Suncor wins over majority of Canadian Oil Sands shareholders

Suncor Energy Ltd. said Canadian Oil Sands Ltd. shareholders holding more than two-thirds of the stock tendered their shares in a takeover that will make the biggest oil-sands producer also the largest owner of the Syncrude project in norther Alberta. More »

Texas Alliance responds to Obama's proposed $10/bbl tax

The following statement was released by George Rogers, chairman of the board of the Texas Alliance of Energy Producers, in response to President Obama's announcement yesterday, that he will propose a $10/bbl tax on the sale of crude oil produced in the U.S. More »

Drillers pull 31 oil rigs as rig count reaches lowest level since ‘99

Drillers in the U.S. pulled 31 oil-directed rigs from the field this week as the oil price slump continues to hit the industry. More »

China output seen cracking under pressure of price collapse

Cheap crude is a double-edged sword for one of the world’s biggest markets. More »

Schlumberger-Cameron merger receives European clearance

HOUSTON -- The European Commission has cleared Schlumberger and Cameron's proposed merger without any conditions following a Phase 1 review. More »

Schlumberger-Cameron merger receives clearance from European Commission

HOUSTON -- Schlumberger Limited and Cameron International Corporation jointly announced today that the European Commission has cleared their proposed merger, without any conditions following a Phase 1 review. More »

T. Boone Pickens cashes out on oil, awaits time to get back in

Oil tycoon T. Boone Pickens, who made and lost fortunes targeting some of the largest U.S. explorers over the past 40 years, has cashed out as the worst crude market downturn in decades drags on. More »

Lower-for-longer oil seen hurting offshore rig owners even more

As most of the battered oil industry looks ahead to 2017 for a solid recovery, signs are emerging that the downturn pain could last even longer for owners of the floating rigs that drill in water more than two miles deep. More »

No sign of significant oil production shut-ins at $35/bbl: Wood Mac

Wood Mackenzie's latest global oil production analysis indicates that 3.4 MMbpd of oil production is cash negative at a Brent oil price of $35. Since the dramatic drop in prices from late 2014, there have been few halts in production—with around 100,000 bpd shut-in globally to date. More »

BHP awards Fugro contract for Pyrenees phase 3 installation project

BHP Billiton Petroleum has awarded Fugro a contract for the Pyrenees phase 3 installation project. More »

Siemens joins forces with oil and gas control system specialist EFC Group

Siemens UK and Ireland has formed a strategic partnership with oil and gas control system specialist EFC Group, in a collaboration which promises to deliver innovative, cost-saving solutions for the industry. More »

UK offshore union calls for emergency measures to save future North Sea production

Unite, Britain’s biggest offshore oil trade union, has warned the UK government that billion-pound losses announced this week by oil industry supermajors could, without serious interventions, bring an end to meaningful production in the North Sea within years. More »

Murkowski hits out at Obama’s $10/bbl oil tax proposal

President Obama should be trying to make America’s energy sector more competitive, Sen. Lisa Murkowski warned after the President proposed a new $10/bbl tax on crude oil amid the worst oil slump since 1986. More »

Battle of three oil benchmarks upending crude flows across globe

The oil tanker Tofteviken is set to sail from the U.K. this month carrying the first shipment of North Sea Ekofisk crude to the U.S. Gulf Coast in five years. More »

Oil production cash negative at $35 per barrel

Wood Mackenzie's latest global oil production analysis indicates that 3.4 MMbpd of oil production is cash negative at a Brent oil price of $35. Since the dramatic drop in prices from late 2014, there have been few halts in production – with around 100,000 bpd shut-in globally to date. More »

Oil lower for longer seen hurting offshore rig owners even more

As most of the battered oil industry looks ahead to 2017 for a solid recovery, signs are emerging that the downturn pain could last even longer for owners of the floating rigs that drill in water more than two miles deep. More »

French banks need to Allay investor concern on oil loans: Gadfly

The slump in oil should be a blessing for European consumers in need of a spending boost -- but for the region's banks it's proving a curse as investors fret about the possibility of a wave of losses on loans to the energy industry. More »

How much global oil output halted due to low prices? Just 0.1%

After a year of low oil prices, only 0.1% of global production has been curtailed because it’s unprofitable, according to a report from consultants Wood Mackenzie Ltd. that highlights the industry’s resilience.The analysis, published ahead of an annual oil-industry gathering in London next week, suggests that oil prices will need to drop even more -- or stay low for a lot longer -- to meaningfully reduce global production. More »

Aramco cuts Asia oil pricing with Iran set to boost exports

Saudi Arabia lowered March pricing on its light oil grades for customers in Asia as the world’s largest crude exporter shows no signs of letting up on its campaign to keep market share, especially with Iran set to boost sales. More »

Obama to seek new $10/bbl tax on oil in budget proposal

U.S. President Barack Obama will launch a long-shot bid next week to impose a $10/bbl tax on crude oil that would fund the overhaul of the nation's aging transportation infrastructure, the White House said on Thursday. More »

Obama to seek new tax on oil in budget proposal

U.S. President Barack Obama will propose a new $10/bbl fee on oil in his budget plan next week, as the White House seeks to boost the nation's investments in clean transportation projects, the White House said on Thursday. More »

Halliburton launches electrohydraulic subsea safety system

Halliburton has announced the release of the Dash 3-in. Subsea Safety System, a complete solution for electrohydraulic control of Halliburton's subsea safety tree. More »

Environmental Quality Board passes updates to drilling regulations in Pennsylvania

The Pennsylvania Environmental Quality Board (EQB), an independent board responsible for adopting environmental regulations, passed the revisions to the oil and gas drilling regulations by a vote of 15 to 4. More »

Nigeria's national oil company posts $1.3 billion full-year loss

The state oil company in Nigeria, Africa’s biggest producer of crude, made a 267 billion naira ($1.34 billion) loss last year, dragged down by its refining division. More »

Occidental suffers biggest loss in 25 years

Occidental Petroleum Corp. posted its deepest quarterly loss in at least a quarter century as plummeting crude prices destroyed the value of oil fields. More »

Anadarko, Mozambique put foot on gas exports as Iran looms

Mozambique and Anadarko Petroleum Corp. are racing to tap gas from one of the biggest discoveries in decades as a global glut looms. More »

Swiber installs world’s southernmost platform

Swiber Holdings Limited has completed a multi-million dollar platform and subsea pipeline installation project in South America. The platform is considered to be the world’s southernmost platform project. More »

ConocoPhillips cuts dividend, lowers budget as low crude weighs

ConocoPhillips further lowered its capital budget for 2016 and slashed its quarterly dividend as a relentless fall in crude oil prices takes a toll on the largest U.S. independent oil and gas company. More »

API launches tool to connect veterans with oil and gas job opportunities

More »

Sound Energy reports first gas from Nervesa discovery

Sound Energy achieved first commercial gas production from the company’s wholly owned Nervesa gas discovery on Wednesday, the company said in a statement. More »

Total signs LNG supply agreement with China’s ENN

Total has signed a binding Heads of Agreement with ENN LNG Trading for the delivery of 0.5 mtpa of LNG for a period of 10 years. More »

Bibby Offshore targets subsea productivity with new vessel share option

Bibby Offshore has developed an innovative vessel share option for clients, which has the potential to provide the subsea industry with significant savings through encouraging collaboration, cost-efficiencies, as well as providing increased productivity. More »

Texas toughness in oil patch shows why U.S. still strong at $30/bbl

Texas has a message for $30 crude doomsayers: Bring it on. More »

Swiber installs world’s southernmost platform project

Swiber Holdings Limited has completed a multi-million dollar platform and subsea pipeline installation project in South America. The platform is considered to be the world’s southernmost platform project. More »

Suncor cuts spending after posting surprise loss on writedowns

Suncor Energy will cut spending by about 10% this year after the oil-sands producer posted a surprise loss for the fourth quarter amid writedowns on the value of Canadian, Libyan and offshore assets. More »

Shell's fourth-quarter profit drops 44% as crude prices tumble

Royal Dutch Shell, which is on the brink of completing the oil industry’s largest deal in a decade, said fourth-quarter profit fell 44% after the rout in crude prices deepened. More »

Texas toughness in oil patch shows why U.S. still strong at $30

Texas has a message for $30 crude doomsayers: Bring it on. More »

Oil seen ‘Lower for Longer’ by Morgan Stanley as forecasts cut

Low oil prices will persist for longer than previously expected, according to Morgan Stanley, which reduced its quarterly crude forecasts for this year by as much as 51%. More »

Fourth-quarter profit drops 44% as crude prices tumble

Royal Dutch Shell which is on the brink of completing the oil industry’s largest deal in a decade, said fourth-quarter profit fell 44% after the rout in crude prices deepened. More »

Nigeria’s National Oil Company posts $1.3 billion full-year loss

The state oil company in Nigeria, Africa’s biggest producer of crude, made a 267 billion naira ($1.34 billion) loss last year, dragged down by its refining division. More »

Weatherford to cut 6,000 extra jobs in first-half 2016

Weatherford is to cut 6,000 additional jobs as the worst oil slump since 1986 continues to exact its toll. More »

Shale industry's health expected to worsen

The latest blow to the energy industry's collective psyche has been inflicted by National Oilwell Varco Inc, with the giant oilfield equipment maker warning the pace of drilling and fracing will only slow more as 2016 drags on. More »

Cue discovers oil onshore Kutai basin, Indonesia

Cue Energy Resources Limited advises that the Naga Selatan-2 well (NS-2) has discovered oil and is currently being suspended to allow for future production testing. More »

Oil price seen surging about 50% by fourth quarter as supply eases

Oil bulls distressed that last week’s rally fizzled can find some comfort in forecasts for a bigger and longer rebound by the end of the year. More »

Halliburton poised to offer Baker Hughes deal concessions to EU

Halliburton Co. was given more time by the European Union to come up with a package of asset sales that will assuage competition concerns over its takeover of oilfield services rival Baker Hughes Inc. More »

CGG wins survey extension offshore Colombia

CGG has been awarded an extension to a major 3D seismic survey it successfully completed on the Caribbean coast offshore Colombia in late 2015. More »

Statoil awards contracts for Oseberg Vestflanken 2, Johan Sverdrup and Gina Krog

Statoil has awards contracts, with a combined value of approximately NOK 1.6 billion, for Oseberg Vestflanken 2, Johan Sverdrup and Gina Krog. More »

Lundin suffers biggest loss as oil collapse forces impairments

Lundin Petroleum suffered its biggest ever quarterly loss as the collapse in oil prices forced the Swedish explorer to book impairment charges. More »

Subsea 7 awarded frame agreement offshore UK

Subsea 7 has won a sizeable three-year frame agreement, with four one-year options, for six North Sea clients: Chevron North Sea, Dana Petroleum, Hess Denmark, Nexen Petroleum UK, Talisman Sinopec Energy UK and TAQA Bratani. More »

Oil gains after Russia says open to talking with OPEC

Oil rose on Wednesday, paring earlier losses after Russia reiterated its openness to talking with OPEC about output cuts, which helped revive hope among investors that the world's largest producers could act to boost prices. More »

CGG bags 3D seismic survey extension on Caribbean coast offshore Colombia

CGG has been awarded an extension to a major 3D seismic survey it successfully completed on the Caribbean coast offshore Colombia in late 2015. More »

Statoil awards contracts worth $180 million

Statoil has awarded contracts on behalf of the license partners including marine operations, marine construction, engineering, procurement and construction (EPC) of an unmanned wellhead platform as well as modifications at the Oseberg Field Centre located in the North Sea. More »

Oceaneering announces early vessel termination with BP in Angola

Oceaneering International has announced that BP has terminated its contract with the company for the use of chartered vessel Bourbon Oceanteam 101 in Angola. More »

Subsea 7 bags frame agreement offshore UK

Subsea 7 has won a sizeable three-year frame agreement, with four one-year options, for six North Sea clients Chevron North Sea, Dana Petroleum, Hess Denmark, Nexen Petroleum UK, Talisman Sinopec Energy UK and TAQA Bratani. More »

Statoil seen deepening cuts to keep dividends amid oil rout

Statoil will maintain dividend payments this year, betting it can ride out a slump in crude prices by deepening investment cuts and adding debt, analysts predict. More »

America supplies OPEC with oil freed from 40-year export ban

The U.S. is now supplying OPEC with crude oil, sort of. More »

Oil holds losses near $30 as U.S. supplies seen expanding glut

Oil held losses near $30/bbl after the biggest two-day drop in almost seven years as U.S. industry data showed crude stockpiles increased, exacerbating a global surplus. More »

CARBO’s KRYPTOSPHERE LD technology proves worth in Utica gas well

CARBO Ceramics has announced the successful use of KRYPTOSPHERE LD, its ultra-conductive, low-density ceramic proppant technology, in the Utica for CONSOL Energy. This is the first well to utilize KRYPTOSPHERE LD. More »

Oceaneering reports early vessel termination with BP in Angola

Oceaneering International said Monday that a unit of BP has exercised its right, under the field support vessel services contract that was entered into with the company for work offshore Angola, to terminate its use of the chartered vessel Bourbon Oceanteam 101 at the end of May. More »

Russia leaves door open to OPEC deal even as output hits high

Russia has, in the last week, sent mixed signals about possible cooperation with OPEC to support prices. More »

Interra completes drilling of well in Myanmar's Yenangyaung field

Interra Resources Limited, and its JV entity Goldpetrol Joint Operating Company Inc., has completed drilling development well YNG 3270 in Yenangyaung oil field in Myanmar. More »

Exxon's fourth-quarter profit falls 58%, cuts capex by quarter

Exxon Mobil Corp. on Tuesday reported its smallest quarterly profit in more than a decade and said it will cut 2015 spending by one-quarter and suspend share repurchases as it copes with a prolonged downturn in crude prices. More »

Cabot Oil and Gas cuts 2016 preliminary budget in half

Cabot Oil and Gas Corp. has cut its 2016 capital budget to $325 million, a 47% reduction from the company’s $615-million preliminary budget for the year. More »

Exxon's fourth-quarter profit falls 58% as low crude hurts

Exxon Mobil Corp. on Tuesday reported a 58% drop in quarterly profit as low oil prices hurt results at the world's largest publicly traded oil company. More »

Plexus Holdings wins first order for Malaysian JV

Plexus Holdings has secured a purchase order with Talisman Malaysia Ltd., which is a part of the REPSOL Group, to supply its best-in-class wellhead system for an exploration well offshore Malaysia. More »

Lundin secures financing for Johan Sverdrup development

Lundin Petroleum has entered into a committed seven year senior secured revolving credit facility of up to $5 billion, with an initial committed amount of $4.3 billion. More »

Songa Offshore to cut 200 onshore jobs amid slump

Songa Offshore is to cut up to 200 onshore workers in response to depressed market conditions. The company is proposing to cut 76 employees and 124 contractors, according to a statement released Monday. More »

Songa Offshore to cut 200 onshore jobs amid market slump

Songa Offshore is to cut up to 200 onshore workers in response to depressed market conditions. The company is proposing to cut 76 employees and 124 contractors, according to a statement released Monday. More »

Total signs long-term agreements to supply LNG to Indonesia’s Pertamina

Total has signed long-term sale and purchase agreements with Pertamina for the supply of LNG volumes over a period of 15 years beginning in 2020. More »

Oil slips towards $33 as hopes for production cut fade

Oil prices fell around 3% on Tuesday, dented by worries about the demand outlook and rising supply, while hopes for a deal between OPEC and Russia on output cuts faded. More »

BP reports worst annual loss in over 20 years as it cuts 7,000 jobs

BP slumped to its worst annual loss in over 20 years in 2015, the British oil and gas company announced on Tuesday, and said it would cut thousands more jobs in the face of a deep rout in oil prices. More »

BP profit falls 91%, missing estimates, as oil slump deepens

BP reported a 91% decline in fourth-quarter earnings after average crude oil prices dropped to the lowest in more than a decade. The company’s shares fell the most since August. More »

Texas shale drillers lure $2 billion in new equity to Permian

Oil producers in West Texas, defying expectations they would fall victim to OPEC’s price war, are instead selling investors on the idea that they can still profit with prices below $35/bbl. More »

For once, low oil prices may be a problem for world’s economy

For the last 75 years, almost every economic crisis has been preceded by an oil price spike. The worry now is that low energy prices are pushing the global economy into a tailspin. More »

Plexus Holdings wins first well order from Malaysian JV

Plexus Holdings has secured a purchase order with Talisman Malaysia Limited, which is a part of REPSOL Group, to supply its best in class wellhead system for an exploration well offshore Malaysia. More »

Lundin Petroleum secures credit facility for Johan Sverdrup field

Lundin Petroleum has entered into a committed seven year senior secured revolving credit facility of up to $5 billion, with an initial committed amount of $4.3 billion. More »

Sasol obtains approval for Mozambique field development plan

Sasol has obtained approval from the Mozambique Council of Ministers for its field development plan. More »

ABB technology to help vessels operate safely 5 km below sea level

ZURICH, Switzerland – ABB is to provide the technology that will help three vessels safely carry out construction and maintenance tasks up to 5 km under water. More »

ConocoPhillips awards two MMO contracts to Aker Solutions

Aker Solutions' maintenance, modifications and operations (MMO) business in Norway has secured two contracts for work at North Sea fields operated by ConocoPhillips. More »

Anadarko posts quarterly loss, expects to cut capex in half

Anadarko Petroleum Corp. on Monday reported a larger quarterly loss but smaller than Wall Street expected and the U.S. oil company said it expects to slash capital spending about 50% this year to conserve cash. More »

South Lafourche airport FBO under new management

The Greater Lafourche Port Commission (GLPC) has announced that as of Feb. 1, 2016, GLPC is both owner and operator of the South Lafourche Airport's Fixed Base Operator (FBO), which will now be known as GAO FBO. FBO services had previously been bid out to outside vendors since 2007. More »

Iranian political battles pose risk for oil contracts

Iran is struggling to finalize the terms under which foreign energy companies can drill for oil there, as a political battle rages between the country's more moderate forces and its conservative hard-liners. More »

Oil and gas sector needs to think long-term to achieve meaningful cost cuts: DNV GL

HØVIK, Norway -- A majority of senior oil and gas professionals (56%) believe that the industry is repeating the mistakes of previous downturns and have concerns over the loss of jobs and experience and lack of efficiency, according to a new report by DNV GL. More »

PEMEX extends multi-year seismic data processing contract with ION

ION Geophysical has been awarded an extension to its existing multi-year contract with PEMEX. Under this contract, ION is providing a broad range of seismic data processing for multiple offshore and onshore surveys. More »

Superior Drilling Products to supply Baker Hughes with Strider Drill String Oscillation System

Superior Drilling Products (SDP) has reached an agreement to supply the company’s Strider Drill String Oscillation System and related services to Baker Hughes. More »

First continuous-duty frac pump enters Canadian market

Weir Oil and Gas has partnered with Calgary, Alberta-based Canyon Services Group to take its SPM QEM 3000 frac pump to the field. Weir’s SPM QEM 3000 is the industry’s first high-horsepower frac pump designed for continuous-duty pressure pumping operations at a sustained 275,000-lb rod load, 24 hours per day, seven days per week. More »

Norway's Petroleum Safety Authority slams Statoil over Gudrun leak

Norway's Petroleum Safety Authority on Monday slammed oil and gas producer Statoil ASA for serious breaches of regulations after a 2015 leak at Gudrun field in the North Sea More »

Statoil awards NCS helicopter contracts to Bristow

Statoil has awarded Bristow Norway contracts for personnel transportation from Bergen and Florø starting on May 1, 2017. More »

DEA names new general manager for Egyptian subsidiary

DEA Deutsche Erdoel has named Dr. Thomas Radwitz as general manager of the company's Egyptian subsidiary. More »

CNOOC starts production at two new projects

HONG KONG -- CNOOC’s Weizhou 12-2 joint development project and Weizhou 11-4 North Phase II project have recently commenced production, China’s largest offshore driller said Monday. More »

No decision yet on any OPEC, non-OPEC meeting

OPEC and non-OPEC countries have not yet agreed to hold a meeting to discuss action to support oil prices, two OPEC delegates said on Monday, nearly a week after Russian officials said Moscow should talk to OPEC. More »

Lundin signs Malaysia farm-out agreements with DYAS

Lundin Malaysia, a wholly owned subsidiary of Lundin Petroleum, has signed farm-out agreements with certain wholly owned subsidiaries of DYAS for part of its working interests across three production sharing contracts (PSC) in Malaysia. More »

Statoil to explore offshore Uruguay with deepwater acquisition

Statoil has agreed to acquire a 15% working interest in exploration Block 14, offshore Uruguay. The acquisition represents Statoil’s first entry into the South American nation. More »

Coming decommissioning boom to be driven by UK: DW Monday

The oil price collapse has been bad news for nearly every company involved in the industry, but one group that could actually benefit from it are specialist decommissioning companies. For these companies there is an opportunity to be part of removing the huge tonnage of infrastructure that exists in the North Sea. More »

Seadrill deepens cost cuts to ride out CEO’s worst rig slump

Seadrill Ltd., once the crown jewel among billionaire John Fredriksen’s oil and shipping holdings, is deepening planned cost reductions this year as it attempts to make it through the worst market slump its chief executive has ever seen. More »

Makai upgrades software to simulate subsea power and telecom cable lays

Makai has released version 6.0 of MakaiPlan Pro, which is a popular software for planning and simulating subsea power and telecom cable installations. More »