TransCanada files $15 billion Nafta claim on Keystone XL rejection

TransCanada Corp. is seeking to recoup $15 billion for the Obama administration’s rejection of the Keystone XL oil pipeline, in a legal claim that highlights how foreign companies can use trade deals to challenge U.S. policy. More »

Russia warns oil price drop may get ‘serious’ on Brexit shock

Russia warned that crude oil prices may plunge further if the shock of Britain’s vote to exit the European Union is combined with a boost in output. More »

Chevron Vaca Muerta costs drop 20% nearing goals, Moshiri says

The cost to drill wells at Argentina’s Vaca Muerta, site of the world’s second-biggest shale reserves, has dropped 20% this year, putting Chevron Corp. and its partners closer to meeting spending goals. More »

Statoil to record 50-year history

Statoil has decided to launch a large project to write the story about the company for its 50th anniversary in 2022. More »

Merkel set to pass legislation banning gas fracing in Germany

Chancellor Angela Merkel’s coalition is set to ban shale gas fracing in Germany, passing legislation in parliament on Friday that is set to end years of discussion over whether the nation should follow the U.S. in launching a boom in drilling. More »

Gazprom pushes talks on new China link, Beijing in no hurry

Gazprom PJSC, the world’s top natural gas exporter, will keep pushing for a new contract with China as President Vladimir Putin travels to Beijing this week, even while the Asian nation’s worst economic slowdown in a quarter century batters demand. More »

Parsley Energy sets up corporate development department

Parsley Energy has formed a dedicated corporate development department and appointed Mike Hinson as V.P. of corporate development, effective July 1. More »

Abrado acquires key service lines from Deltide Energy

Abrado Wellbore Services, a specialist in wellbore cleanout and video diagnostics services, has announced the acquisition of the specialty tool product lines of Deltide Energy Services, LLC. More »

Schlumberger signs upstream agreement with MYCELX

MYCELX Technologies, a clean water technology company providing patented solutions for commercial industrial markets worldwide, has entered into an exclusive marketing and distribution agreement with Cameron, a Schlumberger company. More »

Lloyd's Register signs integrity engineering services agreement for Bluewater Energy Services

Lloyd’s Register (LR) is one of three service providers that have been awarded a two (plus two) year integrity engineering services contract for Bluewater Energy Services. More »

Lloyd’s Register, Well Academy ink global frame agreement

Lloyd’s Register and The Well Academy have strengthened their collaboration through the signing of a global frame agreement. More »

Oil tumbles as investors seek safety after UK votes for Brexit

Oil tumbled with most commodities amid a global flight from risky assets as the UK voted to leave the European Union. More »

Oil glut is fading where you would least expect: Saudi Arabia

RIYADH (Bloomberg) -- Saudi Arabia, a country nearly synonymous with plentiful crude supplies, is offering one of the strongest signs yet that the glut that has plagued the oil market since 2014 is coming to an end. More »

BP CEO sees oil markets balancing with $50 crude this year

Rising petroleum demand in China, North America and Europe will help bring global oil markets into balance this year, BP CEO Bob Dudley said. More »

Penn West concerned Alberta rule change will hinder asset sales

Penn West Petroleum Ltd. is concerned that a new rule on energy acquisitions in Alberta will affect its ability to find buyers for assets it plans to offload in the Canadian province. More »

BP CEO says oil markets will balance with $50 crude this year

Rising petroleum demand in China, North America and Europe will help bring global oil markets into balance this year, BP Plc CEO Bob Dudley said. More »

Snider named president of Laney Directional Drilling

Alan Snider, a veteran of more than 26 years in designing and managing complex horizontal directional drilling (HDD) and Direct Pipe (DP) projects for pipeline crossings, has been named president and COO at Laney Directional Drilling. More »

Canada needs new major oil pipelines, CAPP forecast shows

Forecasted growth in Canadian oil production shows new major oil pipelines are urgently needed to deliver safe, secure and reliable energy to domestic and world markets, the Canadian Association of Petroleum Producers (CAPP) said in its 2016 Crude Oil Forecast, Markets and Transportation report. More »

U.S. shale: Frac count grows, production leveling out

Rystad Energy expects horizontal oil completion activity in U.S. shale plays to outpace drilling operations by 30% in second-half 2016, resulting in the contraction of the DUC inventory by 800 wells. More »

Saudi Arabia declares cease-fire in oil war: Column

The new Saudi oil minister, Khalid Al-Falih, says the oil glut is over. That means the kingdom's war against U.S. shale producers is coming to an end, too. More »

Archer launches Point system for better well integrity

Archer has launched the Point system, a well integrity resource that combines Archer’s proactive and systematic approach to integrity management, with its experience in over 4,000 integrity-related deployments worldwide. More »

Saipem signs co-ownership, commercialization agreement for subsea water treatment technology

A recently signed agreement will see Saipem lead the industrialization and commercialization of SPRINGS, an innovative subsea water treatment technology designed for deep water applications. More »

Saipem, Novatek sign strategic agreement focused on LNG activities

Saipem has entered into a strategic partnership and cooperation agreement focused on LNG activities with Novatek, the largest independent natural gas producer in the Russian Federation. More »

Oil trades near $50 after U.S. supplies decline as UK votes

Oil traded near $50/bbl after U.S. crude production and stockpiles dropped and as investors await the outcome of a UK vote on whether to remain in the European Union. More »

Cheap LNG may lure 50 more nations to gas from oil, Wood Mac says

LONDON (Bloomberg) -- The number of LNG importers may more than double as a glut damps prices and encourages nations to ditch crude, according to Wood Mackenzie Ltd. More »

Oil patch ‘left for dead’ will spark new IPOs for U.S. explorers

As the oil industry emerges from the biggest bust in three decades, shale drillers in a neglected corner of the biggest U.S. oil field are poised to take a new generation of gushers public. More »

Obama to fight court ruling that struck down fracing rules

The Obama administration will fight a federal judge’s ruling overturning its effort to regulate hydraulic fracturing on public lands, a decision that struck another blow to the president’s environmental legacy. More »

World’s second-biggest sovereign fund sees oil glut until mid-2017

The global oil glut will probably persist until at least next summer as markets take time to absorb excess crude in storage, according to the head of research at the world’s second-largest sovereign wealth fund. More »

Federal judge slaps down Obama’s effort to regulate fracing

A federal judge struck down the Obama administration’s signature effort to regulate hydraulic fracturing on public lands, putting another of the president’s environmental initiatives in legal limbo months before he leaves office. More »

Slapped down: Federal judge strikes down Obama’s effort to regulate fracing

A federal judge struck down the Obama administration’s signature effort to regulate hydraulic fracturing on public lands, putting another of the president’s environmental initiatives in legal limbo months before he leaves office. More »

OPEC says its oil revenue plunges $438 billion to 10-year low

OPEC said its oil revenue plunged by $438 billion to a 10-year low last year, as an increase in export volumes failed to compensate for the collapse in prices. More »

Kineticor commissions flare gas to power project in Saskatchewan

Kineticor Resource Corp. has successfully commissioned their second flare gas to power generation project in Saskatchewan. More »

Frank’s International runs industry’s first string weight reduction system

Frank’s International deployed its patented 1,250-ton Buoyancy Module (BM) Spider along with ExPert Landing String Solutions’ (ExPert) Drill Pipe Buoyancy Modules to help Anadarko achieve a nearly 250,000-pound reduction in total weight. More »

Encana to sell Gordondale assets for C$625 million

Encana Corporation has reached an agreement to sell its Gordondale assets in northwestern Alberta to Birchcliff Energy for a total cash consideration of C$625 million ($490 million). More »

Subsea 7 to cut 1,200 jobs in response to downturn

Subsea 7 said Wednesday that it will start a second phase of global resizing and cost reduction measures. The move is in response to continued difficult business and economic conditions in the oil and gas market. More »

Proserv secures double contract win in Gulf of Mexico

Proserv has won two significant contracts in the Gulf of Mexico. The deals with Talos Energy and Hess Corporation will see Proserv carry out work at the operators’ respective Phoenix and Conger field expansion developments. More »

Rosneft worth up to $130 billion as Putin mulls sale, Sechin says

MOSCOW (Bloomberg) -- Russia’s Rosneft PJSC could be worth as much as $130 billion, CEO Igor Sechin said as President Vladimir Putin is reported to consider selling a stake in the state oil giant to China and India. More »

Noble to start work to develop Israel’s Leviathan field

The owners of Leviathan, Israel’s largest natural gas field, began moving on development plans delayed for years by political, legal and regulatory wrangling. The companies’ stocks gained as developers reaffirmed that production was on track to begin in 2019. More »

Oil explorers embrace the sharing economy to drill cheaper wells

The biggest oil-industry downturn in a generation has companies collaborating in ways they never thought possible. More »

QEP Resources to acquire additional oil properties in Permian basin

QEP Resources, Inc., announced today that its wholly owned subsidiary, QEP Energy Company, has entered into a definitive agreement with certain individuals and entities to acquire oil and gas properties in the Permian basin from the Initial Sellers and other associated individuals and entities for an aggregate purchase price of approximately $600 million. More »

QEP Resources to acquire additional oil properties in the Permian basin

QEP Resources, Inc., announced today that its wholly owned subsidiary, QEP Energy Company, has entered into a definitive agreement with certain individuals and entities to acquire oil and gas properties in the Permian basin from the Initial Sellers and other associated individuals and entities for an aggregate purchase price of approximately $600 million. More »

Baker Hughes service converts complex drilling data into actionable information

Baker Hughes has announced the commercial release of its WellLink Performance service, designed to help operators reduce invisible lost time (ILT) by transforming the complex data buried within legacy applications, drilling reporting systems and data streams into real-time information that is instantly accessible and actionable. More »

Paragon Offshore starts push for approval of bankruptcy plan

Paragon Offshore Plc’s reorganization proposal is so unrealistic that the oil-rig company will run out of cash in less than three years, dissident lenders said at the opening of a bankruptcy court hearing. More »

Delta Subsea, Boskalis Subsea Services team up in Gulf of Mexico

Delta Subsea and Boskalis Subsea Services have entered into a Memorandum of Understanding to provide integrated diving and ROV solutions in the Gulf of Mexico. More »

NREL assesses Greyrock's Flare-to-Fuels greenhouse gas reduction

Engineers at the U.S. Department of Energy 's (DOE) National Renewable Energy Laboratory (NREL) have completed a life cycle assessment to determine the greenhouse gas reduction of Greyrock's Flare-to-Fuels process that converts flare gas into transportation fuels, primarily premium diesel fuel. More »

Oil falls from one-week high ahead of Brexit vote, EIA report

Oil fell from the highest close in more than a week as markets awaited U.S. stockpile data, while the UK referendum on European Union membership remained too close to call. More »

One way to solve fracing water problems: Don’t use water

The shale gas revolution brought the U.S. both energy-superpower status and a short list of headaches. There are engineering challenges, many wells have a disappointingly short productive lifetime, and those lifetimes can vary even within the same field. More »

Baker Hughes service converts complex drilling data into useful information for improved efficiency, economics

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Weatherford Labs, Enthought to analyze crater core tied to dinosaur extinction event

Weatherford Labs and Enthought announced that they are participating in the study of a 2,725-ft (830-m) core recovered from the central area of the Chicxulub Crater. More »

Private equity set to unleash trillion dollar warchest, EY survey finds

Private equity (PE) firms are readying to deploy capital into the global oil and gas sector with 25% planning acquisitions before the end of the year and 43% by the first half of 2017, according an EY global survey of 100 PE firms active in the sector. More »

Memorial Production Partners sells non-core properties in Permian, Rockies

Memorial Production Partners (MEMP) has closed a transaction to sell certain assets in the Permian basin for a cash consideration of approximately $37.4 million. More »

Enterprise is the latest to bet on Mexico’s thirst for U.S. gas

In two years, pipeline giant Enterprise Products Partners LP will be capable of processing 800 MMcfgd in an energy-rich stretch of West Texas and southeastern New Mexico known as the Delaware basin—20 times what it could handle in 2012. More »

McDermott awarded new work under multi-year contract with Brunei Shell Petroleum

McDermott International has been awarded further pipeline work for 2017 under a multi-year offshore installation contract with Brunei Shell Petroleum Company Sdn. Bhd. (BSP). More »

InterMoor completes marine aspects of Malikai TLP float-off operation in Malaysia

InterMoor, an Acteon company and part of its foundations and moorings business, recently completed its involvement in the Shell Malikai Tension Leg Platform (TLP) float-off operations. More »

Saudi crude exports fall to 6-month low as refineries cut back

Saudi Arabia, the world’s biggest crude exporter, cut shipments in April to the lowest level in six months as overseas refineries bought less due to seasonal maintenance and the kingdom burned more oil at home to power air conditioners. More »

OneSubsea wins contract for Zohr development, offshore Egypt

OneSubsea, a Schlumberger company, has been awarded an engineering, procurement and construction contract totaling more than $170 million from Belayim Petroleum Company (Petrobel). More »

Oil seen at $80 next year by Raymond James

Rebounding after a two-year collapse, it's only this month that oil prices have pushed up past $50/bbl, but Raymond James and Associates says this is just the beginning for higher prices. More »

BP sanctions fast-track development of Atoll discovery in Egypt

BP, together with the Egyptian Natural Gas Holding Company (EGAS), has sanctioned development of the Atoll Phase One project, which is an early production scheme that will bring up to 300 MMscfd gross of gas to the Egyptian domestic gas market starting in the first half of 2018. More »

McKinsey Energy Insights forecasts LNG oversupply until 2024

McKinsey Energy Insights (MEI), a data and analytics specialist, predicts in its latest research that LNG oversupply could last until 2024. As a result, this could mean that few LNG projects will reach final investment decision (FID) in the next 12 to 18 months. More »

Marathon targets STACK play with $888-million PayRock acquisition

Marathon Oil has announced the signing of a definitive purchase and sale agreement to acquire PayRock Energy Holdings, LLC, a portfolio company of EnCap Investments, for $888 million. More »

MOL reports new crude oil, gas discovery in Pakistan’s Tal Block

BUDAPEST, Hungary -- MOL Group made a new oil and gas discovery in the MOL-operated TAL Block in Pakistan, the company said. More »

Amec Foster Wheeler wins BP contract for Iraq's Rumaila field

BP Iraq has awarded Amec Foster Wheeler a three-year framework agreement to complete conceptual studies and pre-front end engineering design (FEED) work to support BP's plans to sustain and grow production at Rumaila oil field in Iraq. More »

CGG GeoConsulting de-risks East Africa with EARS BasinMap

CGG GeoConsulting’s NPA Satellite Mapping group has launched the multi-client EARS BasinMap for exploration de-risking across the vast region of East Africa, from regional-to-prospect or play scale. More »

BP fast-tracks development of Atoll discovery in Egypt

BP, together with the Egyptian Natural Gas Holding Company (EGAS), has sanctioned development of the Atoll Phase One project, which is an early production scheme that will bring up to 300 MMscfd gross of gas to the Egyptian domestic gas market starting in the first half of 2018. More »

Putin said to weigh $11-billion Rosneft sale to China, India

Vladimir Putin is considering selling part of Russia’s corporate crown jewels to China and India as the president struggles to meet spending commitments before his possible re-election bid in less than two years. More »

Cheap oil prompts ONGC’s biggest crude exploration binge

Oil and Natural Gas Corp., India’s biggest explorer, is preparing to spend on its biggest ever crude binge as sub-$50 oil halves the cost of rigs and services. More »

NOW Inc. completes power service acquisition

NOW Inc. announced today the closing of its previously announced acquisition of Power Service, Inc., Industrial Tool and Repair, Inc., d/b/a/ Power Service of Montana and Power Transportation LLC (collectively, “Power Service”). More »