Mexico outlay jumps 21% to $1.25 billion for biggest oil hedge

Mexico spent about 24 billion pesos ($1.25 billion) to lock in prices of oil exports for next year, or more than 21% what it paid to hedge crude a year ago, according to Finance Ministry data. ...»

Rockwell Automation rejects $27.6-billion offer from Emerson

Rockwell Automation Inc., a major supplier of robotics software, rejected a $27.6-billion offer from Emerson Electric Inc., which is trying to rebuild following a restructuring. ...»

Brazil joins IEA as an association country

The International Energy Agency and Brazil jointly announced today that the country joined the IEA as an association country, opening new avenues for cooperation towards a more secure and sustainable energy future with Latin America's largest country. ...»

Teledyne CARIS announces new calibration capabilities in HIPS and SIPS 10.4

Teledyne CARIS is pleased to announce the release of HIPS and SIPS 10.4. This version introduces the first commercial release of CIDCO’s Automatic Boresight Calibration tool, providing a systematic approach to calibration as an alternative to the traditional, manual patch test. ...»

Chevron partners with Microsoft to fuel digital transformation

Chevron Corporation has announced a seven-year partnership with Microsoft Corp. establishing the company as Chevron’s primary cloud provider, accelerating the application of advanced technologies including analytics and the Internet of Things (IoT) to drive performance and improve efficiencies. ...»

Tenable and Siemens form partnership to secure critical infrastructure

Tenable, Inc., the cyber exposure company, and Siemens, a global engineering and technology leader, announced a strategic partnership to help energy, utilities and oil and gas companies close the industry readiness gap with a new solution for industrial asset discovery and vulnerability management. ...»

InterMoor appoints new global CEO

InterMoor, a provider of mooring services, foundation solutions and offshore installations in subsea services group Acteon, has named Mark Jones as global CEO. ...»

AMETEK introduces new process mass spectrometer for drilling fluid surface logging applications

The new WellPro process mass spectrometer from AMETEK Energy and Process Instrumentation provides near real-time quantitative analysis of C1 through C7 components of mud gas in less than 10 seconds. ...»

Saudis lead Gulf nations in cutting break-even oil price

Saudi Arabia, OPEC’s biggest oil producer, is also a leader when it comes to slashing the crude price the country needs to balance its budget. ...»

Oil heads for second monthly gain as OPEC strategy pays off

Oil headed for its first back-to-back monthly gain since last year amid signs that efforts by OPEC and its allies to clear a glut are progressing, and that they’ll stick with the strategy next year. ...»

Baker Hughes launches advanced fluid analysis and sampling-while-drilling service

Baker Hughes, a GE company (BHGE) has announced the introduction of its FASTrak Prism fluid analysis and sampling-while-drilling service. ...»

Arctic refuge oil bonanza could be bust for GOP budget

Congressional Republicans counting on a $1-billion windfall from selling oil-drilling rights in the Arctic National Wildlife Refuge to help pay for tax cuts may be in for a disappointment. ...»

BP signals confidence with share buyback as profit jumps

BP signaled growing confidence the downturn is coming to an end by starting to buy back shares issued to help cover its dividend during the price slump. ...»

Nalcor Energy issues request for proposals for future use of Bull Arm Fabrication Site

As part of its planning for the future use of the Bull Arm Fabrication Site, Nalcor Energy issued a request for proposals (RFP) today to identify the next potential tenant(s) to lease the Site. ...»

EIA: Haynesville shale gas production increases to highest levels since 2013

Recent increases in drilling activity and well production rates are raising natural gas production levels in the Haynesville region, according to EIA’s Short-Term Energy Outlook (STEO). Marketed natural gas production in Haynesville reached 6.9 Bcfd in September after remaining near 6.0 Bcfd for the previous three years. ...»

SOCO announces PSC for offshore blocks 125 and 126 in Vietnam

SOCO has announced that a Production Sharing Agreement (PSC) for Blocks 125 and 126, offshore central Vietnam, between PetroVietnam, SOVICO Holdings and SOCO was formally signed on Oct. 27, 2017, awarding SOCO a 70% operated interest over the two blocks. ...»

Keystone champion named CEO at oil-sands giant Cenovus

Alex Pourbaix, a driving force behind TransCanada Corp.’s Keystone XL pipeline, has been named CEO at Cenovus Energy Inc., taking the reins as the company seeks to rebuild investor confidence following its $13.3-billion oil-sands buy earlier this year. ...»

Energean signs additional sales, purchase agreements for gas supply from Karish and Tanin fields

Energean Oil and Gas has announced that Energean Israel has signed three new Gas Sales and Purchase Agreements (GSPAs) with Dorad Energy Ltd., and with Ramat Negev Energy Ltd. and Ashdod Energy Ltd., both subsidiaries of the Edeltech Group, for natural gas supply from Karish and Tanin fields, offshore Israel. ...»

Bahrain minister calls for freezing Qatar's GCC membership

Bahrain’s Foreign Minister Sheikh Khalid Bin Ahmed Al Khalifa called for the freezing of Qatar’s Gulf Cooperation Council (GCC) membership, escalating attempts by a Saudi-led coalition to deepen the isolation of the gas-rich country. ...»

Qatar Petroleum part of winning consortium for oil exploration offshore Brazil

A consortium comprising Qatar Petroleum, Shell, and China National Offshore Oil Corporation (CNOOC) was selected as the winning bidder for the Alto de Cabo Frio-Oeste block in the prolific Santos hydrocarbon basin offshore Brazil. ...»

AISUS launches new tool for enhanced offshore inspection

Aberdeen-based AISUS has invested a six-figure sum in upgrading and developing cutting edge inspection technology as it looks to further broaden its range of services and increase its geographical reach to provide its customers with the most efficient, cost-effective technological solutions. ...»

Hydrawell offers rigless PandA

Plug and abandonment specialists HydraWell targets the oil and gas market with another cost-saving solution: plugging offshore wells without the support of a drilling rig. ...»

Iraq's Kurds resume pumping crude by pipeline to Turkish port

Crude exports resumed from Iraq’s Kurdish region after halting earlier Monday, a port agent said, highlighting uncertainty about pipeline shipments from OPEC’s second-biggest producer. ...»

Investors roll dice on OPEC as Saudi prince ups the ante

The OPEC trade is back, and Saudi Arabia is in the driver’s seat. ...»

Shell expands pre-salt growth in deepwater Brazil with winning bids

Royal Dutch Shell plc (Shell) and its partners won today three, 35-year production sharing contracts for pre-salt blocks located in the Santos basin, offshore Brazil. ...»

SDX Energy spuds KSR-15 development well in Morocco

SDX Energy Inc., the North Africa focused oil and gas company, is pleased to announce the spud of its KSR-15 well on the Sebou area in Morocco. ...»

Statoil, Exxon strengthen position in Brazil's Carcará oil discovery

Statoil Brasil Oleo e Gas Ltd., a subsidiary of Statoil ASA, ExxonMobil Exploracao Brasil Ltda., a subsidiary of ExxonMobil Corporation, and PETROGAL BRASIL, SA, a subsidiary of Galp, were the high bidders for a production sharing contract for the Carcará North Block in Brazil’s second pre-salt offshore licensing round held on Oct. 27. ...»

Statoil strengthens its position in Brazil's Carcará oil discovery

Statoil Brasil Oleo e Gas Ltd., a subsidiary of Statoil ASA, ExxonMobil Exploracao Brasil Ltda., a subsidiary of ExxonMobil Corporation, and PETROGAL BRASIL, SA, a subsidiary of Galp, were the high bidders for a production sharing contract for the Carcará North Block in Brazil’s second pre-salt offshore licensing round held on Oct. 27. ...»

Lukoil completes eighth well at Vladimir Filanovsky field

Lukoil has completed the drilling of its eighth well at Vladimir Filanovsky field in the Caspian Sea. ...»

Employment report shows signs of returning confidence in oil, gas market

After a tough four years new research shows that for the first time since 2014 the oil and gas industry expects more new jobs to be created than lost over the next 12 months. ...»

GE Venture partners with Kraken Robotics to advance subsea robotic inspection

Avitas Systems, a GE Venture, announced a strategic partnership with Kraken Robotics to integrate autonomous underwater vehicles (AUVs), acoustic and laser sensor technology, and artificial intelligence-based navigation software into unique subsea inspection solutions for the oil and gas, offshore renewable energy, and shipping industries. ...»

Indian oil demand to bounce back in 2018, says ESAI Energy

India’s consumption of oil products will accelerate in 2018 after unusually slow growth in 2017, according to ESAI Energy’s newly published Asia Watch Products. ...»

China to get first Yamal LNG cargo as Russia says "thank you"

Russia’s Yamal LNG, set to be the world’s biggest Arctic producer of liquefied natural gas, plans to send its debut cargo to China as thanks for its support. ...»

Disappointing output betrays Exxon, Chevron profit victories

ExxonMobil Corp. and Chevron Corp. fell after reporting disappointing production for the third quarter that undercut outsized earnings results fed by climbing crude oil prices. ...»

Global oil and gas market shrinks by 13.6% as low crude prices push down revenues, says MarketLine

MarketLine’s latest market report: 'Global Oil and Gas' reveals a declining market trend in 2016 as the price of crude oil pushed down profits of the major players. ...»

Tullow Oil provides update on Araku-1 exploration well, offshore Suriname

The Araku-1 exploration well in Suriname has been drilled to a total depth of 2,685 m and penetrated the objectives of the Araku prospect. No significant reservoir quality rocks were encountered, although logging and sampling proved the presence of gas condensate. The well is now being plugged and abandoned. ...»

Sierra Leone makes fourth licensing round pre-announcement

The Director General of the Petroleum Directorate of Sierra Leone (PDSL), Raymond Kargbo, announced at this week’s Africa Oil Week Conference in Cape Town, South Africa, that his country’s Fourth Offshore Petroleum Licensing Round will take place between mid-January and the end-May 2018. ...»

Iraq overtaking Saudi Arabia in supplying U.S. with oil

Iraq surpassed Saudi Arabia as a crude supplier to the U.S. in September, and it’s poised to repeat that this month. ...»

Brent crude near two-year high as Saudi prince backs OPEC cuts

Brent oil traded near the highest level in more than two years as Saudi Arabia’s Crown Prince Mohammed bin Salman backed the extension of OPEC-led output cuts. ...»

Total's profit jumps as majors rebound from deep slump

Total posted the highest earnings in more than two years, illustrating the improving fortunes of an industry that’s endured the deepest downturn in a generation. ...»

Total's profit jumps as majors show rebound from deep slump

Total posted the highest earnings in more than two years, illustrating the improving fortunes of an industry that’s endured the deepest downturn in a generation. ...»

Iraq resumes Kirkuk crude exports via Kurd-run pipeline

Iraq resumed pumping oil from a field in the disputed Kirkuk province, the first sign that output is recovering from last week’s fighting between government troops and Kurdish forces that hobbled pipeline exports from OPEC’s second-biggest producer. ...»

International oil majors flock to deep waters of Brazil

Leaner and fitter after three years of low prices, Big Oil is descending on Rio de Janeiro to join a deep-water bonanza that has already helped state-controlled Petrobras emerge from financial heartache. ...»

CGG secures contract for multi-client survey of onshore, offshore licenses in Côte d’Ivoire

CGG has been awarded a contract by Côte d’Ivoire’s Direction Générale des Hydrocarbures (DGH) and PETROCI, the national oil company, to acquire with its local partner, Harvex Geosolutions, a multi-client program of gravity, gravity gradiometry and magnetic data over the Republic’s onshore and shallow offshore basins. ...»

Emerson launches compact multi-phase meter for shale fields

Emerson has launched a new smaller version of its industry leading Roxar Multi-phase Meter (MPFM) 2600 - a small size, cost-effective and modular flow meter specifically designed to address the flow profiles of North American shale fields and provide a meter suitable for the lifetime of the wells. ...»

Giant gas tanker sails to Turkey to prevent repeat of shortage

Turkey is getting a giant helper to avoid last December’s gas shortages. ...»

Norway keeps rates at record low to back recovery from oil slump

Norway’s central bank decided to keep its benchmark rate unchanged at a record low to support an economic recovery as the country exits the worst downturn in its oil industry in a generation. ...»

Fugro applies seeps expertise to Canada's growing offshore industry

Fugro has teamed up with Amplified Geochemical Imaging (AGI) to acquire offshore hydrocarbon seep data in advance of Canada’s 2018 east coast bid round. ...»

Former Venezuela Oil Company CEO says bonds will be paid

The former CEO of Venezuela’s state run-oil company said it will make debt payments this year and next, even as he acknowledged the crude producer is struggling with cash-flow and operational issues. ...»

Iraq works with Kurdish company to help restart two oil fields

Iraq’s North Oil Co. is working with the Kurdish Kar Group to resume pumping at two disputed oil fields that halted output after government troops recaptured them from Kurdish forces, according to two people with knowledge of the situation. ...»

CandJ Energy Services to acquire O-Tex Holdings, Inc.

CandJ Energy Services, Inc., has announced that it has entered into a definitive agreement to acquire O-Tex Holdings, Inc. and its operating subsidiaries, including O-Tex Pumping, LLC (O-Tex). ...»

Saudi crown prince backs extending OPEC oil-production cuts

Saudi Crown Prince Mohammed bin Salman backed the extension of OPEC production cuts beyond March 2018, making it all but certain the cartel and its allies will roll over the curbs at a meeting next month. ...»

LAGCOE 2017: New Technology Showcase winners feature innovative oilfield equipment

New Technology Showcase winners from the 2017 Louisiana Gulf Coast Oil Exposition (LAGCOE) in Lafayette, La., presented their award-winning tools and equipment during a technical session at the conference on Oct. 25. ...»

Expro announces electromagnetic transmission of reservoir data across open-hole section without casing

International oilfield services company, Expro, has successfully accomplished the world’s first proven wireless transmission of reservoir pressure data to surface, from a recently abandoned subsea appraisal well which incorporated a rock-to-rock cement plug, the company announced during LAGCOE 2017. ...»

Kimray launches electronic low-pressure control valve

Kimray Inc. has announced the release of the E-LO Control Valve. The E-LO, short for “Electronic Low-Pressure Control Valve,” is designed to control flow in applications with pressures less than 45 PSI. It features a modular control board with three module options—discrete for on/off control, analog for variable control, and RS-485 for MODBUS control. ...»

New attitude in D.C. points toward increased EandP access on U.S. OCS, Luthi says

Winds of change are afoot in the U.S. government’s energy-regulating bodies, and consequently, new access to the U.S. outer continental shelf (OCS) is on the horizon for oil and gas companies. ...»

Drillinginfo unveils new functionality in oilfield services app to find opportunities faster

Drillinginfo, the energy industry's leading SaaS and data analytics company, unveiled new features and enhancements to its Oilfield Services (OFS) platform before attendees today at the 2017 Louisiana Gulf Coast Exposition (LAGCOE). ...»

LAGCOE, INNOV8 Acadiana partner for third annual energy pitch challenge

LAGCOE, one of the industry’s largest free Oil and Gas exposition will be held Oct. 24 ­– 26, 2017 at the Cajun Dome and Convention Center. LAGCOE and INNOV8 Acadiana will host the Energy Innovators Pitch Challenge - a “Shark Tank Style” pitch competition that will be held on October 26 at 10 AM on the second floor of the Cajun Dome Convention Center. ...»

Halliburton releases advanced rotating control device

Halliburton has announced the release of the Marine Sentry 3000, a rotating control device that provides a pressure control solution by creating a seal around the drillstring and tool joints for safer containment of fluids during conventional or controlled pressure drilling operations. ...»

Hess building a war chest with $4.4-billion Guyana find in mind

With $2.7 billion in oilfield sales this week, Hess Corp. is making a calculated bet, giving up steady production today to help fund what could be one of the world’s biggest discoveries into the next decade. ...»

Oil near $52 as U.S. exports "ripping higher" to record levels

Oil held above $52 after a government report signaled record overseas demand for U.S. crude and fuels, even as domestic drillers boosted output by the most in half a decade. ...»

Oil prices will stabilize between $55-$60/bbl, says Apollo CEO

The head of Apollo Global Management LLC expects oil prices to stabilize between $55 to $60/bbl in the near term. ...»

Otto Energy acquires interest in ST 235 in the Gulf of Mexico

Otto Energy Limited has announced that Houston Energy has been awarded the South Timbalier 235 (ST 235) lease under Gulf of Mexico Central Lease Sale 249. ...»

ExxonMobil’s investment plan approved for Los Toldos I South block in Argentina

ExxonMobil announced today that the Neuquén Province government has approved the investment plan for the development of a 35-year unconventional exploitation concession in the Los Toldos I South block. ...»

ESAI Energy foresees the end of oil sands mega projects

ESAI Energy forecasts growth from the Canadian oil sands will be a substantial 250,000 bpd in 2018, but as producers face challenges associated with relatively high costs in a recovering oil price environment, oil sands projects in the next few years will be leaner and smaller. ...»

Faroe Petroleum begins drilling operations at Tambar in Norway

Faroe Petroleum, the independent oil and gas company focusing principally on exploration, appraisal and production opportunities in Norway and the UK, has announced that drilling operations have commenced on the Tambar development project in the producing Tambar field in Norway. ...»

Venezuelan oil cargoes to U.S. ports plunge as sanctions bite

Venezuela’s biggest market for crude sales -- the U.S. -- is becoming a harder and harder place for the socialist nation’s oil producer to do business as sanctions and diminishing quality controls discourage would-be buyers. ...»

Expro reports first-ever wireless transmission of reservoir pressure data to surface

International oilfield services company, Expro, has successfully accomplished the world’s first proven wireless transmission of reservoir pressure data to surface, from a recently abandoned subsea appraisal well, which incorporated a rock-to-rock cement plug. ...»

Sparrows strengthens Middle East operations with Dubai Petroleum contract awards

Sparrows Group has strengthened its operations in the Middle East, securing two crane contracts with Dubai Petroleum, one for maintenance services and the other for the delivery of rental cranes. ...»

Oil steady before U.S. stockpiles data as OPEC reassures market

Oil was little changed before the release of U.S. inventory data, while OPEC and its allies reassured traders that they’ll complete their strategy to clear a global crude surplus. ...»

Major oil companies set to make Facebook-level cash even with $50 crude

Crude may be languishing near $50, but major producers are on track to rejoin the world’s corporate elite by squeezing more cash from each barrel. ...»

LAGCOE 2017: Lloyd’s Register addresses Shell’s new requirement for offshore containers

One of the biggest topics at a recent industry event held by Lloyd’s Register was Shell’s new requirement for offshore containers. The audience at the event in Lafayette had plenty of questions regarding Shell’s decision to follow global trends and require independent certification of offshore container units. ...»

LAGCOE 2017: Deepwater Gulf of Mexico EandP can be sustainable at less than $40/bbl, BP says

The U.S. Gulf of Mexico’s EandP industry has been through tremendous hardship since crude dropped in late 2014, and it’s imperative that companies change business models to sustain future deepwater U.S. oil production growth, according to Ryan Malone, BP’s projects general manager for the Gulf of Mexico. ...»

BSEE: New era of collaboration, energy dominance ahead for U.S. offshore oil industry

The U.S. Bureau of Safety and Environmental Enforcement (BSEE) is on a mission to unlock a new wave of heavy investment for oil and gas production in the U.S. Gulf of Mexico, via renewed collaboration with offshore oil companies and refocused regulation. ...»

Suez breaks ground on new RandD facility in Texas

Suez broke ground on a new laboratory in Tomball, Texas, north of Houston, which is expected to open mid-2018. In addition to continuing the research and development (RandD) of specialty chemicals for the industrial segment, the new facility will expand to include further process innovation in the oil and gas industry, focusing on global upstream and downstream applications. ...»

Total in talks to buy Engie LNG assets, CEO says

Total SA is in discussions about buying liquefied natural gas assets from former French gas monopoly Engie SA, the energy major’s CEO said. ...»

Rose Petroleum completes 3D seismic shoot in Utah's Paradox basin

Rose Petroleum, the AIM quoted natural resources business, has announced the completion of the acquisition of data from its 3D seismic shoot in the Paradox basin in Utah. ...»

Secretary Zinke announces largest oil and gas lease sale in U.S. history

U.S. Secretary of the Interior Ryan Zinke has announced that the Department is proposing the largest oil and gas lease sale ever held in the United States--76,967,935 acres in federal waters of the Gulf of Mexico, offshore Texas, Louisiana, Mississippi, Alabama and Florida. ...»

Zamil Offshore Services, UTEC partner for offshore survey in Saudi Arabia

Zamil Offshore Services and UTEC announce strategic partnership for offshore survey in the Kingdom of Saudi Arabia. ...»

Hess Corp. to sell interests in Norway, Denmark

Hess Corporation has announced several additional steps in the continued execution of its strategic plan to further focus the company’s portfolio and allocate capital to higher return assets. ...»

PetroNeft confirms positive results from Sibkrayevskoye well

PetroNeft, an EandP company operating in the Tomsk Oblast, Russian Federation, and 50% owner and operator of Licences 61 and 67, has provided an update on the S-375s delineation well at Sibkrayevskoye oil field. ...»

Russia cements top spot in crude sales to China as Saudis recede

Russia continues to pull ahead of its oil rivals including Saudi Arabia in China, the world’s biggest energy user. ...»

OPEC said to work on exit strategy alongside cuts extension

As OPEC negotiates the extension of its oil production cuts until the end of 2018, it’s also quietly started working on an exit strategy in an effort to reassure investors it won’t flood the market once the curbs finally expire, according to people familiar with the deliberations. ...»

Rise in Texas earthquakes near oil fields prompts new monitoring

Texas, home to two of the nation’s busiest oilfields, now has a new way for the public to track in real time how many earthquakes are rattling the Lone Star State since the expanded use of new drilling techniques. ...»

Equatorial Guinea takes steps to stem output decline

Equatorial Guinea, OPEC’s newest member, is taking steps to stem the decline in its oil production following the acquisition by Kosmos Energy Ltd. and Trident Energy Management Ltd. of fields currently operated by Hess Corp. ...»

Petro Matad provides updates regarding seismic program in Mongolia

Further to its announcement of Oct. 4, 2017, Petro Matad has provided the timelines and details regarding the planned seismic work program following the signing of the BGP contract, as detailed further below. The 220-km2 3D survey will be the first ever 3D seismic acquired in western Mongolia. ...»

Expro launches TCP gun system for extreme HP applications at LAGCOE 2017

Leading international oilfield services company, Expro, has launched a new extreme high pressure tubing conveyed perforating (TCP) gun system, delivering the largest perforation hole area available for frac and gravel pack completions. ...»

NOV's fiberglass piping equipment reduces water transport costs in Louisiana shale

Demand continues to grow for piping infrastructure that can effectively handle produced water and transporting water for frac operations across great distances. ...»

Crude just isn't that important to petrocurrencies right now

The currencies of some of the world’s biggest crude exporters are breaking their historic relationship with the oil price. ...»

Kosmos Energy picks up assets in Equatorial Guinea as Hess exits

Kosmos Energy will acquire assets from Hess. Additionally, existing investors Tullow Oil and GEPetrol will enter partnership with the new operator. The assets of Hess Corporation in Equatorial Guinea will be acquired by Kosmos Energy, the Ministry of Mines and Hydrocarbons has announced. ...»

Halliburton CEO defends fracing business as margins disappoint

Fracing isn’t looking so great for the world’s biggest fracer, but the CEO of Halliburton Co. says he can pull some levers to improve profits. ...»

Iraq adds oil export facility to offset output drop in Kurd feud

Iraq began using a new offshore crude-exporting facility to help boost shipments by sea and make up for a suspension of pipeline exports from the country’s north due to a conflict with the self-governed Kurdish region. ...»

Linn Energy sells Williston basin properties for $285 million

Linn Energy, Inc., has announced that it has signed a definitive agreement to sell its interest in properties located in the Williston basin to an undisclosed buyer for a contract price of $285 million, subject to closing adjustments. ...»

KrisEnergy commences Gulf of Thailand drilling campaign

KrisEnergy Ltd., an independent upstream oil and gas company, has announced that on Oct. 20, 2017, the PV DRILLING I jackup rig commenced drilling of the East Mayura-1 exploration well in the G10/48 contract area in the Gulf of Thailand. ...»

Expro launches TCP gun system for extreme HP applications

Leading international oilfield services company, Expro, has launched a new extreme high pressure tubing conveyed perforating (TCP) gun system, delivering the largest perforation hole area available for frac and gravel pack completions. ...»

Premier Oil reports arrival of BW Catcher FPSO

The BW Catcher Floating Production Storage and Offloading (FPSO) vessel arrived at Catcher field on Wednesday, Oct. 18. ...»

Investors jump back into fray as oil-market revival beckons

Oil investors are back in the ring. ...»

Seen from space, China's oil demand looks stronger than expected

The crude market may be underestimating China’s oil demand. ...»

Oil near $52 as OPEC touts record compliance, rig count drops

Oil traded near $52/bbl as OPEC reported record compliance with pledged production cuts and U.S. drilling slowed again. ...»

Oil patch gets frugal as investors urge profits over boom

U.S. shale drillers are tapping on the brakes in the wake of a growing investor revolt that’s held down company values, even as they’ve scored historic production numbers. ...»

Halliburton profit jumps amid North American fracing comeback

Halliburton Co. boosted profit in North America thanks to higher prices charged for fracing work in the world’s busiest drilling region. The company’s stock climbed more than 2% before the market opened. ...»

BSEE lends expertise in Louisiana oil platform fire investigation

An engineer, an inspector and an investigator in New Orleans with the Bureau of Safety and Environmental Enforcement are lending their expertise to the Jefferson Parrish authorities to assist with the investigation of the recent oil and gas platform explosion and fire in state waters. ...»

Petrobras contracts FPSO for Sepia field, in the Santos basin

Petrobras informs that on Oct. 13, 2017 it signed a contract with Modec Group to charter a FPSO platform to be used at the Sepia field development project, derived from the Transfer of Rights Agreement, located in the pre-salt of the Santos basin. ...»

WoodMac: What's behind the boost in Libya's oil production?

Libya's oil production has increased steeply from August 2016’s low point of below 300,000 bpd to around 850,000 bpd at present, passing the 1-MMbpd barrier in July. But Wood Mackenzie believes Libya may now be reaching its near-term production limits and future growth will be gradual. ...»

NOIA asks members to contact officials over “crippling” environmental proposals

Fearing that Canadian federal officials could upset the relatively healthy Newfoundland and Labrador offshore sector, the Newfoundland and Labrador Oil and Gas Industry Association (NOIA) is calling on its membership to contact these officials and bombard them with comments and concerns. ...»

Eldar Sætre to continue as Statoil’s CEO

Statoil’s board of directors and chief executive Eldar Sætre have agreed that Sætre will continue as CEO after he turns 62 in February 2018. Eldar Sætre will thus not use his contractual right to retire at the age of 62. ...»

Rosneft, Saipem sign strategic cooperation agreement

Rosneft and Saipem SpA signed a strategic cooperation agreement at the X Eurasian Economic Forum in Verona. ...»

Gazprom Neft begins production of its own drilling oils

Gazpromneft-Lubricants, operator of the Gazprom Neft lubricants business, has become the first company in Russia to start producing oils for the production of drilling fluids using its own technology. ...»

BP chairman announces retirment, board launches search for successor

BP has announced that Carl-Henric Svanberg has informed the company’s board of directors of his intention to retire as chairman. Svanberg will chair the annual general meeting to be held in May 2018 and will remain in position until a successor is in post. ...»

Canada’s NOIA asks members to contact officials over “crippling” environmental proposals

Fearing that Canadian federal officials could upset the relatively healthy Newfoundland and Labrador offshore sector, the Newfoundland and Labrador Oil and Gas Industry Association (NOIA) is calling on its membership to contact these officials and bombard them with comments and concerns. ...»

Egypt calls for less LNG in tender as domestic gas boost looms

Egypt is paring down its requests for liquefied natural gas. ...»

America's shale gas pioneer seeks buyers, only to find partners

The billionaire evangelist of U.S. natural gas exports is finding himself having some surprising conversations these days. ...»

AFGlobal acquires Axon pressure pump technology

AFGlobal has announced that it has acquired the Axon pressure pump technology and product line from Amkin Technologies, LLC, a privately-held oilfield equipment and technology developer. ...»

MHWirth secures contract for West White Rose Project offshore Canada

MHWirth AS, a company owned by Akastor ASA, has received a contract from Wood Group Canada for delivery of a drilling package, including equipment, engineering and services for the West White Rose Project offshore Canada. ...»

Aker Solutions wins order for world's largest umbilicals system

Aker Solutions won an order valued at more than NOK 1.6 billion to deliver the largest umbilicals system ever. ...»

KrisEnergy commits to Cambodia Apsara oil development

KrisEnergy Ltd., an independent upstream oil and gas company, is pleased to announce it has made a final investment decision (FID) to proceed with the first phase of development for Apsara oil field, the first hydrocarbon development project in the Kingdom of Cambodia. ...»

Lebanon completes first licensing round

Lebanon reached an important milestone on Oct. 12, which was the deadline set for pre-qualified companies to submit their bids on the open blocks within the country’s first offshore licensing round. ...»

Emerson expands reservoir simulation software to maximize field recovery

Emerson Automation Solutions has launched the latest version of its reservoir management software suite - Roxar Tempest 8.1, designed to provide robust and efficient numerical solutions to support reservoir engineers in maximizing field recovery. ...»

Pilot Energy announces sale of WA-507-P in Exmouth Plateau

Pilot Energy is pleased to announce that the WA-507-P Joint Venture (Pilot Energy, 80%) has resolved to market for sale an unencumbered 100% interest in the permit, WA-507-P. The sale will allow Pilot to focus on its Perth basin interests. ...»

Rowan, Saudi Aramco launch ARO Drilling

Rowan Companies plc has announced that ARO Drilling, a 50/50 joint venture with the Saudi Arabian Oil Company (Saudi Aramco), commenced operations on Oct. 17, 2017. ...»

OPEC sends strongest signal that cuts may extend through year-end 2018

OPEC sent its strongest signal yet for an extension of production cuts until the end of 2018, saying preparations for the next meeting are taking their lead from Russian President Vladimir Putin’s tentative backing for a further nine months of curbs. ...»

OPEC says skeptics were wrong, balanced oil market in sight

OPEC and Russia have defied the skeptics and their production cuts have eliminated half the oil-inventory surplus, meaning the rebalancing of the market is accelerating, said Secretary-General Mohammad Barkindo. ...»

World's biggest oil traders see wildly diverging crude price

The world’s biggest oil traders say crude could rise above $60/bbl in a year as demand grows and OPEC keeps cutting. Or it might fall to $45 as another wave of U.S. shale hits the market. ...»

Fugro awarded contract with Pemex for marine site investigation in Mexico

Fugro, in conjunction with long-time associates, Constructora Subacuática Diavaz, S.A. de C.V., has been awarded a large survey contract by Mexico's national oil company, Pemex. ...»

Energean reports first CPR results for two blocks, offshore Montenegro

Energean Oil and Gas has announced the first Competent Persons Report (CPR) for its assets offshore Montenegro, compiled by Netherland Sewell and Associates (NSAI), detailing the recoverable gas and liquids resource estimates in respect to Energean’s 100% interest in blocks 4218-30 and 4219-26. ...»

As gas use surges, China sees "harsh" winter without more supply

Chinese regulators warned that the nation may face a “harsh” supply situation this winter if natural gas supplies can’t keep up with its booming demand. ...»

Dalio bet no "big issue" for Eni CEO

After years of surviving a sluggish Italian economy and an historic collapse in crude prices, a $300-million bet against his company apparently isn’t enough to spook the head of energy giant Eni SpA. ...»

Industry-led effort designed to cut costs through digital oilfield innovation

Industries ranging from health care to refining have been radically changed by the digital revolution. A new initiative has been launched to help accelerate the same digital transformation for the upstream industry, which is facing the most dramatic business challenge of the past few decades. ...»

Forget peak demand, Norway's oil chief wants more crude to pump

The renewable energy revolution doesn’t scare the man overseeing western Europe’s biggest crude oil spigot. ...»

ExxonMobil acquires crude oil terminal to serve growing Permian production

ExxonMobil Corporation announced today that it has acquired a crude oil terminal in Wink, Texas from Genesis Energy LP. The terminal is located in the rapidly growing Delaware basin, part of Permian basin, one of the most prolific plays in the U.S. ...»

Emerson agrees to acquire Paradigm for $510 million

Emerson has agreed to acquire Paradigm, a leading provider of software solutions for the oil and gas industry, for a purchase price of $510 million, reflecting a multiple of 13 times expected 2017 earnings before interest, tax, depreciation and amortization. ...»

Packers Plus, Gran Tierra partner for improved resource development in Colombia

Packers Plus Energy Services Inc. is pleased to have partnered with Gran Tierra Energy to optimize well performance as the company advances its conventional development program in Colombia. ...»

Providence Resources completes Porcupine basin farm-in with Total

Providence Resources, the Irish based Oil and Gas Exploration Company, provides an update on Licensing Option (LO) 16/27. Providence has confirmed that the agreed farm-in by Total EandP Ireland B.V., a wholly owned subsidiary of Total S.A. has now completed. ...»

Apache Corp. provides update on Alpine High

Apache Corp. has announced steady progress at Alpine High since revealing the discovery last year. ...»

Pioneer announces 11% production increase from Spraberry/Wolfcamp

Pioneer Natural Resources Company has announced that production for the third quarter of 2017 was 276,000 boed, an increase of 17,000 boed, or 6% from the second quarter of 2017. ...»

Petrofac awarded Iraq PMC contract from PetroChina

Petrofac has been awarded a contract, valued at around $30 million, to undertake Project Management Consultancy (PMC) services for the Halfaya Contract Area (Halfaya) in southern Iraq. ...»

China is about to do for global gas demand what it did for oil

China is in a “golden age” for natural gas that will make it the world’s biggest user of the fuel sometime between 2040 and 2050, according to analysts at Sanford C. Bernstein and Co. ...»

Oil rises on demand signs after Goldman flags geopolitical risks

Oil extended gains as signs of declining U.S. stockpiles pointed to healthy demand while investors weighed disruptions to supply because of global geopolitical tensions. ...»

Saudi oil minister says full Aramco IPO is on track for 2018

Saudi Arabia is still aiming to complete both international and domestic portions of the initial public offering of its state oil company in 2018, Oil Minister Khalid Al-Falih said Tuesday. ...»

Republicans may use budget to open Arctic, Atlantic to oil rigs

Congressional Republicans have found a way to use the federal budget to open the Arctic National Wildlife Refuge to oil drilling -- and they don’t plan on stopping there. ...»

IEA: Market flexibility improving thanks to LNG, but gas security remains a concern

While gas markets are currently well supplied, the transformation of natural gas markets from regional systems to more globalized and interdependent markets is creating new security challenges, according to the International Energy Agency's latest assessment of global gas security. ...»

Packers Plus, Gran Tierra partner for improved conventional resource development in Colombia

Packers Plus Energy Services Inc. is pleased to have partnered with Gran Tierra Energy to optimize well performance as the company advances its conventional development program in Colombia. ...»

India is said to plan using U.S. LNG to revive Urea plants

India’s biggest gas utility plans to use some of the liquefied natural gas it gets from the U.S. to restart three idled fertilizer plants, according to people with knowledge of the matter. ...»

Encana calls end to Permian land race as focus turns to output

Encana Corp. CEO Doug Suttles says drillers in Texas’s prolific Permian basin can no longer impress investors with how much acreage they’re snapping up or how quickly they’re boosting production. ...»

Deepwater rigs sent to junkyard as daily losses mount

Transocean Ltd. is finally sending Pathfinder to its grave, after two years in a Caribbean purgatory that cost about $15,000 a day. ...»

VOICE responds to press conference on 2018 budget resolution, ANWR

Voice of the Arctic Iñupiat (VOICE) is deeply disappointed by today’s joint press conference, held by a half dozen democratic senators and several NGOs, pleading for permanent protection of the 1002 area of ANWR from oil and gas exploration. ...»

Iran official backs extension of OPEC cuts, dismisses Trump risk

Iran said it would support an extension of OPEC oil-production cuts to the end of next year, and insisted its own output plans won’t be disrupted by U.S. President Donald Trump. ...»

FairfieldNodal sets sail for deeper waters to acquire data for Libra consortium

FairfieldNodal’s project to acquire and process high-resolution 3D marine seismic for the Libra consortium has left port for deeper waters to begin work. ...»

President Energy announces first sale of oil from Puesto Flores field in Argentina

President Energy, the upstream oil and gas company with assets focused primarily in Argentina, has announced that it has already banked the proceeds from its first delivery of oil from Puesto Flores field. ...»

Reservoir Link, Archer alliance yields contract award for ROC Oil in Southeast Asia

Reservoir Link, the well intervention and perforating solutions provider, has been awarded a contract to deliver annulus wash and cementing assurance (AWCA) equipment and services with Archer, the global oilfield services company, to ROC Oil (Sarawak) Sdn Bhd (ROC Oil) in Southeast Asia. ...»

FairfieldNodal awarded data acquisition project offshore Trinidad

FairfieldNodal will begin a large Z700 acquisition project offshore Trinidad in late October 2017. ...»

Oil pares gain as Iraq pledges to develop production in Kirkuk

Oil eased gains as Iraq said it planned to develop the oil industry in Kirkuk in a way that enhances exports. ...»

Gulf of Mexico oil spill triggers BSEE panel investigation

BSEE Gulf of Mexico Region Director Lars Herbst initiated a Panel Investigation Monday into an oil release from subsea infrastructure located about 40 mi southeast of Venice, La., in water 4,463 ft deep. ...»

Fight for Iraq's future targets 90-year-old Kirkuk oil field

The latest battle for Iraq’s future is unfolding around the country’s oldest oil field. ...»

Rystad Energy: Northwestern Africa leading exploration activity

Conventionally, African exploration has been focused in Nigeria, Egypt and Libya; most other frontiers were either underexplored or not explored at all. However, in recent times Africa has been the hot spot for exploration activity, mostly concentrated in West Africa, offshore Mozambique and Tanzania, and the East African rift system in Kenya and Uganda, as well as the opening of new carbonate plays in the Nile Delta. ...»

Tendeka secures trio of Middle East contract wins

Following a recent award by the Kuwait Oil Company (KOC) to deliver a lower completions project, Tendeka, a global leader in advanced completions and production optimization, has been awarded two further contracts in the Middle East. ...»

ITF broadens scope of annual open call for oil and gas technology proposals

The Industry Technology Facilitator (ITF) has issued its annual open call for proposals and this year all global developers of innovations in the oil and gas industry are welcomed at any technology readiness level (TRL). ...»

Wood wins FEED contract for first-of-its-kind LNG production platform

The Honghua Group Limited has awarded a $12-million, front-end engineering design (FEED) contract to Wood for its liquefied natural gas (LNG) platform development in the West Delta area of the Gulf of Mexico. ...»

Gardner Denver onshore drilling program poised for growth in the Rockies

Gardner Denver Petroleum and Industrial Pumps (PandIP), the only total solutions provider to the drilling, well servicing and frac pumps market, has announced a significant sale of PXL2000HP drilling pumps to an industry-leading contract driller located in the Rocky Mountain region. ...»

Iraq-Kurd clash cuts crude oil output at disputed Kirkuk fields

Crude output in Iraq’s oil-rich Kirkuk province tumbled when two fields halted production as government troops pushed back Kurdish forces in an Iraqi offensive to regain control in the disputed area. ...»

U.S. shale producers applying DNA sequencing to improve reservoir economics

DNA sequencing has been deployed by a majority of the top 20 U.S. shale producers to improve reservoir economics by quantifying hydrocarbon fluid movement. ...»

Mexico says world's largest oil hedge has been completed

Mexico has completed its annual oil hedge for 2018, which will lock in an average export price of $46/bbl of crude, Deputy Finance Minister Vanessa Rubio said in an interview. ...»

EIA: U.S. crude production to increase through year-end, setting up record 2018

EIA forecasts that U.S crude oil production will average 9.4 MMbpd in the second half of 2017, 340,000 bpd more than in the first half of 2017. Production in 2018 is expected to average 9.9 MMbpd, surpassing the previous high of 9.6 MMbpd set in 1970, based on projections in EIA’s Short-Term Energy Outlook (STEO). ...»

Highlands Natural Resources reports completion of hydraulic fracturing at East Denver

Highlands Natural Resources, the London-listed natural resources company, is pleased to announce that it has successfully completed hydraulic fracturing operations, and is now preparing both the Wildhorse and Powell wells for flowback and production of oil and gas at its East Denver Niobrara Project in Colorado. ...»

Schlumberger introduces integrated seat technology ball valve

Schlumberger announced today the release of the GROVE IST integrated seat technology ball valve. ...»

EnerMech secures hose supply, services contract for Shell's Prelude Australia Project

Global engineering and maintenance services provider, EnerMech, has been awarded a five-year contract for hose and hose fittings supply and services for Shell’s Prelude FLNG Facility in Western Australia. ...»

Rescue operations underway after platform explosion on Lake Pontchartrain

First responders are operating at the site of an explosion from an oil production platform on Lake Pontchartrain, La., northwest of Treasure Chest Casino. It has been reported that one person is missing and seven are injured as a result of the explosion. ...»

Search and rescue operations underway after oil platform explosion in Lake Pontchartrain

First responders are operating at the site of an explosion from an oil production platform on Lake Pontchartrain, La., northwest of Treasure Chest Casino. It has been reported that one person is missing and seven are injured as a result of the explosion. ...»

Statoil receives consent to use Songa Endurance for drilling, completion at Troll field

Statoil has received consent to use the Songa Endurance mobile drilling facility for drilling and completion at Troll field. ...»

Ineos appoints new shale boss to build a UK natural gas boom

Ineos AG, Britain’s largest closely held company, has taken another step toward creating a shale boom on its side of the Atlantic. ...»

Oil gains on concern Iraq-Kurd tensions will disrupt crude flows

Crude extended gains from the highest close in two weeks as speculation mounted over potential output disruptions in a region that’s home to Iraq’s oldest producing oil fields. ...»

Iraq seizes oil fields as fighting flares over Kurds' state push

Iraqi forces advanced toward the disputed city of Kirkuk, as the government sharply intensified its efforts to stall moves toward a Kurdish state by seizing the oil fields that would underpin its economy. ...»

UK North Sea oil faces quickening decline if no Brexit deal

The UK oil and gas industry faces a faster decline if Prime Minister Theresa May fails to agree to a trade deal with the European Union, as restrictions on the movement of workers and equipment would increase costs. ...»

OPEC sees 'healthy' oil demand growth to 2022

Oil demand will grow at a “healthy pace” over the next five years as renewables show the fastest expansion of any type of energy, the head of the Organization of Petroleum Exporting Countries said. ...»

Kurdish oil flows despite Baghdad's threats over Kirkuk

Oil flowed normally from fields in northern Iraq even as government troops and allied militias faced off with forces from the independence-seeking Kurdish region on the outskirts of the disputed area of Kirkuk. ...»

Arctic oil promise keeps Norway's disappointed wildcatters going

It’s been a bad year for oil explorers in Norway’s Arctic: a record campaign in the Barents Sea yielded little; the most exciting well in years proved to be a flop; and Norwegians grew increasingly skeptical about the industry that made them rich. ...»

Saudis said to weigh delay of foreign part of Aramco IPO

Saudi Arabia is considering delaying the international portion of the giant initial public offering of its state oil company until at least 2019, according to people familiar with the situation, who said a domestic share sale in Riyadh could still happen next year. ...»

Oil rises to two-week high amid optimism on re-balancing process

Oil climbed to the highest level in two weeks as dwindling U.S. crude stockpiles and near-record Chinese imports signaled the worldwide glut is eroding. ...»

IPAA: Producers are committed to being smart, responsible stewards of federal lands

Independent Petroleum Association of America (IPAA) Senior V.P. of Government Relations and Political Affairs Dan Naatz testified today at a legislative hearing before the U.S. House Natural Resources Subcommittee on Energy and Mineral Resources on the important role U.S. independent oil and natural gas producers play in the safe, responsible development of federal onshore resources to grow America’s economy, create well-paying jobs, and strengthen the nation’s energy security. ...»

EIA: Permian basin to drive fourth-quarter U.S crude production increases

In its Short-Term Energy Outlook (STEO) update released this week, EIA forecasts that U.S crude oil production will average 9.4 MMbpd in the second half of 2017, 340,000 bpd more than in the first half of 2017. ...»

India can't drill solo to meet oil supply goals, Wood Mac says

India needs overseas help to raise production from its aging oil fields and meet its goal of lowering crude imports by 2022, according to consultant Wood Mackenzie Ltd. ...»

ConocoPhillips receives consent to use West Elara at Ekofisk

ConocoPhillips has received consent to use the West Elara mobile drilling facility for drilling and completion of water injection wells at Ekofisk 2/4 VC. ...»

BNK Petroleum reports initial production of 730 boed at Brock 9-2H well

BNK Petroleum Inc. has announced that the Brock 9-2H well (100% working interest) averaged about 730 boed, of which 625 bbl are oil, for the last 5 days, while still producing back completion fluid. ...»

Oil set for weekly gain on rebalancing signs from U.S. to China

Oil is heading for the biggest weekly gain since mid-September as a drop in U.S. crude stockpiles and near-record Chinese imports added to signs the global market is rebalancing. ...»

World Oil Award 2017 winners honored at Houston gala

More than 300 of the upstream oil and gas industry’s brightest minds gathered Thursday to find out, and celebrate, the winners of the 2017 World Oil Awards. ...»

Optum Energy Solutions enters pipeline drag reducer market

Optum Energy Solutions has entered the pipeline drag reducer market as a major manufacturer and full service supplier. ...»

Positive signs for oilfield services sector as U.S. onshore market set to grow, Westwood says

Westwood Global Energy Group, energy market research consultancy, has published a new market outlook for the U.S. drilling and completion market for the period from 2018 to 2022. ...»

OPEC said to see oil inventory glut disappear in one year

OPEC expects its efforts to clear the surplus in oil inventories to finally succeed by the end of the third quarter of next year, said people familiar with the group’s internal forecasts. ...»

AADE Lafayette Chapter elects 2017-2018 board, committee members

The Lafayette Chapter of the American Association of Drilling Engineers (AADE) has elected its 2017-2018 board and committee members. ...»

DNV GL acquires specialist in CFD for fire, explosion analysis

DNV GL has acquired ComputIT, a specialist independent company for Computational Fluid Dynamics (CFD) software and RandD. ...»

Groundhog Day in London as oil stock soars on North Sea reserves

Shares of Independent Oil and Gas Plc rose as much as 100% on Thursday, the second dramatic increase for a North Sea explorer this week, after the London-based company announced a tenfold increase in its southern North Sea gas reserves. ...»

Maersk Drilling secures contract extensions for two rigs

Maersk Drilling has been awarded two contract extensions in the North Sea. Both rigs have recently been re-activated to the North Sea from warm stacking. The estimated duration of the two extensions is 105 days. ...»

ITF HyJump JIP to study hydrate blockage risk in subsea jumpers

The University of Western Australia (UWA) is leading a joint industry project (JIP), supported by the Industry Technology Facilitator (ITF), to provide industry with a better understanding of the mechanism of hydrate growth and blockages. ...»

Patterson-UTI Energy completes acquisition of MS Energy Services

Patterson-UTI Energy, Inc. announced today that it has closed the previously announced acquisition of Multi-Shot, LLC, doing business as MS Energy Services. ...»

Weatherford wins Repsol Norge AS plug and abandonment contract

Weatherford International plc today announced that it has been awarded a contract for plug and abandonment (PandA) services by Repsol Norge AS. The work will commence in October 2017 and is estimated to be completed over a period of three years. ...»

Oil slides before U.S. data as IEA warns of price ceiling

Oil slid as investors waited to see whether U.S. government data will confirm that crude stockpiles rose last week, while the International Energy Agency warned of a ceiling for prices next year. ...»

Aker BP receives consent to perform gas lift modifications at Tambar

The Petroleum Safety Authority of Norway has now given Aker BP consent to perform modifications relating to gas lift at Tambar. The gas lift project is part of a major field development project at Tambar. ...»

Tullow awarded four licences in Côte d’Ivoire

Tullow Oil has announced that it has acquired 90% stakes in four onshore blocks in Côte d’Ivoire. ...»

Chevron contributes $500,000 to California wildfire relief efforts

Chevron has announced a contribution of $500,000 from the Chevron Global Community Fund to the American Red Cross in support of immediate relief efforts for the wildfires in Northern and Southern California. ...»

Norway puts on the brakes but oil-cash splurge is hard to kick

Putting on the brakes is a relative term in Scandinavia’s richest economy. ...»

Dakota access boosts drillers but won't be a Bakken game-changer

Once hailed as the spur for a North American "energy renaissance," the $3.8 billion Dakota Access pipeline has limited driller costs in its first four months in operation. ...»

Gazprom Neft partnership developing Russia's first integrated IT platform for seismic data

Specialists from the Gazprom Neft Science and Technology Centre, in partnership with Yandex Terra (LLC Seysmotek), Pangea PJSC and the Moscow Institute of Physics and Technology (MIPT) are developing Russia’s first integrated platform for the processing and interpretation of seismic data, supporting the entire seismic-survey cycle, from objective setting to project completion. ...»

Gazprom Neft partnership developing first integrated IT platform for seismic data

Specialists from the Gazprom Neft Science and Technology Centre, in partnership with Yandex Terra (LLC Seysmotek), Pangea PJSC and the Moscow Institute of Physics and Technology (MIPT) are developing Russia’s first integrated platform for the processing and interpretation of seismic data, supporting the entire seismic-survey cycle, from objective setting to project completion. ...»

Cautious outlook for oil and gas rebound could accelerate digital transformation, Deloitte says

Oil and gas executives’ confidence in a quick industry recovery seems to have materially shifted this year from a return to optimism to more caution, according to Deloitte’s “2017 Oil and Gas Industry Executive” survey. With lower expectations of a rapid price recovery, the need by many to find new efficiency gains and reduce costs could push the digital revolution to its tipping point. ...»

OEG Offshore announces strategic collaboration with large offshore aviation specialist

OEG Offshore, a leading global provider of Cargo Carrying Units (CCUs) and A60 modules to the oil and gas industry announces a major new strategic collaboration with Harran Limited, the leading offshore aviation refueling services specialist. ...»

Libya says its oil recovery is struggling, OPEC sympathizes

Libya said it’s struggling to restore oil production and fellow OPEC members are sparing the nation from having to participate in their deal to cut output. ...»

New partnership secures global distribution for Salunda's drilling fluids tester

A new partnership will see U.S.-based OFI Testing Equipment handle global distribution for monitoring specialists Salunda Limited’s hand-held drilling fluid measurement instrument, MudChecker. ...»

South Africa seeks oil talks with Glencore, Vitol as legal spat looms

South Africa plans to engage with traders who acquired strategic oil reserves two years ago, even as it prepares legal action to try to cancel the deal. ...»

Canadian oil's high-priced run set to end as supply surges

Canadian oil-sands producers enjoying the strongest market for heavy crude since 2008 will soon face a renewed glut. ...»

Little-known gas rules pit a green group against power companies

Little-known U.S. natural gas market rules are becoming the latest flash point in an environmental group’s battle against pipelines it says aren’t needed. ...»

Europe's shrinking oil glut gets even smaller after U.S. hurricane

If you want to see how the oil market’s re-balancing, just take a look at Europe’s storage tanks. ...»

How deep will Saudi cut Its oil output? To the lowest since 2015

Saudi Arabia has promised to do “whatever it takes” to end the global oil glut. If it cuts supplies in November by as much as it pledges, the kingdom will reduce production and exports alike by more or less a million barrels a day compared with last year. ...»

Oil prices little changed as OPEC boosts demand forecast

Oil lingered near $51/bbl as OPEC’s optimistic outlook for crude demand was overshadowed by the specter of booming output from Texas to Tripoli. ...»

Weatherford introduces new integrated wellbore pressure management system

Weatherford International plc today has the commercial release of the PressurePro control system, a fully-integrated rotating control device (RCD) and choke system for wellbore pressure management on land. ...»

Europe's natural gas traders have a bone to pick with Italy

Italy is looking to shed its status as one of Europe’s most expensive gas markets, but the way it plans to do so has riled traders. ...»

BNP Paribas to halt shale oil financing

BNP Paribas SA promised to stop financing shale and oil sands projects as part of its latest efforts to tackle climate change. ...»

Trump's red light for Iran deal: What's at stake for oil and gas

Iran, already struggling to attract investors to its energy industry, may find things tougher still as U.S. President Donald Trump tries to undermine the nuclear deal that eased sanctions on OPEC’s third-largest crude producer. ...»

Weatherford introduces integrated wellbore pressure management system for onshore drilling

Weatherford International plc today announced the commercial release of the PressurePro control system, a fully-integrated rotating control device (RCD) and choke system for wellbore pressure management on land. ...»

GEODynamics consolidates reactive perforating technology IP

GEODynamics, Inc. announced today it finalized payments of all future royalties to QinetiQ Group, PLC toward the portfolio of U.S. and international patents related to reactive oil and gas well perforating. ...»

Kalnin Ventures becomes leading player in the Marcellus with $210-million acquisition

Kalnin Ventures LLC has announced that an affiliate of its BKV Oil and Gas Capital Partners, LP fund, has entered into purchase and sale agreements with respect to the Fund’s fifth acquisition of assets in just over two years in the northeast portion of the Marcellus shale. ...»

API: American made energy growing, as estimated completed wells up 63% this year

API has announced that estimated wells completed in the third quarter of 2017 increased 63% compared to the third quarter of 2016. This includes a dramatic 84% increase for all oil wells completed from year-ago levels. ...»

Maersk semisubmersible awarded contract in Malaysia

The semisubmersible Maersk Deliverer has been awarded a contract in Southeast Asia by Total EandP Malaysia. ...»

Petrofac, Gazprom Neft sign master services agreement for engineering services in Iraq

Petrofac has secured a three-year master services agreement (MSA) to support Gazprom Neft Middle East B.V. (Gazprom Neft) with the provision of engineering services on a call-off basis for Garmian field in the Kurdistan region of Iraq. ...»

Statoil reports oil discovery in Verbier sidetrack on UK continental shelf

Statoil and partners have made an oil discovery in the Verbier sidetrack well in the outer Moray Firth on the UK Continental Shelf, proving a minimum of 25 million recoverable barrels of oil in the immediate vicinity of the wellbore. ...»

Rosneft acquires stake in giant Zohr field for $1.125 billion

Rosneft closed the deal to acquire a 30% stake in the concessions agreement for the development of Zohr field, the largest gas field in the Mediterranean Sea, from Italian company Eni S.p.A. ...»

Halliburton introduces water-based drilling fluid for unconventional, mature plays

Halliburton has announced the release of the BaraShale Lite Fluid System, a high performance water-based fluid designed to maintain full salt saturation with reduced density, help prevent lost circulation and minimize waste disposal costs. ...»

Shell Brazil, COPPE select 4Subsea for 25-million NOK research project

4Subsea is awarded a Shell-funded contract to support COPPE, the centre for engineering research and education at the Federal University of Rio de Janeiro (UFRJ). ...»

Hunting’s H-1 perforating system advances safety, stage efficiency and success rates

Hunting, the international energy services company, today reported that operators using its Titan Division’s H-1 perforating system have performed more than 38,400 runs since introduction last year without any safety-related incidents and with fewer personnel. ...»

Wärtsilä strengthens expertise in vessel positioning technology by acquiring Guidance Marine

The technology group Wärtsilä has acquired Guidance Marine Limited, a privately owned company with offices in the UK, Singapore and the U.S. ...»

PESA to offer Alex Epstein workshop: How to talk to anyone about energy

PESA, the national trade association for the oilfield service, supply and manufacturing sectors, offers a half-day workshop with Alex Epstein, author of "The Moral Case for Fossil Fuels" on November 14, 2017, at OneSubsea, a Schlumberger Company. ...»

OPEC chief says floating storage shrinking as market rebalances

Crude oil in floating storage is declining, showing that the market is rebalancing, OPEC Secretary-General Mohammad Barkindo said. ...»

Oil climbs above $50 before U.S. data as Saudis curb exports

Oil rose above $50/bbl in New York before data forecast to show a third weekly drop in U.S. crude inventories, while Saudi Arabia said it will sell customers considerably less crude than they’re asking for. ...»

Iraq, Iran boost oil exports in sales battle with Saudis

Iraq and Iran boosted crude exports in September, taking advantage of a slower pace of shipments from rival Saudi Arabia to win buyers in key markets like China and the U.S. ...»

North Sea oil sandwiched as U.S. ships crude like never before

As crude oil gushes out of the U.S. like never before, it looks increasingly like North Sea oil will suffer collateral damage. ...»

NOW Inc. announces exclusive international distribution agreement with Badger Meter

NOW Inc.'s U.S. subsidiary DNOW L.P. is proud to announce its exclusive international distribution agreement with Badger Meter. ...»

Oilfield service companies form Well Performance Network

A new micro-alliance between multiple agile, innovative, technology-driven service companies, collectively called the Well Performance Network (WPN), launched today, to revolutionize well construction and completion to deliver longer-lasting wells. ...»

Paradigm launches new cloud-based production management solution

Paradigm today unveiled Paradigm k, its new Production Management solution, in the company’s booth #3163, at the 2017 Society of Petroleum Engineers Annual Technical Conference and Exhibition in San Antonio. Paradigm k is a cloud-based, collaborative workflow for production and reservoir engineers to support field operations in maintenance and management of the well system. ...»

MicroSeismic launches real-time completions evaluation

MicroSeismic, Inc., the inventor and leading provider of surface micro-seismic monitoring, today announced the release of Real-Time Completions Evaluation, which provides on-the-spot fracture modeling, dynamic SRV estimation, end of stage EUR and drainage estimation, and rapid stress analysis. ...»

Alex Mills, president of Texas Alliance of Energy Producers, announces retirement

The Texas Alliance of Energy Producers announced today that Alex Mills will retire, effective Dec. 31, 2017, as president and chief of staff. ...»

Oil buzz a brief encounter as "too far, too fast" rally wanes

Was $50/bbl for oil just a passing fancy? ...»

OPEC sees "extraordinary" steps needed for market stability

Oil producers are succeeding in re-balancing an oversupplied market, though they may need to take further steps to sustain the recovery into 2018, OPEC Secretary-General Mohammad Barkindo said. ...»

Oil companies wade back into Gulf of Mexico as Nate fizzles

Oil companies were heading back into the Gulf of Mexico and working to restore operations after Hurricane Nate fizzled out over the U.S. South on Sunday. ...»

Saudis to make deepest cut to crude supply in November

Saudi Aramco plans to make “the deepest customer allocation cuts in its history” in oil supplies in November to help reduce global inventories and balance the market. ...»

Gulf oil output sees quick rebound after Hurricane Nate

Buried in an offshore oil and natural gas report that the U.S. government has been issuing daily on the hurricane-turned-tropical depression Nate is this line: “No damages have been reported.” ...»

Halliburton launches electromagnetic pipe inspection tool

Halliburton has announced the release of the Electromagnetic Pipe Xaminer V (EPX V) service. ...»

Total reinforces its exploration in West Africa

Total and the National Office of Petroleum of Guinea (ONAP) signed a Technical Evaluation Agreement to study deep and ultra deep offshore areas located off the coast of Guinea Conakry, covering approximately 55,000 km2. ...»

Churchill Drilling Tools launches dart-less version of its self-filling float

Churchill Drilling Tools, a global oilfield service company specializing in drilling innovation, has seen a growing demand for its technology with a record number of dart activations in August 2017. ...»

Lundin Petroleum spuds exploration well on Hufsa prospect in the southern Barents Sea

Lundin Petroleum AB (Lundin Petroleum) has announced that its wholly-owned subsidiary, Lundin Norway AS (Lundin Norway), has commenced drilling of exploration well 7219/12-2 on the Hufsa prospect in PL533, in the southern Barents Sea. ...»

Iraq says Chevron, Total want work in giant Majnoon oil field

Chevron Corp. and Total SA have expressed readiness to help develop Iraq’s giant Majnoon oil field, which Royal Dutch Shell Plc said it wants to quit, according to Iraqi Oil Minister Jabbar al-Luaibi. ...»

Saudi Aramco plans "mega investment" in world's top oil guzzler

Saudi Arabia’s state-owned oil giant has “mega investment” plans for the world’s fastest growing oil market, according to Saudi Arabian Oil Co.’s CEO. ...»

Wood Group completes acquisition of Amec Foster Wheeler

Wood Group has announced that it has completed the acquisition of Amec Foster Wheeler. Wood Group's new ordinary shares will be admitted to the premium segment of the Official List and to trading on the main market for listed securities of the London Stock Exchange. ...»

Chevron begins LNG production at Wheatstone, Western Australia

Chevron Corporation has announced that it has started producing liquefied natural gas (LNG) at the Wheatstone Project in Western Australia. The first cargo is on track to be shipped in the coming weeks. ...»

Oil posts biggest weekly drop since May, storm concerns ease

Oil took a downward turn as concerns eased about Tropical Storm Nate’s threat to offshore crude platforms and coastal refineries while prices broke through a key technical barrier. ...»

BSEE continues to monitor Tropical Storm Nate's activity

Based on data from offshore operator reports submitted as of 11:30 CDT today, personnel have been evacuated from a total of 66 production platforms, 8.96% of the 737 manned platforms in the Gulf of Mexico. ...»

ExxonMobil's Guyana deepwater discovery could total 2 Bbbl, WoodMac says

ExxonMobil's fifth new oil discovery offshore Guyana, proves "that deepwater can still be attractive." ...»

Petrobras notified of ANP's decision on local content in Libra

Petrobras informs that, as operator of the Libra consortium, it has been notified by the National Petroleum, Natural Gas and Biofuels Agency (ANP) of its decision on the consortium´s request for local content exemption for the items and subitems related to the platform subsystem of the Libra Pilot project. ...»

Guyana discovery proves Exxon's Latin American reserves could total 2 Bbbl, WoodMac says

Following ExxonMobil's announcement of its fifth new oil discovery after drilling the Turbot-1 well offshore Guyana, Pablo Medina, Wood Mackenzie's senior analyst, Latin America upstream, has said the discovery proves "that deepwater can still be attractive." ...»

Now Inc. announces global distribution agreement with Puradyn Filter Technologies

Now Inc.'s U.S. subsidiary DistributionNow L.P. has announced its exclusive global master distribution agreement with Puradyn Filter Technologies, Inc. for the oil and gas industry. ...»

New safety milestone for Anasuria FPSO—three years without lost-time incident

The Anasuria FPSO today achieved three years without a lost-time incident (LTI). The safety milestone follows a recent award from the Royal Society for the Prevention of Accidents (RoSPA), who gave the asset an ‘Order of Distinction’ in celebration of the team’s commitment to occupational health and safety. ...»

Statoil awards long-term insulation, scaffolding, surface treatment contracts

Statoil is awarding renegotiated framework agreements to Bilfinger Industrier Norge AS and Kaefer Energy AS for ISO services (insulation, scaffolding and surface treatment). Valued at a total of more than NOK 7 billion, the contracts will run until the end of 2030. ...»

NOIA appoints four to board of directors, commemorates 45-year anniversary

National Ocean Industries Association (NOIA) Chairman David Welch has appointed four new members to the association’s board of directors. ...»

Oilfield Helping Hands lends assistance to Hurricane Harvey victims

Oilfield Helping Hands (OHH), a nonprofit charitable organization comprised of volunteers devoted to providing assistance to oilfield workers in financial crisis, has set funds aside for recovery in the aftermath of Hurricane Harvey. ...»

Gazprom discusses cooperation with Cuba Energy Ministry, highlights success with Bolivia

A working meeting between Vitaly Markelov, Deputy Chairman of the Gazprom Management Committee, and Luis Alberto Sanchez, Minister of Hydrocarbons and Energy of Bolivia, took place today at the seventh St. Petersburg International Gas Forum. ...»

Trump said to argue Obama clean power plan violates law

The Trump administration will formally propose repealing former President Barack Obama’s sweeping plan for curbing greenhouse gas emissions from power plants by arguing it went beyond the bounds of federal law, according to documents obtained by Bloomberg News. ...»

Ensco completes acquisition of Atwood Oceanics

Ensco plc today announced the completion of its acquisition of Atwood Oceanics, Inc. ...»

Oilfield debt sells like crude still at $100/bbl

The way energy companies are issuing debt, it feels like spring is in the air —the spring of 2014. Back then, the industry was riding high on $100/bbl oil, and companies were selling mountains of debt to fund ambitious growth strategies. ...»

Europe's biggest oil producer considers new petroleum-tax system based on ‘climate risk’

What is 47 Bbbl in oil and gas really worth in an age where renewable sources are increasingly filling the world’s energy needs? That’s what Norway, western Europe’s biggest oil and gas producer, is asking itself. ...»

U.S. oil companies may see big tax cut—if deductions survive

U.S. oil explorers could see a multibillion-dollar benefit from a move to slash the U.S. corporate tax rate but some of the industry’s biggest tax breaks could also be under fire. ...»

Statoil granted permit for wildcat well in central North Sea

The Norwegian Petroleum Directorate has granted Statoil Petroleum AS a drilling permit for well 15/6-14 S, cf. Section 8 of the Resource Management Regulations. ...»

Debt sells like it's 2014 for energy companies even with $50/bbl crude oil

The way energy companies are issuing debt, it feels like spring is in the air -- the spring of 2014. ...»

Tropical Storm Nate shuts oil rigs, on track toward U.S. Gulf Coast

Tropical Storm Nate, which has already shut oil and gas platforms in the GOM, strengthened as it continued north on a path that will bring it ashore in the U.S. by week’s end. ...»

Debt sells like it's 2014 for energy companies even with $50 oil

The way energy companies are issuing debt, it feels like spring is in the air -- the spring of 2014. ...»

Oil set for first weekly loss in a month as crude supply rises

Crude was set for the first weekly decline since early September as concerns about rising global production countered potential output disruptions in the U.S. Gulf from Tropical Storm Nate. ...»

Tropical storm Nate shuts oil rigs, on track toward Gulf Coast

Tropical storm Nate, which has already shut oil and gas platforms in the GOM, strengthened as it continued north on a path that will bring it ashore in the U.S. by week’s end. ...»

Gazprom, CNPC, KazMunayGas partner on natural gas infrastructure

Vitaly Markelov, deputy chairman of the Gazprom Management Committee, Huang Weihe, vice president of PetroChina (under a power of attorney on behalf of CNPC), and Daniyar Berlibayev, executive vice president for transportation, processing and marketing of KazMunayGas, today signed a Memorandum of Understanding at the 7th St. Petersburg International Gas Forum. ...»

Gulf of Mexico operators evacuating rigs, platforms to prep for Nate, BSEE says

Offshore oil and gas operators in the Gulf of Mexico are evacuating platforms and rigs in preparation for Tropical Storm Nate. The Bureau of Safety and Environmental Enforcement (BSEE) Hurricane Response Team is activated and monitoring the operators’ activities. ...»

ExxonMobil announces fifth discovery offshore Guyana

ExxonMobil today announced it made a fifth new oil discovery after drilling the Turbot-1 well offshore Guyana. ...»

Maersk Drilling reactivates semisubmersible for Southeast Asian market

Semisubmersible Maersk Deliverer has been awarded a new contract by JX Nippon with an estimated duration of 30 days. ...»

Total targets French residential market for natural gas consumption

Total is expanding in the residential gas and power distribution market in France with the introduction of Total Spring, a natural gas and green power offering that is 10% cheaper than regulated tariffs. ...»

Petrofac secures North Sea contract extension with Chevron

Petrofac has secured a contract extension from Chevron North Sea Limited (Chevron) for the provision of engineering services; an agreement it has held since 2014. ...»

Gazprom Neft partners with Saudi Aramco on oilfield technology development

Gazprom Neft has signed a memorandum of cooperation with Saudi Aramco, the national oil company of Saudi Arabia, to extend their partnership in oil and gas industry. Signatories to the document were Alexander Dyukov, CEO of Gazprom Neft, and Amin H. Nasser, President and CEO, Saudi Aramco. ...»

Saudis say Russian cooperation “breathed life” back into OPEC

Cooperation between Saudi Arabia and Russia has “breathed life back into OPEC” and made the kingdom’s oil minister more optimistic about the outlook for the market than he has been for several years. ...»

Tropical Storm Nate threatens oil rigs as it targets U.S. Gulf of Mexico

Tropical Storm Nate has formed off of Nicaragua, threatening to inundate Central America, shut oil and gas rigs in the Gulf of Mexico and damage cotton and citrus crops across the U.S. South. ...»

Oil edges higher as Saudi-Russia encounter reassures oil bulls

Oil rose the most in a week as the world’s biggest oil exporters, Saudi Arabia and Russia, signaled continued cooperation on efforts to erode a global crude glut. ...»

Saudi oil minister says no slippage in schedule for Aramco's IPO

Saudi Arabia said the schedule for the blockbuster initial public offering of its state-owned oil giant isn’t “slipping,” with the kingdom still targeting a sale by the end of 2018. ...»

UK energy users have a taste of Brexit and don't like It

Britain is getting a preview of what some energy bills might be like after Brexit. And it’s not popular. ...»

Saudi Aramco CEO says not discussing role in company's IPO with Russian companies

Saudi Aramco isn’t talking with any Russian companies about possible participation in its initial public offering, the head of the state oil producer said as Saudi Arabia’s king led a delegation on a historic visit to Russia. ...»

Harvey sends U.S. oil exports to new heights, but not for long

U.S. crude exports climbed to a record last week thanks to Hurricane Harvey, but the bonanza may be short lived. ...»

New tropical depression raises hurricane threat for Gulf Coast

A tropical depression that could grow into a hurricane is forecast to strike the U.S. Gulf Coast late Sunday, potentially shutting down offshore oil and natural gas rigs and dealing another blow to citrus growers. ...»

CH2M wins marine support contract on BP development offshore Senegal, Mauritania

CH2M has been awarded a new marine engineering support contract on BP's Tortue development offshore Mauritania and Senegal. The new energy development project involves subsea gas production, a floating gas treatment facility, a pipeline with domestic gas connection points and a nearshore hub facility where the gas is converted into liquefied natural gas (LNG). ...»

Ensco shareholders approve Atwood Oceanics acquisition

Ensco plc announced today that Ensco shareholders voted to approve the allotment and issuance of Ensco Class A ordinary shares to shareholders of Atwood Oceanics, Inc. in connection with the all-stock acquisition of Atwood at the company’s general meeting of shareholders on Oct. 5, 2017. ...»

Reliance Industries awards Schlumberger deepwater contract in India

OneSubsea, a Schlumberger company, was award a contract by Reliance Industries for supply of the subsea production system for the R Cluster project, offshore India. ...»

TransCanada ends pipeline project, sees $801 million charge

TransCanada has scrapped its Energy East Pipeline and Eastern Mainline projects, oil and natural gas conduits that have faced regulatory hurdles in Canada and stiff opposition from environmental groups. ...»

U.S. crude oil exports reach record-high

Crude traded near $50/bbl as traders weighed a flood of U.S. crude exports against the possibility of extended production cuts by OPEC and Russia. ...»

Nigerian minister to query $24 billion in oil contracts

Nigeria’s oil minister sent a letter to President Muhammadu Buhari listing at least $24 billion of contracts involving the state oil company. ...»

President Putin hosts Saudi King on landmark Russia visit amid oil talks

President Vladimir Putin began talks with Saudi King Salman bin Abdulaziz, as the two energy superpowers seek to extend an agreement curbing oil supplies. ...»

U.S. crude exports reach record-high

Crude traded near $50/bbl as traders weighed a flood of U.S. crude exports against the possibility of extended production cuts by OPEC and Russia. ...»

Nigerian minister is said to query $24 billion in oil contracts

Nigeria’s oil minister sent a letter to President Muhammadu Buhari listing at least $24 billion of contracts involving the state oil company. ...»

Putin hosts Saudi King on landmark Russia visit amid oil talks

President Vladimir Putin began talks with Saudi King Salman bin Abdulaziz, as the two energy superpowers seek to extend an agreement curbing oil supplies. ...»

Cubility signs distribution agreement for solids control technologies in U.S., Canada

Cubility AS, a provider of solids control solutions that improve drilling efficiency, solids control and HSE around the drilling process, has announced two exclusive distribution partnerships with Calgary-based New Tech Solids Inc and Houston-based Stage 3 Separation. ...»

Abrado demonstrates barrier placement service with Gulf of Mexico operator

Abrado announced today that it has completed the 7th well in a multi-well rigless plug and abandonment campaign using it's “Investigate, Operate and Validate” operations and performing downhole video pre and post-window inspection as well as dual-string section milling with its proprietary Medusa cutting technology. ...»

Offshore marine service companies partner on new gangway prototype

Ampelmann, a company with offshore access solutions, has announced an exclusive partnership with Seaqualize, a Dutch marine motion technology company, to collaborate on the development of its latest S-type gangway. ...»

Petrobras announces start of non-binding phase for divestment in shallow-water fields

Petrobras has announced the start of the non-binding phase regarding the assignment of all of its exploration, development and production rights in seven sets of shallow-water fields located in the States of Ceará, Rio Grande do Norte, Sergipe, Rio de Janeiro, and São Paulo. ...»

Sparrows Group, Hydra Group launch crane, lifting, inspection joint venture in Ghana

Sparrows Group has formed Sparrows Offshore Ghana Ltd, a joint venture with local partner Hydra Group Limited, to deliver crane, lifting and inspection services in Ghana. ...»

Sparrows Group and Hydra Group Ltd launch joint venture in Ghana

Sparrows Group has formed Sparrows Offshore Ghana Ltd, a joint venture with local partner Hydra Group Limited, to deliver crane, lifting and inspection services in Ghana. ...»

Archer wins four-year contract to deliver additional PandA services for Repsol Norge

Global oil services company Archer has secured a four-year contract to deliver additional plug and abandonment (PandA) and related services on the Norwegian Continental Shelf for Repsol Norge AS. ...»

Binding phase begins for Petrobras, Chevron in sale of Maromba field in Campos Basin

Petrobras and Chevron Brasil Petróleo Ltda., further to the Material Fact disclosed on July 6, 2017, inform the start of the binding phase regarding the transfer of Petrobras and Chevron stake in the Maromba Field, in the Campos Basin. ...»

Gazprom Neft discovers new offshore field in Okhotsk Sea

Gazpromneft-Sakhalin, a subsidiary of Gazprom Neft, has completed drilling of a prospecting and appraisal well at its Ayashsky license block, located on the continental shelf of the Okhotsk Sea. As a result, a new hydrocarbon field has been discovered, with initial in-place reserves estimated at 255 million tonnes of oil equivalent (MMtoe). A detailed assessment of these reserves will be prepared by mid-2018. ...»

Shell, Kuwait's KUFPEC cancel share sale for two Shell subsidiaries in Thailand

Royal Dutch Shell announces today that its subsidiary, BG Asia Pacific Holdings Pte Limited, and KUFPEC Thailand Holdings Pte Limited, a subsidiary of Kuwait Foreign Petroleum Exploration Company (KUFPEC), have mutually agreed to cancel the sale and purchase agreement for the share sale of Shell Integrated Gas Thailand Pte. Limited (SIGT) and Thai Energy Co Limited (TEC). ...»

Gazprom Neft, Thailand's PTT partner on Russian EandP operations

Gazprom Neft and PTT, Thailand’s largest oil and gas company, have signed a memorandum of understanding (MoU), promoting mutually-beneficial cooperation between the two companies. The document was signed by Alexander Dyukov, CEO of Gazprom Neft, and Tevin Vongvanich, president of PTT. ...»

BP strengthens LNG shipping capacity

BP is taking delivery of six new, state-of-the-art liquefied natural gas (LNG) tankers to support its expanding global LNG portfolio, and to respond to growing demand for lower-carbon energy sources around the world. ...»

Russia's Lukoil, Iran's national oil company partner in Persian Gulf, South Caspian

A Lukoil a wholly-owned subsidiary, Lukoil-Engineering, and the National Iranian Oil Company, signed a memorandum of understanding. ​ ...»

Hungary’s Russian gas imports still rising

A working meeting between Alexey Miller, chairman of the Gazprom management committee, and Peter Szijjarto, minister of foreign affairs and trade of Hungary, took place today at the Energy Efficiency and Energy Development International Forum 'Russian Energy Week' in Moscow. ...»

Oil steadies as OPEC pact may endure through next year

Oil steadied near $50/bbl in New York as Russian President Vladimir Putin said the agreement with OPEC to stabilize global markets could last through to the end of next year. ...»

Saudi Aramco raises November light grade crude pricing for Asia to clear global glut

Saudi Arabia, the world’s largest crude exporter, raised pricing for November sales of its light oil grades to Asia for a third consecutive month as the biggest OPEC member cuts shipments to clear a global glut. ...»

Libyan oil output set to rebound as biggest field restarts

Libya’s oil output, hampered by sporadic shutdowns at fields and ports, is on track to resume its recovery as the OPEC nation’s biggest crude deposit started pumping after a three-day forced halt. ...»

Occidental Petroleum reports $70-million third-quarter loss from Hurricane Harvey

Occidental Petroleum Corporation announced third quarter 2017 business impacts of Hurricane Harvey as operations have returned to pre-storm levels. Overall, the storm caused minimal disruptions to operations and Occidental expects this one-time financial and production impact to be limited to the third quarter. ...»

Key risk to Saudi post-oil plan? Higher crude prices, Fitch says

Higher oil prices would pose one of the biggest risks to Saudi Arabia’s efforts to overhaul its economy, according to Fitch Ratings. ...»

Leaving oil pact `not an option' for Saudi, Russia

OPEC and its partners, including Russia, need to extend their oil-production cuts for at least three more months to keep crude prices at current levels, according to UBS Group AG. ...»

Cheap option to the oil sands emerges as hot play in Canada

Just 125 mi southwest of the Fort McMurray oil-sands hub in northern Alberta, investors are rushing to secure rights to land that produces crude at much lower costs than the massive operations the region’s known for. That’s because beneath the area’s characteristic oil-rich soil, which requires expensive extraction and refining techniques, there’s crude trapped between layers of rock that can be pumped with conventional gear. ...»

Gulf Publishing, Quest Offshore align to jointly operate offshore conferences

Gulf Publishing Company and Quest Offshore Resources have announced the formation of Gulf Quest LLC for the joint operation of offshore conferences, including the leading global deepwater technology event, Marine Construction Engineering Deepwater Development (MCEDD). ...»

Gulf Publishing, Quest Offshore align for joint operation of offshore conferences

Gulf Publishing Company and Quest Offshore Resources have announced the formation of Gulf Quest LLC for the joint operation of offshore conferences, including the leading global deepwater technology event, Marine Construction Engineering Deepwater Development (MCEDD). ...»

Putin says oil pact with OPEC may be extended to end of 2018

President Vladimir Putin said Russia is open to extending a deal with OPEC to curb oil supplies to the end of 2018. ...»

Gulf Publishing Company, Quest Offshore align for joint operation of offshore conferences

Gulf Publishing Company and Quest Offshore Resources have announced the formation of Gulf Quest LLC for the joint operation of offshore conferences, including the leading global deepwater technology event, Marine Construction Engineering Deepwater Development (MCEDD). ...»

Gaffney Cline’s Meehan opens World Oil’s Shaletech Permian conference

Acknowledging that EandP activity in the Permian basin has made a substantial comeback, Nathan Meehan, president of Gaffney, Cline and Associates, a subsidiary of Baker Hughes Inc., a GE company, said that it’s very difficult to know how long the global market outside of West Texas will remain in a lean condition. ...»

Weatherford, Intel collaborate on digital oilfield technologies

Weatherford International plc joined Intel Corporation at the IoT Solutions World Congress in Barcelona to showcase the collaboration between the oilfield services provider and the technology giant, and to demonstrate the benefits of bringing Internet of Things (IoT) technologies to the oil field. ...»

EPA asks drillers, miners for advice on regulating them

President Donald Trump’s Environmental Protection Agency (EPA) is asking miners, oil drillers and manufacturers to collaborate with the government on how to regulate their industries. ...»

Rockwell Automation takes decision-making from hours to milliseconds with new IoT technologies

In manufacturing and industrial operations, better business decisions require faster operational visibility. Rockwell Automation is helping manufacturers solve this challenge with easy access to advanced analytics and operational insights available at the point of production in milliseconds – not hours. ...»

Sonoro Energy spuds LG-1 up-dip well in Indonesia

Sonoro Energy Ltd. has announced that drilling has begun at its LG-1 Up-dip appraisal well in Indonesia. ...»

API: Increased U.S. natural gas exports boost jobs, accelerate economic growth

API today released a new study showing that increased exports of clean and abundant U.S. natural gas (in the form of liquefied natural gas or LNG) could support between 220,000 and 452,000 additional American jobs and add up to $73 billion to the U.S. economy by 2040. The study, conducted by ICF International, also concluded that increased LNG exports would have a minimal impact on natural gas prices. ...»

Aker BP completes drilling of appraisal, wildcat wells in the central North Sea

Aker BP ASA, operator of production licence 442, has completed the drilling of appraisal well 25/2-19 S and wildcat well 25/2-19 A. ...»

Danos, Petrofac form U.S. alliance

Danos and Petrofac, a London-based provider of oilfield services to the international oil and gas industry, have signed an agreement that will enable the formation of a Joint Venture (JV). ...»

LNG shippers have a $45,000-a-day problem at the Panama Canal

Liquefied natural gas shippers are dealing with costly delays in getting tankers through the Panama Canal, according to Octavio Simoes, president of LNG export terminal developer Sempra LNG and Midstream. Every day a cargo is held up at at the canal can cost a trader $45,000, he said. ...»

Oil's bull market rally stalls as traders await inventory data

Oil bounced around near the $50/bbl mark awaiting reports on U.S. inventories. ...»

BHP Billiton seen gearing up to start drilling for oil in Mexico's deep waters

BHP Billiton Ltd. is getting closer to drilling its first oil wells in Mexico’s deep waters. ...»

Archer launches downhole imaging and measurement services

Archer, the global oilfield services company, has launched a new generation of SPACE ultrasound imaging and measurement services, which apply ground-breaking ultrasonic techniques – such as phased-array beam-forming – to enable true spatial understanding of the downhole environment. ...»

Dover Artificial Lift acquires PCP Oil Tools in Argentina

Dover Artificial Lift has announced its acquisition of PCP Oil Tools in Argentina. ...»

Danos, Petrofac to form JV alliance

Danos and Petrofac, a London-based provider of oilfield services to the international oil and gas industry, have signed an agreement that will enable the formation of a Joint Venture (JV). ...»

eDrilling, Petrovietnam University partner to drive digitalization of drilling operations in Vietnam

eDrilling, a provider of drilling and well performance solutions, and Petrovietnam University, the special public University with the mission to carry out high-quality research and training for the development of human resources of Vietnam National Oil and Gas Group (Petrovietnam), has signed a Memorandum of Understanding (MOU) for a long-term engagement to drive the digitalization of drilling operations in Vietnam. ...»

Libya oil output set to recover following halt at Sharara field

Libya’s oil production is set to recover from a five-month low as the North African supplier’s biggest field restarts following a brief halt. ...»

The shale boom's dark secret, ruined old wells in Oklahoma

Not every oilman is gaining from the U.S. shale boom. Just ask Joe Warren. ...»

Shell said to seek sale of stake in $1.4 billion wind farm

Royal Dutch Shell and its partners Eneco Holdings and Mitsubishi Corp. are seeking to sell a stake in two Dutch offshore wind-farm projects that may cost $1.4 billion to develop. ...»

Saudis are said to plan Russia energy deals, deepening ties

Saudi Arabia is looking at unprecedented deals to acquire oil and gas assets in Russia, deepening ties between the world’s largest energy exporters. ...»

Oildex acquires oilfield software supplier Phoenix DAS

Oildex announced that it has acquired Phoenix DAS, a provider of integrated field operations management software for oilfield suppliers. The acquisition builds on a strategic partnership the two companies announced earlier this year to support Oildex’s electronic Field Ticket initiative. ...»

Ophir awards upstream construction contracts for the Fortuna FLNG Project

Ophir Equatorial Guinea (Block R) Ltd, a 100% owned subsidiary of Ophir, has awarded the upstream construction contract for the Fortuna FLNG Project to Subsea Integration Alliance, which is a partnership between OneSubsea, a Schlumberger company, and Subsea 7. ...»

Statoil, Shell and Total enter CO2 storage partnership

The partners are today signing a partnership agreement to mature the development of carbon storage on the Norwegian continental shelf (NCS). The project is part of the Norwegian authorities’ efforts to develop full-scale carbon capture and storage in Norway. ...»

Petrobras, Statoil advance partnership to optimize recovery of mature offshore fields

Petrobras informs that it signed the Heads of Agreement (HoA) with the Norwegian company Statoil, in continuity to the Memorandum of Understanding signed in Aug. 30, 2016, through which the companies committed themselves to assessing cooperation opportunities aligned with their business strategies. ...»

Qatar fund is said to explore asset sales as new deals on hold

Qatar’s sovereign wealth fund is weighing more asset sales after reducing holdings in Credit Suisse Group AG and Rosneft PJSC to support the country’s economy amid a standoff with its neighbors, according to people familiar with the matter. ...»

Oil slides as boost from demand, Iraq tension seen as temporary

Oil slid in New York after its biggest monthly gain in more than a year as the boost from seasonal demand and political tensions in Iraq was expected to fade. ...»

Oil cuts add to Saudi pain as GDP contracts for second quarter

Saudi Arabia’s economy contracted for two quarters in a row for the first time since the global financial crisis, as the kingdom grapples with low oil prices and its businesses struggle to cope with economic reforms. ...»

Royal IHC to design and build integrated Reel lay vessel for Subsea 7

Royal IHC and Subsea 7 have signed a contract for the design and build of a new reel lay vessel. This high specification vessel will be capable of installing complex rigid flowlines including pipe-in-pipe systems. ...»

Cenovus sparks best Canada stock gain in 14 months on oil rally

Encana Corp. and Cenovus Energy Inc. led Canadian stocks to their biggest monthly rise since July last year and analysts see more gains to come as oil moves higher and the economy posts its fastest growth in six years. ...»

Libya oil output is said to drop to five-month low on field halt

Libya’s oil production slumped to a five-month low as the North African supplier’s biggest field stopped pumping crude just weeks after re-opening from an earlier unplanned halt. ...»

Gulf Publishing Company launches LNG intelligence service for energy industry

Gulf Publishing Company, a leading media company and provider of market data for the international energy industry, launches today the Energy Web Atlas to provide the downstream energy sector with easy access to information about the Liquefied Natural Gas (LNG) industry. ...»