Exxon’s ‘leaner ship’ floats higher than rivals in oil downturn

Decades of financial discipline that honed Exxon Mobil into the leanest, most-efficient oil company in the world are paying off as it navigates the worst market slump since the 1980s. More »

Iran seen jolting oil market with 90-day supply after sanctions

Iran may roil global oil markets with plans to sell about 45 MMbbl of fuel stored in tankers in the Persian Gulf within three months of the removal of sanctions on its economy, according to analysts. More »

Chevron cuts jobs, spending, growth target as slump persists

Chevron Corp. said its cutting about 10% of its workforce and scaled back its long-term production target amid the worst oil-market slump since the 1980s, even as the company posted third-quarter profit that surpassed analysts’ expectations. More »

Equatorial Guinea expands scope of major crude oil and petroleum tank farm project

The Ministry of Mines, Industry and Energy, representing the Government of Equatorial Guinea, announced today that it has signed a Memorandum of Understanding (MOU) with three companies to build a crude oil and petroleum products storage tank farm on Bioko Island, Equatorial Guinea. More »

Husky Energy considers selling assets after cutting jobs

Husky Energy Inc. plans to keep cutting jobs after eliminating 1,400 positions, the most disclosed by a Canadian energy company in the oil-price slump. More »

Exxon beats estimates as refining profit doubles amid oil slide

Exxon Mobil Corp. posted higher-than-expected profit as soaring margins on processing oil into fuels blunted the impact of collapsing crude markets. More »

Apache announces North Sea discoveries totaling 50-70 MMboe

Apache Corp. has announced significant discoveries on two exploration wells in the Beryl area of the UK North Sea. The company also drilled two significant development wells in the Beryl area, from which no reserves have been previously booked. More »

Apache announces North Sea discoveries

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DNV GL launches decision support tool for BOP retrieval

Retrieving an unreliable blowout preventer (BOP) is a necessary but expensive operation, costing upwards of one or two million dollars and can easily double in developing ultra-deepwater regions. More »

Statoil to explore offshore South Africa with farm-in deal

Statoil has completed a farm-in transaction with Exxon Mobil Exploration and Production South Africa Limited, acquiring a 35% interest in the ER 12/3/154 Tugela South Exploration Right. More »

Sasol awarded on- and offshore blocks in Mozambique licensing round

Sasol has confirmed that two of its three applications in Mozambique's 5th Licensing Round were successful. More »

Subsea 7 announces collaboration agreement with Centrica

Subsea 7 has announced the award of a long term agreement with Centrica to provide support to Centrica throughout early phase Concept engineering, FEED, SURF project execution and Life of Field operations on an exclusive basis. More »

Shell leads $19 billion of gas, oil write-downs in just one week

More than $19 billion in oil and gas write-downs have been reported in a single week as producers acknowledge what investors already knew. More »

Canadian oil sands reviews alternatives to Suncor’s hostile bid

Canadian Oil Sands Ltd., the largest owner of the Syncrude venture in northern Alberta, said it’s considering alternatives to Suncor Energy Inc.’s C$4.3 billion ($3.3 billion) hostile takeover bid and has already had interest from possible suitors. More »

Oil producers curb megaproject ambitions to focus on U.S. shale

Big U.S. oil companies are starting to think small. More »

Oil companies have cut back everything except crude production

A year after the bear market in crude began; oil companies have cut workers, are using fewer rigs and have less money to spend. More »

Crude extends slide below $50 as producers report further pain

Crude was poised to end its fourth month below $50/bbl amid a global glut that’s showing no signs of relief for oil and gas companies that posted more than $19 billion in write downs in a single week. More »

BG profit beats estimates as it raises production forecast

BG Group Plc, which agreed to be acquired by Royal Dutch Shell Plc in April in the year’s biggest energy deal, reported third-quarter earnings that beat analysts’ estimates after it raised oil and natural gas production. More »

China's oil giants lost almost all profits amid crude crash

The plunge in crude prices all but killed profits at China’s top energy producer and its largest oil refiner. More »

Despite corruption probes, Brazil will drive FPSO industry growth to 2019: GlobalData

Brazil will lead global growth in the Floating Production, Storage and Offloading vessel (FPSO) industry despite the country’s national oil company, Petrobras, recently facing allegations of corruption, research and consulting firm GlobalData said. More »

Marathon Oil is first major shale producer to cut dividend

Marathon Oil Corp. became the first major shale producer to cut its quarterly dividend, reducing it by 76% in an effort to prop up cash holdings as oil prices hold below $50/bbl. More »

Chevron reports successful appraisal of Anchor discovery in deepwater GoM

Chevron Corp. has announced the successful appraisal of the deepwater Anchor discovery in the Lower Tertiary Wilcox Trend in the Gulf of Mexico. More »

Noble announces early production start at Big Bend in deepwater GoM

Noble Energy announced Wednesday that the Big Bend oil development in the deepwater Gulf of Mexico commenced production on Oct. 26. More »

Chevron reports successful appraisal of Anchor discovery in deepwater Gulf of Mexico

Chevron Corp. has announced the successful appraisal of the deepwater Anchor discovery in the Lower Tertiary Wilcox Trend in the Gulf of Mexico. More »

Shell has biggest loss in more than a decade on price slump

Royal Dutch Shell Plc reported its biggest net loss in more than a decade after halting some operations and lowering its oil-price expectations, resulting in a $7.89 billion charge. More »

‘Too low’ crude prices seen rising to $80 in 2018 by Statoil

Crude prices that have almost halved in the past year are unsustainable at current levels as cuts to investments and postponement of projects will lead to a decline in supply growth, according to Norway’s biggest oil company. More »

ConocoPhillips reports loss as oil crash limits shale growth

ConocoPhillips reported its widest loss in more than six years as a crash in oil and gas prices tempered growth from Texas to Canada. More »

Advantek Waste Management Services appoints David J. Hayes as new board member

Advantek Waste Management Services has announced that David J. Hayes has joined its Board of Directors. More »

Noble announces early production start at Big Bend in deepwater Gulf of Mexico

Noble Energy announced Wednesday that the Big Bend oil development in the deepwater Gulf of Mexico commenced production on Oct. 26. More »

Genel Energy sells 20% interest in Kurdistan PSC

Genel Energy has announced the sale of a 20% participating interest in the Chia Surkh Production Sharing Contract, in the Kurdistan region of Iraq, to Petoil Inc. More »

Sandvik boosts presence in South America to be closer to customers

Sandvik, developer and producer of advanced stainless steels, special alloys, titanium and other high-performance materials, has announced the opening of its South American hub in Rio de Janeiro to better meet the needs of clients such as Petrobras and service companies. More »

Wood Group wins new global subsea contract with BP

Wood Group has secured a new multi-million-dollar contract to provide engineering services to BP’s existing subsea infrastructure in the Gulf of Mexico, UK and Norwegian continental shelves and offshore Azerbaijan. More »

WandT Offshore brings Big Bend field online

WandT Offshore has initiated production from "Big Bend" in Mississippi Canyon 698 and it will be ramping up to full rates over the next few weeks. More »

Bechtel and Chart partner for development of floating LNG facilities

Bechtel and Chart Energy and Chemicals have signed a long-term agreement to design and build floating LNG (FLNG) process facilities using Chart's IPSMR liquefaction technology. More »

Subsea UK to build regional hub in south of England

Subsea UK is looking to establish a regional hub in the south of England to promote business in that sector. More »

CGG to promote 11th licensing round for Gabonese Republic’s Ministry of Petroleum and Hydrocarbons

CGG has been appointed as technical consultant by the Gabonese Republic’s Ministry of Petroleum and Hydrocarbons to help with the promotion of its 11th Licensing Round focusing on five highly prospective deepwater blocks. More »

Coretrax completes decommissioning contract with Hess Corporation

Coretrax has successfully completed an extensive three year decommissioning contract with global operator Hess Corporation for the first designated abandonment campaign of its kind. More »

Pemex reports biggest loss ever as oil price slams profits

The decline in international oil prices handed Petroleos Mexicanos its biggest quarterly loss in company history. More »

Oil explorers prepare for another year of depressed prices

The biggest oil explorers to post earnings so far are bracing for another year of deep spending cuts as the slump in energy markets shows no signs of abating. More »

Hess slashes 2016 drilling budget 27% on oil swoon

Hess Corp. plans to cut spending by about 27% next year after its oil and natural gas business lost more than $2 million a day during the third quarter. More »

Cnooc revenue tumbles as oil rout overpowers output boost

Cnooc Ltd., China’s biggest offshore oil and gas producer, posted a 32% decline in third-quarter sales as slumping oil prices overwhelmed a boost in production and a cut in spending. More »

Oil at $60 is the magic number for BP in prolonged downturn

For Europe’s biggest oil companies, $60 is the magic number. More »

Eni sells Saipem stake to Italy’s FSI to reduce debt burden

Eni SpA agreed to sell a stake in oil- services company Saipem SpA to Fondo Strategico Italiano SpA in an effort to get its debt off the balance sheet. More »

Shell shelves Alberta oil-sands project after leaving Arctic

Royal Dutch Shell Plc made its second major strategic change in as many months, saying it will take a $2 billion charge as it shelves an oil-sands project in Alberta after walking away from an Arctic drilling program. More »

Brazil bust said to spur Schlumberger to boost Venezuela staff

Cutbacks by Brazil’s state oil company has one of its main suppliers exporting local talent to an unlikely location: Venezuela. More »

Natural gas needs bone-chilling winter to avoid 1990s-era prices

The average price for natural gas in the U.S. this year is now the lowest since Bill Clinton was president. And a forecast for a warm winter ahead means there’s no end in sight to the slump. More »

Oil Search CEO says ‘business as usual’ as Woodside bid lingers

Oil Search Ltd. Managing Director Peter Botten says it’s “business as usual” for the oil and gas producer amid the standoff with spurned suitor Woodside Petroleum Ltd. More »

Statoil quarterly profit falls 60% after crude collapse

Statoil ASA, Norway’s biggest oil company, said third-quarter earnings fell 60% as the average crude price in the period dropped to the lowest since 2009. More »

Haze cuts Indonesia's oil production as pollution affects workers

Indonesia’s forest fires are cutting the country’s crude oil production and briefly shut a BP Plc gas plant this month, in the first signs the haze pollution is affecting industry. More »

New LNG supply will test global gas floor price: Wood Mac

Wood Mackenzie has outlined the key levers which will determine the global gas floor price as the market absorbs a wave of LNG in a new report prepared for Gastech 2015 More »

U.S. plans to sell down strategic oil reserve to raise cash

The U.S. plans to sell millions of barrels of crude oil from its Strategic Petroleum Reserve from 2018 until 2025 under a budget deal reached on Monday night by the White House and top lawmakers from both parties. More »

Oil market may need to wait until 2016 for Iran supply boost

Iran’s crude exports are likely to remain restricted until the first half of next year, when it’s “reasonable” to expect international sanctions against the OPEC producer to be lifted, according to a U.S. government official. More »

Technip to supply first flexible pipes for Libra pre-salt field in Brazil

Technip was awarded a substantial (ranging from $110 to $276 million) contract from Libra Oil and Gas BV. More »

BP profit beats estimates as CEO plans deeper cost cuts

BP Plc third-quarter profit beat analysts’ estimates, boosted by refining profit, as CEO Bob Dudley laid out a plan for deeper cost cuts to withstand low prices. More »

GE announces investment in Indonesia’s oil and gas sector

GE has announced that it will invest up to $1 billion in the power, oil and gas, and healthcare sectors to support Indonesia’s accelerated economic growth. More »

U.S. natural gas heads toward $2 as stockpiles near record

U.S. natural gas extended its decline toward $2 per million British thermal units as a glut of the power- plant and heating fuel nears a record. More »

Santos said to get $1.1 billion bid for Australia gas fields

Santos Ltd., which last week rejected a $5.2 billion takeover offer, has received a binding bid from Quadrant Energy Pty for Australian oil and gas fields the companies jointly own, people with knowledge of the matter said. More »

BP profit drops 40% on lower oil prices, beating estimates

BP Plc reported a 40% drop in earnings in the third-quarter after average crude oil prices dropped to the lowest since 2009. More »

Ecopetrol taking over Rubiales operations from Pacific in 2016

Ecopetrol SA said it will take over the operation of the Rubiales field, Colombia’s largest, at the end of its contract with Pacific Exploration and Production Corp. in mid-2016. More »

LAGCOE ’15: Foster Marketing celebrates 35th anniversary of oilfield marketing services

Longevity is rare in the oilfield these days. Therefore, Foster Marketing’s 35th anniversary is of special significance to the industry that is identified with continual mergers and acquisitions. More »

Algeria backs Venezuela on OPEC, non-OPEC summit to boost prices

Algeria supports Venezuela’s call for a summit among heads of state from OPEC and other oil-exporting nations in a bid to lift crude prices, Algerian Foreign Minister Ramtane Lamamra said. More »

U.S. gas set to enter global market as flood of supplies looms

Cheniere Energy Inc. plans to ship the first liquefied natural gas cargo from the U.S. in January, joining a flood of supplies that’ll allow buyers access to cargoes from all corners of the world. More »

Energean appoints new country manager for Egypt, plans seismic survey

Energean Oil and Gas has appointed Dr. Medhat Tarakhan as country general manager in Egypt. More »

CIG Logistics opens eighth rail terminal to service energy industry

CIG Logistics, an industry-leading oil and gas logistics provider, has opened a new rail terminal in Navasota, Texas, to provide transportation, transloading and storage services for energy and construction industries in Southeast Texas. More »

Chicap launches binding open season for Blue Island Lateral expansion

Chicap Pipe Line Company has announced a binding open season to solicit firm commitments from shippers for expanded capacity on the Blue Island Lateral from Blue Island to Mokena, Ill. More »

Oil speculators make ‘easy’ bearish call at 85-year supply high

Hedge funds placed the most bets on falling oil prices since July as rising piles of crude dashed hopes of a near-term recovery. More »

Transocean delays delivery of two ultra-deepwater drillships

Transocean has announced a mutual agreement with its customer, Shell EP Wells Equipment Wells Services, and the shipyard, Daewoo Shipbuilding and Marine Engineering Co. (DSME), to delay the operating and delivery contracts of two newbuild ultra-deepwater drillships—the Deepwater Pontus and the Deepwater Poseidon—by 12 months each. More »

WPX Energy promotes Clay Gaspar to COO

WPX Energy has promoted Clay M. Gaspar to senior V.P. and COO, effective Nov. 2, 2015. More »

Proserv seals contract for Johan Sverdrup work

Proserv has secured a contract with a value of more than 20 million NOK (about $2.4 million) to provide topside control equipment at one of the largest field discoveries on the Norwegian Continental Shelf. More »

Maersk Oil to cut up to 12% of jobs as slump drags on

Maersk Oil announced its intention to implement workforce reductions amounting to 10% to 12% of roles across its business on Monday. More »

Lundin in gas discovery offshore Malaysia

Lundin Malaysia, a wholly owned subsidiary of Lundin Petroleum has made a small gas discovery with the Mengkuang-1 exploration well in license PM307, offshore Malaysia. More »

Foxtrot International starts production from second platform offshore Côte d'Ivoire

RAK Petroleum, the Oslo-listed oil and gas investment company, has announced the commencement of production by operator Foxtrot International from a second platform on Block CI-27 offshore Côte d'Ivoire. More »

Maersk will cut up to 12% of oil jobs after prices slump

A.P. Moeller-Maersk plans to cut as much as 12% of its global oil unit workforce amid lower crude prices. More »

Lundin Petroleum makes small gas find offshore Malaysia

Lundin Malaysia, a wholly owned subsidiary of Lundin Petroleum has made a small gas discovery with the Mengkuang-1 exploration well in license PM307, offshore Malaysia. More »

Foxtrot International initiates production from second Côte d'Ivoire offshore platform

RAK Petroleum, the Oslo-listed oil and gas investment company, has announced the commencement of production by operator Foxtrot International from a second platform on Block CI-27 offshore Côte d'Ivoire. More »

Woodside CEO plays waiting game in Oil Search takeover quest

Woodside Petroleum Ltd. CEO Peter Coleman sees more time, not money, as the key to securing a takeover of Oil Search Ltd. More »

Oil swings near 4-week low as rig data balances China rate cut

Oil swung between gains and losses near the lowest closing price in almost four weeks as investors weighed a slowing pace of U.S. drilling-rig reductions against an interest rate cut in China. More »

Oil caps biggest weekly loss since August as supply glut deepens

Oil capped the biggest weekly decline since August as expanding U.S. crude stockpiles exacerbate a global glut. More »