Natural gas jumps to 5-week high on below-forecast supply gain

Natural gas futures jumped to a five-week high in New York after an EIA report showed that U.S. stockpiles expanded by less than forecast last week. ...

PSAC cuts 2015 Canadian drilling forecast in half

In its mid-year update to the 2015 Canadian Drilling Activity Forecast, released Thursday, the Petroleum Services Association of Canada (PSAC) is forecasting a total of only 5,320 wells to be drilled across Canada in 2015. This decrease of 4,780 wells from PSAC’s original drilling forecast, released in October 2014, represents a 47% drop. ...

ION announces availability of reprocessed seismic data offshore Barbados

ION Geophysical has announced the completion of the company’s Barbados Reprocessing project, in coordination with the recent announcement of Barbados’ 2015 Offshore Licensing Campaign. ...

Petrobras appoints Vale head Ferreira as chairman

RIO DE JANEIRO (Bloomberg) -- If guiding the biggest iron-ore miner through the worst price rout in a decade wasn’t enough, Murilo Ferreira is taking on a new job: chairman of Petroleo Brasileiro SA. ...

Exxon, BP start production from Kizomba satellite fields, offshore Angola

BP has confirmed the start of oil production from the Kizomba Satellites phase 2 development in Block 15, offshore Angola. Operated by Exxon Mobil, the deepwater project is expected to produce around 70,000 bopd at peak. ...

Subsea Services Alliance to build 15,000-psi intervention riser

Subsea Services Alliance has announced the first joint technology project between OneSubsea and Helix to engineer and manufacture a 15,000-psi intervention riser system. ...

Exxon profit beats estimates as output, refining margins expand

Exxon Mobil Corp. posted its biggest earnings surprise in at least a decade as output from oil wells surpassed expectations and refining margins soared amid lower crude prices. ...

Exxon starts production from Kizomba satellite fields, offshore Angola

BP has confirmed the start of oil production from the Kizomba Satellites phase 2 development in Block 15, offshore Angola. Operated by Exxon Mobil, the deepwater project is expected to produce around 70,000 bopd at peak. ...

Exxon beats estimates as output, refining margins expand

Exxon Mobil Corp. posted its biggest earnings surprise in at least a decade as output from oil wells surpassed expectations and refining margins soared amid lower crude prices. ...

LoneStar Energy Fabrication completes $5.1-billion Big Foot project

LoneStar Energy Fabrication (LSEF) recently completed work on the $5.1-billion Big Foot drilling platform that is now ready to begin drilling in the Gulf of Mexico. ...

Petrobras concludes third well in Moita Bonita area, Sergipe basin

Petrobras has finished drilling well 3-BRSA-1296-SES, in concession BM-SEAL-10, Block SEAL-M-499, in the ultra-deep waters of the Sergipe basin. ...

Newfield Exploration combines two operating units, closes offices

Newfield Exploration has announced plans to combine its Onshore Gulf Coast and Rocky Mountain business units into one operating region, located in The Woodlands, Texas. ...

Barbados, BHP Billiton sign offshore exploration licences

The Government of Barbados and BHP Billiton have signed exploration licences for two offshore blocks, Carlisle Bay and Bimshire. ...

ConocoPhillips reports loss as oil crash trumps spending cuts

ConocoPhillips, the third-largest U.S. energy producer, reported a loss as the pace of spending cuts failed to keep up with falling prices after the worst oil crash since 2009. ...

Oil crash spurs tycoon to write $3 billion off Cairn India

Billionaire Anil Agarwal-controlled Sesa Sterlite Ltd., which runs India’s largest onshore oilfield, took a $3-billion writedown after crude’s crash eroded the goodwill value of Cairn India Ltd. ...

Statoil adjusted profit beats estimates amid trading gains

Statoil ASA adjusted profit beat estimates in the first quarter on trading and refining as it wrote down the value of mainly U.S. shale assets by $6.1 billion amid plunging crude prices. ...

Barbados and BHP Billiton signs exploration licences

The Government of Barbados and BHP Billiton signed exploration licences for two offshore blocks, Carlisle Bay and Bimshire. These blocks are approximately 40 km southeast of the island nation, total about 5,000 sq km and are located in waters ranging from approximately 1,200 to 2,000 m in depth. ...

Kongsberg Maritime's engineering services and technology chosen for new West African FPSO

Kongsberg Maritime has been selected to supply a complete Electrical, Instrument and Telecom solution, including E-house, for the new Yinson Production (West Africa) Pte Ltd FPSO, ‘Yinson Genesis'. The FPSO is expected to be operational by 2017. ...

Newfield Exploration reorganizes regional operating units

Newfield Exploration announced plans to combine its Onshore Gulf Coast and Rocky Mountain business units into one operating region, located in The Woodlands, Texas. The reorganization of these regional operating units will better align Newfield's workforce with near-term drilling and asset management plans and create future cost efficiencies. As part of this restructuring, Newfield plans to close its offices in Denver, Colorado, and North Houston (Greenspoint area). Newfield will continue to manage its growing operations in the Mid-Continent from its regional office in Tulsa, Oklahoma. ...

Conclusion of the third well in the Moita Bonita area, Sergipe's basin

Petrobras announces the conclusion of the well drilling 3-BRSA-1296-SES in Sergipe basin´s ultra-deep waters, in concession BM-SEAL-10, Block SEAL-M-499. ...

Policy outlook for UK North Sea and Shale Sectors Poles Apart, says GlobalData Analyst

Will Scargill, GlobalData’s Senior Analyst covering Upstream Fiscal and Regulatory Regimes, says: “With the UK’s General Election just over a week away, the policy outlooks for the country’s offshore and onshore oil and gas industries are poles apart. Over the past two years, significant incentives have been offered to both onshore and offshore operations. Regulatory barriers have been removed and a new allowance was introduced in 2014 to stimulate onshore unconventional development, while the government has recently introduced changes to mitigate the impact of lower oil prices on North Sea operations. However, while further incentives for the North Sea are likely whatever the outcome of the election, policies towards the unconventional sector will depend on the makeup of the next government. ...

LoneStar Energy fabrication completes work on $5.1 billion Big Foot project

Recently, LoneStar Energy Fabrication (LSEF) completed work on the $5.1 billion Big Foot drilling platform that is now ready to begin drilling in the Gulf of Mexico. ...

U.S. oil export ban is de facto sanctions regime against ourselves, Senate hears

U.S. Sens. Lisa Murkowski, R-Alaska, and Heidi Heitkamp, D-N.D., have urged their Senate colleagues to support an amendment to the Iran Nuclear Agreement Act that would end the 40-year-old ban on crude oil exports and allow American producers to compete with Iran on the global market. ...

Merger underway for leading remote communications firms

Emerging Markets Communications (EMC) has signed a definitive merger agreement to acquire MTN Communications (MTN), a leading provider of communications and content for remote locations around the world. ...

Khalid A. Al-Falih named Saudi Aramco chairman

RIYADHA (Bloomberg) -- Saudi Arabia’s King Salman named Khalid A. Al-Falih as chairman of Saudi Arabian Oil Co., the world’s biggest crude exporter, replacing Oil Minister Ali Al-Naimi in that role, according to state television. ...

Oil jumps as decline in Cushing stockpiles signals glut to ease

U.S. benchmark oil prices surged to a four-month high after stockpiles at the nation’s biggest storage hub fell for the first time since November. ...

BP faces environmental scrutiny over drilling plans offshore Australia

Five years after the Gulf of Mexico oil spill poured millions of barrels of crude into the sea, BP is being challenged over its hunt for oil in the pristine waters off southern Australia. ...

Oil production weighs heavy on Venezuela, DW says

Few countries have been hit harder by falling crude oil prices in recent months than Venezuela; an OPEC member and the holder of the world’s largest volume of oil reserves. ...

Expro reduces costs, optimizes production in North American market

Following the sharp fall in oil prices it has become increasingly important for operators to optimize costs and maximize production. Oilfield services company Expro is partnering with customers to deliver cost-effective, innovative solutions to meet these challenges. ...

Maersk Drilling appoints new COO

Angela Durkin from Baker Hughes will join Maersk Drilling as the company’s new COO. Durkin will assume her new role on May 1 and report directly to CEO Claus V. Hemmingsen. ...

Hess beats estimates as higher oil production trumps lower price

Hess Corp., which sold refineries and gasoline stations to focus on oil production, beat analysts’ earnings estimates as higher output made up for lower prices. ...

QER highlights need to modernize America’s energy policies, Murkowski says

U.S. Sen. Lisa Murkowski, R-Alaska, has offered to work with Energy Secretary Ernest Moniz to update the nation’s energy infrastructure and modernize federal energy policies as part of broad energy legislation she is putting together with the members of the Senate Energy and Natural Resources Committee. ...

Golder Associates names new president, CEO

Golder Associates has appointed Dr. Hisham Mahmoud as its president and CEO. ...

Ophir Energy acquires four deepwater PSCs offshore Indonesia

Ophir Energy has completed the acquisition of four deepwater Production Sharing Contracts (PSCs) in Indonesia from Niko Resources . ...

Gazprom Neft, Novatek JV brings third field onstream

Arktikgaz, a joint venture (JV) between Gazprom Neft and Novatek, has brought a third field, the Yaro-Yahinskoye, into production. ...

Eni starts production from Cinguvu field, offshore Angola

Eni has started production, two weeks ahead of schedule, at Cinguvu oil field, from the West Hub Development Project in Block 15/06 in the Angolan Deep Offshore. The start-up follows the achievement of West Hub’s first oil last November through Sangos field. ...

BP kicks off seven-year drilling program west of Shetland

BP, on behalf of the Schiehallion co-venturers Shell and OMV, has announced the start of drilling on Loyal field by the new-build, semisubmersible Deepsea Aberdeen, marking the start of a seven year drilling campaign west of Shetland. ...

Gazprom 2014 net income plunges 86% on foreign-exchange loss

OAO Gazprom, Russia’s natural-gas exporter, said profit fell 86% on soaring foreign exchange losses, while the ruble collapse helped it generate record free cash flow. ...

Eni profit falls 46% on lower oil price, beats estimates

Eni SpA first-quarter profit beat analyst estimates as improved performance at its refining and gas businesses and a lower tax rate helped Italy’s largest oil company offset lower crude prices. ...

Honeywell introduces new fiberglass hard hat

Honeywell has introduced Fibre-Metal Roughneck P1 Hard Hat, a full-brim, fiberglass hard hat designed to provide heavy duty head protection even in extreme temperatures. ...

OptaSense,Weatherford Partner to deliver integrated well surveillance solutions

OptaSense and Weatherford International have partnered in a strategic alliance to deliver integrated optical sensing solutions designed to optimize well planning, construction and production across the asset lifecycle. ...

High value oil and gas contracts awarded despite decline in overall quantity, finds EIC Monitor

The latest EIC Monitor report once again shows a significant decline in the levels of contracting activity across global upstream, midstream and downstream sectors in first quarter of 2015. ...

QER highlights need to modernize America’s energy policies, says Sen. Murkowski

U.S. Sen. Lisa Murkowski, R-Alaska, on Tuesday offered to work with Energy Secretary Ernest Moniz to update the nation’s energy infrastructure and modernize federal energy policies as part of broad energy legislation she is putting together with the members of the Senate Energy and Natural Resources Committee. ...

Golder Associates appoints new President and CEO

Golder Associates has appointed Dr. Hisham Mahmoud as its President and CEO. ...

Ophir Energy acquires four deepwater PSCs from Niko Resources

Ophir Energy has completed the acquisition of four deepwater Production Sharing Contracts (PSCs) in Indonesia from Niko Resources . ...

Golder Associates appoint new President and CEO

Golder Associates has appointed Dr. Hisham Mahmoud as its President and CEO. Dr. Mahmoud has been appointed to this role after an extensive global search over recent months. He will be based in Atlanta, Georgia. ...

Ophir Energy completes acquisition of four deepwater PSCs

Ophir Energy has completed the acquisition of four deepwater Production Sharing Contracts (PSCs) in Indonesia from Niko Resources (Niko). This follows the announcement of the agreement to acquire interests in a series of Niko’s deepwater PSCs on Oct 27, 2014. ...

Anadarko names Darrell E. Hollek executive V.P. for U.S. onshore EandP

HOUSTON -- Anadarko Petroleum Corporation has announced that its board of directors has named Darrell E. Hollek as Executive V.P., U.S. Onshore Exploration and Production, effective immediately. ...

Flow testing starts at Antelope field in Papua New Guinea

PORT MORESBY, Papua New Guinea -- InterOil Corporation has begun flow testing at the Elk-Antelope gas field in Papua New Guinea as part of the field appraisal. ...

Oil, gas stocks outperform other assets in state pension funds, study finds

Returns on state pension funds from investments in oil and natural gas companies continue to provide strong earnings for public pension retirees, including America’s teachers, firefighters and police officers, according to a Sonecon study released Tuesday by API. ...

EY: Oil’s new swing producer balances storage capacity amid low prices

As U.S. producers slashed spending, idled rigs, withheld completions, and neared the ceiling on domestic storage capacity, OPEC generally maintained its high production in the first quarter. ...

Lamprell to build another high-spec jackup for NDC

National Drilling Company (NDC) of Abu Dhabi has exercised one of its existing options and awarded a contract to Lamprell for the construction and delivery of a high-specification jackup drilling rig. ...

Wood Group Mustang announces executive promotions

Wood Group Mustang has announced executive promotions and executive leadership team responsibilities. ...

Wintershall finds oil near Kristin field in Norwegian Sea

Wintershall Norge, the operator of PL589, is about to complete the drilling of wildcat well 6406/2-8 in the Norwegian Sea. The well proved oil. ...

Statoil spuds Bister exploration well in Norwegian Sea

ABERDEEN, United Kingdom -- Statoil has started drilling the Bister exploration well (well 6407/8-7) in the Norwegian Sea, Faroe Petroleum, a partner in the well, has announced. ...

Russia plans to meet with OPEC before group’s June gathering

Russia, the world’s biggest energy exporter, will meet with OPEC before the group next gathers in June to discuss whether to adjust production limits, amid prices that are almost half their level of 10 months ago. ...

Oil prices are BP’s unlikely ally as trading arm boosts profit

Low oil prices became an unlikely ally for BP Plc and Total SA during the first quarter as they boosted the profitability of their large trading operations. ...

Faroe Petroleum spuds Bister well in Norwegian Sea

Faroe Petroleum has spud the Bister exploration well 6407/8-7, located in the Norwegian Sea. ...

Wintershall discovers oil near Kristin field in Norwegian Sea

Wintershall Norge, operator of PL589, is about to complete drilling of wildcat well 6406/2-8, located the Norwegian Sea. The well has proved oil. ...

Ugandan government scraps taxes on oil, gas, mining exploration

Uganda abolished taxes on its emerging oil, gas and mining exploration industries to encourage growth, Finance Minister Matia Kasaija said. ...

BP’s deepwater oil hunt off Australia evokes Gulf disaster fears

Five years after the Gulf of Mexico oil spill poured millions of barrels of crude into the sea, BP is being challenged over its hunt for oil in the pristine waters off southern Australia. ...

Orphaned oil rejected by U.S. refiners sails to Asia

One million barrels of oil. Enough to fill more than 60 Olympic-sized swimming pools. And there it sat in tanks outside San Francisco—for three years—despite crude prices that topped $100/bbl. ...

Saudi prince sees ‘excellent’ oil market as kingdom meets demand

Saudi Arabia, the world’s biggest oil exporter, will meet any demand for its crude as the kingdom seeks to keep customers happy and maintain a balanced market, Prince Abdulaziz bin Salman, the deputy oil minister, said. ...

UK government tells BP it would oppose any takeover, FT says

The UK government told BP Plc it would oppose the acquisition of the oil producer by a foreign company, the Financial Times reported. ...

Kosmos Energy reports play-opening gas find offshore Mauritania

Kosmos Energy announced Monday that the Tortue-1 exploration well, drilled to test the Tortue West prospect, which forms part of the Greater Tortue Complex, in Block C-8 offshore Mauritania has made a significant, play-opening gas discovery. ...

Japan’s Inpex buys stake in Abu Dhabi oil fields

TOKYO -- Inpex Corporation has acquired a 5% participating interest in the ADCO Onshore Concession in Abu Dhabi, the Tokyo-based company said Monday. ...

PetroChina, Sinopec surge on industry merger speculation

PetroChina Co. and China Petroleum and Chemical Corp., the nation’s two largest oil explorers, jumped by their daily trading limit in Shanghai on Monday on speculation the government is considering consolidating the industry. ...

Tullow rises after border ruling lets Ghana project proceed

Tullow Oil Plc gained in London after a tribunal ruling on a maritime border dispute between Ghana and Ivory Coast allowed an offshore oil project to proceed. ...

Sterling Energy commences 3D seismic survey at Ambilobe Block off Madagascar

Sterling Energy has commenced its planned 3D seismic survey of 1,250 sq km over a high-graded portion of the Ambilobe Block, offshore Madagascar. ...

Texas proceeds against two shale disposal wells linked to seismic activity

The Texas Railroad Commission has initiated proceedings requiring the operators of two disposal wells in the area of Azle, Texas, to show cause why the injection permits for the wells should not be cancelled due to an alleged connection raised by new seismic research. ...

Shell's pipeline transports first oil from Delta House platform in deepwater Gulf of Mexico

Shell Pipeline Company's Odyssey Pipeline System has successfully transported the first crude oil produced from the LLOG-operated Delta House platform in the Mississippi Canyon protraction area of the Gulf of Mexico. ...

Shell's pipeline transports first oil from LLOG's Delta House platform in deepwater Gulf of Mexico

Shell Pipeline Company's Odyssey Pipeline System has successfully transported the first crude oil produced from the LLOG-operated Delta House platform in the Mississippi Canyon protraction area of the Gulf of Mexico. ...

Oil at $65 could free 500,000 bopd from shale ’fracklog’

Oil needs to recover to $65/bbl for U.S. drillers to tap a pent-up supply locked in shale wells and unleash more crude on markets than is produced by Libya. ...

Saudi Arabia’s solution to global oil glut: Pump even more crude

Saudi Arabia has a response to the global surplus of oil: Raise output to near-record levels, and then pump even more. ...

Gazprom signs cooperation agreement with Argentina's YPF

Alexey Miller, chairman of the Gazprom Management Committee, and Miguel Galuccio, CEO of Argentine national petroleum company YPF, signed a memorandum of cooperation on Thursday. ...

Premier Oil suspends Falklands well on BOP problem

Premier Oil’s Isobel Deep exploration well offshore the Falkland Islands has been temporarily suspended, Falkland Oil and Gas Limited, a partner in the well, reports. ...

163 members of Congress urge Obama admin to increase OCS energy production

U.S. Sen. Lisa Murkowski, R-Alaska, chairman of the Senate Energy and Natural Resources Committee, along with Sens. Tim Scott, R-S.C., Bill Cassidy, R-La., and Rep. Rob Bishop, R-Utah, chairman of the House Natural Resources Committee, led 159 of their Senate and House colleagues in urging Interior Secretary Sally Jewell to increase access to the energy resources on the United States's Outer Continental Shelf (OCS). ...

Ithaca Energy sells Norwegian business to MOL

Ithaca Energy Inc. has entered into an agreement to sell its wholly owned subsidiary, Ithaca Petroleum Norge, for an initial consideration of $60 million. ...

Cnooc retains annual output target as sales slump on lower crude

Cnooc Ltd., China’s biggest offshore oil and gas explorer, will keep its annual production target, undeterred by a 40% plunge in first-quarter sales. ...

Increased brownfield focus for ADIL

Independent energy consultancy ADIL has refocused its specialist brownfield project management team to help operators drive improved efficiency in this challenging sector of the North Sea oil and gas industry. ...

KrisEnergy spuds Gulf of Thailand exploration well

KrisEnergy has commenced drilling of the Rayrai-1 exploration well in Block G10/48 in the Gulf of Thailand with the Key Gibraltar jack-up rig, where the company is currently developing the Wassana oil field. ...

Saudi Arabia’s solution to global oil glut: Pump ever more crude

Saudi Arabia has a response to the global surplus of oil: Raise output to near-record levels and then pump even more. ...

Schlumberger to acquire ownership in Spectrum's Pelotas program

Spectrum has entered into a cooperation agreement with Schlumberger to acquire 50% ownership in Spectrum's Pelotas multiclient program. ...

Ithaca Energy sells its Norwegian business to MOL

Ithaca Energy has entered into an agreement with MOL Nordsjon to sell its wholly owned subsidiary, Ithaca Petroleum Norge, for an initial consideration of $60 million. ...

Cameron introduces Jaguar Class self-elevating drilling unit

Cameron has introduced its new LETOURNEAU Jaguar Class self-elevating mobile offshore drilling unit. ...

163 members of Congress urge administrator to increase energy production in outer continental shelf

U.S. Sen. Lisa Murkowski, R-Alaska, Chairman of the Senate Energy and Natural Resources Committee, along with Sens. Tim Scott, R-S.C., Bill Cassidy, R-La., and Rep. Rob Bishop, R-Utah, Chairman of the House Natural Resources Committee, today led 159 of their Senate and House colleagues in urging Interior Secretary Sally Jewell to increase access to the energy resources on our nation’s outer continental shelf (OCS). ...

Scientific Drilling acquires Marksman Ranging Technologies

Scientific Drilling International (SDI), a independent directional drilling and wellbore placement services company, acquired Marksman Ranging Technologies, an innovative magnetic ranging technology and services company. ...

Fugro sets seafloor drill water depth record

Fugro has set a new seafloor drill water depth record of 2,923 m while completing a combined sampling and piezocone penetration testing (PCPT) borehole to 62 m below the seafloor. ...

Applus RTD wins non-destructive testing work for Kaombo development project

Applus RTD has been awarded a contract from Heerema Marine Contractors as part of the Kaombo development offshore Angola. ...

Freeport considers energy spinoff two years after diversifying

PHOENIX, Arizona (Bloomberg) -- Freeport McMoRan Inc. is considering spinning off energy assets two years after agreeing to acquire them for $9 billion as it tries to finance development plans amid lower commodity prices. ...

Turning Bakken oil well waste water into clean geothermal power

CALGARY (Bloomberg) -- Oil fracing companies seeking to improve their image and pull in a little extra cash are turning their waste water into clean geothermal power. ...

USGS issues report on wastewater injection-induced earthquakes

The U. S. Geological Survey (USGS) has released a report that outlines a preliminary set of models to forecast how hazardous ground shaking could be in the areas where sharp increases in seismicity have been recorded. ...

Suncor awards Athabasca oil sands contract to Fluor

Fluor Corporation was awarded an engineering, procurement, fabrication and construction (EPFC) contract by Suncor Energy Oil Sands Limited Partnership for a tank farm development project in the Athabasca oil sands region in Alberta, Canada. ...

U.S. shale fracklog triples as operators keep oil from market

Think the U.S. is awash in crude now? Thank the fracklog that it’s not worse. ...

OneSubsea awarded contract for BP West Nile Delta Taurus Libra

HOUSTON -- OneSubsea, a Cameron and Schlumberger company, has been awarded a multi-million dollar contract to supply subsea systems for the BP West Nile Delta Taurus Libra development, offshore Egypt. ...

IHS CERAWeek ’15: Gas leaders see small-scale LNG gaining momentum

HOUSTON -- At IHS CERAWeek '15 conference's 'Natural Gas Day', Daniel Yergin, Vice Chairman of IHS, chaired a plenary session on maintaining momentum in the global gas market. ...

BP sells stake in CATS pipeline for $486 million

BP has agreed to sell its equity in the Central Area Transmission System (CATS) business in the UK North Sea to Antin Infrastructure Partners for $486 million. ...

Offshore MMO spend to contract 12% in 2015, Douglas-Westwood says

Douglas-Westwood are forecasting a 12% decline in offshore maintenance, modifications and operations (MMO) expenditure compared to 2014, when spend on services for the world’s 8,061 offshore platforms totaled $95 billion. ...

Domino could trigger knock on effect for Black Sea investment, Wood Mackenzie says

Wood Mackenzie has presented its latest analysis of the competitiveness of Black Sea deepwater developments and the significant Domino discovery, which look set to dramatically influence the region’s gas supply dynamics and corporate landscape, at the annual BBSPA conference in Vienna. ...

InterMoor completes mooring replacement project offshore Equatorial Guinea

InterMoor Inc., an Acteon company and part of its foundations and moorings business, finished replacing critical components in an FPU mooring system offshore Equatorial Guinea on schedule, enabling the prime contractor, Boskalis, to expand the InterMoor work scope. ...

CNOOC brings Bohai Sea's Kenli 10-1 oilfield online

CNOOC has commenced production at the Kenli 10-1 oilfield in the Bohai Sea, the company said Thursday. ...

BP’s Australian drilling to start later than expected in 2016

BP expects to start drilling an untapped oil frontier off the coast of southern Australia later than it had estimated, citing the potential for a delay in the delivery of the rig. ...

Petrobras graft scandal finally has price tag: $2.1 billion

Brazil’s national oil company said a graft scandal cost it 6.2 billion reais ($2.1 billion) following a five-month internal debate that shut off access to bond markets, cost the chief executive her job and destabilized the country’s politics. ...

Pennsylvania's Lackawanna College invests in virtual well control training system

Check-6's Well Control VI (Virtual Instructor) training system has been purchased by Lackawanna College School of Petroleum and Natural Gas through a $150,000 technology grant from the Pennsylvania Department of Labor and Industry Bureau of Workforce Investment Administration. The system will be installed at the New Milford, Pennsylvania-based college by the end of Fall 2015. ...

Fugro commissions additional airborne laser bathymetry system for South West Pacific survey campaign

Fugro has commissioned an additional airborne laser bathymetry system to underpin its leading position in the development and application of bathymetric LiDAR technology. ...

Half of U.S. fracing companies will be dead or sold this year

Half of the 41 fracing companies operating in the U.S. will be dead or sold by year-end because of slashed spending by oil companies, an executive with Weatherford International said. ...

IHS CERAWeek ’15: Gas leaders see small-scale LNG gaining momentum

HOUSTON -- At IHS CERAWeek '15 conference's 'Natural Gas Day', Daniel Yergin, Vice Chairman of IHS, chaired a plenary session on maintaining momentum in the global gas market. ...

BP sells stake in CATS pipeline for $486 million

BP has agreed to sell its equity in the Central Area Transmission System (CATS) business in the UK North Sea to Antin Infrastructure Partners for $486 million. ...

Pennsylvania's Lackawanna College invests in virtual well control training system

Check-6's Well Control VI (Virtual Instructor) training system has been purchased by Lackawanna College School of Petroleum and Natural Gas through a $150,000 technology grant from the Pennsylvania Department of Labor and Industry Bureau of Workforce Investment Administration. The system will be installed at the New Milford, Pennsylvania-based college by the end of Fall 2015. ...

Offshore MMO spend to contract 12% in 2015, Douglas-Westwood says

Douglas-Westwood are forecasting a 12% decline in offshore maintenance, modifications and operations (MMO) expenditure compared to 2014, when spend on services for the world’s 8,061 offshore platforms totaled $95 billion. ...

Half of U.S. fracing companies will be dead or sold this year

Half of the 41 fracing companies operating in the U.S. will be dead or sold by year-end because of slashed spending by oil companies, an executive with Weatherford International said. ...

Domino could trigger knock on effect for Black Sea investment, Wood Mackenzie says

Wood Mackenzie has presented its latest analysis of the competitiveness of Black Sea deepwater developments and the significant Domino discovery, which look set to dramatically influence the region’s gas supply dynamics and corporate landscape, at the annual BBSPA conference in Vienna. ...

Fugro commissions additional airborne laser bathymetry system for South West Pacific survey campaign

Fugro has commissioned an additional airborne laser bathymetry system to underpin its leading position in the development and application of bathymetric LiDAR technology. ...

InterMoor completes mooring replacement project offshore Equatorial Guinea

InterMoor Inc., an Acteon company and part of its foundations and moorings business, finished replacing critical components in an FPU mooring system offshore Equatorial Guinea on schedule, enabling the prime contractor, Boskalis, to expand the InterMoor work scope. ...

CNOOC brings Bohai Sea's Kenli 10-1 oilfield online

CNOOC Ltd. has commenced production at the Kenli 10-1 oilfield in Bohai Sea on Thursday. ...

BP’s Australian drilling to start later than expected in 2016

BP expects to start drilling an untapped oil frontier off the coast of southern Australia later than it had estimated, citing the potential for a delay in the delivery of the rig. ...

Petrobras graft scandal finally has price tag: $2.1 billion

Brazil’s national oil company said a graft scandal cost it 6.2 billion reais ($2.1 billion) following a five-month internal debate that shut off access to bond markets, cost the chief executive her job and destabilized the country’s politics. ...

Lackawanna College receives technology grant; purchases Check-6's Well Control VI training system

Check-6's Well Control VI (Virtual Instructor) training system has been purchased by Lackawanna College School of Petroleum and Natural Gas through a $150,000 technology grant from the Pennsylvania Department of Labor and Industry Bureau of Workforce Investment Administration. ...

Furgo commissions additional airborne laser bathymetry system for South West Pacific survey campaign

Fugro has commissioned an additional airborne laser bathymetry system to underpin its leading position in the development and application of bathymetric LiDAR technology. ...

Half of U.S. fracking companies will be dead or sold this year

Half of the 41 fracking companies operating in the U.S. will be dead or sold by year-end because of slashed spending by oil companies, an executive with Weatherford International said. ...

Weatherford raises job cuts target to 10,000

Weatherford has increased its workforce reduction target to 10,000 people, the service provider said Wednesday as it announced a 22% drop in year-on-year first quarter revenue. ...

Not ‘critical’ for U.S. to lift oil export ban now, EIA chief says

The U.S. can wait to lift the ban on crude exports because slowing production will give refiners time to handle the type of oil produced in shale plays, Energy Information Administration chief Adam Sieminski said. ...

U.S. well completions down 8% in first quarter, API says

Estimated total U.S. oil and natural gas well completions decreased by 8% in the first quarter of 2015 compared to year-ago levels, according to API's 2015 Quarterly Well Completion Report, First Quarter. ...

ConocoPhillips deepwater wells disappoint offshore Angola, Gulf of Mexico

ConocoPhillips has struck out with two exploration wells, one offshore Angola and the other in the Gulf of Mexico, the company announced Wednesday. ...

Gazprom accused of market-power abuse to raise EU gas prices

European Union regulators attacked OAO Gazprom’s pricing structure throughout the eastern part of the continent, further straining political relations between the 28- nation bloc and Russia. ...

IHS CERAWeek 2015: Lukoil leader sees low oil limiting industry nationalism

The ongoing era of lower oil prices is set to be a driving force behind decreased resource nationalism, according to the president of Russian oil major Lukoil. ...

IHS CERAWeek 2015: Lukoil leader sees low oil limiting industry nationalism

The ongoing era of lower oil prices is set to be a driving force behind decreased resource nationalism, according to the president of Russian oil major Lukoil. ...

OTC, United Against Human Trafficking announce partnership

The Offshore Technology Conference, which takes place 4–7 May in Houston, and United Against Human Trafficking (UAHT) have announced a partnership to increase awareness of human trafficking. ...

Total sees deep water, LNG acquisition potential as oil falls

Total SA said it may take advantage of the slump in crude to make acquisitions that build on the strengths of Europe’s third-biggest oil company in deepwater offshore fields and LNG. ...

Transocean names new president, CEO

Transocean has named Jeremy D. Thigpen as the company's new president and CEO. Thigpen succeeds Interim CEO Ian C. Strachan. ...

Statoil awards Ferus CO2 service contract for Bakken test well

Statoil has awarded a major carbon dioxide (CO2) supply and service contract to Denver-based Ferus LP, a provider of energized fluids (liquid CO2 and liquid nitrogen) to the North American oil and gas industry. ...

Det norske hits oil with Ivar Aasen appraisal wells

STAVANGER, Norway -- Det norske oljeselskap AS, operator of production licence 001 B, has completed the drilling of appraisal wells 16/1-21 S and 16/1-21 A on Ivar Aasen field, the Norwegian Petroleum Directorate reports. ...

Statoil awards Ferus CO2 service contract for Bakken test well

Statoil has demonstrated environmental and economic leadership by awarding a major carbon dioxide (CO2) supply and service agreement to Denver-based Ferus LP, the premier provider of energized fluids (liquid CO2 and liquid nitrogen) to the North American oil and gas industry. ...

Sembcorp Marine subsidiary wins FSO conversion contract for Gina Krog field

Sembawang Shipyard, a wholly owned subsidiary of Sembcorp Marine, has secured a floating storage and offloading (FSO) conversion contract from Teekay, worth about $42 million, for Gina Krog field in the North Sea. ...

Noble Energy agrees to improve air emission controls in DJ basin

Noble Energy, Inc. has announced an agreement with the U.S. Environmental Protection Agency (EPA), the U.S. Department of Justice (DOJ) and the State of Colorado to improve emission control systems on a number of oil storage tanks located within the Denver-Julesberg basin (DJ basin) that may no longer comply with air regulations. ...

CGG acquires Taurus Reservoir Solutions

CGG announced Wednesday that its GeoConsulting Business Line has acquired Taurus Reservoir Solutions Ltd., based in Calgary, Alberta. Taurus offers reservoir and geomechanical simulation and engineering technology along with consulting services to the global petroleum industry. ...

Iraq oil output growth seen slow by BP, Lukoil on low prices

Growth in Iraq’s oil production capacity may slow as lower crude prices hurt the ability of OPEC’s number two producer to pay international oil companies for work there, officials from BP Plc and OAO Lukoil said. ...

Canada oil growth output poised to fall 59% after price collapse

Canada’s crude output growth will slow to 17,000 bpd by next year after oil lost half its value, according to the Canadian Energy Research Institute. ...

Det norske hits oil at two wells in North Sea's Ivar Aasen field

Det norske, as operator of the Ivar Aasen field, has completed drilling of two geo pilot wells viz. 16/1-21 S and 16/1-21 A in the North Sea. ...

Statoil awards Ferus major CO2 service contract in North Dakota

Statoil has demonstrated environmental and economic leadership by awarding a major carbon dioxide (CO2) supply and service agreement to Denver-based Ferus LP, the premier provider of energized fluids (liquid CO2 and liquid nitrogen) to the North American oil and gas industry. ...

Strongwell inks licensing and technology agreement with Fibratore

Strongwell Corporation, a company involved in pultrusion of fiber reinforced polymers (FRP), has entered into an exclusive licensing and technology agreement in Central and South America with Fibratore S.A., designer and manufacturer of FRP components. ...

TAM International introduces premier cementable toe sleeve

TAM International has introduced a new technology, the TAM PosiFrac Toe Sleeve (PTS), as a part of its PosiFrac product line. ...

Transocean appoints Jeremy D. Thigpen as President and CEO

Transocean Ltd. has named Jeremy D. Thigpen as the President and CEO effective Apr. 22. ...

Baker Hughes reports 20% lower revenue, expects continued rig count drop

HOUSTON – The downdraft in the rig count looks set to continue as “unfavorable market conditions” persist throughout the second quarter, Baker Hughes said Tuesday as the company unveiled its first quarter results. First quarter 2015 revenue was $4.6 billion, down 20% from the like period last year. ...

IHS CERAWeek 2015: Exxon Mobil's Tillerson says to “settle in” to lower price environment

Exxon Mobil CEO Rex Tillerson said that industry participants should accept the low pricing environment, as vast new sources of supply—especially in North America—reflect the dramatic transformation in the oil and gas landscape. ...

IHS CERAWeek 2015: Exxon Mobil's Tillerson says to “settle in” to lower price environment

Exxon Mobil CEO Rex Tillerson said that industry participants should accept the low pricing environment, as vast new sources of supply—especially in North America—reflect the dramatic transformation in the oil and gas landscape. ...

IHS CERAWeek 2015: Exxon Mobil's Tillerson says to “settle in” to different price environment

Exxon Mobil CEO Rex Tillerson said that industry participants should accept the low pricing environment, as vast new sources of supply—especially in North America—reflect the dramatic transformation in the oil and gas landscape. ...

IHS CERAWeek 2015: Exxon Mobil leader says to “settle in” to different price environment

The CEO of Exxon Mobil said that industry participants should accept the low pricing environment, as vast new sources of supply—especially in North America—reflect the dramatic transformation in the oil and gas landscape. ...

Exxon Mobil president calls for urgent action on U.S. LNG exports

The U.S. is at risk of losing economic opportunity and the ability to solidify its role as a global leader in energy production unless the government moves to approve LNG exports, Rob Franklin, president of ExxonMobil Gas and Power Marketing Company, said Monday. ...

Gazprom said to get EU antitrust complaint on gas this week

OAO Gazprom will get an antitrust complaint from the European Union as soon as Wednesday in a two-year-old probe into gas pricing that’s been delayed amid political tension in Ukraine, according to an EU official. ...

Operators to collaborate on Barents Sea exploration

Statoil, Eni Norge, Lundin Norway, OMV and GDF SUEZ will collaborate on solving operational tasks tied to exploration in the Barents Sea. ...

IHS CERAWeek 2015: Easy cash for oil industry to prolong slump, Occidental CEO says

Easy cash for oil explorers will prolong the supply glut that has slashed prices and profits by buoying companies that otherwise would shrink or die, said Occidental Petroleum CEO Stephen Chazen. ...

World’s biggest oil trader says crude price can’t drop much more

Vitol Group, the world’s biggest independent oil trader, said the cost of finding and pumping crude will prevent prices from dropping much lower than where they are now for prolonged periods. ...

Norway launches expanded licensing round

OSLO, Norway -- Norway’s Ministry of Petroleum and Energy has announced this year’s licensing round for the geologically well know areas on the Norwegian Continental Shelf—Awards in Predefined Areas (APA) 2015. ...

Norway launches new licensing round

OSLO, Norway -- Norway’s Ministry of Petroleum and Energy has announced this year’s licensing round for the geologically well know areas on the Norwegian Continental Shelf—Awards in Predefined Areas (APA) 2015. ...

Exxon president calls for urgent action on U.S. LNG exports

The U.S. is at risk of losing economic opportunity and the ability to solidify its role as a global leader in energy production unless the government moves to approve LNG exports, Rob Franklin, president of ExxonMobil Gas and Power Marketing Company, said Monday. ...

Statoil and majors to collaborate on exploration in Barents Sea

Statoil, Eni Norge, Lundin Norway, OMV and GDF SUEZ will collaborate on solving operational tasks tied to exploration in the Barents Sea. ...

Sen. Menendez, Congressman Pallone to introduce offshore drilling ban in Atlantic Ocean

On Monday, on the five-year anniversary of the Deepwater Horizon oil spill, Senator Bob Menendez and Congressman Frank Pallone have announced that they will introduce a bill to ban offshore dilling in the Atlantic Ocean. ...

Woodside withdraws from Rabat Deep permit offshore Morocco

Chariot has announced that its partner Woodside, in the Rabat Deep permit, offshore Morocco, has elected not to take operatorship and fund the drilling of an exploration well in return for an additional 25% equity stake. ...

Deep Sea Supply appoints new CEO

Deep Sea Supply's Board of Directors has appointed Jon Are Gummedal as new CEO of the company. ...

Senator plans Bill this year to lift U.S. oil export ban

U.S. Senator Lisa Murkowski, chairman of the Energy and Natural Resources Committee, plans to push for legislation this year that would remove the ban on crude-oil exports. ...

Iran oil return seen no closer as Obama seeks creative angle

The return of embargoed Iranian crude oil to global markets looks no more imminent than before President Barack Obama appeared to leave open the possibility of lifting most sanctions from the outset if a nuclear deal can be reached, BNP Paribas SA and UBS Group AG said. ...

Big oil courts consumer allies in battle to end U.S. export ban

In a quest to overturn the decades-old restrictions on exporting American crude, the oil industry is seeking the help of an unlikely ally: consumers. ...

Oil halts rally as U.S. crude stockpiles seen exacerbating glut

Oil halted its advance above $57/bbl before U.S. government data forecast to show crude stockpiles expanded further from a record. ...

ABS appoints new CTO

ABS has appointed Howard Fireman to the position of Senior V.P. and Chief Technology Officer (CTO) in a move that strengthens alignment and generates further synergies across all of ABS' technical programs. ...

Easy cash for oil industry to prolong slump, Occidental CEO says

Easy cash for oil explorers will prolong the supply glut that has slashed prices and profits by buoying companies that otherwise would shrink or die, said Occidental Petroleum CEO Stephen Chazen. ...

BP readies defenses as oil industry responds to Shell’s BG raid

As the oil industry takes stock of Royal Dutch Shell’s $70 billion move for BG Group, one company has more to chew on than most. ...

IHS CERA Week 2015: "Time to lift sanctions against crude oil exports"

HOUSTON -- On the opening day of IHS CERAWeek, Sen. Lisa Murkowski (R-Alaska), Chairman of the U.S. Senate Energy and Natural Resources Committee, told attendees at the annual energy conference that “now is the prime time to make lasting improvements” in U.S. Energy Policy. ...

Sen. Murkowski pursuing comprehensive energy bill, says time to lift the export ban

HOUSTON -- On the opening day of IHS CERAWeek, Sen. Lisa Murkowski (R-Alaska), Chairman of the U.S. Senate Energy and Natural Resources Committee, told attendees at the annual energy conference that “now is the prime time to make lasting improvements” in U.S. Energy Policy. ...

Atwood Osprey’s contract shortened by one year

...

Halliburton beats estimates, boosts job cuts after oil crash

Halliburton Co. beat analysts’ estimates and accelerated the pace of job cuts ahead of a planned $34.6-billion takeover of Baker Hughes Inc. ...

AGR awarded frame agreement with DEA

Global oil and gas service company AGR has announced the award of a well engineering and operational support services contract with DEA Norge. ...

Exxon and employees donate $10 million to Texas colleges, universities

Exxon Mobil and its employees are donating $10 million to higher education institutions across Texas as part of the ExxonMobil Foundation’s 2014 Educational Matching Gift Program. ...

Operators, governments commit to end routine gas flaring

Chief executives from major oil companies joined together with senior government officials from several oil-producing countries on Sunday to commit, for the first time, to ending the practice of routine gas flaring at oil production sites by 2030 at the latest. ...

Halliburton beats estimates as oil crash slows drilling

Halliburton Co., which is selling assets to win approval for its $34.6 billion takeover of Baker Hughes Inc., beat analysts estimates and reported a first-quarter loss after the crude market crash forced customers to slow drilling. ...

Eni doubles output in Egypt’s Western Desert

Eni has reached a record level of production—70,000 bopd—in Egypt's Western Desert, doubling its output in the area in just three years. The increase was mainly achieved thanks to the Melehia development lease, located 290 km west of Alexandria. ...

Operators, countries commit to end routine gas flaring

Chief executives from major oil companies joined together with senior government officials from several oil-producing countries on Sunday to commit, for the first time, to ending the practice of routine gas flaring at oil production sites by 2030 at the latest. ...

BG acquisition kick starts fulcrum year for mega gas: DW Monday

2015 may well be remembered as the year when natural gas truly announced itself as the major energy fuel source, according to Douglas-Westwood’s DW Monday. ...

Lundin Petroleum names new operations V.P.

...

Repsol in Algerian gas discovery

Repsol has made its third gas discovery in the Illizi basin, in the southeast of Algeria. ...

Karoon encounters oil at Echidna-1 well in Santos basin

Karoon Gas Australia has confirmed a 213 m gross oil column in the Echidna-1 exploration well from wireline pressure data across the Paleocene and Maastrichtian aged reservoir intervals. ...

Oil resumes rally on China stimulus as U.S. rig count declines

Oil resumed its rally as China took steps to stimulate its economy and drillers in the U.S. reduced the number of active rigs to the fewest since November 2010. ...

Colombia’s Ecopetrol may farm-out oil production stakes in 2015

Colombia’s state-controlled oil company Ecopetrol may farm-out some production assets as part of its effort to improve its portfolio, said Simon Gaviria, head of the National Planning Department. ...

Shale as world’s swing producer signals ‘jagged’ oil future

With OPEC ceding control for the first time since the 1980s, U.S. shale oil has been anointed the world’s new 'swing producer' by everyone from ConocoPhillips and Goldman Sachs Group to former Fed Chairman Alan Greenspan. ...

Sen. Murkowski welcomes BLM cleanup of six NPR-A legacy wells

U.S. Sen. Lisa Murkowski, R-Alaska, congratulated Bureau of Land Management (BLM) officials in Alaska, on Friday, for completing the cleanup of six legacy wells in the National Petroleum Reserve-Alaska (NPR-A). ...

U.S. Department of Transportation issues new crude-by-rail regulations

WASHINGTON, D.C. — The U.S. Department of Transportation (DOT) has announced a package of targeted actions that will address some of the issues identified in recent train accidents involving crude oil and ethanol shipped by rail. ...

U.S. Department of Interior seeks greater revenue from onshore leases

WASHINGTON, D.C. -- Secretary of the Interior Sally Jewell has announced that the Bureau of Land Management will open a public dialogue on potential changes to federal onshore oil and gas regulations. The changes concern increasing oil and gas royalty rates, rental payments, lease sale minimum bids, civil penalty caps and financial assurances. ...

U.S. Department of Transporation issues new crude-by-rail regulations

WASHINGTON, D.C. — The U.S. Department of Transportation (DOT) has announced a package of targeted actions that will address some of the issues identified in recent train accidents involving crude oil and ethanol shipped by rail. ...

GE faces ‘incredibly volatile’ oil market amid industrial shift

FAIRFIELD, Connecticut -- General Electric Co.’s sales of oilfield equipment fell in the first quarter as the slump in global crude markets weighed on the company’s accelerating return to its industrial roots. ...

Statoil chief says more oil deals likely after Shell-BG merger

WASHINGTON, D.C. -- The CEO of Norway’s largest oil producer said the industry will probably see more deals after Royal Dutch Shell’s $70 billion to BG, especially if crude prices remain depressed. ...

U.S. oil rigs slide for 19th week as record retreat drags on

Oil explorers idled rigs in U.S. fields for the 19th straight week, prolonging an unprecedented retrenchment in drilling. ...

Nearly 3 MMbbl of arctic oil delivered to Europe, Gazprom Neft says

The Kirill Lavrov tanker has delivered a new batch of ARCO arctic oil to Europe in its sixth shipment of oil, Gazprom Neft announced Friday. More than 2.9 MMbbl of oil have been extracted from Prirazlomnoye oil field since production began. ...

Cameron names Justin Rounce as V.P., Marketing and CTO

Cameron has announced that Justin Rounce has assumed the newly created position of V.P., Marketing and CTO. ...

TAM International establishes Norway office

TAM International, an independent oilfield services company providing inflatable and swellable packers to the oil and gas industry, has opened a new office in Norway to support the company’s current business and seek further growth. ...

Petrobras confirms productivity of Sergipe basin’s Farfan reservoirs

Petrobras has completed its formation test on well 3-BRSA-1286-SES, in concession BM-SEAL-11, in the ultra-deep waters of the Sergipe-Alagoas basin. ...

DNV GL forges ahead in enabling reduced subsea lead times

Steel forgings are important building blocks for subsea components and are often tailored to meet end-users’ specific requirements. This results in long delivery times and repeated follow-ups throughout the supply chain. ...

Petrobras discovers onshore oil in Espírito Santo basin

Petrobras has discovered an onshore oil accumulation in the Espírito Santo basin. ...

Petrobras reports new Amazon basin discovery

RIO DE JANEIRO -- Petrobras has discovered a new oil and gas accumulation in the Amazon basin, Block AM-T-84. ...

Santos nears start of $18.5-billion Gladstone LNG project

Santos Ltd. expects its $18.5-billion LNG project in Australia to start production in about five months, pushing the country closer to becoming the world’s largest supplier of the fuel. ...

BG Norge strikes out near Knarr field

BG Norge AS, operator of production license 373 S, is completing the drilling of exploration well 34/3-5, located approximately five km southeast of Knarr field in the Northern North Sea. The well is dry. ...

TAM International establishes Norway office in response to Regional Growth

TAM International, an independent oilfield services company providing inflatable and swellable packers to the oil and gas industry, has opened a new office in Norway to support the company’s current business and seek further growth. ...

Cameron names Justin Rounce as V.P., Marketing and Chief Technology Officer

Cameron announced that Justin Rounce has assumed the newly created position of V.P., Marketing and Chief Technology Officer (CTO), effective March 23, 2015. ...

Aker Solutions and Fjords processing form Alliance

Aker Solutions and Fjords Processing have formed an alliance to develop technology and capabilities for advanced, cost-effective wellstream separation and treatment solutions for the subsea and topside oil and gas industry. ...

Petrobras confirms good productivity of Sergipe Basin’s Farfan reservoirs

Petrobras announces it has completed the formation test (evaluation of an oil deposit’s potential) on well 3-BRSA-1286-SES (ANP nomenclature), located in concession BM-SEAL-11, in ultra-deep waters of Sergipe-Alagoas Basin. ...

Schlumberger profit falls, announces 11,000 additional job cuts

Schlumberger Ltd. reported its lowest first-quarter profit in four years and announced further 11,000 job cuts after customers slashed spending in response to tumbling crude prices. ...

Iran oil could hurt U.S. production if domestic sanctions remain

U.S. Sen. Lisa Murkowski, R-Alaska, drew attention to the potential impact that ending sanctions against Iran could have on U.S. production if the outdated prohibition on exporting domestic crude oil is not also lifted. ...

Schlumberger to cut 11,000 additional jobs

HOUSTON -- Schlumberger has announced it will ax another 11,000 workers, the Houston Chronicle has reported. ...

Oil rises to four-month high on speculation production slowing

NEW YORK (Bloomberg) -- Oil rose to the highest level in almost four months on speculation that slowing production will ease a supply glut. ...

Huisman’s first hybrid boom crane nears completion

Huisman has started final factory acceptance testing of its first 900-mt Rope Luffing Knuckle Boom Crane, now called the ‘Hybrid Boom Crane’, at the quayside of the Huisman China Production facility in Zhangzhou. ...

Shale wells turn to cash gushers as costs fall

The profitability of some U.S. shale wells at current prices will almost double as cost cutting and technology turns them into cash gushers despite oil’s crash. ...

ONGC breaks with Big Oil to invest $176 billion to increase reserves

India’s Oil and Natural Gas Corp., grappling with aging fields, is prepared to sacrifice profits by retaining a plan to pump 11 trillion rupees ($176 billion) into a search for reserves despite the slump in crude. ...

ONGC breaks with Big Oil to invest

India’s Oil and Natural Gas Corp., grappling with aging fields, is prepared to sacrifice profits by retaining a plan to pump 11 trillion rupees ($176 billion) into a search for reserves despite the slump in crude. ...

Petrofac develops maintenance program for Nexen's Golden Eagle field

Petrofac has completed a project for Nexen Petroleum UK Ltd.’s Golden Eagle Development Area, delivered through its Plant Asset Management consulting business. ...

Valemon officially opened, Statoil says

NORTH SEA -- Norway’s petroleum and energy minister, Tord Lien, has officially opened the Valemon gas and condensate field in the North Sea, Statoil announced Thursday. Expected recoverable reserves from the field are 192 MMboe. ...

EPA highlights decline in methane emissions from natural gas production

A new EPA report shows continued decline in methane emissions from natural gas production, as operators capture and deliver more natural gas to consumers, the American Petroleum Institute (API) said. ...

TGS, Dolphin to conduct survey in Western Barents Sea

TGS has signed a joint venture agreement with Dolphin Geophysical to acquire 4,500 km2 of 3D multi-client seismic data over the western part of the Hammerfest basin in the Barents Sea. ...

Saudi Arabia adds half a Bakken to global oil market in a month

Saudi Arabia led a surge in OPEC crude oil production in March. ...

Iona Energy announces Huntington back onstream

Iona Energy has announced that the four production wells at Huntington field in the UK North Sea are now fully back onstream. ...

Technip bags FEED contract for China’s first two tension leg platforms

Technip and its consortium partner China Offshore Oil Engineering Company (COOEC) have been awarded a FEED contract by CNOOC Ltd. or two tension leg platforms (TLPs) for the Liuhua 11-1 and 16-2 joint development project located in the South China Sea. ...

GEA delivers first retrofit plant for the treatment of drain water

With two centrifuge skids for the treatment of so-called drain water, GEA's Business Unit Mechanical Separation has recently delivered the first retrofit plant. ...

Hydro Group, EnerMech join forces to develop new product innovation

Hydro Group, subsea cable and connector specialist, has teamed up with EnerMech, a mechanical engineering group, to launch an innovative new product offering to the market. ...

Upstream MandA activity takes $2 billion slump in March 2015, GlobalData says

Merger and Acquisition (MandA) values in the upstream oil and gas sector decreased significantly to $829.8 million in March 2015, compared with $2.9 billion in the previous month, according to research and consulting firm GlobalData. ...

U.S. oil output keeps climbing even as producers drill fewer wells

HOUSTON (Bloomberg) -- The U.S. keeps pumping oil at a near-record pace, in spite of the collapse in prices over the past year and cutbacks in drilling. ...

Oil rises to 2015 high as data signals end of U.S. supply surge

NEW YORK (Bloomberg) -- Oil surged to the highest level of the year, as a break in the U.S. shale boom signaled a potential easing of the biggest supply glut since 1930. ...

U.S. becoming net energy exporter for first time since 1950s

NEW YORK (Bloomberg) -- The U.S. government said for the first time that the nation will become a net energy exporter within 15 years as the shale boom bolsters crude oil production. ...

Anadarko may sign Mozambique gas-supply deals in coming months

MAPUTO, Mozambique (Bloomberg) -- Anadarko Petroleum Corp. may soon close sales accords, enabling it to this year authorize a Mozambican project that has the potential to make the nation a top-three liquefied natural gas exporter, a company official said. ...

Regulations breached in Mærsk Giant lifeboat incident, PSA Norway finds

The investigation by Petroleum Safety Authority Norway (PSA) into the unintentional launch of a lifeboat on Mærsk Giant has been completed, with several breaches of the regulations identified. ...

Mexico’s first bidding round struggling to remain attractive, GlobalData says

While the latest revisions to the terms for shallow water areas in Mexico’s first licensing round have increased the attractiveness of the Production Sharing Agreement terms by improving the contractor’s upside potential, the benefits remain significantly limited at higher prices compared to other fiscal regimes in the Americas, says an analyst with GlobalData. ...

Arcticgas brings Yaro-Yakhinskoye field onstream

OAO Novatek has announced that Arcticgas—a joint venture between Novatek and Gazprom Neft—has launched Yaro-Yakhinskoye field, which is the third field launched into commercial production by this joint venture. ...

Gazprom Neft continues evaluating Siberian fields

Gazprom Neft has begun the drilling of three exploratory wells at its Chonsky project in Eastern Siberia—one each at its Ignyalinsky, Vakunaysky and Tympuchikansky fields. ...

KrisEnergy's Rossukon-3 well hits oil, gas offshore Thailand

KrisEnergy has announced that the Rossukon-3 exploration well in G6/48 in the Gulf of Thailand has encountered oil and gas bearing sandstones. ...

Amec Foster Wheeler bags BP operations, maintenance contract

Amec Foster Wheeler has been awarded a contract by BP to provide operations, maintenance and project support for the Forties Pipeline System and the Central Area Transmission System terminal in Teesside, northeast England. ...

Supermajors Q1 earnings to be the weakest in recent memory: Douglas-Westwood

Despite major cost reduction measures, first quarter 2015 earnings for supermajors are expected to be the weakest in recent memory, reports Douglas-Westwood in its 'DW Monday' report. ...

LGO spuds first well of 2015 Goudron program

LGO has started drilling the first well in its 2015 seven-well development program at Goudron field in Trinidad. ...

Southern England oil discovery estimates wildly optimistic, GlobalData says

The recent announcement by UK Oil and Gas Investments that there could be up to 100 Bbbl of oil onshore beneath the South of England, following its discovery at a well near Gatwick airport, is wildly optimistic, says an analyst with GlobalData. ...

Oil CEO wages immune to price slump as shareholders vote on pay

Oil’s plunge has forced the world’s biggest energy producers to lay off workers and stall projects. Their CEOs have so far proved immune. ...

IEA sees OPEC supply jumping most in four years on Saudi surge

OPEC production climbed by the most in almost four years as Saudi Arabia, Iraq and Libya boosted output amid a stronger outlook for global oil demand, according to the International Energy Agency. ...

Amec Foster Wheeler bags $73-million contract from BP in North Sea

Amec Foster Wheeler has been awarded a contract by BP to provide operations, maintenance and project support for the Forties Pipeline System, which includes the Unity offshore platform and onshore pumping stations in Aberdeenshire and Perthshire; and the Central Area Transmission System terminal in Teesside, north-east England. ...

Swiber secures $133 million EPIC contract in India

Swiber Holdings has secured a $133 million contract, the third major award in India in the last three months, for engineering, procurement, installation and construction (EPIC) services in India. ...

Supermajor's first quarter 2015 earnings to be the weakest in recent memory: Douglas-Westwood

Despite major cost reduction measures, first quarter 2015 earnings for supermajors are expected to be the weakest in recent memory, reports Douglas-Westwood in its 'DW Monday' report. ...

Federal energy forecast shows need for 'all-of-the-above': API

The latest U.S. Energy Information Administration's Annual Energy Outlook shows that America’s oil and natural gas production will continue to grow as U.S. consumers demand more energy in the decades ahead, said API. ...

KrisEnergy's third Thailand well hits oil and gas

KrisEnergy has announced that the Rossukon-3 exploration well in G6/48 in the Gulf of Thailand has encountered oil and gas bearing sandstones. ...

VAALCO brings Gabon's Etame 12-H well online

VAALCO Energy has announced first production from Etame 12-H, a development well drilled from the Etame platform offshore Gabon. ...

Oil reaches one-week high on speculation output growth slowing

NEW YORK (Bloomberg) -- Oil rose to a one-week high, amid speculation U.S. production growth is slowing. ...

Gazprom plans $4 billion extra spending in 2015 to target China

MOSCOW (Bloomberg) -- Russia’s natural gas exporter is planning $4 billion of additional investments this year to prepare for the start of supplies to China as the European Union snubs a proposed pipeline across the Black Sea. ...

Iran joins OPEC member Libya calling on group to cut oil output

TEHRAN (Bloomberg) -- Iran became the second OPEC member this month to call on the group to reduce oil production ahead of its June meeting amid a global oversupply that’s cut crude prices by almost half. ...

Oil-rich nations selling assets at record pace

LONDON (Bloomberg) -- In the heady days of the commodity boom, oil-rich nations accumulated billions of dollars in reserves they invested in U.S. debt and other securities. They also occasionally bought trophy assets, such as Manhattan skyscrapers, luxury homes in London or Paris Saint-Germain Football Club. ...

Deloitte Center for Energy Solutions names Andrew Slaughter as new executive director

HOUSTON -- Deloitte has appointed Andrew Slaughter as its new executive director for The Deloitte Center for Energy Solutions. ...

IFR forms Mexican subsidiary to develop potential oil and gas assets

HOUSTON -- International Frontier Resources Corporation has formed a Mexican subsidiary, Petro Frontera S.A.P.I de CV (Frontera). ...

Eco-Engineering Solutions selects Paradigm Sysdrill for well planning and drilling engineering

HOUSTON -- Paradigm has announced that Eco-Engineering Solutions, an independent, Houston-based provider of consulting and outsourcing services for drilling engineering and well operations, has adopted Sysdrill, the Paradigm well planning and drilling engineering software solution, for the delivery of drilling support services to its customers. ...

Sakhalin-1 sets new extended reach drilling record, Rosneft says

MOSCOW, Russia -- Rosneft, as part of Sakhalin-1 consortium, has finished drilling the world’s longest well—production well O-14—at Chayvo field. ...

Bibby Offshore christens new IRM vessel in Norway

Bibby Offshore officially christened the IRM (inspection, repair and maintenance) light construction vessel Olympic Bibby at the Kleven Shipyard, Norway, on April 9. ...

Wood Group secures 5-year EnQuest contract

Wood Group PSN has been awarded a five-year contract by EnQuest to provide engineering, design, construction, procurement and commissioning services to the Thistle, Heather and Northern Producer offshore assets in the North Sea. ...

Lundin reports first oil from Malaysia’s Bertam field

Lundin Petroleum’s wholly owned subsidiary Lundin Malaysia achieved first oil from Malaysia's Bertam field on April 5, the company announced Tuesday. ...

Sakhalin-1 sets fastest extended reach drilling record

Rosneft, as part of Sakhalin-1 consortium, has successfully completed drilling of the world’s longest well at the Chayvo field. ...

Technip wins subsea contract on Triton FPSO

Technip has been awarded a brownfield subsea contract for the Triton FPSO vessel, operated by Dana Petroleum, located in the central North Sea. ...

NEB launches online Pipeline Incident Map for Canada

The National Energy Board (NEB) has launched an online interactive Pipeline Incident Map that offers Canadians the opportunity to view all pipeline incidents in Canada since 2008. ...

NEB launches online Pipeline Incident Map in Canada

The National Energy Board (NEB) has launched an online interactive Pipeline Incident Map that offers Canadians the opportunity to view all pipeline incidents in Canada since 2008. ...

Bibby Offshore christens its new IRM vessel in Norway

Bibby Offshore officially christened the IRM (Inspection Repair and Maintenance) light construction vessel, the 'Olympic Bibby', at the Kleven Shipyard, Norway, on Thursday. ...

Yemen LNG halts production as fighting worsens security at plant

Yemen halted output and exports from the country’s sole LNG plant as fighting in the area worsens. ...

Industry has led safety improvements for blowout preventers: API

American Petroleum Institute Upstream Group Director, Erik Milito, said that, proposed federal regulations released on Monday for well control and blowout preventers (BOPs) follow upon wide-ranging work by industry to improve offshore safety. ...

IADC welcomes BSEE proposed rule on BOP, well control requirements

IADC President and CEO Stephen Colville said, “IADC welcomes regulation that is both sensible and transparent and we are very interested in the opportunity to work with BSEE on regulation that enables operations while protecting our people and the environment." ...

UKOG acquires 100% interest in Weald basin PEDL126 onshore license

UKOG has completed the acquisition from Magellan Petroleum of a 40% interest in the Weald basin onshore licence PEDL126, containing the Markwells Wood-1 Great Oolite oil discovery. UKOG's interest in PEDL126 is now 100%. ...

Shale oil boom seen ending in May following price collapse: EIA

The shale oil boom that pushed U.S. crude production to the highest level in four decades is grinding to a halt. ...

Shale oil boom seen ending in May following price collapse

The shale oil boom that pushed U.S. crude production to the highest level in four decades is grinding to a halt. ...

Obama admin releases draft offshore well control regulations

U.S. Secretary of the Interior Sally Jewell has unveiled proposed regulations for offshore well control. The measures include more stringent design requirements and operational procedures for critical well control equipment used in offshore operations. ...

OPEC seen wrong by Oman to target market share over oil price

OPEC is making a mistake by seeking to preserve its share of global crude sales amid a global production glut instead of trimming output to prop up prices, Oman’s oil minister said. ...

Cash flow breakevens down by $20, but low prices will need deeper cuts: Wood Mackenzie

The rapid and aggressive response by oil and gas companies to low oil prices has stabilized the sector. According to Wood Mackenzie, the price required for companies to be cash flow neutral in 2015 has dropped by over $20/bbl to $72/bbl. ...

Noble Energy adds acreage in the Falklands

Noble Energy has acquired a 75% interest in, and operatorship of, the PL001 License in the North Falkland basin from Argos Resources Limited, the Houston-based company said Monday. ...

Volant launches DeltaTORQ Rings

The Volant Group of Companies has announced the DeltaTORQ Ring (DTR), which was developed to provide additional torsion capacity in casing and tubing connections for the upstream market. ...

Statoil makes another gas discovery in Aasta Hansteen area

Statoil, together with its partners in PL602, has made a gas discovery in the Roald Rygg prospect in the Norwegian Sea. This is the second discovery made by Statoil in the Aasta Hansteen area in Spring 2015. ...

Delmar Systems installs new spooling unit in Karratha, Western Australia

Delmar Systems has installed a new 170 mT state-of-the-art spooling unit at its equipment yard in Karratha, Western Australia, to support mooring-related operations. ...

Polarcus marks halfway point on Capreolus survey

Polarcus has reached the 50% completion milestone in the acquisition of the Capreolus 3D multi-client project, the largest single 3D survey ever acquired offshore Australia, the company announced Monday. ...

Subsea 7 bags $200-million contract offshore Brazil

Subsea 7 has been awarded a contract worth approximately $200 million with a duration of approximately two years. ...

BP standardizes on Schlumberger technology for new global software platform

Schlumberger has announced that the Petrel EandP software platform will support BP’s new digital technology roll out. ...

Ithaca Energy reports 8,000 boed flow test from new Stella field well

Ithaca Energy has completed flow test operations on the fifth and final development well on Stella field, with the well achieving a flow rate of over 8,000 boed, the company announced Monday. ...

Ithaca Energy’s Stella field flow test nets 8,000 boed

Ithaca Energy has completed flow test operations on the fifth and final development well on Stella field, with the well achieving a flow rate of over 8,000 boed, the company announced Monday. ...

TGS cuts 10% of workforce in cost reduction program

TGS has announced a cost reduction program, which will include cutting more than 10% of the company’s global workforce, in response to the deterioration of the market for seismic data seen in the first quarter of 2015. ...

Oil bulls boost wagers by most since ‘10 as output seen peaking

Speculators increased bullish oil bets by the most in more than four years, wagering that the U.S. production boom is slowing. ...

Jee secures subsea integrity management contract with E.ON EandP

Jee Ltd., an independent multi-discipline subsea engineering and training firm, has secured a contract with E.ON Exploration and Production, to deliver subsea integrity management and engineering services for its North Sea assets. ...

Greenpeace climbers leave Shell's Arctic-bound oil rig

The six climbers who safely intercepted, scaled, and set up camp on an Arctic-bound Shell oil drilling rig in the Pacific came down on Apr. 11, after spending almost a week on the 38,000 tonne platform. ...

Subsea 7 bags $200 million worth contract offshore Brazil

Subsea 7 has been awarded a contract worth approximately $200 million with a duration of approximately two years. ...

Statoil hits gas in Roald Rygg prospect in Norwegian Sea

Statoil, together with PL602 partners has made a gas discovery in the Roald Rygg prospect in the Norwegian Sea. ...

Delmar Systems installs new spooling unit in Karratha, WA

Delmar Systems has installed a new 170 mT state-of-the-art spooling unit at its equipment yard in Karratha, Western Australia to support mooring-related operations. ...

Volant launches DeltaTORQ rings for casing and tubing connections

The Volant Group of Companies has launched the DeltaTORQ Ring (DTR) which is developed to provide additional torsion capacity in casing and tubing connections for the upstream market. ...

BP to use Schlumberger technology for new global software platform

Schlumberger has announced that the Petrel EandP software platform will support BP’s new digital technology roll out. ...

BOEM kicks off formal review of Shell's Arctic drilling plan

The U.S. Bureau of Ocean Energy Management (BOEM) deemed Shell Gulf of Mexico, Inc.’s revised multi-year Chukchi Sea exploration plan (EP) as ready for a formal review Friday and invited the public to submit their views on the plan. ...

GE’s pivot from finance sets up oilfield deals

Jeffrey Immelt, poised for the biggest restructuring push on his watch at General Electric Co., is plotting acquisitions to complement an industrial portfolio spanning jet engines and locomotives to oilfield equipment. ...

U.S. rigs fall below 1,000 for first time since ’09: Baker Hughes

HOUSTON – The U.S. rig count has dropped below 1,000 for the first time since September 2009, according to the latest data from Baker Hughes. ...

Inventory of uncompleted wells offers opportunities for some operators: IHS

Faced with continued market uncertainty due to falling oil prices in late 2014, U.S. oil producers operating in shale plays, such as the Eagle Ford in south Texas, have built a large inventory of nearly 1,400 drilled but uncompleted wells that are now driving the investment focus for many operators. ...

Uncompleted wells offer opportunities for handful of operators, IHS says

Faced with continued market uncertainty due to falling oil prices in late 2014, U.S. oil producers operating in shale plays, such as the Eagle Ford in south Texas, have built a large inventory of nearly 1,400 drilled but uncompleted wells that are now driving the investment focus for many operators. ...

Cobalt abandons well in deepwater GoM due to riser failure

Cobalt International Energy has plugged and abandoned its North Platte #2 appraisal well in the deepwater Gulf of Mexico due to a seal failure in the riser connection system. ...

Inpex awards Ichthys LNG contract to Petrofac

Petrofac has been awarded an Integrity and Maintenance Program Development contract by Inpex for the Ichthys LNG Project. ...

Offshore operations safer than ever, API says

Advances in technology, standards and practices in the last five years have made America’s offshore oil and natural gas industry safer than ever, API President and CEO Jack Gerard told reporters on a press conference call Thursday. ...

Statoil, Siemens develop subsea hydraulic power unit

MUNICH, Germany -- Siemens and Statoil have jointly developed and qualified a subsea hydraulic power unit for use in offshore oil and gas fields in order to provide hydraulic power right at the well site. ...

Woodside completes deal on Apache Corp.’s Kitimat LNG stake

PERTH, Australia -- Woodside entered into a binding transaction with Apache Corp. in December to acquire Apache’s Australian Wheatstone LNG and Balnaves oil interests and Kitimat LNG project interests in Canada, for an aggregate purchase price of $2.75 billion and an expected closing adjustment of approximately $1.0 billion. ...

DeepOcean wins Statoil SURF contract

DeepOcean AS, a subsidiary of DeepOcean Group Holding BV, has been awarded the riser installation contract for the Kristin and Heidrun platforms by Statoil. The modification of these platforms is required in preparation of a possible tie-back from the near-by Maria-development in the Norwegian Sea that is operated by Wintershall. ...

Total makes discovery east of North Sea’s Skirne field

Total EandP Norge AS, operator of production license 627, is about to complete the drilling of wildcat well 25/6-5 S. ...

Latest China plan for emergency oil will hold 37 days of imports

China is seeking to hoard crude supplies equivalent to about 37 days of imports in its latest plan to build emergency stockpiles amid a collapse in prices. ...

U.K. industrial output barely rises as oil and gas declines

U.K. industrial production rose less than economists forecast in February as stronger manufacturing output was offset by a drop in oil and gas. ...

Exports are last viable outlet for U.S. crude oversupply, says Platts

Current policies that limit exports of domestically produced U.S. crude oil could end the staggering growth of North America's oil sector amid the recent 'shale boom', according to 'Exports: Last Demand Standing,' a new study just released by Platts' analytics and forecasting unit Bentek Energy. ...

Cobalt abandons well in deepwater GoM due to riser faliure

Cobalt International Energy has plugged and abandoned its North Platte #2 appraisal well in the deepwater Gulf of Mexico due to a seal failure in the riser connection system. ...

Oil heads for 4th weekly gain as Iran disputes nuclear framework

Oil headed for the longest stretch of weekly gains since February 2014 as Iran disputed the framework for a nuclear deal with world powers that would allow the OPEC member to boost crude exports. ...

WorleyParsons wins Equatorial Guinea Block R Project work from Ophir

WorleyParsons has inked an agreement with Ophir Equatorial Guinea Ltd. for provision of engineering and project management services for their Equatorial Guinea Block R Project - the Fortuna Project. ...

Baker Hughes suspends well count amid oil downturn

Baker Hughes Incorporated has suspended the quarterly publication of the U.S. onshore well count, the company announced Thursday. ...

Argentina files criminal charges against Falklands explorers

Argentina has filed criminal charges at the general prosecutor’s office in Buenos Aires against oil companies Rockhopper Exploration Plc, Premier Oil Plc, Falkland Oil and Gas Ltd, Noble Energy Inc. and Edison International SpA, the Foreign Ministry said. ...

Libya official calls for OPEC output cut to make room for Iran

The Organization of Petroleum Exporting Countries should reduce crude production by at least 800,000 bpd in order to make room for a possible lifting of oil sanctions on Iran, a Libyan official said Thursday. ...

Terves commercializing second-generation disintegrating frac balls

Terves Inc. announced that more than 500 of its second-generation TervAlloy engineered disintegrating frac balls have been successfully deployed in horizontal frac completions in North America since their introduction in late 2014. ...

Ice-class LNG carrier SCF Mitre to operate under Shell charter

A naming ceremony was held in South Korea for SCF Mitre, the fourth vessel in a series of Atlanticmax-type LNG carriers built for Sovcomflot (SCF Group). The vessel, as with her sistership SCF Melampus, will be operated under a long-term charter to Royal Dutch Shell. ...

Statoil's Yeti prospect proves oil in Gulf of Mexico

Statoil has reported an oil discovery in its Miocene Yeti prospect in the Gulf of Mexico. ...

Saudi Arabia’s Muhanna sees oil recovering from ‘temporary’ drop

The decline in oil prices is “temporary,” and crude is steadying at $55–60/bbl amid stronger global demand, an adviser to Saudi Arabia’s oil minister said. ...

Bankers on wrong side of drillers' $26 billion hedge

For U.S. shale drillers, the crash in oil prices came with a $26 billion safety net. That’s how much they stand to get paid on insurance they bought to protect themselves against a bear market - as long as prices stay low. ...

BG scoop secures Shell’s deepwater, LNG status: Wood Mackenzie

"First mover advantage secures Shell industry leading positions in deepwater oil and LNG," says Tom Ellacott, V.P. of corporate analysis for Wood Mackenzie, reacting to the Shell BG deal. ...

Deferred completions slowing supply to U.S. market, Genscape says

The crude oil contango market in the U.S. has created a massive incentive to store oil and, while traditional storage hubs reach record high levels, Genscape analysts have identified a trend for operators to look to their own wells as an avenue to store oil until commodity market conditions improve. ...

Apache Corp. sells Australian operations for $2.1 billion

Apache Corporation has signed an agreement to sell its Australian subsidiary Apache Energy Limited to a consortium of private equity funds managed by Macquarie Capital Group Limited and Brookfield Asset Management for cash payment of $2.1 billion. ...

Nutech confirms major oil find under Southern England

UK Oil and Gas Investments has announced that U.S.-based Nutech Ltd estimates that the Horse Hill-1 (HH-1) well in the Weald basin has a total oil in place of 158 MMbbl per square mile, excluding the Upper Portland Sandstone oil discovery. ...

GE, Pertamina to partner in developing drilling solutions

GE has signed a Memorandum of Understanding with Pertamina Drilling Services Indonesia to cooperate in developing integrated solutions for oil, gas and geothermal equipment and services. ...

Total EandP Angola awards Kaombo contract to DNV GL

LUANDA, Angola -- Total EandP Angola has awarded the marine warranty services (MWS) contract for their flagship Kaombo project. ...

TGS, Polarcus sign LOA for 3D surveys in Northwest Europe

TGS has signed a Letter of Award (LOA) with Polarcus for the acquisition of 3,000 km2 of 3D seismic data in Northwest Europe, with a potential extension of up to a total of 7,000 km2. ...

PetroChina catches Exxon as world’s most-valuable oil company

PetroChina has passed Exxon Mobil as the biggest energy company by market value for the first time since 2010 on Thursday. ...

Drillers’ $26 billion oil-hedge gain spreads price-drop pain

For U.S. shale drillers, the crash in oil prices came with a $26 billion safety net. That’s how much they stand to get paid on insurance they bought to protect themselves against a bear market - as long as prices stay low. ...

Premier Oil spuds Isobel Deep well in Falkland Islands

Falkland Oil and Gas Ltd. has announced that the 14/20-1 Isobel Deep exploration well was spudded, by Premier Oil as operator, on Wednesday. ...

Center for Offshore Safety report highlights U.S. offshore oil and gas industry's safety performance

New data from industry operations and independent third-party audits reveals the U.S. offshore oil and natural gas industry's highest commitment to safety, according to the Center for Offshore Safety's (COS) first annual performance report published on Wednesday. ...

Apache sells its Australian operations for $2.1 billion; exits Australian market

Apache Corporation has signed an agreement to sell its Australian subsidiary Apache Energy Limited to a consortium of private equity funds managed by Macquarie Capital Group Limited and Brookfield Asset Management for cash payment of $2.1 billion. ...

Survivex to provide training management services to Hercules Offshore

Survivex, a health and safety training company, has signed a contract with Hercules Offshore for the provision of a fully outsourced Training Management Service (TMS). ...

Twiflex introduces new caliper brake for drill topdrive applications

Twiflex has launched the new T30 hydraulic pressure applied, modular caliper brake which is developed to meet the high performance and limited space requirements of oil and gas drill topdrive applications. ...

Oil slumps most in two months, as supply gain adds to record glut

NEW YORK (Bloomberg) -- Oil posted its biggest one-day slump in two months after U.S. crude inventories jumped the most in 14 years. ...

ABB opens automation and power service office in Louisiana

ABB has opened a new local service office near Lake Charles, Louisiana. The office will provide services and support for ABB’s automation and power portfolio. ...

If history is any guide, big deals signal oil market bottoming

LONDON (Bloomberg) -- Oil companies have a knack for picking the bottom in crude prices, and history may be about to repeat itself, as Shell's takeover of BG Group may be the first in a wave of mergers and acquisitions. ...

ConocoPhillips bets big on shale in shift to U.S. and Canada

HOUSTON (Bloomberg) -- ConocoPhillips is making a massive wager on the future of shale drilling, pledging to spend 50% more over the next three years, primarily in the U.S. and Canada, after crude prices fell by more than half. ...

Alfa Laval expands LNG solutions portfolio with DSME agreement

Alfa Laval has entered into a patent license agreement with Daewoo Shipbuilding and Marine Engineering (DSME) for the use of DSME’s patents on high pressure fuel gas supply systems. ...

Woodside hits gas offshore Western Australia

Woodside Petroleum's Pyxis-1 exploration well, in production license WA-34-L, has intersected approximately 18.5 m of net gas within its Jurassic sandstone target, the company announced Wednesday. ...

Pancontinental withdraws from Kenya's L10B Block

Pancontinental Oil and Gas has served a notice of withdrawal on BG Kenya L10B Ltd., the only remaining participant and operator of Kenya License L10B, from the joint operating agreement with BG and from the production sharing contract (PSC) governing the block. ...

Seismos secures $4 million funding for flow monitoring

Seismos Inc., a provider of real-time subsurface fluid flow monitoring for oil and gas production optimization, has secured funding of approximately $4 million to power its market rollout and product enhancement efforts. ...

Cortez Subsea signs alliance in Malaysia

Cortez Subsea has established its first foothold in the Malaysian oil and gas sector after signing an exclusive agreement with a major player to introduce its supply chain capabilities into the region. ...

Buying BG gives Shell solution to stranded Australian gas assets

Royal Dutch Shell is seeking an outlet for its natural gas reserves in Australia’s Queensland state. Its $70 billion purchase of BG Group provides a solution. ...

Saudi Arabia sees crude price rising as it boosts oil production

Saudi Arabia increased oil production in March to the highest in at least 12 years and expects crude prices to rise in the “near future,” according to oil minister Ali al-Naimi. ...

Iran oil deal to fan OPEC discord as Saudis defend market share

Saudi Arabia has impressed analysts and traders alike with its determination to keep oil flowing amid the selloff. Now the potential re-emergence of Iran as a global supplier, they say, will only deepen the country’s commitment to that tack. ...

Shell buying BG to ease Petrobras stress in key Brazilian arena

Royal Dutch Shell’s acquisition of BG Group not only increases access to deepwater fields in Brazil, but provides greater heft in dealings with Petroleo Brasileiro, the local partner mired in a graft probe. ...