Oil drilling retreat resumes in U.S. after two-week reprieve

Drillers sidelined rigs in U.S. oil fields for the first time in three weeks, resuming the steepest and most protracted decline in drilling on record. More »

Schlumberger job cuts paying off

Schlumberger Ltd. is beginning to reap some benefits from more than 20,000 job cuts announced this year to weather the oil-price crash. More »

U.S. rig count rally ends as driller cut six rigs, Baker Hughes says

The U.S. rig count has resumed falling with drillers idling six rigs this week, according to the latest data from Baker Hughes. More »

Oil set for longest run of weekly losses since January

Brent oil headed for the longest run of weekly declines since January, as ample inventories and an accord to ease sanctions on Iran suggested global markets will remain oversupplied. More »

Schlumberger profit falls 30% on oil price slump

Schlumberger’s second-quarter earnings fell 30% year-on-year as the downturn in the market continues to take its toll. More »

BOEM offers 22 million acres in Gulf of Mexico August lease sale

Bureau of Ocean Energy Management (BOEM) Director Abigail Ross Hopper announced Thursday that the bureau will offer approximately 21.9 million acres offshore Texas for oil and gas exploration and development in a lease sale that will include all available unleased areas in the Western Gulf of Mexico Planning Area. More »

Energy Transfer Equity agrees to Williams auction process

Energy Transfer Equity LP has signed a confidentiality agreement to participate in an auction for Williams Cos., the pipeline company that turned down its $48-billion takeover offer last month. More »

Subsea 7, KBR form alliance to deliver Concept and FEED services

Subsea 7 has formed an alliance with Houston-based KBR and its wholly owned subsidiary, Granherne Inc., to collaborate in the delivery of Concept and Front End Engineering and Design (FEED) services to the global offshore oil and gas industry. More »

Rush Lake thermal project starts production, Husky says

Husky Energy has commenced production at the Rush Lake heavy oil thermal project in Saskatchewan. First oil at the 10,000 bpd development was achieved eight weeks following the startup of steaming operations and just two years after project sanction. More »

Mexico’s only oil champs backed by Riverstone, BlackRock money

Sierra Oil and Gas, poised to become Mexico’s first private crude producer in seven decades, has never drilled a well. More »

Award of two blocks in Mexico’s round 1

Premier is pleased to announce that it, together with its JV partners Talos Energy and Sierra Oil and Gas, has been awarded Blocks 2 and 7 in Mexico’s Round 1 held in Mexico City on 15 July. The Blocks contain numerous leads in established and emerging plays, located in the shallow water Sureste Basin, a proven and prolific hydrocarbon province in the Gulf of Mexico. More »

U.S. oil rolls with OPEC’s blows as Brazil and Canada take hits

Eight months into OPEC’s plan to hit rival oil producers, the casualties are mounting. Surprisingly, the most resilient may be the one that triggered the fight: the U.S. More »

SBM Offshore divests stake in Turritella project

SBM Offshore has entered into an agreement with Mitsubishi Corporation (MC) and Nippon Yusen Kabushiki Kaisha (NYK Line) for the acquisition of a stake in the JV companies incorporated for the purpose of owning and operating FPSO Turritella. More »

ConocoPhillips cuts deepwater exploration spending, cancels drillship contract

ConocoPhillips is to reduce future deepwater exploration spending, with the most significant reductions coming from the company’s operated Gulf of Mexico program, the company said Thursday. More »

Nexen reports pipeline failure near Long Lake oil sands facility

Nexen Energy ULC is responding to an incident at its Long Lake oil sands facility south of Fort McMurray, Alberta, the company announced Thursday. More »

Halliburton introduces pulsed-neutron reservoir monitoring tool

Halliburton's Wireline and Perforating business has introduced the Reservoir Monitor Tool 3-Detector (RMT-3D) pulsed-neutron tool that helps solve for water, oil, and gas saturations within reservoirs using three independent measurements. More »

Big Oil to battle for Mexico’s deep crude after snub

International energy producers that sat out Mexico’s historic auction of oil and natural gas fields this week will be among the fiercest competitors for potentially massive deepwater prospects that go up for sale as soon as next month. More »

GE reaches milestone for Dominion's Cove Point

GE Oil and Gas (NYSE: GE) has announced the shipment of two liquefied natural gas (LNG) compressor trains being supplied for the development of Dominion’s Cove Point LNG export facility, currently under construction by IHI EandC International Corp. and Kiewit Energy Co. More »

Hexion releases new proppant that reduces produced water

Hexion's Oilfield Technology Group has announced the release of a new resin coated proppant technology. More »

Oil ‘El Dorado’ Iran can double output by 2020, former Eni CEO says

International oil companies will rush back to Iran after the removal of sanctions, helping the OPEC member double production by the end of the decade, according to former Eni SpA CEO Paolo Scaroni. More »

UK proposes regulations to allow fracing under national parks

The UK proposed new rules for hydraulic fracturing that would allow drillers to frac for oil and gas under national parks and UNESCO sites, drawing criticism from environmentalists who called the plan “outrageous.” More »

Enterprise sells Gulf of Mexico business to Genesis Energy for $1.5 bn

Enterprise Products Partners has executed definitive agreements to sell its offshore Gulf of Mexico pipelines and services business, which primarily consists of its Offshore Pipelines and Services business segment to Genesis Energy for approximately $1.5 billion in cash. More »

Russian majors well positioned for prolonged downturn, Wood Mac says

Russian major oil and gas companies are uniquely positioned to take advantage of the current macro-economic environment and favorable fundamentals, and to withstand any prolonged period of oil price weakness, according to the latest analysis from Wood Mackenzie. More »

Kristian Røkke appointed CEO of Akastor ASA

Akastor ASA’s board of directors has appointed Kristian Røkke as the company’s new CEO. Røkke will succeed Frank O. Reite, who will take the position of CFO at Aker ASA. More »

EMGS receives permits for Mexico survey

EMGS has received permits from Mexico's Comisión Nacional de Hidrocarburos (CNH) authorizing the acquisition of up to approximately 88,000 km2 of 3D EM multi-client data in the Salina de Itsmo basin. More »

Lundin installs topside modules for Edvard Grieg

Lundin Norway, a wholly owned subsidiary of Lundin Petroleum, has completed the installation of the topside modules on Edvard Grieg field, offshore Norway. More »

BHP shale writedown has some banks asking: Where’s the rest?

The size of BHP Billiton Ltd.’s $2.8-billion writedown for its U.S. shale assets took some banks by surprise: at least two thought it was too small. More »

Woodside sales slide 47% as gas trades near five-year low

Woodside Petroleum Ltd.’s sales fell by almost half in the second quarter amid falling energy prices and lower output of LNG. More »

Oil falls as inventories at biggest hub rise most since April

Oil fell to a three-month low after an Energy Information Administration report showed inventories at the biggest U.S. hub increased the most since April. More »

Global LNG market vital to grow Canada’s natural gas production

Canada needs to connect to global liquid natural gas (LNG) markets to avoid a decade of decline in natural gas production, the Canadian Association of Petroleum Producers said today in its 2015 natural gas forecast and LNG report. More »

Ensco CFO Jay Swent to retire

Ensco plc announced that EVP and CFO Jay Swent, 64, will be retiring, after more than 11 years of service. Mr. Swent will continue to serve in his current role until the succession process has been completed and a new CFO has been named. The completion of the succession process may extend into the first half of next year. More »

Russian liquids production hits record levels of 10.7 MMbpd

Russian oil and condensate production reached a new post-soviet record of 10.7 MMbpd in 2015 with condensate being a key driver, according to the latest analysis from Wood Mackenzie. More »

Shell to sell its equity interest in the Elba LNG JV to Kinder Morgan

Kinder Morgan and Shell have reached an agreement for Kinder Morgan to purchase 100% of Shell's equity interest in Elba Liquefaction Company (ELC), the owner of the Elba Liquefaction Project, which is proposed to be constructed and operated at the existing Elba Island LNG Terminal near Savannah, Georgia. More »

The Zeppelin exploration well, offshore Norway has been completed as a dry well

Lundin Petroleum announces that its wholly owned subsidiary Lundin Norway has completed wildcat well 10/4-1. The well was drilled in PL734, approximately 35 km southeast of the Yme field in the southern North Sea. More »

Oil majors shun Mexico auction with just two blocks sold

Fewer than half of the companies qualified to bid in Mexico’s first auction for offshore oil blocks have chosen to submit offers so far as that nation tries to entice foreign investment decades after seizing energy assets. More »

Blocks go unsold in Mexico offshore auction

The largest oil companies have chosen to skip bidding for blocks in Mexico, as that nation tries to entice foreign investment 77 years after seizing energy assets. More »

Exxon, Chevron, Total not bidding in Mexico oil auction

Exxon Mobil Corp., Chevron Corp. and Total SA weren’t among the nine bidders that presented offers in the final stage of Mexico’s first oil auction Wednesday, the National Hydrocarbons Commission announced in Mexico City. More »

Nigeria’s new president must reform oil sector to reverse production decline

Despite over 37 billion bbl remaining in proven reserves, oil production in Nigeria is forecast to falter due to underinvestment, with the country’s oil and gas sector in desperate need of reforms and transparency to reverse this trend, according to an analyst with research and consulting firm GlobalData. More »

ABB to provide power and automation solutions for oil fields off UAE coast

ABB has received orders from Hyundai Heavy Industries for electrical and telecommunication systems. More »

Cheap oil proves bad for the economy, so far

It's been about a year since oil prices started their historic drop, falling from above $100/bbl to a bottom of about $45 in March. After creeping back to around $60, prices are shaky again amid news of a nuclear deal with Iran and record Saudi production. More »

Sabine files for bankruptcy amid falling oil prices

Sabine Oil and Gas Corp., the Houston-based exploration and production company that merged with Forest Oil Corp. last year, filed for bankruptcy amid falling oil prices. More »

Even with the world's second-largest gas reserves, Iran is no Qatar

Natural gas made Qatar’s citizens the richest in the world within a generation. Even with bigger fuel reserves, Iran will struggle to follow its neighbor’s path. More »

Iraq’s kurds bypass state for oil exports on way to more control

Iraq’s self-ruled Kurds are bypassing the government in Baghdad and independently selling all the crude oil exported from their region for the first time as they take greater control of their own affairs. More »

Permian’s pancaked-layer rock makes it king of U.S. oilfields

Out in West Texas, the king of the U.S. oilfields is proving to be the safest investment for explorers. More »

Iran deal exacerbates Norway’s oil risks as supply set to swell

Norway’s oil industry, already struggling after crude prices collapsed last year, is being dealt another blow as an Iranian nuclear deal promises to boost global supply. More »

Keppel secures second liftboat order at $85 million

Keppel FELS has secured a contract from Crystal Heights to build a high specification liftboat worth $85 million. More »

Schlumberger first service contractor to receive SEMS certification

The Center for Offshore Safety (COS) today announced that Schlumberger is the first service/supply contractor to achieve the voluntary COS member certification of its safety and environmental management systems (SEMS). More »

‘Planning for the long-term should be the focus now’, says energy leaders

UK energy industry leaders must take action now, in order to capitalise on long-term opportunities according to a new white paper published by executive search specialists, FWB Park Brown. More »

IPAA: Iran deal a disadvantage to America’s oil producers

Independent Petroleum Association of America (IPAA) President Barry Russell released a statement Tuesday after the Obama Administration secured an agreement with Iran. More »

Rosneft and Statoil complete pilot drilling at the North-Komsomolskoye field

Rosneft and Statoil ASA have completed drilling works as part of the Pilot Project at the PK1 layer of the North-Komsomolskoye field. More »

Oilfield chemicals market reached $25 billion in 2014, but growth slowing due to oil price declines

Driven in large part by the rapid expansion of shale oil and gas drilling and production in North America, the world market for oil field specialty chemicals reached $25 billion in 2014, but significant declines in oil price have dampened the demand outlook for oil field chemicals. More »

New study shows correlation between fracing and dropout rates

Jobs offering low-skilled American teenagers a chance to earn big bucks in the shale oil and gas industry also made it less attractive to finish high school, causing a jump in dropout rates, a new study showed. More »

Wireless Seismic, Inc. and FairfieldNodal settle lawsuit

The Federal District Court in Houston dismissed all of FairfieldNodal’s claims against Wireless Seismic. More »

Rosneft and Statoil completed pilot drilling at the North-Komsomolskoye field

Rosneft and Statoil ASA have completed drilling works as part of the Pilot Project at the PK1 layer of the North-Komsomolskoye field. More »

Port Fourchon begins Slip D construction

GALLIANO, Lousiana – The dredging contractor for the Greater Lafourche Port Commission's Northern Expansion Slip D Bucket Dredge project has begun excavating a new channel in Port Fourchon's expansion area. More »

Alberta must do more on climate for Quebec pipeline

Quebec will only support TransCanada Corp.’s Energy East pipeline if it generates jobs for the province and if Alberta does more to protect the environment, Premier Rachel Notley said. More »

South Pars phase 1 output increases by 500 MMcfd to 1 Bcfd

More »

Range Resources progresses with onshore Trinidad Canari North exploration

TRINIDAD -- Range Resources reports progress on its upcoming Canari North exploration well on the Guayaguayare Block onshore Trinidad. More »

NPD issues well permit to Lundin for wildcat well

The Norwegian Petroleum Directorate has granted Lundin Norway AS a drilling permit for well 7220/6-2, cf. Section 8 of the Resource Management Regulations. More »

Oil field chemicals reached $25 billion in 2014, but growth slowing due to oil price declines

Driven in large part by the rapid expansion of shale oil and gas drilling and production in North America, the world market for oil field specialty chemicals reached $25 billion in 2014, but significant declines in oil price have dampened the demand outlook for oil field chemicals. More »

WPX expands into Permian with $2.75 billion RKI deal

WPX Energy Inc., the oil and gas explorer spun off from Williams Cos., has agreed to buy closely held RKI Exploration and Production LLC for $2.35 billion. More »

Drilling permit for well 7220/6-2 in production license 609

The Norwegian Petroleum Directorate has granted Lundin Norway AS a drilling permit for well 7220/6-2, cf. Section 8 of the Resource Management Regulations. More »

Mexico battles bad timing in first sale of oil fields since 1930s

Mexico waited 77 years to invite foreign oil producers back into its borders. That was one year too many. More »

What does Iran’s nuclear deal mean for the global crude oil markets?

The nuclear accord reached in Vienna could eventually reshape global oil markets. After almost two years of talks, the holder of the world’s fourth- biggest crude reserves will benefit from an easing of international sanctions. More »

Drilling permit for well 7220/6-2 in production licence 609

The Norwegian Petroleum Directorate has granted Lundin Norway AS a drilling permit for well 7220/6-2, cf. Section 8 of the Resource Management Regulations. More »

Shale oil output heads for record drop after U.S. drilling swoon

Shale fields that powered the U.S. energy renaissance will suffer the biggest drop in output since the boom began after companies pulled more than half their drilling rigs. More »

Accelerating shale gas declines show supply held hostage by oil

After four years of record supply, natural gas output is showing signs of weakness as producers pull back amid tumbling oil prices. More »

Mexico battles bad timing in 1st sale of oil fields since 1930s

Mexico waited 77 years to invite foreign oil producers back into its borders. That was one year too many. More »

Shale output heads for record drop after drilling swoon

Shale fields that powered the U.S. energy renaissance will suffer the biggest drop in output since the boom began after companies idled more than half their drilling rigs. More »

Bureaucrats go hungry as Nigerian oil crisis hobbles economy

The plight of the Umeadis and others who haven’t received wages has hit everything from local shops to the banking industry in Africa’s biggest economy, in which about a third of the formal workforce of 11 million is employed by the state, according to Renaissance Capital. More »

BG ships first LNG from Queensland Curtis Train 2

BG Group has started up and loaded its first LNG from the second production train at the Queensland Curtis LNG (QCLNG) facility in Australia. More »

PDO and Glasspoint to build 1 GW solar plant for enhanced oil recovery

Petroleum Development Oman (PDO) and GlassPoint Solar have announced plans to build one of the world’s largest solar plants. More »

TGS announces new multi-client 3D program in Flemish Pass basin

TGS announces a new multi-client 3D survey offshore Eastern Canada with plans to acquire approximately 4,300 km² of seismic data. This survey is conducted in partnership with PGS. More »

Black Hills buys GE-backed SourceGas for $1.89 billion

Black Hills Corp. agreed to buy natural gas distributor SourceGas Holdings LLC in a deal that will boost the South Dakota utility’s customer base and cut its exposure to unregulated power markets. More »

Ruble weakens as oil drop offsets Greek deal

The ruble weakened for the first time in three days as declining prices for crude, Russia’s main export earner, offset investor optimism after Greece reached a deal with creditors. More »

Argentina plans up to $784.3 million in bonds for oil companies

Argentina plans to issue as much as $784.3 million of bonds to pay debt owed to oil producers that participated in a program designed to encourage companies to boost output. More »

Oil bulls’ will broken as roiled economies pose risk to growth

Speculators retreated from bullish oil bets at the fastest pace since 2012 on mounting concern that economic turmoil in Europe and Asia will prolong a supply glut. More »

Refiner Marathon to buy MarkWest Energy for $15.8 billion

The pipeline unit of refiner Marathon Petroleum Corp. plans to buy MarkWest Energy Partners LP, the second-largest U.S. processor of natural gas, for about $15.8 billion in stock and cash. More »

PEMEX selects ProSep to deliver crude blending project for Gulf of Mexico operations

Houston-headquartered ProSep, the oil, gas and water treatment specialist, has been awarded a contract with PEMEX to supply its ProBlend mixer technology. More »

Fugro provides integrity monitoring system for Berkut oil platform

Fugro delivered a bespoke structural monitoring system for Exxon Neftegas Ltd., as operator for, and on behalf of, the Sakhalin-1 Consortium, to monitor the structural integrity of its Berkut oil platform in the Arkutun Dagi field. More »

OneSubsea announces global alliance with Subsea 7

OneSubsea, a Cameron and Schlumberger company, announced today that they have signed an agreement establishing a worldwide non-incorporated alliance with Subsea 7 to jointly design, develop and deliver integrated subsea development solutions through the combination of subsurface expertise, subsea production systems (SPS), subsea processing systems, subsea umbilicals, risers and flowlines systems (SURF), and life-of-field services. More »

China retakes top oil-buyer spot from U.S. amid stockpiling

China regained its status from the U.S. as the world’s biggest crude oil importer as shipments surged to fill the Asian country’s strategic petroleum reserves. More »

Saudis pump record crude as OPEC sees stronger demand in 2016

Saudi Arabia told OPEC it raised oil production to a record as the organization forecast stronger demand for its members’ crude in 2016. More »

Saudi pumps record crude as OPEC sees stronger demand in 2016

Saudi Arabia told OPEC it raised oil production to a record as the organization forecast stronger demand for its members’ crude in 2016. More »

TGS, PGS partner for new multi-client 3D program in Flemish Pass basin

TGS has announced a new multi-client 3D survey offshore Eastern Canada with plans to acquire approximately 4,300 sq km of seismic data. This survey is conducted in partnership with PGS. More »

Liebherr delivers 1000th offshore crane order for Total

Liebherr Offshore Crane Division has almost completed another project with long-term partner Total. Three state-of-the-art ram luffing knuckle-boom cranes of the type RL-K 4200 will be delivered for Total’s Egina FPSO vessel. More »

Oil extends decline as Iran nuclear deal seen exacerbating glut

Oil extended its decline after its biggest weekly drop since March as investors weighed the prospects of Iran increasing crude exports in an oversupplied market. More »

Aqueos Corporation and Bibby Subsea to jointly provide subsea services

Aqueos Corporation and Bibby Subsea ROV have entered into a strategic alliance to jointly market their combined services to pursue subsea related projects in the Gulf of Mexico and other targeted regions. More »