What oil at $100/bbl would mean for the world economy

Rising oil prices are prompting forecasts of a return to $100/bbl for the first time since 2014, creating both winners and losers in the world economy. ...»

Talos Energy gets approval for Zama appraisal plan

Talos Energy Inc. has announced the Mexican oil and gas regulator, the National Hydrocarbons Commission (CNH) has approved the appraisal plan for the Zama discovery. ...»

Neptune Energy completes acquisition of VNG Norge

Neptune Energy Group has announced the closing of the acquisition of VNG Norge AS, as signed on June 28. ...»

How much oil can Saudis really pump? We're set to find out

For the first time since Saddam Hussein invaded Kuwait in 1990, Saudi Arabia could face the ultimate petroleum test: pushing its complex network of oilfields, processing plants, pipelines, tank farms and export terminals to the limit, pumping every possible barrel of oil. ...»

Exxon adds acreage to its deepwater portfolio offshore Brazil

ExxonMobil has increased its holdings in Brazil’s pre-salt basins after it won the Titã exploration block with co-venturer Qatar Petroleum during Brazil’s 5th pre-salt bid round. ...»

DEA Norge strikes out west of Wisting discovery, in the Barents Sea

DEA Norge AS, operator of production license 721, has concluded the drilling of wildcat well 7321/4-1. The well is dry. ...»

Equinor contracts newbuilt shuttle tankers for Brazil's Roncador field

The crude oil production from the newly acquired 25% interest in the Roncador oil field in Brazil will be lifted and transported by shuttle tankers. Equinor has now entered into time charter contracts for two newbuilt shuttle tanker with the shipowner Knutsen NYK Offshore Tankers AS (Knutsen). ...»

Mexico oil auction winners stay positive as industry slows down

Mexico’s oil auction winners BHP Billiton Ltd and DEA Deutsche Erdoel AG are hopeful that the slowdown in bid rounds is a feature of the country’s political transition and won’t be permanent. ...»

Nigerian oil union says Chevron talks on job cuts resume

Talks between a Nigerian oil labor union and Chevron Corp. over the U.S. energy giant’s plan to fire thousands of workers resumed Friday, the union said. ...»

Oil's leap toward $100 softens the blow of Russia sanctions

When former U.S. President Obama imposed sanctions on Russia in 2014, a drop in oil prices turned the penalties into a crushing blow. This time round, markets are doing the opposite. ...»

Shell's LNG Canada moves ahead as Asian partners give approval

Two of Shell’s Asian partners in a LNG venture in western Canada approved their share of the investment, pushing the project closer to a final approval. ...»

Cenovus signs oil-by-rail deals amid Canada pipeline pinch

Cenovus Energy Inc. signed deals to transport about 100,000 bpdof heavy crude by rail to the U.S. Gulf Coast from Alberta as a pipeline bottleneck depresses Canadian oil prices. ...»

Tanzania sees Uganda gas pipeline kicking off in the coming years

The Tanzania Petroleum Development Corp. is confident a natural-gas pipeline to Uganda will start in 2021, according to acting Managing Director Kapuulya Musomba. ...»

Total sees $100-oil on the horizon, and says it may not be a good thing

Total SA is among a growing chorus that sees $100-oil on the horizon. But the French energy giant isn’t thrilled about it. ...»

Oil rises as U.S. says no plan to tap emergency stockpiles

Oil rose a day after the U.S. Energy Secretary ruled out tapping the Strategic Petroleum Reserve, compounding concerns that sanctions on Iran that will tighten markets. ...»

Oil majors announce joint industry human rights supply chain engagement

BP, Equinor, Shell and Total CEOs announce that they have agreed to join forces to create a collaborative approach to human rights supplier assessments in the energy industry. ...»

Angus Energy begins RNS Balcombe 2Z well test

Angus Energy plc, a UK conventional oil and gas production and development company, has announced that the flow test of the horizontal well, Balcombe-2z, has commenced. ...»

Wood awarded engineering, construction contract for Wintershall's Brage platform

Wood has secured a new call off from Wintershall to provide engineering and construction services to the Brage offshore platform, west of Bergen, Norway. ...»

BP receives approval for Vorlich development, in the central North Sea

BP announced today that approval has been received from the Oil and Gas Authority (OGA) to proceed with the Vorlich development in the central North Sea, which will target 30 MMboe, expected to produce 20,000 boed (gross) at peak. ...»

Eco Atlantic receives government approval to drill Namibia's Cooper Block

Eco (Atlantic) Oil and Gas Ltd., an oil exploration focused company with licenses in the highly prospective regions of offshore Guyana and in the Walvis basin offshore Namibia, has updated the market on its PEL 30 Block (Cooper Block) in Namibia. ...»

EU plan to sidestep Iran sanctions won't keep oil flowing

A plan by the EU, Russia and China to sidestep U.S. sanctions on Iran by using an alternative payment system won’t give its buyers a free pass to handle Iranian crude. ...»

Gas fracers seek more support from UK as drilling date nears

Weeks away from fracking its first well in seven years, Britain’s oil and natural gas industry is stepping up complaints that the government is moving too slowly to approve further projects. ...»

Aker Solutions strengthens collaboration with Equinor

Aker Solutions has signed a strategic, global collaboration agreement with Equinor to ensure mutual and continuous improvement on current and future subsea projects within the domains of safety, quality, technology, execution and cost. ...»

Garlock launches expansion joint material with abrasion resistance

Garlock has launched ABRA-SHIELD, a proprietary expansion joint liner material designed for abrasion resistance and sustainability in demanding high temperature operating conditions. ...»

Oil falls amid first signs of expanding U.S. crude stockpiles

Oil dropped as U.S. crude inventories rose for the first time in more than a month. ...»

Shell Canada poised for LNG decision as early as next week

Royal Dutch Shell Plc and its partners are set to announce a decision on their C$40 billion ($31 billion) liquefied natural gas terminal in western Canada as early as next week, amid signs the companies are poised to approve it, according to people familiar with the plans. ...»

GEODynamics introduces new ignitor system

GEODynamics introduced a new power charge ignitor system, the S1 Ignitor and Crossover, to address the leading cause of failure to ignite power charges in zonal isolation perforating operations. ...»

Delmar awarded mooring contract in Equatorial Guinea

Delmar Systems, Inc. has been awarded the mooring contract to provide engineering design services, project management, mooring equipment, and mooring installation services for the Development Driller III at ExxonMobil’s locations offshore Equatorial Guinea. ...»

Santos plans to double its production by 2025

Santos today outlined its plans to grow production to more than 100 MMboe by 2025, almost doubling current levels of production. ...»

Scientific Drilling International introduces high-performance rotary steerable system

Scientific Drilling International today announces the commercialization of its HALO high-performance rotary steerable system (RSS) at the SPE Annual Technical Conference and Exhibition (ATCE). ...»

Qatar seeks growth in gas as race with U.S. heats up

The world’s biggest producer of liquefied natural gas wants to bulk up as competing supplies from Australia and the U.S. are also set to come to the market over the next decade. ...»

Oil majors warn of backlash on climate change commitment

The world’s biggest oil and gas companies made an unprecedented vow to cut their contributions to global warming, even as they warned of a potential backlash from pushing change too quickly. ...»

Jumbo has been awarded an FSRU mooring system contract

Jumbo’s offshore division was awarded the contract by Sapura to perform the transportation and installation of the FSRU’s mooring system as well as project management and engineering services. ...»

BP sees bigger impact from Iran oil sanctions than last round

Sanctions on Iran’s crude sales are likely to put more pressure on the oil market than the last time, spurring volatility for the rest of the year, according to BP Plc Chief Executive Officer Bob Dudley. ...»

Schlumberger introduces hyperbolic diamond element bit

Smith Bits, a Schlumberger company, today launched the HyperBlade hyperbolic diamond element bit that reduces drilling costs by improving the rate of penetration (ROP), while maintaining steering response and directional tracking in soft and plastic rock formations. ...»

Maersk Drilling awarded deepwater contract offshore Ghana

Aker Energy and Maersk Drilling have agreed upon a new contract that will send deepwater drillship Maersk Viking from the Gulf of Mexico to Ghana to start drilling an appraisal well during fourth-quarter 2018. ...»

Total increases its share in Danish Underground Consortium

Total has agreed to purchase from Chevron all the share capital of Chevron Denmark Inc. which holds a 12% interest in the Danish Underground Consortium (DUC), a 12% interest in License 8/06, and a 7.5% interest in the Tyra West pipeline. ...»

Halliburton introduces advanced wireline logging sensor

Halliburton Company has released the Xaminer Magnetic Resonance (XMR) Service, the industry’s only high pressure rated (35,000 psi) downhole sensor that provides comprehensive nuclear magnetic resonance measurements to improve reservoir insight. ...»

Lundin Petroleum reports successful Alta appraisal well

Lundin Petroleum AB has announced that its wholly owned subsidiary Lundin Norway AS has successfully completed the Alta appraisal well 7220/11-5 and extended production test in PL609, in the southern Barents Sea. ...»

Ashtead delivers installation monitoring services to Subsea 7 on Utgard development

Global subsea equipment specialist, Ashtead Technology, has successfully completed a subsea installation monitoring project for Subsea 7 in support of Equinor’s Utgard development, located in blocks 15/8 (NCS) and 16/18a (UKCS) of the central North Sea. ...»

Iranian oil tankers go dark with six weeks to go until sanctions hit

Iran’s oil tankers are starting to disappear from global satellite tracking systems with just under six weeks to go until U.S. sanctions are due to hit the country’s exports, making it harder to keep track of the nation’s sales. ...»

Oman's Renaissance is said to mull $1.5-billion Topaz Energy IPO

Oman’s Renaissance Services SAOG, a service provider to the oil and gas industry, is considering an initial public offering for its Topaz Energy and Marine unit, according to people familiar with the matter. ...»

Deepwater oil rigs on brink of recovery after years in doldrums

Deep-sea oil drillers are once again riding the wave of investor enthusiasm that next year will be better for profits. ...»

Halliburton releases intelligent rotary steerable system

Halliburton Company has released the iCruise Intelligent Rotary Steerable System (RSS), a breakthrough technology that delivers faster drilling, accurate steering and longer laterals. ...»

Wild Well announces new onsite rig crew training service

Wild Well Control, Inc., a Superior Energy Services company and a global leader in well control and engineering services, has announced that it will offer well control training to drilling rig crews onsite with its rigsite well control Crew Training Unit. ...»

Total announces positive appraisal of A6 Block discovery, offshore Myanmar

Total announces a successful appraisal of the A6 Block, Shwe Yee Htun-2 discovery, offshore Myanmar, completing a major step towards confirming a commercial project. The well was drilled to a final depth of 4,820 m and encountered 40 m of net gas pay in a high-quality reservoir. ...»

Total reports major gas find offshore UK

Total announces a major gas discovery on the Glendronach prospect, situated offshore UK, West of Shetland. ...»

Anglo African Oil and Gas provides update on drilling program in the Congo

Anglo African Oil and Gas plc, an independent oil and gas developer, has announced that the construction of the extended pad at Tilapia field, in the Republic of the Congo has been completed ahead of schedule. ...»

Schlumberger launches new zonal isolation technology

Schlumberger has launched the CemFIT Shield mud-sealing cement system at the Society of Petroleum Engineers Annual Technical Conference and Exhibition (SPE ATCE). ...»

Oil traders predict return of $100-crude amid Iran sanctions

Major oil trading houses are predicting the return of $100-crude for the first time since 2014 as OPEC and its allies struggle to compensate for U.S. sanctions on Iran’s exports. ...»

Brent climbs to its highest level since 2014, as OPEC stops short of output hike

Brent crude climbed above $80/bbl to its highest level since November 2014 after OPEC and its allies signaled less urgency to boost output, despite U.S. pressure to temper prices. ...»

Block Energy contracts drilling, workover equipment for multi-well program in Georgia

Block Energy Plc, the exploration and production company focused on the Republic of Georgia, has announced that it has signed an agreement with JSC Norio Oil Company (JSC NOC), a Georgian drilling contractor, and Georgia Oil and Gas Ltd. (GOG), a British Virgin Islands company and owner of drilling equipment in the Republic of Georgia, for the supply of drilling and workover equipment for the Company’s 2018-2019 work programs across its Georgian license base. ...»

Tullow drills Namibia well in "bold effort to open new play"

Tullow Oil Plc said an exploration well off Namibia was a dud, damping enthusiasm over a frontier area that’s attracted renewed interest amid oil’s recovery. ...»

"Fortunately" for major gas supplier, Trump fails to sway OPEC

Africa’s biggest oil and natural gas producer plans to expand in most areas of the energy industry except for crude, shunning U.S. President Donald Trump’s latest Twitter directive for OPEC members to reduce oil prices. ...»

OPEC sees U.S. shale oil stealing market share until late-2020s

The rise of U.S. shale oil is set to extend well into the 2020s, stealing market share from OPEC, the group said in its latest World Oil Outlook. ...»

OPEC gives tepid response to Trump's demand for lower oil prices

U.S. President Donald Trump’s demand that OPEC take rapid action to reduce oil prices got a tepid response, with the group saying it would boost output only if customers requested it. ...»

Major Gulf of Mexico producer weighs 2019 IPO

Fieldwood Energy, an offshore oil and gas explorer that emerged from bankruptcy in April, is weighing an initial public offering, according to people familiar with the matter. ...»

Pemex, Block 7 consortium sign Mexico's first pre-unitization agreement

Petróleos Mexicanos (Pemex) and Talos Energy, as operator of the Block 7 Consortium, have announced that Pemex and the international Block 7 Consortium (Talos Energy, Sierra Oil and Gas, and Premier Oil) have signed a pre-unitization agreement (PUA) related to certain tracts within the Amoca-Yaxche-03 allocation and the contiguous Block 7 production sharing contract. ...»

Aker BP completes delineation of Hanz field, drilling of North Sea wildcat

Aker BP ASA, operator of production license 028 B, has concluded the drilling of appraisal wells 25/10-16 S, A and C on Hanz field, as well as wildcat well 25/10-16 B drilled in production license 915 just southeast of the Hanz field. ...»

Transocean Norge contracted for NCS drilling

Equinor has awarded Transocean a contract for drilling six wells on the Norwegian continental shelf (NCS) by use of the Transocean Norge mobile rig. Drilling start-up is scheduled for the summer of 2019. ...»

Iranian oil blow sparks curious price divergence

The relationship between two major oil benchmarks is charting an unexpected course as U.S. sanctions take Iranian crude out of the market. ...»

Trump's blow to Iranian oil sparks curious price divergence

The relationship between two major oil benchmarks is charting an unexpected course as U.S. sanctions take Iranian crude out of the market. ...»

Shell in talks to sell $1.3 billion in Gulf Coast assets

Royal Dutch Shell Plc, shedding assets to pay for its takeover of BG Group Plc, is in talks to sell its interest in a Gulf of Mexico oilfield to Focus Oil, according to people familiar with the matter. ...»

Russia's biggest oil producers have never had it so good

Russia’s oil companies are simultaneously enjoying record production and the highest prices ever in the local currency. ...»

OPEC squabbles lose relevance as Saudis, Russians set agenda

OPEC seems poised for another contentious meeting in Algeria this weekend as Iran threatens to veto decisions. ...»

RRC names assistant executive director, OandG division director

The Railroad Commission (RRC) of Texas announced Danny Sorrells will serve as assistant executive director and oil and gas division director. Since Aug. 1, Sorrells has served as acting oil and gas division director. ...»

Texas Alliance announces full endorsement for RRC chairman

The Texas Alliance of Energy Producers Executive Committee has announced their full endorsement of Christi Craddick for re-election at the Railroad Commission of Texas. ...»

Highlands Natural Resources provides operations update on East Denver Project

Highlands, the London-listed natural resources company, provides the following update about the six new wells being funded entirely by Highlands' partners at its East Denver Project. ...»

Texas Alliance announces full endorsement for Railroad Commission chairman

The Texas Alliance of Energy Producers Executive Committee has announced their full endorsement of Christi Craddick for re-election at the Railroad Commission of Texas. ...»

Cubility announces its largest product deployment to the North American market

Cubility AS, a provider of solids control solutions that improve efficiencies, solids control and HSE around drilling operations, has announced that it has sold a substantial number of MudCube systems to its exclusive distribution partner Stage 3 Separation for immediate deployment to Stage 3 Separation customers in the land drilling market. ...»

Exxon among majors to join Oil and Gas Climate Initiative

ExxonMobil said it will join the Oil and Gas Climate Initiative (OGCI), a voluntary initiative representing 13 of the world’s largest oil and gas producers working collaboratively toward solutions to mitigate the risks of climate change. ...»

Trump presses OPEC to reduce oil prices as Brent nears $80

U.S. President Donald Trump resumed his criticism of OPEC, saying on Twitter that the cartel “must get prices down now!” as the global benchmark crude flirted with $80/bbl earlier this week. ...»

Verus Petroleum announces $400-million acquisition of EandP company

Verus Petroleum has signed a Sale and Purchase Agreement (SPA) for the acquisition of Cieco Exploration and Production (UK) Limited, a wholly owned subsidiary of ITOCHU Corporation. ...»

Hydra enters saturation diving market, prepares for industry upturn

Offshore and subsea construction company Hydra enters the saturation diving market with a powerful diving support vessel, the M/V Subsea Responder. ...»

Iran warns it will veto OPEC decisions harming its interests

Iran said it will veto any OPEC decision that harms the Islamic Republic and warned that some oil producers are trying to create an alternative suppliers’ forum that supports U.S. policies hostile to Tehran. ...»

Canadian shale drillers feel Permian-type pain as prices collapse

The Permian basin isn’t the only oil field facing pressure from pipeline bottlenecks. ...»

Russian oil output hits new high before OPEC talks

Russia’s crude production has jumped to a new post-Soviet record, boosting the nation’s budget revenue as it prepares for talks with OPEC+ on further cooperation. ...»

Interior Department revises "burdensome" Venting and Flaring Rule

As part of the Trump Administration’s ongoing goal to reduce the regulatory burden on the American people and foster economic growth and energy development by using innovation, best science, and best practices, the U.S. Department of the Interior's Bureau of Land Management (BLM) has announced a final rule that revises the 2016 Waste Prevention Rule (also known as the Venting and Flaring Rule). ...»

HALO acquires Third Energy Offshore Ltd.

Hague and London Oil plc, the oil and gas company with a diverse portfolio of production, development, appraisal and exploration assets currently focused in the Dutch sector of the Southern North Sea, has announced that it has entered into an agreement for the conditional acquisition of the entire share capital of Third Energy Offshore Ltd. ...»

Prosafe wins $12-million support contract

Prosafe has signed a contract with a major oil and gas operator for the Safe Caledonia to provide accommodation support in the UK sector of the North Sea. ...»

Chet Morrison Contractors, iSIMS introduce structurally optimized jacket design

Chet Morrison Contractors (Morrison), a leading energy service company for the oil, gas and renewables industries, has formed a strategic partnership with iSIMS to launch the iJacket, a new optimized method in jacket and foundation design. ...»

Riverstone plans $900-million sale of oilfield services equipment company

Riverstone Holdings LLC is preparing to sell oilfield services equipment company Abaco Energy Technologies, which could fetch about $900 million, according to people with knowledge of the matter. ...»

FSO tow and installation complete for Culzean field, offshore UK

Last week, hook up of the Ailsa Floating Storage and Offloading unit (FSO) was successfully completed. This marks the final step of the FSO transportation and installation for Culzean field, under the project management of Maersk Supply Service. ...»

U.S. gas a no-go for Chinese buyers despite weaker tariff

Even with China’s smaller tariffs on U.S. natural gas, American cargoes may still be shunned by Chinese traders trying to navigate the ongoing trade war. ...»

Battered oil-sands servicers pin hopes on Shell's LNG project

After years of suffering through plunging energy prices and declining spending by oil-sands companies, Canada’s oilfield-service industry is seeing a light on the horizon. ...»

TGS announces new multi-beam, seep study project in the MSGBC basin

TGS has announced its first regional offshore MSGBC SeaSeep Project in the Northwest Africa Atlantic Margin. ...»

Trade war escalation could slow U.S. LNG expansion

U.S. gas is under threat as a trade war with China escalates. ...»

Equinor granted drilling permit for wildcat, west of Atlantis discovery

The Norwegian Petroleum Directorate (NPD) has granted Equinor Energy AS a drilling permit for well 7324/3-1, cf. Section 15 of the Resource Management Regulations. ...»

Saudi Arabia is said to be comfortable with Brent above $80

Saudi Arabia is now comfortable with Brent oil prices rising above $80/bbl, at least in the short term, as the global market adjusts to the loss of Iranian supply from U.S. sanctions, according to people familiar with the kingdom’s view. ...»

Gardner Denver releases newest pressure pumping fluid end technology

Gardner Denver Petroleum and Industrial Pumps, the only total solutions provider to the drilling, well servicing and frac pumps market, announced the launch of GDNX, the next generation of fluid end technology. ...»

BHGE lands integrated services contract for major offshore expansion in Saudi Arabia

Saudi Aramco has awarded the first large-scope integrated services contract for its Marjan oilfield – the first of three major offshore expansions in Saudi Arabia, and the company’s largest upstream development project this year – to Baker Hughes, a GE company (BHGE). ...»

CNOOC's Penglai project begins production in the Bohai Sea

CNOOC Limited has announced that the Penglai 19-3 oilfield 1/3/8/9 comprehensive adjustment project has commenced production. ...»

Aker Solutions wins services contract with Brazilian major

Petrobras has awarded Aker Solutions a contract to provide maintenance and modifications services for nine platforms at oil and gas fields in the Campos basin offshore Brazil. ...»

Vitol-Cheniere pact shows long-term LNG deals aren't dead

Developers of LNG export terminals can breathe a sigh of relief: A supply boom hasn’t killed the long-term contracts that underpin the projects. ...»

U.S. sanctions cripple Iranian oil exports

Aggressive and undiplomatic and extremely effective. With 50 days before new U.S. oil sanctions against Iran enter into force, President Trump has crushed the country’s petroleum exports. ...»

Trump's trade war escalation puts U.S. LNG in crosshairs

U.S. gas is under threat as a trade war with China escalates. ...»

First oil achieved at Tortue, offshore Gabon

BW Offshore has announced that first oil from the BW Adolo FPSO was safely achieved on Sept. 16, 2018, 18 months after the initial investment was made in the Dussafu license, offshore Gabon. ...»

Zennor Petroleum acquires Britannia field interest

Zennor Petroleum Limited has announced that its wholly owned subsidiary, Zennor North Sea Limited, has entered into a Sale and Purchase Agreement with Mitsui EandP UK Limited (MEPUK) in respect of its interests in United Kingdom Continental Shelf Licenses P.213, Block 16/26a, Area B and P.345 Block 16/27b Area B, which represent an 8.97% working interest in Britannia field. ...»

Cheniere, Vitol sign 15-year LNG sale and purchase agreement

Cheniere Energy, Inc., has announced that its subsidiary Cheniere Marketing, LLC, has entered into a liquefied natural gas (LNG) sale and purchase agreement (SPA) with Vitol Inc. ...»

Crude see-saws as supply crunch muted by impending demand drop

Oil capped recent gains as international supply concerns were overshadowed by a looming demand drop. ...»

Henderson acquires HP Piping Solutions, improving service capabilities

Henderson has acquired HP Piping Solutions, specializing in high specification/high pressure fabrication, to further improve its service capabilities within the growing North American oil and gas market. ...»

Grey Matters initiative to harness oil, gas expertise to create viable new businesses

A transformative initiative which brought together redundant but highly experienced oil and gas professional, to create and launch exciting, innovative and scalable businesses is aiming to build on its success, as applications open for the third program. ...»

Prospex, Raffles Energy report first gas in Romania

Prospex Oil and Gas Plc, the AIM quoted investment company, has announced that it has been advised by the operator, Raffles Energy S.R.L., that first gas production has commenced from Bainet gas field in the Exploration Area of the EIV-1 Suceava Concession, northeastern Romania. ...»

Iran clashes with U.S. over nuclear deal at IAEA talks in Vienna

Top energy officials from the U.S. and Iran clashed on Monday with warnings that international peace is at risk as America’s sanctions noose tightens on the Islamic Republic. ...»

OPEC sees need to keep oil supply deal as demand faces headwinds

OPEC needs to keep working with other oil producers to manage global supplies as demand for crude faces “headwinds,” the head of the organization said. ...»

Tale of two oil markets: Brent bulls split from U.S. optimists

For oil investors, this is both the best of times and the worst of times, depending on which crude benchmark you trade. ...»

Crude set for weekly gain as Iran sanctions bite into supply

Crude is poised for a third weekly advance out of four as Iranian sanctions take center stage, with investors eyeing the impact on supply. ...»

OGIC supports new research projects for digitalization in oil and gas

The Oil and Gas Innovation Centre (OGIC) is supporting three new research projects centred on how digitalization can improve efficiency and provide cost savings to the oil and gas industry. ...»

BP oil-buying spree jolts sleepy West African crude market

Two of the world’s biggest oil companies are stepping up buying and selling of West African crude at the same time as a new regional swaps market has emerged, as merchants seek new ways to eke out profits in a tough trading environment. ...»

U.S. warns Russia it may sanction new gas pipeline to Germany

The U.S. warned Russia that it may follow through on sanction threats over the construction of a major natural gas pipeline to Germany. ...»

Matador revealed as mystery buyer in record Permian auction

Matador Resources was the anonymous purchaser of drilling rights in the Permian that fetched a record $95,001/acre. ...»

EIA: Tighter crude oil markets contribute to higher forecast prices

In the September 2018 update of its Short-Term Energy Outlook (STEO), the U.S. Energy Information Administration (EIA) increased the forecast price for the Brent spot price to $73/bbl in 2018 and $74/bbl in 2019. EIA expects West Texas Intermediate (WTI) crude oil prices will average about $6/bbl lower than Brent prices in 2018 and in 2019. ...»

Oil declines as supply fears ease, Trump tweets on Chinese trade

Crude dropped the most in almost a month as global supply concerns receded and a demand-killing trade war intensified. ...»

Saudis tap ex-solicitor General Olson to lobby against "NOPEC"

Saudi Arabia is taking no chances with the longshot "NOPEC" bill, hiring former Solicitor General Ted Olson as a lobbyist to campaign against the act. ...»

Cygnus becomes world's first offshore platform available for a virtual tour

Cygnus, the largest single producing gas field in the southern North Sea, is now available for a virtual tour. ...»

Hurricane Energy completes Lancaster EPS subsea installation

Hurricane Energy plc, the UK based oil and gas company focused on hydrocarbon resources in naturally fractured basement reservoirs, has provided an operational update in relation to the Early Production System development of Lancaster field (Lancaster EPS). ...»

Total to acquire a 25% working interest in the Orinduik Block, offshore Guyana

Eco (Atlantic) Oil and Gas Ltd., the oil and gas exploration company with licenses in highly prospective regions in Namibia and Guyana, is delighted to announce that Total EandP Activités Pétrolières, a wholly owned subsidiary of Total Petroleum SA (Total), has exercised its option to acquire a 25% working interest in the Orinduik Block, offshore Guyana, from Eco Atlantic (Guyana) Inc., a wholly owned subsidiary of the Company. ...»

IEA warns of higher oil prices as Iran, Venezuela losses deepen

The International Energy Agency warned that oil prices could break out above $80/bbl unless other producers act to offset deepening supply losses in Iran and Venezuela. ...»

Iran endures longest gap in China's oil buying in three years

Iran just endured the longest gap without sending oil to its biggest customer in at least three years as imminent U.S. sanctions pile pressure onto Tehran. ...»

The $20 billion race to eclipse Norway's elite oil producers

The race is on to become Norway’s biggest non-state oil company. ...»

The Republic of Madagascar to hold 2018-2019 licensing round

OMNIS, in partnership with TGS and BGP, announce a licensing round in Madagascar, to be launched at Africa Oil Week, Nov. 5-9, 2018. ...»

Rosneft, CNPC agree on wider EandP cooperation

Rosneft and the Chinese National Oil and Gas Corporation (CNPC) signed the Agreement on Cooperation in Exploration and Production in the Russian Federation in the framework of the IV Eastern Economic Forum. ...»

Gazprom Neft, CNPC partner to develop enhanced oil recovery technologies

Gazprom Neft and China National Petroleum Corporation (CNPC) have entered into a technical partnership at the Eastern Economic Forum. The document was signed by Alexander Dyukov, chairman of the Gazprom Neft management board, and Wang Yilin, chairman of CNPC. ...»

EIA: U.S. overtakes Russia, Saudi Arabia as world's largest crude producer

The United States likely surpassed Russia and Saudi Arabia to become the world’s largest crude oil producer earlier this year, based on preliminary estimates in EIA’s Short-Term Energy Outlook (STEO). ...»

Oil majors face "monumental" costs to reach climate goals

Europe’s largest oil companies must roughly double the amount of money they’re now dedicating to “new energies” by the end of the decade to meet key climate targets, according to a report from JPMorgan Chase and Co. that suggests the challenge facing the fossil fuel industry has been vastly underestimated. ...»

Norway poised to battle with global giants in German gas market

After supplying Europe’s biggest economy with natural gas for more than four decades, Norway is preparing to defend its share as the world’s biggest producers all vie for a larger slice of the $21-billion market. ...»

Ecuador holds open licensing round for eight onshore blocks

Carlos Pérez Garcia, Minister of Energy and Non-renewable Resources in Ecuador has announced an open licensing round for eight blocks onshore Ecuador, in Sucumbíos Province. These comprise: Araza Este, Changue, Iguana, Perico, Espejo, Pañayacu Norte, Charapa and Sahino. ...»

Trump takes assault on Obama climate rules on oil wells

The Trump administration has proposed relaxing Obama-era mandates meant to limit methane leaks from oil wells as part of a broader assault on federal regulations designed to combat climate change. ...»

OPEC highlights threats to oil demand before meeting on output

OPEC highlighted a range of risks brewing in the global economy that could hurt oil demand as ministers prepared for a meeting on production policy, marking a shift from last month’s outlook. ...»

Iran resorts to floating storage for oil as buyers retreat

Iran is starting to store oil on its fleet of supertankers again as impending U.S. sanctions force the Persian Gulf country to revive a strategy it deployed under previous curbs. ...»

CEOs under 40 making millions in Texas shale oil

John Sellers and Cody Campbell are holding court one hot August evening in the corner of an oil-themed dive bar in Midland, Texas. ...»

Russia ready to pump oil at record rate if market requires

Russia has the capacity to set a new oil-production record but won’t decide whether the market requires additional supplies before a meeting with its OPEC allies. ...»

Siccar Point defers drilling of Lyon exploration well until 2019

With the Cambo well operations shortly due to complete, Siccar Point Energy EandP Limited and its JV partner have elected to defer the drilling of the Lyon exploration well (Licence P.1854) until 2019. ...»

Faroe Petroleum to drill first well in PL 825, offshore Norway

The Norwegian Petroleum Directorate (NPD) has granted Faroe Petroleum Norge AS a drilling permit for well 30/6-30, cf. Section 15 of the Resource Management Regulations. ...»

U.S. oil to flow abroad as glut concerns swell discount to Brent

Don’t be surprised to see bumper U.S. oil shipments heading overseas in the coming weeks. ...»

Petronas may invest in South Sudan oil blocks, presidency says

Malaysian state energy company Petroliam Nasional Bhd. is interested in developing oil blocks in South Sudan, President Salva Kiir’s office said. ...»

Iran resorts to floating storage for its oil as buyers retreat

Iran is starting to store oil on its fleet of supertankers again as impending U.S. sanctions force the Persian Gulf country to revive a strategy it deployed under previous curbs. ...»

Azinam takes over as operator of Orange basin blocks, offshore South Africa

Azinam Limited, the Seacrest Capital-backed Southwest African oil exploration company, has announced the acquisition of a 40% operating interest in Block 3B/4B and a 51% operating interest in Nearshore Block 3B/4B in the Orange basin, offshore South Africa, with Ricocure (Pty) Ltd retaining 60% and 49% in the blocks, respectively. ...»

Massive new mine signals an oil-sands revival

A colossal Canadian oil-sands project may be showing the way forward for an industry many thought would never see new investments. ...»

Brent crude trades at $10 premium to U.S. oil amid Iran risk

Brent traded at more than a $10/bbl premium to U.S. futures as fears of lost Iranian output buoyed one grade and a supply glut undermined the other. ...»

UK North Sea drilling at 40-year low, risking growth goals

The oil business has mostly recovered from a worst-in-a-generation crude price slump, but not everyone is celebrating. ...»

AMLO targets $3.9 billion in new oil investment

Mexico’s next president Andres Manuel Lopez Obrador will allocate 75 billion pesos ($3.9 billion) in the budget next year to oil extraction in a bid to resuscitate flagging output. ...»

Libya forces quash gunmen after attack on state oil company

Libya’s National Oil Corp. will carry out operations as usual across the country after security forces quashed a deadly attack on the state company’s headquarters in the capital Tripoli, the NOC’s chairman said. ...»

Equinor granted drilling permit for wildcat in PL 751

The Norwegian Petroleum Directorate has granted Equinor Energy AS a drilling permit for well 6407/11-1, cf. Section 15 of the Resource Management Regulations. ...»

Norway's largest oil pipeline now in place

Last week Norway’s largest and longest pipeline, laid by the vessel Saipem Castorone, reached the Johan Sverdrup field in the North Sea. ...»

Production capacity increased 25% for Egyptian Zohr project

Production capacity of Zohr project, developed by the consortium of Eni, Rosneft, BP and Mubadala together with the Egyptian oil and gas companies, has been increased by more than 25% to more than 2 Bcfd. ...»

Lukoil expands production capacity at Yarega field

Lukoil has commissioned a steam generation farm at Yarega field of highly viscous oil in the Republic of Komi. The facility is to build up production as part of Yarega area Phase 2 development. ...»

Block Energy, NOC ink MOU for hire of drilling and workover rigs

Block Energy Plc, the exploration and production company focused on the Republic of Georgia, has announced execution of a non-binding Memorandum of Understanding (MOU) with Georgia-based drilling contractor, JSC Norio Oil Company (NOC), for the provision of a drilling and a workover rig. ...»

Savannah Petroleum spuds Zomo-1 well, in southeastern Niger

Savannah Petroleum PLC, the British independent oil and gas company focused around activities in Niger and Nigeria, this morning announces that the fifth well in its current Niger drilling campaign, Zomo-1, was spudded on Sept. 8, 2018. ...»

PetroChina inks its biggest Qatar LNG deal as U.S. trade at risk

PetroChina signed a deal with Qatargas Operating to purchase 3.4 MM tons of LNG annually, the Chinese company’s biggest supply deal. ...»

Haynesville natural gas production is increasing, EIA says

In June 2018, natural gas production in the Haynesville shale formation, located in northeastern Texas and Louisiana, averaged 6.4 Bcfd, accounting for 8.5% of total U.S. dry natural gas production and the highest production from this region since September 2012. ...»

Iraq pumping oil at record levels, unaffected by protests

Iraq is pumping crude at record levels and the violent street protests that engulfed the oil-rich south have not affected energy facilities in OPEC’s No. 2 producer. ...»

Equatorial Guinea said to plan end to oil-service contracts

Equatorial Guinea may exclude oil-service companies TechnipFMC Plc, Subsea 7 SA and Schlumberger Ltd. from the country because they aren’t complying with local-content rules over training and jobs, said a government official. ...»

Permian oil auction gets record $1 billion as bidding soars

The price to access unexplored shale assets on the New Mexico side of the Permian basin soared to $95,001 an acre in a federal government auction, a record high for North America’s biggest oil field. ...»

Mexico's next president says historic oil auctions will continue

Mexico’s next president said he will continue with oil auctions in the first signs that he is backtracking on plans to scale back the country’s historic 2014 energy reforms. ...»

Russia's gas giant surpassed by its smaller rival

Imagine a decade from now, U.S. giant Exxon Mobil Corp. has been knocked from its perch as the world’s largest oil company by its rival from tiny Portugal -- about 20 times smaller. It seems unlikely, but something equally strange has just happened in Russia. ...»

Santos completes sale of non-core Asian assets

Santos announced in May 2018 the sale of its non-core Asian portfolio to Ophir Energy plc. Santos has advised that completion of the sale of the producing assets has occurred. ...»

Canadian crude prices collapse as Alberta glut grows

Canadian crude prices are plunging once again as repairs were completed on Alberta’s second-biggest oil sands upgrader and production surged from a new mine. ...»

Saudis ramp up oil exports to the U.S.

Saudi Arabia has increased oil exports to America, a sign OPEC’s leading producer is responding to pressure from President Trump to cool down the energy market. ...»

Growth in tight oil shakes up futures markets and hedging needs

The vibrations of the shale boom are now shaking the futures market. ...»

Improve field operations performance and safety with VR training simulation

A lot of best practices and knowledge were lost when experienced staffs left the companies during the oil price crisis. Aging and retiring workforce are compounding the staffing problems, exasperating the current shortage of experienced staffs. ...»

How big data, analytics increase production asset uptime in oil fields

Although oil prices have recovered to above $60/bbl recently, Oil and Gas producers continue to be highly focused on reducing their operations costs to reduce their break-even prices in order to stay ahead of the curve; companies must continue to make investments in improving operational efficiencies to sustain and improve their profitability in the highly volatile business environment. ...»

How advanced analytics improve margins at natural gas processing plants

Improved fracking technology in oil and gas fields is creating an unprecedented boom in natural gas production, exerting tremendous pressure on natural gas prices globally. As recovery of Natural Gas Liquids (NGL) from the gas streams drives revenues for natural gas processing plants, any favourable market climate for encouraging production may adversely affect supply-demand equilibrium. ...»

How digital transformation of engineering and design reduces cost, time and risk in capital projects

In the past few years, low oil prices had sanctioned almost every large energy projects in the oil and gas industry. Today, with the recent recovery of oil prices, most companies are starting to see light at the end of the tunnel and preparing to ramp up their investments to either maintain or grow output. Yet, despite the increasing investment in projects, EPC companies are facing tougher contracting and more intense global competition. ...»

Digital twin is key to digital transformation of the oil and gas industry

The concept of Digital Twin is not new and it has been around for more than a decade. A digital twin is a complete 360-degree digital replica of a physical asset such as a pump, compressor or entire plant that enables analysis of data and monitoring of systems to catch problems before failures occur, preventing downtime and developing new opportunities for business improvement. Only in recent years, the improved technology and greater clarity on the use cases have accelerated the technology adoption. ...»

Digital transformation journey in upstream oil and gas, gas processing

IIoT, Digital Oilfield 4.0 and Industry 4.0 are some of the really big terms describing digital transformation in the oil and gas industry today. It came as no surprise when a recent survey pointed that while most executives agreed digital transformation would be an important source of growth for them over the next several years, they are still lacking a clear perspective on where and how they can embark on the “right” digital journey to maximize production potential of their assets--especially given the breadth of complex applications from wells to processing facilities, and from designs to operations in both asset and operations lifecycles. ...»

Sound Energy awarded production concession in Eastern Morocco

Sound Energy, the Morocco focussed upstream gas company, is pleased to announce the award of the production concession relating to the Tendrara gas discovery in Eastern Morocco by the Moroccan Ministry of Energy. ...»

ONGC $1.6-billion stake sale is said to face subsidy hurdle

India’s efforts to sell a $1.6-billion stake in Oil and Natural Gas Corp. (ONGC) has run into concerns that government policies on fuel pricing would weigh on the state-run explorer’s share price, according to people with knowledge of the situation. ...»

Fugro secures EandP support contracts in Trindad and the Gulf of Mexico

Fugro has won three contracts with BHP Petroleum (Deepwater) Inc., which see the company delivering a range of specialist services to support exploration and production operations in Trinidad and Tobago and the Gulf of Mexico. ...»

2H Offshore expands STREAM JIP for improved SCR, lazy-wave riser design

2H Offshore, a riser and conductor specialist in subsea services group Acteon, has completed the first phase of the STREAM (STeel Riser Enhanced Analytics using Measurements) joint industry project (JIP) and has expanded the work into a second phase. ...»

Maersk Drilling, Aker BP sign major contract founded on joint alliance

Maersk Drilling and Aker BP have agreed to a one-year contract to deploy high-performance rig Maersk Integrator on the Norwegian shelf from June 2019. The contract is founded on the alliance that the parties entered into in 2017. ...»

Joint study shows data analytics can improve production efficiency, reduce maintenance costs

A joint study by the UK oil and gas industry’s Technology Leadership Board, the Oil and Gas Technology Centre and the Oil and Gas Authority (OGA) has found that adopting data analytics and digital technologies for asset maintenance and operations could increase production and lower maintenance costs worth £1.5 billion annually to the UK Continental Shelf (UKCS). ...»

Point Resources extends contract with Aker Solutions

Point Resources has executed the remaining part of the option for the maintenance and modifications contract with Aker Solutions. ...»

PG Flow Solutions to deliver pump systems to Johan Sverdrup phase 2

Liquid handling and pump specialist PG Flow Solutions has been awarded a contract by the Aker Solutions and Kvaerner 50/50 joint venture (ASK JV) to deliver MEG (mono ethylene glycol) and chemical injection pump packages to the Johan Sverdrup phase 2 field development. ...»

U.S. sanctions already affecting oil buyers

The early-November deadline set by the U.S. to sanction Iran’s oil exports is now a warning sign that’s too close for buyers to neglect. ...»

Russian exporters gain market share at Iran’s expense

Russia will export more crude to European refiners who cut imports of Iranian oil in September. ...»

Crude drops most in two weeks as investors eschew risky assets

Oil fell the most in two weeks as crises of confidence in economies across the globe imperiled energy demand. ...»

BHGE lands major services contract for Saudi Aramco's Marjan field

Saudi Aramco has awarded the first large-scope integrated services contract for its Marjan oilfield – the first of three major offshore expansions in Saudi Arabia, and the company’s largest upstream development project this year – to Baker Hughes, a GE company (BHGE). ...»

Equinor announces record fast-track development of Visund Nord IOR project

On Sept. 2, the Visund Nord IOR (improved oil recovery) project came onstream, two months ahead of schedule. The project has further been delivered with no serious HSE incidents and well below budget. ...»

Gazprom Neft, Mubadala Petroleum and RDIF to jointly develop oil fields in Western Siberia

Gazprom Neft, Mubadala Petroleum and the Russian Direct Investment Fund (RDIF, the sovereign wealth fund of the Russian Federation) have announced the completion of a transaction establishing a joint venture to develop oil fields in the Tomsk and Omsk Regions of Western Siberia. ...»

Gordon weakens to tropical depression after shutting in 9% of GOM production

Gordon was rapidly weakening to a tropical depression after coming ashore near the Alabama-Mississippi border late Tuesday and killing at least one person while knocking out power to thousands. ...»

Empryean Energy engages third-party independent audit of Block 29/11, China

Empyrean Energy, the oil and gas development company with interests in China, Indonesia and the United States, has announced that it has engaged Gaffney, Cline and Associates (GCA) to complete a third-party independent audit of oil initially in place estimates over the Jade, Topaz and Pearl prospects, in Block 29/11, in the Pearl River Mouth basin, China. ...»

Anglo African Oil and Gas reports temporary suspension of drilling at Tilapia field

Anglo African Oil and Gas plc, an independent oil and gas developer, has announced that the company has been informed by its drilling contractor, SMP, that they have experienced a topside issue that has affected a rig offshore the Congo. ...»

African oil hunt returns as majors seek to unlock vast reserves

Africa is entering the oil-hunt spotlight as drillers, flush with cash after crude’s recovery, are turning their attention back to the continent’s potentially vast resources. ...»

BP announced as the Lead Operator Sponsor of MCEDD 2019

Gulf Quest LLC is pleased to announce that BP will be the Lead Operator Sponsor of MCE Deepwater Development 2019 (MCEDD), which will be held April 2-4, 2019, at the Novotel London West. ...»

Halliburton sets record for deepwater liner hanger installations

Halliburton Company has announced its XtremeGrip liner hangers have been installed to a depth of 30,924 ft in the Gulf of Mexico Hess-operated Stampede deepwater development, setting a record depth for the XtremeGrip system. ...»

Talos Energy acquires Whistler Energy II

Talos Energy Inc. has announced that the Company has entered into and completed a transaction to acquire Whistler Energy II, LLC, on Aug. 31, 2018. ...»

Cudd Energy Services runs single NOV coiled tubing string more than 1.2 million ft

The dramatic increase in both the quantity of horizontal laterals and their length—often beyond 10,000 ft—has led companies to use high-capacity coiled tubing units for well completion and intervention work. ...»

Transocean to acquire Ocean Rig for $2.7 billion

Transocean Ltd. and Ocean Rig UDW Inc. announced that they have entered into a definitive merger agreement under which Transocean will acquire Ocean Rig in a cash and stock transaction valued at approximately $2.7 billion, inclusive of Ocean Rig’s net debt. ...»

Blockchain quickly becoming oilfield cybersecurity standard

As cybersecurity threats to the oil and gas industry have grown exponentially, various strategies have been deployed to safeguard companies’ computer and control systems. One new technology in particular, blockchain, has emerged as a highly innovative and effective solution. ...»

Southwestern Energy to sell Fayetteville shale business for $1.865 billion

Southwestern Energy Company has announced that it has entered into a definitive agreement with Flywheel Energy, LLC, a private company backed by Kayne Private Energy Income Funds, to sell its Fayetteville Shale EandP and related midstream gathering assets for $1.865 billion in cash, subject to adjustments and customary closing conditions. ...»

BP deploys cloud-based analytics solution on Gulf of Mexico platforms

BP announced today that it has successfully deployed Plant Operations Advisor (POA), a cloud-based advanced analytics solution developed with Baker Hughes, a GE company, across all four of its operated production platforms in the deepwater Gulf of Mexico. ...»

Anadarko Petroleum shuts-in GOM production as storm approaches

Oil traded near $71/bbl in New York as Tropical Storm Gordon forces evacuations at fields along the U.S. Gulf Coast and threatens supply. ...»

OPEC oil output hits 2018 high

OPEC crude production rose in August to the highest level this year as a recovery in Libyan output helped to offset a cut in Iranian exports due to U.S. sanctions. ...»

U.S. throttles Iran oil flows to buyers who vowed resistance

The world’s top oil buyers are discovering that U.S. sanctions on Iran will squeeze their trade flows whether they agree with America or not. ...»

CGG develops Center for Advanced Imaging for Petronas

CGG and Petronas Carigali Sdn Bhd (Petronas Carigali), a wholly-owned subsidiary of Petroliam Nasional Berhad (Petronas), have agreed on a collaboration to provide access to CGG’s latest technology and expertise in high-end seismic and multi-physics imaging, and reservoir characterization. ...»

Wood, Abyssal partner to provide latest digital technology

Wood has teamed up with Abyssal, a 3D visualization, simulation and digitalization solutions provider to the oil and gas and marine renewables markets, to provide the latest digital technology aimed at improving the design, constructability, operation and inspection of subsea assets globally. ...»

Spirit Energy farms in to Greater Warwick Area Licenses

Hurricane Energy plc, the UK based oil and gas company focused on hydrocarbon resources in naturally fractured basement reservoirs, has announced that Spirit Energy Limited has farmed-in to 50% of Hurricane’s Lincoln (P.1368 South) and Warwick (P.2294) licenses, together covering the Greater Warwick Area (GWA). ...»

Secret oil shipments could help Iran cushion U.S. sanctions blow

Discounts, bartering and smuggling are among the tactics Iran may lean on to keep almost 800,000 bpd of its oil exports flowing after U.S. sanctions resume in November. ...»

Tropical Storm Gordon could be a problem for GOM producers

Tropical Storm Gordon may become a hurricane as it crosses the Gulf of Mexico toward Louisiana and New Orleans, potentially causing issues for natural gas and oil production as it brushes the eastern edge of offshore energy fields. ...»

Ikon Science donates geoscience software to Mexico's ITPE

Ikon Science, the leader in geoprediction technology, has donated 12 of its RokDoc geoscience software licenses to the ITPE - Instituto Tecnológico del Petróleo y Energía in Merida, Mexico. ...»