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VIENNA, Austria (Bloomberg) -- The refusal of Saudi Arabia and its OPEC allies to curb crude oil output in the face of plummeting prices has set the energy world on a painful course that will leave the weakest behind, from governments to U.S. wildcatters. A grand experiment has begun, one in which the cartel of producing nations -- sometimes called the central bank of oil -- is leaving the market to decide who is strongest and how to cut as much as 2 MMbopd of surplus supply.
Packers Plus acquires ReTek Energy Products CALGARY, Alberta Packers Plus Energy Services (USA), a wholly owned subsidiary of Packers Plus Energy Services, has acquired Texas based ReTek Energy Products. "The acquisition of ReTek expands our ability to deliver new product
Seabox to lead subsea sulphate removal and low salinity project CINNAMINSON, New Jersey Seabox will lead a Joint Industry Project (JIP) with Az ACG SOCAR, Suncor, SIPCO and two oil majors, with the support of the Research Council of Norway,
VIENNA, Austria (Bloomberg) -- The refusal of Saudi Arabia and its OPEC allies to curb crude oil output in the face of plummeting prices has set the energy world on a painful course that will leave the weakest behind, from governments to U.S. wildcatters. A grand experiment has begun, one in which the cartel of producing nations -- sometimes called the central bank of oil -- is leaving the market to decide who is strongest and how to cut as much as 2 MMbopd of surplus supply.
Packers Plus acquires ReTek Energy Products CALGARY, Alberta Packers Plus Energy Services (USA), a wholly owned subsidiary of Packers Plus Energy Services, has acquired Texas based ReTek Energy Products. "The acquisition of ReTek expands our ability to deliver new product
Seabox to lead subsea sulphate removal and low salinity project CINNAMINSON, New Jersey Seabox will lead a Joint Industry Project (JIP) with Az ACG SOCAR, Suncor, SIPCO and two oil majors, with the support of the Research Council of Norway,
VIENNA, Austria (Bloomberg) -- Saudi Arabia’s oil minister said crude prices will stabilize while the United Arab Emirates said OPEC will do what it takes to balance the market. Angola predicted the 12-nation group will reach a consensus when it meets on Nov. 27. The “market will stabilize itself,” Ali Al-Naimi, the Saudi minister, told reporters in Vienna Nov. 26. The world’s largest oil exporter failed to agree a plan with Russia, Venezuela and Mexico to curb output on Nov. 25. Iran’s oil minister said there is an oversupply of crude.
HAMILTON, Bermuda (Bloomberg) -- Seadrill Ltd. fell the most in six years after the offshore driller controlled by billionaire John Fredriksen suspended dividends as the slump in oil prices hurts demand for rigs. Hamilton, Bermuda-based Seadrill fell as much as 16%, the most since November 2008, to 118.8 kroner and traded at 118.9 kroner at 9:37 a.m. in Oslo. That’s the lowest level since July 2010.
VANCOUVER, Canada -- TAG Oil has successfully drilled the Cheal-E-JV-6 (Cheal-E6) well, located in the onshore Taranaki basin of New Zealand, to a total depth of 1,939 m.
HOUSTON -- AccessESP’s rigless conveyance system has been in continuous service for more than one year since being pulled and reinstalled in a Permian basin well. The rigless conveyance system from AccessESP is the only through-tubing, slick-line deployed ESP solution.
VIENNA, Austria (Bloomberg) -- Saudi Arabia’s oil minister said crude prices will stabilize while the United Arab Emirates said OPEC will do what it takes to balance the market. Angola predicted the 12-nation group will reach a consensus when it meets on Nov. 27. The “market will stabilize itself,” Ali Al-Naimi, the Saudi minister, told reporters in Vienna Nov. 26. The world’s largest oil exporter failed to agree a plan with Russia, Venezuela and Mexico to curb output on Nov. 25. Iran’s oil minister said there is an oversupply of crude.
HAMILTON, Bermuda (Bloomberg) -- Seadrill Ltd. fell the most in six years after the offshore driller controlled by billionaire John Fredriksen suspended dividends as the slump in oil prices hurts demand for rigs. Hamilton, Bermuda-based Seadrill fell as much as 16%, the most since November 2008, to 118.8 kroner and traded at 118.9 kroner at 9:37 a.m. in Oslo. That’s the lowest level since July 2010.
TAG' s Cheal E6 well intersects oil and gas bearing sands VANCOUVER, Canada TAG Oil has successfully drilled the Cheal E JV 6 (Cheal E6) well, located in the onshore Taranaki basin of New Zealand to a total depth of 1,939
AccessESP’s rigless conveyance system reaches one year of operation in West Texas well HOUSTON AccessESP’s rigless conveyance system has been in continuous service for more than one year since being pulled and reinstalled in West Texas well at Permian basin.
CALGARY (Bloomberg) -- There’s been a lot of attention paid to how Canada’s oil boom has helped make gasoline cheaper. What many people may not realize is that the boom is also driving up the prices they pay for burgers and steaks.
CALGARY, Alberta (Bloomberg) -- The Canadian oil-sands frenzy that led to $265 billion of investments in less than a decade won’t immediately stop with $75 crude. Two years from now is another matter. Oil-sands projects are multibillion-dollar investments made upfront to allow many years of output, unlike competing U.S. shale wells that require constant injections of capital. It’s future expansion that’s at risk.
JERSEY CITY, New Jersey (Bloomberg) -- New York-traded crude oil will probably drop another $30 in the next two years as long-term cycles in commodities and currencies converge, no matter what happens at this week’s OPEC meeting and Iran nuclear talks, according to brokerage United-ICAP. West Texas Intermediate crude, the U.S. benchmark, has collapsed five times since the contract’s introduction in 1983, said Walter Zimmerman, chief technical strategist for United-ICAP in Jersey City, New Jersey.
FORT LUPTON, COLORADO -- McAda Fluids Heating Services and McAda Drilling Fluids has broken ground on a 10-acre facility near Fort Lupton. The new facility, to be open in spring of 2015, will serve the Niobrara shale and other Rockie Mountain regional activities.
VIENNA, Austria (Bloomberg) -- Iran may propose that OPEC cut its output target by as much as 1 MMbpd when the country’s oil minister consults with his Saudi counterpart before the group gathers this week, Mehr News reported. Bijan Namdar Zanganeh and Saudi Arabia’s Oil Minister Ali Al-Naimi will talk on the sidelines of the meeting in Vienna of the Organization of Petroleum Exporting Countries, seeking to define a common view among its 12 members for supporting prices, Iran’s state-run Mehr News agency reported, without saying where it got the information. An official in Iran’s oil ministry didn’t immediately comment when contacted by phone.
DUBAI (Bloomberg) -- Oil at $75/bbl won’t affect U.S. output from shale much because investments in wells and production have already been made, said Andrew Liveris, chairman and CEO of Dow Chemical Co. Some U.S. shale producers are already hurt by the drop in oil prices, though Dow, based in Midland, Michigan, sells enough different products that it can withstand lower crude, Liveris, the head of the largest U.S. chemical maker, said at a conference in Dubai.
Talisman, Ecopetrol discover hydrocarbons in Block CPO 9 in Colombia CALGARY, Alberta Talisman Energy and Ecopetrol have proven the presence of hydrocarbons in the Nueva Esperanza 1 exploratory well (A2b), located in block CPO 9, Department of Meta, Colombia. The
HOUSTON -- ProSep has appointed a new non-executive Board Director, Patrick McCarthy, to spearhead a five-year enterprise growth plan. McCarthy brings almost four decades of experience to the post as he joins ProSep from NATCO, where he served as COO since 2006.
HOUSTON -- Exxon Mobil has awarded Delta Screens & Filtration a limited international license to Exxon Mobil’s Alternate Path technology patent portfolio for gravel packing cased and openhole completion wells.
CALGARY (Bloomberg) -- There’s been a lot of attention paid to how Canada’s oil boom has helped make gasoline cheaper. What many people may not realize is that the boom is also driving up the prices they pay for burgers and steaks.
CALGARY, Alberta (Bloomberg) -- The Canadian oil-sands frenzy that led to $265 billion of investments in less than a decade won’t immediately stop with $75 crude. Two years from now is another matter. Oil-sands projects are multibillion-dollar investments made upfront to allow many years of output, unlike competing U.S. shale wells that require constant injections of capital. It’s future expansion that’s at risk.
JERSEY CITY, New Jersey (Bloomberg) -- New York-traded crude oil will probably drop another $30 in the next two years as long-term cycles in commodities and currencies converge, no matter what happens at this week’s OPEC meeting and Iran nuclear talks, according to brokerage United-ICAP. West Texas Intermediate crude, the U.S. benchmark, has collapsed five times since the contract’s introduction in 1983, said Walter Zimmerman, chief technical strategist for United-ICAP in Jersey City, New Jersey.
FORT LUPTON, COLORADO -- McAda Fluids Heating Services and McAda Drilling Fluids has broken ground on a 10-acre facility near Fort Lupton. The new facility, to be open in spring of 2015, will serve the Niobrara shale and other Rockie Mountain regional activities.
VIENNA, Austria (Bloomberg) -- Iran may propose that OPEC cut its output target by as much as 1 MMbpd when the country’s oil minister consults with his Saudi counterpart before the group gathers this week, Mehr News reported. Bijan Namdar Zanganeh and Saudi Arabia’s Oil Minister Ali Al-Naimi will talk on the sidelines of the meeting in Vienna of the Organization of Petroleum Exporting Countries, seeking to define a common view among its 12 members for supporting prices, Iran’s state-run Mehr News agency reported, without saying where it got the information. An official in Iran’s oil ministry didn’t immediately comment when contacted by phone.
DUBAI (Bloomberg) -- Oil at $75/bbl won’t affect U.S. output from shale much because investments in wells and production have already been made, said Andrew Liveris, chairman and CEO of Dow Chemical Co. Some U.S. shale producers are already hurt by the drop in oil prices, though Dow, based in Midland, Michigan, sells enough different products that it can withstand lower crude, Liveris, the head of the largest U.S. chemical maker, said at a conference in Dubai.
Talisman, Ecopetrol discover hydrocarbons in Block CPO 9 in Colombia CALGARY, Alberta Talisman Energy and Ecopetrol have proven the presence of hydrocarbons in the Nueva Esperanza 1 exploratory well (A2b), located in block CPO 9, Department of Meta, Colombia. The
Patrick McCarthy joins ProSep as Board Director HOUSTON ProSep has appointed a new non executive Board Director, Patrick McCarthy, to spearhead a five year enterprise growth plan. McCarthy will ensure that the strategy is executed according to best practice, and
Patrick McCarthy joins ProSep as Board Director HOUSTON ProSep has appointed a new non executive Board Director, Patrick McCarthy, to spearhead a five year enterprise growth plan. McCarthy will ensure that the strategy is executed according to best practice, and
ExxonMobil awards Alternate Path completion license to Delta Screens HOUSTON ExxonMobil has awarded Delta Screens & Filtration, a limited international license, to ExxonMobil’s Alternate Path technology patent portfolio, for gravel packing cased and openhole completion wells. Alternate Path is a
NEW YORK (Bloomberg) -- OPEC was mistaken in thinking that U.S. shale oil production would be unprofitable once crude prices slipped below $90/bbl, according to Pulitzer Prize-winning author Daniel Yergin.
NEW ORLEANS - The U.S. Bureau of Safety and Environmental Enforcement (BSEE) is actively investigating an explosion aboard a production platform at West Delta 105, operated by Fieldwood Energy. The explosion, which took place on Nov. 20, resulted in one fatality and three injured.
NEW YORK (Bloomberg) -- With crude at $75/bbl, the price Goldman Sachs Group Inc. says will be the average in the first three months of next year, 19 U.S. shale regions are no longer profitable, according to data compiled by Bloomberg New Energy Finance.
PARIS -- CGG has announced another significant commitment from an E&P company to its StagSeis multi-client solution in the Gulf of Mexico, this time with an earlier prefunder expanding their position. Following completion of acquisition in October, StagSeis presales of all three surveys, IBALT, DEUX and TROIS, have continued to strengthen, both with new companies joining, and with repeat customers increasing their commitments.
Logan announces acquisition of the HE specialty fishing tool product line CALAGRY, Alberta Logan Oil Tools, a wholly owned subsidiary of Logan International has purchased certain assets from Smith International. These assets include, inventory, the rights to manufacture and sell
Signal Hill Petroleum conducts first aerial gravity gradiometry survey of Los Angeles basin SIGNAL HILL, California Signal Hill Petroleum has recently completed the first airborne Full Tensor Gravity Gradiometry (FTG) survey of the Los Angeles basin. For areas that may
NEW ORLEANS -- The U.S. Bureau of Safety and Environmental Enforcement (BSEE) is responding to an explosion at West Delta 105 in the Gulf of Mexico, approximately 12 miles off the coast of New Orleans.
Liner less spill containment system reduces wellsite contamination risk LAFAYETTE, Louisiana — Newpark Mats and Integrated Services (NMIS) has unveiled the Dura Base Defender liner less spill containment system, which provides drilling and completion crews with a faster and more
WASHINGTON, D.C. -- The vast majority of potential U.S. tight oil production growth remains economical in the current crude oil price environment, according to a new report by IHS. About 80% of potential gross U.S. tight oil capacity additions in 2015 would remain resilient at WTI prices as low as $70/bbl, the report says.
HOUSTON (Bloomberg) -- With its $34.6 billion purchase of Baker Hughes Inc., Halliburton Co. will add a new technology that’s aimed at replacing the well-known nodding donkey pumps that have been a symbol of the oil business for a century. The new system, unveiled by Baker Hughes in May, offers a way to retrieve the final drops of crude from aging oilfields, and should help fill a gap in Halliburton’s offerings.
CALGARY, Alberta (Bloomberg) -- Facing a 30% slide in the price of crude in the past five months, Encana Corp. CEO Doug Suttles still has his foot on the accelerator. The gas giant capped a year of asset sales and purchases worth more than $14 billion to focus more on crude, just as oil fell into a slump. Suttles remains confident in the shift and plans to expand drilling to capitalize on properties that promise higher returns, even after crude prices declined from a high in June of about $107/bbl to around $75.
NEW YORK (Bloomberg) -- OPEC was mistaken in thinking that U.S. shale oil production would be unprofitable once crude prices slipped below $90/bbl, according to Pulitzer Prize-winning author Daniel Yergin.
NEW ORLEANS - The U.S. Bureau of Safety and Environmental Enforcement (BSEE) is actively investigating an explosion aboard a production platform at West Delta 105, operated by Fieldwood Energy. The explosion, which took place on Nov. 20, resulted in one fatality and three injured.
NEW YORK (Bloomberg) -- With crude at $75/bbl, the price Goldman Sachs Group Inc. says will be the average in the first three months of next year, 19 U.S. shale regions are no longer profitable, according to data compiled by Bloomberg New Energy Finance.
PARIS -- CGG has announced another significant commitment from an E&P company to its StagSeis multi-client solution in the Gulf of Mexico, this time with an earlier prefunder expanding their position. Following completion of acquisition in October, StagSeis presales of all three surveys, IBALT, DEUX and TROIS, have continued to strengthen, both with new companies joining, and with repeat customers increasing their commitments.
Logan announces acquisition of the HE specialty fishing tool product line CALAGRY, Alberta Logan Oil Tools, a wholly owned subsidiary of Logan International has purchased certain assets from Smith International. These assets include, inventory, the rights to manufacture and sell
Signal Hill Petroleum conducts first aerial gravity gradiometry survey of Los Angeles basin SIGNAL HILL, California Signal Hill Petroleum has recently completed the first airborne Full Tensor Gravity Gradiometry (FTG) survey of the Los Angeles basin. For areas that may
NEW ORLEANS -- The U.S. Bureau of Safety and Environmental Enforcement (BSEE) is responding to an explosion at West Delta 105 in the Gulf of Mexico, approximately 12 miles off the coast of New Orleans.
Liner less spill containment system reduces wellsite contamination risk LAFAYETTE, Louisiana — Newpark Mats and Integrated Services (NMIS) has unveiled the Dura Base Defender liner less spill containment system, which provides drilling and completion crews with a faster and more
WASHINGTON, D.C. -- The vast majority of potential U.S. tight oil production growth remains economical in the current crude oil price environment, according to a new report by IHS. About 80% of potential gross U.S. tight oil capacity additions in 2015 would remain resilient at WTI prices as low as $70/bbl, the report says.
HOUSTON (Bloomberg) -- With its $34.6 billion purchase of Baker Hughes Inc., Halliburton Co. will add a new technology that’s aimed at replacing the well-known nodding donkey pumps that have been a symbol of the oil business for a century. The new system, unveiled by Baker Hughes in May, offers a way to retrieve the final drops of crude from aging oilfields, and should help fill a gap in Halliburton’s offerings.
CALGARY, Alberta (Bloomberg) -- Facing a 30% slide in the price of crude in the past five months, Encana Corp. CEO Doug Suttles still has his foot on the accelerator. The gas giant capped a year of asset sales and purchases worth more than $14 billion to focus more on crude, just as oil fell into a slump. Suttles remains confident in the shift and plans to expand drilling to capitalize on properties that promise higher returns, even after crude prices declined from a high in June of about $107/bbl to around $75.
WASHINGTON, D.C. (Bloomberg) -- Keystone XL pipeline backers came up one vote short in the Senate and vowed to try again in January, when they expect to have enough support to send a bill to President Barack Obama.
Profire Energy acquires $1.75 million worth VIM assets LINDON, Utah Profire Energy has acquired the assets of VIM Injection Management, an oilfield chemical injection technology company based in Alberta, Canada. Profire paid a total of $1.75 million, comprised of $1
Monyo supplies 2000 Series pumps for fleet of offshore supply vessels SPRINGFIELD, Ohio – Ten of Moyno’s 2000 Series pumps have been ordered for a new fleet of offshore supply vessels that will be used to service drilling rigs worldwide.
CALGARY (Bloomberg) -- Vermilion Energy and Surge Energy are pledging to maintain their dividends as the plunge in oil prices rattles Canadian producers.
PITTSBURGH -- United States Steel Corporation' s tubular products unit is to be renamed Energy Solutions, the company has announced. According to the Pittsburgh-based company, the move is part of a broader reorganization as the company seeks to realign its three operating units -- North American Flat Rolled, Tubular and U.S. Steel Europe -- as closely as possible with its customers.
HOUSTON -- NET Midstream has completed construction of its 120-mile, 42 in. and 48 in. Texas intrastate pipeline ahead of its scheduled in-service date of Dec. 1, the company said. The NET Mexico line, which achieved mechanical completion in October, has concluded commissioning activities and is now operational and able to deliver natural gas to Mexico.
WASHINGTON, D.C. -- Crude oil and lease condensate production in the U.S. exceeded 8.6 MMbpd in August, a production volume not observed since July 1986, according to EIA' s latest Petroleum Supply Monthly. More than half of total U.S. production was accounted for by record production from three basins in three states. Production from the Permian basin in Texas and New Mexico accounted for 1.66 MMbpd, while the Eagle Ford shale in the Western Gulf basin, also located in Texas, produced 1.57 MMbpd. The Bakken shale in North Dakota' s Williston basin accounted for 1.13 MMbpd.
HOUSTON -- Edward S. Jacob, III was elected chairman of the International Association of Drilling Contractors (IADC) at the organization' s annual general meeting in New Orleans on Nov. 14. In addition, in recognition of his career and significant industry contributions, Jacob was also recognized with the 2014 Contractor of the Year Award.
NEW YORK (Bloomberg) -- Shale drillers are planning on production growth with fewer rigs despite a worldwide glut that has sent crude prices to a four-year low. Companies including Devon Energy Corp., Continental Resources Inc. and EOG Resources Inc. said they expect to pump more from their prime properties while cutting back in their least productive prospects. That puts the onus on OPEC nations, led by Saudi Arabia, to cut output if they want to stem the slide in global oil prices.
NEW YORK (Bloomberg) -- Of all the megamergers announced this year, Halliburton Co.’s $35 billion takeover of Baker Hughes Inc. is promising the most aggressive cost cuts. Halliburton says it can slash $2 billion after acquiring its similar-sized rival. That’s the biggest estimate of any deal valued at $20 billion or more that’s been announced this year, according to data compiled by Bloomberg. Even deals twice its size -- such as Comcast Corp.’s purchase of Time Warner Cable Inc. and Actavis Plc’s merger with Allergan Inc. -- are projecting fewer synergies.
HOUSTON – The relations with Baker Hughes and Halliburton changed quickly over the weekend from acrimonious posturing in preparation of a hostile takeover to one of brotherly love once the merger agreement was announced early Monday morning.
OKLAHOMA CITY, Oklahoma (Bloomberg) -- Oklahoma billionaire Harold Hamm was ordered to pay $972 million of a $16.1 billion oil industry fortune to his wife, while keeping the bulk of his 68% stake in Continental Resources Inc. following a contentious divorce trial. The decision was largely a victory for Hamm, who was allowed to retain control of the company in part because witnesses identified him as the driving force behind Continental, with one calling him the “captain of the ship.” Hamm, the company’s chairman, also was ordered to pay much less than what could have been awarded to his wife.
PALM BEACH, Florida -- ConocoPhillips Chairman and CEO Ryan Lance says exports of the nation’s impending surplus of light oil could benefit the U.S. by encouraging further job creation and economic development, while reducing gasoline prices and improving global energy security. Enabling such exports requires lifting the federal government’s outdated 1970s-era export ban, implemented at a time when U.S. oil production was falling.
HOUSTON (Bloomberg) -- Halliburton Co.’s deal for Baker Hughes Inc. may be just the start of big energy takeovers as oil prices slump. Crude has plunged to a more than four-year low amid a U.S. supply glut. That’s making top energy companies, from equipment makers to oil explorers, cheaper for buyers that have the capital to survive and the confidence to strike. Halliburton, a $47 billion provider of oilfield services and equipment, approached Baker Hughes about a combination several weeks ago, a time when the target was trading near its cheapest price in more than a year. The forces that drove them together will likely spur on other dealmaking as well.
NEW YORK (Bloomberg) -- Occidental Petroleum Corp.’s California spinoff is being valued at about $3.27 billion based on early trading last week, less than analysts had expected, amid falling crude prices. So-called when-issued shares in California Resources Corp. closed on Nov. 14 at $8.45 in New York, with more than 12 million shares traded. The Los Angeles-based company’s stock is scheduled to begin trading publicly on Dec. 1 on the New York Stock Exchange under the symbol CRC. There will be about 387 million shares outstanding, based on company comments last month.
HOUSTON (Bloomberg) -- Halliburton Co., the world’s second-biggest provider of oilfield services, agreed to buy No. 3 Baker Hughes Inc. in one of the largest takeovers of a U.S. energy company in years. Baker Hughes shareholders will receive 1.12 Halliburton shares plus $19 in cash for each share they own, both companies said in a statement. Halliburton plans to finance the cash portion of the deal through a combination of cash on hand and debt financing.
WASHINGTON, D.C. (Bloomberg) -- Keystone XL pipeline backers came up one vote short in the Senate and vowed to try again in January, when they expect to have enough support to send a bill to President Barack Obama.
Profire Energy acquires $1.75 million worth VIM assets LINDON, Utah Profire Energy has acquired the assets of VIM Injection Management, an oilfield chemical injection technology company based in Alberta, Canada. Profire paid a total of $1.75 million, comprised of $1
Monyo supplies 2000 Series pumps for fleet of offshore supply vessels SPRINGFIELD, Ohio – Ten of Moyno’s 2000 Series pumps have been ordered for a new fleet of offshore supply vessels that will be used to service drilling rigs worldwide.
CALGARY (Bloomberg) -- Vermilion Energy and Surge Energy are pledging to maintain their dividends as the plunge in oil prices rattles Canadian producers.
PITTSBURGH -- United States Steel Corporation' s tubular products unit is to be renamed Energy Solutions, the company has announced. According to the Pittsburgh-based company, the move is part of a broader reorganization as the company seeks to realign its three operating units -- North American Flat Rolled, Tubular and U.S. Steel Europe -- as closely as possible with its customers.
HOUSTON -- NET Midstream has completed construction of its 120-mile, 42 in. and 48 in. Texas intrastate pipeline ahead of its scheduled in-service date of Dec. 1, the company said. The NET Mexico line, which achieved mechanical completion in October, has concluded commissioning activities and is now operational and able to deliver natural gas to Mexico.
WASHINGTON, D.C. -- Crude oil and lease condensate production in the U.S. exceeded 8.6 MMbpd in August, a production volume not observed since July 1986, according to EIA' s latest Petroleum Supply Monthly. More than half of total U.S. production was accounted for by record production from three basins in three states. Production from the Permian basin in Texas and New Mexico accounted for 1.66 MMbpd, while the Eagle Ford shale in the Western Gulf basin, also located in Texas, produced 1.57 MMbpd. The Bakken shale in North Dakota' s Williston basin accounted for 1.13 MMbpd.
HOUSTON -- Edward S. Jacob, III was elected chairman of the International Association of Drilling Contractors (IADC) at the organization' s annual general meeting in New Orleans on Nov. 14. In addition, in recognition of his career and significant industry contributions, Jacob was also recognized with the 2014 Contractor of the Year Award.
NEW YORK (Bloomberg) -- Shale drillers are planning on production growth with fewer rigs despite a worldwide glut that has sent crude prices to a four-year low. Companies including Devon Energy Corp., Continental Resources Inc. and EOG Resources Inc. said they expect to pump more from their prime properties while cutting back in their least productive prospects. That puts the onus on OPEC nations, led by Saudi Arabia, to cut output if they want to stem the slide in global oil prices.
NEW YORK (Bloomberg) -- Of all the megamergers announced this year, Halliburton Co.’s $35 billion takeover of Baker Hughes Inc. is promising the most aggressive cost cuts. Halliburton says it can slash $2 billion after acquiring its similar-sized rival. That’s the biggest estimate of any deal valued at $20 billion or more that’s been announced this year, according to data compiled by Bloomberg. Even deals twice its size -- such as Comcast Corp.’s purchase of Time Warner Cable Inc. and Actavis Plc’s merger with Allergan Inc. -- are projecting fewer synergies.
HOUSTON – The relations with Baker Hughes and Halliburton changed quickly over the weekend from acrimonious posturing in preparation of a hostile takeover to one of brotherly love once the merger agreement was announced early Monday morning.
OKLAHOMA CITY, Oklahoma (Bloomberg) -- Oklahoma billionaire Harold Hamm was ordered to pay $972 million of a $16.1 billion oil industry fortune to his wife, while keeping the bulk of his 68% stake in Continental Resources Inc. following a contentious divorce trial. The decision was largely a victory for Hamm, who was allowed to retain control of the company in part because witnesses identified him as the driving force behind Continental, with one calling him the “captain of the ship.” Hamm, the company’s chairman, also was ordered to pay much less than what could have been awarded to his wife.
PALM BEACH, Florida -- ConocoPhillips Chairman and CEO Ryan Lance says exports of the nation’s impending surplus of light oil could benefit the U.S. by encouraging further job creation and economic development, while reducing gasoline prices and improving global energy security. Enabling such exports requires lifting the federal government’s outdated 1970s-era export ban, implemented at a time when U.S. oil production was falling.
HOUSTON (Bloomberg) -- Halliburton Co.’s deal for Baker Hughes Inc. may be just the start of big energy takeovers as oil prices slump. Crude has plunged to a more than four-year low amid a U.S. supply glut. That’s making top energy companies, from equipment makers to oil explorers, cheaper for buyers that have the capital to survive and the confidence to strike. Halliburton, a $47 billion provider of oilfield services and equipment, approached Baker Hughes about a combination several weeks ago, a time when the target was trading near its cheapest price in more than a year. The forces that drove them together will likely spur on other dealmaking as well.
NEW YORK (Bloomberg) -- Occidental Petroleum Corp.’s California spinoff is being valued at about $3.27 billion based on early trading last week, less than analysts had expected, amid falling crude prices. So-called when-issued shares in California Resources Corp. closed on Nov. 14 at $8.45 in New York, with more than 12 million shares traded. The Los Angeles-based company’s stock is scheduled to begin trading publicly on Dec. 1 on the New York Stock Exchange under the symbol CRC. There will be about 387 million shares outstanding, based on company comments last month.
HOUSTON (Bloomberg) -- Halliburton Co., the world’s second-biggest provider of oilfield services, agreed to buy No. 3 Baker Hughes Inc. in one of the largest takeovers of a U.S. energy company in years. Baker Hughes shareholders will receive 1.12 Halliburton shares plus $19 in cash for each share they own, both companies said in a statement. Halliburton plans to finance the cash portion of the deal through a combination of cash on hand and debt financing.
Paragon Offshore purchases majority stake in Prospector Offshore HOUSTON Paragon Offshore has announced that it has acquired 52,749,014 shares of Prospector Offshore Drilling at a price of $2.13 per share (14.50 Norwegian kroner). Following this transaction, Paragon owns a total
Halliburton sets in motion hostile takeover of Baker Hughes as deal talks fail DAVID WETHE and MATTHE MONKS HOUSTON (Bloomberg) Halliburton is moving to replace the entire board of oilfield services rival Baker Hughes Inc. after takeover talks disintegrated into
WASHINGTON D.C. -- The U.S. Energy Department has issued two final authorizations for Freeport LNG Expansion, L.P. and FLNG Liquefaction, LLC to export domestically produced LNG to countries that do not have a Free Trade Agreement (FTA) with the U.S.
HOUSTON (Bloomberg) -- One of the biggest challenges for Halliburton Co. in its potential merger with energy rival Baker Hughes Inc. will be deciding what to lop off. Combining the world’s second- and third-largest oilfield service providers will draw scrutiny from antitrust regulators, and Halliburton probably will need to sell some pieces to secure approval of a deal, said Brad Handler, a New York-based analyst at Jefferies Group LLC. Together, the companies would dominate the $25 billion U.S. market for onshore fracing.
PALM BEACH, Florida -- During its annual meeting in Palm Beach, Fla., this week, the Independent Petroleum Association of America (IPAA) has commented, in various sessions, about its efforts to fight the Obama administration’s ongoing abuse of the Endangered Species Act (ESA). Unable to impose its will on the upstream oil and gas industry through congressional action, the Obama White House has taken to using a series of administrative actions to limit E&P activity, including use of the ESA as a weapon.
PALM BEACH, Florida -- During Thursday’s Membership Luncheon at its 85th annual meeting in Palm Beach, Fla., the Independent Petroleum Association of America (IPAA) named Range Resources President and CEO Jeff Ventura as its recipient of the Chief Roughneck Award for 2014. U.S. Steel Tubular Products, Inc., a subsidiary of United States Steel Corporation, is the sponsor of the prestigious annual award, which was created in 1955 to honor the lifetime achievements of independent petroleum industry leaders. Ventura is the 60th recipient of the award.
NEW ORLEANS (Bloomberg) -- BP Plc lost a bid for a new trial on findings that it was grossly negligent in the 2010 Gulf of Mexico oil spill, a decision that exposes the company to $18 billion in pollution fines. The loss follows multiple BP legal setbacks, including failed efforts to cut the cost of its settlement with spill victims. After being told by trial and appeals courts that it must live with the deal it negotiated, BP is awaiting a U.S. Supreme Court decision on whether it will hear the company’s complaint that the deal is being misinterpreted to compensate claimants BP says it didn’t intended to pay.
MOSCOW (Bloomberg) -- Russia is preparing for a “catastrophic” slump in oil prices, which it can weather thanks to a cushion of more than $400 billion in reserves, President Vladimir Putin said. “We’re considering all the scenarios, including the so-called catastrophic fall of prices for energy resources, which is entirely possible, and we admit it,” Putin said in an interview with the state-run Tass news service before attending this weekend’s Group of 20 summit in Brisbane, Australia, according to a transcript emailed by the Kremlin.
PALM BEACH, Florida -- During Thursday morning’s general session at the annual meeting of the Independent Petroleum Association of America (IPAA) in Palm Beach, Fla., Energy Information Administration (EIA) Administrator Adam Sieminski and ConocoPhillips Chairman and CEO Ryan Lance delivered remarkably similar outlooks on the immediate future of the U.S. oil and natural gas markets. Although the overall outlook is fairly positive, both speakers warned of challenges looming ahead.
PARIS (Bloomberg) -- The U.S. shale boom does not appear to be slowing in response to the oil-price slump, with the country’s output of petroleum liquids rising above 12 MMbpd for the first time, according to the International Energy Agency. U.S. production of crude oil, condensate and natural gas liquids climbed to 12.2 MMbpd last month, the Paris-based energy adviser said Nov. 14 in its monthly oil market report.
HOUSTON (Bloomberg) -- Halliburton Co. is in talks to buy Baker Hughes Inc. in a deal that would combine two of the largest and oldest names in the energy business amid plunging oil prices. By eliminating a competitor, Halliburton, already the world’s second-biggest provider of oilfield services, would gain market clout that would help insulate it from a sustained market decline. A combination of Halliburton with No. 3 Baker Hughes would be a little more than half the size of larger rival Schlumberger Ltd.
Wood Mackenzie' s GoM production to reach 1.9 MMboed in 2016 HOUSTON Production in the deepwater Gulf of Mexico (GoM) is expected to reach a new peak of 1.9 MMboed in 2016, according to Wood Mackenzie’s latest outlook. Driven by new
WSJ Halliburton in talks to acquire Baker Hughes HOUSTON Halliburton is in talks to acquire Baker Hughes, according to a late breaking news report by the Wall Street Journal. As reported by WSJ, people familiar with the matter said the
HOUSTON (Bloomberg) --- No government approval for U.S. condensate exports? No problem, says the lawyer who has been instrumental in poking a hole in the 39-year-old ban on most crude oil shipments. By early next year, most companies will be following the lead of BHP Billiton and exporting processed condensate without explicit approval from the Bureau of Industry and Security, said Jacob Dweck, a lawyer with Sutherland Asbill & Brennan LLP. That would allow a larger chunk of the 650,000 bpd of U.S. condensate to be exported.
HOUSTON -- ION Geophysical has announced the resignation of its senior V.P. and CFO, Greg Heinlein, who is leaving the company to pursue other interests. ION has named Steve Bate as its executive V.P. and CFO. Bate was previously executive V.P. and COO of ION' s Systems division.
NEW YORK (Bloomberg) -- Slumping oil prices over the past week reflect a growing consensus among traders and investors that OPEC will maintain output when its 12 members meet later this month, Goldman Sachs Group Inc. said.
PALM BEACH, Florida -- At the annual meeting of the Independent Petroleum Association of America (IPAA) in Palm Beach, Fla., a respected industry analyst told producers that they’d better get used to lower-priced oil, because it’s going to be around for a while. Speaking to attendees Wednesday afternoon, Pavel Molchanov, senior V.P. for Energy Equity Research at Raymond James & Associates, said that “we’re modeling $90 Brent and $75 WTI for next year. We expect the differential between the two crudes to widen out.”
McDermott successfully delivers RSS for Ichthys LNG Project HOUSTON McDermott International has successfully delivered the riser support structure (RSS) for the INPEX operated Ichthys LNG Project’s subsea umbilical, riser, flowline development. Through smart engineering, McDermott was able to optimize the
PALM BEACH, Florida -- Despite the calm and serenity exuded by their South Florida setting, independent U.S. producers have quite a plate full of issues to tackle during the annual meeting of the Independent Petroleum Association of America (IPAA). As members convene for their opening sessions on Wednesday afternoon at The Breakers resort in Palm Beach, they will examine the trends and implications surrounding lower oil prices, the effects of the mid-term election results, access to federal lands, punitive environmental regulations and availability of capital, among others.
ST. JOHN’S, Newfoundland - Nalcor Energy and Ikon Science Canada have released a comprehensive regional pore pressure study for offshore Newfoundland and Labrador to the global oil and gas industry. This is the first large scale regional pore pressure study for offshore Newfoundland and Labrador.
MIDLAND, Texas -- Polyflow, LLC, a manufacturer of spoolable RTP for transporting hydrocarbons, water, and other fluids and gases, has announced the opening of its new manufacturing plant in Midland, Texas -- the first reinforced thermoplastic pipe facility in the Permian basin.
PARIS, EDINBURGH, HOUSTON and SINGAPORE -- The exploration industry has experienced a significant shift in strategic emphasis towards value over volume. Recognising the need to accurately assess the future potential of licensed and unlicensed acreage, CGG’s Robertson group and Wood Mackenzie are launching EV2 -- a brand new exploration valuation tool -- with an advance release of ten ‘hot’ basins.
PARIS (Bloomberg) -- The U.S. shale boom masks threats to global oil supply including Middle East turmoil, conflict in Ukraine and the difficulty of unconventional oil production beyond North America, the International Energy Agency said.
McDermott gains pipeline installation contract offshore Brunei HOUSTON McDermott International has been awarded a three year shallow water pipeline contract by Brunei Shell Petroleum (BSP) to transport and install pipelines and umbilicals for the Champion and Ampa Fields, offshore Brunei.
HOUSTON -- ABS, a provider of classification services to the global offshore industry, has announced the award of a contract from South Korean shipyard Hyundai Heavy Industries (HHI) to develop a set of subsea pipeline design criteria and associated training materials.
HOUSTON – Halcón Resources is to nearly half the number of rigs it planned to run next year as a result of the slide in oil prices.
SYDNEY (Bloomberg) -- Russia’s move to broaden its energy ties to China is clouding the outlook for natural gas export projects on the drawing board in the U.S., Canada and Australia. Companies looking to approve LNG plants in the next couple of years and start shipments at the end of the decade will probably experience delays, according to energy consultants Tri-Zen International Inc.
Halliburton sets in motion hostile takeover of Baker Hughes as deal talks fail DAVID WETHE and MATTHE MONKS HOUSTON (Bloomberg) Halliburton is moving to replace the entire board of oilfield services rival Baker Hughes Inc. after takeover talks disintegrated into
WASHINGTON D.C. -- The U.S. Energy Department has issued two final authorizations for Freeport LNG Expansion, L.P. and FLNG Liquefaction, LLC to export domestically produced LNG to countries that do not have a Free Trade Agreement (FTA) with the U.S.
HOUSTON (Bloomberg) -- One of the biggest challenges for Halliburton Co. in its potential merger with energy rival Baker Hughes Inc. will be deciding what to lop off. Combining the world’s second- and third-largest oilfield service providers will draw scrutiny from antitrust regulators, and Halliburton probably will need to sell some pieces to secure approval of a deal, said Brad Handler, a New York-based analyst at Jefferies Group LLC. Together, the companies would dominate the $25 billion U.S. market for onshore fracing.
PALM BEACH, Florida -- During its annual meeting in Palm Beach, Fla., this week, the Independent Petroleum Association of America (IPAA) has commented, in various sessions, about its efforts to fight the Obama administration’s ongoing abuse of the Endangered Species Act (ESA). Unable to impose its will on the upstream oil and gas industry through congressional action, the Obama White House has taken to using a series of administrative actions to limit E&P activity, including use of the ESA as a weapon.
PALM BEACH, Florida -- During Thursday’s Membership Luncheon at its 85th annual meeting in Palm Beach, Fla., the Independent Petroleum Association of America (IPAA) named Range Resources President and CEO Jeff Ventura as its recipient of the Chief Roughneck Award for 2014. U.S. Steel Tubular Products, Inc., a subsidiary of United States Steel Corporation, is the sponsor of the prestigious annual award, which was created in 1955 to honor the lifetime achievements of independent petroleum industry leaders. Ventura is the 60th recipient of the award.
NEW ORLEANS (Bloomberg) -- BP Plc lost a bid for a new trial on findings that it was grossly negligent in the 2010 Gulf of Mexico oil spill, a decision that exposes the company to $18 billion in pollution fines. The loss follows multiple BP legal setbacks, including failed efforts to cut the cost of its settlement with spill victims. After being told by trial and appeals courts that it must live with the deal it negotiated, BP is awaiting a U.S. Supreme Court decision on whether it will hear the company’s complaint that the deal is being misinterpreted to compensate claimants BP says it didn’t intended to pay.
MOSCOW (Bloomberg) -- Russia is preparing for a “catastrophic” slump in oil prices, which it can weather thanks to a cushion of more than $400 billion in reserves, President Vladimir Putin said. “We’re considering all the scenarios, including the so-called catastrophic fall of prices for energy resources, which is entirely possible, and we admit it,” Putin said in an interview with the state-run Tass news service before attending this weekend’s Group of 20 summit in Brisbane, Australia, according to a transcript emailed by the Kremlin.
PALM BEACH, Florida -- During Thursday morning’s general session at the annual meeting of the Independent Petroleum Association of America (IPAA) in Palm Beach, Fla., Energy Information Administration (EIA) Administrator Adam Sieminski and ConocoPhillips Chairman and CEO Ryan Lance delivered remarkably similar outlooks on the immediate future of the U.S. oil and natural gas markets. Although the overall outlook is fairly positive, both speakers warned of challenges looming ahead.
PARIS (Bloomberg) -- The U.S. shale boom does not appear to be slowing in response to the oil-price slump, with the country’s output of petroleum liquids rising above 12 MMbpd for the first time, according to the International Energy Agency. U.S. production of crude oil, condensate and natural gas liquids climbed to 12.2 MMbpd last month, the Paris-based energy adviser said Nov. 14 in its monthly oil market report.
HOUSTON (Bloomberg) -- Halliburton Co. is in talks to buy Baker Hughes Inc. in a deal that would combine two of the largest and oldest names in the energy business amid plunging oil prices. By eliminating a competitor, Halliburton, already the world’s second-biggest provider of oilfield services, would gain market clout that would help insulate it from a sustained market decline. A combination of Halliburton with No. 3 Baker Hughes would be a little more than half the size of larger rival Schlumberger Ltd.
Wood Mackenzie' s GoM production to reach 1.9 MMboed in 2016 HOUSTON Production in the deepwater Gulf of Mexico (GoM) is expected to reach a new peak of 1.9 MMboed in 2016, according to Wood Mackenzie’s latest outlook. Driven by new
WSJ Halliburton in talks to acquire Baker Hughes HOUSTON Halliburton is in talks to acquire Baker Hughes, according to a late breaking news report by the Wall Street Journal. As reported by WSJ, people familiar with the matter said the
HOUSTON (Bloomberg) --- No government approval for U.S. condensate exports? No problem, says the lawyer who has been instrumental in poking a hole in the 39-year-old ban on most crude oil shipments. By early next year, most companies will be following the lead of BHP Billiton and exporting processed condensate without explicit approval from the Bureau of Industry and Security, said Jacob Dweck, a lawyer with Sutherland Asbill & Brennan LLP. That would allow a larger chunk of the 650,000 bpd of U.S. condensate to be exported.
HOUSTON -- ION Geophysical has announced the resignation of its senior V.P. and CFO, Greg Heinlein, who is leaving the company to pursue other interests. ION has named Steve Bate as its executive V.P. and CFO. Bate was previously executive V.P. and COO of ION' s Systems division.
WSJ Halliburton in talks to acquire Baker Hughes HOUSTON Halliburton is in talks to acquire Baker Hughes, according to a late breaking news report by the Wall Street Journal. As reported by WSJ, people familiar with the matter said the
HOUSTON (Bloomberg) --- No government approval for U.S. condensate exports? No problem, says the lawyer who has been instrumental in poking a hole in the 39-year-old ban on most crude oil shipments. By early next year, most companies will be following the lead of BHP Billiton and exporting processed condensate without explicit approval from the Bureau of Industry and Security, said Jacob Dweck, a lawyer with Sutherland Asbill & Brennan LLP. That would allow a larger chunk of the 650,000 bpd of U.S. condensate to be exported.
HOUSTON -- ION Geophysical has announced the resignation of its senior V.P. and CFO, Greg Heinlein, who is leaving the company to pursue other interests. ION has named Steve Bate as its executive V.P. and CFO. Bate was previously executive V.P. and COO of ION' s Systems division.
NEW YORK (Bloomberg) -- Slumping oil prices over the past week reflect a growing consensus among traders and investors that OPEC will maintain output when its 12 members meet later this month, Goldman Sachs Group Inc. said.
PALM BEACH, Florida -- At the annual meeting of the Independent Petroleum Association of America (IPAA) in Palm Beach, Fla., a respected industry analyst told producers that they’d better get used to lower-priced oil, because it’s going to be around for a while. Speaking to attendees Wednesday afternoon, Pavel Molchanov, senior V.P. for Energy Equity Research at Raymond James & Associates, said that “we’re modeling $90 Brent and $75 WTI for next year. We expect the differential between the two crudes to widen out.”
McDermott successfully delivers RSS for Ichthys LNG Project HOUSTON McDermott International has successfully delivered the riser support structure (RSS) for the INPEX operated Ichthys LNG Project’s subsea umbilical, riser, flowline development. Through smart engineering, McDermott was able to optimize the
PALM BEACH, Florida -- Despite the calm and serenity exuded by their South Florida setting, independent U.S. producers have quite a plate full of issues to tackle during the annual meeting of the Independent Petroleum Association of America (IPAA). As members convene for their opening sessions on Wednesday afternoon at The Breakers resort in Palm Beach, they will examine the trends and implications surrounding lower oil prices, the effects of the mid-term election results, access to federal lands, punitive environmental regulations and availability of capital, among others.
ST. JOHN’S, Newfoundland - Nalcor Energy and Ikon Science Canada have released a comprehensive regional pore pressure study for offshore Newfoundland and Labrador to the global oil and gas industry. This is the first large scale regional pore pressure study for offshore Newfoundland and Labrador.
MIDLAND, Texas -- Polyflow, LLC, a manufacturer of spoolable RTP for transporting hydrocarbons, water, and other fluids and gases, has announced the opening of its new manufacturing plant in Midland, Texas -- the first reinforced thermoplastic pipe facility in the Permian basin.
PARIS, EDINBURGH, HOUSTON and SINGAPORE -- The exploration industry has experienced a significant shift in strategic emphasis towards value over volume. Recognising the need to accurately assess the future potential of licensed and unlicensed acreage, CGG’s Robertson group and Wood Mackenzie are launching EV2 -- a brand new exploration valuation tool -- with an advance release of ten ‘hot’ basins.
PARIS (Bloomberg) -- The U.S. shale boom masks threats to global oil supply including Middle East turmoil, conflict in Ukraine and the difficulty of unconventional oil production beyond North America, the International Energy Agency said.
McDermott gains pipeline installation contract offshore Brunei HOUSTON McDermott International has been awarded a three year shallow water pipeline contract by Brunei Shell Petroleum (BSP) to transport and install pipelines and umbilicals for the Champion and Ampa Fields, offshore Brunei.
HOUSTON -- ABS, a provider of classification services to the global offshore industry, has announced the award of a contract from South Korean shipyard Hyundai Heavy Industries (HHI) to develop a set of subsea pipeline design criteria and associated training materials.
HOUSTON – Halcón Resources is to nearly half the number of rigs it planned to run next year as a result of the slide in oil prices.
SYDNEY (Bloomberg) -- Russia’s move to broaden its energy ties to China is clouding the outlook for natural gas export projects on the drawing board in the U.S., Canada and Australia. Companies looking to approve LNG plants in the next couple of years and start shipments at the end of the decade will probably experience delays, according to energy consultants Tri-Zen International Inc.
HOUSTON -- The upstream oil and gas economy in Texas continued its extraordinary expansion through September, with record permitting activity, record employment, and more than 900 rigs, propelling the Texas Petro Index (TPI) to a record 312.3.
NEW YORK (Bloomberg) -- Slumping oil prices over the past week reflect a growing consensus among traders and investors that OPEC will maintain output when its 12 members meet later this month, Goldman Sachs Group Inc. said.
PALM BEACH, Florida -- At the annual meeting of the Independent Petroleum Association of America (IPAA) in Palm Beach, Fla., a respected industry analyst told producers that they’d better get used to lower-priced oil, because it’s going to be around for a while. Speaking to attendees Wednesday afternoon, Pavel Molchanov, senior V.P. for Energy Equity Research at Raymond James & Associates, said that “we’re modeling $90 Brent and $75 WTI for next year. We expect the differential between the two crudes to widen out.”
McDermott successfully delivers RSS for Ichthys LNG Project HOUSTON McDermott International has successfully delivered the riser support structure (RSS) for the INPEX operated Ichthys LNG Project’s subsea umbilical, riser, flowline development. Through smart engineering, McDermott was able to optimize the
PALM BEACH, Florida -- Despite the calm and serenity exuded by their South Florida setting, independent U.S. producers have quite a plate full of issues to tackle during the annual meeting of the Independent Petroleum Association of America (IPAA). As members convene for their opening sessions on Wednesday afternoon at The Breakers resort in Palm Beach, they will examine the trends and implications surrounding lower oil prices, the effects of the mid-term election results, access to federal lands, punitive environmental regulations and availability of capital, among others.
ST. JOHN’S, Newfoundland - Nalcor Energy and Ikon Science Canada have released a comprehensive regional pore pressure study for offshore Newfoundland and Labrador to the global oil and gas industry. This is the first large scale regional pore pressure study for offshore Newfoundland and Labrador.
MIDLAND, Texas -- Polyflow, LLC, a manufacturer of spoolable RTP for transporting hydrocarbons, water, and other fluids and gases, has announced the opening of its new manufacturing plant in Midland, Texas -- the first reinforced thermoplastic pipe facility in the Permian basin.
PARIS, EDINBURGH, HOUSTON and SINGAPORE -- The exploration industry has experienced a significant shift in strategic emphasis towards value over volume. Recognising the need to accurately assess the future potential of licensed and unlicensed acreage, CGG’s Robertson group and Wood Mackenzie are launching EV2 -- a brand new exploration valuation tool -- with an advance release of ten ‘hot’ basins.
PARIS (Bloomberg) -- The U.S. shale boom masks threats to global oil supply including Middle East turmoil, conflict in Ukraine and the difficulty of unconventional oil production beyond North America, the International Energy Agency said.
McDermott gains pipeline installation contract offshore Brunei HOUSTON McDermott International has been awarded a three year shallow water pipeline contract by Brunei Shell Petroleum (BSP) to transport and install pipelines and umbilicals for the Champion and Ampa Fields, offshore Brunei.
HOUSTON -- ABS, a provider of classification services to the global offshore industry, has announced the award of a contract from South Korean shipyard Hyundai Heavy Industries (HHI) to develop a set of subsea pipeline design criteria and associated training materials.
HOUSTON – Halcón Resources is to nearly half the number of rigs it planned to run next year as a result of the slide in oil prices.
SYDNEY (Bloomberg) -- Russia’s move to broaden its energy ties to China is clouding the outlook for natural gas export projects on the drawing board in the U.S., Canada and Australia. Companies looking to approve LNG plants in the next couple of years and start shipments at the end of the decade will probably experience delays, according to energy consultants Tri-Zen International Inc.
HOUSTON -- The upstream oil and gas economy in Texas continued its extraordinary expansion through September, with record permitting activity, record employment, and more than 900 rigs, propelling the Texas Petro Index (TPI) to a record 312.3.
HOUSTON -- A Seatronics’ ROV has successfully verified the identity of lost treasure liner, the S.S. Connaught, off the northeast coast of the U.S. The Predator was deployed in a subsea mission organized and led by Endurance Exploration Group, Inc. Seatronics’ Predator ROV was deployed by Endurance Group to verify the identity of the mid-19th century steamship, which carried a large cargo of gold coins, 100 miles from the shore.
ABU DHABI (Bloomberg) -- OPEC won’t cut its collective crude output when it meets later this month and global oil prices will stabilize once the surplus is absorbed by the market, Kuwait Oil Minister Ali Al-Omair said. OPEC, which supplies about 40% of the world’s oil, meets Nov. 27 to debate supply. The 12-member Organization of Petroleum Exporting Countries, which has a production target of 30 MMbopd, pumped 30.974 MMbopd in October, according to data compiled by Bloomberg.
HOUSTON -- A Seatronics’ ROV has successfully verified the identity of lost treasure liner, the S.S. Connaught, off the northeast coast of the U.S. The Predator was deployed in a subsea mission organized and led by Endurance Exploration Group, Inc. Seatronics’ Predator ROV was deployed by Endurance Group to verify the identity of the mid-19th century steamship, which carried a large cargo of gold coins, 100 miles from the shore.
ABU DHABI (Bloomberg) -- OPEC won’t cut its collective crude output when it meets later this month and global oil prices will stabilize once the surplus is absorbed by the market, Kuwait Oil Minister Ali Al-Omair said. OPEC, which supplies about 40% of the world’s oil, meets Nov. 27 to debate supply. The 12-member Organization of Petroleum Exporting Countries, which has a production target of 30 MMbopd, pumped 30.974 MMbopd in October, according to data compiled by Bloomberg.
ERBIL, Kurdistan (Bloomberg) -- Iraq’s Kurdistan regional government will pay $75 million to oil producers this month and plans to make regular payments for exports in future. Producers including Genel Energy Plc and Gulf Keystone Petroleum Ltd. have been waiting for the regional authority to settle its dispute over export rights with the central government to receive payments.
HAMILTON, Bermuda (Bloomberg) -- North Atlantic Drilling Ltd., the rig company controlled by billionaire John Fredriksen, will extend a deadline to complete deals with Russia’s OAO Rosneft that include $4.25 billion in contracts amid concern over trade sanctions, a person familiar with discussions said. The deadline for breaking the accords will be extended from Nov. 10, said the person, asking not to be named because the talks are private. North Atlantic, a unit of Seadrill Ltd., is considering alternative assignments for two rigs due to start operating for Rosneft next year, the person said.
AFGlobal signs Cuming insulation products' agreement with AIS HOUSTON AFGlobal Corporation has entered into an agreement with Advanced Insulation Systems (AIS), which will become the exclusive applicator for AFGlobal’s Cuming insulation products. This agreement applies to all subsea insulation structures
DALLAS (Bloomberg) -- Surging railroad tank-car orders at companies owned by billionaires Warren Buffett and Carl Icahn are defying an oil price drop that threatens to slow the U.S. drilling boom.
HOUSTON (Bloomberg) -- Plains All American Pipeline agreed to buy Occidental Petroleum Corp. 50% percent stake in a conduit that brings crude oil from the Permian Basin in West Texas to Gulf Coast refiners for $1.08 billion.
LONDON -- While the specific terms of Mexico’s new contractual frameworks for its oil and gas industry are yet to be announced, the regime appears an attractive one and should be conducive to active bidding, according to an analyst with research and consulting firm GlobalData. Mexico' s first licensing round is rapidly approaching, with bids for shallow water areas formally scheduled for the first half of this month. Round 1 is being staggered, with areas offered in the following order: shallow water, extra-heavy oil, Chicontepec and unconventional, onshore, and deepwater.
HOUSTON -- Stress Engineering Services, Inc. has acquired Efird Corrosion International, Inc., a technical service and research company specializing in corrosion testing and analysis.
NEW YORK (Bloomberg) -- Here’s why the U.S. shale upstarts just might win a confrontation with Saudi Arabia as oil sinks: While the Arab nation is as flush with cash as ever, the finances of some fellow OPEC members are deteriorating quickly. Venezuela, for example, has burned through billions of dollars to stave off default, leaving its foreign reserves near a decade-low. In Nigeria, officials are struggling to stem a selloff in the currency that has left it at a record low.
OKLAHOMA CITY, Oklahoma – The recent downdraft in oil prices is unsustainable given the lack of fundamental changes in supply and demand, Continental Resources’ Harold Hamm has said. Oil is currently trading in a bear market amid surging U.S. production, and, so far, OPEC’s leading producers have resisted calls to curb production.
CALGARY, Alberta (Bloomberg) -- Canadian Natural Resources Ltd. said added production from its oil-sands projects during the third quarter couldn’t make up for a decline in prices. Net income dropped to C$1.04 million ($912 million), or 94 cents a share, from C$1.17 billion, or C$1.07, a year earlier, the Calgary-based company said in a statement on Marketwired. Excluding one-time items, per-share profit of 89 cents beat the 75-cent average of 14 analysts’ estimates compiled by Bloomberg.
Brent falls with WTI as Libya says Sharara field to restart GRANT SMITH LONDON and NEW YORK (Bloomberg) Brent crude fell as traders waited for Libya’s Sharara oilfield to restart after an official said gunmen who attacked the site had
COVINGTON, Louisiana (Bloomberg) -- Things are slowing down at the U.S.’s largest oil-import hub. Just six years after importing more than 1 MMbopd from countries including Saudi Arabia, Nigeria and Iraq, the Louisiana Offshore Oil Port is receiving just half of that from overseas, highlighting a nationwide trend at harbors from Mississippi to Pennsylvania. What’s more, with U.S. output soaring to a 31-year high, neighboring Texas has become the port’s second-biggest supplier.
NEW YORK (Bloomberg) -- The Saudi oil minister’s visit to Venezuela this week is also a trip through time. Flash back to December 1998 when Saudi Arabia looked to its fellow OPEC member for help lifting oil prices from about $10/bbl. Back then, the Saudis were defending their dominance in the global oil market from new suppliers in Latin America. Now the desert kingdom is cutting prices to the U.S. to contend with upstart shale producers.
DALLAS -- Pioneer Natural Resources Company announced it is pursuing the divestment of its 50.1% share of the Eagle Ford Shale Midstream business. Reliance Holding USA, Inc. owns the remaining 49.9% of the EFS Midstream business, and also plans to pursue the divestment of its share in a joint process with Pioneer.
HOUSTON -- BHP Billiton will export processed condensate produced from the Eagle Ford shale in South Texas, and will do so without an explicit approval from U.S. regulators.
OKLAHOMA CITY, Oklahoma (Bloomberg) -- Chesapeake Energy Corp., the U.S. natural gas producer that’s been selling assets to fund a shift into oil, reported a rise in third-quarter profit as higher output and cost-cutting made up for the drop in crude prices.
LONDON and NEW YORK (Bloomberg) -- Brent crude declined to its lowest in four years amid speculation OPEC will refrain from paring a global surplus. West Texas Intermediate was little changed near a three-year low. Brent slumped as much as 1.4% in London. Crude inventories in the world’s biggest oil consumer probably expanded by 2.35 MMbbl, a fifth weekly increase, a Bloomberg News survey shows before an Energy Information Administration report on Nov. 5. Saudi Arabia’s Oil Minister Ali Al-Naimi is scheduled to attend a climate event in Venezuela starting on Nov. 6, according to embassy officials in Caracas.
HOUSTON – Hercules Offshore, a Houston-based drilling contractor, is to lay off 324 employees as it shuts down four rigs in the Gulf of Mexico. The job losses are expected to begin around Dec. 31, according to a letter the company sent to the Texas Workforce Commission, the agency charged with overseeing and providing workforce development services in Texas, last week.
The energy industry is open to minority hires for prominent positions, but it is up to prospective candidates to take initiative themselves and be opportunistic in seizing those possibilities.
CALGARY, Alberta (Bloomberg) -- TransCanada Corp. said delays in receiving U.S. approval for its Keystone XL project have increased costs by 48% to $8 billion. TransCanada has been waiting since 2008 for a U.S. decision on the line that would carry Alberta oil-sands crude across the border to Gulf Coast refineries. The Calgary-based company has spent about $2.4 billion on the project as of Sept. 30, it said in a statement Nov. 4. It had previously estimated the 1,179-mile (1,897-km) project would cost $5.4 billion.
The Texas Independent Producers & Royalty Owners Association (TIPRO) released the third installment of the organization’s 2014 State of Energy Report Series, showing that the U.S. oil and gas industry now directly employs 1,066,000 workers.
HOUSTON -- Bibby Offshore’s Houston-based division, Bibby Subsea, has announced the investment in a custom-built office and key appointment as a result of continued growth in the region. The new premises, due for completion in November 2014, consist of a 6,300 sq. ft. office space and 2,000 sq. ft. warehouse and workshop area, which will allow for further team expansion. A recruitment drive is planned to increase the number of Bibby Subsea staff in the region by more than 70, both onshore and offshore, throughout 2015.
LIMASSOL, Cyprus -- Tiger Offshore Rentals has acquired OAG East Med Offshore Rentals, making it the only local provider of DNV 2.7-1 certified offshore equipment in Cyprus. OAG has been recognized as one of the fastest growing providers of offshore cargo carrying units (CCUs) in the Mediterranean region, and the addition of OAG cements Tiger’s dominant position to service the Leviathan gas field, as well as providing ongoing opportunities in the Mediterranean and North African region.
NEW YORK and LONDON (Bloomberg) -- West Texas Intermediate crude dropped to the lowest intraday level in three years as Saudi Arabia cut prices for crude exports to U.S. customers amid speculation that stockpiles increased. Brent extended losses in London. Futures fell as much as 3.7% to $75.84/bbl, the weakest since Oct. 4, 2011. Saudi Arabian Oil Co. reduced December differentials for all grades it ships to the U.S., while supplies to Asia and Europe were priced higher, according to an emailed statement Nov. 3. U.S. crude inventories climbed by 1.9 MMbbl last week to a four-month high, a Bloomberg News survey shows before government data on Nov. 5
ERBIL, Kurdistan (Bloomberg) -- Iraq’s Kurdistan regional government will pay $75 million to oil producers this month and plans to make regular payments for exports in future. Producers including Genel Energy Plc and Gulf Keystone Petroleum Ltd. have been waiting for the regional authority to settle its dispute over export rights with the central government to receive payments.
HAMILTON, Bermuda (Bloomberg) -- North Atlantic Drilling Ltd., the rig company controlled by billionaire John Fredriksen, will extend a deadline to complete deals with Russia’s OAO Rosneft that include $4.25 billion in contracts amid concern over trade sanctions, a person familiar with discussions said. The deadline for breaking the accords will be extended from Nov. 10, said the person, asking not to be named because the talks are private. North Atlantic, a unit of Seadrill Ltd., is considering alternative assignments for two rigs due to start operating for Rosneft next year, the person said.
AFGlobal signs Cuming insulation products' agreement with AIS HOUSTON AFGlobal Corporation has entered into an agreement with Advanced Insulation Systems (AIS), which will become the exclusive applicator for AFGlobal’s Cuming insulation products. This agreement applies to all subsea insulation structures
DALLAS (Bloomberg) -- Surging railroad tank-car orders at companies owned by billionaires Warren Buffett and Carl Icahn are defying an oil price drop that threatens to slow the U.S. drilling boom.
HOUSTON (Bloomberg) -- Plains All American Pipeline agreed to buy Occidental Petroleum Corp. 50% percent stake in a conduit that brings crude oil from the Permian Basin in West Texas to Gulf Coast refiners for $1.08 billion.
LONDON -- While the specific terms of Mexico’s new contractual frameworks for its oil and gas industry are yet to be announced, the regime appears an attractive one and should be conducive to active bidding, according to an analyst with research and consulting firm GlobalData. Mexico' s first licensing round is rapidly approaching, with bids for shallow water areas formally scheduled for the first half of this month. Round 1 is being staggered, with areas offered in the following order: shallow water, extra-heavy oil, Chicontepec and unconventional, onshore, and deepwater.
HOUSTON -- Stress Engineering Services, Inc. has acquired Efird Corrosion International, Inc., a technical service and research company specializing in corrosion testing and analysis.
NEW YORK (Bloomberg) -- Here’s why the U.S. shale upstarts just might win a confrontation with Saudi Arabia as oil sinks: While the Arab nation is as flush with cash as ever, the finances of some fellow OPEC members are deteriorating quickly. Venezuela, for example, has burned through billions of dollars to stave off default, leaving its foreign reserves near a decade-low. In Nigeria, officials are struggling to stem a selloff in the currency that has left it at a record low.
OKLAHOMA CITY, Oklahoma – The recent downdraft in oil prices is unsustainable given the lack of fundamental changes in supply and demand, Continental Resources’ Harold Hamm has said. Oil is currently trading in a bear market amid surging U.S. production, and, so far, OPEC’s leading producers have resisted calls to curb production.
CALGARY, Alberta (Bloomberg) -- Canadian Natural Resources Ltd. said added production from its oil-sands projects during the third quarter couldn’t make up for a decline in prices. Net income dropped to C$1.04 million ($912 million), or 94 cents a share, from C$1.17 billion, or C$1.07, a year earlier, the Calgary-based company said in a statement on Marketwired. Excluding one-time items, per-share profit of 89 cents beat the 75-cent average of 14 analysts’ estimates compiled by Bloomberg.
Brent falls with WTI as Libya says Sharara field to restart GRANT SMITH LONDON and NEW YORK (Bloomberg) Brent crude fell as traders waited for Libya’s Sharara oilfield to restart after an official said gunmen who attacked the site had
COVINGTON, Louisiana (Bloomberg) -- Things are slowing down at the U.S.’s largest oil-import hub. Just six years after importing more than 1 MMbopd from countries including Saudi Arabia, Nigeria and Iraq, the Louisiana Offshore Oil Port is receiving just half of that from overseas, highlighting a nationwide trend at harbors from Mississippi to Pennsylvania. What’s more, with U.S. output soaring to a 31-year high, neighboring Texas has become the port’s second-biggest supplier.
NEW YORK (Bloomberg) -- The Saudi oil minister’s visit to Venezuela this week is also a trip through time. Flash back to December 1998 when Saudi Arabia looked to its fellow OPEC member for help lifting oil prices from about $10/bbl. Back then, the Saudis were defending their dominance in the global oil market from new suppliers in Latin America. Now the desert kingdom is cutting prices to the U.S. to contend with upstart shale producers.
DALLAS -- Pioneer Natural Resources Company announced it is pursuing the divestment of its 50.1% share of the Eagle Ford Shale Midstream business. Reliance Holding USA, Inc. owns the remaining 49.9% of the EFS Midstream business, and also plans to pursue the divestment of its share in a joint process with Pioneer.
