Libya’s oil production surges to 800,000 barrels per day

The reopening of the last of Libya’s oil fields and ports has prompted a resurgence of the energy industry, with the OPEC nation’s daily production jumping from less than 100,000 barrels in early September. More »

Texas’ energy regulator may seat its first Democrat in 26 years

Despite this year’s plunge in prices and a corresponding drop in output, the state remains a major player on international markets, one eyed warily by other oil-rich nations. That outsize role also means the commission attracts more scrutiny than any other equivalent state agency. More »

A view from Canada: North American hydrocarbons and the 2020 Presidential election—what hangs in the balance

Regardless of either victorious candidate, any chance of balanced and proportionate climate and energy policy will be extremely difficult to salvage, writes Dennis McConaghy, retired TC Energy executive and author. More »

With little left to cut, oil majors must wait for a recovery

After months of low oil and gas prices driven by weak demand, the world’s largest international oil companies have largely exhausted their financial defenses, leaving little room to maneuver if they’re dealt further blows. More »

Oil posts its worst month since March on compounding virus woes

The demand outlook is still bleak with the European Union’s two biggest economies set to impose month-long movement restrictions as nations across the continent post record coronavirus cases. More »

Chevron delivers profitable Q3 despite a challenging market

Chevron posted a surprise profit as the oil supermajor slashed capital spending to cope with the pandemic-driven collapse in crude demand. More »

Total Q3 profits top forecasts, says $40 oil can work

Total continued to ride out tough times for the oil industry by posting third-quarter profit that exceeded the highest analyst estimate, paying down debt and maintaining a generous dividend. More »

Exxon may write off $30 billion of shale assets after historic Q3 loss

Exxon is confronting one of its biggest crises since Saudi Arabia began nationalizing its oilfields in the 1970s. If the company takes the full $30 billion impairment, it will be the industry’s worst in more than a decade. More »

A Biden win would heap taxes and scrutiny on MandA deals

A Joe Biden victory on Nov. 3 would have a sweeping impact on mergers and acquisitions as he sets his sights on a higher corporate tax rate, new regulation and increased antitrust scrutiny. More »

Philippines works to end oil exploration upheaval with China

The Philippines has removed a major hurdle in advancing oil exploration with Beijing in the South China Sea, its top diplomat said, but the two nations will have to navigate their overlapping claims in the area to reach a deal. More »

Houston congresswoman strives to differentiate her oil and gas stance vs. Biden

When former Vice President Joe Biden slipped up in last week’s final presidential debate and admitted, “I would transition from the oil industry. Yes,” it created an instant firestorm in a number of states, where the industry has a significant presence. More »

Exxon to lay off 14,000 employees worldwide as stock slumps

“These actions will improve the company’s long-term cost competitiveness and ensure the company manages through the current unprecedented market conditions,” the company said in a statement on Thursday. More »

Equinor and BP Canada tally two new discoveries offshore Newfoundland

“The announcement by Equinor and partner BP Canada that oil has been in the Flemish Pass Basin is encouraging, at a time when encouraging news is needed for the Newfoundland and Labrador offshore oil and gas industry," said Charlene Johnson, CEO of the Newfoundland and Labrador Oil and Gas Industries Association. More »

Shell joins BP with Q3 profit surprise, raises dividend

Royal Dutch Shell reported a larger-than-expected profit for the third quarter, lower net debt and strong cash flow, even as most of its divisions continued to be battered by the coronavirus. More »

Exxon maintains commitment to pay SandP 500’s third-highest dividend

Investors will be paid 87 cents a share for the current quarter, matching the level of the last six periods, the Irving, Texas-based company said in a statement. More »

Virus lockdowns drive oil prices to four-month low

Germany and France, the European Union’s two biggest economies, will clamp down on movement for at least a month to try and curb Covid-19’s spread. There are already signs that road use in Europe is slumping, weighing on oil consumption. More »

EQT continues growth, buying Chevron’s Appalachian shale gas assets

“This acquisition is a natural bolt-on extension of EQT’s dominant position in the core of the southwest Marcellus and supplements our already impressive asset base,” EQT CEO Toby Rice said in a statement. More »

Booming E-commerce a lifeline for oil demand

In much of the industrialized world, an ever-growing number of vans, trucks, trains and ships are hauling everything from desks to smart phones as consumers turn to online shopping and companies re-stock their supply chains after months of disruption. More »

Enterprise pipeline CEO projects oil price climb in late 2021

The recovery in demand coupled with the retrenchment in the U.S. shale sector could lead to higher oil prices as soon as in the second half of 2021, according to one of the top bosses of the country’s largest pipeline company. More »

Oil prices fall sharply on renewed coronavirus restrictions

Adding to the gloom, the American Petroleum Institute reported crude inventories expanded by 4.58 million barrels last week, while gasoline stockpiles rose for a second straight week, according to people familiar with the data. More »

Total scores “significant” gas condensate find offshore South Africa

The Luiperd-1X well on Block 11B/12B was drilled to a total depth of about 3,400 meters and encountered 73 meters of gas condensate. Total will now conduct a detailed assessment of the reservoir in conjunction with Qatar Petroleum and its other partners. More »

API sets the record straight on Biden’s energy tax claims

U.S. energy leadership is a product of American ingenuity and resilient workers – not federal mandates or government bailouts, says the American Petroleum Institute. More »

Trump mulls executive order on fracking

Trump is considering issuing an executive order to require an economic analysis of fracking, as the president seeks to use what he portrays as Biden’s mixed messages on energy to capture votes in the swing states of Pennsylvania and Ohio. More »

BP posts positive Q3 results, while warning of challenges ahead

While Q3 is positive news for BP after a year of multibillion dollar write-offs and record low oil prices, it points to a slow recovery in a world where demand is still at the mercy of the coronavirus pandemic. More »

Covid-19 may finish Keystone XL for good, with a little help from Biden

Joe Biden has pledged to rescind a key permit granted by Trump for the pipeline, designed to take 830,000 barrels of crude a day from Alberta to Nebraska. Keystone XL has been on its death bed before, only to come back. But this time the politics are shifting at a moment when demand for oil is weak and other pipelines are moving toward completion more quickly. More »

OGUK report offers first insight into impact of pandemic on offshore jobs

The number of workers on offshore oil and gas installations decreased by around 4,000 as the UK went into lockdown in March this year, official figures published by industry body OGUK confirm. More »

Green energy to draw $11 trillion in investments by 2050

Green power is set to draw around $11 trillion of investment in the coming decades as the cost of renewables plummets and more of the world’s energy comes from electricity. More »

Carbon removal could rival the oil and gas sector in scale and revenue

With the right regulations and incentives in place, the carbon removal industry could soon be bringing in as much revenue as today’s oil and gas sector, according to a new study. More »

More »

More »

Yes, Joe Biden really does want to end the oil and gas industry in America

The Biden energy plan has dire consequences for our industry and the entire American economy. More »

Oil prices slip below $39 as Libya ramps up production

Worsening demand outlook is coinciding with Libya’s push to almost double crude output, as it reopened its last major oil field. The nation’s production could top 1 million barrels a day within weeks. More »

Cenovus hedges against a possible Biden win with Husky Energy deal

Cenovus Energy Inc. is getting more than just a rival Canadian oil producer with its acquisition of Husky Energy Inc. It’s also shoring up its defenses against an anti-oil sands movement that could get a boost if Joe Biden is elected as the next president of the U.S. More »

ADNOC pursues onshore field operations efficiencies with $324 million contract

ADNOC Onshore, a subsidiary of ADNOC, awarded the three contracts which will see the procurement and construction of flowlines and wellhead installations across several onshore oil fields in the Emirate of Abu Dhabi. More »

Libya set to open last oil field in push to 1 MM barrel daily output

Not subject to quotas, the return of Libyan barrels is hindering OPEC+ as it tries to prop up crude prices amid a resurgence in coronavirus cases and with many major economies imposing lockdowns again. More »

Canada’s Cenovus Energy to buy Husky Energy in all-stock sale

The newly combined company is expected to break even in 2021 at a West Texas Intermediate crude price of US$36 a barrel. It will continue to operate as Cenovus Energy with its headquarters remaining in Calgary. More »

World Oil editorial: Biden is a menace to sound energy policy and industry’s future

For several months now, we have told you our concerns about a potential Joe Biden presidency, as relates to the oil and gas industry’s future. More »

Alberta ends OPEC-style curbs after Covid-led oil sands retreat

Alberta’s two-year experiment with OPEC-style crude production curbs is coming to an end. More »

PESA president rebuts Biden’s energy stance

While it’s true the energy ecosystem is in transition, former Vice President Biden is incorrect that it means replacing one form of energy with another or phasing out oil and gas. More »

Oil declines further with Libyan output set to rise coming weeks

Oil accelerated losses as a further increase in Libyan output threatens to return more supply back to the market. More »

Harold Hamm projects $6 gasoline under Joe Biden’s energy regime

Biden’s plans would have uneven impacts within the oil and gas sector, particularly hurting companies with significant investments on federal land. Other producers, such as Pioneer Natural Resources Co. and Hamm’s Continental Resources, which do not have federal oil leases, might see their holdings swell in value. More »

EQT pursues takeover of rival CNX Resources

EQT Corp., the biggest producer of U.S. natural gas, is seeking to acquire rival CNX Resources Corp., according to people familiar with the matter, as MandA accelerates in the distressed shale patch. More »

Trump leverages Biden’s oil stance as a warning to swing state voters

After the debate, Biden sought to emphasize that the fossil fuel industry wouldn’t “be gone” until 2050, and that oil workers are “not going to lose their jobs.” More »

Argentina pledges $5.1 billion subsidy for Vaca Muerta shale drillers

Energy Secretary Dario Martinez said spending on subsidies is still better than the alternative of buying LNG cargoes, despite low current prices. “We’ve done the analysis and we really benefit from doing this,” Martinez told reporters in Buenos Aires Wednesday. More »

Harold Hamm projects $6 gasoline under Biden’s energy regime

Biden’s plans would have uneven impacts within the oil and gas sector, particularly hurting companies with significant investments on federal land. Other producers, such as Pioneer Natural Resources Co. and Hamm’s Continental Resources, which do not have federal oil leases, might see their holdings swell in value. More »

Russia open to delaying OPEC+ production hike, says Putin

While Putin said his preference was to adhere to the current plan, his comments are a show of unity between Russia and Saudi Arabia, whose leaders have been engaged in intense telephone diplomacy this month. More »

UN says Libya reaches permanent cease-fire deal

“The 5+5 Joint Military Commission talks in Geneva today culminated in a historic achievement where Libyan parties reached a permanent ceasefire agreement,” according to a statement by the UN Support Mission in Libya. “This achievement marks an important turning point towards achieving peace and stability in Libya.” More »

API fact-checks the presidential debate’s energy positions

The American Petroleum Institute corrected the record on discussions about a fracking ban, implementing a carbon-free power sector by 2035, replacing natural gas and oil jobs with clean energy jobs, and policies to reduce CO2 emissions. More »

BP considering deepwater Gulf of Mexico stake sale

BP is weighing a sale of its majority stake in the Constellation oilfield in the Gulf of Mexico, according to people familiar with the matter, as it pushes ahead with a divestment program. More »

Oil price gains continue on positive U.S. unemployment, ongoing stimulus talks

The labor market data brings about the idea that “people are going back to work even with some renewed lockdowns,” said Michael Lynch, president of Strategic Energy and Economic Research. “People are coping more without shutting down businesses, which could mean more oil demand in the short-term.” More »

Honeywell to automate world’s largest LNG project

The project includes the development of four new LNG mega-trains as well as associated facilities, and the production starting in 2025 will support the continued economic growth in Qatar. More »

Welltec wins role in DOE’s enhanced geothermal systems project

Welltec has been awarded a crucial role in a project funded by the US Department of Energy and led by the University of Oklahoma, to illustrate that near-field Enhanced Geothermal Systems can be successfully deployed. More »

Green-group pressures France to delay U.S. LNG purchase decision

Once touted as a bridge fuel to smooth the transition away from coal, gas increasingly is being targeted by environmental pressure groups and governments for its contribution to greenhouse gases. More »

Lower Mexican output in 2021 will raise Canadian heavy oil prices

Oil sands producers will benefit from less output of competing crude from Latin America as Pemex expects to cut exports while Venezuelan supplies remain off limits due to U.S. sanctions. More »

Gulf Energy Information introduces new hydrogen data visualization platform

The service equips subscribers with detailed project data for key industry segments, including hydrogen, renewable energy, downstream, midstream, and LNG. With researchers based in Asia, Europe and North America, the service also covers the latest project news in an easy-to-digest, accessible format. More »

Executive orders would give Biden options to limit oil and gas production

There are several ways Biden could halt fracking on federal lands using executive power. He could ban new oil and gas leases, halt new permits, or seek a specific regulatory ban on fracking, all of which Biden has telegraphed at one point or another on the campaign trail. More »

Exxon CEO reveals layoffs as low oil prices drive “tough decisions”

Exxon’s stock has plunged 52% this year and the company all but ended its aggressive, $30 billion-a-year counter-cyclical growth strategy. Rivals such as BP and Chevron have also announced large layoffs in recent weeks. More »

Varel, Taurex settle drill bit intellectual property lawsuit

Varel International Energy Services, a long-standing provider of drilling and downhole solutions, announced their settled litigation with Taurex Drill Bits, including claims of intellectual property infringement for specific drill bit technology. More »

Aggreko passes 1GW milestone in flare gas to power generation projects

Aggreko’s solutions allow oil and gas operators to repurpose this gas to provide power for their operations, saving money on fuel costs and reducing their net carbon emissions. More »

Trump administration sued over offshore drilling, Endangered Species Act

Environmental groups sued the Trump administration for its “failure to comply” with the Endangered Species Act, assailing as “arbitrary and capricious” a long-awaited assessment of the harm offshore oil and gas drilling could do to wildlife. More »

Oil and gasoline futures dive on mounting U.S. stockpiles

Domestic gasoline inventories rose 1.9 million barrels last week, the biggest increase since May, while a measure of gasoline consumption slid to the lowest since late September, according to an Energy Information Administration report. The mounting fuel supplies and lackluster demand may worsen during the normally sluggish winter driving months. More »

Canada’s Suncor considers selling North Sea oil and gas fields

After a slow start to the year as the coronavirus crisis disrupted plans across the industry, asset-sale activity in the North Sea has picked up in the second half. More »

U.S. shale mergers reshuffle the oil production landscape

“There’s only going to be three or four independents that are investable by shareholders” after the recent market rout, Pioneer CEO Scott Sheffield said on a conference call with analysts. “The best companies have been picked off the past few weeks.” More »

UAE and Israel open talks on once-secret crude oil pipeline

Europe Asia Pipeline Co., controlled by Israel’s government, and UAE-based MED-RED Land Bridge Ltd. signed a memorandum of understanding to collaborate on the transportation of crude and oil products between the Persian Gulf and Western markets, according to an EAPC statement. More »

Tullow Oil stock jumps 40% on Uganda sale approval

The explorer has been waiting since 2017 to close its divestment in the Lake Albert Development Project, an effort repeatedly stymied by tax disagreements. More »

Pioneer Natural Resources merger deal could see father-son conflict challenge

Pioneer Natural Resources Co. is in discussions to buy rival Parsley Energy Inc. in an all-stock deal that could be finalized by the end of the month, according to a person familiar with the matter. Pioneer is run by Scott Sheffield while his son Bryan is Parsley’s founder and chairman. More »

Oil prices climb as U.S. stimulus negotiations resume

Speaker Nancy Pelosi told Bloomberg TV that a bill for a compromise stimulus package is being written, raising hopes that lawmakers and the White House may be able to break a months-long impasse. But “mixed messages” between Trump and Senate Republicans -- who have opposed a package of $1.8 trillion or more -- could pose a hurdle, Pelosi said. More »

Oil prices slip on OPEC+ warnings, coronavirus impacts

Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman, speaking at the coalition’s committee meeting on Monday, called on the group to be proactive in the face of uncertain demand. The comments are strengthening expectations that OPEC and its allies will delay plans to restore 2 million barrels of halted output at the start of next year. More »

Russia’s Lukoil plans Iraq oil output boost

While it expects for now to keep output levels unchanged, Lukoil will “soon” submit proposals to Iraqi authorities to develop a separate area in the south known as Block 10. More »

CGG delivers global geothermal resource study to support client’s energy transition strategy

The study evaluates the scale of the potential for geothermal energy around the world and provides insight into the role this alternative energy source can play in electrical power generation and heating within the energy transition. More »

Recent deals reveal a buyer’s market for shale operators

Concho Resources Inc., an early explorer of the Permian basin’s once-coveted oil riches that was worth $32 billion just two years ago, is selling for $9.7 billion in stock. ConocoPhillips is paying a meager 15% premium over Concho’s closing price on Oct. 13, the last trading session before Bloomberg News first reported the companies were in talks. More »

Siemens Energy and Bentley Systems introduce asset performance management solution for oil and gas operators

The solution, part of Siemens Energy’s Omnivise digital solutions portfolio, supports maintenance activities across several assets, including onshore compressor stations and gas processing plants, as well as offshore production platforms and FPSO vessels. More »

Oil and Gas Climate Initiative reports progress on upstream methane and carbon intensity targets

OGCI, having surpassed the original collective average upstream methane intensity target of 0.25%, will now aim to lower methane intensity to 0.20% by 2025. The progress to date represents a 22% reduction in absolute upstream methane emissions since 2017. More »

Blackbuck Resources acquires Whites City water infrastructure from Cimarex Energy

The acquired assets include approximately 65 miles of pipeline and 100,000 barrels per day of installed and permitted disposal capacity. As part of the sale, Cimarex has agreed to a 15-year acreage dedication in the Whites City area, which encompasses more than 40,000 acres, for the gathering, disposal and recycling of its produced water. More »

Biden’s green energy plan seeks to end natural gas use within 15 years

The former vice president’s efforts to walk a tightrope on gas reflect the fossil fuel’s precarious place in the economy. For now, it’s an essential part of American life. More »

Harvey Gulf orders four Wärtsilä LNG-powered supply vessel retrofits

When the upgrade project is completed, the vessels will be capable of full tri-fuel operation, thus providing Harvey Gulf with the most flexible, fuel efficient class of PSVs in the Gulf of Mexico. More »

AVEVA and SCG announce Digital Reliability Platform strategic partnership

Strategic collaboration between the organizations extends the Engineering Digital Twin and harnesses AI-Infused Asset Performance Management to prevent unplanned downtime. More »

Conoco CEO leads U.S. shale peers with net-zero emissions pledge

“We’re the first U.S. based oil and gas company to take this step,” CEO Ryan Lance said during a conference call intended to discuss the company’s $9.7 billion deal to buy Concho Resources Inc. More »

Pressures from inside and outside OPEC+ compel a new production plan

With oil stuck at around $40, and more supply coming online from Libya, the cartel is now under pressure to revise its plan to ease those output cuts. It has already relaxed them by about 2 million barrels a day, and is due to add another 1.9 million in January. More »

Halliburton CEO sees a rebound coming for U.S. shale drilling

“The pace of activity declines in the international markets is slowing, while the North America industry structure continues to improve, and activity is stabilizing,” Halliburton CEO Jeff Miller said in a statement. More »

Conoco agrees to $9.7 billion Concho Resources purchase

The combination Conoco and Concho will be one of the dominant operators in the Permian Basin of West Texas and New Mexico, rivaling only the likes of Occidental Petroleum Corp. and Chevron Corp. in terms of crude output. More »

What the drilling rig count's ongoing climb says about the future of crude oil production

While opinions differ on oil demand and production rates, a fourth week of growth in the rig count appears to prove some projections right, while invalidating others. More »

Halliburton rolls out industry-first intelligent fracturing system

The SmartFleet system connects to the reservoir through subsurface sensing to continuously measure cluster uniformity and fracture geometry. The system applies the measurements to make intelligent adjustments that improve fracture placement. More »

Enpro Subsea enables safe removal of ‘attic’ oil from Brent Bravo’s concrete cells

Enpro’s patented technology enabled the safe access and removal of ‘attic’ oil from concrete storage cells at the base of the Brent Bravo platform in 140m water depth. The system, which on previous campaigns had been deployed direct from platform topsides, was this time deployed from a DeepOcean construction vessel, leading to a significant reduction in operating days per cell. More »

Libyan oil output reaches 500,000 barrels per day as industry restarts

The halt in Libya’s civil war led to many fields and ports in the east reopening last month, after an almost total shutdown of energy facilities since January. Before then, Libya was producing 1.2 million barrels a day. More »

Philippines lifts South China Sea oil exploration moratorium

The Philippines lifted its moratorium on oil and gas exploration in disputed areas of the South China Sea, a move that was welcomed by China and boosted the shares of the Southeast Asian nation’s energy producers. More »

World Oil Awards 2020 winners honored in virtual ceremony

This year, more than 270 nominations were submitted from over 90 companies in more than a dozen countries around the world. Eighty-four finalists were selected, and the award winners were hand-picked by the World Oil Awards advisory board as this year’s most groundbreaking industry developments. More »

CGG launches Walker Ridge reimaging program in the Gulf of Mexico

The Walker Ridge program covers approximately 300 OCS blocks including two priority areas of significant industry interest. Advanced proprietary imaging technologies will be applied to this program to unlock the full potential of existing seismic data and provide significant uplift in subsurface imaging. More »

Declining crude inventories cushion oil price fall

Oil pared losses as declining U.S. crude and fuel inventories eased concerns following reports of a sluggish labor market. More »

Weatherford achieves ultra-deepwater sidetrack milestone

Weatherford International’s Shallow Angle QuickCut System successfully achieved the industry's first 12 ¼-in. casing sidetrack, delivering a 22-ft. window in a single trip for an ultra-deepwater well in the Gulf of Mexico. More »

Russian oilfield services CEO projects further drilling cuts in 2021

The nation’s producers, which have reduced oil drilling by as much as one-third so far this year, may cut it by a further 20% in 2021, said Vitaly Dokunikhin, CEO at Eriell Russia. More »

IEA forecasts a serious, ongoing oil demand hit from Covid-19

After an unprecedented 8% drop this year, global oil consumption will return to pre-crisis levels in 2023, provided Covid-19 is brought under control next year, the Paris-based agency said on Tuesday. Even in that case, which is the most optimistic scenario for oil considered by the IEA, the pandemic has an enduring impact. More »

CGG’s smart data solutions business wins data management contracts

Given the current industry context, these awards reflect the continued high priority that clients have on digitalizing and thus enhancing the value of their legacy data. More »

BP’s new Azeri gas flow will add to Europe’s already glutted supply

The Trans Adriatic Pipeline, or TAP, project is “substantially complete” 4 1/2 years after construction started on the 878-kilometer link. The partners are now preparing for commercial operations and offering capacity to buyers. More »

PJ Valves signs two Brazilian FPSO supply deals

The specialist manufacturer and supplier of valves for the global energy industry has been awarded two significant FPSO valve contracts for projects in Brazil. The company will manufacture and supply valves packages to both projects in the Santos and Campos basins. More »

NTS Group acquires Amega West Services

NTS Group has acquired Amega West Services, a market leader in the manufacture, repair and rental of legacy and specialized drilling equipment used in offshore and land-based oil and gas extraction applications, from Carpenter Technology Corporation. More »

IEA seeks clarity in chaos with its 2020 World Energy Outlook

Predicting the future of energy is an even greater challenge than usual this year, coming after what the IEA described as a disruption not seen since “World Wars and the Great Depression.” More »

Natural gas investments to climb, despite present demand weakness

Gas projects planned or under development in the region will require around $211 billion in investment between 2020 and 2024, Arab Petroleum Investments Corp. said Monday in a statement. More »

Panhandle Oil and Gas acquires rights in two key shale plays

Panhandle Oil and Gas has closed the previously announced purchase of two mineral and royalty packages in Grady County, Okla., and Panola and Harrison Counties, Texas, from Red Stone Resources, LLC. More »

Libya’s biggest oil field reopens, adding to OPEC’s challenges

Libya’s state energy company lifted force majeure on the western deposit of Sharara and instructed its operator to resume production, according to a statement on Sunday. The field will initially pump 40,000 bpd, before reaching its capacity of almost 300,000 bpd next week, a person with knowledge of the situation said. More »

Oil prices fall below $40 as Gulf of Mexico producers get back to work

Crude explorers and tugboat operators got back to work on Saturday after Delta, which had shut about 92% of oil production, made landfall as a hurricane. More »

BP kicks off gas production at Oman’s Ghazeer field

Total production capacity from Block 61 is expected to rise to 1.5 Bcfd and more than 65,000 bpd of associated condensate. With an estimated 10.5 Tcf of recoverable gas resources, the block has the capacity to deliver approximately 35% of Oman’s total gas demand. More »

Will a flurry of oilfield MandA activity spur innovation in fossil fuels?

The past few weeks have seen extensive merger and acquisition activity in oil and gas, from new operators consolidating legacy field holdings to new, up-and-coming oilfield services providers. World Oil editors review how these companies are positioning to drive innovations in how fossil fuels are explored and produced. More »

Chevron to lay off 700 Houston staff in drive to cut costs

Affected employees are being asked to reapply for their existing positions, with layoffs set to take place beginning October 23rd. More »

Pemex leverages market opportunities in $1.5 billion debt sale

Petroleos Mexicanos returned to capital markets Thursday for its first debt sale since January as the embattled oil producer seeks to tap improved demand from investors. More »

Oil price swings suggest Mexico’s 2021 oil hedge is underway

Every year, the Latin American nation locks in the price of its oil exports by buying put options from Wall Street banks. The deal typically roils the market, creating violent swings in the price of oil options. More »

Coretrax’s ReLineWL expandable technology restores well for Gulf of Mexico operator

The ReLineWL straddle is a one-trip, rigless system developed to address common well integrity issues and has enabled a Gulf of Mexico operator to troubleshoot an inoperable safety valve, passing through a restriction that conventional straddles could not pass through. More »

NextEra’s green energy focus makes it more valuable than Exxon or Chevron

The world’s biggest producer of wind and solar power has now surpassed the oil majors, leading a spectacular rally in power stocks as much of the world shuns fossil fuels to fight climate change. More »

OPEC projects market share gains after coronavirus batters oil-producing rivals

OPEC expects world oil demand will return to pre-crisis levels in 2022, by which time the group will need to provide 34.3 million barrels a day, or about 1.4 million more than previously projected. The 13-member cartel controls about a third of global supplies. More »

An ongoing labor strike could shutter Equinor’s flagship Johan Sverdrup field

Equinor’s Johan Sverdrup offshore platform will have to close production until further notice if an ongoing labor strike continues into next week, the Norwegian supermajor said in a statement. More »

Proserv and Synaptec sign strategic alliance agreement

Leading controls technology company Proserv Controls has penned a strategic alliance with power system monitoring leader Synaptec to develop a cutting-edge integrated holistic cable monitoring system, which will reduce downtime, improve safety and lower operating costs at offshore wind farms. More »

Trillion-dollar fund managers fault energy companies on weak carbon reduction plans

Only seven out of 59 companies studied -- Royal Dutch Shell Plc, Repsol SA, Total SE, Eni SpA, Glencore Plc, Anglo American Plc and Equinor ASA -- have set emissions reduction targets in line with pledges made in the Paris Agreement, according to a report by the Transition Pathway Initiative. More »

Inmarsat extends Fleet LTE coverage to offshore Gulf of Mexico vessels

The expansion of the Fleet LTE service means customers in both the North Sea and Gulf of Mexico can access high speed 4G, Fleet Xpress maritime VSAT Ka-band and continuous L-band connectivity within a single, fully managed hybrid package. More »

Poland levels multi-billion-dollar fine on Gazprom over Nord Stream 2

The regulator said the 9.5 billion-euro ($11 billion) pipeline will impede competition and “violates the interests of consumers.” More »

Oil prices slip on halted stimulus talks and growing U.S. stockpiles

Trump told his negotiators to stop discussions with Democratic leaders just hours after Federal Reserve Chair Jerome Powell stepped up his call for more spending to avoid damaging the economic recovery. More »

Caterpillar to acquire Weir Oil and Gas in $405 million cash deal

Caterpillar Inc. has signed an agreement to acquire the Oil and Gas Division of the Weir Group PLC, a Scotland-based global engineering business. Headquartered near Fort Worth, Texas, Weir Oil and Gas produces a full line of pumps, flow iron, consumable parts, wellhead and pressure control products. More »

Boris Johnson’s UK wind energy plans need subsea ingenuity to succeed

Boris Johnson’s plan to quadruple the size of the UK offshore wind industry will require $58 billion of investment and careful management of what’s a tricky building process in some of the world’s roughest waters. More »

NOV delivers record-breaking coiled tubing string

NOV recently delivered the world’s longest and heaviest coiled tubing work string, which comprised 7.57 miles of continuously milled carbon steel tubing. More »

Transocean’s efforts to avoid bankruptcy could lead to a default

The world’s largest owner of deep-water oil rigs recently engineered a bond swap to trim some of its $9 billion debt load and ease the crunch caused by slumping energy prices. But other creditors say the transaction amounts to a default because it pledges assets that Transocean already promised to them. More »

Oil prices rise on stimulus hopes and yet another Gulf of Mexico hurricane

Crude started the week by getting swept up in a broader market relief rally, and was aided by a strike in Norway that has shut fields and is curbing flows. More »

Chrysaor acquires Premier Oil, becomes the North Sea’s top oil and gas producer

The deal marks the end of the road for one of the oldest independent oil explorers. After years laboring under a mountain of debt Premier has bowed to pressure from creditors, with CEO Tony Durrant abandoning his plan to acquire some of BP’s North Sea assets and agreeing to step down. More »

Hess sells Gulf of Mexico Shenzi interest to BHP for $505 million

“Proceeds will be used to fund our world class investment opportunity in Guyana,” CEO John Hess said. “This sale is aligned with our strategy to preserve cash and preserve the long term value of our assets in the current low oil price environment.” More »

Exxon Mobil’s investment plan adds millions of tons of carbon output, documents reveal

Planning documents show for the first time that Exxon has carefully assessed the direct emissions it expects from the seven-year investment plan adopted in 2018 by CEO Darren Woods. More »

Deloitte says most lost oilfield jobs won’t return until late 2021

The collapse in oil demand and prices spurred the fastest rate of oil- and chemical-industry layoffs in history, with about 107,000 jobs eliminated between March and August, Deloitte said in a study scheduled to be released Monday. More »

Saudi Arabia’s budget based on $50 oil, Goldman Sachs estimates

While oil at $50 would represent a 25% rise from current prices, it would still be far below the pre-pandemic level of around $65 and less than Saudi Arabia needs to balance its budget. More »

Oxy sells Colombian onshore assets for $825 million

. The transaction, which is expected to close in the fourth quarter of 2020, includes operations and working interests in the Llanos Norte, Middle Magdalena and Putumayo Basins. Occidental will retain a presence in country with its exploration blocks offshore Colombia. More »

Oil prices rally as Trump’s health appears to improve

Oil rose from a three-week low after a member of Donald Trump’s medical team said the U.S. president could leave hospital as soon as Monday, despite contradictory accounts about his health. More »

Canada’s oil majors feel the pain as energy stocks take a beating

“The recent near-death experience for some heavy oil producers is a good reminder that investors should focus on companies with strong balance sheets, ample liquidity, robust cost structures, and low sustaining capital requirements,” BMO Capital Markets analyst Randy Ollenberger said in a report. More »

Turkey to expand Mediterranean gas hunt with second drillship in 2021

Turkey plans to deploy a second drilling ship in the Black Sea early next year following the biggest-ever natural-gas discovery there. More »

Chevron Nigeria to cut 25% of staff in cost-reducing measure

Chevron’s Nigeria unit said it plans to cut 25% of its workforce to become more efficient and reduce operating costs, the latest sign demand for global oil is wobbling under coronavirus and new restrictions to contain it. More »

Libya’s post-war oil exports near 300,000 barrels per day

Libya’s oil output has risen to 295,000 barrels following a truce in the OPEC nation’s civil war and the lifting of a blockade on energy facilities. More »

Despite traders' weak demand outlook, oil and gas drilling activity continues to rise

World Oil editors discuss an emerging disconnect as drilling activity across the board continues to rise, while oil traders are expecting a long road to demand recovery. More »

Oil price slide continues on Trump’s positive coronavirus test

Futures in New York fell toward $37 a barrel, while global benchmark Brent dropped as much as 3.7%. The U.S. president announced that he and First Lady Melania Trump had tested positive for Covid-19, shortly after one of his closest aides, Hope Hicks, had fallen ill with the coronavirus. More »

Pura Vida upgrades reserve estimate for Nkembe block

Pura Vida Energy has announced an upgrade to its prospective resource assessment of the Nkembe PSC, offshore Gabon. Further technical work undertaken by the company has revealed a significant new play in the pre-salt within the Syn-rift interval where carbonate Coquinas reservoirs are anticipated to be present.

The inclusion of newly identified prospects increases the total gross mean unrisked prospective resources on block to 1,680 mmbo, 1,344 mmbo net to Pura Vida. The carbonate play is analogous to similar plays that have resulted in the discovery of several billion barrels of discovered oil offshore Angola and offshore Brazil. Pura Vida’s technical work has also identified several areas which contain multiple stacked prospects that have the potential to be attractive drill candidates that could be tested with a single vertical well.

Based on new interpretation on recent reprocessed seismic data undertaken by Pura Vida, the estimated net mean prospective resources on the Nkembe block has increased from 815 mmbo to 1,344 mmbo.
 
Pura Vida has identified several areas within the Nkembe block that contain multiple stacked targets. The drilling of stacked targets provides the ability to test prospects at differing stratigraphic levels through a single vertical well. Intersecting multiple prospects saves on drilling costs, increases the overall chance of making a commercial discovery, and in the event of success, allows for potential aggregation of resource potential.

The Moveni region in the south-western part of the block contains stacked prospects at the Gamba, Dentale and Syn-rift carbonate levels which have a net mean prospective resource un-risked potential of 286 mmbo and 603 mmbo respectively. A single well at this location has the potential to test a combined net prospective resource of 890 mmbo.

Dentex prospects directly overlie the larger and significant pre-salt level referred to as Palomite Deep. Of particular interest to Pura Vida is the Pompano prospect within the Palomite cluster, where stacked targets from the Batanga, Lower Anguille and the Cap Lopez lie directly above the Palomite Deep pre-salt play where the Gamba, Dentale and the Syn-rift carbonates are stacked. The combined net mean prospective resource, un-risked, potential of Pompano and Palomite Deep is 320 mmbo.

The Loba Oil Field also overlies the Loba Deep sub-salt target which provides an opportunity for a combination of a lower risk appraisal well for a production test of the post-salt Loba discovery with a test of the Loba Deep sub-salt exploration target.

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.

Shell stock hits 25-year low following rollout of green initiatives

Along with its European peers, Shell is embarking on a transformation to become a cleaner, greener company with much fewer assets in oil by the middle of the century. While many investors have welcomed the new direction, others question a pivot into less-profitable renewables More »

Increased OPEC+ pressure drives UAE’s oil exports to a 23-month low

The United Arab Emirates cut its oil exports to the lowest level in almost two years last month, a sign that the country may be making good on its pledge to OPEC+ to compensate for pumping too much crude previously. More »

Oil prices drop as concerns mount over next U.S. stimulus round

Futures in New York tumbled as much as nearly 6% on Thursday as U.S. equities pared gains and the dollar moved off its session lows. A Politico report that House leader Nancy Pelosi was skeptical about reaching a deal reined in hopes of the U.S. government providing a much needed boost to demand. More »

First U.S. built, Jones Act-compliant windfarm service operations vessel chartered

The vessel will be built at a combination of Edison Chouest’s shipyards in Florida, Mississippi and Louisiana, creating well over 300 new construction jobs. The construction of this vessel will also have a broader economic impact on other U.S. states hosting suppliers of major components, with some notable beneficiaries being North Carolina and Illinois for steel and main engines, respectively. More »

Norway kicks off construction of world’s largest floating offshore wind farm

"Hywind Tampen is a new chapter in Norway’s narrative as an energy nation. With support from the Norwegian authorities, we're not only building Norway’s first offshore wind project; we're refining floating offshore wind technology along with the Norwegian supplier industry," says Equinor president and CEO Eldar Sætre. More »

Hunting introduces PowerSet Solo power charges

The new PowerSet Solo power charges, with a built-in initiation device, are the only power charges on the market that operate without an igniter. This provides additional operational savings and efficiency. More »

Oil demand won’t recover for at least 18 months, say top traders

Daily consumption is still 4 million to 5 million barrels day below where it was expected to be before the pandemic, said Russell Hardy, the chief executive of Vitol Group, the biggest independent oil trader. He doesn’t expect a meaningful pickup in demand until at least the summer of 2021. More »