HOUSTON -- The oil and gas industry’s leading magazine for upstream technology and activity, World Oil, forecasts a sharp drop in drilling, both in the U.S. and internationally, as a direct result of plunging crude oil prices. In its 89th annual forecast and review, World Oil predicts an average WTI oil price of $55.75/barrel (bbl), while Brent will be $58.80/bbl. A Henry Hub natural gas price of $3.35/MMBtu is expected. ...»
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Friday 30 January 2015
Rigs seeking U.S. oil drop for eighth week, Baker Hughes says
U.S. drillers idled oil rigs for an eighth week as crude prices headed for their longest stretch of declines since 2009. ...»
Gazprom Neft obtains first shale oil inflows at Southern Priobskoye field
Gazpromneft Khantos has completed testing of an initial two wells, drilled to allow analysis of deposits in the Bazhenov formation, in the south of Priobskoye oil field. ...»
OPEC January crude output rises as Iraq pumps at record pace
VIENNA, Austria -- OPEC oil production rose in January as record Iraqi output helped drive prices near six-year lows. ...»
Chevron guts spending by most since ’03 as profit takes dive
SAN RAMON, California -- Chevron Corp. slashed its drilling budget by the most in 12 years and said it may delay some shale projects as energy producers around the world hoard cash and curtail ambitions in response to free-falling oil prices. ...»
SBM Offshore reintroduces COO position
SBM Offshore has appointed Philippe Barril as COO, effective from Mar. 1, 2015. ...»
Daybreak announces record initial production in Kentucky
Daybreak Oil and Gas has announced initial flow rate of approximately 520 bopd from the Jackson H-20 well in Kentucky. ...»
Ezra bags more than $65 million worth global contracts; gets Lewek Constellation on track
Ezra Holdings, through the group’s subsea services division, EMAS AMC, has secured multiple contracts from various energy companies valued at more than $65 million (including options). ...»
Oil heads for longest decline in six years as glut seen worsening
Oil headed for the longest run of monthly losses since January 2009 amid speculation that rising U.S. crude supplies will exacerbate the global glut that spurred last year’s price collapse. ...»
Santos acquires interest in Malaysia's deepwater Block R from Inpex, JX Nippon
Inpex Corporation, through its wholly-owned subsidiary, Inpex Offshore South West Sabah, has reached an agreement to transfer 10% of its participating interest in the deepwater Block R, offshore East Malaysia to Santos Sabah Block R, a subsidiary of Santos Limited. ...»
Thursday 29 January 2015
Blackstone ‘scrambling’ to invest in distressed oil and gas companies
Blackstone Group, the biggest alternative-asset manager, is “scrambling” to invest more than $10 billion in energy companies after the price of oil plunged, the firm’s president said. ...»
Sen. Murkowski leads U.S. Senate approval of Keystone XL pipeline
Sen. Lisa Murkowski, R-Alaska, chairman of the Senate Energy and Natural Resources Committee, today voted to approve legislation authorizing the cross-border permit for constriction of the Keystone XL pipeline. ...»
API establishes office in Colorado
WASHINGTON -- The American Petroleum Institute has announced the establishment of a Colorado Petroleum Council that will focus on energy priorities in the state, including hydraulic fracturing and energy infrastructure, as the state seeks to create jobs, generate more revenue to the government, and produce more domestic energy. ...»
Murkowski: DOE won’t hinder progress of Alaskan LNG exports
U.S. Sen. Lisa Murkowski, R-Alaska, has received confirmation from Christopher Smith, Assistant Secretary for Fossil Energy at the Department of Energy (DOE), that LNG export projects in Alaska are eligible for conditional authorizations. ...»
Marine Well Containment Company delivers expanded containment system
HOUSTON -- Marine Well Containment Company (MWCC) announced today the completion and delivery of its expanded containment system (ECS), bolstering well containment capabilities and response readiness for operators in the deepwater U.S. Gulf of Mexico. The enhanced system builds on the equipment and technology put into place with MWCC’s Interim Containment System, made available in February 2011. ...»
Wintershall awards contract to 4Subsea for North Sea project
HVALSTAD, Norway -- Wintershall Norway) has awarded 4Subsea a frame agreement contract related to Subsea Engineering Services. The agreement covers engineering and advisory services related to subsea production systems including wellheads, Christmas trees and well intervention systems. ...»
GE opens marine-dedicated division
PARIS -- GE has unveiled its new GE Marine organization, which combines several GE businesses, and will be led by Tim Schweikert, V.P., GE Marine. ...»
Inaugural ShaleTech Canada offers unique forum for networking, technology sharing
ShaleTech Canada 2015 is the premier event for professionals working in the shale oil and gas industry in Canada, which is the world's fifth-largest oil producer. ...»
WPX completes sale of international interests
WPX Energy has completed the disposition of its international interests upon the successful merger of Apco Oil and Gas International with a subsidiary of privately held Pluspetrol Resources Corporation. ...»
Rex Energy names new CFO
STATE COLLEGE, Pennsylvania -- Rex Energy Corporation has announced that Thomas Rajan has been appointed CFO of the company effective Feb. 1, 2015. ...»
Maersk Drilling takes delivery of third ultra-harsh environment jackup
Maersk Drilling has taken delivery of its third ultra-harsh environment jackup, XLE-3, from the Keppel FELS shipyard in Singapore ahead of schedule. ...»
ConocoPhillips reports loss as oil crash crimps shale gains
ConocoPhillips, the third-largest U.S. energy producer, reported a fourth-quarter loss as new output failed to make up for the worst oil-price crash since 2009. ...»
Russia’s oil, gas tax policies increasingly looking east, GlobalData says
The recent changes in the taxation of Russia’s oil and gas sector reflect both the country’s pivot eastward and the special treatment afforded to its state-controlled energy companies, says an analyst with research and consulting firm GlobalData. ...»
Shell cuts spending by $15 billion as profit misses forecasts
Royal Dutch Shell will cut $15 billion of investment over the next three years as the crash in oil prices saw fourth-quarter profit miss forecasts. ...»
Total awarded 10% in the new 40-year ADCO concession
Total has signed a new 40-year onshore concession agreement that covers the fifteen principal onshore oil fields of Abu Dhabi and represents more than half of the Emirate’s production. ...»
Shell cuts spending $15 billion as profit misses forecasts
Royal Dutch Shell will cut $15 billion of investment over the next three years as the crash in oil prices saw fourth-quarter profit miss forecasts. ...»
Total wins 10% in the 40-year ADCO onshore concession
Total has signed a new 40-year onshore concession agreement that covers the fifteen principal onshore oil fields of Abu Dhabi and represents more than half of the Emirate’s production. ...»
Shell, Exxon sell North Sea field to ONE after oil-price rout
Royal Dutch Shell and Exxon Mobil have sold their stakes in the Sean field to Oranje-Nassau Energie for an undisclosed sum as drillers seek to offload aging North Sea assets. ...»
China to keep 200 MMbbl hoard even if oil rallies
China is poised to maintain its commercial hoard of more than 200 MMbbl of crude within three years even if oil rallies toward $130/barrel. ...»
SAExploration bags ocean-bottom marine seismic awards for $45 million
SAExploration Holdings has announced new project awards for ocean-bottom marine seismic data acquisition services collectively valued at approximately $45 million. ...»
Lundin to drill appraisal well in Barents Sea
The Norwegian Petroleum Directorate has granted Lundin Norway a drilling permit for an appraisal well 7220/11-2 under PL609 in the Barents Sea. ...»
Oil will recover once producers quit spending, Harold Hamm says
Oil prices will recover as early as the first half of this year as producers cut back, Continental Resources Inc. founder and CEO Harold Hamm said Wednesday. ...»
Wednesday 28 January 2015
GE, Statoil launch new collaboration for sustainable energy
GE and Statoil have now announced a new collaboration to accelerate the development of more environmentally and economically sustainable energy solutions. ...»
Scotland issues fracing moratorium pending consultation
Scotland will impose a moratorium on unconventional oil and gas drilling pending the results of a public consultation, in the latest blow for fracing in the UK. ...»
BG Group, KBR sign global alliance amid oil slump
BG Group has signed a global alliance with KBR enhancing the company’s capacity to deliver commercially attractive oil and gas projects around the world. ...»
Cenovus cuts another $700 million from budget
Cenovus Energy is further reducing its 2015 capital spending in order to preserve cash and maintain the strength of its balance sheet. ...»
New ozone standards duplicative and costly: API
WASHINGTON, D.C. – The EPA's new proposal to tighten regulations on ozone would be very costly, and would fall on top of current standards that are already improving air quality. ...»
Chevron, BP, ConocoPhillips to appraise jointly-held leases in U.S. GoM
Chevron Corp. has announced that its subsidiary, Chevron U.S.A., will work with BP Exploration and Production and ConocoPhillips to explore and appraise 24 jointly-held offshore leases in the northwest portion of Keathley Canyon in the deepwater Gulf of Mexico. ...»
Ramboll wins Maersk contract for additional Culzean jacket design projects
Maersk Oil UK has awarded Ramboll Oil and Gas the detailed design for the two jackets for a central processing facility platform and a separate utilities and living quarter platform for Culzean field offshore Aberdeen. ...»
China to keep 200 MMbbl crude hoard even if oil rallies
China is poised to maintain its commercial hoard of more than 200 MMbbl of crude within three years even if oil rallies toward $130/bbl. ...»
Gazprom Neft to bring power to Russia’s most northernmost onshore field
The transportation of six 13MW gas-turbine power units to Russia’s Vostochno-Messoyakhskoye field, for the construction of a gas-turbine thermal power plant has begun. ...»
Iraq oil surge to fan OPEC rivalry that triggered slump
The battle for customers among OPEC members that helped trigger oil’s collapse is about to escalate. ...»
China to keep 200 MMbbl crude hoard even of oil rallies
China is poised to maintain its commercial hoard of more than 200 MMbbl of crude within three years even if oil rallies toward $130/bbl. ...»
Canacol Energy tests gas discovery in Colombia
Canacol Energy has announced that Clarinete-1, the first well drilled in its recently acquired VIM 5 exploration and production contract, has tested at a final gross rate of 20.6 MMcfd (3,606 boed) of dry gas with no water in the first of two planned production tests over two separate reservoir intervals. ...»
Canacol announces gas discovery in Clarinete-1 well, Colombia
Canacol Energy has announced that Clarinete-1, the first well drilled in its recently acquired VIM 5 exploration and production contract, has tested at a final gross rate of 20.6 MMscfd (3,606 boed) of dry gas with no water in the first of two planned production tests over two separate reservoir intervals. ...»
Gulf Marine announces four-year contract for large class vessel
Gulf Marine Services, a provider of advanced self-propelled self-elevating support vessels (SESV) serving the offshore oil, gas and renewable energy sectors, has announced a major new long-term contract award for one of its large class vessels. ...»
McDermott's DB50 lifts 3,250 ton jacket in Gulf of Mexico, sets record
McDermott International has announced that that the Derrick Barge 50 (DB50) recently completed the installation of a drilling and production platform in the U. S. Gulf of Mexico continental shelf that included the heavy lift of a 3,250 ton jacket. ...»
Oil drops as Saudis resist output cuts amid rising U.S. supplies
Oil fell as Saudi Arabia, the world’s biggest exporter, signaled it won’t act to balance the market while forecasts for U.S. crude inventories to rise bolstered speculation that a global glut will persist. ...»
Tuesday 27 January 2015
Obama lease sale strategy includes offshore Mid- and South Atlantic
Secretary of the Interior Sally Jewell and Bureau of Ocean Energy Management (BOEM) Director Abigail Ross Hopper have announced the next step in the development of the U.S.'s Outer Continental Shelf (OCS) Oil and Gas Leasing Program for 2017-2022. ...»
Successful toe sleeve deployment enhances production in Anadarko basin
PetroQuip Energy Services has successfully run its Big Foot toe sleeve in a recent horizontal completion for an independent operator in the Anadarko basin. ...»
Alaska’s Sen. Murkowski slams Obama leasing plan
U.S. Sen. Lisa Murkowski, R-Alaska, has criticized the Obama administration for its continued campaign to shut down oil and natural gas activity in Alaska. ...»
Obama admin announces draft strategy for offshore oil, gas leasing
Secretary of the Interior Sally Jewell and Bureau of Ocean Energy Management (BOEM) Director Abigail Ross Hopper have announced the next step in the development of the U.S.'s Outer Continental Shelf (OCS) Oil and Gas Leasing Program for 2017-2022. ...»
Stranded Kurd tanker leaves Gulf of Mexico
An oil tanker that hauled 1 MMbbl of Kurdish crude to the U.S. six months ago didn’t unload its cargo and is now making a return trip across the Atlantic Ocean with the shipment still on board. ...»
Gastech 2015 Singapore seeks papers on gas, LNG market outlook
As one of the world’s premier gas industry conferences, for more than four decades Gastech has represented and influenced the interests of the natural and liquefied natural gas (LNG) communities at the highest level. ...»
RWG secures maintenance contract from ZADCO
Through local partner Al Ahlia Oilfields Development Company, ZADCO has awarded RWG a maintenance services contract for the overhaul and upgrade of multiple Industrial Avon gas generators used to enhance oil and gas production processes. ...»
Exciting year ahead for Europe's upstream sector, Wood Mackenzie says
Wood Mackenzie's European upstream research team have assessed the most significant events of 2014 impacting Continental and Mediterranean Europe’s—all of Europe excluding UK and Norway—oil and gas sector, including the Ukraine Crisis and the collapse of global oil prices, identifying the key areas to watch this year. ...»
Eni sanctions OCTP project in Ghana
Eni, Vitol and GNPC have signed, with the President of Ghana and the Minister of Petroleum, an agreement to proceed with the OCTP integrated oil and gas project in Ghana. ...»
CNPC completes China’s deepest onshore well at Tarim oil field
CNPC completed the Keshen-902 well to a depth of 8,038 m, 15 m deeper than the Keshen-7 well drilled in 2011 at the same structural belt, on Jan. 21, the company has reported. ...»
API: December petroleum demand up sharply, crude production highest since ‘72
Total U.S. petroleum deliveries (a measure of demand) rose last month by 5.1% from December 2013 to average nearly 20.0 MMbpd. ...»
Goldman Sachs president sees oil falling to $30/bbl in extended slump
Oil prices will probably continue to decline and could reach as low as $30/bbl, according to Gary Cohn, president of Goldman Sachs Group Inc. ...»
Saudis won’t ‘singlehandedly’ balance crude market, Aramco says
Saudi Arabia won’t balance global crude markets on its own even as prices fall to levels that are “too low for everybody” and threaten investment needed to meet long-term demand, the head of Saudi Arabian Oil Co. said. ...»
Camcon names new business development manager for MENA
Camcon Oil has announced the appointment of Abdel Ben Amara as BD Manager for the Middle East and North Africa (MENA) region. ...»
LoneStar Group inks global EFA with Shell Global Solutions
The LoneStar Group has recently awarded a five year global Enterprise Framework Agreement (EFA) with Shell Global Solutions for the supply of stud bolts and fasteners. ...»
Oil trades near six-year low as OPEC fails to turn focus from glut
Oil extended losses to trade near an almost six-year low as OPEC’s warning that prices may surge without new investment in production failed to shift the market’s focus from more immediate signs of a global supply glut. ...»
Technip bags two subsea contracts in Gulf of Mexico from Stone Energy
Technip has been awarded by Stone Energy Corporation both a flexible pipe supply contract and an installation contract for the Amethyst field, located on Mississippi Canyon 26, in the Gulf of Mexico. ...»
Camcon announces new BD Manager for MENA region
Camcon Oil has announced the appointment of Abdel Ben Amara as BD Manager for the Middle East and North Africa (MENA) region. ...»
LoneStar Group inks global EFA from Shell Global Solutions
The LoneStar Group has recently awarded a five year global Enterprise Framework Agreement (EFA) with Shell Global Solutions for the supply of stud bolts and fasteners. ...»
U.S. Steel to cut pipe production amid oil slump
United States Steel Corporation has announced that it will temporarily adjust operations at Lone Star Tubular Operations in Lone Star, Texas, and Fairfield Tubular Operations in Fairfield, Ala. Fairfield Works, the primary flat-roll supplier of rounds to Fairfield Tubular Operations, will also adjust operations.v ...»
Monday 26 January 2015
BP freezes employee pay in response to oil price slump
BP will freeze employee pay in the latest example of cost cuts as the world’s top oil companies respond to plunging crude. ...»
Launching licensing rounds in tough times
The low oil price and high project costs mean countries are under pressure to make oil and gas licensing rounds as attractive as possible for bidders if they are to be successful. ...»
InterMoor completes Juniper mooring and foundation installation contract
InterMoor, an Acteon company, has completed a mooring and foundation installation campaign for bpTT’s Juniper gas project offshore Trinidad and Tobago. ...»
$200 oil possible with lack of spending, OPEC’s El-Badri says
OPEC’s secretary-general said oil prices as high as $200/bbl are possible if producers fail to invest in new supply. ...»
$200 oil possible with lack of spending, OPEC’s El-Badri says
OPEC’s secretary-general said oil prices as high as $200/bbl are possible if producers fail to invest in new supply. ...»
JGC wins Petronas contract for LNG expansion project
JGC Corporation, as a part of a consortium with JGC Group company, JGC Malaysia, has been awarded a contract by Petronas LNG 9 Sdn. Bhd. (PL9SB), a wholly-owned subsidiary of Petronas. ...»
Oil price slump spurs CNPC to focus on natural gas, cut costs
Stung by the slump in crude oil prices, China National Petroleum Corp. said it will speed up natural gas exploration in 2015 and take “revolutionary measures” to cut costs. ...»
Aker Geo renamed following Aker Solutions split
Aker Geo will—following the split of Aker Solutions—operate under the First Geo brand with immediate effect. ...»
OneSubsea production system delivers success at Chevron’s Jack and St. Malo
OneSubsea, a Cameron and Schlumberger company, supplied the subsea production and processing systems for the Chevron-operated, deepwater Gulf of Mexico fields, Jack and St. Malo. ...»
Tethys gets 15-year extension to Kyzyloi production contract
Tethys Petroleum’s wholly owned subsidiary, TethysAralGaz, has received permission from Kazakhstan' s Ministry of Energy to extend the Kyzyloi Gas Production Contract for another 15 years, from June 14, 2014, to Dec. 31, 2029. ...»
Spectrum kicks off 2D survey offshore Western Australia
Spectrum has started the first phase of its 11,000 km Rocket Multi-Client 2D seismic survey in the South Carnarvon, and North Perth basins, offshore Western Australia. This first phase comprises 4,200 km, and the survey has received strong support from industry. ...»
Big oil gets serious as worst spending cut since 1986 looms
NEW YORK (Bloomberg) -- The world’s oil companies are awaking from their slumber and facing up to the magnitude of the crash in energy prices. ...»
BP faces maximum $13.7 billion fine after reduced spill-size ruling
NEW ORLEANS (Bloomberg) -- BP faces a maximum fine of $13.7 billion after a U.S. judge ruled that the company in 2010 dumped 3.19 MMbbl of oil into the Gulf of Mexico. U.S. District Judge Carl Barbier rejected the U.S. government’s 4.2 MMbbl estimate of the spill size, decreasing the potential maximum fine from $18 billion. ...»
Schlumberger records $1.77 billion charge, plans to cut 9,000 jobs
HOUSTON (Bloomberg) -- Schlumberger Ltd., the world’s biggest oilfield-services company, took a $1.77 billion charge in the fourth quarter as it prepares for an “uncertain environment” after the collapse in oil prices. ...»
WorleyParsonsCord wins Canadian oil sands contract
WorleyParsonsCord has been selected to provide fabrication, modularization and construction services in an agreement with a major exploration and production company in Canada to construct a significant oil sands mining project. ...»
Ennsub completes sealing work on Wheatstone LNG platform
Ennsub has successfully completed the design, manufacture, testing and installation of bespoke sealing systems for the Wheatstone LNG platform off the coast of Australia. ...»
U.A.E. plans to keep investing in energy amid volatile oil price
The United Arab Emirates will continue building and upgrading its oil facilities to maintain its role as a major producer amid the decline and volatility in prices, Energy Minister Suhail Al Mazrouei said. ...»
iSURVEY appoints new business development manager
iSURVEY has appointed Iain Milroy as business development manager at the company’s Aberdeenshire office. ...»
Obama moves to block oil exploration in Alaska refuge
President Barack Obama’s call to restrict oil exploration on 12 million acres of the Arctic National Wildlife Refuge probably won’t have much practical impact for an area already off-limits to drillers, though it’s created a new fault line with the Republican-led Congress. ...»
BSEE responds to damaged unmanned platform offshore Louisiana
BSEE is responding to a damaged unmanned platform in South Timbalier (ST) Block 27 in the Gulf of Mexico approximately 5 miles south of Port Fourchon, Louisiana, in 50 ft of water. ...»
Baker Hughes: Rigs seeking U.S. oil fall to two-year low
U.S. drillers idled rigs seeking oil for a seventh week as production hovers near a three-decade high, contributing to a global glut that’s kept oil prices below $50/bbl for more than two weeks. ...»
BHP Billiton completes acquisition of Petrohawk
BHP Billiton completes acquisition of Petrohawk Energy BHP Billiton announced that it has completed its acquisition of Petrohawk Energy Corporation through a short-form merger under Delaware law of its wholly owned subsidiary with and into Petrohawk, with Petrohawk being the surviving corporation as a wholly owned subsidiary of BHP Billiton. The merger was the final step of the acquisition process and follows the previously announced completion of the tender offer by BHP Billiton to acquire all outstanding shares of common stock of Petrohawk. ...»
Shale oil growth in U.S. hurts Canadians as well as OPEC
OPEC isn’t the only victim of the growth in U.S. shale oil. ...»
Mexico’s bidding round will remain competitive, GlobalData says
With Mexican oil open to private investment for the first time, the country’s initial bidding round is expected to remain competitive despite low oil prices, delays and a number of uncertainties, according to research and consulting firm GlobalData. ...»
Bollinger Shipyards announces key promotions
Bollinger Shipyards has announced the promotion of three key leaders. ...»
Railroad Commission names new director for oil, gas division
The Railroad Commission of Texas (RRC) has named Lori Wrotenbery Director of the Commission’s Oil and Gas Division. She holds a bachelor’s degree in geology from the University of Texas and a law degree from Harvard University. ...»
Sunday 25 January 2015
BSEE responds to damaged unmanned platform offshore Louisiana
NEW ORLEANS -- The Bureau of Safety and Environmental Enforcement (BSEE) is responding to a damaged unmanned platform in South Timbalier (ST) Block 27 in the Gulf of Mexico approximately 5 miles south of Port Fourchon, Louisiana, in 50 ft of water. The ST 27 IA platform is operated by Energy XXI, GOM, LLC.
...»
Friday 23 January 2015
Baker Hughes: Rigs seeking U.S. oil fall to two-year low
HOUSTON (Bloomberg) -- U.S. drillers idled rigs seeking oil for a seventh week as production hovers near a three-decade high, contributing to a global glut that’s kept oil prices below $50/bbl for more than two weeks. The oil rig count dropped by 49 this week to 1,317, the lowest level in two years, Baker Hughes Inc. said on its website Friday. Those drilling for natural gas increased by six to 316. The total slid by 43 to 1,633.
...»
OneSubsea production system delivers success at Chevron’s Jack and St. Malo
HOUSTON -- OneSubsea, a Cameron and Schlumberger company, supplied the subsea production and processing systems for the Chevron-operated, deepwater Gulf of Mexico fields, Jack and St. Malo.
...»
U.S. oil exporter scouting for buyers signals challenge for OPEC
HOUSTON (Bloomberg) -- Enterprise Product Partners LP is looking to sell a year’s supply of U.S. ultra-light oil to the global market, signaling another challenge for OPEC as it contends with the U.S. shale boom.
...»
Murkowski looks to Super Bowl for comparisons on Keystone delays
Murkowski addresses the Keystone XL pipeline delays compares Super Bowl WASHINGTON U.S. Sen. Lisa Murkowski, R Alaska, chairman of the Senate Energy and Natural Resources Committee, has addressed the Senate to reiterate her support of the Keystone XL pipeline and
...»
Wellsite Rental appoints Stephen Sheppert as engineering manager
Wellsite Rental appoints Stephen Sheppert as engineering manager BROUSSARD, United States Wellsite Rental Services has appointed Stephen Sheppert as engineering manager. Sheppert’s responsibilities include engineering support for all of Wellsite’s product lines with primary focus on the hydraulically operated flush
...»
Apache announces new CFO
Apache announces new CFO HOUSTON Apache Corporation has announced that Stephen Riney will be appointed as executive V.P. and CFO. He is scheduled to begin in February. Riney brings over 30 years of financial and accounting experience to the position.
...»
Mexico’s bidding round will remain competitive, GlobalData says
LONDON -- With Mexican oil open to private investment for the first time, the country’s initial bidding round is expected to remain competitive despite low oil prices, delays and a number of uncertainties, according to research and consulting firm GlobalData.
...»
Railroad Commission names new director for oil, gas division
AUSTIN -- The Railroad Commission of Texas (RRC) has named Lori Wrotenbery Director of the Commission’s Oil and Gas Division. She holds a bachelor’s degree in geology from the University of Texas and a law degree from Harvard University.
...»
Exploratory oil drilling increased 75% in fourth quarter, API says
WASHINGTON -- Estimated U.S. exploratory oil well completions increased by 75% in the fourth quarter of 2014 compared to year-ago levels, according to API' s 2014 Quarterly Well Completion Report, Fourth Quarter.
...»
Oil trades below $48 as U.S. crude supplies seen worsening glut
Oil trades below $48 as U.S. crude supplies seen worsening glut By BEN SHARPLES MELBOURNE (Bloomberg) Oil traded below $48 bbl before government data that’s forecast to show U.S. crude inventories expanded for a second week. Futures dropped as much
...»
Kinder Morgan buys Hamm’s Hiland Partners to gain Bakken footprint
HOUSTON -- Kinder Morgan Inc. (KMI) has announced a definitive agreement whereby KMI will acquire Hiland Partners from its founder, Harold Hamm, and certain Hamm family trusts, for a total purchase price of approximately $3 billion, including the assumption of debt.
...»
University of Houston to lead offshore energy research center
HOUSTON -- The University of Houston (UH) will lead a national research center for subsea engineering and other offshore energy development issues, including research and technology to improve the sustainable and safe development of energy resources in the Gulf of Mexico.
...»
Senate Republicans block Keystone export and steel amendments
WASHINGTON, D.C. (Bloomberg) -- Senate Republicans blocked two attempts to amend legislation forcing approval of the Keystone XL pipeline that would have required the project be built with domestically produced steel and that the oil be used in the U.S.
...»
Oil will not recover until supply growth slows, says Yergin
DUBAI (Bloomberg) -- Oil prices won’t rebound until production growth slows, as even political risks in the Middle East and Africa remain secondary to the glut on crude markets, said Pulitzer Prize-winning oil historian Daniel Yergin.
...»
BHP cuts U.S. shale spending as oil to iron ore prices slide
MELBOURNE, Australia (Bloomberg) -- BHP Billiton Ltd., the biggest overseas investor in U.S. shale, will cut the number of its rigs there by about 40% as plunging petroleum prices add to concerns about lower iron ore earnings.
...»
Apache announces retirement of G. Steven Farris
HOUSTON -- G. Steven Farris, 66, chairman, president and CEO of Apache Corporation, has announced his retirement effective Jan. 20.
...»
ABS awards AIP for next-generation HD12000 drillship
ABS awards AIP for next generation HD12000 drillship HOUSTON ABS has awarded approval in principle (AIP) for Hyundai Heavy Industries' (HHI) next generation HD12000 heavy duty, wide beam drillship design. The drillship, which can accommodate a 20,000 psi blowout preventer
...»
Shale oil growth in U.S. hurts Canadians as well as OPEC
Shale oil growth in U.S. hurts Canadians as well as OPEC By ROBERT TUTTLE and DAN MURTAUGH CALGARY and HOUSTON (Bloomberg) OPEC isn’t the only victim of the growth in U.S. shale oil. A surge of light oil from North
...»
Baker Hughes to cut 7,000 jobs this quarter, CFO says
HOUSTON (Bloomberg) -- Halliburton Co. and Baker Hughes Inc., the oilfield-services companies that agreed to merge in November, reported higher earnings for the last quarter of 2014 as they prepare for a downturn in the industry.
...»
Noble Energy strikes out with Gulf of Mexico wildcat
HOUSTON -- Noble Energy has announced that its Madison exploration well in the Gulf of Mexico reached the targeted Upper and Middle Miocene objectives and did not encounter commercial hydrocarbons.
...»
Halliburton boosts fourth-quarter profit as crude prices tumble
HOUSTON (Bloomberg) -- Halliburton Co., the oilfield-services company that agreed to buy Baker Hughes Inc. for $34.6 billion, reported higher earnings for the last quarter of 2014 as it prepares to survive a downturn in the industry. Fourth-quarter net income rose to $901 million, or $1.06 a share, from $793 million, or 93 cents, a year earlier, Houston-based Halliburton said in a statement on Business Wire.
...»
ExxonMobil begins production at the Arkutun-Dagi field in Russia
ExxonMobil begins production at the Arkutun Dagi field in Russia IRVING, United States ExxonMobil Corporation has begun production at the Sakhalin 1 project’s Arkutun Dagi field, the last of the three fields to be developed. Peak daily production from the
...»
Claxton increases North Sea’s largest surface riser stock for ultra heavy-duty jackups
Claxton increases North Sea’s largest surface riser stock for ultra heavy duty jackups NORFOLK, United States Claxton is extending its large surface riser inventory to meet operators’ needs as more heavy duty jackup rigs enter the North Sea. The company,
...»
Pemex squeezing suppliers for $3 billion as staff jobs protected
MEXICO CITY (Bloomberg) -- Petroleos Mexicanos is joining oil producers worldwide in the race to lower costs as prices plunge, with one difference - no staff cuts.
...»
Anadarko starts production at Lucius field in deepwater Gulf of Mexico
MILAN, Italy -- Eni has announced the start of production from Lucius field in the deep waters of the Gulf of Mexico, 240 miles south of the Louisiana coast. The field is operated by Anadarko.
...»
Baker Hughes: Rigs seeking U.S. oil fall to two-year low
HOUSTON (Bloomberg) -- U.S. drillers idled rigs seeking oil for a seventh week as production hovers near a three-decade high, contributing to a global glut that’s kept oil prices below $50/bbl for more than two weeks. The oil rig count dropped by 49 this week to 1,317, the lowest level in two years, Baker Hughes Inc. said on its website Friday. Those drilling for natural gas increased by six to 316. The total slid by 43 to 1,633.
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OneSubsea production system delivers success at Chevron’s Jack and St. Malo
HOUSTON -- OneSubsea, a Cameron and Schlumberger company, supplied the subsea production and processing systems for the Chevron-operated, deepwater Gulf of Mexico fields, Jack and St. Malo.
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U.S. oil exporter scouting for buyers signals challenge for OPEC
HOUSTON (Bloomberg) -- Enterprise Product Partners LP is looking to sell a year’s supply of U.S. ultra-light oil to the global market, signaling another challenge for OPEC as it contends with the U.S. shale boom.
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Murkowski addresses the Keystone XL pipeline delays; compares Super Bowl
Murkowski addresses the Keystone XL pipeline delays compares Super Bowl WASHINGTON U.S. Sen. Lisa Murkowski, R Alaska, chairman of the Senate Energy and Natural Resources Committee, has addressed the Senate to reiterate her support of the Keystone XL pipeline and
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Wellsite Rental appoints Stephen Sheppert as engineering manager
Wellsite Rental appoints Stephen Sheppert as engineering manager BROUSSARD, United States Wellsite Rental Services has appointed Stephen Sheppert as engineering manager. Sheppert’s responsibilities include engineering support for all of Wellsite’s product lines with primary focus on the hydraulically operated flush
...»
Apache announces new CFO
Apache announces new CFO HOUSTON Apache Corporation has announced that Stephen Riney will be appointed as executive V.P. and CFO. He is scheduled to begin in February. Riney brings over 30 years of financial and accounting experience to the position.
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Thursday 22 January 2015
Mexico’s bidding round will remain competitive, GlobalData says
LONDON -- With Mexican oil open to private investment for the first time, the country’s initial bidding round is expected to remain competitive despite low oil prices, delays and a number of uncertainties, according to research and consulting firm GlobalData.
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Railroad Commission names new director for oil, gas division
AUSTIN -- The Railroad Commission of Texas (RRC) has named Lori Wrotenbery Director of the Commission’s Oil and Gas Division. She holds a bachelor’s degree in geology from the University of Texas and a law degree from Harvard University.
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Exploratory oil drilling increased 75% in fourth quarter, API says
WASHINGTON -- Estimated U.S. exploratory oil well completions increased by 75% in the fourth quarter of 2014 compared to year-ago levels, according to API' s 2014 Quarterly Well Completion Report, Fourth Quarter.
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Oil trades below $48 as U.S. crude supplies seen worsening glut
Oil trades below $48 as U.S. crude supplies seen worsening glut By BEN SHARPLES MELBOURNE (Bloomberg) Oil traded below $48 bbl before government data that’s forecast to show U.S. crude inventories expanded for a second week. Futures dropped as much
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Kinder Morgan acquires Hiland Partners for $3 billion
Kinder Morgan acquires Hiland Partners for $3 billion HOUSTON Kinder Morgan has inked a definitive agreement whereby KMI will acquire Hiland Partners (Hiland) from its founder, Harold Hamm, and certain Hamm family trusts, for a total purchase price of approximately
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Kinder Morgan buys Hamm’s Hiland Partners to gain Bakken footprint
HOUSTON -- Kinder Morgan Inc. (KMI) has announced a definitive agreement whereby KMI will acquire Hiland Partners from its founder, Harold Hamm, and certain Hamm family trusts, for a total purchase price of approximately $3 billion, including the assumption of debt.
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Wednesday 21 January 2015
University of Houston to lead offshore energy research center
HOUSTON -- The University of Houston (UH) will lead a national research center for subsea engineering and other offshore energy development issues, including research and technology to improve the sustainable and safe development of energy resources in the Gulf of Mexico.
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Senate Republicans block Keystone export and steel amendments
WASHINGTON, D.C. (Bloomberg) -- Senate Republicans blocked two attempts to amend legislation forcing approval of the Keystone XL pipeline that would have required the project be built with domestically produced steel and that the oil be used in the U.S.
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Oil will not recover until supply growth slows, says Yergin
DUBAI (Bloomberg) -- Oil prices won’t rebound until production growth slows, as even political risks in the Middle East and Africa remain secondary to the glut on crude markets, said Pulitzer Prize-winning oil historian Daniel Yergin.
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BHP cuts U.S. shale spending as oil to iron ore prices slide
MELBOURNE, Australia (Bloomberg) -- BHP Billiton Ltd., the biggest overseas investor in U.S. shale, will cut the number of its rigs there by about 40% as plunging petroleum prices add to concerns about lower iron ore earnings.
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Apache announces retirement of G. Steven Farris
HOUSTON -- G. Steven Farris, 66, chairman, president and CEO of Apache Corporation, has announced his retirement effective Jan. 20.
...»
ABS awards AIP for next-generation HD12000 drillship
ABS awards AIP for next generation HD12000 drillship HOUSTON ABS has awarded approval in principle (AIP) for Hyundai Heavy Industries' (HHI) next generation HD12000 heavy duty, wide beam drillship design. The drillship, which can accommodate a 20,000 psi blowout preventer
...»
Acteon lauches Clarus Subsea Integrity company
Acteon lauches Clarus Subsea Integrity company NORWICH, England Acteon has announced the start up of Clarus Subsea Integrity, a new group company created from 2H Offshore' s subsea integrity business segment. Based in Houston, U.S., the new company will commence operations
...»
Shale oil growth in U.S. hurts Canadians as well as OPEC
Shale oil growth in U.S. hurts Canadians as well as OPEC By ROBERT TUTTLE and DAN MURTAUGH CALGARY and HOUSTON (Bloomberg) OPEC isn’t the only victim of the growth in U.S. shale oil. A surge of light oil from North
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Tuesday 20 January 2015
Baker Hughes to cut 7,000 jobs this quarter, CFO says
HOUSTON (Bloomberg) -- Halliburton Co. and Baker Hughes Inc., the oilfield-services companies that agreed to merge in November, reported higher earnings for the last quarter of 2014 as they prepare for a downturn in the industry.
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Noble Energy strikes out with Gulf of Mexico wildcat
HOUSTON -- Noble Energy has announced that its Madison exploration well in the Gulf of Mexico reached the targeted Upper and Middle Miocene objectives and did not encounter commercial hydrocarbons.
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Halliburton boosts fourth-quarter profit as crude prices tumble
HOUSTON (Bloomberg) -- Halliburton Co., the oilfield-services company that agreed to buy Baker Hughes Inc. for $34.6 billion, reported higher earnings for the last quarter of 2014 as it prepares to survive a downturn in the industry. Fourth-quarter net income rose to $901 million, or $1.06 a share, from $793 million, or 93 cents, a year earlier, Houston-based Halliburton said in a statement on Business Wire.
...»
ExxonMobil begins production at the Arkutun-Dagi field in Russia
ExxonMobil begins production at the Arkutun Dagi field in Russia IRVING, United States ExxonMobil Corporation has begun production at the Sakhalin 1 project’s Arkutun Dagi field, the last of the three fields to be developed. Peak daily production from the
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Claxton increases North Sea’s largest surface riser stock for ultra heavy-duty jackups
Claxton increases North Sea’s largest surface riser stock for ultra heavy duty jackups NORFOLK, United States Claxton is extending its large surface riser inventory to meet operators’ needs as more heavy duty jackup rigs enter the North Sea. The company,
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Monday 19 January 2015
Pemex squeezing suppliers for $3 billion as staff jobs protected
MEXICO CITY (Bloomberg) -- Petroleos Mexicanos is joining oil producers worldwide in the race to lower costs as prices plunge, with one difference - no staff cuts.
...»
Anadarko starts production at Lucius field in deepwater Gulf of Mexico
MILAN, Italy -- Eni has announced the start of production from Lucius field in the deep waters of the Gulf of Mexico, 240 miles south of the Louisiana coast. The field is operated by Anadarko.
...»
ConocoPhillips appoints two new board of directors
ConocoPhillips appoints two new board of directors HOUSTON – ConocoPhillips has announced that John Faraci, former Chairman and CEO of International Paper Company, and Arjun Murti, former partner at Goldman Sachs, have been elected to its board of directors. Ryan
...»
ConocoPhillips appoints two new members to its board of directors
ConocoPhillips appoints two new members to its board of directors HOUSTON – ConocoPhillips has announced that John Faraci, former Chairman and CEO of International Paper Company, and Arjun Murti, former partner at Goldman Sachs, have been elected to its board
...»
Sunday 18 January 2015
Operators could see up to 40% in cost reductions, Wood Mackenzie says
EDINBURGH, United Kingdom -- The drop in oil prices has led to an unprecedented level of uncertainty going into 2015, especially for the prospects of the North American upstream oil and gas sector. While there is a lack of consensus about when oil prices will stabilize and at what level, Wood Mackenzie expects service cost relief, asset high-grading, and efficiency improvements in operations.
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Saturday 17 January 2015
Steepest-ever drop in oil rigs shows shale losing fight to OPEC
Steepest ever drop in oil rigs shows shale losing fight to OPEC LYNN DOAN HOUSTON (Bloomberg) U.S. drillers have taken a record number of oil rigs out of service in the past six weeks as OPEC sustains its production, sending
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Friday 16 January 2015
Steepest drop in U.S. oil rigs shows OPEC prevailing
Steepest drop in U.S. oil rigs shows OPEC prevailing LYNN DOAN HOUSTON (Bloomberg) U.S. drillers have taken a record number of oil rigs out of service in the past six weeks as OPEC’s sustained production sent prices below $50 bbl.
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IEA sees oil-price recovery; cuts 2015 non-OPEC output estimate
PARIS (Bloomberg) -- Non-OPEC oil producers will increase output this year at a slower rate than previously forecast, aiding a recovery in crude prices, the International Energy Agency said. The adviser lowered its non-OPEC supply growth estimate by 350,000 bopd, the first cut since the 2015 forecast was introduced in July. Half the cut is from Colombian output while effects on U.S. production are so far “marginal,” it said. The slow-down in non-OPEC output will lead to a “rebalancing” of currently over-supplied global markets in the second half, reviving prices, the agency said.
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BP faces maximum $13.7 billion fine after spill-size ruling
BP faces maximum $13.7 billion fine after spill size rulingBy MARGARET CRONIN FISK DETROIT, Michigan (Bloomberg) BP faces a maximum fine of $13.7 billion after a U.S. judge ruled that the company dumped 3.2 MMbbl of oil into the Gulf
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Fossil Bay inks agreement to produce oil from America's old oil fields
Fossil Bay inks agreement to produce oil from America' s old oil fields MASON, United States Fossil Bay Energy has entered into a IP license agreement with Weatherford Technology Holdings for exhaust gas injection and reservoir pressurization enhanced oil recovery to
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Superior Drilling acquires OrBIT completion drill bits
Superior Drilling acquires OrBIT completion drill bits VERNAL, Utah Superior Drilling Products has purchased the exclusive manufacturing, marketing and sales rights and the current inventory of the OrBIT completion drill bit product line from Tenax Energy Solutions. Consideration for the
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Thursday 15 January 2015
Apache to cut around 125 workers amid weak oil prices
HOUSTON -- Apache Corp. has cut 5% of its global workforce due to weak prices, the company said.
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OPEC sees less demand for its crude; Prices to slow U.S. output
VIENNA, Austria (Bloomberg) -- OPEC said it expects weaker demand for its crude this year, while predicting that slumping prices will curb growth in U.S. supply.
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Oil production in U.S. keeps climbing even as prices drop
Oil production in U.S. keeps climbing even as prices dropBy MOMING ZHOU NEW YORK (Bloomberg) U.S. production of crude oil rose to a record even as prices slumped to the lowest in more than five years and the number of
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ConocoPhillips CEO calls for U.S. to export surplus crude
WASHINGTON, D.C. -- ConocoPhillips Chairman and CEO Ryan Lance has told policymakers attending a briefing at the Center for Strategic and International Studies (CSIS) that the nation’s approaching surplus production of crude oil offers an opportunity for expanded global trade through exports.
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Wednesday 14 January 2015
Crude train activity resumes at Stroud, OK, terminal as cushing stocks build
CUSHING, Oklahoma (Genscape) -- Following two months without arrivals, there have been four crude trains monitored unloading so far this month at EOG’s Stroud terminal, near Cushing, OK, where market participants are increasingly storing barrels to benefit from West Texas Intermediate’s (WTI) contango price structure. The storage hub has become an attractive market for Bakken crude amid falling oil prices and a tighter price spread between the Brent and West Texas Intermediate benchmarks, sources said. ...»
Obama said to target methane emissions in next climate task
WASHINGTON (Bloomberg) -- The Obama administration plans to require the oil and gas industry to cut methane emissions from the drilling and transportation of fossil fuels by as much as 45% over the next decade, another step in its efforts to curb greenhouse gases tied to climate change.
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EPA proposes changes to nation's oil spill response plan
WASHINGTON -- The U.S. Environmental Protection Agency (EPA) is proposing to amend requirements under the National Oil and Hazardous Substances Pollution Contingency Plan (NCP) to improve the nation’s ability to plan for and respond to oil spills. This proposal addresses issues raised by the public, responders, government, and industry officials during the 2010 Deepwater Horizon Oil Spill.
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API creates new department to focus on energy infrastructure
WASHINGTON -- The American Petroleum Institute has announced the creation of a Midstream Department that will focus on issues related to energy infrastructure and the transportation of oil and natural gas.
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Oceaneering announces Shell vessel charter agreement
Oceaneering announces Shell vessel charter agreement HOUSTON Oceaneering has entered into a two year, multi service vessel charter agreement with Shell for use of the Ocean Alliance in the U.S. Gulf of Mexico commencing Jan. 1, 2015. The Ocean Alliance
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Tuesday 13 January 2015
Houston retailer offers buyers $7,000 bet on WTI price
HOUSTON -- A Houston retailer is offering customers the chance to walk away with $7,000 worth of furniture for free if the price of oil bounces back.
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U.A.E. sees oil-price drop hurting shale drillers not OPEC
ABU DHABI (Bloomberg) -- OPEC nations can withstand a drop in crude prices to the lowest in more than five years, while shale drillers will probably be the first to curb production amid the collapse, the United Arab Emirates’ energy minister said. Oil slumped almost 50% last year, the most since the 2008 financial crisis, amid a supply surplus that the U.A.E. and Qatar estimate at 2 MMbopd. The Organization of Petroleum Exporting Countries is battling a U.S. shale boom by resisting production cuts, signaling its readiness to let prices fall to a level that slows American output, which has surged to a three-decade high.
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Oil drops below $45 as U.S. stockpiles seen worsening collapse
Oil drops below $45 as U.S. stockpiles seen worsening collapse By BEN SHARPLES and GRANT SMITH MELBOURNE and LONDON (Bloomberg) Oil extended losses to trade below $45 bbl amid speculation that U.S. crude stockpiles will increase, exacerbating a global supply
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Monday 12 January 2015
Exxon advances application for $21 billion Canadian LNG project
IRVING, Texas (Bloomberg) -- Undeterred by the collapse in crude prices, Exxon Mobil Corp. is pushing ahead with plans to spend as much as a C$25 billion ($21 billion) on a project to export LNG from Canada. The company, along with Canadian affiliate Imperial Oil Ltd., is seeking to build a facility on the Pacific Coast that would initially liquefy and export 15 million metric tons of LNG a year, according to an environmental review application submitted last week to the British Columbia provincial government.
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Atwood Oceanics announces contract for Atwood Mako jackup
HOUSTON -- Atwood Oceanics has announced that one of its subsidiaries has entered into an agreement to provide drilling services with the jackup rig Atwood Mako.
...»
Sunday 11 January 2015
Shale drillers signal retreat as most rigs idled since 1991
Shale drillers signal retreat as most rigs idled since 1991 LYNN DOAN HOUSTON (Bloomberg) After six straight months of plunging oil prices, U.S. shale drillers have sent the clearest signal to date that they’re retreating. Horizontal rigs, their weapon of
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Saturday 10 January 2015
U.S. oil rigs decline most in two decades, Baker Hughes says
HOUSTON (Bloomberg) -- U.S. drillers idled rigs seeking oil this week as an expanding glut of supply in the global market pushed crude prices below $50/bbl for the first time in more than five years. Rigs seeking U.S. oil declined by 61 to 1,421, Baker Hughes Inc. said on its website. It was the largest drop in rigs since February 1991. Those drilling for natural gas rose by one to 329, and miscellaneous rigs dropped by one to zero. The total fell 61 to 1,750.
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Shell to cut up to 300 jobs at Canadian oil sands project
CALGARY, Alberta – Royal Dutch Shell is to cut up to 300 jobs at its Albian Sands mining project in northern Alberta, the company has confirmed.
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Shell to cut up to 300 jobs at Canadian oil sands project
CALGARY, Alberta – Royal Dutch Shell is to cut up to 300 jobs at its Albian Sands mining project in northern Alberta, the company has confirmed.
...»
Shale economics shuts down nuclear plant
Shale economics shuts down nuclear plant VERNON, Vermont – The state’s only nuclear plant has stopped sending power to the New England grid after more than 42 years of producing electricity. Bill Mohl, president of Entergy Wholesale Commodities, said economic
...»
Oil plunge boosts U.S. natural gas imports to five-year high
NEW YORK (Bloomberg) -- The plunge in global crude oil prices has helped boost U.S. natural gas imports to a five-year high, even as the country prepares to start exporting cargoes. Deliveries to onshore pipelines from LNG terminals in Massachusetts and Maryland on Jan. 7 were the most since Jan. 10, 2010, according to Ventyx data compiled by Bloomberg. Volumes in January are more than six times higher than a year ago, when the polar vortex spurred record consumption.
...»
Keystone XL pipeline Nebraska path cleared by state's highest court
LINCOLN, Nebraska (Bloomberg) -- TransCanada Corp.’s Keystone XL pipeline faces one less hurdle after Nebraska’s highest court cleared its path through the state, setting aside a challenge to the power of its Republican governor to dictate the route, and sending the matter back to Washington.
...»
Oil slump slams Mexico with cuts causing 10,000 job losses
CIUDAD DEL CARMEN, Mexico (Bloomberg) -- More than 10,000 people working at Mexican oil service companies were laid off this week as state-owned Petroleos Mexicanos cut contracts in the face of the global slump in crude prices. More job losses are expected. Most of the companies are based in Ciudad del Carmen, on the Campeche Bay in the Gulf of Mexico, and were told this week that contracts wouldn’t be renewed with Pemex, as the world’s ninth largest oil producer is known. Job losses could rise to 50,000, Gonzalo Hernandez, secretary at the Ciudad del Carmen Economic Development Chamber, said in a phone interview.
...»
U.S. crude export ban poised to loosen with Mexico request
U.S. crude export ban poised to loosen with Mexico request By ADAM WILLIAMS and DAN MURTAUGH MEXICO CITY and HOUSTON (Bloomberg) The 40 year old ban on most U.S. crude exports is set to be loosened after Mexico’s state owned
...»
GEG promotes Cummins to V.P. of key account management
GEG promotes Cummins to V.P. of key account management HOUSTON Greene’s Energy Group (GEG) has promoted Tracy Cummins to V.P. of key account management. Based in Houston, Cummins will lead the key account management team that will work with the
...»
Halcon Resources slashes spending further, cuts more rigs
HOUSTON -- Halcon Resources Corp. has announced further reductions to its 2015 drilling and completion budget. In November, the company announced a budget of $750 to $800 million and said that it intended to operate six rigs in 2015, five less than originally planned. However, Halcon has now announced a revised drilling and completions budget of $375 to $425 million and cut even more rigs.
...»
Shale producers in U.S. cut rigs loose early amid oil slump
HOUSTON (Bloomberg) -- U.S. oil producers are bailing out of long-term contracts for drilling rigs as crude prices sink below $50, another signal that the nation’s shale boom is slowing. Yesterday, Helmerich & Payne Inc., the biggest rig operator in the U.S., said it had received early termination notices for four contracts. Today, a second contract driller, Pioneer Energy Services Corp., said four rigs had been canceled early. Producers may cut short another 50 to 60 agreements, according to Bloomberg Intelligence analyst Andrew Cosgrove.
...»
Oil taxes tempt recession-scarred U.S. states as prices plummet
DENVER, Colorado (Bloomberg) -- U.S. states are renewing efforts to pass taxes on oil and gas extraction and, while falling energy prices may please consumers, drillers say it’s just the wrong time to raise their costs. At least 17 states last year considered imposing or amending so-called severance taxes, which generated more than $16 billion in 2013 in the U.S. Many are expected to introduce similar bills this year, according to the National Conference of State Legislatures in Denver.
...»
Oil trader Andy Hall sees $40/bbl price floor and 2015 recovery
WESTPORT, Connecticut (Bloomberg) -- Oil prices have almost bottomed out and “some recovery” is likely by the second half of the year as demand picks up, commodity hedge fund manager Andrew J. Hall told investors. Crude could trade in the $40/bbl range in 2015, close to “an absolute price floor,” the head of Astenbeck Capital Management wrote in a Jan. 2 letter obtained by Bloomberg News. A significant amount of U.S. and Canadian production can’t cover the cash costs of operating at that price, he said.
...»
ABB in Canada receives TUV certification for safety system design, engineering and delivery
ABB in Canada receives TUV certification for safety system design, engineering and delivery CALGARY, Canada ABB has announced that its operations in Canada have been certified by TUV SUD as having in place and applying a Functional Safety Management System
...»
J-W Energy announces executive management changes
J W Energy announces executive management changes DALLAS, United States J W Energy has announced that David A. Miller has been promoted to the position of President of J W Energy and that Richard T. Clement has accepted the additional
...»
Bibby Subsea signs vessel contract with Bordelon Marine
Bibby Subsea signs vessel contract with Bordelon Marine HOUSTON Bibby Offshore’s Houston based division, Bibby Subsea has signed a three year contract with Bordelon Marine to charter a new vessel. The Brandon Bordelon is an ultra light intervention vessel (ULIV)
...»
2H Offshore joins TCP design guideline initiative
2H Offshore joins TCP design guideline initiative HOUSTON 2H Offshore, an Acteon company, has teamed up with oil and gas industry leaders to develop a new design guideline for thermoplastic composite pipes (TCP) to advance the understanding and use of
...»
Oil exports from U.S. jump 34% to record as shale output booms
WASHINGTON (Bloomberg) -- The U.S. exported a record amount of crude oil in November after a five-year run of production growth that has made the country the most oil-independent in 20 years. Shipments surged 34% to average 502,000 bopd in November, the most on record dating back to 1920, data from the U.S. Census Bureau and the Energy Information Administration show. The previous peak was 455,000 in March 1957.
...»
Oil glut could take years to fix, U.A.E. Energy Minister says
ABU DHABI (Bloomberg) -- Oversupply in crude markets could take months or even years to fix depending on when producers outside OPEC cut their output, Abu Dhabi-based The National reported, citing comments by U.A.E. Energy Minister Suhail Al Mazrouei.
...»
Marketers turn to storage as Permian production hit by freeze
LOUISVILLE, Kentucky -- Permian production started 2015 on a rather weak note, curtailed by freeze-offs caused by below freezing temperatures. Producers and marketers scrambled to meet sales quotas with the decreasing oil production volumes by drawing from storage in the basin, according to Genscape’s Midland-Basin Storage Report.
...»
Wellsite Rental Services diesel light towers reduce operating expenses with added benefits
Wellsite Rental Services diesel light towers reduce operating expenses with added benefits BROUSSARD, United States Wellsite Rental Services has added long run diesel light towers to its rental equipment line. The light towers supply portable lighting when electricity is not
...»
Transocean $9.1 billion debt may be cut to junk on oil slump
Transocean $9.1 billion debt may be cut to junk on oil slump David Wethe HOUSTON (Bloomberg) Transocean Ltd., the worst performer in the Standard & Poor’s 500 Index last year, may see its $9.1 billion debt lowered to junk status
...»
SM Energy announces plan to exit U.S. mid-continent
SM Energy announces plan to exit U.S. mid continent DENVER, United States SM Energy is beginning a process to sell its assets in the Arkoma basin of Oklahoma and in the Arklatex area of East Texas and Northern Louisiana. These
...»
Freezing weather hits West Texas drilling and production, Pioneer Natural Resources says
DALLAS, Texas -- Pioneer Natural Resources has announced that severe winter weather in West Texas has significantly impacted production and drilling operations in the Spraberry/Wolfcamp area.
...»
Friday 9 January 2015
Shale economics shuts down nuclear plant
Shale economics shuts down nuclear plant VERNON, Vermont – The state’s only nuclear plant has stopped sending power to the New England grid after more than 42 years of producing electricity. Bill Mohl, president of Entergy Wholesale Commodities, said economic
...»
Oil plunge boosts U.S. natural gas imports to five-year high
NEW YORK (Bloomberg) -- The plunge in global crude oil prices has helped boost U.S. natural gas imports to a five-year high, even as the country prepares to start exporting cargoes. Deliveries to onshore pipelines from LNG terminals in Massachusetts and Maryland on Jan. 7 were the most since Jan. 10, 2010, according to Ventyx data compiled by Bloomberg. Volumes in January are more than six times higher than a year ago, when the polar vortex spurred record consumption.
...»
Keystone XL pipeline Nebraska path cleared by state's highest court
LINCOLN, Nebraska (Bloomberg) -- TransCanada Corp.’s Keystone XL pipeline faces one less hurdle after Nebraska’s highest court cleared its path through the state, setting aside a challenge to the power of its Republican governor to dictate the route, and sending the matter back to Washington.
...»
Oil slump slams Mexico with cuts causing 10,000 job losses
CIUDAD DEL CARMEN, Mexico (Bloomberg) -- More than 10,000 people working at Mexican oil service companies were laid off this week as state-owned Petroleos Mexicanos cut contracts in the face of the global slump in crude prices. More job losses are expected. Most of the companies are based in Ciudad del Carmen, on the Campeche Bay in the Gulf of Mexico, and were told this week that contracts wouldn’t be renewed with Pemex, as the world’s ninth largest oil producer is known. Job losses could rise to 50,000, Gonzalo Hernandez, secretary at the Ciudad del Carmen Economic Development Chamber, said in a phone interview.
...»
U.S. crude export ban poised to loosen with Mexico request
U.S. crude export ban poised to loosen with Mexico request By ADAM WILLIAMS and DAN MURTAUGH MEXICO CITY and HOUSTON (Bloomberg) The 40 year old ban on most U.S. crude exports is set to be loosened after Mexico’s state owned
...»
GEG promotes Cummins to V.P. of key account management
GEG promotes Cummins to V.P. of key account management HOUSTON Greene’s Energy Group (GEG) has promoted Tracy Cummins to V.P. of key account management. Based in Houston, Cummins will lead the key account management team that will work with the
...»
Halcon Resources slashes spending further, cuts more rigs
HOUSTON -- Halcon Resources Corp. has announced further reductions to its 2015 drilling and completion budget. In November, the company announced a budget of $750 to $800 million and said that it intended to operate six rigs in 2015, five less than originally planned. However, Halcon has now announced a revised drilling and completions budget of $375 to $425 million and cut even more rigs.
...»
Shale producers in U.S. cut rigs loose early amid oil slump
HOUSTON (Bloomberg) -- U.S. oil producers are bailing out of long-term contracts for drilling rigs as crude prices sink below $50, another signal that the nation’s shale boom is slowing. Yesterday, Helmerich & Payne Inc., the biggest rig operator in the U.S., said it had received early termination notices for four contracts. Today, a second contract driller, Pioneer Energy Services Corp., said four rigs had been canceled early. Producers may cut short another 50 to 60 agreements, according to Bloomberg Intelligence analyst Andrew Cosgrove.
...»
Thursday 8 January 2015
Oil taxes tempt recession-scarred U.S. states as prices plummet
DENVER, Colorado (Bloomberg) -- U.S. states are renewing efforts to pass taxes on oil and gas extraction and, while falling energy prices may please consumers, drillers say it’s just the wrong time to raise their costs. At least 17 states last year considered imposing or amending so-called severance taxes, which generated more than $16 billion in 2013 in the U.S. Many are expected to introduce similar bills this year, according to the National Conference of State Legislatures in Denver.
...»
Oil trader Andy Hall sees $40/bbl price floor and 2015 recovery
WESTPORT, Connecticut (Bloomberg) -- Oil prices have almost bottomed out and “some recovery” is likely by the second half of the year as demand picks up, commodity hedge fund manager Andrew J. Hall told investors. Crude could trade in the $40/bbl range in 2015, close to “an absolute price floor,” the head of Astenbeck Capital Management wrote in a Jan. 2 letter obtained by Bloomberg News. A significant amount of U.S. and Canadian production can’t cover the cash costs of operating at that price, he said.
...»
ABB in Canada receives TUV certification for safety system design, engineering and delivery
ABB in Canada receives TUV certification for safety system design, engineering and delivery CALGARY, Canada ABB has announced that its operations in Canada have been certified by TUV SUD as having in place and applying a Functional Safety Management System
...»
J-W Energy announces executive management changes
J W Energy announces executive management changes DALLAS, United States J W Energy has announced that David A. Miller has been promoted to the position of President of J W Energy and that Richard T. Clement has accepted the additional
...»
Bibby Subsea signs vessel contract with Bordelon Marine
Bibby Subsea signs vessel contract with Bordelon Marine HOUSTON Bibby Offshore’s Houston based division, Bibby Subsea has signed a three year contract with Bordelon Marine to charter a new vessel. The Brandon Bordelon is an ultra light intervention vessel (ULIV)
...»
2H Offshore joins TCP design guideline initiative
2H Offshore joins TCP design guideline initiative HOUSTON 2H Offshore, an Acteon company, has teamed up with oil and gas industry leaders to develop a new design guideline for thermoplastic composite pipes (TCP) to advance the understanding and use of
...»
Oil exports from U.S. jump 34% to record as shale output booms
WASHINGTON (Bloomberg) -- The U.S. exported a record amount of crude oil in November after a five-year run of production growth that has made the country the most oil-independent in 20 years. Shipments surged 34% to average 502,000 bopd in November, the most on record dating back to 1920, data from the U.S. Census Bureau and the Energy Information Administration show. The previous peak was 455,000 in March 1957.
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Wednesday 7 January 2015
Oil glut could take years to fix, U.A.E. Energy Minister says
ABU DHABI (Bloomberg) -- Oversupply in crude markets could take months or even years to fix depending on when producers outside OPEC cut their output, Abu Dhabi-based The National reported, citing comments by U.A.E. Energy Minister Suhail Al Mazrouei.
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Marketers turn to storage as Permian production hit by freeze
LOUISVILLE, Kentucky -- Permian production started 2015 on a rather weak note, curtailed by freeze-offs caused by below freezing temperatures. Producers and marketers scrambled to meet sales quotas with the decreasing oil production volumes by drawing from storage in the basin, according to Genscape’s Midland-Basin Storage Report.
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Wellsite Rental Services diesel light towers reduce operating expenses with added benefits
Wellsite Rental Services diesel light towers reduce operating expenses with added benefits BROUSSARD, United States Wellsite Rental Services has added long run diesel light towers to its rental equipment line. The light towers supply portable lighting when electricity is not
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Transocean $9.1 billion debt may be cut to junk on oil slump
Transocean $9.1 billion debt may be cut to junk on oil slump David Wethe HOUSTON (Bloomberg) Transocean Ltd., the worst performer in the Standard & Poor’s 500 Index last year, may see its $9.1 billion debt lowered to junk status
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SM Energy announces plan to exit U.S. mid-continent
SM Energy announces plan to exit U.S. mid continent DENVER, United States SM Energy is beginning a process to sell its assets in the Arkoma basin of Oklahoma and in the Arklatex area of East Texas and Northern Louisiana. These
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Freezing weather hits West Texas drilling and production, Pioneer Natural Resources says
DALLAS, Texas -- Pioneer Natural Resources has announced that severe winter weather in West Texas has significantly impacted production and drilling operations in the Spraberry/Wolfcamp area.
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Tuesday 6 January 2015
U.S. Steel to cut up to 756 jobs after oil price slump
PITTSBURGH, Pennsylvania (Bloomberg) -- U.S. Steel Corp., the country’s second-biggest producer of the metal, plans to idle two pipe plants and lay off as many as 756 employees as the oil-price slump cuts spending by energy companies.
...»
Schlumberger, Helix, OneSubsea execute subsea well intervention alliance agreement
HOUSTON -- Helix Energy Solutions Group, OneSubsea -- a Cameron and Schlumberger company -- and Schlumberger have announced the execution of the definitive agreements for the companies’ non-incorporated alliance, formed to develop technologies and deliver equipment and services to optimize the value chain of subsea well intervention systems.
...»
Oilfield writedowns loom as crude slump guts drilling values
NEW YORK (Bloomberg) -- Tumbling crude prices will trigger a flood of oilfield writedowns starting this month after industry returns slumped to a 16-year low, calling into question half a decade of exploration. With crude prices down more than 50 percent from their 2014 peak, fields as far-flung as Kazakhstan and Australia are no longer worth pumping, said a team of Citigroup Inc. analysts led by Alastair Syme. Companies on the hook for risky, high-cost projects that don’t make sense in a $50/bbl market include international titans such as Royal Dutch Shell Plc and small wildcatters like Sanchez Energy Corp.
...»
Concho Resources cuts spending by $1 billion
MIDLAND, Texas -- Concho Resources has announced an updated 2015 capital program of $2.0 billion, as a result of the sharp decline in commodity prices. With this level of activity, the company expects to generate 16% to 20% year-over-year production growth in 2015.
...»
Biggest drop in oil rigs since 2009 foretells ‘tough year’
HOUSTON (Bloomberg) -- U.S. oil drillers laid down the most rigs in the fourth quarter since 2009. And things are about to get much worse. The rig count fell by 93 in the three months through Dec. 26, and lost another 17 last week, Baker Hughes Inc. data show. About 200 more will be idled over the next quarter as U.S. oil explorers make good on their promises to curb spending, according to Moody’s Corp.
...»
McDermott awarded Bay of Campeche Ayatsil-A installation contract for PEMEX
McDermott awarded Bay of Campeche Ayatsil A installation contract for PEMEX HOUSTON McDermott International has been awarded a contract to install the offshore jacket, deck and piles for the Ayatsil A drilling platform for PEMEX Exploracion y Produccion in the
...»
Reterro begins inaugural green remediation project in Texas
Reterro begins inaugural green remediation project in Texas PLEASANTON, Calif. Reterro, Inc., an emerging green remediation leader in eliminating hydrocarbon contamination from soil and ongoing waste streams, has begun a hydrocarbon soil remediation project at two former compressor stations in
...»
WTI falls below $50/bbl for first time in 5 1/2 years
NEW YORK (Bloomberg) -- West Texas Intermediate oil dropped below $50/bbl for the first time since April 2009 as surging supply signaled that the global glut that drove crude into a bear market will persist. WTI slid as much as 5.2% in New York. Brent fell below $55 in London for the first time since May 2009. Russia’s output rose to a post-Soviet high while Iraq, the second-largest producer in OPEC, plans to boost crude exports to a record this month. The price drop accelerated as the dollar climbed against the euro amid investor concern Greece might leave the currency union.
...»
McClendon's American Energy Partners combines Marcellus, Utica affiliates
OKLAHOMA CITY, Oklahoma -- Creating one of the largest pure-play Appalachian E&P companies in the U.S., American Energy Partners affiliates American Energy – Utica (AEU) and American Energy – Marcellus (AEM) have announced that they will combine in an all-stock transaction.
...»
Brent falls below $55/bbl for first time in 5 1/2 years
LONDON (Bloomberg) -- Brent crude oil fell below $55/bbl for the first time since May 2009 as record supplies from Iraq and Russia bolstered speculation the global glut that drove crude into a bear market will persist. Futures slid as much as 4.3% in London, extending a loss of 5.1% last week. Iraq, the second-largest producer in the Organization of Petroleum Exporting Countries, plans to boost crude exports to a record this month, the Oil Ministry said. Russia’s output rose to a post-Soviet high in December, according to preliminary Energy Ministry data.
...»
Oil below $60/bbl tests U.S. drive for energy independence
HOUSTON (Bloomberg) -- Oil’s biggest bust since the global recession was good for a few cases of whiplash.
...»
Morgan Stanley sees ‘more problems’ for oil market on new supply
NEW YORK (Bloomberg) -- The oil market is set for “more problems” this year as increasing supplies from countries including Russia and Iraq add to the global glut that drove prices almost 50% lower in 2014, according to Morgan Stanley.
...»
U.S. Steel to cut up to 756 jobs after oil price slump
PITTSBURGH, Pennsylvania (Bloomberg) -- U.S. Steel Corp., the country’s second-biggest producer of the metal, plans to idle two pipe plants and lay off as many as 756 employees as the oil-price slump cuts spending by energy companies.
...»
Schlumberger, Helix, OneSubsea execute subsea well intervention alliance agreement
HOUSTON -- Helix Energy Solutions Group, OneSubsea -- a Cameron and Schlumberger company -- and Schlumberger have announced the execution of the definitive agreements for the companies’ non-incorporated alliance, formed to develop technologies and deliver equipment and services to optimize the value chain of subsea well intervention systems.
...»
Oilfield writedowns loom as crude slump guts drilling values
NEW YORK (Bloomberg) -- Tumbling crude prices will trigger a flood of oilfield writedowns starting this month after industry returns slumped to a 16-year low, calling into question half a decade of exploration. With crude prices down more than 50 percent from their 2014 peak, fields as far-flung as Kazakhstan and Australia are no longer worth pumping, said a team of Citigroup Inc. analysts led by Alastair Syme. Companies on the hook for risky, high-cost projects that don’t make sense in a $50/bbl market include international titans such as Royal Dutch Shell Plc and small wildcatters like Sanchez Energy Corp.
...»
Concho Resources cuts spending by $1 billion
MIDLAND, Texas -- Concho Resources has announced an updated 2015 capital program of $2.0 billion, as a result of the sharp decline in commodity prices. With this level of activity, the company expects to generate 16% to 20% year-over-year production growth in 2015.
...»
Biggest drop in oil rigs since 2009 foretells ‘tough year’
HOUSTON (Bloomberg) -- U.S. oil drillers laid down the most rigs in the fourth quarter since 2009. And things are about to get much worse. The rig count fell by 93 in the three months through Dec. 26, and lost another 17 last week, Baker Hughes Inc. data show. About 200 more will be idled over the next quarter as U.S. oil explorers make good on their promises to curb spending, according to Moody’s Corp.
...»
McDermott awarded Bay of Campeche Ayatsil-A installation contract for PEMEX
McDermott awarded Bay of Campeche Ayatsil A installation contract for PEMEX HOUSTON McDermott International has been awarded a contract to install the offshore jacket, deck and piles for the Ayatsil A drilling platform for PEMEX Exploracion y Produccion in the
...»
L.B. Foster to sell Tracksure product range in North America
L.B. Foster to sell Tracksure product range in North America PITTSBURGH, United States UK based Tracksure, a wholly owned subsidiary of Wheelsure Holdings, and U.S. based L.B. Foster have concluded an exclusive Distribution Agreement which authorizes L.B. Foster to sell
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Monday 5 January 2015
Reterro begins inaugural green remediation project in Texas
Reterro begins inaugural green remediation project in Texas PLEASANTON, Calif. Reterro, Inc., an emerging green remediation leader in eliminating hydrocarbon contamination from soil and ongoing waste streams, has begun a hydrocarbon soil remediation project at two former compressor stations in
...»
WTI falls below $50/bbl for first time in 5 1/2 years
NEW YORK (Bloomberg) -- West Texas Intermediate oil dropped below $50/bbl for the first time since April 2009 as surging supply signaled that the global glut that drove crude into a bear market will persist. WTI slid as much as 5.2% in New York. Brent fell below $55 in London for the first time since May 2009. Russia’s output rose to a post-Soviet high while Iraq, the second-largest producer in OPEC, plans to boost crude exports to a record this month. The price drop accelerated as the dollar climbed against the euro amid investor concern Greece might leave the currency union.
...»
McClendon's American Energy Partners combines Marcellus, Utica affiliates
OKLAHOMA CITY, Oklahoma -- Creating one of the largest pure-play Appalachian E&P companies in the U.S., American Energy Partners affiliates American Energy – Utica (AEU) and American Energy – Marcellus (AEM) have announced that they will combine in an all-stock transaction.
...»
Brent falls below $55/bbl for first time in 5 1/2 years
LONDON (Bloomberg) -- Brent crude oil fell below $55/bbl for the first time since May 2009 as record supplies from Iraq and Russia bolstered speculation the global glut that drove crude into a bear market will persist. Futures slid as much as 4.3% in London, extending a loss of 5.1% last week. Iraq, the second-largest producer in the Organization of Petroleum Exporting Countries, plans to boost crude exports to a record this month, the Oil Ministry said. Russia’s output rose to a post-Soviet high in December, according to preliminary Energy Ministry data.
...»
Oil below $60/bbl tests U.S. drive for energy independence
HOUSTON (Bloomberg) -- Oil’s biggest bust since the global recession was good for a few cases of whiplash.
...»
Morgan Stanley sees ‘more problems’ for oil market on new supply
NEW YORK (Bloomberg) -- The oil market is set for “more problems” this year as increasing supplies from countries including Russia and Iraq add to the global glut that drove prices almost 50% lower in 2014, according to Morgan Stanley.
...»
Friday 2 January 2015
Linn Energy cuts investor payout, 2015 budget
Linn Energy cuts investor payout, 2015 budget JIM POLSON HOUSTON (Bloomberg) Linn Energy, the oil and natural gas partnership that’s lost almost 70% of its value in six months, cut its investor payout and production budget by more than half
...»
Oil drops most since 2008 as OPEC battles shale for market share
Oil drops most since 2008 as OPEC battles shale for market share BY MOMING ZHOU and GRANT SMITH LONDON and NEW YORK (Bloomberg) Oil fell in 2014 by the most since the 2008 global financial crisis as U.S. producers and
...»
OPEC December crude production drops as global oil prices slide
OPEC December crude production drops as global oil prices slide By MARK SHENK NEW YORK (Bloomberg) Oil production by the 12 OPEC nations slipped less than 1% in December, the first month after the group refused to cut output as
...»
Linn Energy cuts investor payout, 2015 budget
Linn Energy cuts investor payout, 2015 budget JIM POLSON HOUSTON (Bloomberg) Linn Energy, the oil and natural gas partnership that’s lost almost 70% of its value in six months, cut its investor payout and production budget by more than half
...»
Oil drops most since 2008 as OPEC battles shale for market share
Oil drops most since 2008 as OPEC battles shale for market share BY MOMING ZHOU and GRANT SMITH LONDON and NEW YORK (Bloomberg) Oil fell in 2014 by the most since the 2008 global financial crisis as U.S. producers and
...»
OPEC December crude production drops as global oil prices slide
OPEC December crude production drops as global oil prices slide By MARK SHENK NEW YORK (Bloomberg) Oil production by the 12 OPEC nations slipped less than 1% in December, the first month after the group refused to cut output as
...»
Mexico oil output headed for record low as Pemex woes mount
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.
...»
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.
...»
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
...»
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
...»
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