hungry for more shale oil stock? Pioneer Natural bets yes
Even after almost $400 billion in oil company market value was wiped out by investors fleeing the crude rout, Pioneer Natural Resources Co. is betting there’s ample demand for more shale-drilling shares. More »
Statoil awards M-I SWACO contract for new tank cleaning technology
Statoil has long been looking for a way to make tank cleaning on supply vessels safer and more effective. M-I SWACO has developed a new technological solution, and the company has now been awarded a contract with Statoil that is valued at around $56 million (NOK 500 million), including options. More »
Wintershall signs three-year contract with Kongsberg for well construction solution
Kongsberg Oil and Gas Technologies has been awarded a three-year contract by Wintershall Holding GmbH for provision of its hosted SiteCom real-time data aggregation and visualization solution for well construction. More »
Maersk Training, eDrilling partner to enhance drilling operations
Maersk Training and eDrilling have formed a partnership aimed at assisting EandP companies, drilling contractors, and services companies worldwide make informed drilling decisions and enhance drilling efficiency. More »
Brent drops to 11-year low before U.S. oil-stockpile data
Brent crude dropped to an 11-year low before weekly U.S. government data forecast to show fuel supplies rose in the world’s biggest consuming nation. More »
Halliburton faces long EU probe over Baker Hughes deal
Halliburton Co. passed on a chance to offer early concessions to European Union regulators, meaning it will likely face a protracted antitrust review of its plan to buy oil services rival Baker Hughes Inc. for $26 billion. More »
LNG Canada receives BC Oil and Gas Commission permit
LNG Canada has announced that the BC Oil and Gas Commission (OGC) has issued an LNG Facility Permit for the project, one of the key permits required for the construction and operation of the proposed LNG Canada project. More »
Honeywell announces Miller Duraseal Self-Retracting Lifeline for harsh environments
Honeywell has introduced the Miller DuraSeal Self-Retracting Lifeline (SRL), designed to provide greater reliability and safety in the harshest environments - including onshore and offshore oil and gas, mining, and petrochemical sites. More »
Paradigm extends its high-definition workflows in the Paradigm 15.5 release
Paradigm® has released its Paradigm® 15.5 comprehensive solution suite aimed at extending its high-definition subsurface workflows and enhancing user productivity. More »
First ever digital geologic map of Alaska published
A new digital geologic map of Alaska is being released providing land users, managers and scientists geologic information for the evaluation of land use in relation to resource extraction, conservation, natural hazards and recreation. More »
Tuesday, 5 January 2016
Pioneer Natural Resources says shale output exceeded target
Pioneer Natural Resources Co. posted higher-than-expected fourth-quarter crude and natural gas production. More »
Upstream MandA deal count plunged last year on oil price volatility: IHS
Despite an ample supply of oil and gas assets on the market due to low oil prices, the overall merger and acquisition (MandA) deal count in the upstream energy sector plunged in 2015 as the weakness and volatility in oil prices made it difficult for buyers and sellers to achieve consensus on value and outlook. These findings come from new analysis by IHS Inc. More »
API outlines the state of American energy in annual address
API President and CEO Jack Gerard delivered the keynote address at API's Sixth Annual State of American Energy event on Tuesday, releasing the State of American Energy 2016 report and highlighting the energy issues that will shape America's economic and political news this year. More »
Oil falls to two-week low as U.S. stockpiles seen nearing record
Oil dropped to a two-week low on speculation that a government report will show U.S. crude inventories climbed last week. More »
ConocoPhillips awards brownfield services contract for Bayu-Undan
ConocoPhillips has awarded Clough AMEC, a 50/50 joint venture between Clough and Amec Foster Wheeler, a three-year contract to provide asset support, operations and maintenance services to the Bayu-Undan offshore field development in the Timor Sea. More »
AWE approves first stage of Waitsia gas field development
The AWE-operated L1/L2 joint venture has made the final investment decision (FID) for Stage 1A of the Waitsia gas field development project, in the onshore Perth basin, Western Australia. More »
Valeura confirms Turkey gas find with Banarli exploration well
Valeura Energy Inc. has done a natural gas discovery in its first exploration well Bati Gurgen-1 on its 100% owned and operated Banarli licenses in the Thrace basin of Turkey, which flowed at an initial restricted rate of 3.4 MMcfd on a 24-hour production test. More »
Federal Court issues judgment in favor of Packers Plus in patent infringement lawsuit
The Federal Court of Canada issued judgment for Packers Plus Energy Services last month in a patent infringement lawsuit filed against Canuck Completions Ltd. in July 2013 for infringement of Packers Plus' Canadian Patent No. 2,412,072 entitled, "Method and Apparatus for Wellbore Fluid Treatment," commonly known to the industry as Open Hole Multistage Ball Drop Fracturing Systems, used in horizontal drilling and completions. More »
ConocoPhillips awards brownfield services contract for Bayu-Undan field development
ConocoPhillips has awarded Clough AMEC, a 50/50 joint venture between Clough and Amec Foster Wheeler, a three-year contract to provide asset support, operations and maintenance services to the Bayu-Undan offshore field development in the Timor Sea. More »
Libya issues ‘cry for help’ as Islamic State attacks oil tanks
Libya’s National Oil Corp. issued a “cry for help” as Islamic State militants attacked a second oil tank in the region of Es Sider, the country’s biggest oil port which has been closed for more than a year, according to the state-run National Oil Corp. More »
Exxon Mobil contributes to north Texas tornado recovery and relief efforts
Exxon Mobil Corp. is to donate $100,000 to the American Red Cross to provide disaster relief assistance in response to the recent tornadoes in north Texas. More »
Talisman changes name after Repsol takeover
Talisman Energy’s legal name has been changed to Repsol Oil and Gas Canada, Inc., the company said in a statement Monday. More »
Suncor, Canadian Oil Sands court investors as bid deadline nears
Suncor Energy Inc.’s bid to take over Canadian Oil Sands Ltd. is coming down to the wire with both sides urging the target’s shareholders to consider their long-term interests as oil trades near a six-year low. More »
Statoil awards service contracts for NCS installations
Statoil has awarded two new, long-term contracts with an estimated value of $1.2 billion (NOK 11 billion) for insulation, scaffolding and surface treatment services to Beerenberg Corp AS and Prezioso Linjebygg AS. More »
Clough AMEC awarded brownfield services contract for Bayu-Undan, Timor Sea
Clough AMEC, a 50/50 joint venture between Clough and Amec Foster Wheeler, has been awarded a three-year contract by ConocoPhillips to provide asset support, operations and maintenance services to the Bayu-Undan offshore field development. More »
Valeura finds gas in its first Banarli exploration well; provides operational update
Valeura Energy Inc. has done a natural gas discovery in its first exploration well Bati Gurgen-1 on its 100% owned and operated Banarli licenses in the Thrace basin of Turkey, which flowed at an initial restricted rate of 3.4 MMcfd on a 24-hour production test. More »
Federal Court issues judgment in favour of Packers Plus in patent infringement lawsuit of Canadian Patent 2,412,072
On December 4, 2015, the Federal Court of Canada issued judgment for Packers Plus Energy Services Inc. in a patent infringement lawsuit filed against Canuck Completions Ltd. in July 2013 for infringement of Packers Plus' Canadian Patent No. 2,412,072 entitled, "Method and Apparatus for Wellbore Fluid Treatment," commonly known to the industry as Open Hole Multistage Ball Drop Fracturing Systems, used in horizontal drilling and completions. More »
Monday, 4 January 2016
Delta House FPS producing 80,000 bopd, LLOG says
The LLOG-operated Delta House floating production system (FPS) at Mississippi Canyon 254 has achieved its nameplate oil capacity of 80,000 bopd. More »
Swift Energy bankruptcy sale may hinge on fast loan approval
Swift Energy Co., the last major oil and gas driller in the U.S. to file for bankruptcy in 2015, is seeking quick approval for financing so it can keep operating while it arranges to sell the business. More »
Crude declines as global glut outweighs Middle East tensions
Oil reversed earlier gains as a global glut outweighed tensions between Saudi Arabia and Iran. More »
Iraq’s Kurds to continue exporting crude independently in 2016
Authorities in Iraq’s cash-strapped Kurdish region will withhold delivery of oil to the central government and export crude independently in 2016 to ensure revenue amid a global price slump, according to a senior lawmaker in the territory’s parliament. More »
Lundin Norge finds gas in Barents Sea
Lundin Norge, operator of production license 708, has made a minor gas discovery while concluding the drilling of wildcat well 7130/4-1, located on the Finnmark platform in the Barents Sea. More »
UK production rose more than 7% in 2015, Oil and Gas UK predicts
Oil and Gas UK’s chief executive, Deirdre Michie, has welcomed confirmation of the UK’s first rise in oil and gas production for over 15 years, but warned that the industry will be extremely challenged to sustain this into 2016 and beyond. More »
Canadian Oil Sands recommends staying independent after bid
(Bloomberg) -- Canadian Oil Sands Ltd. said shareholders’ interests are best served by remaining independent when Suncor Energy Inc.’s hostile bid expires on Jan. 8. More »
Cairn reports success with appraisal well offshore Senegal
Cairn Energy has successfully tested its SNE-2 appraisal well offshore Senegal with positive results, the company said Monday. More »
Statoil completes transactions with Repsol in Norway and U.S.
Statoil and Repsol have completed two of the transactions announced on Dec. 11, 2015. More »
Woodside discovers gas offshore Myanmar
Woodside has announced that the Shwe Yee Htun-1 exploration well in Block A-6 in the Rakhine basin, located in the western offshore area of Myanmar, has intersected a gross gas column of approximately 129 m. Approximately 15 m of net gas pay is interpreted within the primary target interval. More »
Lundin Norge in minor gas discovery on the Finnmark platform in the Barents Sea
Lundin Norge AS, operator of production licence 708, has made a minor gas discovery while concluding the drilling of wildcat well 7130/4-1, located on the Finnmark platform in the Barents Sea. More »
Sunday, 3 January 2016
Shell starts gas production from offshore Ireland Corrib field
Natural gas has started to flow from Ireland’s Corrib gas field, marking an important milestone for the country. More »
Iran says its planned boost in oil exports won’t harm market
Iran is trying to regain its lost share of global crude sales and has no intention of harming the oil market with its planned increase in production once sanctions are lifted from its economy, Oil Minister Bijan Namdar Zanganeh said. More »
Russian oil output hits post-Soviet record amid lower price
Russia’s crude output set another post- Soviet record in December, according to Energy Ministry data, as the nation’s producers seek to withstand the slump in oil prices. More »
Friday, 1 January 2016
WPX Energy sells San Juan basin gathering system
WPX Energy has signed an agreement to sell its San Juan basin gathering system for a consideration of approximately $309 million to a portfolio company of ISQ Global Infrastructure Fund, a fund managed by I Squared Capital. More »
Worst year for rigs in quarter century closes with a whimper
Oil explorers shut down more rigs in U.S. fields to finish out the worst year for drilling cutbacks in almost three decades. More »
First U.S. oil export leaves port; marks end to 40-year ban
The first U.S. shipment of crude oil to an overseas buyer departed a Texas port on Thursday, just weeks after a 40-year ban on most such exports was lifted. More »
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