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Saturday, 25 July 2015

False uptick: Baker Hughes U.S. oil rig count rises by 21

The total number of active U.S. rigs drilling for oil climbed by 21 rigs to 651, according to the latest weekly rig count data from Baker Hughes. Gas-directed drilling dropped by two rigs to 216, for a total U.S. rig count of 876, including one miscellaneous rig. More »

Friday, 24 July 2015

Encana slides to 13-year low as oil collapse brings job cuts

Encana Corp., the Canadian natural gas producer switching its focus to oil, fell to a 13-year low after second-quarter earnings missed analysts’ estimates. More »

KBR wins Fort Hills oil sands project contract

KBR has received an award associated with the Fort Hills oil sands mining project. KBR won a reimbursable contract to provide construction services at the facility located 90 km north of Fort McMurray, Alberta. More »

Cuadrilla to appeal planning refusals for UK shale sites

Cuadrilla plans to appeal Lancashire County Council’s (LCC) Development Control Committee’s decisions last month to refuse planning consent for two applications for temporary shale gas exploration sites. More »

API: Methane emissions are falling under existing regulations

The American Petroleum Institute (API) is to work with the Environmental Protection Agency (EPA) to improve the agency’s new voluntary program on methane emissions but has cautioned against duplicative regulations on oil and gas operations. More »

Tendeka expands in China with exclusive AICD agreement

Tendeka has signed a two-year agreement with Eternal Asia Supply Chain Management for the exclusive supply of its FloSure autonomous inflow control devices (AICDs) in China. More »

China answers Japan rig concern with joint-development offer

China repeated a call Friday for talks with Japan over joint development of gas and oil resources in contested waters in the East China Sea. More »

Brent drops below $55/bbl with U.S. crude in bear market

Brent crude dropped below $55/bbl for the first time in more than three months while U.S. prices traded in a bear market amid a persisting surplus. More »

NUTECH’s Reservoir Intelligence takes well analysis to next level

NUTECH offers an integrated set of proprietary technologies that takes Reservoir Intelligence to the next level by providing a comprehensive and evolving picture of a reservoir across the entire life cycle of an asset through screening five areas of expertise: petrophysics, core analysis, completion engineering, reservoir mapping and modeling, and reservoir engineering. More »

Oil turning back to bear erases $100 billion from shale drillers

Crude oil slipped back into a bear market Thursday, disappointing U.S. shale drillers that pinned their hopes on higher prices. More »

After deadly blast, 2.7 MMbbl of Pemex oil go missing

Petroleos Mexicanos seems to have misplaced 2.7 MMbbl of oil. More »

Thursday, 23 July 2015

Eni to weigh sale of Nigeria assets amid oil price drop

Eni SpA, Italy’s largest oil company, is considering selling part or all of its onshore Nigerian operations as it seeks to divest peripheral businesses amid a drop in oil prices. More »

Former Packers Plus worker sentenced over intellectual property theft

Packers Plus Energy Services (USA) Inc., along with its legal counsel King and Spalding, have won a legal victory regarding the theft of its intellectual property against Isaac Bruce Broussard, a former employee of the company’s Oklahoma City office. More »

Keystone pipeline delivers one billionth barrel of oil

TransCanada Corporation has safely delivered the one billionth barrel of Canadian and U.S. crude oil on the Keystone Pipeline System. More »

Cygnus module sets sail for southern North Sea

One of the largest oil and gas topsides built this year has set sail from Burntisland Fabrication’s Methil yard, near Edinburgh, Scotland. More »

CBandI wins $60-million oil sands maintenance contract

CBandI has been awarded a contract for approximately $60 million by a major energy company to provide maintenance services for three separate oil sands facilities in Alberta, Canada. More »

Statoil finds gas, condensate in North Sea's Julius prospect

Statoil and Total EandP Norge, its partner in PL146/PL333, have made a gas and condensate discovery in the Julius prospect, in the King Lear area of the North Sea. More »

Oil rigs left idling turn Caribbean into expensive parking lot

Imagine parking your $300 million boat for months out in the open sea, with well-paid mechanics hovering around it and the engine running. More »

Subsea tech helps solve riddle of lost World War II ship

An Aberdeen-headquartered firm has donated specialist subsea equipment to help solve one of the most tragic mysteries of the Second World War. More »

Statoil spuds first production well on Gina Krog field

Drilling of the first production well at Gina Krog field has started, just eight days after the rig arrived at the North Sea field. More »

Work ahead for new U.S. energy legislation, API says

Major elements of a national energy strategy should be added to a draft package approved by the House Energy and Commerce Subcommittee on Energy and Power, the American Petroleum Institute (API) said. More »

Det Norske seeks 20 MMbbl more of Johan Sverdrup resources

Det Norske Oljeselskap ASA is claiming as much as 20 MMbbl more of Johan Sverdrup oil field as it appeals a government decision that reduced its stake in the giant deposit offshore Norway. More »

Oil warning: Crash could be worst in more than 45 years

Morgan Stanley has been pretty pessimistic about oil prices in 2015, drawing comparisons to the some of the worst oil slumps of the past three decades. The current downturn could even rival the iconic price crash of 1986, analysts had warned—but definitely no worse. More »

Statoil discovers gas in Julius prospect in North Sea

Operator Statoil and its PL146/PL333 partner Total Norge have made a gas and condensate discovery in the Julius prospect in the King Lear area in the North Sea. More »

DCN receives largest EPIC order in it's history for gas pipeline repair in Java Sea

The Indonesian state-owned business PGN (Perushaan Gas Negara), together with its Indonesian partner SGI has awarded DCN International Diving and Marine Contractors an EPIC contract. More »

TimkenSteel names Director of tube manufacturing

TimkenSteel recently promoted Carolee Vanicek as the Director of tube manufacturing. More »

Wednesday, 22 July 2015

Weatherford raises job cuts target to 11,000

Weatherford International has announced a fresh wave of job cuts in response to weak market conditions in North America. More »

U.S. Arctic drilling permits for Shell stop short of oil zone

Shell has received limited permits to drill two wells off Alaska’s Arctic coast, leaving the company still short of its desire to tap into the offshore oil reserves. More »

Halliburton said facing antitrust hurdles over Baker Hughes acquisition

Halliburton Co.’s takeover of Baker Hughes Inc. is facing resistance from U.S. enforcement officials who are concerned the tie-up could hurt competition, according to a person familiar with the matter. More »

Oil sands production growth to continue despite oil price slump, IHS says

ENGLEWOOD, Colorado -- IHS expects continued oil sands production growth through 2020, albeit lower than what would be expected had prices remained higher, according to a new production forecast by the Englewood, Colorado-based organization. More »

Seatronics names new group QHSE co-ordinator

Seatronics, an Acteon company and part of its geophysical survey, monitoring and data business, has appointed Joanne Keilloh as its new group QHSE co-ordinator based in Aberdeen. More »

Gas glut heading south as shale boom finally reaches Florida

A glut of cheap natural gas trapped in the U.S. Northeast will be heading south by the end of the year, radically changing the price differences between the regions. More »

U.A.E. removes fuel subsidy as oil drop hurts Arab economies

The United Arab Emirates, the third-biggest OPEC producer, will link gasoline and diesel prices to global oil markets starting next month, becoming the first country in the oil-rich Persian Gulf to remove transport fuel subsidies. More »

Gas glut heading south

A glut of cheap natural gas trapped in the U.S. Northeast will be heading south by the end of the year, radically changing the price differences between the regions. More »

Misreporting of production from ageing gas fields is costing North Sea operators big, NEL

Research from NEL, the flow measurement RandD specialist, reveals that the North Sea oil and gas sector could be misreporting over $1093 million per year. More »

Oilfield service companies reap benefits from downsizing in crude crash

The world’s two largest oilfield service providers shrugged off a yearlong crude market crash with better-than-expected quarterly results in North America, helped by aggressive cost cuts from downsizing. More »

Ageing gas fields is costing North Sea operators big, NEL

Research from NEL, the flow measurement RandD specialist, reveals that the North Sea oil and gas sector could be misreporting over $1093 million (£700 million) per year. More »

Penn Virginia's CEO and President Baird Whitehead to retire

Penn Virginia Corporation has announced that H. Baird Whitehead has informed the Board of Directors of his plan to retire as President and CEO after more than 14 years of service, including four years in his current position. More »

Selling off Strategic Petroleum Reserve is shortsighted, Murkowski says

U.S. Sen. Lisa Murkowski, R-Alaska has issued a statement in opposition to a proposal to sell off 101 MMbbl of oil from the nation’s emergency energy stockpiles to partially pay for the Senate highway bill. More »

Keppel bags third floating liquefaction facility conversion worth $684 million

Keppel Shipyard Limited, a wholly owned subsidiary of Keppel Offshore and Marine Ltd, has signed a contract worth approximately $684 million with Golar Gandria N.V., a subsidiary of Golar LNG Limited, to perform the conversion of a Moss-type LNG carrier, the Gandria, into a Golar floating liquefaction facility. More »

Global Marine lands Subsea 7 contract for Clair Ridge project

Global Marine has secured a contract that will see it provide personnel and equipment to support the delivery of a submarine fibre optic link between platforms on behalf of client, Subsea 7, and end user BP. More »

Japan releases photos of Chinese rigs in disputed East China Sea

Japan’s foreign ministry unveiled a map and photographs of what it said were 16 Chinese marine platforms close to Japan’s side of the disputed East China Sea. More »

Penn Virginia's CEO and President Baird Whitehead to retire; Board commences CEO search

Penn Virginia Corporation has announced that H. Baird Whitehead has informed the Board of Directors of his plan to retire as President and CEO after more than 14 years of service, including four years in his current position. More »

ConocoPhillips halts Sichuan shale gas talks with PetroChina

ConocoPhillips ended talks with PetroChina Co. on a shale gas development in the country after a two-year study. More »

Ageing gas fields is costing North Sea operators $1093 million, finds NEL

Research from NEL, the flow measurement RandD specialist, reveals that the North Sea oil and gas sector could be misreporting over $1093 million (£700 million) per year. More »

Selling off strategic petroleum reserve is shortsighted, says Murkowski

U.S. Sen. Lisa Murkowski, R-Alaska has issued a statement in opposition to a proposal to sell off 101 MMbbl of oil from the nation’s emergency energy stockpiles to partially pay for the Senate highway bill. More »

Oil servicers reap benefits from downsizing in crude crash

The world’s two largest oilfield service providers shrugged off a yearlong crude market crash with better-than-expected quarterly results in North America, helped by aggressive cost cuts from downsizing. More »

Consol’s top investor urges gas spinoff after forecast loss

Less than 12 hours after Consol Energy Inc. indicated it would report a second-quarter loss, its biggest shareholder called on the company to spin off or sell its natural gas operations. More »

CGG said to scrap $350 million loan amid slide in crude prices

CGG pulled a $350 million financing to become the latest victim of the oil slump in the loan market, according to three people with knowledge of the deal. More »

Tuesday, 21 July 2015

URTeC '15: Unconventional operators finding new ways to tackle low prices

Perhaps the proper term to describe the manner in which operators, in shale and other unconventional plays, are handling low oil prices is “adaptation.” More »

Gazprom Neft, Rosneft complete production well at Russia's northernmost field

Gazprom Neft and Rosneft have completed construction of the first production well at Vostochno-Messoyakhskoye field, part of the Messoyakha group, the northernmost onshore oilfields in Russia, ahead of schedule. More »

Exxon’s Guyana oil find may hold 700 MMbbl

An Exxon Mobil discovery off the coast of Guyana may hold oil and natural gas worth 12 times the South American nation’s entire economic output. More »

GE-Statoil announce winners for alternatives to sand in shale development

GE and Statoil’s Sustainability Collaboration have announced five winners of its inaugural Open Innovation Challenge that focused on addressing the use of sand in unconventional operations. More »

CGG awarded airborne gravity gradiometer survey in Tanzania

CGG has been awarded a contract by the Tanzanian Petroleum Development Corporation (TPDC) to acquire high-resolution gravity gradiometry and aeromagnetic data over two onshore areas along the South-Eastern Tanzanian Coastal basin and the eastern arm of the East African Rift. More »

InterMoor completes Juniper contract offshore Trinidad and Tobago

InterMoor Inc., an Acteon company, has completed its role in the largest foundation installation project offshore Trinidad and Tobago to date. More »

Edison Norge drills dry well in North Sea

Edison Norge's Haribo exploration well has been drilled to total depth without encountering hydrocarbons, Noreco Norway—a partner in the well—has announced. More »

CNOOC starts production from Luda 10-1 adjustment project

CNOOC Ltd. has announced that the Luda 10-1 comprehensive adjustment project has commenced production. More »

Searcher Seismic completes Echidna survey offshore Ireland

Searcher Seismic in cooperation with MAGE, announced the acquisition of the Echidna Regional Broadband 2D seismic survey covering the Porcupine and Slyne basins and the Goban Spur offshore Ireland, is now complete. More »

Gazprom Neft, Rosneft complete production well at Russia's northernmost onshore field

Gazprom Neft and Rosneft have completed construction of the first production well at Vostochno-Messoyakhskoye field, part of the Messoyakha group, the northernmost onshore oilfields in Russia, ahead of schedule. More »

Technip wins Trans Adriatic Pipeline contract

Trans Adriatic Pipeline (TAP) has awarded Technip a project management consultancy (PMC) services contract, for a project designed to transport gas from Shah Deniz field to the European market. More »

URTeC '15: Speakers assess global market in wake of Iranian deal

An all-star panel of upstream-related speakers managed to agree on Monday morning, that the Iranian deal with the U.S. and other Western countries may pose an oversupply problem for oil markets in the long term, and it will create problems in the very short term, as well. More »

Noble Energy closes acquisition of Rosetta Resources

The stockholders of Rosetta Resources have overwhelmingly approved the merger of Rosetta into a subsidiary of Noble Energy. More »

Wall Street lenders growing impatient with U.S. shale revolution

Halcon Resources Corp. almost ran into trouble with its banks in June 2013. And again in March 2014. And in February 2015. More »

CNOOC commences production from Luda 10-1 project

CNOOC Ltd. has announced that the Luda 10-1 comprehensive adjustment project has commenced production. More »

Searcher Seismic completes Echidna 2D survey offshore Ireland

Searcher Seismic in cooperation with MAGE, announced the acquisition of the Echidna Regional Broadband 2D seismic survey covering the Porcupine and Slyne basins and the Goban Spur offshore Ireland, is now complete. More »

Edison drills dry Haribo well in North Sea

Noreco Norway has announced that the Haribo exploration well has been drilled to total depth without encountering hydrocarbons. More »

Total brings Angola's Dalia Phase 1A online

Total has started production from Dalia Phase 1 A, a new development on its deep offshore operated Block 17, located 135 km off the coast of Angola. More »

Greene Energy Group's CEO to retire; Mathews assumes role of President and COO

The Board of Directors of Greene’s Energy Group has announced that CEO Robert “Bob” Vilyus has elected to retire from the company and the Board of Directors in September 2015. Effective immediately, Frank Mathews assumes the role of President and COO of Greene’s Energy Group and will be added to the Board of Directors. More »

Honghua inks $26 million oilfield drilling services agreement in Middle East

Honghua Group Ltd. has entered into an oilfield services agreement worth approximately $26.0 million (approximately HK$201.5 million) with an Iraqi client in early July. More »

Katalyst acquires SpectrumData’s seismic data management division in Asia-Pacific

Katalyst Data Management has acquired the Perth-based oil and gas data management division of SpectrumData Pty Ltd. More »

Monday, 20 July 2015

URTeC speakers assess global market in wake of Iranian deal

An all-star panel of upstream-related speakers managed to agree on Monday morning, that the Iranian deal with the U.S. and other Western countries may pose an oversupply problem for oil markets in the long term, and it will create problems in the very short term, as well. More »

Add crippling pipe work to Canada gas woes as U.S. floods market

Canadian natural gas producers are losing more ground to U.S. competitors as an acute shortage of pipeline space is forcing them to curb growth. More »

Oil explorers retreat from shallow U.S. Gulf in shift to shale

Energy producers are abandoning the search for oil and natural gas close to shore in the U.S. Gulf of Mexico as drilling budgets shrink and exploration migrates to land-based shale fields. More »

Baker Hughes introduces EM-acoustic cement evaluation service

Baker Hughes has announced the commercial release of its Integrity eXplorer cement evaluation service. More »

Oil guru who called 2014 slump sees return to $100 crude by 2020

The oil guru who predicted last year’s rout said $100/bbl crude is likely to return within five years as faltering supply fails to meet demand. More »

Strategic Petroleum Reserve still vital national security asset, Murkowski says

U.S. Sen. Lisa Murkowski (R – Alaska), toured the Strategic Petroleum Reserve (SPR) site near Baton Rouge, Louisiana on Friday for a firsthand look at the reserve’s operational readiness and challenges given changes in the nation’s energy output. More »

Iran seeks to regain market share regardless of oil price

Iran will emphasize regaining oil sales it lost due to sanctions over helping to prop up prices once curbs that choked off the nation’s crude exports are lifted. More »

Maersk receives 5-year extension for Heydar Aliyev semisub

Maersk Drilling has been awarded a 5-year contract extension for the semi-submersible, Heydar Aliyev rig with BP Exploration (Shah Deniz) Limited acting as Operator of the Shah Deniz field. More »

Halliburton profit falls as crude crash slows oilfield work

Halliburton Co.’s profit tumbled in the last quarter after a yearlong crude-market crash forced customers to slam the brakes on oilfield work. More »

Bear Head LNG receives DOE approval for exports to FTA countries

More »

API highlights adoption of industry standards in proposed well control rule

The American Petroleum Institute (API) has welcomed the federal government’s effort to align regulations for offshore well control with industry standards in comments filed with the Bureau of Safety and Environmental Enforcement (BSEE). More »

Eni reports 15-Bcm gas discovery in Egypt’s Nile Delta

Eni has reported a gas discovery in the Nooros exploration prospect, in the Abu Madi West license in the Nile Delta, 120 km northeast of Alexandria, Egypt. More »

Tullow gas exports from Jubilee field halted by glitch

Tullow Oil announced Monday that gas export from Jubilee field to the Ghana Gas plant at Atuabo has been suspended since July 3, due to technical issues with gas compression systems on the FPSO Kwame Nkrumah, and is expected to resume by mid-August. More »

Polarcus starts 3D survey offshore The Gambia

Polarcus has started a new 3D broadband multi-client project across the Mauritania-Senegal-Guinea-Bissau basin (MSGB), offshore northwest Africa. More »

Vallianz inks new contracts worth up to $458 million

Vallianz Holdings Limited has signed new contracts valued up to $458 million that has lengthened the charter duration for 19 of its offshore support vessels (OSV) currently deployed to an existing customer in the Middle East, which is one of the world’s largest national oil companies (the NOC). More »

Maersk Drilling receives 5-year extension contract for the semi-submersible rig, Heydar Aliyev

Maersk Drilling has been awarded a 5-year contract extension for the semi-submersible, Heydar Aliyev rig with BP Exploration (Shah Deniz) Limited acting as Operator of the Shah Deniz field. More »

Sunday, 19 July 2015

Hedge funds dump crude oil as Iran deal threatens prolonged glut

Speculators cut bullish bets on oil to the lowest level since March because an agreement over Iran’s nuclear program threatens to prolong a global supply glut. More »

Fuel feud pits Saudis’ secretive Ghawar against sprawling bakken

Ghawar is the world’s oil spigot. It’s the biggest conventional field in the world’s biggest- producing country, Saudi Arabia. Statistics about Ghawar - a narrow, deep deposit in porous limestone - are a state secret. The best guess, according to Rasoul Sorkhabi, a geology professor at the University of Utah, is that the field accounts for about 60% of Saudi oil. More »

Oil-spill search near Barrier Reef finds no trace

MELBOURNE -- Air and sea surveillance found no trace of oil sheen or patches near Australia’s Great Barrier Reef after a reported sighting by fisherman on Friday. More »
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