Oil and gas companies face difficult year as hedging protections roll off: IHS

As oil prices continue to decline, North American EandP companies have hedged just 15% of their total production volumes for 2016, including 14% of oil and 18% of natural gas, leaving the companies largely exposed to current depressed market prices, according to new analysis from IHS. More »

Land deal finalized in preparation for Tanzania LNG project

Tanzania said on Friday it had finalized a land acquisition for the site of a planned LNG plant, and was now working to compensate and resettle villagers to move forward on a long-delayed project. More »

Oil industry relieved as Alberta holds royalties steady

Alberta's left-leaning government unveiled a new energy royalty framework on Friday that left rates unchanged on existing oil wells and oil sands projects, alleviating fears that costs would rise to punishing levels amid the worst crude price slump in decades. More »

U.S. oil drillers cut rigs for sixth straight week: Baker Hughes

U.S. energy firms cut oil rigs for the sixth straight week, data showed on Friday, and were expected to shed more with major U.S. shale oil companies slashing spending plans after crude prices hit 12-year lows. More »

Producing fields can sustain Petrobras for 2-3 years of low prices, board member says

Oil and gas fields already paid for and in production can sustain Brazilian state-run company Petroleo Brasileiro SA for two to three years of low prices, a board member for the firm told reporters on Friday. More »

Lundin Petroleum cuts 2016 capex by 26%

Sweden's Lundin Petroleum said on Friday it will cut its 2016 capital spending by around a quarter compared to last year and doubled its production guidance due to a new oil field coming onstream. More »

Chevron posts first loss since 2002 on cheap oil prices

Chevron Corp reported its first quarterly loss in more than 13 years on Friday as the oil producer struggled to cope with plunging crude prices that are eroding profitability across all its divisions. More »

Iran pushes OPEC oil output to new high as sanctions are lifted

OPEC oil production has jumped to its highest in recent history in January as Iran increased sales following the lifting of sanctions and its rivals Saudi Arabia and Iraq also boosted supply, a Reuters survey showed on Friday. More »

Lundin Petroleum drills Maligan exploration well, offshore Malaysia

Lundin Petroleum’s wholly owned subsidiary Lundin Malaysia has commenced drilling of the Maligan exploration well in Block SB307/SB308, offshore East Malaysia. More »

Oil pares gains as Russia says no meeting with OPEC scheduled

Oil pared gains near a three-week high as Russia said that although it’s prepared to discuss output with the Organization of Petroleum Exporting Countries, no action is currently planned. More »

China’s energy giant sees profit sliding 70% on oil’s slump

PetroChina Co., the country’s biggest oil and gas producer, expects its 2015 profit to have fallen 60% to 70% from a year earlier because of the slump in energy prices. More »

BG shareholders give Shell's $52-billion acquisition final nod

BG Group shareholders overwhelmingly approved Royal Dutch Shell's $52-billion takeover on Thursday, clearing the way for the two firms to create the world's biggest trader of LNG. More »

Russia says studying proposal for global oil production cuts

Russia said on Thursday that OPEC had proposed oil production cuts of up to 5% in what would be the first global deal in over a decade to help reduce a glut of crude and prop up sinking prices. More »

Supportive measures will strengthen industry emergence, says Oil and Gas UK

Welcoming the further measures to boost the UK oil and gas industry announced by the Prime Minister at a meeting with senior industry leaders this afternoon, Deirdre Michie, Oil and Gas UK’s chief executive, said: “The Prime Minister has signaled his on-going commitment to the UK oil and gas industry, which we very much welcome." More »

Gazprom Neft eyes Russia's unconventionals with new study of Bazhenov formation

Gazprom Neft has started investigating reserves in the Bazhenov formation at Vyngayakhinskoye field in Russia's Yamalo-Nenets Autonomous Okrug. More »

Gazprom Neft eyes Russia's unconventionals with new study of Bazhenov formation

Gazprom Neft has started investigating reserves in the Bazhenov formation at Vyngayakhinskoye field in Russia's Yamalo-Nenets Autonomous Okrug. More »

Gazprom Neft eyes unconventionals with study or Russia’s Bazhenov formation

Gazprom Neft has started investigating reserves in the Bazhenov formation at Vyngayakhinskoye field in Russia's Yamalo-Nenets Autonomous Okrug. More »

Baker Hughes posts fourth straight loss on $1.25-billion charge

Oilfield services provider Baker Hughes, which is being acquired by larger rival Halliburton, reported a quarterly net loss, hurt by a $1.25 billion impairment charge. More »

TGS reaches midway point on Gigante seismic program, starts coring program

TGS has acquired 93,000 km of the 186,000 km 2D seismic project, Gigante, the company reported Thursday. More »

Ensco, Wärtsilä sign maintenance agreement

Wärtsilä has signed a seven-year maintenance agreement with Ensco. More »

INPEX to sell interest in Block WA-155-P to Carnarvon

INPEX Alpha, a wholly owned subsidiary of INPEX Corp., has reached an agreement with Carnarvon Petroleum Ltd. for the sale of all its participating interest (28.5%) in Block WA-155-P (Part 1). More »

Kuwait plans to cut spending next year as oil revenue plummets

Kuwait plans to cut spending by 1.6% in the fiscal year beginning in April, joining other Gulf states trying to deal with falling oil prices. More »

ProSep appoints sales manager to strengthen Norwegian foothold

Houston-headquartered ProSep, the oil, gas and water process separations technology company, has appointed Jacek Kacperski as Norway sales manager. More »

Low oil prices will not last long, Iran’s president says

Iranian President Hassan Rouhani said on Thursday that oil prices would not stay low for long as producers restore market balance. More »

Penn West slashes capital spending 90%, sees lower output

Canadian oil and natural gas producer Penn West Petroleum Ltd. cut its 2016 capital budget by as much as 90% from a year earlier, to weather a steep plunge in crude oil prices. More »

Oilfield services find little room to squeeze out further cuts

Companies that supply drilling rigs, fracing sand and other necessary tools to the U.S. oil industry are finding themselves stuck with a choice between losing customers or making further price cuts that could wipe out their profits altogether. More »

Russia and oil industry bosses discuss whether to work with OPEC

The Russian government and oil company bosses discussed whether the country should coordinate production with the Organization of Petroleum Exporting Countries to revive slumping prices. More »

Hess' quarterly loss less than expected on cost cuts

Oil producer Hess Corp. lost less money than expected in the fourth quarter, as it managed to cut costs to weather the low-price storm that has battered the entire energy industry. More »

Protea delivers its first man-riding winch

Protea has further expanded its product range with the delivery of its first winch certified for man-riding operations for installation on the Maersk Gallant jack-up rig. More »

Pulse Seismic acquires 2D seismic data library

Pulse Seismic has acquired a 2D seismic data library in a deal valued at C$3.65 million. More »

InterMoor appoints Bolatiwa as general manager in Nigeria

InterMoor, an Acteon company, has appointed Folabi Bolatiwa as general manager in Nigeria. Bolatiwa will be responsible for overseeing the company’s continued growth in the region. More »

Shell shareholders approve $49-billion BG takeover

Shareholders of Royal Dutch Shell approved the company's $49-billion takeover of BG Group on Wednesday, clearing one of the final hurdles for a deal that will create the world's biggest LNG trader. More »

CNOOC’s Kenli 10-4 oil field starts production

CNOOC’s Kenli 10-4 oil field has started production, China's largest offshore oil company said Wednesday. More »

Kosmos Energy in significant gas find offshore Senegal

Kosmos Energy’s Guembeul-1 exploration well, in the northern part of the St. Louis Offshore Profond license area in Senegal, has made a significant gas discovery. More »

Kosmos Energy discovers gas offshore Senegal

Kosmos Energy has announced that its Guembeul-1 exploration well, located in the northern part of the St. Louis Offshore Profond license area in Senegal, has made a significant gas discovery. More »

U.S. shale firms, struggling to profit with $30 oil, slash spending more

Three major U.S. shale oil companies have slashed their 2016 capital spending plans more than expected in a bid to survive $30/bbl oil prices, with one of them saying prices would need to rise more than 20% just to turn a profit. More »

Renowned oil investor sees conditions ripe for a rebound in crude

After a 2015 that famed oil bull Andrew Hall said "wasn't much fun" because of plunging crude prices, the chief of Astenbeck Commodities says the market is ripe for a jump as producers operate near maximum capacity while supply risks rise. More »

U.S. oil explorers seen reporting $14 billion in 2015 losses

During the next eight days, independent U.S. oil explorers are expected to report 2015 losses totaling almost $14 billion, the result of the steepest price collapse in a generation. More »

Oil resumes decline near $30 as U.S. supplies worsen global glut

Oil resumed its decline near $30 a barrel after U.S. industry data showed crude stockpiles increased, exacerbating a global glut. More »

Chevron reports first gas from Chuandongbei project in southwest China

Chevron’s fully-owned subsidiary Unocal East China Sea, Ltd. began natural gas production from the first stage of the Chuandongbei project in southwest China. More »

World Bank slashes 2016 oil price forecast to $37

The World Bank has slashed its forecast for crude oil prices by $14 to $37/bbl for 2016, it said on Tuesday, amid growing supply and weak demand prospects from emerging markets. More »

Kuwait’s OPEC governor sees tough 2016, oil at $40-60 to 2020

Kuwait's OPEC governor said on Tuesday that this year would be tough, with oil prices seen recovering only after 2016 but remaining between $40-60/bbl until 2020. More »

Oil extends slide below $30 on oversupply

Crude futures dropped below $30/bbl on Tuesday, extending the previous day's losses by more than 3%, as persistent worries about oversupply and more signs of a Chinese economic slowdown spooked the market. More »

China oil demand to grow in 2016

China's oil demand will grow 4.3% this year to surpass 11 MMbpd, compared to 4.8% growth last year, the country's top energy group forecast on Tuesday. More »

Seatronics achieves calibration facility reaccreditation

Seatronics, an Acteon company, is the first to sign up to enhanced accreditation as a supplier of third party calibrations to the ROV and survey communities, globally. More »

Bordelon Marine selects Sonardyne DP technology for new intervention vessel

Bordelon Marine has selected acoustically-aided inertial navigation technology from Sonardyne for its new Ultra-Light Intervention Vessel (ULIV), Brandon Bordelon. More »

Hess cuts capital spending 40% on low oil prices

Hess Corp. has announced a 2016 EandP capital and exploratory budget of $2.4 billion, a 40% reduction from its 2015 actual spend of $4.0 billion and approximately 20% below preliminary 2016 guidance of $2.9-$3.1 billion provided in October. More »

AziNam completes 3D survey offshore Namibia

HAMILTON, Bermuda -- AziNam, the offshore Namibia focused exploration company, has completed a 3D seismic survey on PEL 34, the Guy Block, offshore Namibia. More »

Marathon Oil awards North Sea umbilical contract to JDR

Marathon Oil has awarded JDR a contract for the design and manufacture of 11.3 km of power and static subsea umbilicals, with accompanying termination hardware, for West Brae field. More »

Lamprell Energy signs MOU with Saudi Aramco

Lamprell Energy Ltd. has signed a Memorandum of Understanding (MOU) with Saudi Aramco, the National Shipping Company of Saudi Arabia and Hyundai Heavy Industries in connection with a potential partnership collaboration on establishing a maritime complex in Saudi Arabia. More »

Aker Solutions to deliver FPSO concept study for Statoil’s Johan Castberg

Aker Solutions has secured an order from Statoil to provide a concept study for a floating production, storage and offloading facility for the Johan Castberg field development in the Barents Sea. More »

Aker Solutions wins MMO contracts for Åsgard A

Statoil has awarded Aker Solutions a front end engineering design (FEED) contract for the tie-in of Trestakk field to the Åsgard A production vessel in the Norwegian Sea. More »

Key to surviving the oil bust: Beware bankers bearing cheap debt

During the go-go days of $100 oil, bankers swarmed into Travis Stice’s office in downtown Midland, Texas, trying to sell him on the wonders of easy credit. More »

Saudis, Russia seen by Iraq as more flexible on oil-output cuts

Saudi Arabia and Russia, the world’s biggest oil producers, are now more flexible about cooperating to cut output as crude prices have fallen to levels that hydrocarbon- rich nations didn’t foresee, Iraq’s Oil Minister Adel Abdul Mahdi said. More »

FMC wins $180-million subsea contract from Woodside

FMC Technologies has signed an agreement with Woodside for the design, manufacture and supply of subsea production systems for the Greater Western Flank Phase 2 (GWF-2) Project as part of the North West Shelf (NWS) Project in Western Australia. More »

Halliburton boosts asset sales in push for Baker Hughes deal

Halliburton Co. said it expanded its list of assets to sell as it tries to convince antitrust authorities around the world that its purchase of rival Baker Hughes Inc. won’t impede competition. More »

Libya's $60 billion in lost oil highlights risk of failed state

Libya’s rival political factions must quickly form a unity government to stop the country with Africa’s largest oil reserves from collapsing into a “failed state,” National Oil Corp. Chairman Mustafa Sanalla said. More »

Saudis unbowed by oil crash with no spending cut before IPO

The world’s biggest oil producer is spending as much now as it did before the crash in crude prices, signaling no surrender in Saudi Arabia’s battle with rivals. More »

Churchill Drilling Tools launches hydraulic pipe recovery tool in the Middle East

Churchill Drilling Tools has launched its HyPR HoleSaver in the Middle East. The expansion follows successful deployments of the hydraulic pipe recovery tool in the North Sea and Gulf of Mexico. More »

Churchill Drilling Tools launches world’s first hydraulic pipe recovery tool in the Middle East

Churchill Drilling Tools has launched its HyPR HoleSaver in the Middle East. The expansion follows successful deployments of the hydraulic pipe recovery tool in the North Sea and Gulf of Mexico. More »

Lundin spuds wildcat on the Fosen prospect, offshore Norway

Lundin Norway has started drilling exploration well 16/4-10, the company announced Monday. The well is located approximately 27 km south of Edvard Grieg field, and 11 km south of the Luno II discovery on the Utsira High on the Norwegian Continental Shelf. More »

Oilfield service sector seen undergoing surge of MandA in new survey

A desire to capitalize on distressed situations, grow international market share and acquire new technology will drive a surge in MandA activity in the global oilfield services sector during 2016, according to major new research from international law firm Pinsent Masons. More »

Halliburton reports a loss as shale drillers plan more cuts

Halliburton Co. swung to a loss as the world’s largest fracing provider braces for more customer cutbacks during the worst crude market downturn since the 1980s. More »

Forum Subsea Rentals signs global agreement for Aquatec’s LEAKlog

Forum Subsea Rentals and Aquatec Group have signed a global agreement for the rental of Aquatec’s proven LEAKlog leak detection and inspection suite. More »

Aberdeen-based engineering consultancy PDi acquired

Project Development International (PDi) is under new ownership following its acquisition by Tattva International Holdings, the Aberdeen-based company said Monday. More »

Keppel FELS delivers first rig of the year

Keppel FELS, a wholly owned subsidiary of Keppel Offshore and Marine (Keppel OandM) has delivered Halul, a KFELS B Class jackup rig, to Qatar’s Gulf Drilling International. More »

Lundin completes Bambazon exploration well, offshore Malaysia

Lundin Petroleum’s wholly owned subsidiary Lundin Malaysia has completed the Bambazon exploration well in Block SB307/SB308, offshore East Malaysia. More »

Lundin spuds exploration well on the Fosen prospect, offshore Norway

Lundin Petroleum’s wholly owned subsidiary Lundin Norway has commenced drilling of exploration well 16/4-10 on the Fosen prospect. More »

Japan oil imports fall to lowest since 1988 as demand drops

Japan’s crude oil imports last year fell to the lowest level since 1988 as demand weakens amid a declining population and more efficient vehicles. More »

Russia could work with OPEC on supply, Lukoil’s Fedun tells Tass

Russia could work with the Organization of Petroleum Exporting Countries on removing supply from the market if a political decision was taken to cooperate, OAO Lukoil Vice President Leonid Fedun said in an interview with state news agency Tass. More »

OPEC’s El-Badri calls on global oil producers to help curb glut

The head of the Organization of Petroleum Exporting Countries said he wants oil producers outside the group to assist in reducing the global oversupply, signaling once again that OPEC won’t make output cuts alone. More »

Interior unveils proposal to reduce methane emissions, wasted gas on public, tribal lands

U.S. Secretary of the Interior Sally Jewell has proposed to update 30 year-old regulations in order to reduce the release of natural gas into the atmosphere from oil and gas operations on public and American Indian lands. More »

Saudi Aramco may open IPO to foreigners as it keeps output high

Saudi Arabian Oil Co. is pumping at high levels as it sees demand growing, and the state-run company may open a possible share offering to international investors. More »