Schlumberger CEO sees ‘full-scale cash crisis' in oil sector

Schlumberger cut more jobs in the first quarter as the world’s largest provider of oilfield services sees the industry in an unprecedented downturn. More »

Newpark Resources announces leadership change in Mats, Integrated Services business

Newpark Resources has announced the retirement of Jeff Juergens. He has served as corporate V.P. and president of the Mats and Integrated Services business since October 2010. More »

Halliburton reports $2.1 billion charge on job cuts assets

Halliburton Co., the world’s largest provider of fracing services, said it will take a $2.1-billion charge in the first quarter for the cost of reducing headcount and asset value write-offs as it grapples with the collapse of oil prices. More »

Packers Plus advances high frac intensity capabilities with 50-stage wells in the Williston basin

Packers Plus Energy Services Inc. has announced the successful completions of multiple wells in North Dakota’s Bakken formation, using advanced high frac intensity systems, specifically designed for extended reach wells. More »

CGG GeoSoftware launches VelPro 9.5 velocity modeling software

CGG GeoSoftware has released VelPro 9.5, a velocity modeling and depth conversion commercial software technology used by interpreters and velocity modeling experts to integrate seismic and well velocity information, horizons, faults, and well tops into robust and data-driven velocity models. More »

Oil climbs to five-month high as traders see market rebalancing

Oil advanced to a five-month high as declining U.S. crude production provided more evidence that the market is rebalancing. More »

Packers Plus advances high frac intensity capabilities in the Williston basin

Packers Plus Energy Services Inc. has announced the successful completions of multiple wells in North Dakota’s Bakken formation, using advanced high frac intensity systems, specifically designed for extended reach wells. More »

Analyst who called Pacific EandP crash has a new Colombia oil bet

Ian Macqueen, the analyst who called Pacific Exploration and Production’s downfall, has a new buy recommendation for investors looking to benefit from Colombia’s oil potential. More »

Bowleven granted licence extension for Bomono project onshore Cameroon

Bowleven, the Africa focused oil and gas exploration group traded on AIM announced that it has been awarded a one-year extension to the existing Bomono exploration licence, onshore Cameroon, pending the final award of an Exploitation Authorization (EA). More »

Oil majors' $100 hangover hurts profit as cost cuts fall short

The world’s biggest oil companies, set to report their worst quarterly earnings in more than a decade, are finding their cost-cutting efforts haven’t matched the decline in crude prices over the past two years. More »

Ex-Cheniere CEO Souki's pay gained sevenfold last year

HOUSTON (Bloomberg) -- Former Cheniere Energy Inc. CEO Charif Souki made $54 million in his last year at the helm of the U.S. natural gas exporter, a seven-fold increase from 2014 thanks almost entirely to cash tied to the company’s stock and other incentives. More »

Oil set for third weekly gain as investors eye falling output

Oil is poised for a third weekly advance as declining U.S. crude production provided more evidence that the market is rebalancing. More »

Wild Well raises the bar for riserless plug and abandonment

Wild Well Control, a Superior Energy Services company, said Thursday that its DeepRange tool, in conjunction with its 7Series riserless intervention system, has successfully performed full plug and abandonment operations on four subsea wells in the Gulf of Mexico. More »

Oil megaprojects dreamed up a decade ago thrive amid price slump

Oil production in some of the riskiest, highest-cost regions of North America is still thriving, even as the worst slump in a generation takes a bite out of U.S. shale. More »

Schlumberger cuts more jobs as CEO sees industry cash crisis

Schlumberger Ltd. cut another 2,000 jobs in the first quarter as the world’s largest provider of oilfield services sees the industry in a full-scale crisis. More »

Veolia signs long-term contract to supply water treatment chemicals to TOTAL in Angola

Veolia Water Oil and Gas Angola Lda has been contracted by TOTAL and Sonangol to supply Veolia’s range of Hydrex chemicals for its FPSO fleet operating off the coast of Angola. More »

PetroQuest closes sale of majority of Woodford Shale assets

PetroQuest Energy, Inc., has announced the closing of the sale of the majority of its remaining Woodford Shale assets in East Hoss field for gross proceeds of $18 million, subject to purchase price adjustments between the effective date of April 1, 2016, and the closing date. More »

Oil slips from five-month high amid ample U.S. supply OPEC doubts

Oil retreated from the highest level in almost five months amid rising U.S. crude stockpiles and speculation producers will be unable to agree on an output freeze. More »

American Energy-Woodford formalizes name change transitions to standalone company

American Energy-Woodford, LLC, has announced that, effective March 25, 2016, the company changed its name to White Star Petroleum, LLC. White Star will complete its transition to a standalone company, fully independent of the American Energy Partners. More »

Aqualis Offshore and CSDC join forces

Aqualis Offshore and China Ship Design and Research Center Co., Ltd (CSDC) have signed an agreement to cooperate on engineering projects both in China and internationally. More »

Sound Energy spuds first Tendrara well in Morocco

Sound Energy, the European/Mediterranean-focused upstream oil and gas company, has confirmed the commencement of drilling of the first well at Tendrara, onshore Morocco. More »

DeepOcean awarded EPRD contract on Varg field by Repsol

DeepOcean AS, a subsidiary of DeepOcean Group Holding BV, announced that the company has been awarded a contract for provision of engineering, procurement, removal and disposal (EPRD) of Varg Subsea facilities by Repsol Norge AS. More »

Wood Group secures five-year contract extension with Nexen in the North Sea

Wood Group has been awarded a five-year contract by Nexen, valued at $150 million. More »

Russia and Norway use Saudi oil strategy in Europe's gas market

Europe is awash with low-priced natural gas, thanks to Russia and Norway using a Saudi-like tactic to hold market share. More »

OPEC invite has Gabon mulling best response to oil nightmare

Gabon is considering a return to OPEC and trying to rally fellow African nations for a more coordinated response to slumping oil prices, President Ali Bongo Ondimba said. More »

Energy Fishing and Rental Services announces U.S. distribution agreement with Lee Energy Systems

Energy Fishing and Rental Services (EFRS) announced it has been named the exclusive U.S. distributor of Lee Energy Systems’ Gator Perforator and Speed Squeeze oilfield products. More »

Devon Energy sells non-core Mississippian assets for $200 million

Devon Energy Corp. has entered into a definitive agreement to sell its non-core Mississippian assets in northern Oklahoma to White Star Petroleum, LLC for $200 million. More »

DOF Subsea wins IMR subsea installation contracts

DOF Subsea, a subsidiary of DOF ASA, has been awarded several IMR and subsea installation contracts with a total contract value in excess of NOK 500 million. The contracts will secure utilization of the subsea project fleet in the regions. More »

Aibel wins contract for BPs Glen Lyon FPSO

Aibel has been awarded a contract for yardstay and assistance with the final preparations of the Glen Lyon FPSO. The vessel arrived in Haugesund, Norway, on Wednesday. More »

Crude rises to five-month high as U.S. output slips talks planned

Oil climbed to the highest level in almost five months after a government report showed U.S. crude production fell and Iraq said talks to freeze output will be revived. More »

Iraq says OPEC others to meet on output freeze possibly in May

Major OPEC and other crude producers will meet in Russia, possibly next month, in a new push to agree on an output freeze to shore up oil prices, Iraq’s Deputy Oil Minister Fayyad Al-Nima said. More »

WellDog awarded coal seam gas artificial lift contracts

WellDog announced today that it has inked exclusive, multi-year contracts worth about A$35 million through its Artificial Lift business unit based in Toowoomba, Queensland. More »

Expected decrease in Lower 48 oil production partially offset by rising GOM output: EIA

In response to continued low oil prices, onshore crude oil production in the Lower 48 states is expected to decline from an average of 7.41 MMbpd in 2015 to 6.46 MMbpd in 2016, and to 5.76 MMbpd in 2017. Increased production from the federal Gulf of Mexico (GOM) is not enough to offset those declines. More »

Kuwait oil workers end strike after three-day disruption

Kuwait oil workers ended a strike that disrupted output in OPEC’s fourth-largest producer for three days, after the government said it wouldn’t negotiate while the walkout lasted. More »

Otto Energy announces Gulf of Mexico discovery

Otto Energy Ltd has announced that it has been advised by Operator Byron Energy, that the SM-71 #1 well, located at the South Marsh Island Block 71, has completed drilling to the final target measured depth of 6,843 ft (2,086 m) or 6,477 ft (1,974 m) TVD. More »

Hydratight expands Antigo base to serve global customers

Joint integrity specialist Hydratight has started construction at its Antigo facility in Wisconsin to increase its manufacturing capabilities. More »

Aker Solutions wins engineering framework agreement from Lundin Norway

Aker Solutions secured a framework agreement from Lundin Norway to provide engineering services for offshore developments in Norway. More »

Cheniere's LNG set to reach Europe as U.S. shale gas goes global

Within a decade of revolutionizing domestic natural gas markets, U.S. shale will for the first time enter Europe, a region dominated by Russian and Norwegian supplies. More »

Kuwait oil output set to return to normal after strike ends

Kuwait’s oil production is set to return to normal in three days after thousands of striking workers returned to their jobs Wednesday. OPEC’s fourth-largest producer will boost output to an average of 3 MMbopd in three days, Kuwait Petroleum Corp. said Wednesday. More »

API calls EPA's latest methane inventory "seriously flawed"

EPA's greenhouse gas inventory is seriously flawed and inconsistent with previous EPA reports and other scientific research, Kyle Isakower, API V.P. of regulatory and economic policy, told reporters in a conference call. More »

Parnaiba seeks expansion amid downturn

Parnaiba Gas Natural SA, Brazil’s biggest independent natural gas producer, is considering acquisitions and preparing to expand output in Latin America’s biggest economy. More »

GEODynamics releases QuickStart Inject and Frac Valve

GEODynamics, Inc.’s Engineered Completion Solutions Division has completed extensive field testing of the QuickStart Inject and Frac Valve product line and is broadly releasing it to the global horizontal completion market immediately. More »

GeoTeric releases 2016 version of its software

GeoTeric has announced the release of GeoTeric 2016 incorporating faster performance, improved usability and new technology. More »

Russia may raise oil output exports after failure of Doha talks

Just two days after the collapse of international oil-supply talks in Doha, Russia signaled it isn’t afraid to play a game of chicken. More »

Exxon Mobil starts production at Julia field in deepwater Gulf of Mexico

Oil production has started under budget and ahead of schedule at Julia oil field in the Gulf of Mexico, Exxon Mobil Corporation said Tuesday. The first production well is now online and a second well will start production in the coming weeks. More »

Kuwait oil output rises to 1.5 MMbpd amid strike

Kuwait’s crude output climbed to 1.5 MMbpd as the state oil company brought more production back on line after halting some operations at the start of a labor strike now in its third day. More »

Trelleborg identifies sealing materials to extend seal life in high fire risk hydraulic applications

Due to the different chemical makeup of HFC and HLP fluids, sealing materials proven and traditionally used with HLP fluids, though effective in HFC applications, do not necessarily provide effective performance or length of life in HFCmedia. More »

Intertek launches high-accuracy onsite Coriolis meter calibration service

Intertek has launched an onsite Coriolis flow meter calibration service, delivering technical expertise and cost and efficiency savings to its oil and gas clients. More »

Statoil launches new subsea concept

Statoil has presented a new subsea concept, called Cap-X, that is designed to reduce cost and increase efficiency. More »

Cyberhawk UAV performs first commercial oil and gas inspection in Qatar

Cyberhawk Innovations, a leader in aerial inspection and survey using unmanned aerial vehicles, has completed the first ever commercial oil and gas inspection in Qatar. More »

Sinopec shifts global oil assets to state buyers amid downturn

One of China’s biggest oil and gas explorers found a buyer for its oil assets from Canada to Kurdistan amid a collapse in energy prices and a drive to reform state-run firms: another government-owned company. More »

Iraq says OPEC will pursue output-freeze talks at June meeting

The Organization of Petroleum Exporting Countries will resume talks at a meeting in June to reach an agreement on freezing oil output, Iraq’s governor to OPEC said just days after politics thwarted a deal to cap production and curb the global glut. More »

Saudi's other warning makes oil traders sweat after Doha failure

After his comments thwarted supply negotiations in Doha, oil traders are weighing another implied warning from the Saudi deputy crown prince: the threat of an intensifying clash with Iran over market share. More »

Keppel profit drops as oil slump delays offshore projects

Keppel Corp., the world’s largest builder of oil rigs, reported a 41% decline in first-quarter profit as weak oil prices led to delivery delays of offshore projects. More »

Kuwait oil-worker strike curbing crude output for second day

Kuwait was seeking to restore crude production as thousands of oil workers stayed off their jobs for a second day in a strike that’s slashed the OPEC member’s output by about 1.7 MMbopd, an amount exceeding the current global surplus. More »

What Doha couldn't do for oil market, Kuwait does by accident

After months of preparation, talks between producers in Doha failed to deliver anything to end the global oil glut. Yet, Kuwait has managed that by itself in just a few days. More »

Statoil reports positive production test at Gavea appraisal well, offshore Brazil

Repsol Sinopec, with partners Statoil and Petrobras, has completed the Gavea A1 well in the ultra-deep pre-salt Block BM-C-33 in the Campos basin, offshore Brazil. More »

Wood Group Kenny CEO joins Society of Underwater Technology council

Bob MacDonald, CEO of Wood Group Kenny (WGK), has been elected to the council of the Society of Underwater Technology (SUT). More »

Statoil, Kongsberg in collaboration to develop swimming robots for subsea maintenance

Kongsberg Maritime and Statoil have signed an agreement with Eelume, a NTNU spin-off company, to accelerate new technology that will significantly reduce costs related to subsea inspection, maintenance and repair operations. More »

Statoil collaborates to develop swimming robots for subsea maintenance

Kongsberg Maritime and Statoil have signed an agreement with Eelume, a NTNU spin-off company, to accelerate new technology that will significantly reduce costs related to subsea inspection, maintenance and repair operations. More »

Husky Energy starts production at Edam East thermal project

Husky Energy has started production at its Edam East Lloyd Thermal Project in Saskatchewan, the first of three thermal developments scheduled to come online this year. More »

Penn West closes sale of Slave Point, non-core assets

Penn West Petroleum has closed the sale of its properties in the Slave Point area of Northern Alberta for a cash consideration of approximately C$148 million, subject to closing adjustments. More »

Oil drops after output talks fail amid Saudi Demands over Iran

Oil fell after output talks Sunday between the world’s biggest producers ended without any agreement on limiting supplies, a diplomatic failure that threatens to renew the rout in prices. More »

Grand oil bargain is victim of Saudi Arabia's Iran fixation

In the end, the outcome of Sunday’s summit of 16 oil ministers at Qatar’s Sheraton hotel turned on one country that wasn’t there. More »

Oil-freeze talks end in failure amid Saudi demands over Iran

Negotiations between 16 oil producers in Doha ended without any agreement on limiting supplies, a diplomatic failure that threatens to renew the rout in prices. More »