Lundin Petroleum completes Edvard Grieg acquisition transaction

Lundin Petroleum AB has announced the completion of the acquisition by Lundin Norway AS from Statoil Petroleum AS of an additional 15% interest in the Edvard Grieg field, PL338 and interests in associated pipeline assets. More »

Murkowski comments on Obama's latest anti-production regulation

U.S. Sen. Lisa Murkowski, R-Alaska, today issued the following statement after the Department of the Interior released its final regulation for valuation and revenue collection from oil, gas and coal produced on federal lands. More »

Oil pares biggest quarterly gain since 2009 amid rebalancing

Oil headed for the biggest quarterly advance in seven years as falling U.S. supply added to speculation the global surplus is easing. More »

Commodities shrug off Brexit on path to best quarter since 2010

Commodity investors aren’t letting the shock of Brexit spoil their best three months since 2010. More »

Triangle USA Petroleum, oil and gas explorer, files bankruptcy

Triangle USA Petroleum Corp., an oil and gas explorer working one of the largest shale oil reservoirs in North America, filed for bankruptcy with a plan to restructure that will keep its parent company out of Chapter 11. More »

Construction begins on Statoil's Johan Sverdrup riser platform

The riser platform construction start was marked today at the Samsung Heavy Industries yard in South Korea. More »

Exxon confirms world-class oil discovery offshore Guyana

Exxon Mobil today said that drilling results from the Liza-2 well, the second exploration well in the Stabroek Block offshore Guyana, confirm a world-class discovery with a recoverable resource of between 800 MMboe and 1.4 Bboe. More »

Stone Energy cancels Ensco rig contract, enters interim contract with Williams

Stone Energy Corporation has announced the termination of an existing long-term deepwater rig commitment and the execution of a new interim Appalachian midstream contract. More »

Tullow rises after detailing plans to fix Jubilee vessel fault

LONDON (Bloomberg) -- Tullow Oil detailed plans to fix a faulty turret at a production vessel at its flagship field off Ghana and revised its estimates of West African output. The shares rose. More »

Fugro deploys additional resource for the world’s largest seep-hunting survey

Fugro has deployed the multi-purpose offshore survey vessel Fugro Gauss to join the Fugro Brasilis offshore Mexico, to help complete the world’s largest seep-hunting survey for TGS. More »

Egypt may return to gas exports after super-giant Zohr discovery

Egypt may resume natural gas exports thanks to major discoveries off its shores, according to Snam SpA, Europe’s biggest gas infrastructure company. More »

Oil bulls beware: China’s almost done amassing crude

One of the pillars of oil’s recovery from the lowest price in 12 years may be on the verge of crumbling. More »

Goldman’s $50 oil view at risk as Nigerian militia hold fire

Goldman Sachs Group Inc. said oil may trade below its $50 forecast in the second half of 2016 because of a ceasefire between militants and the government in OPEC member Nigeria. More »

INTECSEA, Innospection team up to launch FlexIQ

INTECSEA and Innospection have launched FlexIQ, a complete offering in the arena of flexible riser integrity management from the strategic alliance between INTECSEA and Innospection. More »

Abu Dhabi merger to create oil producer dwarfing OPEC's Libya

Abu Dhabi’s proposed merger of two of its largest sovereign investment funds would create a global energy business that produces more oil than OPEC member Libya and with bigger assets than ConocoPhillips. More »

Stripper wells accounted for 10% of U.S. oil production in 2015: EIA

Stripper wells, or wells that produce small volumes, represent an important but decreasing share of total U.S. oil and natural gas production. More »

JIP validates DNV GL's Helica software based on full-scale tests

A joint industry project run by DNV GL has replicated stresses measured in an umbilical subjected to tension and bending in full-scale tests, further validating the accuracy of the analysis software Helica. More »

China gas targets 20% growth as lower prices boost demand

China Gas Holdings Ltd. expects natural gas sales to grow 20% in the current fiscal year as lower prices and the country’s push to replace coal with cleaner fuels spur consumption. More »

‘Explosive’ JIP underway at DNV GL’s hazard awareness training center

Driven by its purpose of safeguarding life, property and the environment, DNV GL has officially opened a state-of-the-art training center at its large-scale testing and research facility at Spadeadam in Cumbria, UK. More »

Lloyd's Register extends rig integrity support in blowout preventers to BHP Billiton

Lloyd’s Register has extended rig integrity support for the Deepwater Invictus drillship. The company’s expertise in BOPs and rig integrity will be used to provide confidence in how risk is managed for deepwater drilling and well exploration. More »

Lloyd's Register extends rig integrity support in blow-out preventors to BHP Billiton

Lloyd’s Register has extended rig integrity support for the Deepwater Invictus drillship. The company’s expertise in BOPs and rig integrity will be used to provide confidence in how risk is managed for deepwater drilling and well exploration. More »

Energy Transfer terminates $33-billion merger with Williams

Energy Transfer Equity LP terminated its merger agreement with Williams Cos., ending 18 months of negotiations after a court ruled that it can walk away from the deal. More »

Ivar Aasen living quarters ready for departure, Det Norske says

Apply Leirvik at Stord, Norway, has built the Ivar Aasen living quarters module. The module, which weighs 2,300 tons and is 40 m tall, was placed on a barge in the harbor, and will later be lifted into place at the Ivar Aasen platform in the North Sea. More »

TGS announces 2D multi-client survey offshore northwest Australia

TGS has announced the commencement of the Northwest Shelf Renaissance 2D seismic survey offshore northwest Australia. The survey consists of approximately 8,000 km of long offset, broadband 2D seismic data as well as magnetic and gravity data. More »

Enterprise plant blast curbs Gulf of Mexico oil, gas supply

At least two oil and natural gas platforms in the Gulf of Mexico have halted production and a gas pipeline was shut after an explosion at an Enterprise Products Partners LP plant that processes fuel in the region. More »

Exxon said to eye gas deal that may ease Mozambique debt crisis

Exxon Mobil Corp. is considering buying stakes in natural gas discoveries off Mozambique made by Anadarko Petroleum Corp. and Eni SpA, potentially giving a tax windfall to the African nation grappling with a deepening debt crisis, according to two people with knowledge of the matter. More »

BP to send first LNG cargo through wider Panama Canal in July

BP will send the first tanker of LNG through the expanded Panama Canal in late July, opening up a new trade route for the heating and power-plant fuel as supplies surge. More »

Gazprom Neft produces millionth tonne of oil at Novoportovskoye field

Total oil production at Novoportovskoye oil and gas-condensate field, which is under development by Gazprom Neft subsidiary Gazpromneft-Yamal, has now reached one million tonnes. More »

Vermilion Energy acquires producing properties in Germany

Vermilion Energy has entered into a definitive purchase and sale agreement whereby the company, through its wholly owned subsidiary, will acquire interests in several production and exploration assets in Germany from Engie EandP Deutschland GmbH, for a total consideration of ‎€33 million ($47.9 million). More »

Why oil is still headed as low as $10: Column

Back in February 2015, the price of West Texas Intermediate stood at about $52/bbl, half of its 2014 peak. I argued then that a renewed decline was coming that could drive it below $20, a scenario regarded by oil bulls as unthinkable. More »

U.S. gas surges to 10-month high on spreading heat, supply cuts

U.S. natural gas futures surged to the highest level in 10 months amid forecasts for sweltering heat and on speculation that a series of pipeline disruptions will curb supplies in the market. More »

Chet Morrison introduces waterless riser cleaning tool

Chet Morrison Contractors have released a new tool for cleaning drilling and production risers. MUDBUG is an air-actuated, self-propelled device that uses oscillating brushes to clean debris build-up inside risers, moving through the length of the riser and back out again. More »

AWE conducts successful DST at appraisal well offshore Indonesia

AWE Limited has been advised by Santos, as Operator, that a successful Drill Stem Test (DST) has been conducted on the G Sand reservoir at the AAL-4XST1 appraisal well, offshore Indonesia, achieving an averaged stabilized flow rate of 828 bopd on a 64/64-in. choke over a 9-hr period. More »

North Sea faces worsening investment drought after Brexit

The UK’s North Sea oil and gas industry, already reeling from low prices and high costs, now faces a worsening investment drought as the nation’s decision to quit the European Union looks set to trigger a second independence vote in Scotland. More »

Statoil acquires JX Nippon’s stake in license for UK’s Utgard field

Statoil and JX Nippon have completed their transaction whereby Statoil has acquired JX Nippon’s 45% equity share in, and operatorship of, the UK license for Utgard field. More »

India’s $27-billion oil quest offers services firms a lifeline

India is offering global oilfield service providers starved of new contracts a $27-billion lifeline as the government’s ambition to cut fuel imports drives fresh investment. More »

Maersk intensifies MandA search as oil unit loses biggest field

A.P. Moeller-Maersk A/S is intensifying its search for acquisitions to build up its oil unit as the Danish shipping and petroleum conglomerate loses Qatar, the biggest field in its portfolio. More »

Venezuela’s oil output decline accelerates as drillers go unpaid

Venezuela’s oil output, already the lowest since 2009, is set to slide further this year as contractors scale back drilling after the cash-strapped country fell more than $1 billion behind in payments. More »

Wood Group wins multi-million-dollar contract for Statoil’s Peregrino field

Wood Group has been awarded a multi-million-dollar contract to provide detailed engineering and design, and procurement services to South Atlantic Holding (owned by Statoil and partner Sinochem) for the development of Peregrino field wellhead platform C, offshore Brazil. More »

Total obtains a 30% interest in Qatar's Al-Shaheen field

Total has signed an agreement with Qatar Petroleum, granting the Group a 30% interest in the concession covering offshore Al-Shaheen oil field for a period of 25 years beginning July 14, 2017. More »

Oil caps biggest two-day loss since February on Brexit fallout

Oil capped the biggest two-day drop since February as futures remained volatile after the UK last week voted to leave the European Union. More »

Total obtains a 30% interest in Al-Shaheen field

Total has signed an agreement with Qatar Petroleum, granting the Group a 30% interest in the concession covering offshore Al-Shaheen oil field for a period of 25 years beginning July 14, 2017. More »

Oil sands production forecast to grow by nearly 1 MMbpd: IHS

IHS, the leading global source for critical information and insight, has released its outlook for Canadian oil sands production through 2025. IHS expects continued oil sands production growth through the period, with oil sands growth entering a new phase driven primarily by the expansion of existing facilities with more attractive economics. More »

Europa Oil and Gas secures extension of license in UK’s Weald basin

Europa Oil and Gas has received notification from the UK’s Oil and Gas Authority that the PEDL 143 license in the Weald basin, Surrey, has been extended by two years until Oct. 1, 2018. More »

Iran plans tenders for oil fields this summer as contract nears

Iran plans to issue tenders to develop its oil fields this summer as the government is expected to approve a new model oil contract designed to attract investors “in a short amount of time,” Oil Minister Bijan Namdar Zanganeh said, according to an interview published by the Iranian Students News Agency. More »

Pemex awards McDermott contract for Abkatun-A2 platform

McDermott International has been awarded a $454-million contract from PEMEX Exploracion y Produccion for engineering, procurement, construction and installation (EPCI) for the Abkatun-A2 platform. More »

Global Maritime completes semisubmersible inclining experiment in parallel with drilling

Global Maritime Consultancy and Engineering, a provider of marine warranty, dynamic positioning and engineering services to the offshore sector, has completed an offshore deadweight survey and inclining experiment at the same time as ongoing drilling operations for Seadrill’s West Pegasus semisubmersible. More »

Woodside, Mitsui approve $1.9-billion Greater Enfield Project

Woodside and Mitsui EandP Australia have approved the $1.9-billion Greater Enfield Project for development. More »

Nigeria seeks $40-$50 billion in oil investment as output rises

Nigeria is seeking $40 billion to $50 billion in investment in oil projects as the OPEC producer said it raised crude output to as much as 1.9 MMbpd as of two days ago. More »

Rosneft CEO says China ties boosted with new deals, routes

Rosneft PJSC, the state-run crude producer that has helped turn Russia into the top oil supplier to China, aims to secure its hold by winning more clients and establishing new delivery routes amid increasing competition and stretched infrastructure. More »

Crescent Petroleum sees oil hitting $60 this year on demand

Crescent Petroleum Co., an oil and natural gas producer in Egypt and Iraq, expects crude prices to improve this year as supply becomes more in line with demand. More »

TransCanada files $15 billion Nafta claim on Keystone XL rejection

TransCanada Corp. is seeking to recoup $15 billion for the Obama administration’s rejection of the Keystone XL oil pipeline, in a legal claim that highlights how foreign companies can use trade deals to challenge U.S. policy. More »

Russia warns oil price drop may get ‘serious’ on Brexit shock

Russia warned that crude oil prices may plunge further if the shock of Britain’s vote to exit the European Union is combined with a boost in output. More »

Chevron Vaca Muerta costs drop 20% nearing goals, Moshiri says

The cost to drill wells at Argentina’s Vaca Muerta, site of the world’s second-biggest shale reserves, has dropped 20% this year, putting Chevron Corp. and its partners closer to meeting spending goals. More »

Statoil to record 50-year history

Statoil has decided to launch a large project to write the story about the company for its 50th anniversary in 2022. More »

Merkel set to pass legislation banning gas fracing in Germany

Chancellor Angela Merkel’s coalition is set to ban shale gas fracing in Germany, passing legislation in parliament on Friday that is set to end years of discussion over whether the nation should follow the U.S. in launching a boom in drilling. More »

Gazprom pushes talks on new China link, Beijing in no hurry

Gazprom PJSC, the world’s top natural gas exporter, will keep pushing for a new contract with China as President Vladimir Putin travels to Beijing this week, even while the Asian nation’s worst economic slowdown in a quarter century batters demand. More »

Parsley Energy sets up corporate development department

Parsley Energy has formed a dedicated corporate development department and appointed Mike Hinson as V.P. of corporate development, effective July 1. More »

Abrado acquires key service lines from Deltide Energy

Abrado Wellbore Services, a specialist in wellbore cleanout and video diagnostics services, has announced the acquisition of the specialty tool product lines of Deltide Energy Services, LLC. More »

Schlumberger signs upstream agreement with MYCELX

MYCELX Technologies, a clean water technology company providing patented solutions for commercial industrial markets worldwide, has entered into an exclusive marketing and distribution agreement with Cameron, a Schlumberger company. More »

Lloyd's Register signs integrity engineering services agreement for Bluewater Energy Services

Lloyd’s Register (LR) is one of three service providers that have been awarded a two (plus two) year integrity engineering services contract for Bluewater Energy Services. More »

Lloyd’s Register, Well Academy ink global frame agreement

Lloyd’s Register and The Well Academy have strengthened their collaboration through the signing of a global frame agreement. More »

Oil tumbles as investors seek safety after UK votes for Brexit

Oil tumbled with most commodities amid a global flight from risky assets as the UK voted to leave the European Union. More »

Oil glut is fading where you would least expect: Saudi Arabia

RIYADH (Bloomberg) -- Saudi Arabia, a country nearly synonymous with plentiful crude supplies, is offering one of the strongest signs yet that the glut that has plagued the oil market since 2014 is coming to an end. More »

BP CEO sees oil markets balancing with $50 crude this year

Rising petroleum demand in China, North America and Europe will help bring global oil markets into balance this year, BP CEO Bob Dudley said. More »

Penn West concerned Alberta rule change will hinder asset sales

Penn West Petroleum Ltd. is concerned that a new rule on energy acquisitions in Alberta will affect its ability to find buyers for assets it plans to offload in the Canadian province. More »

BP CEO says oil markets will balance with $50 crude this year

Rising petroleum demand in China, North America and Europe will help bring global oil markets into balance this year, BP Plc CEO Bob Dudley said. More »

Snider named president of Laney Directional Drilling

Alan Snider, a veteran of more than 26 years in designing and managing complex horizontal directional drilling (HDD) and Direct Pipe (DP) projects for pipeline crossings, has been named president and COO at Laney Directional Drilling. More »

Canada needs new major oil pipelines, CAPP forecast shows

Forecasted growth in Canadian oil production shows new major oil pipelines are urgently needed to deliver safe, secure and reliable energy to domestic and world markets, the Canadian Association of Petroleum Producers (CAPP) said in its 2016 Crude Oil Forecast, Markets and Transportation report. More »

U.S. shale: Frac count grows, production leveling out

Rystad Energy expects horizontal oil completion activity in U.S. shale plays to outpace drilling operations by 30% in second-half 2016, resulting in the contraction of the DUC inventory by 800 wells. More »

Saudi Arabia declares cease-fire in oil war: Column

The new Saudi oil minister, Khalid Al-Falih, says the oil glut is over. That means the kingdom's war against U.S. shale producers is coming to an end, too. More »

Archer launches Point system for better well integrity

Archer has launched the Point system, a well integrity resource that combines Archer’s proactive and systematic approach to integrity management, with its experience in over 4,000 integrity-related deployments worldwide. More »

Saipem signs co-ownership, commercialization agreement for subsea water treatment technology

A recently signed agreement will see Saipem lead the industrialization and commercialization of SPRINGS, an innovative subsea water treatment technology designed for deep water applications. More »

Saipem, Novatek sign strategic agreement focused on LNG activities

Saipem has entered into a strategic partnership and cooperation agreement focused on LNG activities with Novatek, the largest independent natural gas producer in the Russian Federation. More »

Oil trades near $50 after U.S. supplies decline as UK votes

Oil traded near $50/bbl after U.S. crude production and stockpiles dropped and as investors await the outcome of a UK vote on whether to remain in the European Union. More »

Cheap LNG may lure 50 more nations to gas from oil, Wood Mac says

LONDON (Bloomberg) -- The number of LNG importers may more than double as a glut damps prices and encourages nations to ditch crude, according to Wood Mackenzie Ltd. More »

Oil patch ‘left for dead’ will spark new IPOs for U.S. explorers

As the oil industry emerges from the biggest bust in three decades, shale drillers in a neglected corner of the biggest U.S. oil field are poised to take a new generation of gushers public. More »

Obama to fight court ruling that struck down fracing rules

The Obama administration will fight a federal judge’s ruling overturning its effort to regulate hydraulic fracturing on public lands, a decision that struck another blow to the president’s environmental legacy. More »

World’s second-biggest sovereign fund sees oil glut until mid-2017

The global oil glut will probably persist until at least next summer as markets take time to absorb excess crude in storage, according to the head of research at the world’s second-largest sovereign wealth fund. More »

Federal judge slaps down Obama’s effort to regulate fracing

A federal judge struck down the Obama administration’s signature effort to regulate hydraulic fracturing on public lands, putting another of the president’s environmental initiatives in legal limbo months before he leaves office. More »

Slapped down: Federal judge strikes down Obama’s effort to regulate fracing

A federal judge struck down the Obama administration’s signature effort to regulate hydraulic fracturing on public lands, putting another of the president’s environmental initiatives in legal limbo months before he leaves office. More »

OPEC says its oil revenue plunges $438 billion to 10-year low

OPEC said its oil revenue plunged by $438 billion to a 10-year low last year, as an increase in export volumes failed to compensate for the collapse in prices. More »

Kineticor commissions flare gas to power project in Saskatchewan

Kineticor Resource Corp. has successfully commissioned their second flare gas to power generation project in Saskatchewan. More »

Frank’s International runs industry’s first string weight reduction system

Frank’s International deployed its patented 1,250-ton Buoyancy Module (BM) Spider along with ExPert Landing String Solutions’ (ExPert) Drill Pipe Buoyancy Modules to help Anadarko achieve a nearly 250,000-pound reduction in total weight. More »

Encana to sell Gordondale assets for C$625 million

Encana Corporation has reached an agreement to sell its Gordondale assets in northwestern Alberta to Birchcliff Energy for a total cash consideration of C$625 million ($490 million). More »

Subsea 7 to cut 1,200 jobs in response to downturn

Subsea 7 said Wednesday that it will start a second phase of global resizing and cost reduction measures. The move is in response to continued difficult business and economic conditions in the oil and gas market. More »

Proserv secures double contract win in Gulf of Mexico

Proserv has won two significant contracts in the Gulf of Mexico. The deals with Talos Energy and Hess Corporation will see Proserv carry out work at the operators’ respective Phoenix and Conger field expansion developments. More »

Rosneft worth up to $130 billion as Putin mulls sale, Sechin says

MOSCOW (Bloomberg) -- Russia’s Rosneft PJSC could be worth as much as $130 billion, CEO Igor Sechin said as President Vladimir Putin is reported to consider selling a stake in the state oil giant to China and India. More »

Noble to start work to develop Israel’s Leviathan field

The owners of Leviathan, Israel’s largest natural gas field, began moving on development plans delayed for years by political, legal and regulatory wrangling. The companies’ stocks gained as developers reaffirmed that production was on track to begin in 2019. More »

Oil explorers embrace the sharing economy to drill cheaper wells

The biggest oil-industry downturn in a generation has companies collaborating in ways they never thought possible. More »

QEP Resources to acquire additional oil properties in Permian basin

QEP Resources, Inc., announced today that its wholly owned subsidiary, QEP Energy Company, has entered into a definitive agreement with certain individuals and entities to acquire oil and gas properties in the Permian basin from the Initial Sellers and other associated individuals and entities for an aggregate purchase price of approximately $600 million. More »

QEP Resources to acquire additional oil properties in the Permian basin

QEP Resources, Inc., announced today that its wholly owned subsidiary, QEP Energy Company, has entered into a definitive agreement with certain individuals and entities to acquire oil and gas properties in the Permian basin from the Initial Sellers and other associated individuals and entities for an aggregate purchase price of approximately $600 million. More »

Paragon Offshore starts push for approval of bankruptcy plan

Paragon Offshore Plc’s reorganization proposal is so unrealistic that the oil-rig company will run out of cash in less than three years, dissident lenders said at the opening of a bankruptcy court hearing. More »

Delta Subsea, Boskalis Subsea Services team up in Gulf of Mexico

Delta Subsea and Boskalis Subsea Services have entered into a Memorandum of Understanding to provide integrated diving and ROV solutions in the Gulf of Mexico. More »

Baker Hughes service converts complex drilling data into actionable information

Baker Hughes has announced the commercial release of its WellLink Performance service, designed to help operators reduce invisible lost time (ILT) by transforming the complex data buried within legacy applications, drilling reporting systems and data streams into real-time information that is instantly accessible and actionable. More »

NREL assesses Greyrock's Flare-to-Fuels greenhouse gas reduction

Engineers at the U.S. Department of Energy 's (DOE) National Renewable Energy Laboratory (NREL) have completed a life cycle assessment to determine the greenhouse gas reduction of Greyrock's Flare-to-Fuels process that converts flare gas into transportation fuels, primarily premium diesel fuel. More »

Oil falls from one-week high ahead of Brexit vote, EIA report

Oil fell from the highest close in more than a week as markets awaited U.S. stockpile data, while the UK referendum on European Union membership remained too close to call. More »

One way to solve fracing water problems: Don’t use water

The shale gas revolution brought the U.S. both energy-superpower status and a short list of headaches. There are engineering challenges, many wells have a disappointingly short productive lifetime, and those lifetimes can vary even within the same field. More »

Baker Hughes service converts complex drilling data into useful information for improved efficiency, economics

More »

Weatherford Labs, Enthought to analyze crater core tied to dinosaur extinction event

Weatherford Labs and Enthought announced that they are participating in the study of a 2,725-ft (830-m) core recovered from the central area of the Chicxulub Crater. More »

Private equity set to unleash trillion dollar warchest, EY survey finds

Private equity (PE) firms are readying to deploy capital into the global oil and gas sector with 25% planning acquisitions before the end of the year and 43% by the first half of 2017, according an EY global survey of 100 PE firms active in the sector. More »

Memorial Production Partners sells non-core properties in Permian, Rockies

Memorial Production Partners (MEMP) has closed a transaction to sell certain assets in the Permian basin for a cash consideration of approximately $37.4 million. More »

Enterprise is the latest to bet on Mexico’s thirst for U.S. gas

In two years, pipeline giant Enterprise Products Partners LP will be capable of processing 800 MMcfgd in an energy-rich stretch of West Texas and southeastern New Mexico known as the Delaware basin—20 times what it could handle in 2012. More »

McDermott awarded new work under multi-year contract with Brunei Shell Petroleum

McDermott International has been awarded further pipeline work for 2017 under a multi-year offshore installation contract with Brunei Shell Petroleum Company Sdn. Bhd. (BSP). More »

InterMoor completes marine aspects of Malikai TLP float-off operation in Malaysia

InterMoor, an Acteon company and part of its foundations and moorings business, recently completed its involvement in the Shell Malikai Tension Leg Platform (TLP) float-off operations. More »

Saudi crude exports fall to 6-month low as refineries cut back

Saudi Arabia, the world’s biggest crude exporter, cut shipments in April to the lowest level in six months as overseas refineries bought less due to seasonal maintenance and the kingdom burned more oil at home to power air conditioners. More »

OneSubsea wins contract for Zohr development, offshore Egypt

OneSubsea, a Schlumberger company, has been awarded an engineering, procurement and construction contract totaling more than $170 million from Belayim Petroleum Company (Petrobel). More »

Oil seen at $80 next year by Raymond James

Rebounding after a two-year collapse, it's only this month that oil prices have pushed up past $50/bbl, but Raymond James and Associates says this is just the beginning for higher prices. More »

BP sanctions fast-track development of Atoll discovery in Egypt

BP, together with the Egyptian Natural Gas Holding Company (EGAS), has sanctioned development of the Atoll Phase One project, which is an early production scheme that will bring up to 300 MMscfd gross of gas to the Egyptian domestic gas market starting in the first half of 2018. More »

McKinsey Energy Insights forecasts LNG oversupply until 2024

McKinsey Energy Insights (MEI), a data and analytics specialist, predicts in its latest research that LNG oversupply could last until 2024. As a result, this could mean that few LNG projects will reach final investment decision (FID) in the next 12 to 18 months. More »

Marathon targets STACK play with $888-million PayRock acquisition

Marathon Oil has announced the signing of a definitive purchase and sale agreement to acquire PayRock Energy Holdings, LLC, a portfolio company of EnCap Investments, for $888 million. More »

MOL reports new crude oil, gas discovery in Pakistan’s Tal Block

BUDAPEST, Hungary -- MOL Group made a new oil and gas discovery in the MOL-operated TAL Block in Pakistan, the company said. More »

Amec Foster Wheeler wins BP contract for Iraq's Rumaila field

BP Iraq has awarded Amec Foster Wheeler a three-year framework agreement to complete conceptual studies and pre-front end engineering design (FEED) work to support BP's plans to sustain and grow production at Rumaila oil field in Iraq. More »

CGG GeoConsulting de-risks East Africa with EARS BasinMap

CGG GeoConsulting’s NPA Satellite Mapping group has launched the multi-client EARS BasinMap for exploration de-risking across the vast region of East Africa, from regional-to-prospect or play scale. More »

BP fast-tracks development of Atoll discovery in Egypt

BP, together with the Egyptian Natural Gas Holding Company (EGAS), has sanctioned development of the Atoll Phase One project, which is an early production scheme that will bring up to 300 MMscfd gross of gas to the Egyptian domestic gas market starting in the first half of 2018. More »

Putin said to weigh $11-billion Rosneft sale to China, India

Vladimir Putin is considering selling part of Russia’s corporate crown jewels to China and India as the president struggles to meet spending commitments before his possible re-election bid in less than two years. More »

Cheap oil prompts ONGC’s biggest crude exploration binge

Oil and Natural Gas Corp., India’s biggest explorer, is preparing to spend on its biggest ever crude binge as sub-$50 oil halves the cost of rigs and services. More »

NOW Inc. completes power service acquisition

NOW Inc. announced today the closing of its previously announced acquisition of Power Service, Inc., Industrial Tool and Repair, Inc., d/b/a/ Power Service of Montana and Power Transportation LLC (collectively, “Power Service”). More »

Crude oil advances most in two months

Oil climbed the most in two months, paring a weekly decline as a weaker dollar bolstered the appeal of commodities to investors. More »

Russian crude losing out as Iranian oil returns to Europe

The return of Iranian oil to the international market is hurting Russia’s main crude grade, forcing it to trade at the biggest discount in two years. More »

National security experts weigh in on Arctic offshore energy development

On the eve of the conclusion of the Department of the Interior’s public consultation on its proposed Outer Continental Shelf Oil and Gas Leasing Program for 2017-2022, a group of foreign policy and national security leaders have submitted formal comments for the record in support of retaining the two Arctic leasing areas in the final program. More »

Arctic oil, gas leases get support from new bill

Congressman Devin Nunes (CA-22), chairman of the House Permanent Select Committee on Intelligence, introduced a bill in the House of Representatives encouraging the Department of the Interior to advance its plan to sell two leases for energy development in the Arctic. More »

Nunes introduces Bill supporting Arctic leases

Congressman Devin Nunes (CA-22), chairman of the House Permanent Select Committee on Intelligence, introduced a bill in the House of Representatives encouraging the Department of the Interior to advance its plan to sell two leases for energy development in the Arctic. More »

BP can keep reduced spending level for another 3 years, CEO says

BP can keep spending at a reduced rate of about $17 billion for another three years without affecting growth, CEO Bob Dudley said. More »

Venezuela says $50 oil is enough to avoid PDVSA default

Crude prices around $50/bbl are enough for Venezuela’s state oil producer to avoid a default on its debt, company president and national oil minister Eulogio Del Pino said Thursday in an interview. More »

Husky starts steam operations at Edam West thermal project

Husky Energy has commenced steam operations at the 4,500 bopd Edam West thermal project in Saskatchewan, its third thermal development to be brought online this year. More »

Wood Group acquires trade and assets of EESL’s Aberdeen fabrication and manufacturing business

Wood Group has acquired the trade and assets of Enterprise Engineering Service Limited’s (EESL) Aberdeen-based fabrication and manufacturing business. The acquisition follows the announcement on May 26 that EESL had appointed administrators. More »

BP, Rosneft form JV to develop prospective resources in Siberia

Rosneft and BP have signed final binding agreements to create a new joint venture, Yermak Neftegaz LLC, to conduct exploration in the West Siberian and Yenisey-Khatanga basins in the Russian Federation. More »

Nobody wants to wear the oil crown that makes OPEC richer

The world’s biggest oil importer. The title nobody wants. More »

Kinder Morgan to work with ABS Group for Elba Island LNG Project

ABSG Consulting Inc., a subsidiary of ABS Group of Companies, Inc., has been contracted by Kinder Morgan, Inc. to develop a Maintenance and Integrity Program for the liquefied natural gas (LNG) regasification terminal at Elba Island (Elba LNG Project) near Savannah, Ga. More »

Libra appraisal well hits 410 m of net pay, Petrobras says

The Libra Consortium has finished drilling and appraising the seventh well in the block. According to Petrobras, the well uncovered the largest net pay ever discovered—410 m—in the Libra Block. More »

Noble, PDC Energy trade acreage in Colorado's DJ basin

PDC Energy has entered into definitive agreements with Noble Energy and certain affiliates to consolidate certain acreage positions in the Wattenberg area of northern Colorado. More »

Oil bosses see volatility easing with crude around $50

Crude is stabilizing around $50/bbl and may only average $55 next year as the global oversupply continues to cap prices, according to two of the world’s top oil executives. More »

SPE Gulf Coast Section, Houston Technology Center collaborate to support entrepreneurs

The Society of Petroleum Engineers Gulf Coast Section (SPE GCS), covering twenty-nine Texas counties, has announced a new collaboration agreement with the Houston Technology Center (HTC) to support upstream oil and gas innovation and entrepreneurs. More »

Fugro wins integrity management contract with Det norske

Fugro has been awarded a three-year contract for support (IMS) and intervention works for Det norske in the Norwegian sector of the North Sea. More »

Iran’s oil comeback that startled doubters approaches roadblock

Iran easily beat expectations with its speed in boosting oil exports after the lifting of sanctions. Without an injection of cash and the easing of remaining trade barriers, the recovery may have run its course. More »

50-year-old Australia oil fields spurned in cheap crude age

They’re among the oldest oil fields in Australia still in production. Now they are proving superfluous to some of the world’s biggest producers that are purging high-cost assets to weather crude’s collapse. More »

Chariot awarded exploration permits offshore Morocco

Chariot Oil and Gas’ wholly owned subsidiary Chariot Oil and Gas Investments (Morocco) Limited has been awarded a 75% interest and operatorship of the Mohammedia Offshore Exploration Permits I - III in partnership with the Office National des Hydrocarbures et des Mines (ONHYM), which holds a 25% carried interest. More »

ONGC sets Indian rig move record

India's Oil and Natural Gas Corporation (ONGC) has, with the support of Aqualis Offshore, set a new pre-monsoon rig move record offshore India. More »

Faroe reports North Sea discovery with Brasse exploration well

Faroe Petroleum has reported an oil and gas discovery in the Faroe-operated Brasse exploration well in license PL740 in the Norwegian North Sea. More »

Royale Energy to expand development in California’s Rio Vista gas field

Royale Energy has reached an agreement with a major independent exploration and development company to expand their joint development agreement in the Sacramento basin of Northern California. More »

Noble, PDC Energy trade acreage in Core Wattenberg field

PDC Energy has entered into definitive agreements with Noble Energy, Inc. and certain affiliates to consolidate certain acreage positions in the Core Wattenberg field located in Weld County, Colorado. More »

What gas glut? Gazprom forecasts growth in Europe

The world’s biggest natural gas exporter isn’t too concerned about a global glut that will probably last another five years. More »

Nigeria militants claim pipeline attack despite appeal for talks

Nigerian oil militants claimed to have blown up a pipeline belonging to the Nigerian National Petroleum Corporation in what would be their first attack since they expressed a willingness to engage in talks with the government. More »

Russia now sees no need to cooperate with Saudis on oil

It makes no sense now for Russia and Saudi Arabia, the world’s biggest oil suppliers, to work together to influence the market, even as U.S. shale production is poised to rebound next year, Russia’s Energy Minister said. More »

OPEC turmoil could turn IEA’s balanced market into shortfall

The world’s most prominent oil forecaster, the International Energy Agency, anticipates near-equilibrium between supply and demand in global crude markets next year. More »

Pioneer picks up acreage as Devon divests in Midland basin

Devon Energy has entered definitive agreements to sell its remaining non-core assets in the Midland basin for $858 million. More »

IADC welcomes committee passage of House Interior appropriations bill

Jason McFarland, IADC president, commented in response to today’s committee passage of the House Interior appropriations bill. More »

Oil’s recovery looks fragile to Goldman Sachs as supplies return

The recovery in oil, which has rallied 80% from lows reached in February, remains “fragile” as disrupted supplies return to market and prolong a global surplus, according to Goldman Sachs Group Inc. More »

CandJ Energy Services names new President, CEO

CandJ Energy Services has appointed Don Gawick, CandJ's current COO, to the position of president and CEO. More »

Oil pares losses after U.S. crude supplies decline a fourth week

Oil futures pared losses after U.S. government data showed crude stockpiles decreased a fourth week, reducing the glut. More »

Upstream industry facing $2 trillion funding gap over 5 years: Deloitte

The embattled crude oil and natural gas industry worldwide has slashed capital spending to a point below the minimum required levels to replace reserves—replacement of proved reserves in the past constituted about 80% of the industry's spending; however, the industry has slashed its capital spending by a total of about 50% in 2015 and 2016. More »

Exxon, BHP examining sale of joint Australia assets

Exxon Mobil Corp. and BHP Billiton Ltd. are studying plans to sell depleting energy assets in Australia, including the largest oil field ever discovered in the nation. More »

Polarcus wins additional 3D project offshore South America

Polarcus has received a Letter of Intent from an undisclosed client for an additional broadband 3D marine seismic survey offshore South America. More »

Forum launches new deepwater test tank, gains accreditation

Subsea technology provider Forum Energy Technologies (UK) Limited has unveiled a deepwater test facility and received industry accreditation for the calibration laboratory at its new European operational center in Aberdeen. More »

Data analytics firm eLynx partners with University of Tulsa to drive artificial lift

Artificial lift will be pushed to new heights with the recent partnership between eLynx Technologies and The University of Tulsa. More »

Keppel AmFELS delivers harsh environment land rig 41 days early

Keppel AmFELS, a wholly owned subsidiary of Keppel Offshore and Marine Ltd (Keppel OandM) in the U.S., has delivered one of the world's largest harsh environment enhanced mobility land rigs. More »

Saipem wins drilling contracts worth approximately €150 million

Saipem has been awarded new drilling contracts and extensions to existing contracts in Portugal, Norway, Morocco, Saudi Arabia, Kazakhstan and Latin America, with a cumulative value of approximately €150 million ($168 million). More »

Shell CEO faces long haul to surpass Exxon as top oil major

Royal Dutch Shell CEO Ben Van Beurden spelled out his main goal last week—surpass Exxon Mobil Corp. to become the best-performing oil major. More »

Upstream spend slashed by $1 trillion since oil price drop, Wood Mac says

Global upstream development spend from 2015 to 2020 has been cut by 22% or $740 billion since the oil price started to drop two years ago, according Wood Mackenzie's research. More »

Shale drillers’ paper wells draw SEC scrutiny before vanishing

Ultra Petroleum Corp. was a shale success story. A former penny stock that made the big leagues, it was worth almost $15 billion at its 2012 peak. More »

Crude drops to three-week low as investors seek safe havens

Oil dropped to a three-week low in New York as risk aversion among investors sent equities lower and bolstered the dollar, reducing the appetite for commodities. More »

Liberty completes acquisition of Sanjel Corp.’s U.S. assets

Liberty Oilfield Services, a privately held pressure pumping company, has completed its acquisition of Sanjel Corporation's U.S. assets. More »

Shell selects Materia insulation system for deepwater Appomattox development

Materia, Inc., in conjunction with Aegion Corp., has been selected by Shell Offshore, Inc., a wholly-owned subsidiary of Royal Dutch Shell plc, to supply pipeline insulation materials for the Appomattox development in the deepwater Gulf of Mexico. More »

Port Fourchon continues Slip D development, focuses on resilient design

Today the Greater Lafourche Port Commission (GLPC) announced the completion of the bucket dredging phase in Slip D, the latest development in Port Fourchon's Northern Expansion area. More »

Shell selects Materia's thermal insulation system for deepwater GOM project

Materia, Inc., in conjunction with Aegion Corp., has been selected by Shell Offshore, Inc., a wholly-owned subsidiary of Royal Dutch Shell plc, to supply pipeline insulation materials for the Appomattox development in the deepwater Gulf of Mexico. More »

Transitioning from growth to value amid abundant oil

For the top 50 largest U.S. EandP companies, revenues and capital expenditures dropped 41% during 2015—the first year since 2004 that EIA-posted monthly WTI spot prices averaged below $60/bbl for the entire 12 months. More »

We must boost Alaska pipeline throughput, Murkowski says

U.S. Sen. Lisa Murkowski, R-Alaska, today examined America’s energy infrastructure and highlighted the important role that oil and gas pipelines play in moving energy resources, creating jobs, and growing local economies. Murkowski reiterated that strong infrastructure is essential to keeping energy abundant, affordable, clean, diverse, and secure. More »

EY releases annual U.S. reserves study

For the top 50 largest U.S. EandP companies, revenues and capital expenditures dropped 41% during 2015—the first year since 2004 that EIA-posted monthly WTI spot prices averaged below $60/bbl for the entire 12 months. More »

Statoil chooses AspenTech solution for offshore fields

Statoil has selected AspenTech’s aspenONE Manufacturing Execution Systems (MES) as its Information Manufacturing Systems (IMS) technology standard. More »

Malaysia’s first tension leg platform ready for Shell’s Malikai field

Shell and the Technip-MMHE joint venture (TMJV) have concluded the onshore fabrication and commissioning of the Malikai deepwater platform. More »

Petronas Carigali awards three-year contract to ROSEN

STANS, Switzerland -- Petronas Carigali Sdn. Bhd (PCSB) has awarded ROSEN Group a three-year contract for Sarawak and Sabah Operations. More »

GE, Technip partner to explore digital solutions for new LNG projects

GE Oil and Gas and Technip have signed a Memorandum of Understanding for a joint project to explore areas to co-develop digital solutions for the LNG industry, with a particular focus on the design and build phase of new LNG projects. More »

Nigeria oil militants give talk terms, threaten bloodshed

Nigerian militants whose attacks on oil infrastructure have sent output plunging to its lowest level in 27 years said for the first time that they are considering peace talks, even as they threatened to rethink their policy of avoiding bloodshed. More »

Norway sanctions development plan for Oseberg Vestflanken 2

Norway’s Ministry of Petroleum and Energy has sanctioned the Plan for Development and Operation (PDO) of Oseberg Vestflanken 2, Statoil said Tuesday. The development is targeting reserves estimated at 110 MMboe. More »

Amec Foster Wheeler wins Sasol contract in Mozambique

Amec Foster Wheeler has been awarded a detailed design and engineering contract by Sasol Petroleum Mozambique Limitada for Phase 1, Tranche 1 of the PSA development for surface facilities, located at Temane, 600 km north of Maputo, Mozambique. More »

As Canada oil fires fade, the industry’s real problem re-emerges

Harbir Chhina helped develop the game-changing steam technology that allowed companies to tap the world’s third-largest reserves in Canada’s oil sands. It was a moonshot that paid off. More »

IEA cuts estimate of oil oversupply, sees market balance in 2017

The global oil market will be almost balanced next year as demand continues to rise faster than production, while the current oversupply is much smaller than previously thought, the International Energy Agency said. More »

IEA cuts estimate of oil oversupply, sees market balance in 2017

The global oil market will be almost balanced next year as demand continues to rise faster than production, while the current oversupply is much smaller than previously thought, the International Energy Agency said. More »

Crude extends decline from one-week low ahead of Brexit vote

Crude fell a fourth day after closing at a one-week low as concern mounts over the strength of global growth as Britain votes later this month on whether to leave the European Union. More »

Hunt Oil Co., TSSP to jointly develop Midland basin acreage

TSSP, a special situations investment platform, and Hunt Oil Company, a privately held oil and gas exploration and production company, today announced an agreement to develop certain of Hunt Oil's assets in the Midland basin in Texas. More »

Hunt Oil Co. and TSSP agree to jointly develop Midland basin acreage

TSSP, a special situations investment platform, and Hunt Oil Company, a privately held oil and gas exploration and production company, today announced an agreement to develop certain of Hunt Oil's assets in the Midland basin in Texas. More »

Diamond Offshore enters agreement with Trelleborg for new helical riser buoyancy design

Diamond Offshore Drilling, Inc., and Trelleborg's offshore operation today announced a Joint Development Agreement to develop, manufacture and market Helical Buoyancy riser technology, developed by Diamond Offshore. More »

Statoil may consider Pemex partnerships in deep waters, V.P. says

Statoil may seek to partner with Petroleos Mexicanos in Mexico’s deepwater fields as the producer looks to gain a foothold in the country’s recently opened energy market. More »

InterMoor appoints Moulin as managing director in Brazil

InterMoor, an Acteon company, has appointed Cleiver Moulin as managing director in Brazil. Moulin will be responsible for overseeing InterMoor do Brasil’s business in the region. More »

New DNV GL guideline trashes unnecessary subsea documentation

A cross-industry project to halt the boom in subsea documentation shows that implementing a standardized approach can significantly reduce engineering hours. More »

Independence Contract Drilling COO to retire

Independence Contract Drilling (ICD) has announced that Edward S. Jacob, III, president and COO, has decided to retire as an officer of the company effective June 30. More »

Petrofac to deliver condition monitoring, maintenance management for Bumi Armada

Petrofac has won a three-year contract to provide a condition monitoring program for Bumi Armada’s Olombendo FPSO. More »

Iran plans foreign oil deals within months as sanctions ease

Iran’s new model oil contracts, designed to lure billions of dollars in foreign investment for its energy industry, still need revisions and the government is confident the first deals will be signed within months, Oil Minister Bijan Namdar Zanganeh said. More »

Rising oil prices encourage shale producers, dissuade investors

The oil market just hit a yellow light. Crude’s advance of more than 90% from a 12-year low earlier this year has U.S. shale producers starting to return to their drilling rigs, threatening to slow further gains. More »

Norway approves start-up of Statoil’s Rutil development

STAVANGER, Norway -- The Norwegian Petroleum Directorate (NPD) has granted the licensees in Gullfaks (PL050) consent to start-up the facilities on the Rutil deposit and to start producing. More »

Polarcus awarded XArray project in the Barents Sea

DUBAI -- Polarcus has received a Letter of Intent for an XArray project in the Norwegian-Barents Sea for an undisclosed client. More »

Penn West sells Saskatchewan assets to Teine Energy

Penn West Petroleum has entered into a definitive agreement for the sale of all of its Saskatchewan assets, including its Dodsland Viking area, for a cash consideration of C$975 million. More »

OPEC sees oil market balancing toward the end of 2016

OPEC predicted that the global oil market will be more balanced in the second half of this year as demand rises and rival supplies falter, echoing views expressed by ministers at the group’s meeting this month. More »

OPEC has its way as China oil output cut by most in 15 years

China’s crude production dropped by the most in 15 years in another sign that OPEC’s strategy of flooding markets to drive out higher-cost suppliers is working in the world’s biggest energy consumer. More »

Oil falls most in 10 weeks as U.S. rig count gains, dollar rises

Crude fell the most in 10 weeks as the number of rigs drilling for oil in the U.S. climbed and the U.S. dollar strengthened against its peers. More »

Bucking Big Oil, U.S. House condemns carbon tax

WASHINGTON, D.C. (Bloomberg) -- Congressional Republicans approved a non-binding resolution to condemn the idea of a carbon tax, putting lawmakers on record opposing an approach to combating climate change favored by Exxon Mobil Corp. and other large oil companies. More »

NOV reports technology advancement in lifecycle management of wellbore products

National Oilwell Varco has introduced an advancement in Radio Frequency Identification (RFID) technology and asset management software for the oil and gas industry. More »

Croatia approves the signing of six onshore production sharing agreements

The Croatian government approved production sharing agreements for the exploitation of hydrocarbons on six onshore acreage blocks in Drava, Sava and eastern Slavonia. More »

Croatian government approves the signing of six onshore production sharing agreements

The Croatian government approved production sharing agreements for the exploitation of hydrocarbons on six onshore acreage blocks in Drava, Sava and eastern Slavonia. More »

Austin Exploration offers securities to fund Colorado drilling program

Austin Exploration Limited announced that it will complete a two-tiered securities placement program targeted at raising US$1.26 million to fund its Pathfinder drilling program in the Colorado portion of the DJ basin. More »

Southwestern Energy sells West Virginia acreage to Antero

Southwestern Energy has entered into a definitive agreement with Antero Resources to sell approximately 55,000 net acres in West Virginia for $450 million. More »

Statoil completes exploration campaign offshore Newfoundland

Statoil, along with its partners, has finalized a 19-month exploration drilling program offshore Newfoundland, Canada. The purpose of the program was to increase the robustness of the Bay du Nord project and to test new areas of the Flemish Pass basin. More »

Oil Search bets on overcoming price rout in Papua New Guinea

Oil Search Ltd., the energy producer that agreed to acquire fellow Papua New Guinea explorer InterOil Corp. for $2.2 billion, is betting it can overcome a languishing LNG market to deliver another export project by beating rivals on costs. More »

How far can oil rally? Options investors bet on surge above $100

Oil investors are buying contracts that will only pay out if crude rises well above $100/bbl over the next four years—a clear sign some believe today’s bust is sowing the seeds of the next boom. More »

Energy world’s newest supership misses the boat on LNG pricing

It’s longer than three soccer fields, heavier than two aircraft carriers and powerful enough to chill gas into liquid colder than the surface of Jupiter. And its maiden voyage couldn’t have come at a worse time. More »

BP, Det norske pool forces to create Norwegian super-independent

BP and Det norske oljeselskap today announced the creation of Aker BP ASA, an independent oil and gas company combining the assets and expertise from both companies’ Norwegian EandP operations to form the largest Norwegian independent oil and gas producer. More »

Shale king Harold Hamm fracing unfinished wells after rally to $50

Continental Resources has begun finishing oil wells as U.S. prices have almost doubled to about $50/bbl since touching a 12-year low earlier this year. More »

Oil slump causes 120,000 UK job cuts since 2014 industry peak

The UK oil and gas industry will ax 120,000 jobs by the end of the year following the collapse in oil prices, according to a lobby group. More »

USGS estimates 66 Tcf of gas in Colorado’s Mancos shale

The Mancos shale in the Piceance basin of Colorado contains an estimated mean of 66 Tcf of shale natural gas, 74 MMbbl of shale oil and 45 MMbbl of NGLs, according to an updated assessment by the U.S. Geological Survey. More »

USGS estimates 66 Tcf in Colorado’s Mancos shale

The Mancos shale in the Piceance basin of Colorado contains an estimated mean of 66 Tcf of shale natural gas, 74 MMbbl of shale oil and 45 MMbbl of NGLs, according to an updated assessment by the U.S. Geological Survey. More »

GE Oil and Gas launches new subsea connector

GE Oil and Gas has completed the qualification of its upgraded 36kV high voltage wet mate connector. More »

GE awarded service contract on Gazflot's semi-sub drilling vessels

GE’s Marine Solutions has been awarded a service contract by CIMC Raffles to provide the first dry-dock services on two of Gazflot’s semi-sub drilling vessels—Northern Lights and Polar Star. More »

Hexion’s oilfield technology group expanding Canadian proppant plant

Hexion Inc.’s oilfield technology group has announced the expansion of its resin coated proppant manufacturing facility in Canada to provide a more efficient supply of proppants to fracturing service companies and operators in the oil and gas industry. More »

NEB sees Canadian natural gas supply continuing to decline

Canada’s National Energy Board (NEB) has released its Short-term Canadian Natural Gas Deliverability, 2016-2018, report that projects supply and future pricing for Canadian natural gas over the next two years. More »

Canadian natural gas supply seen continuing to decline

Canada’s National Energy Board (NEB) has released its Short-term Canadian Natural Gas Deliverability, 2016-2018, report that projects supply and future pricing for Canadian natural gas over the next two years. More »

Hydratight makes strategic move to La., recruits product account manager

Joint integrity specialist Hydratight has deployed all offshore equipment to its facility in Gonzales, La., to improve flexibility for customers. More »

Russia isn’t counting on the oil rally to hold

Russia isn’t buying into the optimism that a rally in oil has legs. More »

Seadrill to make second bond swap in a month to trim debt

Seadrill Ltd., the offshore driller seeking to cut its debt load, agreed to swap bonds for equity in the second such deal in less than a month. More »

Glori Energy names Guilbeau as interim CEO

Glori Energy, an energy technology and oil production company focused on enhanced oil recovery using its proprietary AERO System, has announced the appointment of Kevin Guilbeau as interim CEO. More »

Eni, BP in new discovery in Egypt’s East Nile Delta

Eni and BP Egypt have made another important gas discovery in the Baltim South Development lease in the East Nile Delta. More »

Subsea survey shows sales down but investment vital to sector’s future

A snapshot survey by industry body, Subsea UK, has revealed that, while sales have dropped since the oil price collapse, the UK’s subsea industry is maintaining its investment in technology and looking to increase exports. More »

Statoil in gas/condensate discovery southwest of Oseberg South field

Statoil Petroleum, operator of production license 272, has completed the drilling of wildcat well 30/11-13. The well proved gas/condensate. More »

Peak’s 5 ½-in. SIMULTRA Retrievable Bridge Plug receives V0 certification

Peak Well Systems, a specialist in the design and development of advanced downhole tools for well intervention, has reached another important milestone in the development program for its SIMULTRA range of retrievable bridge plugs. More »

Wood Group Mustang, Grupo Diavaz form engineering joint venture in Mexico

Wood Group Mustang and Grupo Diavaz, a Mexican oil and gas operator and services company, have created a joint venture engineering business to capitalize on Mexico’s energy reform. More »

Shell follows Total in buying Iranian crude after sanctions end

Royal Dutch Shell Plc is set to ship a cargo of Iranian crude to Europe next month, becoming the second major oil company in the region after Total SA to resume oil trade after some sanctions on the Persian nation’s nuclear program were lifted in January. More »

Environment is benefiting from fracing, API says

API Upstream and Industry Operations Director Erik Milito touted the environmental benefits of hydraulic fracturing in a conference call with reporters today. More »

Norway to continue geologic mapping and mineral assessments of deep-sea formations in the North Atlantic

The Norwegian Petroleum Directorate (NPD) has dedicated resources to acquire seabed samples from the Vøring Spur and Gjallar Ridge South areas in the summer of 2016. More »

Oil climbs to 10-month high as U.S. crude stockpiles decline

Oil advanced to the highest level in more than 10 months in New York as industry data showed U.S. crude supplies declined, reducing a glut. More »

OKEA, AGR partner on NCS assets

AGR, a global energy services and technology company, has announced a deal to work with the Norwegian development and production company OKEA to support the life cycle of its upstream assets on the Norwegian Continental Shelf (NCS). More »

Cortec expands Cortec Manifold Systems manufacturing facility

More »

InterMoor completes FPSO mooring work for Shell’s ultra-deepwater Stones project

InterMoor, an Acteon company, has completed the final tensioning and chain cutting operations on the FPSO Turritella for the Shell Stones project, located in the Walker Ridge protraction area in the Gulf of Mexico (GoM). More »

EnLink Midstream to expand in core of Permian's Midland basin

A subsidiary of EnLink Midstream Partners, LP and EnLink Midstream, LLC will construct a new crude oil gathering system, called the Greater Chickadee crude oil gathering project, in Upton and Midland counties in the Permian basin. More »

Mermaid secures six subsea projects in Asia

Seascape Surveys Pte. Ltd. and PT Seascape Surveys Indonesia, subsidiaries of Mermaid Maritime Public Company Limited, have been awarded six different subsea projects in Asia with an estimated aggregate contract value of $15 million. More »

McClendon probe found no direct evidence of suicide, police say

Investigators in Oklahoma City have found no direct evidence that Aubrey McClendon committed suicide when his car struck a wall March 2, a police department spokesman said. More »

InterMoor completes FPSO mooring project for Shell’s ultra-deepwater Stones project

InterMoor, an Acteon company, has completed the final tensioning and chain cutting operations on the FPSO Turritella for the Shell Stones project, located in the Walker Ridge protraction area in the Gulf of Mexico (GoM). More »

IEA cuts gas demand outlook again as glut seen to end of decade

While oil markets will start re-balancing after a slump next year, an oversupply in natural gas won’t disappear until the end of the decade, the International Energy Agency said, slashing its gas demand outlook for a fourth straight year. More »

Oil trades near 10-month high as falling U.S. supplies trim glut

Oil traded near the highest close in more than 10 months as weekly U.S. industry data showed crude stockpiles declined, trimming a glut. More »

Oil’s rally to $50 excites investors as explorers take it slow

Oil closed above $50/bbl in New York for the first time in 10 months and U.S. production has fallen to the lowest in almost two years. Time to drill, baby, drill? More »

Global oil demand is growing ‘strongly,’ leading trader says

Trafigura Group has joined other leading energy trading houses in saying oil demand is growing "strongly" this year, suggesting that OPEC’s cheap oil strategy is spurring consumption despite weak economic growth in China and other emerging nations. More »

Global Maritime appoints regional manager for Norway

Global Maritime Consultancy and Engineering, a provider of marine warranty, dynamic positioning and engineering services to the offshore sector, has appointed Mikal Grure Eie as regional manager for Norway. More »

Saudi Arabia scales back renewable energy goal to favor gas

Saudi Arabia is curtailing renewable-power targets as the world’s biggest oil exporter plans to use more natural gas, backing away from goals set when crude prices were about triple their current level, according to Energy Minister Khalid Al-Falih. More »

Pre-salt production exceeds 1 MMbopd, Petrobras says

Pre-salt production now accounts for 40% of the oil produced from facilities operated by Petrobras in Brazil. More »

Argentina’s YPF names Total’s Ricardo Darre as chief executive

YPF, Argentina’s state-controlled energy firm, named Total managing director Ricardo Darre as CEO to lead the country’s biggest company. More »

Helix, Petrobras finalize contract negotiations

Helix Energy Solutions Group has completed its contract renegotiations with Petróleo Brasileiro S.A. and has entered into amendments to its well intervention services contracts for its two chartered vessels, the Siem Helix 1 and the Siem Helix 2, offshore Brazil. More »

Inpex Corp. spuds wildcat offshore Japan

Inpex Corporation started drilling an exploratory well offshore Japan on Sunday, the company said in a statement. More »

Suncor lowers annual production guidance on wildfire

Suncor Energy, Canada’s largest energy company, lowered its crude output forecast for the year by about 6.2% because of facility outages caused by wildfires raging across northern Alberta. More »

Equatorial Guinea opens oil blocks, says Exxon still wanted

Equatorial Guinea, which opened bidding for oil and gas exploration blocks Monday, said it wants Exxon Mobil Corp. to remain as an operator even after the government decided not to renew its license for the country’s highest-producing field. More »

Shell deepens spending cuts, promises more savings from BG

Royal Dutch Shell cut spending plans further and promised increased savings following its record purchase of BG Group, as Europe’s largest oil company continues to adjust to the slump in energy prices. More »

WTI holds gains in New York after closing at 10-month high

Oil held gains after closing at the highest level in more than 10 months on signs the global glut is contracting more quickly than projected. More »

Materia introduces new Proxima thermoset resin portfolio

Materia Inc., a leader in the development and manufacture of catalysts and advanced polymers, is pioneering the next generation of oil and gas solutions with Proxima thermoset resins. More »

LNG boom far from sight as Belgian imports decline to 8-year low

Liquefied natural gas imports by one terminal in Europe just fell to the lowest level in eight years as the region anticipates a boom that may see tankers lining up to dock on its shores. More »

U.S. shale, Canadian oil sands are twin pillars of North American energy security: IHS

According to a new IHS Energy report, Canadian oil sands, combined with the U.S. shale plays, have become the twin pillars of North American energy security. More »

U.S. shale plays and Canadian oil sands are the twin pillars of North American energy security

According to a new IHS Energy report, Canadian oil sands, combined with the U.S. shale plays, have become the twin pillars of North American energy security. More »

Oil rises to seven-month high as Abu Dhabi sees surplus easing

Oil advanced to a seven-month high in London as Abu Dhabi forecast prices could climb as high as $60/bbl amid a glut that’s dwindling more quickly than projected. More »

Saudi Arabia lifts oil pricing in show of confidence on demand

Saudi Arabia lifted oil pricing for Asian and U.S. customers, a sign the world’s biggest crude exporter is confident that demand is finally eroding a global supply glut. More »

Devon Energy sells non-core assets for nearly $1 billion

Devon Energy Corp. has entered into definitive agreements with undisclosed parties to monetize nearly $1 billion of non-core upstream assets in east Texas, the Anadarko basin and an overriding royalty interest in the northern Midland basin. More »

Devon Energy sells non-core assets for $1 billion

Devon Energy Corp. has entered into definitive agreements with undisclosed parties to monetize nearly $1 billion of non-core upstream assets in east Texas, the Anadarko basin and an overriding royalty interest in the northern Midland basin. More »

Aker Solutions wins umbilicals order for Egypt's Zohr field

Aker Solutions won a contract to deliver its longest-ever umbilicals system at the Zohr offshore gas field in the Egyptian part of the Mediterranean Sea. More »

Amec Foster Wheeler wins India LNG import, regasification terminal contract

Amec Foster Wheeler has been awarded a contract by Indian Oil LNG Private Ltd. Co. (IOLPL) for the liquefied natural gas terminal in Ennore, Tamil Nadu, on the east coast of India. More »

Lukoil first-quarter profit drops 59% as crude prices slump

Lukoil PJSC, Russia’s second-largest oil producer, said first-quarter profit dropped 59% as crude prices declined to a 12-year low. More »

Oil near ‘sweet spot’ puts 70-year-old U.S. index back in focus

The oil market is turning its attention back to the U.S. as more of its rigs return to work following a surge to $50/bbl, raising concern that a production rebound may stifle crude’s recovery. More »

Shrinking crude surplus seen by Abu Dhabi underpinning oil rally

The global oil surplus is shrinking faster than expected and has the potential to send crude prices as high as $60/bbl this year, according to Ali Majed Al Mansoori, chairman of the Abu Dhabi Department of Economic Development. More »

Statoil awards Johan Sverdrup fabrication contract to Rosenberg WorleyParsons

Statoil has awarded Rosenberg WorleyParsons a contract for the fabrication of three large bridges connecting the four Johan Sverdrup platforms and two flare booms. More »

Kinder Morgan gets FERC approval for LNG export project

Kinder Morgan subsidiaries Elba Liquefaction Company (ELC) and Southern LNG Company (SLNG), have received authorization from the Federal Energy Regulatory Commission (FERC) for the Elba Liquefaction Project. More »

OPEC optimism masks challenge to oil’s rally from 12-year low

Oil’s recovery from a 12-year low may be too good to last as Iranian output rebounds faster than expected. More »

U.S. shale drillers restart oil rigs as market improves

Oil explorers put drilling rigs back to work in U.S. fields for only the second time this year as supply and demand come closer into balance. More »

BSEE, BOEM find no significant impact from well stimulations offshore California

The Bureau of Safety and Environmental Enforcement (BSEE) and Bureau of Ocean Energy Management (BOEM) have completed a comprehensive environmental analysis evaluating the potential impacts from the use of well stimulation treatments on the 23 oil and gas platforms currently in operation on the Outer Continental Shelf (OCS) offshore California. More »

Rosneft, Statoil spud wildcat in Russian Far East

Rosneft and Statoil have started drilling an exploration well in the Sea of Okhotsk in Russia’s Far East. More »

Ireland awards 14 licenses in phase 2 of Atlantic licensing round

Ireland has announced the offer of 14 new Licensing Options in the Irish offshore following the conclusion of the 2015 Atlantic Margin Licensing Round. More »

Iran sees better OPEC climate as rivals accept its rising output

Relations among OPEC members have improved significantly after several acrimonious meetings as the oil-producing group accepts Iran’s revival of crude output, the Iranian oil minister said. More »

Statoil acquires additional equity in UK license for Utgard field

Statoil has agreed to acquire JX Nippon’s 45% equity share in, and operatorship of, the UK license for Utgard field. More »

Saudi Arabia says oil at $50 won’t hinder market recovery

Oil prices at $50 won’t allow shale oil and other higher-cost producers to lift supply to levels that hinder market recovery, Saudi Arabia’s oil minister said. More »

Exxon CEO says Argentina shale investment may exceed $10 billion

Exxon Mobil Corp. may invest more than $10 billion in Argentina’s Vaca Muerta shale formation in the next decades, Chairman and CEO Rex Tillerson said Thursday. More »

Penn West said to be working with RBC to find buyer for Viking asset

Penn West Petroleum Ltd. has hired Royal Bank of Canada to sell its Dodsland Viking light oil assets in Saskatchewan, according to people familiar with the process. More »

Oil shrugs off OPEC decision to skip curb as U.S. output shrinks

Brent crude held its gains near $50/bbl as investors shrugged off OPEC’s decision to stick to its policy of unfettered output amid signs the global market is re-balancing. More »

Schlumberger acquires Omron Oilfield and Marine, Inc.

Schlumberger has acquired Omron Oilfield and Marine, Inc., a U.S.-based OMRON Corporation group company, which is a global leader in automation technology and solutions. More »

Norway sees U.S. gas as chance for Europe to diversify supplies

U.S. exports of shale gas stand to increase confidence in the fuel as a long-term energy source, while giving Europe the chance to diversify its natural gas supplies, Norway Petroleum and Energy Minister Tord Lien said Wednesday. More »

Study shows methane abatement costs higher than previously estimated

A new independent assessment of methane abatement costs by ICF International concluded that the cost to reduce methane emissions from natural gas systems is $3.35/Mcf of methane reduced, nearly five times greater than previous estimates suggest. More »

Saudi oil minister says Aramco to keep spare capacity after IPO

The initial public offering of the world’s largest oil company will not mean an end to a long-time policy of keeping some of its production capacity idle to cushion any disruption in supply, Saudi Arabia’s energy minister said. More »

GE wins major contract for Statoil’s Johan Sverdrup development

LONDON -- Statoil has awarded GE Oil and Gas a significant surface wellhead and Christmas tree equipment and services contract for its landmark Johan Sverdrup project in the North Sea. More »

OPEC keeps status quo after failing to agree on output cap

OPEC will stick to its policy of unfettered oil production after members failed to agree on a new output ceiling. Crude extended its decline in London. More »

Tendeka wins four-year contract with Wintershall Norge

Tendeka has won a four-year contract with Wintershall Norge AS with a further four-year extension option. More »

OPEC said to keep status quo after failing to agree output limit

OPEC will stick to its policy of unfettered oil production after members failed to agree on a new output ceiling, according to a delegate at the group’s meeting in Vienna. Crude extended its decline in London. More »

Noble receives plan of development approval for Israel’s Leviathan field

Noble Energy has received approval from the Petroleum Commissioner in Israel’s Ministry of National Infrastructure, Energy and Water Resources for the development of the Leviathan project. More »

Increased field decline on mature fields is becoming visible: Rystad

For the first time since the 1980s, the industry will experience two consecutive years of decreased global EandP investment, according to the latest analysis by Rystad Energy. More »

DNV GL - Oil and Gas signs master service agreement with Statoil

DNV GL signed a master service agreement (MSA) with Statoil that includes a broad scope of studies on topics including safety, platform technology, structural reanalysis and pipeline technology. More »

OEG expands reach with AOR Containers acquisition

OEG Offshore is moving into Norway, the Congo and Myanmar for the first time, with its acquisition of AOR Containers, a major player in Europe, Africa and Asia. More »

AccessESP names Assal as regional manager for Middle East, North Africa

AccessESP, a provider of rigless electric submersible pump (ESP) conveyance solutions, has appointed Anwar Assal as the company's regional manager for the Middle East and North Africa. More »

America's new role in global oil markets is being ‘put to the test’

The shale revolution helped drive oil prices down to levels not seen in over a decade. More »

Oil’s emerging giant beckons U.S. wildcatters who riled OPEC

The casualties of the U.S. shale bust are being offered a new frontier thousands of miles away in India to remake their fortunes. More »

Saudi Arabia’s gesture for OPEC unity meets Iranian resistance

Saudi Arabia faced resistance from Iran to proposals to restore a production target scrapped at OPEC’s last meeting in December as efforts to build unity were undermined by persistent divisions within the producer group. More »

Packers Plus completes first well in Iraq’s Kurdistan region

Packers Plus Energy Services recently installed and stimulated an open hole completion system in the Kurdistan region of northern Iraq, the company said Wednesday. More »

Oil pares losses on report OPEC to consider new output ceiling

Oil pared declines following a report that OPEC may consider a new production ceiling at Thursday’s meeting. More »

Schlumberger acquires France-based Saltel Industries

Schlumberger has announced the acquisition of Saltel Industries, a France-based engineering, manufacturing and service company that offers expandable patches and steel packers technology for the oil and gas industry. More »

Schlumberger acquires Saltel Industries

Schlumberger has announced the acquisition of Saltel Industries, a France-based engineering, manufacturing and service company that offers expandable patches and steel packers technology for the oil and gas industry. More »

Saudi Aramco signs MOU with GE and Cividale for MENA manufacturing facility

Saudi Aramco has signed a Memorandum of Understanding (MOU) with GE and Cividale SpA of Italy to build the Middle East and North Africa’s first-of-its-kind forging and casting manufacturing facility that will serve the region’s maritime and energy industries. More »

FourPoint Energy closes acquisition of Chesapeake’s Western Anadarko basin assets

FourPoint Energy has closed its previously announced acquisition of Chesapeake Energy's remaining Western Anadarko basin oil and gas assets for a purchase price of $385 million. More »

Weatherford Canada drilling services facility gains API Q2 certification

Weatherford International plc announced that the Weatherford drilling services facility in Nisku, Alberta, Canada, received API specification Q2 certification. More »

Dana Gas CEO expects ‘bumpy road’ for oil as shale sets floor

The oil market is heading for a “bumpy road” with prices close to levels that are profitable for U.S. shale producers, according to Patrick Allman-Ward, CEO of Dana Gas PJSC, which produces natural gas in Egypt and Iraq. More »

4Subsea awarded framework contract with Statoil

4Subsea’s framework agreement covering 10 installations on the Norwegian Continental Shelf (NCS) in the period from 2012 to June 2016 has been extended to June 2018. More »

Aqualis Offshore wins position keeping contract for Ichthys FPSO

Aqualis Offshore, a marine and offshore engineering consultancy, has signed a contract to provide position keeping services for the installation of the Ichthys LNG Project FPSO. More »

Petrobras terminates contract for Subsea 7 pipelay vessel

Subsea 7 has reported the early termination of the day-rate contract for the company’s pipelay support vessel Seven Mar. More »

DOF Subsea secures new contract awards

DOF Subsea has been awarded several ROV and diving contracts for the vessel Skandi Achiever in the North Sea and the North America region, securing utilization of the vessel until the end of October. More »

Oil falls as recent gains deemed unsustainable, disruptions ease

Oil declined for a fourth day on concern recent gains were unsustainable, while shuttered Canadian operations started to reopen. More »

OPEC ministers say oil market moving in right direction

OPEC ministers gathering in Vienna for the group’s biannual meeting said the oil market is moving in the right direction as a supply glut dissipates. More »