MEXICO CITY (Bloomberg) -- Mexico is headed for its lowest annual oil production on record as state-owned Petroleos Mexicanos prepares for an influx of foreign investment.
...»
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Wednesday 31 December 2014
U.S. opening door to more oil exports seen foiling OPEC strategy
WASHINGTON (Bloomberg) -- The Obama administration’s move to allow exports of ultralight crude without government approval may encourage shale drilling and thwart Saudi Arabia’s strategy to curb U.S. output, further weakening oil markets, according to Citigroup Inc.
...»
RigNet enters Kazakhstan through acquisition of Munaicom
RigNet enters Kazakhstan through acquisition of Munaicom HOUSTON RigNet has acquired Timas Munaicom, an oilfield communications company based in Almaty, Kazakhstan. This acquisition positions RigNet to provide remote communications services in Kazakhstan, and serves as a beachhead for further expansion
...»
Cheniere second LNG terminal gets construction authorization
Cheniere second LNG terminal gets construction authorization By ZAIN SHAUK HOUSTON (Bloomberg) Cheniere Energy, the developer of the first U.S. liquefied natural gas export terminal in decades, received authorization to build a second one. The Federal Energy Regulatory Commission said
...»
Hamm $1 billion alimony bill looks bigger as oil stock sinks
Hamm $1 billion alimony bill looks bigger as oil stock sinks By LAUREL CALKINS HOUSTON (Bloomberg) -- Oklahoma oil billionaire Harold Hamm’s victory against his ex-wife in an alimony fight is shrinking fast. Three and a half weeks after Sue Ann Arnall appealed her almost-$1 billion award as too little, Hamm,
...»
Oil set for biggest slump since '08 as OPEC battles U.S. shale
NEW YORK (Bloomberg) -- Oil headed for the biggest annual decline since the global financial crisis as neither U.S. producers nor the Organization of Petroleum Exporting Countries show signs of ceding ground in a battle for market share amid a supply glut.
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Tuesday 30 December 2014
US rigs retreat amid sub-$55 oil as OPEC challenge intensifies
U.S. rigs retreat amid sub $55 oil as OPEC challenge intensifies By MOMING ZHOU NEY YORK (Bloomberg) U.S. oil drillers idled the most rigs since 2012 as prices slide below $55 bbl to the lowest level in five years and
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Lundin comes up dry on Lindarormen exploration well offshore Norway
Lundin comes up dry on Lindarormen exploration well offshore Norway STOCKHOLM, Sweden Lundin Petroleum, through its wholly owned subsidiary Lundin Norway, has completed the drilling of wildcat well 6405 12 1 on PL584 and came up dry. The well investigated
...»
Rigs seeking oil in U.S. fall to 8-month low, Baker Hughes says
HOUSTON (Bloomberg) -- U.S. oil drillers, facing the lowest crude prices in five years and rising competition from suppliers abroad, reduced the number of rigs to an eight-month low.
...»
Texans discover oil growing on olive trees as crude drop deepens
COTULLA, Texas (Bloomberg) -- As crude prices tumble, landowners across Texas are accelerating production of a different kind of oil -- olive oil.
...»
Freeport-McMoRan reports successful test at Highlander discovery in South Louisiana
PHOENIX, Arizona -- Freeport-McMoRan has announced a successful production test from Freeport-McMoRan Oil & Gas’ (FM O&G) Highlander discovery, located onshore in South Louisiana in the Inboard Lower Tertiary/Cretaceous trend.
...»
Wentworth discovers gas at Tembo-1 exploration well
Wentworth discovers gas at Tembo 1 exploration well ALBERTA, Canada Wentworth Resources has completed the drilling operations of the Tembo 1 well in the Rovuma onshore block, Mozambique and a natural gas discovery has been made in Cretaceous aged sands.
...»
Keppel AmFELS to build one of world’s largest land rigs for over $100 million
Keppel AmFELS to build one of world’s largest land rigs for over $100 million BROWNSVILLE, Texas Keppel AmFELS, a wholly owned subsidiary of Keppel Offshore & Marine, has won a contract valued at over $100 million to build one of
...»
Canadian oil surge to U.S. Gulf puts Mexico on defensive: Energy
Canadian oil surge to U.S. Gulf puts Mexico on defensive Energy BY DAN MURTAUGH and ROBERT TUTTLE HOUSTON (Bloomberg) A price war is brewing between Canada and Latin America over who will satisfy U.S. Gulf Coast refiners’ hunger for heavy
...»
Utica well blowout under control, Magnum Hunter Resources says
HOUSTON -- Magnum Hunter Resources has reported that the blowout of the company' s Utica shale well, the Stalder 3UH, located in Monroe County, Ohio, which occurred on Dec. 13, is now under control and the well has been temporarily capped.
...»
What’s next for OPEC, shale as lower oil prices extend into 2015
HOUSTON (Bloomberg) -- The oil price decline of 2014 upended the geopolitical chessboard. Worth watching in 2015 will be who can recover and dominate play -- OPEC, Vladimir Putin or U.S. shale drillers.
...»
Monday 29 December 2014
Rigs seeking oil in U.S. fall to 8-month low, Baker Hughes says
HOUSTON (Bloomberg) -- U.S. oil drillers, facing the lowest crude prices in five years and rising competition from suppliers abroad, reduced the number of rigs to an eight-month low.
...»
Texans discover oil growing on olive trees as crude drop deepens
COTULLA, Texas (Bloomberg) -- As crude prices tumble, landowners across Texas are accelerating production of a different kind of oil -- olive oil.
...»
Freeport-McMoRan reports successful test at Highlander discovery in South Louisiana
PHOENIX, Arizona -- Freeport-McMoRan has announced a successful production test from Freeport-McMoRan Oil & Gas’ (FM O&G) Highlander discovery, located onshore in South Louisiana in the Inboard Lower Tertiary/Cretaceous trend.
...»
Wentworth discovers gas at Tembo-1 exploration well
Wentworth discovers gas at Tembo 1 exploration well ALBERTA, Canada Wentworth Resources has completed the drilling operations of the Tembo 1 well in the Rovuma onshore block, Mozambique and a natural gas discovery has been made in Cretaceous aged sands.
...»
Keppel AmFELS to build one of world’s largest land rigs for over $100 million
Keppel AmFELS to build one of world’s largest land rigs for over $100 million BROWNSVILLE, Texas Keppel AmFELS, a wholly owned subsidiary of Keppel Offshore & Marine, has won a contract valued at over $100 million to build one of
...»
Canadian oil surge to U.S. Gulf puts Mexico on defensive: Energy
Canadian oil surge to U.S. Gulf puts Mexico on defensive Energy BY DAN MURTAUGH and ROBERT TUTTLE HOUSTON (Bloomberg) A price war is brewing between Canada and Latin America over who will satisfy U.S. Gulf Coast refiners’ hunger for heavy
...»
Utica well blowout under control, Magnum Hunter Resources says
HOUSTON -- Magnum Hunter Resources has reported that the blowout of the company' s Utica shale well, the Stalder 3UH, located in Monroe County, Ohio, which occurred on Dec. 13, is now under control and the well has been temporarily capped.
...»
Sunday 28 December 2014
What’s next for OPEC, shale as lower oil prices extend into 2015
HOUSTON (Bloomberg) -- The oil price decline of 2014 upended the geopolitical chessboard. Worth watching in 2015 will be who can recover and dominate play -- OPEC, Vladimir Putin or U.S. shale drillers.
...»
Saturday 27 December 2014
Top-paid U.S. CEO to get $1 salary after shareholder backlash
HOUSTON (Bloomberg) -- Cheniere Energy Inc. will drop the salary for the highest-paid U.S. executive to $1 after a shareholder revolt and lawsuit this year against his $142 million pay package. Cheniere, which is set to be the first company to export natural gas from the U.S. shale boom, said Dec. 23 it reduced CEO Charif Souki’s annual salary from $800,000 to $1, effective Dec. 15.
...»
New Western Energy creates new subsidiary with Forward Energy of Montana
New Western Energy creates new subsidiary with Forward Energy of Montana IRVINE, California New Western Energy has signed and closed a definitive agreement on the majority control in a newly formed subsidiary jointly owned with Forward Energy of Montana and
...»
Noble Energy provides update on regulatory matters in Israel
Noble Energy provides update on regulatory matters in Israel HOUSTON Noble Energy and its partners in the Leviathan field were advised by the Israel Anti trust Authority of its decision to not submit the Consent Decree to the Anti trust
...»
Oil drillers under pressure to scrap rigs to cope with downturn
Oil drillers under pressure to scrap rigs to cope with downturn BY DAVID WETHE HOUSTON (Bloomberg) Offshore oil drilling contractors, who last year were able to charge record rates for their vessels, are now under pressure to scrap old rigs
...»
Pickens: Brent will be at $90 to $100/bbl in 12-18 months
DALLAS, Texas -- Brent crude oil will rebound to $90 to $100/bbl within 12 to 18 months, according to entrepreneur T. Boone Pickens.
...»
Biggest Arctic gas project seeks route around U.S. sanctions
PARIS (Bloomberg) -- Total SA and its partners will use a record 16 ice-breaking tankers to smash through floes en route to and from the Arctic’s biggest LNG development. They’re still looking for a way around a freeze in U.S. financing. With 22 wells drilled, and a runway and harbor built for the $27 billion project in Russia’s Yamal Peninsula, where temperatures can reach 50 degrees below zero Celsius, Total, OAO Novatek and China National Petroleum Corp. have little choice but to push ahead.
...»
Statoil reduces stake in Marcellus shale for $394 million
STAVANGER, Norway -- Statoil is to reduce its working interest in the company’s non-operated Marcellus shale asset from 29% to 23%, following a $394 million transaction with Southwestern Energy.
...»
BPZ Energy announces new Corvina well online
BPZ Energy announces new Corvina well online Houston BPZ Energy has initiated production from the Corvina CX15 14D development well located in Peru. The well was completed in early December in six weeks and drilled to a total measured depth
...»
European Oil titans are latest victims of shale as prices sink
European Oil titans are latest victims of shale as prices sink BY JOE CARROLL CHICAGO (Bloomberg) The U.S. shale oil industry has made another enemy Europe’s largest crude explorers. Standard & Poor’s Ratings Services revised its outlook to negative for
...»
Exxon makes second discovery in Argentina’s Vaca Muerta
BUENOS AIRES -- Exxon Mobil and Gas y Petróleo del Neuquén have made a second unconventional oil and gas discovery in Neuquén Province of Argentina. Located in the liquids-rich area of the Vaca Muerta play, the La Invernada X-3 well was drilled to a total measured depth of 15,374 ft. The horizontal leg of the well extends for 3,280 ft. The discovery is operated by ExxonMobil Exploration Argentina S.R.L., an affiliate of Exxon Mobil.
...»
U.S. seeks to fine BP up to $18 billion for Macondo water pollution
NEW ORLEANS (Bloomberg) -- The government wants BP Plc to pay $16 billion to $18 billion in water-pollution fines for the worst offshore oil spill in U.S. history while seeking more than $1 billion from the co-owner of the blown-out well that caused the 2010 Gulf of Mexico disaster. The federal government said BP deserves the maximum fine, which BP said would be the biggest Clean Water Act penalty ever and called it a “gross outlier” compared to other cases.
...»
Saudis see oil rebound as U.A.E. urges non-OPEC supply cuts
ABU DHABI (Bloomberg) -- Saudi Arabia and the United Arab Emirates reiterated pledges to keep pumping the same amount of crude, blaming non-OPEC producers for the glut of oil that’s driven prices to the lowest in five years. Suppliers from outside the Organization of Petroleum Exporting Countries should cut “irresponsible” output, U.A.E. Energy Minister Suhail Al Mazrouei said in Abu Dhabi. Even if non-OPEC producers were to offer cuts, OPEC probably wouldn’t follow suit, Saudi Oil Minister Ali Al-Naimi said. The two countries account for about 40% of OPEC supply.
...»
Wednesday 24 December 2014
Top-paid U.S. CEO to get $1 salary after shareholder backlash
HOUSTON (Bloomberg) -- Cheniere Energy Inc. will drop the salary for the highest-paid U.S. executive to $1 after a shareholder revolt and lawsuit this year against his $142 million pay package. Cheniere, which is set to be the first company to export natural gas from the U.S. shale boom, said Dec. 23 it reduced CEO Charif Souki’s annual salary from $800,000 to $1, effective Dec. 15.
...»
New Western Energy creates new subsidiary with Forward Energy of Montana
New Western Energy creates new subsidiary with Forward Energy of Montana IRVINE, California New Western Energy has signed and closed a definitive agreement on the majority control in a newly formed subsidiary jointly owned with Forward Energy of Montana and
...»
Noble Energy provides update on regulatory matters in Israel
Noble Energy provides update on regulatory matters in Israel HOUSTON Noble Energy and its partners in the Leviathan field were advised by the Israel Anti trust Authority of its decision to not submit the Consent Decree to the Anti trust
...»
Oil drillers under pressure to scrap rigs to cope with downturn
Oil drillers under pressure to scrap rigs to cope with downturn BY DAVID WETHE HOUSTON (Bloomberg) Offshore oil drilling contractors, who last year were able to charge record rates for their vessels, are now under pressure to scrap old rigs
...»
Tuesday 23 December 2014
Pickens: Brent will be at $90 to $100/bbl in 12-18 months
DALLAS, Texas -- Brent crude oil will rebound to $90 to $100/bbl within 12 to 18 months, according to entrepreneur T. Boone Pickens.
...»
Biggest Arctic gas project seeks route around U.S. sanctions
PARIS (Bloomberg) -- Total SA and its partners will use a record 16 ice-breaking tankers to smash through floes en route to and from the Arctic’s biggest LNG development. They’re still looking for a way around a freeze in U.S. financing. With 22 wells drilled, and a runway and harbor built for the $27 billion project in Russia’s Yamal Peninsula, where temperatures can reach 50 degrees below zero Celsius, Total, OAO Novatek and China National Petroleum Corp. have little choice but to push ahead.
...»
Statoil reduces stake in Marcellus shale for $394 million
STAVANGER, Norway -- Statoil is to reduce its working interest in the company’s non-operated Marcellus shale asset from 29% to 23%, following a $394 million transaction with Southwestern Energy.
...»
BPZ Energy announces new Corvina well online
BPZ Energy announces new Corvina well online Houston BPZ Energy has initiated production from the Corvina CX15 14D development well located in Peru. The well was completed in early December in six weeks and drilled to a total measured depth
...»
European Oil titans are latest victims of shale as prices sink
European Oil titans are latest victims of shale as prices sink BY JOE CARROLL CHICAGO (Bloomberg) The U.S. shale oil industry has made another enemy Europe’s largest crude explorers. Standard & Poor’s Ratings Services revised its outlook to negative for
...»
Monday 22 December 2014
Exxon makes second discovery in Argentina’s Vaca Muerta
BUENOS AIRES -- Exxon Mobil and Gas y Petróleo del Neuquén have made a second unconventional oil and gas discovery in Neuquén Province of Argentina. Located in the liquids-rich area of the Vaca Muerta play, the La Invernada X-3 well was drilled to a total measured depth of 15,374 ft. The horizontal leg of the well extends for 3,280 ft. The discovery is operated by ExxonMobil Exploration Argentina S.R.L., an affiliate of Exxon Mobil.
...»
U.S. seeks to fine BP up to $18 billion for Macondo water pollution
NEW ORLEANS (Bloomberg) -- The government wants BP Plc to pay $16 billion to $18 billion in water-pollution fines for the worst offshore oil spill in U.S. history while seeking more than $1 billion from the co-owner of the blown-out well that caused the 2010 Gulf of Mexico disaster. The federal government said BP deserves the maximum fine, which BP said would be the biggest Clean Water Act penalty ever and called it a “gross outlier” compared to other cases.
...»
Saudis see oil rebound as U.A.E. urges non-OPEC supply cuts
ABU DHABI (Bloomberg) -- Saudi Arabia and the United Arab Emirates reiterated pledges to keep pumping the same amount of crude, blaming non-OPEC producers for the glut of oil that’s driven prices to the lowest in five years. Suppliers from outside the Organization of Petroleum Exporting Countries should cut “irresponsible” output, U.A.E. Energy Minister Suhail Al Mazrouei said in Abu Dhabi. Even if non-OPEC producers were to offer cuts, OPEC probably wouldn’t follow suit, Saudi Oil Minister Ali Al-Naimi said. The two countries account for about 40% of OPEC supply.
...»
Friday 19 December 2014
Weatherford, partners raise $150,000 for Houston Area Women’s Center
HOUSTON -- Weatherford International and partners presented a donation of approximately $150,000 to the Houston Area Women’s Center the inaugural Weatherford Walks charity event.
...»
Halliburton requests 25% discount from its suppliers in reaction to reduced capital spending
Halliburton requests 25% discount from its suppliers in reaction to reduced capital spending PRAMOD KULKARNI, Editor HOUSTON – Oilfield services giant Halliburton has issued a memorandum to its suppliers, asking for a 25% discount effective immediately. The vendors must confirm
...»
Enbridge reopens Line 4 pipeline after 1,350 bbl crude spill
CALGARY, Alberta – Enbridge has completed repairs at its Regina terminal in Saskatchewan and returned the Line 4 pipeline to service following an oil spill earlier this week.
...»
Nigerian oil unions suspend 4-day strike after negotiations
ABUJA, Nigeria (Bloomberg) -- Nigeria’s oil unions suspended their four-day national strike after reaching an agreement with the government, which included a push to pass an industry bill held up for years in parliament.
...»
Oil crash exposes weakness in shale drillers’ insurance
HOUSTON (Bloomberg) -- Tumbling oil prices have exposed a weakness in the insurance that some U.S. shale drillers bought to protect themselves against a crash. At least six companies, including Pioneer Natural Resources Co. and Noble Energy Inc., used a strategy known as a three-way collar that doesn’t guarantee a minimum price if crude falls below a certain level, according to company filings. While three-ways can be cheaper than other hedges, they can leave drillers exposed to steep declines.
...»
G2X Energy, MHTL to partner in world-scale MTG-ready methanol production facility
G2X Energy, MHTL to partner in world scale MTG ready methanol production facility HOUSTON Methanol Holdings Trinidad Limited (MHTL) intends to partner with G2X Energy to construct the world scale methanol to gasoline MTG ready, methanol production facility being developed
...»
FMC Technologies bags $393 million subsea systems contract offshore Angola
FMC Technologies bags $393 million subsea systems contract offshore Angola HOUSTON FMC Technologies has received an order from Eni Angola to supply subsea production systems for its deepwater Block 15 06 East Hub development. The order has an estimated value
...»
Cheniere, GE sign $1 billion service agreement for Sabine Pass LNG export terminal
Cheniere, GE sign $1 billion service agreement for Sabine Pass LNG export terminal HOUSTON GE Oil & Gas and Sabine Pass Liquefaction, a subsidiary of Cheniere Energy Partners have entered into a $1 billion service contract for more or less
...»
Cairn India invites supplier partnerships despite falling oil prices
Cairn India invites supplier partnerships despite falling oil prices PRAMOD KULKARNI, Editor HOUSTON – At a time when most oil companies are cutting budgets and scaling back E&P spending, Cairn India held supplier summits in Calgary and Houston to invite
...»
Thursday 18 December 2014
Abigail Ross Hopper named U.S. BOEM director
WASHINGTON, D.C. -- U.S. Secretary of the Interior Sally Jewell has named Abigail Ross Hopper as the director of the Bureau of Ocean Energy Management (BOEM), the agency responsible for the development of conventional and renewable energy and marine mineral resources on the Outer Continental Shelf.
...»
Cheap oil jamming rails means higher U.S. power bills: freight
CHICAGO (Bloomberg) -- U.S. electricity costs are poised to reach the highest level since 1999 because railroads are too clogged to deliver enough coal to power plants.
...»
Prospect Flow Solutions joins Wild Well Control
HOUSTON -- Wild Well Control has announced that engineering solutions provider Prospect Flow Solutions has joined Wild Well, and will serve as its new advanced engineering group.
...»
Enbridge reports 1,350 bbl oil spill at Regina Terminal
CALGARY, Alberta -- Enbridge shut down and isolated its Line 4 pipeline at the Regina Terminal in Saskatchewan on Dec. 16, after a release from the line within the on-site pumping station was reported and confirmed.
...»
Enbridge reports 1,350 bbl oil spill at Regina Terminal
CALGARY, Alberta -- Enbridge shut down and isolated its Line 4 pipeline at the Regina Terminal in Saskatchewan on Dec. 16, after a release from the line within the on-site pumping station was reported and confirmed.
...»
Marathon Oil cuts $1 billion from 2015 capex
HOUSTON -- Marathon Oil is anticipating that its 2015 capital, investment and exploration budget will be approximately $4.3-4.5 billion, or about 20% lower than 2014 levels, excluding its recently disposed Norway business.
...»
U.S. rig count poised to shed 600 rigs within six months, Genscape says
LOUISVILLE, Kentucky -- U.S. shale producers may begin producing less as crude prices drop to five-year lows -- with some North Dakota Bakken operators already treading water -- as rig counts nationwide are poised to decrease by nearly 600 in the next six months, according to Genscape.
...»
Exxon shows why U.S. oil output rises as prices plummet
HOUSTON (Bloomberg) -- Crude oil production from U.S. wells is poised to approach a 42-year record next year as drillers ignore the recent decline in price pointing them in the opposite direction. U.S. energy producers plan to pump more crude in 2015 as declining equipment costs and enhanced drilling techniques more than offset the collapse in oil markets, said Troy Eckard, whose Eckard Global LLC owns stakes in more than 260 North Dakota shale wells.
...»
Woodside to farm-in with BP in Nova Scotia
Woodside to farm in with BP in Nova Scotia PERTH, Australia Woodside has finalized an agreement with BP to farm in to offshore blocks in the Scotian Basin, located off the coast of Nova Scotia, Canada. BP accepted Woodside’s offer
...»
Teekay Offshore bags FPSO contract in Santos basin; acquires two FPSO vessels
Teekay Offshore bags FPSO contract in Santos basin acquires two FPSO vessels HAMILTON, Bermuda Teekay Offshore has entered into an agreement with a consortium led by Queiroz Galvão Exploração e Produção (QGEP) to provide a FPSO unit for the Atlanta
...»
Blackhawk launches new wireless cement head
Blackhawk launches new wireless cement head HOUSTON Blackhawk Specialty Tools has developed the Hawkeye, a wireless top drive cement head that enhances speed, efficiency and safety in cementing operations. The Hawkeye operates on a fully wireless automation system, eradicating the
...»
Oil trades near 5-year low as Russia echoes OPEC output policy
NEW YORK (Bloomberg) -- Oil traded near a five-year low in New York as Russia reiterated that it will keep crude production steady next year, echoing OPEC’s strategy of refraining from curbing supply to tackle a global surplus.
...»
Senate confirms Christopher A. Smith as Assistant Secretary for Fossil Energy
WASHINGTON -- Christopher A. Smith has been confirmed by the U.S. Senate as the Department of Energy’s Assistant Secretary for Fossil Energy.
...»
Golar LNG Partners acquires FSRU Golar Eskimo for $390 million
Golar LNG Partners acquires FSRU Golar Eskimo for $390 million HAMILTON, Bermuda Golar LNG has entered into an agreement to sell its ownership interests in the companies that will own and operate the floating storage and regasification unit (FSRU) Golar
...»
XTO Energy, Summit Midstream sign Utica shale gas agreement
DALLAS, Texas -- Summit Midstream Partners, LLC (Summit Investments) has reached an agreement with XTO Energy to develop and operate a new natural gas gathering system servicing XTO’s natural gas production from Belmont and Monroe counties in southeastern Ohio.
...»
Magnum Hunter reports blowout at Utica shale well
HOUSTON -- Magnum Hunter Resources Corp. has reported that the company' s wholly-owned subsidiary, Triad Hunter, LLC , has experienced a loss of control of a well, the Stalder 3UH, located in Monroe County, Ohio.
...»
Drilling Risk Management marks three record runs with NOV drill bits
HOUSTON -- Drilling Risk Management, Inc. (DRMI) set records for interval, ROP, and drilling footage using National Oilwell Varco (NOV) drill bits during three recent runs in Louisiana and Texas.
...»
Encana to focus 2015 spending on Montney, Duvernay, Eagle Ford and Permian
CALGARY, Alberta -- Encana has announced a highly focused 2015 capital program of between $2.7 billion and $2.9 billion, with approximately 80% directed to four of its highest margin growth plays; the Montney, Duvernay, Eagle Ford and Permian.
...»
Linn Energy follows majors in pausing spending to cut debt
HOUSTON (Bloomberg) -- After oil’s plunge stole more than half its market value in a month, Linn Energy LLC is following major producers in putting spending on hold and reducing debt. The oil company’s $5 billion spending spree since early 2013 made it the most indebted U.S. explorer of its size. Now it’s delaying a 2015 budget and will use proceeds from assets sold in Texas and Oklahoma to cut debt 16%, said Clay Jeansonne, V.P. of investor relations.
...»
WTI slides below $55 as U.S. production seen steady amid OPEC fight
NEW YORK and LONDON (Bloomberg) -- Oil in New York fell below $55/bbl for the first time in more than five years amid speculation that U.S. producers may further increase output as they battle OPEC for market share. Crude in London traded below $60.
...»
Bear Head LNG files for DOE export license
Bear Head LNG files for DOE export license HOUSTON Bear Head LNG Corporation and Bear Head LNG (USA), both indirect wholly owned subsidiaries of Liquefied Natural Gas Limited (LNGL), have filed an application with the U.S. Department of Energy (DOE)
...»
Quicksilver Resources appoints CFO
Quicksilver Resources appoints CFO FORT WORTH, Texas Quicksilver Resources will appoint Vanessa Gomez LaGatta to the position of senior V.P. CFO and Treasurer effective Jan. 1, 2015. LaGatta, 37, has served as Quicksilver' s V.P. Treasurer since September 2009. LaGatta has
...»
Blue Ocean's IRIS breaks world depth record in deepwater subsea interventions
Blue Ocean' s IRIS breaks world depth record in deepwater subsea interventions THE WOODLANDS, Texas Blue Ocean Technologies' Interchangeable Riserless Intervention System (IRIS), recently intervened on a deepwater production well in the Gulf of Mexico’s Desoto Canyon, reaching a record breaking
...»
Hoover installs Thermo Oxidizer units at Louisiana and Houston
Hoover installs Thermo Oxidizer units at Louisiana and Houston HOUSTON Hoover Container Solutions has announced the installation of Thermo Oxidizer units at its Scott, Louisiana, and Houston service facilities. In addition to providing comprehensive interior and exterior tank cleaning services
...»
InterAct appoints Val Lerma as engineering manager
InterAct appoints Val Lerma as engineering manager VENTURA, California InterAct, an Acteon company, has appointed Val Lerma, P.E., as engineering manager. Lerma will be based in InterAct’s Ventura, California, office and has more than 30 years of experience working with
...»
Marathon Oil cuts $1 billion from 2015 capex
HOUSTON -- Marathon Oil is anticipating that its 2015 capital, investment and exploration budget will be approximately $4.3-4.5 billion, or about 20% lower than 2014 levels, excluding its recently disposed Norway business.
...»
U.S. rig count poised to shed 600 rigs within six months, Genscape says
LOUISVILLE, Kentucky -- U.S. shale producers may begin producing less as crude prices drop to five-year lows -- with some North Dakota Bakken operators already treading water -- as rig counts nationwide are poised to decrease by nearly 600 in the next six months, according to Genscape.
...»
Exxon shows why U.S. oil output rises as prices plummet
HOUSTON (Bloomberg) -- Crude oil production from U.S. wells is poised to approach a 42-year record next year as drillers ignore the recent decline in price pointing them in the opposite direction. U.S. energy producers plan to pump more crude in 2015 as declining equipment costs and enhanced drilling techniques more than offset the collapse in oil markets, said Troy Eckard, whose Eckard Global LLC owns stakes in more than 260 North Dakota shale wells.
...»
Woodside to farm-in with BP in Nova Scotia
Woodside to farm in with BP in Nova Scotia PERTH, Australia Woodside has finalized an agreement with BP to farm in to offshore blocks in the Scotian Basin, located off the coast of Nova Scotia, Canada. BP accepted Woodside’s offer
...»
Teekay Offshore bags FPSO contract in Santos basin; acquires two FPSO vessels
Teekay Offshore bags FPSO contract in Santos basin acquires two FPSO vessels HAMILTON, Bermuda Teekay Offshore has entered into an agreement with a consortium led by Queiroz Galvão Exploração e Produção (QGEP) to provide a FPSO unit for the Atlanta
...»
Blackhawk launches new wireless cement head
Blackhawk launches new wireless cement head HOUSTON Blackhawk Specialty Tools has developed the Hawkeye, a wireless top drive cement head that enhances speed, efficiency and safety in cementing operations. The Hawkeye operates on a fully wireless automation system, eradicating the
...»
Wednesday 17 December 2014
Oil trades near 5-year low as Russia echoes OPEC output policy
NEW YORK (Bloomberg) -- Oil traded near a five-year low in New York as Russia reiterated that it will keep crude production steady next year, echoing OPEC’s strategy of refraining from curbing supply to tackle a global surplus.
...»
Senate confirms Christopher A. Smith as Assistant Secretary for Fossil Energy
WASHINGTON -- Christopher A. Smith has been confirmed by the U.S. Senate as the Department of Energy’s Assistant Secretary for Fossil Energy.
...»
Golar LNG Partners acquires FSRU Golar Eskimo for $390 million
Golar LNG Partners acquires FSRU Golar Eskimo for $390 million HAMILTON, Bermuda Golar LNG has entered into an agreement to sell its ownership interests in the companies that will own and operate the floating storage and regasification unit (FSRU) Golar
...»
Tuesday 16 December 2014
XTO Energy, Summit Midstream sign Utica shale gas agreement
DALLAS, Texas -- Summit Midstream Partners, LLC (Summit Investments) has reached an agreement with XTO Energy to develop and operate a new natural gas gathering system servicing XTO’s natural gas production from Belmont and Monroe counties in southeastern Ohio.
...»
Magnum Hunter reports blowout at Utica shale well
HOUSTON -- Magnum Hunter Resources Corp. has reported that the company' s wholly-owned subsidiary, Triad Hunter, LLC , has experienced a loss of control of a well, the Stalder 3UH, located in Monroe County, Ohio.
...»
Drilling Risk Management marks three record runs with NOV drill bits
HOUSTON -- Drilling Risk Management, Inc. (DRMI) set records for interval, ROP, and drilling footage using National Oilwell Varco (NOV) drill bits during three recent runs in Louisiana and Texas.
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Encana to focus 2015 spending on Montney, Duvernay, Eagle Ford and Permian
CALGARY, Alberta -- Encana has announced a highly focused 2015 capital program of between $2.7 billion and $2.9 billion, with approximately 80% directed to four of its highest margin growth plays; the Montney, Duvernay, Eagle Ford and Permian.
...»
Linn Energy follows majors in pausing spending to cut debt
HOUSTON (Bloomberg) -- After oil’s plunge stole more than half its market value in a month, Linn Energy LLC is following major producers in putting spending on hold and reducing debt. The oil company’s $5 billion spending spree since early 2013 made it the most indebted U.S. explorer of its size. Now it’s delaying a 2015 budget and will use proceeds from assets sold in Texas and Oklahoma to cut debt 16%, said Clay Jeansonne, V.P. of investor relations.
...»
WTI slides below $55 as U.S. production seen steady amid OPEC fight
NEW YORK and LONDON (Bloomberg) -- Oil in New York fell below $55/bbl for the first time in more than five years amid speculation that U.S. producers may further increase output as they battle OPEC for market share. Crude in London traded below $60.
...»
Bear Head LNG files for DOE export license
Bear Head LNG files for DOE export license HOUSTON Bear Head LNG Corporation and Bear Head LNG (USA), both indirect wholly owned subsidiaries of Liquefied Natural Gas Limited (LNGL), have filed an application with the U.S. Department of Energy (DOE)
...»
Quicksilver Resources appoints CFO
Quicksilver Resources appoints CFO FORT WORTH, Texas Quicksilver Resources will appoint Vanessa Gomez LaGatta to the position of senior V.P. CFO and Treasurer effective Jan. 1, 2015. LaGatta, 37, has served as Quicksilver' s V.P. Treasurer since September 2009. LaGatta has
...»
Blue Ocean's IRIS breaks world depth record in deepwater subsea interventions
Blue Ocean' s IRIS breaks world depth record in deepwater subsea interventions THE WOODLANDS, Texas Blue Ocean Technologies' Interchangeable Riserless Intervention System (IRIS), recently intervened on a deepwater production well in the Gulf of Mexico’s Desoto Canyon, reaching a record breaking
...»
Hoover installs Thermo Oxidizer units at Louisiana and Houston
Hoover installs Thermo Oxidizer units at Louisiana and Houston HOUSTON Hoover Container Solutions has announced the installation of Thermo Oxidizer units at its Scott, Louisiana, and Houston service facilities. In addition to providing comprehensive interior and exterior tank cleaning services
...»
InterAct appoints Val Lerma as engineering manager
InterAct appoints Val Lerma as engineering manager VENTURA, California InterAct, an Acteon company, has appointed Val Lerma, P.E., as engineering manager. Lerma will be based in InterAct’s Ventura, California, office and has more than 30 years of experience working with
...»
Government report confirms economic benefits of crude exports
WASHINGTON, D.C. -- A new report from the non-partisan Congressional Budget Office (CBO) confirms that removing export barriers for U.S. crude oil could incentivize higher domestic production, grow the economy, increase federal revenues, and put downward pressure on gasoline prices, the American Petroleum Institute said.
...»
Woodside buys Apache’s stake in Wheatstone, Kitimat LNG projects
HOUSTON -- Apache Corp. is to sell its interest in two LNG projects, Wheatstone LNG and Kitimat LNG, along with accompanying upstream oil and gas reserves, to Woodside Petroleum for a purchase price of $2.75 billion. Apache will also be reimbursed for its net expenditure in the Wheatstone and Kitimat LNG projects between June 30, 2014, and closing which is estimated to be approximately $1 billion.
...»
Goldman sees U.S. oil production steady as costs sink with price
NEW YORK (Bloomberg) -- U.S. producers battling OPEC for market share may increase output further from the highest rate in more than three decades as costs decline almost as fast as oil prices, according to Goldman Sachs Group Inc. The slump in benchmark U.S. crude futures, which are down more than 40% this year, is driving producers to move rigs to lower-cost fields, the bank said in an emailed report on Dec. 15. While there’s evidence of some rebalancing starting to occur in the market, that isn’t sufficient, it said.
...»
Husky Energy brings second Liwan Gas field online
Husky Energy brings second Liwan Gas field online CALGARY, Alberta Husky Energy and CNOOC have started production at the Liuhua 34 2 gas field in the South China Sea, the second field to be brought online at the Liwan Gas
...»
Monday 15 December 2014
Government report confirms economic benefits of crude exports
WASHINGTON, D.C. -- A new report from the non-partisan Congressional Budget Office (CBO) confirms that removing export barriers for U.S. crude oil could incentivize higher domestic production, grow the economy, increase federal revenues, and put downward pressure on gasoline prices, the American Petroleum Institute said.
...»
Woodside buys Apache’s stake in Wheatstone, Kitimat LNG projects
HOUSTON -- Apache Corp. is to sell its interest in two LNG projects, Wheatstone LNG and Kitimat LNG, along with accompanying upstream oil and gas reserves, to Woodside Petroleum for a purchase price of $2.75 billion. Apache will also be reimbursed for its net expenditure in the Wheatstone and Kitimat LNG projects between June 30, 2014, and closing which is estimated to be approximately $1 billion.
...»
Goldman sees U.S. oil production steady as costs sink with price
NEW YORK (Bloomberg) -- U.S. producers battling OPEC for market share may increase output further from the highest rate in more than three decades as costs decline almost as fast as oil prices, according to Goldman Sachs Group Inc. The slump in benchmark U.S. crude futures, which are down more than 40% this year, is driving producers to move rigs to lower-cost fields, the bank said in an emailed report on Dec. 15. While there’s evidence of some rebalancing starting to occur in the market, that isn’t sufficient, it said.
...»
Husky Energy brings second Liwan Gas field online
Husky Energy brings second Liwan Gas field online CALGARY, Alberta Husky Energy and CNOOC have started production at the Liuhua 34 2 gas field in the South China Sea, the second field to be brought online at the Liwan Gas
...»
U.A.E. sees OPEC output unchanged even if oil drops to $40/bbl
DUBAI (Bloomberg) -- OPEC will stand by its decision not to cut output even if oil prices fall as low as $40/bbl and will wait at least three months before considering an emergency meeting, the United Arab Emirates’ energy minister said.
...»
Enterprise halts plan for 340,000 bopd Bakken-to-Cushing pipeline
HOUSTON -- Enterprise Products Partners has decided not to move forward with the development of its proposed Bakken-to-Cushing crude oil pipeline.
...»
Oil rigs in U.S. drop by most in two years, Baker Hughes says
HOUSTON (Bloomberg) -- U.S. oil drillers, facing the lowest crude prices in five years and escalating competition from suppliers abroad, idled the most rigs in almost two years this week. Rigs targeting oil dropped by 29 to 1,546, the lowest level since June and the biggest decline since December 2012, Baker Hughes Inc. said. Those drilling for natural gas increased by two to 346, the Houston-based field services company said. The total count fell 27 to 1,893, the fewest since August.
...»
Mexico shale boom outlook dims as U.S. drillers struggle at home
MEXICO CITY (Bloomberg) -- Mexico is getting ready to welcome the U.S. shale revolution into its borders after 75 years of state monopoly. The timing couldn’t be worse. As a flood of supplies from Texas to North Dakota sends oil into a nosedive, U.S. producers are reducing investment budgets for 2015. The cuts dim the chances they’ll take their fracing and horizontal drilling capabilities down south anytime soon.
...»
Husky, BP start steam operations at Sunrise Energy Project
CALGARY, Alberta -- Husky Energy and BP have started operations at the Sunrise Phase 1 in-situ oil sands project in Alberta, Canada, with the start of steam generation. Husky is the operator of Sunrise, a 50/50 joint venture with BP.
...»
BP appeals Macondo ruling that may spell $18 billion in fines
NEW ORLEANS (Bloomberg) -- BP Plc challenged a federal judge’s ruling that the company’s exploration unit acted with gross negligence in causing the 2010 Gulf of Mexico oil spill, a decision that exposed the UK-based energy company to as much as $18 billion in fines under U.S. law.
...»
U.A.E. sees OPEC output unchanged even if oil drops to $40/bbl
DUBAI (Bloomberg) -- OPEC will stand by its decision not to cut output even if oil prices fall as low as $40/bbl and will wait at least three months before considering an emergency meeting, the United Arab Emirates’ energy minister said.
...»
Saturday 13 December 2014
Enterprise halts plan for 340,000 bopd Bakken-to-Cushing pipeline
HOUSTON -- Enterprise Products Partners has decided not to move forward with the development of its proposed Bakken-to-Cushing crude oil pipeline.
...»
Friday 12 December 2014
Oil rigs in U.S. drop by most in two years, Baker Hughes says
HOUSTON (Bloomberg) -- U.S. oil drillers, facing the lowest crude prices in five years and escalating competition from suppliers abroad, idled the most rigs in almost two years this week. Rigs targeting oil dropped by 29 to 1,546, the lowest level since June and the biggest decline since December 2012, Baker Hughes Inc. said. Those drilling for natural gas increased by two to 346, the Houston-based field services company said. The total count fell 27 to 1,893, the fewest since August.
...»
Mexico shale boom outlook dims as U.S. drillers struggle at home
MEXICO CITY (Bloomberg) -- Mexico is getting ready to welcome the U.S. shale revolution into its borders after 75 years of state monopoly. The timing couldn’t be worse. As a flood of supplies from Texas to North Dakota sends oil into a nosedive, U.S. producers are reducing investment budgets for 2015. The cuts dim the chances they’ll take their fracing and horizontal drilling capabilities down south anytime soon.
...»
Husky, BP start steam operations at Sunrise Energy Project
CALGARY, Alberta -- Husky Energy and BP have started operations at the Sunrise Phase 1 in-situ oil sands project in Alberta, Canada, with the start of steam generation. Husky is the operator of Sunrise, a 50/50 joint venture with BP.
...»
BP appeals Macondo ruling that may spell $18 billion in fines
NEW ORLEANS (Bloomberg) -- BP Plc challenged a federal judge’s ruling that the company’s exploration unit acted with gross negligence in causing the 2010 Gulf of Mexico oil spill, a decision that exposed the UK-based energy company to as much as $18 billion in fines under U.S. law.
...»
TAG Oil bags two onshore Taranaki basin permits
TAG Oil bags two onshore Taranaki basin permits VANCOUVER, British Columbia TAG Oil has been awarded 100% interest in two new onshore Taranaki basin permits Petroleum Exploration Permit 57065 (Sidewinder North) and Petroleum Exploration Permit 57063 (Waiiti) by the New
...»
Liberty Lift acquires entire assets of Southern Sierra General Engineering
Liberty Lift acquires entire assets of Southern Sierra General Engineering HOUSTON Liberty Lift Solutions has acquired substantially all of the assets of Southern Sierra General Engineering (SSGE) of Taft, California. The 58 person company was founded in 2006 and operates
...»
Oil falls below $60/bbl as Saudis question need to cut output
NEW YORK (Bloomberg) -- Benchmark U.S. oil prices dropped below $60/bbl for the first time since July 2009 as Saudi Arabia questioned the need to cut output, signaling its priority is defending market share. West Texas Intermediate crude slid 1.6% in New York. The market will correct itself, according to Saudi Arabian Oil Minister Ali Al-Naimi. Global demand for crude from the Organization of Petroleum Exporting Countries will drop next year by about 300,000 bpd to 28.9 MMbpd, the least since 2003, the group predicted Dec. 10.
...»
Cenovus cuts 2015 capital spending 15% amid oil plunge
CALGARY, Alberta -- Cenovus Energy, Canada’s second-largest independent oil producer, is to reduce its capital spending by about 15% next year amid falling oil prices.
...»
Bibby Subsea welcomes the Olympic Ares
HOUSTON -- Bibby Offshore’s Houston-based division, Bibby Subsea, has welcomed the Olympic Ares, a multi-functional subsea construction support vessel (CSV) which is due to arrive in the port of Galveston, Texas, on Dec. 16.
...»
SBM Offshore to cut about 1,200 jobs as oil tumbles
SCHIEDAM, Netherlands (Bloomberg) -- SBM Offshore NV plans to cut 600 jobs and release an equal number of contract staff this year and next as oil prices trade near the lowest in more than five years.
...»
Canada heavy oil nearing $40/bbl threatens new oil sands projects
CALGARY, Alberta (Bloomberg) -- Canadian heavy crude fell to near $40/bbl, threatening projects under construction as producers boosted output and space on a pipeline was rationed. Imperial Oil Ltd. is increasing output at its Kearl oil sands project to 110,000 bpd after a shutdown last month, Pius Rolheiser, a Calgary-based spokesman said by phone. Enbridge Inc. apportioned space on the Spearhead pipeline, which carries Canadian crude south to Cushing, Oklahoma, after demand to ship on the line exceeded capacity, according to a company statement.
...»
Energy Solutions International names DYONYX LP as its Preferred Hosting Solution partner
Energy Solutions International names DYONYX LP as its Preferred Hosting Solution partner HOUSTON Energy Solutions International (ESI) has named DYONYX as its Preferred Hosting Solution Partner. The two companies will offer customers integrated services and support solutions to deliver ESI’s
...»
Oasis Petroleum cuts over $500 million from 2015 budget
HOUSTON -- Oasis Petroleum, a Williston basin focused independent, is the latest operator to slash spending in the face of falling oil prices.
...»
Texas Petro Index defies falling oil prices, but contraction inevitable
HOUSTON -- Texas oil and gas producers petroleum industry defied falling crude oil prices in October, setting well-permitting and employment records and pushing the Texas Petro Index to another record high, 312.9.
...»
Layne Christensen appoints Michael J. Caliel as President, CEO
THE WOODLANDS, Texas -- David A.B. Brown, CEO and Chairman of the Board of Layne Christensen Company, has announced the appointment of Michael J. Caliel as President and CEO, and Member of the Board of Directors, effective Jan. 2, 2015.
...»
Exxon sees energy demand rising 35% by 2040
IRVING, Texas -- Significant growth in the global middle class, expansion of emerging economies and an additional 2 billion people in the world will contribute to a 35% increase in energy demand by 2040, according to a report by Exxon Mobil. As demand increases, the world will continue to become more efficient in its energy use, according to the 2015 Outlook for Energy: A View to 2040. Without efficiency gains across economies worldwide, energy demand from 2010 to 2040 would be headed toward a 140% increase instead of the 35% forecast in the report.
...»
OPEC says 2015 demand for its crude will be weakest in 12 years
VIENNA, Austria (Bloomberg) -- OPEC cut the forecast for how much crude it will need to provide in 2015 to the lowest in 12 years amid surging U.S. shale supplies and reduced estimates for global consumption. The Organization of Petroleum Exporting Countries lowered its projection for 2015 by about 300,000 bopd, to 28.9 MMbopd. That’s approximately 1.15 MMbopd less than the group’s 12 members pumped last month, and the 30-MMbopd target they reaffirmed at a meeting in Vienna on Nov. 27. The impact of this year’s 40% price collapse on supply and demand remains unclear, OPEC said.
...»
Advantek Waste Management Services funded by TPG Capital
Advantek Waste Management Services funded by TPG Capital HOUSTON Advantek Waste Management Services (AWMS) announced that it has funded its spin off from Advantek International. TPG ART’s funding will accelerate AWMS’s growth and scale as a full service oilfield waste
...»
Iran sees oil falling to $40/bbl if OPEC solidarity breaks
DUBAI (Bloomberg) -- Any break in OPEC solidarity or a price war will drive crude to below $50/bbl or even $40/bbl, Iran’s oil ministry head of petroleum market analysis said.
...»
Chevron delays drilling budget until next year amid oil rout
NEW YORK (Bloomberg) -- One week after Chevron Corp. began pumping oil from a half-billion barrel discovery under the Gulf of Mexico, its annual capital spending plan is on hold until next year amid the worst crude slump this decade.
...»
Stone Energy reports successful Utica gas well in West Virginia
LAFAYETTE, Louisiana -- Stone Energy' s Pribble 6HU well in Wetzel County, West Virginia, has produced approximately 30 Mmcfd of gas from a 3,605-ft lateral.
...»
TAM International unveils custom cement integrity system
TAM International unveils custom cement integrity system HOUSTON – TAM International, an independent oilfield services company providing inflatable and swellable packers, unveiled its new 22 in. Casing Annulus Packer, or LongCAP, developed for a major international oil company. The new
...»
Fracing discounts seen cutting over $3 billion in 2015 profits
HOUSTON (Bloomberg) -- Oilfield contractors hired to drill wells and fracture rock to raise crude and natural gas to the surface will have to lower prices by as much as 20% to help keep their cash-strapped customers working. Ultimately, that could carve out more than $3 billion from the 2015 earnings outlined by analysts for the world’s four biggest oil-service companies -- Schlumberger Ltd., Halliburton Co., Baker Hughes Inc. and Weatherford International Plc.
...»
EOG divests assets worth $410 million in Manitoba, Alberta
HOUSTON -- EOG Resources has announced the divestiture of all its assets in Manitoba and certain assets in Alberta in two separate transactions for approximately $410 million, net of customary transaction adjustments.
...»
Winters PSQ sanitary pressure gauge available with fractional seal
Winters PSQ sanitary pressure gauge available with fractional seal TORONTO, Ontario Winters PSQ sanitary pressure gauges are now available with fractional seal. The PSQ 2.5 inches sanitary gauge is now available with a 3 4 inches fractional seal and Tri
...»
Precision Drilling slashes spending by 44%
CALGARY, Alberta – Precision Drilling Corp., Canada' s largest oilfield services company, is to slash its capital spending by more than 40% next year, the company said.
...»
Repsol said to revive talks with Talisman over possible deal
NEW YORK (Bloomberg) -- Repsol SA has revived talks with Talisman Energy Inc., people with knowledge of the matter said, as the Spanish company seeks acquisitions to bolster its presence in North America even as oil prices tumble to five-year lows.
...»
BP rejected by U.S. Supreme Court on Gulf spill payments
HOUSTON (Bloomberg) -- The U.S. Supreme Court refused to review BP Plc’s $9.7 billion settlement over the 2010 Gulf of Mexico oil spill, turning away the company’s argument that hundreds of millions of dollars are going to businesses that weren’t harmed.
...»
Sercel's SeaPro Nav performs successfully on multi-vessel surveys
PARIS -- Sercel has announced that its SeaPro Nav integrated navigation system has been successfully deployed on another major multi-vessel survey. SeaPro Nav is currently being deployed on a major WAZ survey conducted by CGG in the Gulf of Mexico. The navigation system was previously used as the master navigation system on the IBALT Trois survey, the third phase of CGG’s StagSeis dual-vessel, long-offset FAZ multi-client program carried out in the Gulf of Mexico.
...»
FTS International acquires J-W Wireline
DALLAS -- Well completion provider FTS International has acquired J-W Energy' s subsidiary, J-W Wireline Company, the two companies have announced.
...»
Halliburton appoints Abdulaziz F. Al Khayyal to board
HOUSTON -- Halliburton has announced that Abdulaziz F. Al Khayyal has been named to the company’s board of directors. The appointment was effective Dec. 4, 2014 and Al Khayyal will stand for election by stockholders at the annual meeting in May 2015.
...»
ConocoPhillips cuts 2015 capital budget by 20%
HOUSTON -- ConocoPhillips has announced a 2015 capital budget of $13.5 billion, a decrease of approximately 20% compared to 2014. The reduction in capital relative to 2014 primarily reflects lower spending on major projects, several of which are nearing completion, as well as the deferral of spending on North American unconventional plays. Despite the lower investment level, the company expects to achieve approximately 3% production growth in 2015 from continuing operations, excluding Libya.
...»
Oil declines from 5-year low on signs U.S. taking fight to OPEC
NEW YORK and LONDON (Bloomberg) -- West Texas Intermediate and Brent extended declines from the lowest close in more than five years amid speculation that U.S. oil producers will fight OPEC for market share. Futures dropped as much as 1.8% in New York and 1.9% in London. Explorers in the U.S. increased the number of operating rigs last week, defying predictions of a drilling slowdown, according to data from Baker Hughes Inc. Brent’s 14-day relative strength index has been below 30 since Nov. 27, a reading that signals crude is oversold.
...»
TAG Oil bags two onshore Taranaki basin permits
TAG Oil bags two onshore Taranaki basin permits VANCOUVER, British Columbia TAG Oil has been awarded 100% interest in two new onshore Taranaki basin permits Petroleum Exploration Permit 57065 (Sidewinder North) and Petroleum Exploration Permit 57063 (Waiiti) by the New
...»
Liberty Lift acquires entire assets of Southern Sierra General Engineering
Liberty Lift acquires entire assets of Southern Sierra General Engineering HOUSTON Liberty Lift Solutions has acquired substantially all of the assets of Southern Sierra General Engineering (SSGE) of Taft, California. The 58 person company was founded in 2006 and operates
...»
Thursday 11 December 2014
Oil falls below $60/bbl as Saudis question need to cut output
NEW YORK (Bloomberg) -- Benchmark U.S. oil prices dropped below $60/bbl for the first time since July 2009 as Saudi Arabia questioned the need to cut output, signaling its priority is defending market share. West Texas Intermediate crude slid 1.6% in New York. The market will correct itself, according to Saudi Arabian Oil Minister Ali Al-Naimi. Global demand for crude from the Organization of Petroleum Exporting Countries will drop next year by about 300,000 bpd to 28.9 MMbpd, the least since 2003, the group predicted Dec. 10.
...»
Cenovus cuts 2015 capital spending 15% amid oil plunge
CALGARY, Alberta -- Cenovus Energy, Canada’s second-largest independent oil producer, is to reduce its capital spending by about 15% next year amid falling oil prices.
...»
Bibby Subsea welcomes the Olympic Ares
HOUSTON -- Bibby Offshore’s Houston-based division, Bibby Subsea, has welcomed the Olympic Ares, a multi-functional subsea construction support vessel (CSV) which is due to arrive in the port of Galveston, Texas, on Dec. 16.
...»
SBM Offshore to cut about 1,200 jobs as oil tumbles
SCHIEDAM, Netherlands (Bloomberg) -- SBM Offshore NV plans to cut 600 jobs and release an equal number of contract staff this year and next as oil prices trade near the lowest in more than five years.
...»
Canada heavy oil nearing $40/bbl threatens new oil sands projects
CALGARY, Alberta (Bloomberg) -- Canadian heavy crude fell to near $40/bbl, threatening projects under construction as producers boosted output and space on a pipeline was rationed. Imperial Oil Ltd. is increasing output at its Kearl oil sands project to 110,000 bpd after a shutdown last month, Pius Rolheiser, a Calgary-based spokesman said by phone. Enbridge Inc. apportioned space on the Spearhead pipeline, which carries Canadian crude south to Cushing, Oklahoma, after demand to ship on the line exceeded capacity, according to a company statement.
...»
Energy Solutions International names DYONYX LP as its Preferred Hosting Solution partner
Energy Solutions International names DYONYX LP as its Preferred Hosting Solution partner HOUSTON Energy Solutions International (ESI) has named DYONYX as its Preferred Hosting Solution Partner. The two companies will offer customers integrated services and support solutions to deliver ESI’s
...»
Oasis Petroleum cuts over $500 million from 2015 budget
HOUSTON -- Oasis Petroleum, a Williston basin focused independent, is the latest operator to slash spending in the face of falling oil prices.
...»
Wednesday 10 December 2014
Texas Petro Index defies falling oil prices, but contraction inevitable
HOUSTON -- Texas oil and gas producers petroleum industry defied falling crude oil prices in October, setting well-permitting and employment records and pushing the Texas Petro Index to another record high, 312.9.
...»
Layne Christensen appoints Michael J. Caliel as President, CEO
THE WOODLANDS, Texas -- David A.B. Brown, CEO and Chairman of the Board of Layne Christensen Company, has announced the appointment of Michael J. Caliel as President and CEO, and Member of the Board of Directors, effective Jan. 2, 2015.
...»
Exxon sees energy demand rising 35% by 2040
IRVING, Texas -- Significant growth in the global middle class, expansion of emerging economies and an additional 2 billion people in the world will contribute to a 35% increase in energy demand by 2040, according to a report by Exxon Mobil. As demand increases, the world will continue to become more efficient in its energy use, according to the 2015 Outlook for Energy: A View to 2040. Without efficiency gains across economies worldwide, energy demand from 2010 to 2040 would be headed toward a 140% increase instead of the 35% forecast in the report.
...»
OPEC says 2015 demand for its crude will be weakest in 12 years
VIENNA, Austria (Bloomberg) -- OPEC cut the forecast for how much crude it will need to provide in 2015 to the lowest in 12 years amid surging U.S. shale supplies and reduced estimates for global consumption. The Organization of Petroleum Exporting Countries lowered its projection for 2015 by about 300,000 bopd, to 28.9 MMbopd. That’s approximately 1.15 MMbopd less than the group’s 12 members pumped last month, and the 30-MMbopd target they reaffirmed at a meeting in Vienna on Nov. 27. The impact of this year’s 40% price collapse on supply and demand remains unclear, OPEC said.
...»
Advantek Waste Management Services funded by TPG Capital
Advantek Waste Management Services funded by TPG Capital HOUSTON Advantek Waste Management Services (AWMS) announced that it has funded its spin off from Advantek International. TPG ART’s funding will accelerate AWMS’s growth and scale as a full service oilfield waste
...»
Iran sees oil falling to $40/bbl if OPEC solidarity breaks
DUBAI (Bloomberg) -- Any break in OPEC solidarity or a price war will drive crude to below $50/bbl or even $40/bbl, Iran’s oil ministry head of petroleum market analysis said.
...»
Tuesday 9 December 2014
Chevron delays drilling budget until next year amid oil rout
NEW YORK (Bloomberg) -- One week after Chevron Corp. began pumping oil from a half-billion barrel discovery under the Gulf of Mexico, its annual capital spending plan is on hold until next year amid the worst crude slump this decade.
...»
Stone Energy reports successful Utica gas well in West Virginia
LAFAYETTE, Louisiana -- Stone Energy' s Pribble 6HU well in Wetzel County, West Virginia, has produced approximately 30 Mmcfd of gas from a 3,605-ft lateral.
...»
TAM International unveils custom cement integrity system
TAM International unveils custom cement integrity system HOUSTON – TAM International, an independent oilfield services company providing inflatable and swellable packers, unveiled its new 22 in. Casing Annulus Packer, or LongCAP, developed for a major international oil company. The new
...»
Fracing discounts seen cutting over $3 billion in 2015 profits
HOUSTON (Bloomberg) -- Oilfield contractors hired to drill wells and fracture rock to raise crude and natural gas to the surface will have to lower prices by as much as 20% to help keep their cash-strapped customers working. Ultimately, that could carve out more than $3 billion from the 2015 earnings outlined by analysts for the world’s four biggest oil-service companies -- Schlumberger Ltd., Halliburton Co., Baker Hughes Inc. and Weatherford International Plc.
...»
EOG divests $410 million worth assets in Manitoba, Alberta
EOG divests $410 million worth assets in Manitoba, Alberta HOUSTON EOG Resources has announced divestiture of all its assets in Manitoba and certain assets in Alberta in two separate transactions for approximately $410 million, net of customary transaction adjustments. As
...»
Winters PSQ sanitary pressure gauge available with fractional seal
Winters PSQ sanitary pressure gauge available with fractional seal TORONTO, Ontario Winters PSQ sanitary pressure gauges are now available with fractional seal. The PSQ 2.5 inches sanitary gauge is now available with a 3 4 inches fractional seal and Tri
...»
Precision Drilling slashes spending by 44%
CALGARY, Alberta – Precision Drilling Corp., Canada' s largest oilfield services company, is to slash its capital spending by more than 40% next year, the company said.
...»
Monday 8 December 2014
Repsol said to revive talks with Talisman over possible deal
NEW YORK (Bloomberg) -- Repsol SA has revived talks with Talisman Energy Inc., people with knowledge of the matter said, as the Spanish company seeks acquisitions to bolster its presence in North America even as oil prices tumble to five-year lows.
...»
BP rejected by U.S. Supreme Court on Gulf spill payments
HOUSTON (Bloomberg) -- The U.S. Supreme Court refused to review BP Plc’s $9.7 billion settlement over the 2010 Gulf of Mexico oil spill, turning away the company’s argument that hundreds of millions of dollars are going to businesses that weren’t harmed.
...»
Sercel's SeaPro Nav performs successfully on multi-vessel surveys
PARIS -- Sercel has announced that its SeaPro Nav integrated navigation system has been successfully deployed on another major multi-vessel survey. SeaPro Nav is currently being deployed on a major WAZ survey conducted by CGG in the Gulf of Mexico. The navigation system was previously used as the master navigation system on the IBALT Trois survey, the third phase of CGG’s StagSeis dual-vessel, long-offset FAZ multi-client program carried out in the Gulf of Mexico.
...»
FTS International acquires J-W Wireline
DALLAS -- Well completion provider FTS International has acquired J-W Energy' s subsidiary, J-W Wireline Company, the two companies have announced.
...»
Halliburton appoints Abdulaziz F. Al Khayyal to board
HOUSTON -- Halliburton has announced that Abdulaziz F. Al Khayyal has been named to the company’s board of directors. The appointment was effective Dec. 4, 2014 and Al Khayyal will stand for election by stockholders at the annual meeting in May 2015.
...»
ConocoPhillips cuts 2015 capital budget by 20%
HOUSTON -- ConocoPhillips has announced a 2015 capital budget of $13.5 billion, a decrease of approximately 20% compared to 2014. The reduction in capital relative to 2014 primarily reflects lower spending on major projects, several of which are nearing completion, as well as the deferral of spending on North American unconventional plays. Despite the lower investment level, the company expects to achieve approximately 3% production growth in 2015 from continuing operations, excluding Libya.
...»
Oil declines from 5-year low on signs U.S. taking fight to OPEC
NEW YORK and LONDON (Bloomberg) -- West Texas Intermediate and Brent extended declines from the lowest close in more than five years amid speculation that U.S. oil producers will fight OPEC for market share. Futures dropped as much as 1.8% in New York and 1.9% in London. Explorers in the U.S. increased the number of operating rigs last week, defying predictions of a drilling slowdown, according to data from Baker Hughes Inc. Brent’s 14-day relative strength index has been below 30 since Nov. 27, a reading that signals crude is oversold.
...»
Oando Energy announces completition of Umugini pipleine
Oando Energy announces completition of Umugini pipleine CALGARY, Alberta Oando Energy has announced the completion of the 45,000 bpd, 51 km Umugini pipeline. The pipeline will provide an alternative evacuation route for crude oil produced from the Ebendo field through
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Saturday 6 December 2014
Oil rigs in U.S. climb as shale drillers face OPEC challenge
HOUSTON (Bloomberg) -- The boom in U.S. oil production will live to see another week. The nation’s crude explorers, engaged in a pricing war with the world’s largest suppliers, defied predictions of a drilling slowdown and ran the most rigs since mid-November, boosting the U.S. count by three to 1,575, Baker Hughes Inc. said Dec. 5. Rigs targeting natural gas were unchanged at 344, the Houston-based field services company’s website showed.
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Harold Hamm's ex-wife fights $972 million divorce ruling
OKLAHOMA CITY, Oklahoma (Bloomberg) -- Oklahoma oil billionaire Harold Hamm’s ex-wife says her almost-$1 billion divorce award isn’t enough, and that the judge is to blame. Sue Ann Arnall appealed an Oklahoma court’s divorce decree, arguing the quarter century she spent with Hamm as he built a shale-oil fortune entitles her to more than the $972 million she was awarded by a judge, who she claimed made unsupported rulings in the 10-week divorce trial.
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Thursday 4 December 2014
Halliburton's Mark McCollum to lead joint integration team for Baker Hughes acquisition
Halliburton' s Mark McCollum to joint integration team for Baker Hughes acquisition HOUSTON Halliburton has appointed Executive Vice President and Chief Financial Officer Mark McCollum to the new role of Executive Vice President and Chief Integration Officer. In this capacity, he
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U.S. oil reserves highest since at least 1975 on shale boom
U.S. oil reserves highest since at least 1975 on shale boom DAN MURTAUGH and HARRY R. WEBER HOUSTON (Bloomberg) Proved reserves of crude and lease condensate in the U.S. rose 9.3% in 2013 as drillers showed they could extract more
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U.S. producers say bring it on in oil price showdown
NEW YORK (Bloomberg) -- OPEC’s price war against the American shale industry will erode drilling budgets, shrink profits and even bankrupt some companies. It won’t do the one thing cartel leader Saudi Arabia wants: reduce U.S. production.
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Cameron awarded multi-year contract for Hebron development
HOUSTON -- Cameron has been awarded a multi-year contract by ExxonMobil Canada Properties for wellhead equipment and production trees for the Hebron project, a 52-well development located offshore Newfoundland.
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Freeport-McMoRan says positive results at Holstein Deep and Dorado in Gulf of Mexico
PHOENIX -- Freeport-McMoRan has announced positive drilling results from its 100%-owned Holstein Deep and Dorado development wells in the deepwater Gulf of Mexico.
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Hardbanding Solutions releases new hardbanding procedure
Hardbanding Solutions releases new hardbanding procedure CLEVELAND, Ohio Hardbanding Solutions by Postle Industries has released a new standard operating procedure for the application of Duraband NC hardbanding on completion tubing connections. The upset connections of 2 7 8 and 2
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2H Offshore relocates to Kuala Lumpur and Perth
2H Offshore relocates to Kuala Lumpur and Perth HOUSTON 2H Offshore has invested in improved office facilities in Kuala Lumpur, Malaysia and Perth, Australia, to support ongoing growth in the Asia Pacific region. Hugh Howells, Principal Director at 2H Offshore
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Hoover announces partnership with First Reserve
Hoover announces partnership with First Reserve HOUSTON Hoover has entered into an agreement to partner with First Reserve. Financial terms of the transaction were not disclosed. Hoover’s products are critical to the energy and industrial value chain with a business
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Wednesday 3 December 2014
Bakken oil already under $50/bbl due to regional discount
Bakken oil already under $50 bbl due to regional discount DAN MURTAUGH BISMARCK (Bloomberg) Oil market analysts are debating if oil will fall to $50. In North Dakota, prices are already there. Crude sold at the wellhead in the Bakken
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WPX Energy begins to monetize Marcellus Shale assets
WPX Energy begins to monetize Marcellus Shale assets TULSA, Oklahoma WPX Energy has signed an agreement to sell its operations in northeast Pennsylvania and release certain firm transportation capacity to Southwestern Energy for approximately $300 million cash. Rick Muncrief, President
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Secorp reaches northern Permian basin with new district office
Secorp reaches northern Permian basin with new district office LAFAYETTE, Louisiana Secorp has announced the opening of its new district office in Hobbs, New Mexico. The new location will offer a complete range of safety services including H2S safety, gas
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Express Energy appoints new CFO
Express Energy appoints new CFO HOUSTON Express Energy has appointed Kyle Lorentzen as the executive V.P. and CFO. The appointment is effective immediately, and Lorentzen is based in Express’ headquarters in Houston. Darron Anderson, CEO of Express Energy said, “Kyle
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NCS Multistage frac-isolation system deployed in four Montney gas wells
CALGARY -- NCS Multistage has announced successful deployment of the company' s patented Multistage Unlimited frac-isolation system to complete four Montney gas wells in the Pouce Coupe field in British Columbia.
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Jack, St. Malo partners announce first oil from deepwater Gulf of Mexico project
SAN RAMON, California -- The partners for the deepwater Jack and St. Malo project in the U.S. Gulf of Mexico, led by operator Chevron, have announced that crude oil and natural gas production has started.
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Occidental Petroleum completes spin-off of California Resources Corporation
HOUSTON -- Occidental Petroleum Corporation has completed the spin-off of its subsidiary California Resources Corporation.
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Delta SubSea demonstrates rapid response capabilities
Delta SubSea demonstrates rapid response capabilities HOUSTON Delta SubSea has mobilized an entire ROV system including, Schilling Robotics HD 150 ROV, Dynacon Launch and Recovery System, and ROV Control Van on an Antonov An 124 Ruslan airplane. The Antonov An
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Harold Hamm: Activity will slow as oil price slides
OKLAHOMA CITY, Oklahoma (Bloomberg) -- Billionaire wildcatter Harold Hamm, a founding father of the U.S. shale boom, said U.S. drilling will slow because of lower oil prices. While the chairman and CEO of Continental Resources Inc. sees U.S. activity decreasing, he said a potential price war bodes well for U.S. producers that can outlast many countries that depend on far higher oil.
...»
Oil futures rebound from five-year low after OPEC slump
NEW YORK (Bloomberg) -- West Texas Intermediate rebounded from the lowest level in more than five years as the market selloff prompted by OPEC’s failure last week to curb production took a pause. ...»
InterMoor completes Delta House hook-up
InterMoor completes Delta House hook up HOUSTON InterMoor, an Acteon company, has successfully installed and hooked up a permanent mooring system for the Delta House field floating production system (FPS) in the Gulf of Mexico. The mooring lines were deployed
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Berkshire to buy Weatherford units for at least $750 million
GENEVA, Switzerland (Bloomberg) -- Lubrizol, the chemical-additives business at Warren Buffett’s Berkshire Hathaway Inc., agreed to buy two units from Weatherford International for at least $750 million after the seller was squeezed by lower oil prices.
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Oil slumps below $65/bbl as OPEC inaction seen failing to slow shale
NEW YORK (Bloomberg) -- WTI fell below $65/bbl, trading at the lowest in more than five years, on speculation prices need to drop further before OPEC’s decision to maintain output causes U.S. shale production to slow. Brent extended losses.
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Tuesday 2 December 2014
NCS Multistage frac-isolation system deployed in four Montney gas wells
CALGARY -- NCS Multistage has announced successful deployment of the company' s patented Multistage Unlimited frac-isolation system to complete four Montney gas wells in the Pouce Coupe field in British Columbia.
...»
Jack, St. Malo partners announce first oil from deepwater Gulf of Mexico project
SAN RAMON, California -- The partners for the deepwater Jack and St. Malo project in the U.S. Gulf of Mexico, led by operator Chevron, have announced that crude oil and natural gas production has started.
...»
Occidental Petroleum completes spin-off of California Resources Corporation
HOUSTON -- Occidental Petroleum Corporation has completed the spin-off of its subsidiary California Resources Corporation.
...»
Delta SubSea demonstrates rapid response capabilities
Delta SubSea demonstrates rapid response capabilities HOUSTON Delta SubSea has mobilized an entire ROV system including, Schilling Robotics HD 150 ROV, Dynacon Launch and Recovery System, and ROV Control Van on an Antonov An 124 Ruslan airplane. The Antonov An
...»
Monday 1 December 2014
Harold Hamm: Activity will slow as oil price slides
OKLAHOMA CITY, Oklahoma (Bloomberg) -- Billionaire wildcatter Harold Hamm, a founding father of the U.S. shale boom, said U.S. drilling will slow because of lower oil prices. While the chairman and CEO of Continental Resources Inc. sees U.S. activity decreasing, he said a potential price war bodes well for U.S. producers that can outlast many countries that depend on far higher oil.
...»
Oil futures rebound from five-year low after OPEC slump
NEW YORK (Bloomberg) -- West Texas Intermediate rebounded from the lowest level in more than five years as the market selloff prompted by OPEC’s failure last week to curb production took a pause. ...»
InterMoor completes Delta House hook-up
InterMoor completes Delta House hook up HOUSTON InterMoor, an Acteon company, has successfully installed and hooked up a permanent mooring system for the Delta House field floating production system (FPS) in the Gulf of Mexico. The mooring lines were deployed
...»
Berkshire to buy Weatherford units for at least $750 million
GENEVA, Switzerland (Bloomberg) -- Lubrizol, the chemical-additives business at Warren Buffett’s Berkshire Hathaway Inc., agreed to buy two units from Weatherford International for at least $750 million after the seller was squeezed by lower oil prices.
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