Oil market deja vu triggers predictions of a return to $30

Oil’s climb above $45/bbl is reassuring influential figures from BP Plc to the International Energy Agency that the industry is finally recovering from the worst slump in a generation. More »

Gulf Publishing Company completes management buyout, marks 100-year anniversary

As it celebrates 100 years of producing and distributing flagship publications, data products and events for the oil and gas industry, Gulf Publishing Company announces today the successful management buyout of its energy information business from its London-based parent company, Euromoney Institutional Investor PLC. More »

Oil falls as surging OPEC production seen bolstering global glut

Oil fell from a five-month high as surging OPEC crude production is seen swelling global stockpiles. More »

Eleven found dead after helicopter crash off west Norway

At least 11 died and two were missing after a helicopter carrying people from a Statoil ASA-operated oil and gas field offshore Norway crashed near Bergen on Norway’s west coast. More »

Exxon posts smallest profit since 1999 amid global oil slump

Exxon Mobil Corp. posted its weakest quarterly profit in more than a decade amid tumbling energy prices that have already cost the world’s biggest non-state oil explorer its sterling credit rating. More »

Helicopter crashes heading back from Norway oil platform

A helicopter heading back from an oil and gas field offshore Norway crashed outside of Bergen on the country’s west coast, Statoil ASA said. More »

SIMMONS EDECO wins key contract with major operator

SIMMONS EDECO, a supplier of wellhead and valve maintenance and onshore drilling services, has been awarded a multi-million-dollar contract by a major North Sea oil and gas operator. More »

BESTOLIFE rolls out versatile HONEY KOTE drilling compound

BESTOLIFE Corporation has unveiled its latest innovation in premium copper-based drilling compounds. More »

Honeywell introduces Matrikon OPC UA software development kit

Honeywell Process Solutions (HPS) has introduced the Matrikon OPC Unified Architecture (OPC UA) Software Development Kit (SDK), a single fully scalable toolkit to allow users to quickly and easily interconnect industrial software systems, regardless of the platform, operating system or size. More »

BP awards Petrofac Duty Holder contract for Miller platform

Petrofac has been awarded a Duty Holder contract from BP to support the late life management of the Miller platform, located in the Central North Sea. More »

Premier Oil completes acquisition of E.ON's North Sea assets

Premier Oil has completed the acquisition of the UK North Sea assets of E.ON, the London-headquartered company said Friday. More »

Yamal LNG gets $12-billion in Chinese loans amid sanctions

Yamal LNG signed agreements for financing with two Chinese banks after more than a year of discussions after its biggest shareholder, Novatek OJSC, was targeted by U.S. sanctions. More »

Guerrillas and rebels do for oil market what producers couldn't

Leftist guerrillas in Colombia, rebels in Libya and militants in Nigeria are succeeding where the world’s biggest oil producers failed, helping keep a 1.5 MMbpd surplus from expanding. More »

Eni posts larger-than-expected loss amid oil price slump

Eni posted a first-quarter loss that was worse than analysts’ estimates amid a collapse in crude prices. More »

PSAC revises 2016 drilling forecast, significantly lowering activity

Today the Petroleum Services Association of Canada (PSAC), in its second update to the 2016 Canadian Drilling Activity Forecast, announced it revised the forecasted number of wells drilled (rig releases) across Canada for 2016 to 3,315 wells. More »

ConocoPhillips cuts spending 11% as losses mount

ConocoPhillips is reducing spending further as it posted the fourth straight quarterly loss amid an oil rout that continues to strain independent producers. More »

Cnooc revenue drops as output gain outweighed by oil tumble

Cnooc Ltd., China’s biggest offshore oil and gas explorer, reported a 31% decline in revenue and an increase in output amid a crash in crude prices. More »

Tullow's Jubilee field to resume production offshore Ghana

Tullow Oil Plc said production at its flagship field offshore Ghana will resume in the next few days, while another project under development in the nation’s waters remains on track. More »

McDermott completes Otis Subsea tieback for LLOG

McDermott International has completed the installation scope associated with the Otis development in the Gulf of Mexico on behalf of LLOG Exploration Offshore. More »

Wood Mac sees major supply shortfall by 2035 if exploration results don't improve

The global oil market could face a supply shortfall of 4.5 MMbpd by 2035 if exploration success doesn't improve, according to a new study by Wood Mackenzie. More »

Transocean delays delivery of ultra-deepwater drillships

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Global supply shortfall of 4.5 MMbopd by 2035 if exploration results don't improve

The global oil market could face a supply shortfall of 4.5 MMbpd by 2035 if exploration success doesn't improve, according to a new study by Wood Mackenzie. More »

Wood Group wins $500-million EPCM contract in Azerbaijan

ABERDEEN, Scotland -- Wood Group has won a new five-year contract with BP-operated projects, valued at $500 million, to deliver services to eight facilities, offshore Azerbaijan. More »

Samsung Heavy loses $4.6-billion FLNG order from Shell on oil drop

Samsung Heavy Industries Co., the world’s third-largest shipbuilder, said an order to build three floating LNG production facilities was canceled after the energy development project was scrapped amid a plunge in oil prices. More »

Suncor purchases additional Syncrude stake, holds majority

Suncor Energy will have a majority stake in the Syncrude Canada oil sands mine after the Canadian petroleum producer bought an additional stake from Murphy Oil Corp.’s Canadian subsidiary. More »

Top oil service firms mull North America retreat as losses mount

Two of the three largest oil rig operators and fracers are considering pulling back from the North American market as losses mount. More »

AccessESP successfully installs first commercial Access375 systems in Alaska

AccessESP, a provider of rigless electric submersible pump (ESP) conveyance solutions for the worldwide oil industry, has successfully installed two of its new Access375 systems on the North Slope of Alaska, the first commercial deployments of this system. More »

WTI climbs above $45 amid U.S. crude output drop, Fed statement

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Baker Hughes gains after larger-than-expected quarterly loss

Baker Hughes Inc. gained even after reporting a larger-than-expected first-quarter loss as a financial crisis in the oil industry forces explorers to slash spending. More »

Drilling at Manora Oil Development in Gulf of Thailand complete

Mubadala Petroleum, operator of the Manora Oil Development joint venture, has advised that drilling of the MNA-15 and MNA-16 development wells in the Northern Gulf of Thailand has now been completed. More »

Deep Casing Tools expands into new territories

Casing and completion tools specialist Deep Casing Tools has expanded into the Kazakhstan market with its reaming and unique drillable turbine technology. More »

Schlumberger to acquire Xtreme coiled tubing drilling units

Schlumberger has announced that it has entered into an agreement to acquire the coiled tubing drilling and coiled tubing units from Xtreme Drilling and Coil Services Corp., a Calgary-based provider of international land drilling and coiled tubing drilling services. More »

Technip awarded contract extension for Logistic Base in Brazil

Technip has signed a four-year extension of its five-year initial contract, signed in January 2011 with Petrobras S.A. for its Flexible Pipes Logistic Base (BAVIT), located in Vitória, Brazil. More »

Statoil posts surprise profit as lower costs offset oil drop

Statoil ASA, Norway’s biggest oil company, unexpectedly posted a profit in the first quarter as cost cutting helped offset the lowest crude prices in almost 12 years. More »

Top Norwegian rainmaker predicts oil crash is nearing bottom

Shipping is about to lead a recovery in global offshore markets that have been battered by plunging oil prices, according to one of Norway’s biggest dealmakers over the past three decades. More »

CNPC posts 52% decline in profit

China National Petroleum Corp. (CNPC), the country’s biggest oil and gas producer and the parent of PetroChina Co., said profit fell 52% as lower oil prices punished global explorers. More »

Aker Solutions and ABB join forces to power subsea production

Aker Solutions and ABB agreed to build on their combined strengths in subsea, power and automation technologies to develop solutions that will improve oil and gas production for the global energy industry. More »

API: Key moment for next decade of U.S. energy leadership and affordable energy

API called on the administration to maintain and promote U.S. oil and natural gas development through the Bureau of Ocean Energy Management's (BOEM) 2017-2022 offshore program, API Group Director of upstream and industry operations Erik Milito said today in a briefing with journalists. More »

EV acquires Epidote Limited

Specialist in well diagnosis, EV, has announced the acquisition of Aberdeenshire-based well integrity software supplier, Epidote Limited, to enable a world-class well diagnosis service. More »

Exxon Mobil loses top credit rating it held since Great Depression

Exxon Mobil Corp. was demoted from the top credit rating by Standard and Poor’s for the first time since the Great Depression as the collapse of the biggest oil-market rally in history strangled cash flows. More »

Murkowski highlights need to boost U.S. oil, gas development in low price environment

The current low price environment surrounding oil and gas development presents an opportunity to pursue federal reforms that will boost energy production and provide economic benefits across the nation, U.S. Sen. Lisa Murkowski, R-Alaska, said Tuesday. More »

Crude oil increases as excess global stockpile seen shrinking

Oil rose amid signs that a global surplus is gradually diminishing, even as markets remain oversupplied. More »

Baker Hughes introduces non-phosphorous corrosion inhibitor for cooling water systems

Baker Hughes announced today the commercial release of its LIFESHIELD non-phosphorous corrosion inhibition program for industrial cooling water systems. More »

TIW UK secures three-year contract extension with Total EandP UK

TIW UK Limited has signed a three-year contract extension with Total EandP UK. More »

Russia sees no moves to cap oil output before June OPEC meeting

Russia doesn’t anticipate any new initiatives to freeze oil production before an OPEC meeting scheduled for June, according to Energy Minister Alexander Novak. More »

CNOOC starts production at Panyu 11-5 oil field in South China Sea

HONG KONG -- CNOOC’s Panyu 11-5 oil field has started production, the company said in a statement. More »

CNOOC starts production at Panyu 11-5 oil field in South China Sea

HONG KONG -- CNOOC’s Panyu 11-5 oil field has started production, the company said in a statement. More »

Gazprom Neft, Wintershall to cooperate on EOR research

Gazprom Neft PJSC and Wintershall Holding GmbH have signed a cooperation agreement for conducting research into enhanced oil recovery (EOR), aimed at maintaining or increasing oil production from mature fields. More »

Maersk Oil awards four-year contract for Culzean development

Maersk Oil has awarded information management specialist Datum360 a four-year contract to implement Software as a Service (SaaS) solutions for the Culzean development in the UK North Sea. More »

BP reports surprise profit on strength in refining, trading

BP Plc reported a surprise first-quarter profit as a stronger-than-expected refining and trading performance helped mitigate the impact of sliding crude prices. More »

Oil's recovery inches higher as fraclog awaits price trigger

Oil’s rebound from the lowest level in more than 12 years may face an abrupt halt as prices near a level that could trigger a wave of new U.S. shale production. More »

Pioneer Natural boosts full-year output target on shale gushers

Pioneer Natural Resources Co. lifted its 2016 production growth target without increasing spending because wells drilled in a West Texas shale field are pumping more crude than expected. More »

Saudi prince says Aramco valuation above $2 trillion

Saudi Arabia’s Deputy Crown Prince Mohammed bin Salman said he expects the value of Saudi Arabian Oil Co. to exceed $2 trillion as the kingdom prepares to sell part of the company in what could be the world’s largest initial public offering. More »

Weir Oil and Gas unveils next generation of valve and seat technology

Weir Oil and Gas has unveiled the new SPM 2.0 valve and seat for well stimulation pumps used in shale plays globally. More »

Peak’s SIMULTRA retrievable bridge plug receives V0 certification at 10,000 psi

Peak Well Systems, a specialist in the design and development of advanced downhole tools for well intervention, has reached a major milestone in the development program for its SIMULTRA range of retrievable bridge plugs with the successful ISO-14310 V0 gas testing of the 4-1/2 in. tool in 15.1 lb API pipe at an industry leading 10,000 psi and 175°C specification. More »

Delayed Halliburton call has analysts doubtful on Baker deal

A delay in releasing Halliburton Co.’s first-quarter earnings has raised analysts’ doubts over the prospects for a takeover of rival Baker Hughes Inc. More »

GE seen becoming third largest oilfield service provider

GE may become the third largest oilfield service provider in 2016 if the company buys the planned divestments by Halliburton and Baker Hughes, according to the latest estimate by Rystad Energy. More »

Apache awards Subsea 7 contract offshore UK

Apache North Sea has awarded Subsea 7 a sizeable engineering, procurement, installation and commissioning (EPIC) contract for the Callater field development, located 335 km northeast of Aberdeen, Scotland. More »

Wood Group secures four Statoil contracts

Wood Group has recently won four subsea contracts with Statoil on the Norwegian Continental Shelf (NCS). More »

Exxon Mobil starts production at Point Thomson on Alaska’s North Slope

Exxon Mobil has started production at its Point Thomson project, the first company-operated project on Alaska’s North Slope. More »

Crude tankers bound for China surge amid stockpiling signals

China, the world’s second-biggest crude consumer, may be poised for another increase in imports after the number of supertankers bound for the Asian country’s ports rose to a 16-month high amid signs it’s stockpiling. More »

Low crude prices to spur more MandA after slump

Low oil prices will spur more mergers and acquisitions in the oil and gas industry this year with some companies forced to sell to avoid bankruptcy, according to consultants A.T. Kearney. More »

Aramco said to expand oil field in May to maintain Saudi capacity

Saudi Arabian Oil Co. will complete the expansion of its Shaybah oil field by the end of May, allowing the biggest crude exporter in the world to maintain the level of its total production capacity, according to two people with knowledge of the plan. More »