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WASHINGTON, D.C. -- The U.S. exported 401,000 bopd in July, the highest level of exports in 57 years and the second highest monthly export volume since 1920, when EIA' s published data starts, according to the EIA’s Today in Energy report. Recent crude oil exports are also noteworthy for both their origins and destinations. As a result of existing U.S. crude oil export restrictions, most U.S. crude exports are sourced domestically and are sent only to Canada.
HOUSTON -- Baker Hughes has announced the commercial release of its SeismicTrak seismic-while-drilling service, which provides precise measurements for reducing formation uncertainty and enables operators to hit their reservoir targets with greater accuracy.
SINGAPORE (Bloomberg) -- Oil’s collapse is eroding the appeal of potential U.S. LNG exports to Asia as it cuts the cost of competing supplies linked to the price of crude. Brent’s 22% drop this year outpaced the 8.9% decline in natural gas at Henry Hub, the benchmark for U.S. LNG shipments that are scheduled to begin in 2015. When the cost of processing and shipping American supplies to Asia is taken into account, the price advantage over oil-linked cargoes from producers such as Qatar has more than halved, according to data compiled by Bloomberg.
Shell awards fabrication, procurement contract to Fluor IRVING, Texas ICA Fluor, a JV of Fluor and Empresas, signed a contract with Shell Canada Energy, to supply modular fabrication and procurement services, for 13 well pads for heavy oil extraction at
PLATTEVILLE, Colorado -- Synergy Resources has signed a purchase and sale agreement for producing wells and leaseholds in the Wattenberg field from a private party.
ConocoPhillips reported rising profits in the face of falling oil prices as an asset sale in Nigeria and higher output in Texas and North Dakota boosted returns.
HOUSTON -- InterMoor, an Acteon company, has successfully completed its contract supporting the decommissioning of Anadarko Petroleum Corporation’s Red Hawk spar in the Gulf of Mexico. The Red Hawk spar is the deepest floating production platform to date to be decommissioned in the Gulf of Mexico. It is also the first spar decommissioned in the “Rigs-to-Reefs” program, which required the spar to be laid down on its side on the seafloor.
The push to end a four-decade limit on exporting U.S. oil may get a boost from a government study set for release that will explain the relationship between crude oil and domestic gasoline prices.
HOUSTON -- Baker Hughes has announced the commercial release of its AutoTrak eXact high-build rotary steerable system designed to help operators drill complex 3D wells with improved directional control and superior borehole quality.
CALGARY, Alberta (Bloomberg) -- TransCanada Corp., the Calgary-based company that has been trying to build the Keystone XL pipeline since 2008, applied for a C$12 billion ($10.7 billion) link between Alberta’s oil sands and Canada’s Atlantic Coast. The 4,600-km (2,859-mile) Energy East line, the largest proposed oil conduit in North America, would stay within Canada, carrying as much as 1.1 MMbpd to eastern refineries and marine terminals in Quebec and New Brunswick, according to a statement Oct. 30. Canada’s National Energy Board has 15 months to review the project and make a recommendation to the cabinet of Prime Minister Stephen Harper.
BUENOS AIRES (Bloomberg) -- Argentine lawmakers approved a revision of the oil law to include regulations for shale and offshore oil and gas exploration as the nation seeks to boost investment in its Vaca Muerta formation. The bill was approved by 130 votes for and 116 against with 1 abstention. The bill must now be signed by President Cristina Fernandez de Kirchner and published in the Official Gazette.
DENVER, Colorado – The hectic pace of the international exploration industry and the rise of computer intensive big data is leading companies to take a closer look at cloud computing. Leo Reiter of Nimbix, a provider of cloud-based high-performance computing infrastructure and applications, delivered a presentation on cloud computing to industry representatives on the opening day of the SEG’s annual conference in Denver.
Logan International Inc. has consolidated its tool rental operations, which were previously conducted in several of its operating units, into a single business: Logan Rentals.
West Texas Intermediate gained for a second day after an Energy Information Administration report showed growth in U.S. inventories slowed. Brent climbed.
DENVER, Colorado – Acceleware introduced AxFWI, a modular full waveform inversion application for the creation of high-resolution and high fidelity broadband subsurface velocity models, at SEG 2014 in Denver. Full waveform inversion is an advanced and automatic technique that inverts full bandwidth seismic data with the reflected and refracted wavefields for the primary purpose of improving subsurface imaging. AxFWI takes this one step further by increasing accuracy, customizability and speed.
LONDON (Bloomberg) -- Shale oil drillers will be hurt by the fall in crude prices before members of OPEC because their costs are higher, according to the group’s Secretary-General. As much as 50% of tight oil output will be “out of the market” at current prices, while the Organization of Petroleum Exporting Countries is not in a critical situation, Abdalla El-Badri said Oct. 29 at the Oil & Money conference in London.
PARIS -- CGG has announced the release of PowerLog Frac, a new tool to petrophysically analyze well log data and directly feed results into fracture simulation software. Completions engineers use the resulting models to design better hydraulic fracturing projects and improve well performance. PowerLog Frac is a new and intuitive petrophysics-based software, which generates formatted rock and fluid properties to allow engineers to run multiple frac scenarios with increased accuracy in hours instead of days by eliminating manual calculations and spreadsheets.
PARIS -- CGG has announced that PowerLog has been selected by Baker Hughes as its petrophysical software application of choice. PowerLog is CGG' s petrophysical software for well log analysis. As part of the Baker Hughes-CGG strategic alliance, the two companies have collaborated under a joint software development agreement to enhance PowerLog for its deployment as the preferred petrophysical software of Baker Hughes.
DENVER, Colorado -- Paradigm has signed a new long-term contract with Chevron Energy Technology Company, a division of Chevron U.S.A. Inc., that provides access to an expanded Paradigm product portfolio, the company announced at SEG 2014.
WASHINGTON, D.C. -- The U.S. exported 401,000 bopd in July, the highest level of exports in 57 years and the second highest monthly export volume since 1920, when EIA' s published data starts, according to the EIA’s Today in Energy report. Recent crude oil exports are also noteworthy for both their origins and destinations. As a result of existing U.S. crude oil export restrictions, most U.S. crude exports are sourced domestically and are sent only to Canada.
HOUSTON -- Baker Hughes has announced the commercial release of its SeismicTrak seismic-while-drilling service, which provides precise measurements for reducing formation uncertainty and enables operators to hit their reservoir targets with greater accuracy.
SINGAPORE (Bloomberg) -- Oil’s collapse is eroding the appeal of potential U.S. LNG exports to Asia as it cuts the cost of competing supplies linked to the price of crude. Brent’s 22% drop this year outpaced the 8.9% decline in natural gas at Henry Hub, the benchmark for U.S. LNG shipments that are scheduled to begin in 2015. When the cost of processing and shipping American supplies to Asia is taken into account, the price advantage over oil-linked cargoes from producers such as Qatar has more than halved, according to data compiled by Bloomberg.
Shell awards fabrication, procurement contract to Fluor IRVING, Texas ICA Fluor, a JV of Fluor and Empresas, signed a contract with Shell Canada Energy, to supply modular fabrication and procurement services, for 13 well pads for heavy oil extraction at
Synergy purchases Wattenberg assets for $125 million PLATTEVILLE, Colorado Synergy Resources has announced that it has signed a purchase and sale agreement for producing wells and leaseholds, in the Wattenberg Field from a private party. The purchase price of the
ConocoPhillips reported rising profits in the face of falling oil prices as an asset sale in Nigeria and higher output in Texas and North Dakota boosted returns.
HOUSTON -- InterMoor, an Acteon company, has successfully completed its contract supporting the decommissioning of Anadarko Petroleum Corporation’s Red Hawk spar in the Gulf of Mexico. The Red Hawk spar is the deepest floating production platform to date to be decommissioned in the Gulf of Mexico. It is also the first spar decommissioned in the “Rigs-to-Reefs” program, which required the spar to be laid down on its side on the seafloor.
The push to end a four-decade limit on exporting U.S. oil may get a boost from a government study set for release that will explain the relationship between crude oil and domestic gasoline prices.
HOUSTON -- Baker Hughes has announced the commercial release of its AutoTrak eXact high-build rotary steerable system designed to help operators drill complex 3D wells with improved directional control and superior borehole quality.
CALGARY, Alberta (Bloomberg) -- TransCanada Corp., the Calgary-based company that has been trying to build the Keystone XL pipeline since 2008, applied for a C$12 billion ($10.7 billion) link between Alberta’s oil sands and Canada’s Atlantic Coast. The 4,600-km (2,859-mile) Energy East line, the largest proposed oil conduit in North America, would stay within Canada, carrying as much as 1.1 MMbpd to eastern refineries and marine terminals in Quebec and New Brunswick, according to a statement Oct. 30. Canada’s National Energy Board has 15 months to review the project and make a recommendation to the cabinet of Prime Minister Stephen Harper.
BUENOS AIRES (Bloomberg) -- Argentine lawmakers approved a revision of the oil law to include regulations for shale and offshore oil and gas exploration as the nation seeks to boost investment in its Vaca Muerta formation. The bill was approved by 130 votes for and 116 against with 1 abstention. The bill must now be signed by President Cristina Fernandez de Kirchner and published in the Official Gazette.
DENVER, Colorado – The hectic pace of the international exploration industry and the rise of computer intensive big data is leading companies to take a closer look at cloud computing. Leo Reiter of Nimbix, a provider of cloud-based high-performance computing infrastructure and applications, delivered a presentation on cloud computing to industry representatives on the opening day of the SEG’s annual conference in Denver.
Logan International Inc. has consolidated its tool rental operations, which were previously conducted in several of its operating units, into a single business: Logan Rentals.
West Texas Intermediate gained for a second day after an Energy Information Administration report showed growth in U.S. inventories slowed. Brent climbed.
DENVER, Colorado – Acceleware introduced AxFWI, a modular full waveform inversion application for the creation of high-resolution and high fidelity broadband subsurface velocity models, at SEG 2014 in Denver. Full waveform inversion is an advanced and automatic technique that inverts full bandwidth seismic data with the reflected and refracted wavefields for the primary purpose of improving subsurface imaging. AxFWI takes this one step further by increasing accuracy, customizability and speed.
LONDON (Bloomberg) -- Shale oil drillers will be hurt by the fall in crude prices before members of OPEC because their costs are higher, according to the group’s Secretary-General. As much as 50% of tight oil output will be “out of the market” at current prices, while the Organization of Petroleum Exporting Countries is not in a critical situation, Abdalla El-Badri said Oct. 29 at the Oil & Money conference in London.
PARIS -- CGG has announced the release of PowerLog Frac, a new tool to petrophysically analyze well log data and directly feed results into fracture simulation software. Completions engineers use the resulting models to design better hydraulic fracturing projects and improve well performance. PowerLog Frac is a new and intuitive petrophysics-based software, which generates formatted rock and fluid properties to allow engineers to run multiple frac scenarios with increased accuracy in hours instead of days by eliminating manual calculations and spreadsheets.
PARIS -- CGG has announced that PowerLog has been selected by Baker Hughes as its petrophysical software application of choice. PowerLog is CGG' s petrophysical software for well log analysis. As part of the Baker Hughes-CGG strategic alliance, the two companies have collaborated under a joint software development agreement to enhance PowerLog for its deployment as the preferred petrophysical software of Baker Hughes.
DENVER, Colorado -- Paradigm has signed a new long-term contract with Chevron Energy Technology Company, a division of Chevron U.S.A. Inc., that provides access to an expanded Paradigm product portfolio, the company announced at SEG 2014.
Petrofac wins deepwater development project in Nova Scotia LONDON Petrofac has been awarded a contract to work with the Government of Nova Scotia, to help it identify the best way forward to exploit its ultra deepwater oil potential. Under the
Chevron sanctions Stampede project in deepwater Gulf of Mexico SAN RAMON, California Chevron has announced that its subsidiary, Union Oil Company of California, has reached a final investment decision to proceed with the development of the Hess Corporation operated Stampede
HB Rentals, a Superior Energy Services company specializing in onsite accommodation services, has announced the official opening of its new service location in Ciudad del Carmen, Mexico.
SPE 2014 Intelligent water management solution relies on oxidation technology AMSTERDAM— Nalco Champion has launched the RenewIQ line of oilfield water reuse solutions to help operators reduce freshwater consumption and associated handling costs, from sourcing to disposal. This new comprehensive
Repsol discovers high quality oil in Gulf of Mexico MADRID, Spain Repsol has discovered high quality oil in the U.S. Gulf of Mexico. The uncovering was made in an ultra deepwater well named Leon, which is situated at 352 km
Petrofac wins deepwater development project in Nova Scotia LONDON Petrofac has been awarded a contract to work with the Government of Nova Scotia, to help it identify the best way forward to exploit its ultra deepwater oil potential. Under the
Chevron sanctions Stampede project in deepwater Gulf of Mexico SAN RAMON, California Chevron has announced that its subsidiary, Union Oil Company of California, has reached a final investment decision to proceed with the development of the Hess Corporation operated Stampede
HB Rentals, a Superior Energy Services company specializing in onsite accommodation services, has announced the official opening of its new service location in Ciudad del Carmen, Mexico.
SPE 2014 Intelligent water management solution relies on oxidation technology AMSTERDAM— Nalco Champion has launched the RenewIQ line of oilfield water reuse solutions to help operators reduce freshwater consumption and associated handling costs, from sourcing to disposal. This new comprehensive
Repsol discovers high quality oil in Gulf of Mexico MADRID, Spain Repsol has discovered high quality oil in the U.S. Gulf of Mexico. The uncovering was made in an ultra deepwater well named Leon, which is situated at 352 km
Innospec closes on acquisition of Independence Oilfield Chemicals ENGLEWOOD, Colorado Innospec has reported that it has successfully closed the acquisition of Independence Oilfield Chemicals, which was stated on Oct. 1, 2014. This follows the successful clearance of pre merger notification
Innospec closes on acquisition of Independence Oilfield Chemicals ENGLEWOOD, Colorado Innospec has reported that it has successfully closed the acquisition of Independence Oilfield Chemicals, which was stated on Oct. 1, 2014. This follows the successful clearance of pre merger notification
ION delivers greater seismic accuracy and improved risk assessment with Precision HOUSTON ION Geophysical has reported the commercial launch of Precision, an innovative compressed seismic inversion process that builds earth reconstructions with improved accuracy and aids geoscientists in better quantifying
DENVER, Colorado -- Lenovo has announced that its ThinkPad W540 mobile workstation will be used by Landmark, a Halliburton business line, to support Landmark’s DecisionSpace G1 Edition solution for geoscientists.
Baker Hughes has released its TORRENT frac-pack solution, which helps operators improve ultimate recovery by creating and maintaining large, high-conductivity fractures to maximize reservoir contact and increase drainage.
BHP Billiton Ltd., the world’s biggest mining company, may sell its Fayetteville shale gas assets in Arkansas as it looks to balance its holdings in oil and natural gas.
DENVER, Colorado -- Sercel has announced the launch of GeoWave II, a new downhole seismic tool for conducting safe and efficient Vertical Seismic Profile (VSP) and hydraulic fracture monitoring surveys in the most hostile well environments.
OKLAHOMA CITY, Oklahoma -- Continental Resources has formed a JV with a wholly owned U.S. subsidiary of SK E&S Co. Ltd to jointly develop a significant portion of Continental' s Northwest Cana Woodford natural gas assets, primarily in Blaine and Dewey counties, Oklahoma.
EMAS AMC wins awards for multiple contracts in the U.S. Gulf of Mexico and Asia Pacific SINGAPORE EMAS AMC, the subsea division of EMAS, has won multiple new awards from various energy companies valued at over $70 million. The awards
SALT LAKE CITY, Utah -- Atlas Copco’s PDC bits will now feature MegaDiamond deep leach cutters. MegaDiamond, a Schlumberger company, has entered into a partnership with Atlas Copco to supply its patented and proprietary deep leaching technology. The MegaDiamond partnership permits Atlas Copco to bring its bit lines to customers for horizontal and directional drilling applications in the oil and gas industry. In the U.S. that market comprises about 80% of all energy drilling.
ION delivers greater seismic accuracy and improved risk assessment with Precision HOUSTON ION Geophysical has reported the commercial launch of Precision, an innovative compressed seismic inversion process that builds earth reconstructions with improved accuracy and aids geoscientists in better quantifying
DENVER, Colorado -- Lenovo has announced that its ThinkPad W540 mobile workstation will be used by Landmark, a Halliburton business line, to support Landmark’s DecisionSpace G1 Edition solution for geoscientists.
Baker Hughes has released its TORRENT frac-pack solution, which helps operators improve ultimate recovery by creating and maintaining large, high-conductivity fractures to maximize reservoir contact and increase drainage.
BHP Billiton Ltd., the world’s biggest mining company, may sell its Fayetteville shale gas assets in Arkansas as it looks to balance its holdings in oil and natural gas.
DENVER, Colorado -- Sercel has announced the launch of GeoWave II, a new downhole seismic tool for conducting safe and efficient Vertical Seismic Profile (VSP) and hydraulic fracture monitoring surveys in the most hostile well environments.
OKLAHOMA CITY, Oklahoma -- Continental Resources has formed a JV with a wholly owned U.S. subsidiary of SK E&S Co. Ltd to jointly develop a significant portion of Continental' s Northwest Cana Woodford natural gas assets, primarily in Blaine and Dewey counties, Oklahoma.
EMAS AMC wins awards for multiple contracts in the U.S. Gulf of Mexico and Asia Pacific SINGAPORE EMAS AMC, the subsea division of EMAS, has won multiple new awards from various energy companies valued at over $70 million. The awards
EMAS AMC wins awards for multiple contracts in the U.S. Gulf of Mexico and Asia Pacific SINGAPORE EMAS AMC, the subsea division of EMAS, has won multiple new awards from various energy companies valued at over $70 million. The awards
SALT LAKE CITY, Utah -- Atlas Copco’s PDC bits will now feature MegaDiamond deep leach cutters. MegaDiamond, a Schlumberger company, has entered into a partnership with Atlas Copco to supply its patented and proprietary deep leaching technology. The MegaDiamond partnership permits Atlas Copco to bring its bit lines to customers for horizontal and directional drilling applications in the oil and gas industry. In the U.S. that market comprises about 80% of all energy drilling.
MEXICO CITY (Bloomberg) -- Petroleos Mexicanos posted its eighth consecutive quarterly loss as declining output from its Cantarell oilfield pushed production at the state-owned oil monopoly to its lowest level in 24 years. The Mexico City-based company’s net loss of 59.7 billion pesos ($4.4 billion) widened from a 39.2 billion-peso loss a year ago, the producer known as Pemex said in a statement Oct. 24. Sales for the quarter fell 0.7% to 406.5 billion pesos from a year earlier.
MEXICO CITY (Bloomberg) -- Petroleos Mexicanos posted its eighth consecutive quarterly loss as declining output from its Cantarell oilfield pushed production at the state-owned oil monopoly to its lowest level in 24 years. The Mexico City-based company’s net loss of 59.7 billion pesos ($4.4 billion) widened from a 39.2 billion-peso loss a year ago, the producer known as Pemex said in a statement Oct. 24. Sales for the quarter fell 0.7% to 406.5 billion pesos from a year earlier.
Oil producers are forming a coalition dedicated to ending the four-decade U.S. ban on crude exports, signaling a more serious turn in their push to sell to overseas customers.
HOUSTON (Bloomberg) -- Occidental Petroleum Corp. CEO Stephen Chazen said companies that help explorers find and drill for oil will lower their fees to maintain market share if crude prices continue to slump. Benchmark U.S. crude futures have dropped 24% since reaching this year’s high on June 20. Baker Hughes and Schlumberger said last week that prices would need to drop further and stay there longer before customers would start to cut back spending.
NEW ORLEANS (Bloomberg) -- BP Plc’s bid for a new trial over causes of the 2010 Gulf of Mexico oil spill should be rejected because the judge didn’t rely on excluded testimony, Halliburton Co. said in court papers. BP’s own lawyers are responsible for trial testimony that the London-based oil company complains led to an unfair gross- negligence finding against it, according to Halliburton, the cementing subcontractor on the blown-out well.
SAN FRANCISCO, California (Bloomberg) -- U.S. oil output is buffering global crude prices and critical to the world’s supply balance amid the threat of disruptions, even as a ban on domestic exports remains in place, Energy Secretary Ernest Moniz said. A surge in the nation’s oil output comes as markets are faced with near-historic highs of unanticipated outages, Moniz, 69, said at a talk organized by the public-affairs forum Commonwealth Club in San Francisco. He agreed with a government report finding U.S. gasoline prices may drop should the prohibition on crude exports be lifted.
SUGAR LAND, Texas -- Fairmount Santrol has deployed a Railserve LEAF Gen-Set locomotive at its Roff, Oklahoma, resin-coating plants, as part of a continuous commitment to a minimal operational footprint.
Oil producers are forming a coalition dedicated to ending the four-decade U.S. ban on crude exports, signaling a more serious turn in their push to sell to overseas customers.
HOUSTON (Bloomberg) -- Occidental Petroleum Corp. CEO Stephen Chazen said companies that help explorers find and drill for oil will lower their fees to maintain market share if crude prices continue to slump. Benchmark U.S. crude futures have dropped 24% since reaching this year’s high on June 20. Baker Hughes and Schlumberger said last week that prices would need to drop further and stay there longer before customers would start to cut back spending.
NEW ORLEANS (Bloomberg) -- BP Plc’s bid for a new trial over causes of the 2010 Gulf of Mexico oil spill should be rejected because the judge didn’t rely on excluded testimony, Halliburton Co. said in court papers. BP’s own lawyers are responsible for trial testimony that the London-based oil company complains led to an unfair gross- negligence finding against it, according to Halliburton, the cementing subcontractor on the blown-out well.
SAN FRANCISCO, California (Bloomberg) -- U.S. oil output is buffering global crude prices and critical to the world’s supply balance amid the threat of disruptions, even as a ban on domestic exports remains in place, Energy Secretary Ernest Moniz said. A surge in the nation’s oil output comes as markets are faced with near-historic highs of unanticipated outages, Moniz, 69, said at a talk organized by the public-affairs forum Commonwealth Club in San Francisco. He agreed with a government report finding U.S. gasoline prices may drop should the prohibition on crude exports be lifted.
Fairmount Santrol continues to reduce environmental footprint at Oklahoma resin coating plants SUGAR LAND, Texas Fairmount Santrol has deployed a Railserve LEAF Gen Set locomotive at its Roff, Oklahoma, resin coating plants, as part of a continuous commitment to the
Soaring oil production, weak demand eclipse geopolitics HOUSTON Despite nearly unprecedented geopolitical concerns, both U.S. and global crude prices, have decreased during the third quarter of 2014, due to a surge in domestic production and weak oil demand growth. While
Fairmount Santrol continues to reduce environmental footprint at Oklahoma resin coating plants SUGAR LAND, Texas Fairmount Santrol has deployed a Railserve LEAF Gen Set locomotive at its Roff, Oklahoma, resin coating plants, as part of a continuous commitment to the
Alltite creates sparkless pump to prevent well fires WICHITA, Kansas Alltite created a new solution for the bolting industry, by launching the first hydraulic over hydraulic pump (H2H). Alltite’s new pump, can easily be powered off a PTO, on a
OneSubsea signs global frame agreement with BG Group HOUSTON OneSubsea has signed a 10 year global frame agreement with BG Group to supply subsea production equipment and aftermarket services. By adopting OneSubsea’s unique integrated solutions capabilities, the agreement establishes a
HACKBERRY, Louisiana -- Cameron LNG has started construction on a natural gas liquefaction project in Louisiana, giving the Houston-based company the ability to liquefy natural gas and export it to the world market. Once complete, Cameron LNG can liquefy domestically-produced natural gas for export, import LNG and regasify it for delivery to domestic markets, or re-export foreign-sourced LNG.
SAN RAMON, California -- Chevron Corporation has made a new oil discovery at the Guadalupe prospect in the deepwater U.S. Gulf of Mexico. The Keathley Canyon Block 10 Well No. 1 encountered significant oil pay in the Lower Tertiary Wilcox Sands. The well is located approximately 180 miles off the Louisiana coast in 3,992 ft of water and was drilled to a depth of 30,173 ft.
OKLAHOMA CITY, Oklahoma -- Continental Resources has reported continued success in its recently unveiled Springer play in the South Central Oklahoma Oil Province (SCOOP). "Four new wells further confirm the repeatability and growth potential of Continental' s new discovery, the Springer play in SCOOP," said Harold G. Hamm, Chairman and CEO. "These individual delineation wells in the play are generating excellent returns, with shallow decline rates compared to other unconventional resource plays. We expect to realize even stronger well economics as development drilling gets under way utilizing extended laterals, pad drilling, and other drilling and completion efficiencies."
BARTLESVILLE, Oklahoma -- ABB, the Zurich-based technology giant, dedicated its 100,000-sq-ft manufacturing and R&D facility with community dignitaries and corporate officials in attendance. The facility manufactures gas measurement and automation products for the upstream, midstream and downstream segments as part of the Oil & Gas Solutions division of ABB.
HOUSTON (Bloomberg) -- U.S. shale producers are cramming more wells into the juiciest spots of their oilfields in a move that may help keep the drilling boom going as prices plunge. The technique known as downspacing aims to pull more oil at less cost from each field, allowing companies to boost profit, attract more investment and arrange needed loans to continue drilling. Energy companies see closely-packed wells as their best chance to add billions more barrels of oil to U.S. production that’s already the highest in a quarter century.
Access375 newest introduction for AccessESP HOUSTON AccessESP has unveiled its next generation rigless ESP conveyance system, Access375. This new technology builds on the benefits of AccessESP’s previous generation of rigless ESP conveyance systems. Benefits include, full bore access to the
ASCO Numatics introduces 364 series spool valve, onshore and offshore FLORHAM PARK, New Jersey ASCO Numatics has introduced its ASCO 364 series spool valve, for control panel applications, in the onshore and offshore oil and gas industry. The new valve
Fortis Energy adds equipment and services in Rocky mountain and Northeastern regions BLOOMFIELD HILLS, Michigan Fortis Energy Services has taken delivery of two 550 series workover rigs, specifically designed for their work in the Bakken, Utica and Marcellus shale plays,
Mexico, which reformed its hydrocarbon law at the end of 2013, will begin the prequalification process for shallow-water bids in the first-half of November, according to officials with Mexico’s energy department.
KUALA LUMPUR, Malaysia (Bloomberg) -- Petroliam Nasional Bhd. is testing lender interest for as much as $12 billion of financing for a Canadian LNG project, according to people familiar with the matter. Malaysia’s state-owned oil company, known as Petronas, and four energy partners from China, Japan, India and Brunei, have asked bankers to indicate their willingness by the end of this week to help fund Pacific NorthWest LNG Ltd.’s proposed project in British Columbia, said the people, who asked not to be named because the process is private. The request doesn’t mean that the Petronas-led group has decided to proceed with the development, said one of the people.
Lamprell completes second Caspian Sea drilling unit DUBAI Lamprell successfully completed construction of the second Caspian Sea jackup drilling rig, the "Mercury". Completion of this rig is another significant milestone for the Group, particularly as it has been built under
HOUSTON -- Oil and gas operators can reduce the costs of constructing, drilling and completing unconventional wells, as well as the overall time it takes to complete them, by up to 40% through better planning and management of logistics, contractors and materials, according to a new Accenture report.
The United States’ Government Accountability Office, an independent agency that provides fiscal-related services to the U.S. Congress, has called for the Secretary of Energy to reexamine the country’s crude oil export policy and the Strategic Petroleum Reserve.
LONDON and NEW YORK (Bloomberg) -- Brent crude traded for a fifth day close to a level that’s prompting speculation OPEC will respond by cutting supply. West Texas Intermediate, which fell into a bear market this month, rose in New York.
HOUSTON (Bloomberg) -- Halliburton Co., the largest provider of fracing services, reported third-quarter profit that beat analysts’ estimates as it boosted its dividend.
Texas roughnecks overrun the best western as oil rout unnoticed DAN MURTAUGH CUERO, Texas (Bloomberg) From her little vantage point in Cuero, Texas, of the U.S. shale oil boom, Jill Potts doesn’t see anything to worry about. Yeah, she’s heard
Soaring oil production, weak demand eclipse geopolitics HOUSTON Despite nearly unprecedented geopolitical concerns, both U.S. and global crude prices, have decreased during the third quarter of 2014, due to a surge in domestic production and weak oil demand growth. While
Fairmount Santrol continues to reduce environmental footprint at Oklahoma resin coating plants SUGAR LAND, Texas Fairmount Santrol has deployed a Railserve LEAF Gen Set locomotive at its Roff, Oklahoma, resin coating plants, as part of a continuous commitment to the
Alltite creates sparkless pump to prevent well fires WICHITA, Kansas Alltite created a new solution for the bolting industry, by launching the first hydraulic over hydraulic pump (H2H). Alltite’s new pump, can easily be powered off a PTO, on a
OneSubsea signs global frame agreement with BG Group HOUSTON OneSubsea has signed a 10 year global frame agreement with BG Group to supply subsea production equipment and aftermarket services. By adopting OneSubsea’s unique integrated solutions capabilities, the agreement establishes a
HACKBERRY, Louisiana -- Cameron LNG has started construction on a natural gas liquefaction project in Louisiana, giving the Houston-based company the ability to liquefy natural gas and export it to the world market. Once complete, Cameron LNG can liquefy domestically-produced natural gas for export, import LNG and regasify it for delivery to domestic markets, or re-export foreign-sourced LNG.
SAN RAMON, California -- Chevron Corporation has made a new oil discovery at the Guadalupe prospect in the deepwater U.S. Gulf of Mexico. The Keathley Canyon Block 10 Well No. 1 encountered significant oil pay in the Lower Tertiary Wilcox Sands. The well is located approximately 180 miles off the Louisiana coast in 3,992 ft of water and was drilled to a depth of 30,173 ft.
OKLAHOMA CITY, Oklahoma -- Continental Resources has reported continued success in its recently unveiled Springer play in the South Central Oklahoma Oil Province (SCOOP). "Four new wells further confirm the repeatability and growth potential of Continental' s new discovery, the Springer play in SCOOP," said Harold G. Hamm, Chairman and CEO. "These individual delineation wells in the play are generating excellent returns, with shallow decline rates compared to other unconventional resource plays. We expect to realize even stronger well economics as development drilling gets under way utilizing extended laterals, pad drilling, and other drilling and completion efficiencies."
BARTLESVILLE, Oklahoma -- ABB, the Zurich-based technology giant, dedicated its 100,000-sq-ft manufacturing and R&D facility with community dignitaries and corporate officials in attendance. The facility manufactures gas measurement and automation products for the upstream, midstream and downstream segments as part of the Oil & Gas Solutions division of ABB.
HOUSTON (Bloomberg) -- U.S. shale producers are cramming more wells into the juiciest spots of their oilfields in a move that may help keep the drilling boom going as prices plunge. The technique known as downspacing aims to pull more oil at less cost from each field, allowing companies to boost profit, attract more investment and arrange needed loans to continue drilling. Energy companies see closely-packed wells as their best chance to add billions more barrels of oil to U.S. production that’s already the highest in a quarter century.
Access375 newest introduction for AccessESP HOUSTON AccessESP has unveiled its next generation rigless ESP conveyance system, Access375. This new technology builds on the benefits of AccessESP’s previous generation of rigless ESP conveyance systems. Benefits include, full bore access to the
ASCO Numatics introduces 364 series spool valve, onshore and offshore FLORHAM PARK, New Jersey ASCO Numatics has introduced its ASCO 364 series spool valve, for control panel applications, in the onshore and offshore oil and gas industry. The new valve
Fortis Energy adds equipment and services in Rocky mountain and Northeastern regions BLOOMFIELD HILLS, Michigan Fortis Energy Services has taken delivery of two 550 series workover rigs, specifically designed for their work in the Bakken, Utica and Marcellus shale plays,
Mexico, which reformed its hydrocarbon law at the end of 2013, will begin the prequalification process for shallow-water bids in the first-half of November, according to officials with Mexico’s energy department.
KUALA LUMPUR, Malaysia (Bloomberg) -- Petroliam Nasional Bhd. is testing lender interest for as much as $12 billion of financing for a Canadian LNG project, according to people familiar with the matter. Malaysia’s state-owned oil company, known as Petronas, and four energy partners from China, Japan, India and Brunei, have asked bankers to indicate their willingness by the end of this week to help fund Pacific NorthWest LNG Ltd.’s proposed project in British Columbia, said the people, who asked not to be named because the process is private. The request doesn’t mean that the Petronas-led group has decided to proceed with the development, said one of the people.
Lamprell completes second Caspian Sea drilling unit DUBAI Lamprell successfully completed construction of the second Caspian Sea jackup drilling rig, the "Mercury". Completion of this rig is another significant milestone for the Group, particularly as it has been built under
HOUSTON -- Oil and gas operators can reduce the costs of constructing, drilling and completing unconventional wells, as well as the overall time it takes to complete them, by up to 40% through better planning and management of logistics, contractors and materials, according to a new Accenture report.
The United States’ Government Accountability Office, an independent agency that provides fiscal-related services to the U.S. Congress, has called for the Secretary of Energy to reexamine the country’s crude oil export policy and the Strategic Petroleum Reserve.
LONDON and NEW YORK (Bloomberg) -- Brent crude traded for a fifth day close to a level that’s prompting speculation OPEC will respond by cutting supply. West Texas Intermediate, which fell into a bear market this month, rose in New York.
HOUSTON (Bloomberg) -- Halliburton Co., the largest provider of fracing services, reported third-quarter profit that beat analysts’ estimates as it boosted its dividend.
Texas roughnecks overrun the best western as oil rout unnoticed DAN MURTAUGH CUERO, Texas (Bloomberg) From her little vantage point in Cuero, Texas, of the U.S. shale oil boom, Jill Potts doesn’t see anything to worry about. Yeah, she’s heard
Rigs targeting oil in the U.S. fell by the most in two months as producers curbed drilling following the biggest price rout since 2012.
Shale boom helping American consumers as never before
By DAN MURTAUGH and LYNN DOAN
HOUSTON (Bloomberg) -- Oil traders might see the 27% slide in global prices as a bear market. For U.S. consumers, it’s more like an early holiday gift.
The drop in crude has pulled retail gasoline down more than 50 cents a gallon from the year’s high in April. That means annual savings of $500 for the average U.S. household, which consumes about 1,000 gallons of fuel a year, according to data from the Federal Highway Administration and Energy Information Administration.
“That’s like somebody putting dollars right in your pocket,” David Hackett, the president of Stillwater Associates, an energy consultant in Irvine, California, said by phone on Oct. 14. “That sounds like Christmas presents, going out to dinner, being able to do something.”
Gasoline’s slide represents the biggest benefit that U.S. consumers have seen to date from a record boom in domestic oil production, a surge that’s contributing to a global crude glut and helping reduce international prices. U.S. gasoline is being exported at record levels for this time of year.
The average retail price fell 1.9 cents to $3.144/gal, Heathrow, Florida-based motoring group AAA said on its website. That’s down from this year’s peak of $3.696 in April and the lowest since February 2011. Futures have decreased 86 cents on the New York Mercantile Exchange over the same period, signaling there may be further declines at the pump.
Following Crude
Gasoline is following the larger drop in the oil market. Brent crude, the global benchmark, closed at $84.47/bbl October 16 on the London-based ICE Futures Europe exchange after slipping to $82.60, the lowest level since November 2010. U.S. benchmark West Texas Intermediate settled at $82.70 on the New York Mercantile Exchange, after trading below $80 for the first time since 2012.
Prices are falling with U.S. oil output at the highest level since 1985 and the Organization of Petroleum Exporting Countries producing the most in more than a year. At the same time, the Paris-based International Energy Agency lowered its estimate for global demand growth for this year and next in an Oct. 14 report.
Americans are spending about $230 million a day less on gasoline than they were on July 4, based on prices and consumption, said Michael Green, a Washington-based spokesman for AAA, the country’s biggest motoring group.
‘Free Money’
Most consumers are paying $5 to $15 less to fill their tanks than they were around the Fourth of July, according to Green. “This is free money that people can use for savings or other spending in time for holiday shopping,” he said by e-mail on Oct. 15.
On top of sliding energy prices, food costs fell 0.7% in September, driven lower by eggs, baked goods and meat, IHS Inc., an Englewood, Colorado-based consultant, said in research note on Oct. 15. Combined, the drops stand to improve the holiday season both under the Christmas tree and on the dinner table, said Michael Montgomery, a U.S. economist at IHS.
“The two most observed prices by consumers are food and energy and they play the largest role in forming consumer opinions about inflation, providing a little more room for luxuries rather than facing a squeeze from necessities,” he said in the report.
Retail sales over this holiday season, from November through December, are expected to be up 4.2% percent from last year, according to IHS. That excludes motor vehicles, gasoline and food purchases.
Holiday Season
“This holiday season -- with just about six weeks until Black Friday -- is expected to glitter in comparison to the last two years,” Chris G. Christopher Jr., director of IHS’s U.S. consumer economics group, said in a report on Oct. 15. “The recent news on the consumer front has been relatively favorable, especially as pump prices are falling.”
Black Friday, the day after the U.S. Thanksgiving holiday, marks the start of the holiday shopping season. It falls on Nov. 28 this year.
Americans’ expectations for the economy in October climbed to the highest level in almost two years. A measure tracking the economic outlook increased to 51 this month, the strongest since November 2012, from 41.5 in September, data from the Bloomberg Consumer Comfort Index showed yesterday.
Retail Sales
Retail sales slid 0.3% in September, following a 0.6% gain in August that was the biggest in four months, Commerce Department figures show.
“Reconciling consumer confidence with consumer spending continues to be a challenge,” said Jack Kleinhenz, the chief economist at the National Retail Federation in Washington, who described last month’s retail sales as “surprisingly weak.”
While spending on gasoline accounts for less than 5% of the average person’s disposable income, it has an “undue influence on consumer confidence” because of the way the fuel is sold and paid for, Christopher said Oct. 15 by phone from Lexington, Massachusetts.
“When you go over to that pump, and you squeeze that liquid into your car, you’re seeing the amount going higher and higher, and that’s an unusual way of consuming something,” Christopher said. “It’s the way we purchase it. It’s immediate. Gasoline is different from almost any other consumer item.”
Since taking charge of the world’s third-largest crude producer almost five years ago, Chairman and Chief Executive Officer Watson has presided over an era of skyrocketing costs, dramatic market swings, declining production and rising concern about how fossil fuels might be harming the planet. He’s convinced he’s on the right track.
The recent tumble in crude oil prices hasn’t shaken the faith of two of the world’s biggest providers of drilling and production services.
AFGlobal completes integration of Special Flanges HOUSTON AFGlobal has completed its integration of Special Flanges based in Italy. AFGlobal acquired the company in December, 2013. “When combined with our value chain, the integration of these assets greatly enhances the capacity
WASHINGTON, D.C. (Bloomberg) -- U.S. crude production climbed to the highest level in more than 29 years last week as the shale boom moved the country closer to energy independence. Output rose 0.9% to 8.95 MMbpd, the most since June 1985, according to Energy Information Administration estimates. The combination of horizontal drilling and hydraulic fracturing has unlocked supplies from shale formations in the central U.S., including the Bakken in North Dakota and the Eagle Ford in Texas.
HOUSTON -- Apache Corporation has announced that Alfonso Leon, executive V.P. and CFO, has resigned to pursue other opportunities.
HØVIK, Norway -- To address widespread concerns about fracing risks, particularly related to contamination of groundwater, DNV GL has invited industry and other stakeholders to a joint industry project (JIP). The aim is to collect data, develop and validate quantitative risk assessment methodologies and outline risk management strategies that can be widely accepted by all relevant parties.
SAN RAMON, California (Bloomberg) -- Chevron Corp. is delaying developing a second phase of a deepsea natural gas project off Indonesia’s Borneo island due to start in 2019. The final investment decision for Gendalo-Gehem won’t be taken this year, a Chevron spokesman said in an emailed statement Oct. 15. The San Ramon, California-based company has yet to submit a revised development plan for it, Zudaldi Rafdi, a spokesman at SKK Migas, Indonesia’s upstream oil regulator, said in a phone interview Oct. 15.
OKLAHOMA CITY, Oklahoma -- Chesapeake Energy Corporation is to sell assets in the southern Marcellus shale and a portion of the eastern Utica shale in West Virginia to Southwestern Energy Company for $5.375 billion. The transaction is expected to close in fourth-quarter 2014.
Marathon Oil closes transaction for sale of Norway business HOUSTON Marathon Oil has closed the transaction with Det norske for the sale of Marathon Oil Norge for a total transaction value of $2.7 billion. After adjustment for debt, net working
NEW YORK (Bloomberg) -- U.S. oil producers that saw profits soar on the North American shale boom are feeling the downside of success: falling prices and shrinking cash are threatening to slow development. At the same time, as crude prices approach four year lows, natural gas companies are experiencing a reversal of fortune after having been shunned by many investors when a supply glut drove the fuel to a decade low. Gas producers are now viewed as a safer haven than oil companies.
Rigs targeting oil in the U.S. fell by the most in two months as producers curbed drilling following the biggest price rout since 2012.
Shale boom helping American consumers as never before
By DAN MURTAUGH and LYNN DOAN
HOUSTON (Bloomberg) -- Oil traders might see the 27% slide in global prices as a bear market. For U.S. consumers, it’s more like an early holiday gift.
The drop in crude has pulled retail gasoline down more than 50 cents a gallon from the year’s high in April. That means annual savings of $500 for the average U.S. household, which consumes about 1,000 gallons of fuel a year, according to data from the Federal Highway Administration and Energy Information Administration.
“That’s like somebody putting dollars right in your pocket,” David Hackett, the president of Stillwater Associates, an energy consultant in Irvine, California, said by phone on Oct. 14. “That sounds like Christmas presents, going out to dinner, being able to do something.”
Gasoline’s slide represents the biggest benefit that U.S. consumers have seen to date from a record boom in domestic oil production, a surge that’s contributing to a global crude glut and helping reduce international prices. U.S. gasoline is being exported at record levels for this time of year.
The average retail price fell 1.9 cents to $3.144/gal, Heathrow, Florida-based motoring group AAA said on its website. That’s down from this year’s peak of $3.696 in April and the lowest since February 2011. Futures have decreased 86 cents on the New York Mercantile Exchange over the same period, signaling there may be further declines at the pump.
Following Crude
Gasoline is following the larger drop in the oil market. Brent crude, the global benchmark, closed at $84.47/bbl October 16 on the London-based ICE Futures Europe exchange after slipping to $82.60, the lowest level since November 2010. U.S. benchmark West Texas Intermediate settled at $82.70 on the New York Mercantile Exchange, after trading below $80 for the first time since 2012.
Prices are falling with U.S. oil output at the highest level since 1985 and the Organization of Petroleum Exporting Countries producing the most in more than a year. At the same time, the Paris-based International Energy Agency lowered its estimate for global demand growth for this year and next in an Oct. 14 report.
Americans are spending about $230 million a day less on gasoline than they were on July 4, based on prices and consumption, said Michael Green, a Washington-based spokesman for AAA, the country’s biggest motoring group.
‘Free Money’
Most consumers are paying $5 to $15 less to fill their tanks than they were around the Fourth of July, according to Green. “This is free money that people can use for savings or other spending in time for holiday shopping,” he said by e-mail on Oct. 15.
On top of sliding energy prices, food costs fell 0.7% in September, driven lower by eggs, baked goods and meat, IHS Inc., an Englewood, Colorado-based consultant, said in research note on Oct. 15. Combined, the drops stand to improve the holiday season both under the Christmas tree and on the dinner table, said Michael Montgomery, a U.S. economist at IHS.
“The two most observed prices by consumers are food and energy and they play the largest role in forming consumer opinions about inflation, providing a little more room for luxuries rather than facing a squeeze from necessities,” he said in the report.
Retail sales over this holiday season, from November through December, are expected to be up 4.2% percent from last year, according to IHS. That excludes motor vehicles, gasoline and food purchases.
Holiday Season
“This holiday season -- with just about six weeks until Black Friday -- is expected to glitter in comparison to the last two years,” Chris G. Christopher Jr., director of IHS’s U.S. consumer economics group, said in a report on Oct. 15. “The recent news on the consumer front has been relatively favorable, especially as pump prices are falling.”
Black Friday, the day after the U.S. Thanksgiving holiday, marks the start of the holiday shopping season. It falls on Nov. 28 this year.
Americans’ expectations for the economy in October climbed to the highest level in almost two years. A measure tracking the economic outlook increased to 51 this month, the strongest since November 2012, from 41.5 in September, data from the Bloomberg Consumer Comfort Index showed yesterday.
Retail Sales
Retail sales slid 0.3% in September, following a 0.6% gain in August that was the biggest in four months, Commerce Department figures show.
“Reconciling consumer confidence with consumer spending continues to be a challenge,” said Jack Kleinhenz, the chief economist at the National Retail Federation in Washington, who described last month’s retail sales as “surprisingly weak.”
While spending on gasoline accounts for less than 5% of the average person’s disposable income, it has an “undue influence on consumer confidence” because of the way the fuel is sold and paid for, Christopher said Oct. 15 by phone from Lexington, Massachusetts.
“When you go over to that pump, and you squeeze that liquid into your car, you’re seeing the amount going higher and higher, and that’s an unusual way of consuming something,” Christopher said. “It’s the way we purchase it. It’s immediate. Gasoline is different from almost any other consumer item.”
Since taking charge of the world’s third-largest crude producer almost five years ago, Chairman and Chief Executive Officer Watson has presided over an era of skyrocketing costs, dramatic market swings, declining production and rising concern about how fossil fuels might be harming the planet. He’s convinced he’s on the right track.
The recent tumble in crude oil prices hasn’t shaken the faith of two of the world’s biggest providers of drilling and production services.
AFGlobal completes integration of Special Flanges HOUSTON AFGlobal has completed its integration of Special Flanges based in Italy. AFGlobal acquired the company in December, 2013. “When combined with our value chain, the integration of these assets greatly enhances the capacity
WASHINGTON, D.C. (Bloomberg) -- U.S. crude production climbed to the highest level in more than 29 years last week as the shale boom moved the country closer to energy independence. Output rose 0.9% to 8.95 MMbpd, the most since June 1985, according to Energy Information Administration estimates. The combination of horizontal drilling and hydraulic fracturing has unlocked supplies from shale formations in the central U.S., including the Bakken in North Dakota and the Eagle Ford in Texas.
HOUSTON -- Apache Corporation has announced that Alfonso Leon, executive V.P. and CFO, has resigned to pursue other opportunities.
HØVIK, Norway -- To address widespread concerns about fracing risks, particularly related to contamination of groundwater, DNV GL has invited industry and other stakeholders to a joint industry project (JIP). The aim is to collect data, develop and validate quantitative risk assessment methodologies and outline risk management strategies that can be widely accepted by all relevant parties.
SAN RAMON, California (Bloomberg) -- Chevron Corp. is delaying developing a second phase of a deepsea natural gas project off Indonesia’s Borneo island due to start in 2019. The final investment decision for Gendalo-Gehem won’t be taken this year, a Chevron spokesman said in an emailed statement Oct. 15. The San Ramon, California-based company has yet to submit a revised development plan for it, Zudaldi Rafdi, a spokesman at SKK Migas, Indonesia’s upstream oil regulator, said in a phone interview Oct. 15.
OKLAHOMA CITY, Oklahoma -- Chesapeake Energy Corporation is to sell assets in the southern Marcellus shale and a portion of the eastern Utica shale in West Virginia to Southwestern Energy Company for $5.375 billion. The transaction is expected to close in fourth-quarter 2014.
Marathon Oil closes transaction for sale of Norway business HOUSTON Marathon Oil has closed the transaction with Det norske for the sale of Marathon Oil Norge for a total transaction value of $2.7 billion. After adjustment for debt, net working
Oil drop makes drillers own worst enemy as gas offers haven JIM POLSON and BRADLEY OLSON (Bloomberg) U.S. oil producers that saw profits soar on the North American shale boom are feeling the downside of success falling prices and shrinking
End to oil rout in sight for BofA as $80 bbl gains support LYNN DOAN, MARK SHENK and GRANT SMITH (Bloomberg) Some of the world’s biggest banks say the collapse in oil is just about over. Bank of America and
DENVER, Colorado -- PDC Energy has closed the sale of its 50% interest in PDC Mountaineer (PDCM), a Marcellus JV, for $250 million.
PARIS (Bloomberg) -- OPEC is resisting pressure to cut oil production while demand slumps as it tests how low prices must go to make U.S. shale oil unprofitable. As producers become more efficient, that floor is sinking. The Organization of Petroleum Exporting Countries boosted output by the most in 13 months in September, even as crude plunged into a bear market and demand growth weakens to a five-year low, according to the International Energy Agency. Saudi Arabia and Kuwait, the largest and third-largest members of OPEC, indicated the price slump doesn’t warrant immediate production cuts, the IEA said.
TGS wins two new onshore 3D seismic survey contracts in Oklahoma HOUSTON TGS reported two new multi client onshore 3D surveys, Blanchard and Loyal, located within the Anadarko Basin in Oklahoma. Blanchard 3D spans approximately 433 sq miles over Grady
KEITHVILLE, Louisiana -- Keithville Well Drilling Co. has purchased and accepted delivery of the Schramm T250XD, a new, land-based rig designed specifically for shale drilling. The company plans to immediately utilize the rig in the Haynesville shale of northwest Louisiana and East Texas.
Dow and Preferred Sands collaboration wins 2014 polyurethane innovation award DALLAS, Texas Dow and Preferred Sands were recognized with the 2014 polyurethane innovation award at the annual Center for Polyurethanes Industry (CPI) conference in Dallas, Texas. Presented by CPI of
Acorn International appoints Oxman as partner HOUSTON Acorn International has appointed Michael Oxman as partner, within its Houston office. With more than 20 years of industry experience, Oxman brings an internationally respected record of leadership in understanding and managing non
HOUSTON -- Spectra Energy and Spectra Energy Partners have announced a proposed expansion of their oil pipeline network, with service from Guernsey, WY, to Patoka, IL. This is in response to strong market demand to move light, sweet, U.S. domestic crude from multiple supply areas, including the Bakken, the Denver-Julesburg basin and the Powder River basin, to Patoka, where shippers will be able to access Midwest and Gulf Coast markets. The expansion may enable future access to Eastern U.S. refiners as Spectra Energy continues to explore opportunities to serve those markets as well.
CANTON, Ohio -- TimkenSteel has announced its decision to locate an advanced quench-and-temper facility in Northeast Ohio to produce more value-added steel for demanding applications.
Brent oil tumbled to the lowest level in almost four years and West Texas Intermediate slipped the most since 2012 after the International Energy Agency said oil demand will expand this year at the slowest pace since 2009.
LONDON and NEW YORK (Bloomberg) -- Brent crude fell to the lowest level in almost four years after the International Energy Agency said oil demand will expand this year at the slowest pace since 2009. West Texas Intermediate slipped for the fifth time in six days.
Fann Instrument Company has released the DNA System, an integrated software solution connecting up to eight instruments into a single testing environment.
WILMINGTON, Delaware (Bloomberg) -- Endeavour International Corp., a U.S.-based oil and gas exploration firm with operations in the North Sea, sought bankruptcy protection Oct. 10, saying it has a restructuring agreement with some creditors. The company’s debt totals about $1.2 billion, according to Chapter 11 papers filed in U.S. Bankruptcy Court in Wilmington, Delaware. More than $500 million of that resulted from “unexpected events” in the past three years, according to the filing.
HOUSTON -- Exterran has signed an agreement with Woodford Express, a subsidiary of Xplorer Midstream, for a major natural gas processing project designed to provide 210 MMcfd of natural gas processing capacity, the companies announced this week. The new project will be located at Woodford’s Grady County natural gas processing facility, which is in the emerging South Central Oklahoma Oil Province (SCOOP) shale play.
ARM Midstream will build a crude oil gathering system in North Dakota that will serve the Bakken shale and Three Forks formation.
Targa Resources Corp. and the partnership it controls has agreed to buy Atlas Pipeline Partners LP and Atlas Energy LP for about $5.87 billion, adding to its ability to process, ship and export booming U.S. natural gas output.
HOUSTON -- MicroSeismic has appointed Rick Luke as the company’s new CFO. He succeeds Ron Mogul in this position, who retired this year.
PARIS (Bloomberg) -- Oil demand will expand at the slowest pace since 2009 this year as global economic growth weakens, the International Energy Agency said. The adviser to governments also cut its estimates for 2015. Oil consumption will increase by about 650,000 bpd this year, the Paris-based agency said in its monthly market report Oct. 14. The reduction of 250,000 bopd from a previous estimate is the fourth in a row and means growth will be about half what it anticipated in June. Crude prices have plunged to a four-year low amid a glut.
CHICAGO (Bloomberg) -- Bakken shale-oil producers are under pressure from tumbling prices to scale back their 2015 drilling plans in a region that accounts for one of every eight U.S. barrels of crude.
HOUSTON -- OneSubsea, a Cameron and Schlumberger company, has been awarded a subsea production systems contract totaling more than $290 million for the Lakach deepwater project offshore Mexico. This is the first deepwater subsea field to be developed by Pemex.
HOUSTON -- NuDevco Midstream Development, sponsor of Marlin Midstream Partners, LP, a Delaware limited partnership, has purchased land in Eunice, New Mexico, to develop a crude oil terminalling site. Financial terms of the transaction were not disclosed.
NEW ORLEANS, Louisiana -- Bordelon Marine has committed to a yearlong campaign to fight breast cancer. The company will donate a portion of profits from its ship, the M/V Shelia Bordelon, to the New Orleans affiliate of Susan G. Komen for the Cure. A pink stripe will be featured on the vessel along with the Susan G. Komen New Orleans logo.
End to oil rout in sight for BofA as $80 bbl gains support LYNN DOAN, MARK SHENK and GRANT SMITH (Bloomberg) Some of the world’s biggest banks say the collapse in oil is just about over. Bank of America and
DENVER, Colorado -- PDC Energy has closed the sale of its 50% interest in PDC Mountaineer (PDCM), a Marcellus JV, for $250 million.
PARIS (Bloomberg) -- OPEC is resisting pressure to cut oil production while demand slumps as it tests how low prices must go to make U.S. shale oil unprofitable. As producers become more efficient, that floor is sinking. The Organization of Petroleum Exporting Countries boosted output by the most in 13 months in September, even as crude plunged into a bear market and demand growth weakens to a five-year low, according to the International Energy Agency. Saudi Arabia and Kuwait, the largest and third-largest members of OPEC, indicated the price slump doesn’t warrant immediate production cuts, the IEA said.
TGS wins two new onshore 3D seismic survey contracts in Oklahoma HOUSTON TGS reported two new multi client onshore 3D surveys, Blanchard and Loyal, located within the Anadarko Basin in Oklahoma. Blanchard 3D spans approximately 433 sq miles over Grady
Keithville Well to deploy new Schramm rig to Haynesville shale WEST CHESTER, Pennsylvania Keithville Well drilling Co. has purchased and accepted delivery of the Schramm T250XD, a new, land based rig designed specifically for shale drilling. The company plans to
Dow and Preferred Sands collaboration wins 2014 polyurethane innovation award DALLAS, Texas Dow and Preferred Sands were recognized with the 2014 polyurethane innovation award at the annual Center for Polyurethanes Industry (CPI) conference in Dallas, Texas. Presented by CPI of
Acorn International appoints Oxman as partner HOUSTON Acorn International has appointed Michael Oxman as partner, within its Houston office. With more than 20 years of industry experience, Oxman brings an internationally respected record of leadership in understanding and managing non
Spectra Energy proposed crude oil pipeline from Rockies to Midwest HOUSTON Spectra Energy and Spectra Energy Partners proposed expansion of their oil pipeline network, with service from Guernsey, WY to Patoka, IL. This is in response to strong market demand
Spectra Energy proposed crude oil pipeline from Rockies to Midwest HOUSTON Spectra Energy and Spectra Energy Partners proposed expansion of their oil pipeline network, with service from Guernsey, WY to Patoka, IL. This is in response to strong market demand
TimkenSteel selects Northeast Ohio site to build $40 million facility CANTON, Ohio TimkenSteel decided to locate an advanced quench and temper facility in Northeast Ohio to produce more value added steel for demanding applications. “Our investment in additional value added
Brent oil tumbled to the lowest level in almost four years and West Texas Intermediate slipped the most since 2012 after the International Energy Agency said oil demand will expand this year at the slowest pace since 2009.
LONDON and NEW YORK (Bloomberg) -- Brent crude fell to the lowest level in almost four years after the International Energy Agency said oil demand will expand this year at the slowest pace since 2009. West Texas Intermediate slipped for the fifth time in six days.
Fann Instrument Company has released the DNA System, an integrated software solution connecting up to eight instruments into a single testing environment.
WILMINGTON, Delaware (Bloomberg) -- Endeavour International Corp., a U.S.-based oil and gas exploration firm with operations in the North Sea, sought bankruptcy protection Oct. 10, saying it has a restructuring agreement with some creditors. The company’s debt totals about $1.2 billion, according to Chapter 11 papers filed in U.S. Bankruptcy Court in Wilmington, Delaware. More than $500 million of that resulted from “unexpected events” in the past three years, according to the filing.
HOUSTON -- Exterran has signed an agreement with Woodford Express, a subsidiary of Xplorer Midstream, for a major natural gas processing project designed to provide 210 MMcfd of natural gas processing capacity, the companies announced this week. The new project will be located at Woodford’s Grady County natural gas processing facility, which is in the emerging South Central Oklahoma Oil Province (SCOOP) shale play.
ARM Midstream will build a crude oil gathering system in North Dakota that will serve the Bakken shale and Three Forks formation.
Targa Resources Corp. and the partnership it controls has agreed to buy Atlas Pipeline Partners LP and Atlas Energy LP for about $5.87 billion, adding to its ability to process, ship and export booming U.S. natural gas output.
HOUSTON -- MicroSeismic has appointed Rick Luke as the company’s new CFO. He succeeds Ron Mogul in this position, who retired this year.
PARIS (Bloomberg) -- Oil demand will expand at the slowest pace since 2009 this year as global economic growth weakens, the International Energy Agency said. The adviser to governments also cut its estimates for 2015. Oil consumption will increase by about 650,000 bpd this year, the Paris-based agency said in its monthly market report Oct. 14. The reduction of 250,000 bopd from a previous estimate is the fourth in a row and means growth will be about half what it anticipated in June. Crude prices have plunged to a four-year low amid a glut.
Bakken drillers poised to curb exploratory spending on oil slump JOE CARROLL (Bloomberg) Bakken shale oil producers are under pressure from tumbling prices to scale back their 2015 drilling plans in a region that accounts from one of every eight
Bakken drillers poised to curb exploratory spending on oil slump JOE CARROLL (Bloomberg) Bakken shale oil producers are under pressure from tumbling prices to scale back their 2015 drilling plans in a region that accounts from one of every eight
HOUSTON -- OneSubsea, a Cameron and Schlumberger company, has been awarded a subsea production systems contract totaling more than $290 million for the Lakach deepwater project offshore Mexico. This is the first deepwater subsea field to be developed by Pemex.
HOUSTON -- NuDevco Midstream Development, sponsor of Marlin Midstream Partners, LP, a Delaware limited partnership, has purchased land in Eunice, New Mexico, to develop a crude oil terminalling site. Financial terms of the transaction were not disclosed.
NEW ORLEANS, Louisiana -- Bordelon Marine has committed to a yearlong campaign to fight breast cancer. The company will donate a portion of profits from its ship, the M/V Shelia Bordelon, to the New Orleans affiliate of Susan G. Komen for the Cure. A pink stripe will be featured on the vessel along with the Susan G. Komen New Orleans logo.
VIENNA, Austria (Bloomberg) -- OPEC increased oil production by the most in almost three years as prices headed toward a bear market. The group, which accounts for 40% of world oil supply, predicted demand will accelerate in the next few months. The Organization of Petroleum Exporting Countries increased output by 402,000 bbl in September to 30.47 MMbopd. It was the biggest monthly gain since November 2011 and the largest production in more than a year, its data show. Saudi Arabia, the world’s largest exporter, told OPEC it boosted oil output.
Chevron names Mary Francis Corporate Secretary and Chief Governance Officer SAN RAMON, California Chevron named Mary A. Francis corporate secretary and chief governance officer effective May 1, 2015 on Oct. 9. In her new role, Francis, 50, will counsel the
VIENNA, Austria (Bloomberg) -- OPEC increased oil production by the most in almost three years as prices headed toward a bear market. The group, which accounts for 40% of world oil supply, predicted demand will accelerate in the next few months. The Organization of Petroleum Exporting Countries increased output by 402,000 bbl in September to 30.47 MMbopd. It was the biggest monthly gain since November 2011 and the largest production in more than a year, its data show. Saudi Arabia, the world’s largest exporter, told OPEC it boosted oil output.
Chevron names Mary Francis Corporate Secretary and Chief Governance Officer SAN RAMON, California Chevron named Mary A. Francis corporate secretary and chief governance officer effective May 1, 2015 on Oct. 9. In her new role, Francis, 50, will counsel the
ASKER, Norway -- TGS is expanding its Constitution group of WAZ 3D projects with the commencement of the Declaration survey. Declaration will cover 6,061 sq km (260 OCS blocks) in the Mississippi Canyon and Viosca Knoll protraction areas of the Central Gulf of Mexico and will be acquired orthogonal to TGS' underlying Justice WAZ 3D survey.
OKLAHOMA CITY, Oklahoma (Bloomberg) -- Aubrey McClendon, the oil and gas wildcatter ousted from Chesapeake Energy Corp. last year, is exploring a purchase of Freeport-McMoRan Inc.’s operations in California for up to $5 billion, people with knowledge of the matter said. McClendon’s American Energy Partners LP has been seeking to raise capital to fund the potential deal, said the people, who asked not to be identified because the matter is not public. American Energy, which has raised $13 billion since it was started last April, would fold the assets into a newly created operating unit, the people said.
Halliburton awarded mature field contracts from Petroamazonas HOUSTON Halliburton has signed long term contracts with Petroamazonas to provide field development and project management, as well as drilling and completions services, across nine mature fields, including the Palo Azul, Lago Agrio
ASKER, Norway -- TGS is expanding its Constitution group of WAZ 3D projects with the commencement of the Declaration survey. Declaration will cover 6,061 sq km (260 OCS blocks) in the Mississippi Canyon and Viosca Knoll protraction areas of the Central Gulf of Mexico and will be acquired orthogonal to TGS' underlying Justice WAZ 3D survey.
