Giftelyon Multi-Sevices Int'l Ltd
Giftelyon Multi Sevices Int'l Ltd is a leader in the of Nigerian Bonny Light Crude Oil (BLCO) sales market. As a privately held company, Giftelyon Multi-Sevices Int'l Limited is committed to and is focused on delivering reliable services to all her clients. Giftelyon Multi-Sevices Int'l Ltd is determined to continue to grow in the energy sector and to become one of the recognized leaders in the Nigerian oil and gas industry.
Simplifying Nigerian Bonny Light Crude Oil Buying, BLCO
Giftelyon Multi Sevices International Ltd has an excellent track record of reliability in the supply of Bonny light crude oil, BLCO. We protect our buyers with 2% Performance Bond while we also expect protection from our customers with bank instrument from the world's top banks. We deliver on TTO, TTT, CIF and FOB basis.
If you wish to purchase Bonny Light Crude Oil from a reliable seller, contact us today to commence a comprehensive purchase procedure.
Monday 29 February 2016
Vallourec secures profitable growth through rationalization project
Vallourec has announced major strategic initiatives aimed at transforming its operational set-up, improving its competitiveness and reinforcing its financial strength, in an effort to secure long-term profitable growth and sustained shareholder value creation. More »
Tier 1, Delphian Ballistics partner to bring TriStim perforating technology to Western Canada
Tier 1 Energy Solutions has entered into an exclusive partnership with Delphian Ballistics Inc. Led by Stuart McLeod, Paul Lynch and Serena Arif, Delphian Ballistics has an absolute focus on improving well productivity by building a better perforating system. More »
Tier 1, Delphian Ballistics partner to bring TriStim perforating technology to Western Canada
Tier 1 Energy Solutions has entered into an exclusive partnership with Delphian Ballistics Inc. Led by Stuart McLeod, Paul Lynch and Serena Arif, Delphian Ballistics has an absolute focus on improving well productivity by building a better perforating system. More »
Exxon said to be planning $12-billion bond sale to build war chest
Exxon Mobil Corp., the oil giant at risk of losing its top-notch credit rating, is planning to raise $12 billion in its biggest bond offering as it seeks funds for future acquisitions and other business opportunities. More »
Standardization key enabler for safe and cost-effective pipeline innovation, says DNV GL
HØVIK, Norway -- Growing global energy demand and requirements for additional pipeline capacity are driving the pipeline segment. However, pipeline related innovation is prioritized by only 4% of senior oil and gas professionals, according to research by DNV GL. More »
Oil rises as Saudis to work with producers to stabilize market
Crude advanced as Saudi Arabia said it would work with other producers to curb market fluctuations and as China’s central bank stepped up efforts to support the economy. More »
Saudi to stable oil market as China adds economic support
Crude advanced as Saudi Arabia said it would work with other producers to curb market fluctuations and as China’s central bank stepped up efforts to support the economy. More »
New offshore legislation comes into effect in Canada
The Honourable Jim Carr, Canada’s Minister of Natural Resources, announced that new measures to strengthen environmental protection and safety in Canada’s offshore came into effect on Feb. 26, 2016. More »
Sound Energy signs MOU for Badile rig in Italy
Sound Energy has announced signature of a Memorandum of Understanding (MOU) for the rig meant for the forthcoming Badile exploration well. More »
Woodside appoints non-executive director
The Board of Woodside has appointed Ann Pickard as a non-executive director, effective Feb. 29, 2016. More »
MEO Australia advances exploration program in Cuba
MEO Australia Limited has announced it has executed a Private Placement Agreement (PPA) with London listed Leni Gas Cuba Limited to raise $1.4 million, with funds to be used to advance MEO’s exploration program on the company’s newly awarded 2,380 km2 onshore oil block, Block 9 in Cuba. More »
Petronas plans to raise debt after posting quarterly loss
Petroliam Nasional Bhd., Malaysia’s state oil company, said it may need to raise debt and use its cash reserves for capital expenditure and to fulfill dividend payments to the government as it foresees another challenging year. More »
Bullish oil bets rise as hedge funds see supply tightening
Talk of an output freeze by OPEC and Russia along with falling U.S. production spurred money managers to bet oil is ready for a rebound. More »
WTI heads for longest run of monthly losses in a year
U.S. crude futures slipped, heading for their longest run of monthly losses in a year as a further pullback in drilling failed to allay speculation that markets will remain oversupplied. More »
Harkand wins Apache North Sea subsea installation campaign
Inspection, repair, maintenance (IRM) and light construction company Harkand has been chosen to deliver installation workto support Apache with its existing drilling campaign in Nevis South field in the North Sea. More »
Genel drops by a record after slashing Kurdistan’s Taq Taq reserves
Genel Energy Plc, a UK oil producer operating in Iraq’s Kurdish region, fell by a record in London trading after cutting the reserves estimate for its largest field by almost half. More »
Iran sells South Pars condensate to Hanwha in challenge to Qatar
Iran sold a light hydrocarbon liquid pumped from its South Pars fields to South Korea’s Hanwha Total Petrochemicals Ltd., as the removal of sanctions help it challenge producers of similar supplies, such as Qatar. More »
Eni granted three new permits in Algeria
Eni has been granted three prospection permits by Sonatrach, the Algerian state company. The permits authorize Eni, as operator, and Sonatrach to carry out prospection activities in the basins of Timimoun and Oued Mya, in onshore southern Algeria.
The three permits (El Guefoul, Tinerkouk and Terfas), issued from the national agency for the exploitation of hydrocarbon resources (Agence Nationale pour la Valorisation des Ressources en Hydrocarbures, ALNAFT), are valid for two years and cover a total area of 46,837 sq km. The work program includes studies and drilling of prospection wells to define the potential of the areas. The three areas are considered of great interest and potential.
Eni has been present in Algeria since 1981 and has interests in 29 exploration and development licenses, which are currently in production, and in 3 permits under development. Eni is the leading international producer in the country, with daily equity production of approximately 125,000 boe.
Providing useful resources, articles and writings on crude oil, other petroleum products, energy and gas. By Giftelyon Multi-Sevices Int'l Ltd and services, UK, online.
Friday 26 February 2016
U.S. explorers idle rigs as world looks for shale cuts
Explorers parked more drilling rigs in U.S. oilfields as the rest of the world looks to shale producers to arrest the worst crude downturn in 30 years with more cutbacks. More »
Fugro deploys support vessel for Petrobras contract in Brazil
Fugro has been awarded an inspection, repair and maintenance (IRM) contract by Petrobras in Brazil. More »
Tracerco brings subsea pipeline innovation to Australasia
PERTH, Australia -- Tracerco has brought its technology to the Australasia region, permanently basing their equipment at their Western Australia facility in Perth. More »
Eni's Coral FLNG development plan approved by Mozambique
Eni has announced the approval of the Plan of Development for the Coral discovery, offshore Mozambique. The approval has been granted by the Government of Mozambique’s Council of Ministers. More »
Eni granted approval for development plan offshore Mozambique
Eni has announced the approval of the Plan of Development for the Coral discovery, offshore Mozambique. The approval has been granted by the Government of Mozambique’s Council of Ministers. More »
BP awards Subsea 7 contract for work offshore Egypt
Subsea 7 has won a major contract from BP, and partner DEA, for the development of Giza, Fayoum and Raven subsea fields offshore Alexandria, Egypt. More »
Eni completes first appraisal well of Zohr discovery in Egypt
Eni successfully drilled the Nidoco North 1X well, in the exploration prospect of Nooros East, located in the Abu Madi West license, in the Nile Delta, Egypt. More »
Final Macondo defendant cleared of U.S. pollution charge
A former BP manager charged with violating U.S. pollution law over the 2010 Gulf of Mexico oil spill was cleared by a New Orleans jury, thwarting federal prosecutors’ last chance to jail someone over the disaster. More »
Eni posts fourth-quarter loss as prices slide further
Eni SpA reported a fourth-quarter loss after the slide in energy prices deepened, even as the company’s oil and gas production rose to the highest in five years. More »
Shale drillers are finally buckling as OPEC pumps on
U.S. oil drillers are finally beginning to buckle. For more than a year, American oil producers found a way to keep pumping despite a worldwide slide in crude prices. More »
Thursday 25 February 2016
Halliburton cuts another 5,000 jobs to cope with downturn
Halliburton Co. said it’s cutting another 5,000 workers, or 8% of its global workforce, to cope with the worst crude market downturn in 30 years. More »
Sempra Energy, Woodside sign agreement for Port Arthur LNG facility
Sempra Energy has announced that its Sempra LNG and Midstream unit has entered into a Project Development Agreement with a subsidiary of Woodside Petroleum Ltd. to further advance the development of the proposed Port Arthur LNG natural gas liquefaction facility in Port Arthur, Texas. More »
Lukoil begins exploration at Vostochno-Taimyrsky ahead of schedule
PJSC Lukoil has begun the first stage of exploration activities at the Vostochno-Taimyrsky license block in the Krasnoyarsk region ahead of time. More »
Statoil wildcat in gas discovery near Oseberg field
Statoil Petroleum, operator of production license 104, has completed the drilling of wildcat well 30/9-28 S. More »
Hydratight launches compact connector at AOG
Hydratight has invented yet another viable alternative to welding, which was officially launched at the Australasian Oil and Gas Exhibition and Conference (AOG) on Thursday, Feb. 25. More »
Wood Group decommissioning director appointed to Decom North Sea board
Decom North Sea (DNS), the representative body for the offshore decommissioning industry, has appointed Nigel Lees, decommissioning director for Wood Group, as the new vice-chair to its board of directors. More »
Aqualis Offshore wins FPSO topside warranty survey job
Aqualis Offshore has been contracted by Cantex Global Logistics to provide the marine warranty surveyor (MWS) services for FPSO P67 and P70 topside modules transportation from various Brazilian ports to COOEC’s yard in Qingdao, China. More »
Statoil signs subsea framework agreement with Expro
Expro has secured a new framework agreement with Statoil Petroleum in the Norwegian Continental Shelf (NCS). More »
Total starts production from Vega Pleyade field, offshore Argentina
Total has started up production at the offshore Vega Pleyade gas and condensate field in the Tierra del Fuego region of Argentina. Operated by Total, the project will have a production capacity of 10 MMcmgd (70,000 boed). More »
OilMac secures $20 million stock-reduction deal
Oilfield Machinery Ltd. (OilMac) has won an exclusive stock-reduction deal, to hold and supply predominantly unused equipment, with a leading international drilling contractor with a sales value in excess of $20 million. More »
America’s shale gas debuts in global market with first cargo
It’s official. The natural gas flowing out of America’s shale formations is now available to the world. More »
Continental Resources posts first annual loss since IPO
Continental Resources Inc., the shale oil pioneer controlled by billionaire wildcatter Harold Hamm, posted its first annual loss since the company’s public debut in 2007 as crude markets collapsed. More »
Seadrill jumps as profit beats estimates amid deeper cuts
Seadrill Ltd., the oil-rig company controlled by billionaire John Fredriksen, beat profit estimates as it deepened cost cuts to counter a slump in demand for offshore drilling. The stock rose as much as 10% in Oslo. More »
Anadarko reports monetizing assets worth $1.3 billion since start of year
Anadarko Petroleum has closed or signed agreements to monetize approximately $1.3 billion of assets since the beginning of the year, the company said Wednesday. More »
First LNG commissioning cargo set to depart Sabine Pass LNG terminal: Cheniere
Cheniere Energy Partners, L.P. said Wednesday that the first commissioning cargo with LNG produced from the first liquefaction train of its Sabine Pass liquefaction project in Cameron Parish, La., will depart imminently. More »
Wednesday 24 February 2016
Iraq seeks `complete agreement' on oil production freeze Iran ridiculed
The success of a proposal for the world’s biggest producers to freeze crude output hinges on unified support, Iraq’s oil minister said, a day after fellow OPEC member Iran called the plan “ridiculous.” More »
Shell’s North America chief to leave in reshuffle
Royal Dutch Shell has announced that after a 34-year career with the company, Unconventional Resources Director and U.S. Country Chair, Marvin Odum, will leave Shell at the end of March. More »
Protea supplies swivel crane for Petrobras FPSO
Protea is continuing to cement its position as a leading supplier of cranes for floating offshore production units with the delivery of a swivel maintenance crane for a new FPSO conversion. More »
Monika Hausenblas elected new chair of IOGP
The International Association of Oil and Gas Producers (IOGP) has a new Chair. She is Monika Hausenblas, Royal Dutch Shell’s executive V.P., Safety and Environment. More »
Charif Souki to start new LNG company after ouster from Cheniere
Charif Souki is doubling down on liquefied natural gas. More »
Chesapeake to cover $500-million debt tab as asset sales swell
Chesapeake Energy Corp. said it intends to pay a half-billion dollar debt that’s coming due in three weeks after exceeding its first-quarter target for asset sales. More »
GE gas engines in milestone demonstration drilling rig on-site power demonstration project in China
GE’s Distributed Power business has announced that China’s leading rig manufacturer, HongHua Group Ltd., has completed commissioning of the first three Waukesha mobileFLEX gas engines that are powering a 5,000-m deep rig for new shale gas projects located near Deyang City, Sichuan Province, China. More »
GE’s Waukesha gas engines commissioned in milestone demonstration drilling rig on-site power demonstration project in China
GE’s Distributed Power business has announced that China’s leading rig manufacturer, HongHua Group Ltd., has completed commissioning of the first three Waukesha mobileFLEX gas engines that are powering a 5,000-m deep rig for new shale gas projects located near Deyang City, Sichuan Province, China. More »
Esso pulls plug on contract for Transocean semisubmersible
Transocean has received a notice of early termination from Esso Exploration Angola (Block 15) Ltd. for the ultra-deepwater semisubmersible GSF Development Driller I. More »
Kvalross exploration well disappoints in Barents Sea
Faroe Petroleum said Wednesday that drilling has reached target depth on the Wintershall-operated Kvalross exploration well in the Barents Sea. More »
Harkand signs joint venture in Angola
HARKAND has signed a new joint venture agreement with ESOPEG Lda in Angola, its first strategic partnership in the country and third in the region as the global inspection, repair and maintenance (IRM) company continues to strengthen its capabilities across West Africa. More »
What a Saudi oil-supply freeze would really mean for markets
Saudi Arabia shot down rumors it might cut oil production, but reaffirmed its commitment to an output freeze that could restrict crude flows to market this summer. With the world’s biggest exporter already pumping near-record volumes, that may not matter. More »
Encana posts quarterly loss, cuts spending plan amid oil slump
Encana Corp. reported its fourth straight quarterly loss, cut its annual spending forecast and lowered the dividend amid tumbling oil and natural-gas prices. More »
Saudi Arabia to U.S. oilmen: Cut costs or get out of business
The world’s most powerful oilman brought a harsh message to Houston for executives hoping for a rescue from low prices: high-cost producers—many of them sitting in the room—need to either “lower costs, borrow cash or liquidate." More »
Tuesday 23 February 2016
Norway's Lien charts course for country's oil and gas sector
While acknowledging that his country’s EandP activity has been significantly impacted by low oil prices, Norwegian Minister of Petroleum and Energy Tord Lien insisted that Norway’s industry will persevere, and he touted the sector’s longer-term attributes. More »
Nine Energy completes first 50 stage Divert-A-Frac system
Nine Energy Service successfully completed its first 50-stage Divert-A-Frac open hole system for a large, global independent operator in the Williston basin. More »
Murkowski releases new analysis of Obama’s $10.25 oil tax
U.S. Sen. Lisa Murkowski, R - Alaska, has released a new analysis by the Congressional Research Service of the Obama administration’s revised proposed tax on oil, demonstrating that the slight increase in the rate actually costs an additional $8 billion over the next decade—for a total of $319 billion. More »
Iran calls proposed Saudi-Russian oil-output freeze ‘ridiculous’
Iran called a proposal by Saudi Arabia and Russia to freeze oil production “ridiculous” as it seeks to boost its own output after years of sanctions constrained sales. More »
Iran seen producing 3.4 MMbopd in 2017 but falling short of pre-sanction levels
Rystad Energy’s latest research expects Iranian crude oil production to rise to 3.4 MMbpd in 2017, from approximately 2.8 MMbpd in 2015, reflecting the largest growth in oil production for almost a decade. More »
Innovation generates Norwegian growth for Churchill Drilling Tools
Churchill Drilling Tools, the specialist oilfield service company, is enjoying significant growth in the Norwegian market. More »
Shell signs offshore oil, gas exploration accord with Bulgaria
Royal Dutch Shell Plc signed a five-year contract for oil and natural gas exploration in the deep waters of the Black Sea off the Bulgarian coast, which will enable the Balkan nation to reduce its reliance on Russian energy imports. More »
Trelleborg launches new subsea vibration suppression system
Trelleborg’s offshore operation has launched a new vortex induced vibration (VIV) suppression system. More »
New approach could unlock over 1 Bbbl of stranded reserves in North Sea
NSRI (National Subsea Research Initiative) has called on the oil and gas industry to come up with a collaborative approach to unlocking the potential of small pools of hydrocarbons in the North Sea. This could pave the way to recovering 1–1.8 Bbbl of oil, which currently cannot be exploited economically. More »
Sercel’s 508XT system passes 1 million VP milestone in Saudi Arabia
CGG has announced the successful large-scale deployment of Sercel’s new-generation land seismic acquisition system on a high-productivity super crew conducting a seismic survey in Saudi Arabia. More »
North Sea costs drop but outlook signals urgent need for tax reform: Oil and Gas UK
Oil and Gas UK’s 2016 Activity Survey, published Tuesday, reveals that while the industry’s drive to improve efficiency, reduce operating costs and increase production has had marked success, exploration remains at an all-time low with no sign of improving. More »
IEA rings ‘alarm bells’ on deeper oil industry spending cuts
The oil industry is set to further reduce spending this year as crude prices remain low, according to the head of the International Energy Agency, signaling more pain for oil services and engineering firms. More »
IEA sees oil rising to $80 by 2020 as output growth slows
Oil prices will reach $80/bbl by 2020 as global oil supply growth is “seriously” plunging, the head of the International Energy Agency said, suggesting the light at the end of the tunnel for the energy industry is still far away. More »
OPEC doesn’t know how it can ‘live together’ with shale oil
OPEC and U.S. shale may need a relationship counselor. More »
Monday 22 February 2016
Oil price crash claims UK North Sea victim First Oil Expro
The slump in oil prices claimed a victim in the North Sea as closely held First Oil Expro Ltd. went into administration. More »
Eni gets greenlight for development of Egypt’s Zohr discovery
Eni has been granted the Zohr development lease, which, following the contractual framework definition, allows for the development of the field. More »
Fugro to provide survey, positioning services for Total’s Kaombo development
Fugro is to provide offshore survey and positioning services at the Kaombo oil development offshore Angola. More »
Woodside awards Wood Group contract for GWF-2 flowline system
Woodside has awarded Wood Group a contract to provide the detailed design of the Greater Western Flank Phase 2 (GWF-2) flowline system. The GWF-2 project is located on the North West Shelf, offshore Western Australia. More »
GE, Statoil ink agreement for future subsea projects
GE Oil and Gas has signed a Master Service Agreement with Statoil for new subsea projects that will enable GE to continue to support the international energy company’s value creation in a low oil price environment. More »
Cairn Energy acquires additional stake in North Sea’s Kraken development
Nautical Petroleum, a wholly owned subsidiary of Cairn Energy, has acquired an additional 4.5% interest in the Kraken development in the UK North Sea from First Oil. The acquisition brings Cairn’s total working interest to 29.5%. More »
CGG to conduct airborne gravity, magnetic survey offshore Mexico
CGG is to commence a multi-client airborne gravity and magnetic survey offshore Mexico. Mexico’s Comisión Nacional de Hidrocarburos (CNH) has authorized the program, which will include the acquisition of approximately 200,000 line km over six areas across the Mexican Gulf of Mexico. More »
Woodside awards Wood Group new contract for GWF-2 flowline system
Woodside has awarded Wood Group a contract to provide the detailed design of the Greater Western Flank Phase 2 (GWF-2) flowline system. The GWF-2 project is located on the North West Shelf, offshore Western Australia. More »
Halliburton, Baker Hughes deal deadline suspended as EU seeks more data
The European Union suspended the deadline for its review of Halliburton Co.’s acquisition of Baker Hughes Inc. as regulators said the companies failed to supply “important information.” More »
Halliburton, Baker Hughes deal deadline suspended as EU seeks more data
The European Union suspended the deadline for its review of Halliburton Co.’s acquisition of Baker Hughes Inc. as regulators said the companies failed to supply “important information.” More »
Oil glut will persist into 2017 as IEA sees prices capped
The global oil glut will persist into 2017, limiting any chance of a price rebound in the short term as the surplus takes even longer to clear than previously estimated, according to the International Energy Agency. More »
Brent trades near $33 as Russia sees output talks done by March
Brent traded near $33/bbl as Russia said talks on an output freeze will be done by March 1 while Nigeria said some countries should have production capped at higher levels. More »
Friday 19 February 2016
Exxon fails to replace production for first time in 22 years
Exxon Mobil Corp. failed to replace all of the oil and natural gas it pumped last year with new discoveries and acquisitions for the first time in more than two decades. More »
Drillers idle 26 more oil rigs for ninth straight week of decline
HOUSTON -- Drillers in the U.S. pulled 26 oil-directed rigs from the field this week as the rig count declined for the ninth straight week. More »
Russia has room to play Saudi oil game with EU gas, VEB says
Russia has the capacity to target volumes over prices in its natural-gas sales, replicating Saudi Arabia’s oil strategy, according to state-owned Vnesheconombank’s chief economist. More »
Cluff enters two-year extension of MOU with Halliburton
Cluff Natural Resources (CLNR) Plc, the AIM quoted natural resources investing company, has announced that it has entered into a further MOU with Halliburton Manufacturing and Services Limited. More »
Enbridge sees rise in profit with record oil shipments
Enbridge Inc. said profit rose in the fourth quarter as record oil shipments on its main pipeline system shielded the country’s largest pipeline company from the collapse in prices. More »
Oil production in federal Gulf of Mexico projected to reach record high in 2017: EIA
WASHINGTON (EIA) -- U.S. Gulf of Mexico (GOM) crude oil production is estimated to increase to record high levels in 2017, even as oil prices remain low. More »
Tyco launches new gas and flame detection brand
Tyco International has announced the formation of Tyco Gas and Flame Detection, a new operating brand of Tyco Life Safety Products division. Under this new brand, Tyco intends to be the global solutions provider of choice for all entities with gas and flame detection needs. More »
DNV GL's software brings RAM studies beyond design stage
With profit margins under pressure, oil and gas companies are focused on getting more out of existing assets while significantly reducing capital expenditure. Recent data shows that a 5% improvement in Opex could save about $700 million (£490 million) on the UK Continental Shelf alone. More »
BOEM to offer 45 million acres in Gulf of Mexico in March lease sales
The U.S. Bureau of Ocean Energy Management (BOEM) will offer about 45 million acres for oil and gas exploration and development in the Gulf of Mexico in two March lease sales. More »
Wood Group PSN cuts UK contractors’ rates as North Sea struggles
Wood Group PSN (WGPSN) has announced plans to reduce the rates paid to approximately a third of its UK-based limited company contractors by an average of 9%, in line with competitive market rates. More »
Oil trades below $31 as rising U.S. crude stockpiles expand glut
Oil traded below $31/bbl after U.S. crude stockpiles rose to the highest in more than eight decades as Saudi Arabia and Russia propose to freeze output amid a worldwide surplus. More »
The robber baron who botched the world’s first oil storage trade
A century and a half before the current supply glut sent oil prices into contango, one of America’s greatest industrialists tried to make money by storing crude. He failed. More »
Thursday 18 February 2016
North America’s unconventional natural gas resource base continues to expand: IHS
North America’s natural gas resource base is more abundant and lower cost than ever, according to a new assessment by IHS. The findings show a considerable growth of the low-cost segment of the resource base since 2010. More »
Oil pares gain after U.S. crude inventories rise to 86-year high
Oil pared gains after a government report showed U.S. crude inventories advanced to an 86-year high as imports surged. More »
Marathon Oil cuts capital budget more than 50%
Marathon Oil has set this year’s capital program at $1.4 billion, which is more than 50% below last year and more than 75% below 2014. More »
Devon boosts share offer to $1.3 billion on investor support
Devon Energy Corp. will raise about $1.3 billion by selling shares as it seeks to cut debt and fund investments with crude prices near 12-year lows. More »
New Libra well confirms oil discovery extension: Petrobras
Petrobras has concluded the drilling of well 3-BRSA-1305A-RJS (3-RJS-739A), in the Libra Block northwest area, in the pre-salt of the Santos basin, confirming the discovery of good quality oil in reservoirs with excellent productivity. More »
Woodside farms into acreage offshore West Africa
A subsidiary of Woodside has entered into an agreement with Impact Oil and Gas AGC Ltd. to acquire a 65% participating interest in a production sharing contract (PSC) and associated joint operating agreement in the AGC Profond Block in the joint development area between Senegal and Guinea-Bissau. More »
Wood Group JIP seeking to reduce subsea equipment failures
Wood Group is calling for expressions of interest from technology vendors to support a joint industry project (JIP), which aims to reduce subsea equipment failures in Australia and provide a recommended practice for the subsea industry. More »
iSURVEY wins Solstad Offshore contract for program offshore Thailand
iSURVEY Pte Ltd., Singapore, has been awarded a marine construction support contract by Solstad Offshore Asia Pacific to provide positioning and survey support for its 2016 pipeline and platform installation program in Thailand, on board the DLB Norce Endeavour. More »
Russia sees oil output slump in worst case amid OPEC talks
Russian oil production may slump 14% in the next five to 10 years under a worst-case scenario prepared by the Energy Ministry. More »
Shale faces March madness as $1.2 billion in interest comes due
The U.S. shale industry must come up with $1.2 billion in interest payments by the end of March as $30/bbl oil makes it harder for companies to scrape up the cash needed to stay current on their debts. More »
Wednesday 17 February 2016
Growing decommissioning market in Norway seen in new report
Norway’s decommissioning market has the potential to be the second largest in the North Sea after the UK Continental Shelf, according to Oil and Gas UK’s first Norwegian Continental Shelf Decommissioning Insight report, which provides a forecast for the region over the next decade. More »
Iran’s crude exports to reach 1.5 MMbpd next month
Iran’s crude oil exports will reach 1.5 MMbpd next month as Tehran moves to benefit from sanctions relief. More »
Iran backs oil producer freeze without pledging supply curbs
Iran supported an accord by Saudi Arabia and Russia to steady global oil markets by capping their supply, without saying whether it would curb its own production. More »
Total to use Welltec Annular Barrier for Moho Nord development
Total EandP Congo has selected the Welltec Annular Barrier (WAB) as a completion component for the upcoming wells in the company’s deepwater Moho Nord project. More »
Shale Support awarded MSHA Certificate of Safety Achievement Award
Shale Support, LLC has been awarded a MSHA Certificate of Safety Achievement Award by the Mine Safety and Health Administration (MSHA), a division of the U.S. Department of Labor. More »
Noble Energy cuts capital budget in half for 2016
HOUSTON -- Noble Energy has set this year’s capital budget at $1.5 billion, which is about 50% lower than last year. More »
Freezing oil output won’t help prices, Goldman says
The first coordinated decision on oil output between OPEC and producers outside the group in fifteen years isn’t going to revive crude prices, according to Goldman Sachs Group Inc. More »
Statoil cancels contract for sub-leased rig
Statoil has decided to cancel its contract for the Maersk Gallant jackup, according to a company statement. More »
Statoil buys into OMV exploration license in New Zealand
Statoil has agreed to acquire a 30% working interest in New Zealand’s Petroleum Exploration Permit (PEP) 57073 from OMV. More »
Growing decommissioning market in Norway shown in new report
Norway’s decommissioning market has the potential to be the second largest in the North Sea after the UK Continental Shelf, according to Oil and Gas UK’s first Norwegian Continental Shelf Decommissioning Insight report, which provides a forecast for the region over the next decade. More »
Oil spotlight shifts to Iran as producers seek grand bargain
The search for a grand bargain among oil producers now shifts to the Iranian capital. More »
There’s one place where OPEC can’t broker an oil deal: Texas
Saudi Arabia and Russia have taken the first step to stem the slide in oil prices. There’s just one problem: If they are successful—and that’s a big if—the wildcatters of Texas, Oklahoma and North Dakota are waiting to pounce. More »
Devon Energy to cut 1,000 staff, slashes EandP capital budget by 75%
Devon Energy is to cuts its workforce by a fifth this quarter, the company said Tuesday as it announced a 75% cut to its capital budget. More »
Devon Energy slashes capital budget by 75%, cuts staff
Devon Energy is to cuts its workforce by a fifth this quarter, the company said Tuesday as it announced a 75% cut to its capital budget. More »
Tuesday 16 February 2016
The glaring problem with oil giants' production freeze
Oil traders aren't too impressed with Saudi Arabia and Russia's accord to cap oil production at near-record levels. More »
Shell cancels Petro Rio deal for Bijupirá and Salema fields
Petro Rio said Tuesday that Royal Dutch Shell has cancelled an agreement to sell an 80% stake in Bijupirá and Salema fields to the company. More »
Shell cancels PetroRio deal for Bijupirá and Salema fields
Petro Rio said Tuesday that Royal Dutch Shell has cancelled an agreement to sell an 80% stake in Bijupirá and Salema fields to the company. More »
Oil freeze: Iraq ready to cap output, Iran to maintain share
Saudi Arabia and Russia, the world’s biggest crude oil producers, joined Venezuela and Qatar in an agreement to freeze output in an effort to revive prices from a 12-year low. Whether the deal succeeds will depend on Iran, Iraq and other large exporters joining in. More »
Falklands Islands’ Sea Lion project could yield first oil within next decade, GlobalData says
Despite current low oil prices, the oil and gas industry in the Falkland Islands is continuing to go from strength to strength as its first project, Premier Oil’s Sea Lion, moves closer to commercialization, according to GlobalData. More »
Cidade de Maricá FPSO starts production at Lula field in the Santos basin
Petrobras has begun operating the Cidade de Maricá FPSO in Lula field in the pre-salt layer of the Santos basin. More »
Jardon to succeed Woodburn as Expro CEO
Expro has announced the appointment of Mike Jardon as CEO. He succeeds Charles Woodburn. More »
EandPs face year of tough financial and strategic choices, study says
With more than $150 billion in debt on their balance sheets, nearly 35% of pure-play EandP companies listed worldwide, or about 175 companies, are at high-risk of slipping into bankruptcy in 2016, according to a new Deloitte study. More »
UK explorer soars as oil flows near London’s Gatwick airport
British energy explorer UK Oil and Gas Investments Plc gained the most in 10 months after reporting that oil flowed “naturally” to the surface from 900 m (2,953 ft) below London’s commuter belt, near the city’s second-busiest airport. More »
Total, Aker Solutions to cooperate on subsea technology development
FORNEBU, Norway -- Total and Aker Solutions are to collaborate on research and innovation to develop new cost-effective subsea field technology. More »
Intertek enhances sample cylinder service to deliver savings
Intertek has enhanced its sample cylinders services to provide significant cost savings for clients, the company reported Tuesday. Sample cylinders are used by offshore chemists to transport live crude, gas and water samples from offshore to onshore laboratories for testing. More »
In Salah Gas joint venture reports start-up of Southern Fields gas project in Algeria
In Salah Gas—a joint venture between Sonatrach, BP and Statoil—has announced the start-up of its Southern Fields project. More »
BP joint venture reports start-up of Southern Fields gas project in Algeria
In Salah Gas—a joint venture between Sonatrach, BP and Statoil—has announced the start-up of its Southern Fields project. More »
Saudi oil minister signals more action may follow output freeze
Saudi Arabian Oil Minister Ali Al-Naimi said the output freeze agreed with Russia and two other countries on Tuesday might be followed be more action to improve the oil market. More »
Saudi Arabia, Russia agree to freeze oil output
Saudi Arabia’s oil minister will meet with his Russian counterpart in Doha on Tuesday to discuss the oil market, according to a person familiar with the talks. More »
Monday 15 February 2016
Saudi, Russian oil ministers said to plan talks in Doha Tuesday
Saudi Arabia’s oil minister will meet with his Russian counterpart in Doha on Tuesday to discuss the oil market, according to a person familiar with the talks. More »
Maersk Training opens advanced simulation facility in Dubai
A large group of senior executives from major oil companies, offshore drilling contractors, maritime companies and service contractors attended a ribbon-cutting ceremony last Thursday to mark the official opening of a new advanced simulation facility in Dubai. More »
NUTECH partners with WellDatabase, introduces NuQuest
NUTECH has partnered with WellDatabase to launch NuQuest, the industry’s first comprehensive and intuitive digital platform providing standard well data coupled with corresponding reservoir characterization and engineering expertise. More »
Seatronics names Janelle Pence as new V.P. for U.S. region
ABERDEEN, Scotland -- Seatronics, an Acteon company and part of its survey, monitoring and data business, has announced the recruitment of Janelle Pence as V.P. for the U.S. region. More »
Shell makes Brazil one of top three countries after BG merger
Royal Dutch Shell Plc. has made Brazil one of its top three countries after completing a merger with BG Group Plc, and sees the South American nation’s deepwater fields remaining competitive for years to come. More »
Aibel cuts first steel for Statoil’s Johan Sverdrup drilling platform
Haugesund mayor Arne-Christian Mohn started the machine cutting the steel for the Johan Sverdrup drilling platform on Monday. This marks the start of the construction of the Johan Sverdrup drilling platform at Aibel’s yard in the Norwegian town. More »
Statoil strengthens position in Uruguay with Tullow farm-in
Statoil has signed a farm-in agreement with Tullow to acquire a 35% working interest in exploration Block 15 in the Pelotas basin, offshore Uruguay. More »
Unconventional gas is changing structure of global gas markets, report says
JOHANNESBURG, South Africa -- The growth of unconventional gas is spreading across the world with major implications over many years for markets and prices, according to a new World Energy Council study, which looks at where and how fast the revolution is taking place. More »
Chevron names Stephen Green as president of Asia Pacific EandP
Chevron Corp. has named Stephen W. Green as president of Chevron Asia Pacific Exploration and Production effective April 1, 2016. More »
Statoil awards Forsys Subsea FEED contract for Trestakk field development
Forsys Subsea, the joint venture between FMC Technologies and Technip, has been awarded a contract from Statoil to provide a subsea front-end engineering and design (FEED) study for subsea tie-back of Trestakk to the Åsgard A FPSO. More »
Iran sends first oil shipment to Europe since sanctions end
Iran loaded its first cargo of oil to Europe since international sanctions ended, signaling more supplies will add to the global glut of crude. More »
Sunday 14 February 2016
BP extends scope of Oman’s Khazzan gas development with new agreement
BP and Oman Oil have signed a heads of agreement with the government of Oman committing to amend the Oman Block 61 exploration and production sharing agreement (EPSA), extending the license area of the block and enabling a further development of the major Khazzan tight gas field. BP is the operator of Block 61 with a 60% interest, and Oman Oil holds the other 40%. More »
Saturday 13 February 2016
Crude oil surges the most in seven years as volatility soars
Crude oil surged the most in seven years, rebounding from the lowest in more than a decade as equities rallied. Volatility jumped. More »
Friday 12 February 2016
U.S. drillers pull 28 oil rigs as rout deepens
HOUSTON – U.S. drillers pulled 28 oil-directed rigs from the field this week, according to the latest data from Baker Hughes. More »
Paragon Offshore reaches creditor deal for bankruptcy filing
Debt-laden Paragon Offshore Plc has reached an agreement with creditors to restructure its $2.7 billion of debt in bankruptcy court, according to a statement released Friday. More »
Shale Support appoints new vice president of logistics
Shale Support, LLC, a provider of frac-sand and logistical solutions to the oil and gas proppant market, has appointed Shane Summers as vice president of logistics. More »
Oil rebounds from lowest close in 12 years to pare weekly loss
Oil rebounded from the lowest level in more than 12 years, paring its biggest weekly loss in a month as the rout in equities eased and OPEC reiterated its willingness to engage with other producers. More »
Premier, Noble terminate Ocean Rig contract on 'operational issues'
Premier Oil and Noble Energy have terminated their contract for one of Ocean Rig’s semisubmersibles. More »
Polarcus awarded broadband 4D project offshore Norway
Polarcus has received a Letter of Intent for a 4D project over a field offshore Norway, the company said Friday. More »
Woodside in second gas discovery offshore Myanmar
Woodside’s Thalin-1A exploration well in Block AD-7, in the Rakhine basin, has intersected a gross gas column of approximately 64 m. More »
The oil industry got together and agreed things may never get better
The thousands of attendees seeking reasons for optimism didn’t find them at the annual International Petroleum Week. More »
Thursday 11 February 2016
ONGC reports 15-year low in quarterly profit as oil slump takes a toll
Oil and Natural Gas Corp. reported the lowest quarterly profit in more than 15 years following the slump in crude prices. More »
Canadian oil producers exposed to rout as hedges expire
A defense Canadian oil producers had against the plunging price of crude is crumbling as hedges expire amid projections that crude will continue to decline. More »
Repsol to shut unprofitable Norwegian field amid oil price rout
Repsol SA plans to shut down its unprofitable Varg oil deposit in the North Sea, the first time a Norwegian field will be closed because of the crude-price collapse. More »
AGR named as CCS technical advisor to state-owned Gassnova
AGR has finalized a frame agreement to act as technical advisors to Norwegian state-owned Gassnova, as the country progresses with its Carbon Capture and Storage (CCS) development. More »
American Gilsonite Co. names new president and CEO
American Gilsonite Company, Inc. (AGC), a major supplier of Gilsonite, has announced the appointment of David G. Gallagher to the position of president and CEO. More »
Traders look to floating storage as onshore oil tanks fill
The world is so awash with crude, the boss of BP Plc said people will be filling their “swimming pools” with it by the end of the year. More »
LMKR, FracGeo partner to deliver fracture geomechanics software solutions
LMKR has announced a long-term strategic partnership with FracGeo LLC aimed at integrating FracGeo's software solutions and products with LMKR's GVERSE and GeoGraphix Product suites. More »
Statoil awards Technip contracts for Johan Sverdrup, Oseberg Vestflanken
Statoil has awarded Technip two lump-sum contracts for infield pipeline construction for the Johan Sverdrup development and the Oseberg Vestflanken 2 project. More »
Dril-Quip to establish HPHT research facility in Singapore
Dril-Quip is establishing a research and development (RandD) facility in Singapore focusing on materials and products suitable for HPHT applications. More »
Statoil opts for ProSep technology for Gudrun platform
ProSep has been awarded a new contract by Statoil. The agreement, which commences this month, will see the company supply its proprietary ProSalt mixer technology to Statoil’s Gudrun platform in the Norwegian North Sea. More »
Capex cuts on flagship projects affirm Norway’s tax stability plans: GlobalData
Plans to continue development on critical Norwegian Continental Shelf oil and gas projects over the past few months, enabled by the achievement of significant cost reductions, will give Norway’s government some reassurance over its decision to maintain the stability of its fiscal regime in the face of falling prices, says an analyst with GlobalData. More »
Pioneer Natural Resources cuts spending, shuts drilling amid rout
Pioneer Natural Resources Co. canceled a budget increase and shut down drilling in two fields after swinging to a loss in the fourth quarter. More »
Total expects oil-industry downgrades as dividends maintained
Total became the latest major energy company to keep investor payouts, accepting that the industry risks credit-rating downgrades by maintaining dividends amid the worst oil crash in 30 years. More »
Oil above $55 is a long-term inevitability, Maersk CEO says
After testing a 12-year low, the price of oil simply has to go up. That’s according to the CEO of shipping and oil giant A.P. Moeller-Maersk A/S, who says 2015’s average crude price of $54/bbl is too low for the industry to produce enough oil to satisfy global demand. More »
Shell awards Water Standard contract for Appomattox development
Water Standard has secured a contract with Shell Offshore for the design, fabrication, testing, and shipment of an Ultrapure Water Generation Package (UWGP) to be integrated on Appomattox, Shell's floating production system which will be located in the deepwater Gulf of Mexico. More »
It’ll take more than an oil rally to restart shale boom
Explorers in U.S. oil fields stung by the quick rise and fall in the market last year are expected to move cautiously when crude prices begin to climb again. More »
Wednesday 10 February 2016
Petrofac secures first well management contract of 2016
SPD Ltd., part of the Petrofac Group, has secured a contract from Zennor Petroleum to provide well design and well construction management services, to support the Finlaggan appraisal well, which is in the Central Sector of the North Sea. More »
Obama seeking $204.9 million for BSEE in proposed budget
President Obama’s fiscal year (FY) 2017 budget request for the Bureau of Safety and Environmental Enforcement (BSEE) is $204.87 million, a $196,000 increase above the FY 2016 enacted level, and includes $96.34 million in current appropriations and $108.53 million in revenue from rental receipts, cost recoveries, and inspection fees. More »
Magseis, BGP win major Saudi seismic contract
Magseis has, together with its partner BGP, been awarded Saudi Aramco’s S78 project for large-scale ocean bottom seismic acquisition in the Red Sea. More »
Harkand completes campaign in Trinidad and Tobago for BP
HARKAND has completed an inspection, repair and maintenance (IRM) campaign for BP Trinidad and Tobago (BPTT) utilizing the Harkand Da Vinci diving support vessel (DSV) and the company's new hyperbaric rescue facility (HRF) in the Caribbean. More »
Nobel Upstream acquires Shell’s stake in North Sea’s Maclure field
Nobel Upstream, an independent UK-based EandP company, has signed a sale and purchase agreement to acquire a 7.59% non-operated interest in Maclure oil and gas field from Shell. More »
Aker Solutions to deliver concept study on future Johan Sverdrup phases
Aker Solutions will deliver a concept study on a new processing platform for future phases of the Statoil-operated Johan Sverdrup field, Norway's largest oil find in three decades. More »
PA Resources divests North Sea assets to Petrogas
PA Resources has signed an agreement to divest its portfolio of North Sea assets to Petrogas EandP. More »
BP CEO ‘very bearish’ on oil as storage tanks are filling up
BP is planning for oil prices to stay low for the first six months of the year and expects surplus production to only start diminishing when storage tanks fill up in the second half. More »
Anadarko slashes dividend 81% to weather oil-price crash
Anadarko Petroleum Corp. slashed its dividend by 81%, joining a parade of oil and natural gas drillers cutting investor payments as they struggle to preserve cash with prices below $30/bbl. More »
Tullow prepares to cut spending further as low oil prices bite
Tullow Oil Plc, a UK explorer focused on Africa, said it’s ready to make further cuts to capital spending as it recalibrates its operations for a period of low oil prices. More »
OPEC sees steeper drop in rivals’ supply as price curbs spending
OPEC revised estimates of production from rival suppliers, indicating a steeper drop in non-OPEC supply than previously anticipated. More »
Tuesday 9 February 2016
Halliburton said to plan sale of Baker’s offshore fluids unit
Almost 16 months after announcing its takeover of oilfield services rival Baker Hughes Inc., Halliburton Co. is adding yet more assets to the list of businesses it plans to sell to appease antitrust regulators who’ve been stalling the deal. More »
Obama’s $319-billion oil tax plan raised to $10.25/bbl
President Barack Obama proposed Tuesday to raise $319 billion over the next decade for transportation and other needs with a $10.25/bbl tax on crude—up from $10 that was announced last week. More »
Report raises questions about Obama’s $10/bbl oil tax
Sen. Lisa Murkowski, R-Alaska, has released a report prepared by the Congressional Research Service (CRS) raising key questions about President Obama’s proposal to levy a new $10/bbl tax on oil. More »
EIA raises shale production estimates in monthly report
Shale patches in the U.S. are pumping out more oil and gas than the government previously thought. More »
Maersk launches new offshore crane training program
Maersk Training has launched a new offshore crane operator program. It is designed to grant crane operators and their companies access to offshore lifting operations worldwide. More »
Newpark releases liner-less spill containment system
Oil and gas operators can minimize cost of operation with the rigorously tested DEFENDER liner-less spill containment system from Newpark Mats and Integrated Services. More »
Gloomy outlook dominates UK’s oil and gas sector
LONDON -- Companies in the UK oil and gas industry are increasingly pessimistic about their business prospects, according to Oil and Gas UK’s Q4 2015 Business Sentiment Index. More »
U.S. Silica introduces polyurethane low-temperature resin-coated proppant
U.S. Silica Holdings has announced the introduction of InnoProp PLT, a newly formulated resin-coated proppant designed specifically for enhancing the recovery of oil and gas in low-temperature reservoirs. More »
Technip bags subsea contract in Gulf of Mexico
Technip has been awarded a lump sum contract by Deep Gulf Energy III, LLC (DGE) for the development of the South Santa Cruz and Barataria fields. These ultra-deepwater fields are located in Mississippi Canyon, offshore New Orleans, in the Gulf of Mexico, in approximately 2,000 m of water depth. More »
Aibel awarded new study for Johan Sverdrup development
Aibel has been assigned an important study for Statoil’s Johan Sverdrup development. The Stavanger-based company is one of those working on a C study for the second phase of the field's development. More »
MicroSeismic launches new completions evaluation services for early well appraisal
MicroSeismic has announced the release of PIndex, DIndex and Production Forecast—proprietary completions evaluation services to quantify and predict reservoir drainage and production. More »
WPX Energy sells Piceance subsidiary for $910 million
WPX Energy has agreed to sell its wholly owned subsidiary WPX Energy Rocky Mountain, LLC, to Terra Energy Partners LLC for $910 million. The parties expect to close the sale in the second quarter. More »
Goldman sees more swings that could drag oil below $20
Oil could drop below $20/bbl as the search for a level that brings supply and demand back into balance makes prices even more volatile, Goldman Sachs Group Inc. predicted. More »
IEA raises estimate of surplus oil supply on higher OPEC output
The global oil surplus will be bigger than previously estimated in the first half, increasing the risk of further price losses, as OPEC members Iran and Iraq bolster production while demand growth slows, according to the International Energy Agency. More »
Technip bags subsea contract for South Santa Cruz, Barataria fields in GoM
Technip has been awarded a lump sum contract by Deep Gulf Energy III, LLC (DGE) for the development of the South Santa Cruz and Barataria fields. These ultra-deepwater fields are located in Mississippi Canyon, offshore New Orleans, in the Gulf of Mexico, in approximately 2,000 m of water depth. More »
Wood Group extends Chevron contract in the North Sea
Wood Group has secured an extension to continue to support Chevron Upstream Europe across four offshore assets in the North Sea. Wood Group PSN (WGPSN) will deliver operations and maintenance services to the Alba Northern platform, Alba floating storage unit, Captain floating production, storage and offloading vessel and Captain wellhead protector platform, under the one year contract that extends an agreement in place since 2010. More »
GE oil deal offers new model to prevent BP-Like offshore spills
General Electric Co. is expanding its focus on offshore drilling rig safety with a new business that will take over handling of massive underwater equipment designed to prevent well blowouts and oil spills. More »
Canadian oil sands Kubik replaced as Suncor wins takeover
Ryan Kubik, the Canadian Oil Sands Ltd. CEO who fought a C$4.3 billion ($3.1 billion) hostile bid from Suncor Energy Ltd., was replaced after the suitor won over more than two-thirds of the shareholders. More »
Oil drillers exposed in three-way hedges as crude dips below $30
Oil at $30/bbl is blowing a hole in the insurance that U.S. shale drillers bought to protect themselves against a crash. More »
Oil drillers must slash another $24 billion this year, IHS says
North American oil and natural gas drillers will need to cut an additional 30% from their capital budgets to balance their spending with the cash coming in their doors even if crude rises to $40/bbl, according to an analysis by IHS Inc. More »
Oil bankruptcies seen spurring MandA on signal prices near low
About 150 oil and gas companies tracked by energy consultant IHS Inc. may go bust as a supply glut pressures prices and punishes revenues. More »
Billions more in cuts needed from North American drillers: IHS
HOUSTON -- The depressed oil price environment is painting a gloomy outlook for North American EandP companies, and further, significant CAPEX cuts are needed in order for the group to demonstrate real financial discipline and align spending more closely with cash flow, according to new analysis from IHS. More »
Pemex CEO resigns after three years of losses
Emilio Lozoya resigned as Petroleos Mexicanos’ CEO after the oil giant failed to reverse falling output and reported 12 straight quarterly losses. More »
Deeper cuts needed by North American drillers, IHS says
HOUSTON -- The depressed oil price environment is painting a gloomy outlook for North American EandP companies, and further, significant CAPEX cuts are needed in order for the group to demonstrate real financial discipline and align spending more closely with cash flow, according to new analysis from IHS. More »
Monday 8 February 2016
Oil drillers must slash another $24 million this year, IHS says
North American oil and natural gas drillers will need to cut an additional 30% from their capital budgets to balance their spending with the cash coming in their doors, even if crude rises to $40/bbl, according to an analysis by IHS Inc. More »
Chesapeake says it has no plans to pursue bankruptcy
Chesapeake Energy Corp. said it has no plans to seek bankruptcy protection, dismissing a report that wiped out half the U.S. natural gas driller’s value. More »
Chesapeake falls most since ‘93 debut as bankruptcy looms
Chesapeake Energy Corp., the U.S. natural gas driller that’s been slashing jobs and investor payouts to conserve dwindling cash flows, lost half its value after a report that it hired a restructuring law firm. More »
Qatar buys stake in deepwater Chevron leases offshore Morocco
Qatar Petroleum has reached an agreement with Chevron Morocco Exploration Ltd., a subsidiary of Chevron Corp., to acquire a 30% participating interest from Chevron’s 75% share in three deepwater leases offshore Morocco. More »
Acteon launches Field Life Service offering
Subsea services company Acteon has launched a new service offering to directly address the demands and changing conditions of the global oil and gas industry. More »
Diamond Offshore, GE enter performance-based subsea BOP service agreement
Diamond Offshore Drilling and GE Oil and Gas have announced the offshore drilling industry's first-of-its-kind contractual service agreement (CSA) that transfers full accountability for BOP performance to GE Oil and Gas. More »
Technology firm celebrates key milestone with deployment of perforation guns
Scottish technology company, Delphian Ballistics, is celebrating a key milestone in the commercialization of its product. More »
NOC in West Libya warns about ‘illicit’ oil sales from East
National Oil Corp. in western Libya warned traders against loading “illicit” cargoes of oil at Hariga port in the eastern part of the country amid claims by a competing organization that it’s arranging such sales. More »
Vitol says it’s ‘business as normal’ as it buys Iranian oil
The world’s largest independent oil trader said it’s "business as normal" with Iran as Vitol Group BV confirmed it has already bought cargoes from the country after the end of economic sanctions. More »
Diamond Offshore, GE enter industry's first performance-based subsea BOP service agreement
Diamond Offshore Drilling and GE Oil and Gas have announced the offshore drilling industry's first-of-its-kind contractual service agreement (CSA) that transfers full accountability for BOP performance to GE Oil and Gas. More »
Murphy Oil terminates contract for Transocean’s Discoverer Deep Seas
Transocean Ltd. announced that Murphy Exploration and Production Company - USA, a subsidiary of Murphy Oil Corporation, has elected to terminate the contract for the ultra-deepwater drillship Discoverer Deep Seas. More »
Total starts production at Laggan-Tormore in the West of Shetland
Total has started production from the Laggan and Tormore gas and condensate fields, located in 600 m of water in the West of Shetland area. The fields will produce 90,000 boed. More »
World’s largest energy trader sees a decade of low oil prices
Oil prices will stay low for as long as 10 years as Chinese economic growth slows and the U.S. shale industry acts as a cap on any rally, according to the world’s largest independent oil-trading house. More »
Oil trades near $31 after Saudi-Venezuela talks as bets increase
Oil traded near $3/bbl after Saudi Arabia and Venezuela met to discuss cooperating to stabilize the market and U.S. data signaled investors are split on the direction for prices. More »
Sunday 7 February 2016
Hess drops on share sale following first loss in 13 years
Hess Corp., the oil producer that reported its first annual loss in 13 years, fell the most in more than seven years, after announcing it’s selling $1.43 billion in stock. More »
Iran sees oil exports to Europe at 54% of pre-sanctions level
Iran will start sending 300,000 bpd of crude to Europe, 54% of the total it shipped before authorities on the continent put an embargo in place. More »
Saturday 6 February 2016
Suncor wins over majority of Canadian Oil Sands shareholders
Suncor Energy Ltd. said Canadian Oil Sands Ltd. shareholders holding more than two-thirds of the stock tendered their shares in a takeover that will make the biggest oil-sands producer also the largest owner of the Syncrude project in norther Alberta. More »
Friday 5 February 2016
Texas Alliance responds to Obama's proposed $10/bbl tax
The following statement was released by George Rogers, chairman of the board of the Texas Alliance of Energy Producers, in response to President Obama's announcement yesterday, that he will propose a $10/bbl tax on the sale of crude oil produced in the U.S. More »
Drillers pull 31 oil rigs as rig count reaches lowest level since ‘99
Drillers in the U.S. pulled 31 oil-directed rigs from the field this week as the oil price slump continues to hit the industry. More »
China output seen cracking under pressure of price collapse
Cheap crude is a double-edged sword for one of the world’s biggest markets. More »
Schlumberger-Cameron merger receives European clearance
HOUSTON -- The European Commission has cleared Schlumberger and Cameron's proposed merger without any conditions following a Phase 1 review. More »
Schlumberger-Cameron merger receives clearance from European Commission
HOUSTON -- Schlumberger Limited and Cameron International Corporation jointly announced today that the European Commission has cleared their proposed merger, without any conditions following a Phase 1 review. More »
T. Boone Pickens cashes out on oil, awaits time to get back in
Oil tycoon T. Boone Pickens, who made and lost fortunes targeting some of the largest U.S. explorers over the past 40 years, has cashed out as the worst crude market downturn in decades drags on. More »
No sign of significant oil production shut-ins at $35/bbl: Wood Mac
Wood Mackenzie's latest global oil production analysis indicates that 3.4 MMbpd of oil production is cash negative at a Brent oil price of $35. Since the dramatic drop in prices from late 2014, there have been few halts in production—with around 100,000 bpd shut-in globally to date. More »
Lower-for-longer oil seen hurting offshore rig owners even more
As most of the battered oil industry looks ahead to 2017 for a solid recovery, signs are emerging that the downturn pain could last even longer for owners of the floating rigs that drill in water more than two miles deep. More »
BHP awards Fugro contract for Pyrenees phase 3 installation project
BHP Billiton Petroleum has awarded Fugro a contract for the Pyrenees phase 3 installation project. More »
Siemens joins forces with oil and gas control system specialist EFC Group
Siemens UK and Ireland has formed a strategic partnership with oil and gas control system specialist EFC Group, in a collaboration which promises to deliver innovative, cost-saving solutions for the industry. More »
UK offshore union calls for emergency measures to save future North Sea production
Unite, Britain’s biggest offshore oil trade union, has warned the UK government that billion-pound losses announced this week by oil industry supermajors could, without serious interventions, bring an end to meaningful production in the North Sea within years. More »
Murkowski hits out at Obama’s $10/bbl oil tax proposal
President Obama should be trying to make America’s energy sector more competitive, Sen. Lisa Murkowski warned after the President proposed a new $10/bbl tax on crude oil amid the worst oil slump since 1986. More »
Battle of three oil benchmarks upending crude flows across globe
The oil tanker Tofteviken is set to sail from the U.K. this month carrying the first shipment of North Sea Ekofisk crude to the U.S. Gulf Coast in five years. More »
Oil production cash negative at $35 per barrel
Wood Mackenzie's latest global oil production analysis indicates that 3.4 MMbpd of oil production is cash negative at a Brent oil price of $35. Since the dramatic drop in prices from late 2014, there have been few halts in production – with around 100,000 bpd shut-in globally to date. More »
Oil lower for longer seen hurting offshore rig owners even more
As most of the battered oil industry looks ahead to 2017 for a solid recovery, signs are emerging that the downturn pain could last even longer for owners of the floating rigs that drill in water more than two miles deep. More »
French banks need to Allay investor concern on oil loans: Gadfly
The slump in oil should be a blessing for European consumers in need of a spending boost -- but for the region's banks it's proving a curse as investors fret about the possibility of a wave of losses on loans to the energy industry. More »
How much global oil output halted due to low prices? Just 0.1%
After a year of low oil prices, only 0.1% of global production has been curtailed because it’s unprofitable, according to a report from consultants Wood Mackenzie Ltd. that highlights the industry’s resilience.The analysis, published ahead of an annual oil-industry gathering in London next week, suggests that oil prices will need to drop even more -- or stay low for a lot longer -- to meaningfully reduce global production. More »
Aramco cuts Asia oil pricing with Iran set to boost exports
Saudi Arabia lowered March pricing on its light oil grades for customers in Asia as the world’s largest crude exporter shows no signs of letting up on its campaign to keep market share, especially with Iran set to boost sales. More »
Obama to seek new $10/bbl tax on oil in budget proposal
U.S. President Barack Obama will launch a long-shot bid next week to impose a $10/bbl tax on crude oil that would fund the overhaul of the nation's aging transportation infrastructure, the White House said on Thursday. More »
Thursday 4 February 2016
Obama to seek new tax on oil in budget proposal
U.S. President Barack Obama will propose a new $10/bbl fee on oil in his budget plan next week, as the White House seeks to boost the nation's investments in clean transportation projects, the White House said on Thursday. More »
Halliburton launches electrohydraulic subsea safety system
Halliburton has announced the release of the Dash 3-in. Subsea Safety System, a complete solution for electrohydraulic control of Halliburton's subsea safety tree. More »
Environmental Quality Board passes updates to drilling regulations in Pennsylvania
The Pennsylvania Environmental Quality Board (EQB), an independent board responsible for adopting environmental regulations, passed the revisions to the oil and gas drilling regulations by a vote of 15 to 4. More »
Nigeria's national oil company posts $1.3 billion full-year loss
The state oil company in Nigeria, Africa’s biggest producer of crude, made a 267 billion naira ($1.34 billion) loss last year, dragged down by its refining division. More »
Occidental suffers biggest loss in 25 years
Occidental Petroleum Corp. posted its deepest quarterly loss in at least a quarter century as plummeting crude prices destroyed the value of oil fields. More »
Anadarko, Mozambique put foot on gas exports as Iran looms
Mozambique and Anadarko Petroleum Corp. are racing to tap gas from one of the biggest discoveries in decades as a global glut looms. More »
ConocoPhillips cuts dividend, lowers budget as low crude weighs
ConocoPhillips further lowered its capital budget for 2016 and slashed its quarterly dividend as a relentless fall in crude oil prices takes a toll on the largest U.S. independent oil and gas company. More »
Swiber installs world’s southernmost platform
Swiber Holdings Limited has completed a multi-million dollar platform and subsea pipeline installation project in South America. The platform is considered to be the world’s southernmost platform project. More »
API launches tool to connect veterans with oil and gas job opportunities
U.S. Senate Committee on Veterans’ Affairs Member Joe Manchin (D-WV) joined the American Petroleum Institute on Wednesday to officially launch the Veterans Energy Pipeline—a new web-based tool that will help connect current members of the armed forces and veterans to civilian employment opportunities in the oil and natural gas industry. More »
Sound Energy reports first gas from Nervesa discovery
Sound Energy achieved first commercial gas production from the company’s wholly owned Nervesa gas discovery on Wednesday, the company said in a statement. More »
Total signs LNG supply agreement with China’s ENN
Total has signed a binding Heads of Agreement with ENN LNG Trading for the delivery of 0.5 mtpa of LNG for a period of 10 years. More »
Bibby Offshore targets subsea productivity with new vessel share option
Bibby Offshore has developed an innovative vessel share option for clients, which has the potential to provide the subsea industry with significant savings through encouraging collaboration, cost-efficiencies, as well as providing increased productivity. More »
Texas toughness in oil patch shows why U.S. still strong at $30/bbl
Texas has a message for $30 crude doomsayers: Bring it on. More »
Swiber installs world’s southernmost platform project
Swiber Holdings Limited has completed a multi-million dollar platform and subsea pipeline installation project in South America. The platform is considered to be the world’s southernmost platform project. More »
Suncor cuts spending after posting surprise loss on writedowns
Suncor Energy will cut spending by about 10% this year after the oil-sands producer posted a surprise loss for the fourth quarter amid writedowns on the value of Canadian, Libyan and offshore assets. More »
Shell's fourth-quarter profit drops 44% as crude prices tumble
Royal Dutch Shell, which is on the brink of completing the oil industry’s largest deal in a decade, said fourth-quarter profit fell 44% after the rout in crude prices deepened. More »
Texas toughness in oil patch shows why U.S. still strong at $30
Texas has a message for $30 crude doomsayers: Bring it on. More »
Oil seen ‘Lower for Longer’ by Morgan Stanley as forecasts cut
Low oil prices will persist for longer than previously expected, according to Morgan Stanley, which reduced its quarterly crude forecasts for this year by as much as 51%. More »
Fourth-quarter profit drops 44% as crude prices tumble
Royal Dutch Shell which is on the brink of completing the oil industry’s largest deal in a decade, said fourth-quarter profit fell 44% after the rout in crude prices deepened. More »
Nigeria’s National Oil Company posts $1.3 billion full-year loss
The state oil company in Nigeria, Africa’s biggest producer of crude, made a 267 billion naira ($1.34 billion) loss last year, dragged down by its refining division. More »
Weatherford to cut 6,000 extra jobs in first-half 2016
Weatherford is to cut 6,000 additional jobs as the worst oil slump since 1986 continues to exact its toll. More »
Wednesday 3 February 2016
Shale industry's health expected to worsen
The latest blow to the energy industry's collective psyche has been inflicted by National Oilwell Varco Inc, with the giant oilfield equipment maker warning the pace of drilling and fracing will only slow more as 2016 drags on. More »
Cue discovers oil onshore Kutai basin, Indonesia
Cue Energy Resources Limited advises that the Naga Selatan-2 well (NS-2) has discovered oil and is currently being suspended to allow for future production testing. More »
Oil price seen surging about 50% by fourth quarter as supply eases
Oil bulls distressed that last week’s rally fizzled can find some comfort in forecasts for a bigger and longer rebound by the end of the year. More »
Halliburton poised to offer Baker Hughes deal concessions to EU
Halliburton Co. was given more time by the European Union to come up with a package of asset sales that will assuage competition concerns over its takeover of oilfield services rival Baker Hughes Inc. More »
CGG wins survey extension offshore Colombia
CGG has been awarded an extension to a major 3D seismic survey it successfully completed on the Caribbean coast offshore Colombia in late 2015. More »
Statoil awards contracts for Oseberg Vestflanken 2, Johan Sverdrup and Gina Krog
Statoil has awards contracts, with a combined value of approximately NOK 1.6 billion, for Oseberg Vestflanken 2, Johan Sverdrup and Gina Krog. More »
Subsea 7 awarded frame agreement offshore UK
Subsea 7 has won a sizeable three-year frame agreement, with four one-year options, for six North Sea clients: Chevron North Sea, Dana Petroleum, Hess Denmark, Nexen Petroleum UK, Talisman Sinopec Energy UK and TAQA Bratani. More »
Lundin suffers biggest loss as oil collapse forces impairments
Lundin Petroleum suffered its biggest ever quarterly loss as the collapse in oil prices forced the Swedish explorer to book impairment charges. More »
Oil gains after Russia says open to talking with OPEC
Oil rose on Wednesday, paring earlier losses after Russia reiterated its openness to talking with OPEC about output cuts, which helped revive hope among investors that the world's largest producers could act to boost prices. More »
CGG bags 3D seismic survey extension on Caribbean coast offshore Colombia
CGG has been awarded an extension to a major 3D seismic survey it successfully completed on the Caribbean coast offshore Colombia in late 2015. More »
Statoil awards contracts worth $180 million
Statoil has awarded contracts on behalf of the license partners including marine operations, marine construction, engineering, procurement and construction (EPC) of an unmanned wellhead platform as well as modifications at the Oseberg Field Centre located in the North Sea. More »
Oceaneering announces early vessel termination with BP in Angola
Oceaneering International has announced that BP has terminated its contract with the company for the use of chartered vessel Bourbon Oceanteam 101 in Angola. More »
Subsea 7 bags frame agreement offshore UK
Subsea 7 has won a sizeable three-year frame agreement, with four one-year options, for six North Sea clients Chevron North Sea, Dana Petroleum, Hess Denmark, Nexen Petroleum UK, Talisman Sinopec Energy UK and TAQA Bratani. More »
Statoil seen deepening cuts to keep dividends amid oil rout
Statoil will maintain dividend payments this year, betting it can ride out a slump in crude prices by deepening investment cuts and adding debt, analysts predict. More »
America supplies OPEC with oil freed from 40-year export ban
The U.S. is now supplying OPEC with crude oil, sort of. More »
Oil holds losses near $30 as U.S. supplies seen expanding glut
Oil held losses near $30/bbl after the biggest two-day drop in almost seven years as U.S. industry data showed crude stockpiles increased, exacerbating a global surplus. More »
CARBO’s KRYPTOSPHERE LD technology proves worth in Utica gas well
CARBO Ceramics has announced the successful use of KRYPTOSPHERE LD, its ultra-conductive, low-density ceramic proppant technology, in the Utica for CONSOL Energy. This is the first well to utilize KRYPTOSPHERE LD. More »
Oceaneering reports early vessel termination with BP in Angola
Oceaneering International said Monday that a unit of BP has exercised its right, under the field support vessel services contract that was entered into with the company for work offshore Angola, to terminate its use of the chartered vessel Bourbon Oceanteam 101 at the end of May. More »
Tuesday 2 February 2016
Russia leaves door open to OPEC deal even as output hits high
Russia has, in the last week, sent mixed signals about possible cooperation with OPEC to support prices. More »
Interra completes drilling of well in Myanmar's Yenangyaung field
Interra Resources Limited, and its JV entity Goldpetrol Joint Operating Company Inc., has completed drilling development well YNG 3270 in Yenangyaung oil field in Myanmar. More »
Exxon's fourth-quarter profit falls 58%, cuts capex by quarter
Exxon Mobil Corp. on Tuesday reported its smallest quarterly profit in more than a decade and said it will cut 2015 spending by one-quarter and suspend share repurchases as it copes with a prolonged downturn in crude prices. More »
Cabot Oil and Gas cuts 2016 preliminary budget in half
Cabot Oil and Gas Corp. has cut its 2016 capital budget to $325 million, a 47% reduction from the company’s $615-million preliminary budget for the year. More »
Exxon's fourth-quarter profit falls 58% as low crude hurts
Exxon Mobil Corp. on Tuesday reported a 58% drop in quarterly profit as low oil prices hurt results at the world's largest publicly traded oil company. More »
Lundin secures financing for Johan Sverdrup development
Lundin Petroleum has entered into a committed seven year senior secured revolving credit facility of up to $5 billion, with an initial committed amount of $4.3 billion. More »
Songa Offshore to cut 200 onshore jobs amid slump
Songa Offshore is to cut up to 200 onshore workers in response to depressed market conditions. The company is proposing to cut 76 employees and 124 contractors, according to a statement released Monday. More »
Plexus Holdings wins first order for Malaysian JV
Plexus Holdings has secured a purchase order with Talisman Malaysia Ltd., which is a part of the REPSOL Group, to supply its best-in-class wellhead system for an exploration well offshore Malaysia. More »
Songa Offshore to cut 200 onshore jobs amid market slump
Songa Offshore is to cut up to 200 onshore workers in response to depressed market conditions. The company is proposing to cut 76 employees and 124 contractors, according to a statement released Monday. More »
Total signs long-term agreements to supply LNG to Indonesia’s Pertamina
Total has signed long-term sale and purchase agreements with Pertamina for the supply of LNG volumes over a period of 15 years beginning in 2020. More »
BP reports worst annual loss in over 20 years as it cuts 7,000 jobs
BP slumped to its worst annual loss in over 20 years in 2015, the British oil and gas company announced on Tuesday, and said it would cut thousands more jobs in the face of a deep rout in oil prices. More »
BP reports worst annual loss in over 20 years as it cuts more jobs
BP slumped to its worst annual loss in over 20 years in 2015, the British oil and gas company announced on Tuesday, and said it would cut thousands more jobs in the face of a deep rout in oil prices. More »
Oil slips towards $33 as hopes for production cut fade
Oil prices fell around 3% on Tuesday, dented by worries about the demand outlook and rising supply, while hopes for a deal between OPEC and Russia on output cuts faded. More »
BP profit falls 91%, missing estimates, as oil slump deepens
BP reported a 91% decline in fourth-quarter earnings after average crude oil prices dropped to the lowest in more than a decade. The company’s shares fell the most since August. More »
Texas shale drillers lure $2 billion in new equity to Permian
Oil producers in West Texas, defying expectations they would fall victim to OPEC’s price war, are instead selling investors on the idea that they can still profit with prices below $35/bbl. More »
For once, low oil prices may be a problem for world’s economy
For the last 75 years, almost every economic crisis has been preceded by an oil price spike. The worry now is that low energy prices are pushing the global economy into a tailspin. More »
Plexus Holdings wins first well order from Malaysian JV
Plexus Holdings has secured a purchase order with Talisman Malaysia Limited, which is a part of REPSOL Group, to supply its best in class wellhead system for an exploration well offshore Malaysia. More »
Lundin Petroleum secures credit facility for Johan Sverdrup field
Lundin Petroleum has entered into a committed seven year senior secured revolving credit facility of up to $5 billion, with an initial committed amount of $4.3 billion. More »
Sasol obtains approval for Mozambique field development plan
Sasol has obtained approval from the Mozambique Council of Ministers for its field development plan (FDP) More »
ABB technology to help vessels operate safely 5 km below sea level
ZURICH, Switzerland – ABB is to provide the technology that will help three vessels safely carry out construction and maintenance tasks up to 5 km under water. More »
ConocoPhillips awards two MMO contracts to Aker Solutions
Aker Solutions' maintenance, modifications and operations (MMO) business in Norway has secured two contracts for work at North Sea fields operated by ConocoPhillips. More »
Anadarko posts quarterly loss, expects to cut capex in half
Anadarko Petroleum Corp. on Monday reported a larger quarterly loss but smaller than Wall Street expected and the U.S. oil company said it expects to slash capital spending about 50% this year to conserve cash. More »
South Lafourche airport FBO under new management
The Greater Lafourche Port Commission (GLPC) has announced that as of Feb. 1, 2016, GLPC is both owner and operator of the South Lafourche Airport's Fixed Base Operator (FBO), which will now be known as GAO FBO. FBO services had previously been bid out to outside vendors since 2007. More »
Monday 1 February 2016
Iranian political battles pose risk for oil contracts
Iran is struggling to finalize the terms under which foreign energy companies can drill for oil there, as a political battle rages between the country's more moderate forces and its conservative hard-liners. More »
Oil and gas sector needs to think long-term to achieve meaningful cost cuts: DNV GL
HØVIK, Norway -- A majority of senior oil and gas professionals (56%) believe that the industry is repeating the mistakes of previous downturns and have concerns over the loss of jobs and experience and lack of efficiency, according to a new report by DNV GL. More »
PEMEX extends multi-year seismic data processing contract with ION
ION Geophysical has been awarded an extension to its existing multi-year contract with PEMEX. Under this contract, ION is providing a broad range of seismic data processing for multiple offshore and onshore surveys. More »
Superior Drilling Products to supply Baker Hughes with Strider Drill String Oscillation System
Superior Drilling Products (SDP) has reached an agreement to supply the company’s Strider Drill String Oscillation System and related services to Baker Hughes. More »
First continuous-duty frac pump enters Canadian market
Weir Oil and Gas has partnered with Calgary, Alberta-based Canyon Services Group to take its SPM QEM 3000 frac pump to the field. Weir’s SPM QEM 3000 is the industry’s first high-horsepower frac pump designed for continuous-duty pressure pumping operations at a sustained 275,000-lb rod load, 24 hours per day, seven days per week. More »
Norway's Petroleum Safety Authority slams Statoil over Gudrun leak
Norway's Petroleum Safety Authority on Monday slammed oil and gas producer Statoil ASA for serious breaches of regulations after a 2015 leak at Gudrun field in the North Sea More »
Statoil awards NCS helicopter contracts to Bristow
Statoil has awarded Bristow Norway contracts for personnel transportation from Bergen and Florø starting on May 1, 2017. More »
DEA names new general manager for Egyptian subsidiary
DEA Deutsche Erdoel has named Dr. Thomas Radwitz as general manager of the company's Egyptian subsidiary. More »
CNOOC starts production at two new projects
HONG KONG -- CNOOC’s Weizhou 12-2 joint development project and Weizhou 11-4 North Phase II project have recently commenced production, China’s largest offshore driller said Monday. More »
No decision yet on any OPEC, non-OPEC meeting
OPEC and non-OPEC countries have not yet agreed to hold a meeting to discuss action to support oil prices, two OPEC delegates said on Monday, nearly a week after Russian officials said Moscow should talk to OPEC. More »
Lundin signs Malaysia farm-out agreements with DYAS
Lundin Malaysia, a wholly owned subsidiary of Lundin Petroleum, has signed farm-out agreements with certain wholly owned subsidiaries of DYAS for part of its working interests across three production sharing contracts (PSC) in Malaysia. More »
Statoil to explore offshore Uruguay with deepwater acquisition
Statoil has agreed to acquire a 15% working interest in exploration Block 14, offshore Uruguay. The acquisition represents Statoil’s first entry into the South American nation. More »
Coming decommissioning boom to be driven by UK: DW Monday
The oil price collapse has been bad news for nearly every company involved in the industry, but one group that could actually benefit from it are specialist decommissioning companies. For these companies there is an opportunity to be part of removing the huge tonnage of infrastructure that exists in the North Sea. More »
Seadrill deepens cost cuts to ride out CEO’s worst rig slump
Seadrill Ltd., once the crown jewel among billionaire John Fredriksen’s oil and shipping holdings, is deepening planned cost reductions this year as it attempts to make it through the worst market slump its chief executive has ever seen. More »
Subscribe to:
Posts
(
Atom
)
