Operators add seven oil rigs for fifth week of expansion

Operators in the U.S. added seven oil-directed rigs this week, according to the latest data from Baker Hughes. More »

Cheniere moves to streamline with $1-billion deal for unit

Cheniere Energy Inc. is offering about $1 billion for the 20% of Cheniere Energy Partners LP Holdings LLC it doesn’t already own in a stock swap as it moves to streamline its corporate structure. More »

Lamprell delivers jackup rig to be deployed offshore Thailand

Lamprell (LAM), a provider of fabrication, engineering and contracting services to the energy industry, has announced the completion of construction of the Shelf Chaopraya jackup drilling rig, and its delivery to Shelf Drilling Ltd. The rig will sail within the next few days for deployment by Shelf Drilling at its drilling location, offshore Thailand. More »

Russia questions OPEC breakthrough, keeps budget bet on $40 oil

Russia is sticking with an assumption that oil will average $40/bbl in the next three years and won’t take a bait by revising its budget outlook after a preliminary agreement by OPEC on its first production cut in eight years, according to Finance Minister Anton Siluanov. More »

Dresser-Rand delivers equipment for Shell Appomattox deepwater project

The Dresser-Rand business, part of Siemens Power and Gas Division, recently delivered power generation equipment for a combined cycle power plant (CCPP) for the Shell Appomattox deepwater oil and gas floating production platform. More »

IOG finds heavy oil, ups resource estimate with Skipper appraisal well

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Songa Offshore to temporarily cut 430 workers amid strike

Songa Offshore is to temporarily dismiss hundreds of workers amid a Norwegian labor dispute. More »

Oil majors’ selloff worries Norway’s biggest opposition party

Norway’s Labor Party, the country’s biggest opposition group, is worried about oil majors, such as Exxon Mobil and Total, selling off assets in the North Sea, potentially reducing competition. More »

Lundin completes Alta appraisal well in Barents Sea

Lundin Norway has completed the drilling and testing of the re-entry of appraisal well 7220/11-3 A (Alta-3) on the eastern flank of the Alta discovery in PL609. The Alta discovery is estimated to contain gross contingent resources of between 125 MMboe and 400 MMboe. More »

Oil sands cost cutting ‘close to bone’ as crude recovery stalls

Canadian oil-sands producers are running out of tricks to buoy their share prices as crude prices keep bumping up against a $50 ceiling. More »

OPEC ‘capitulation’ leaves challenges for U.S. shale drillers

OPEC finally blinked in its two-year price war with U.S. oil producers. Whether that translates into a financial victory for the American shale industry remains to be seen. More »

Port Fourchon signs agreements, plans next generation of port facilities

The Greater Lafourche Port Commission (GLPC) is moving forward with its plans to develop the next generation of deepwater port facilities at Port Fourchon, thanks to a newly signed agreement with the Edward Wisner Donation, granting GLPC a Right of First Refusal on over 900 acres of property immediately south of the port. More »

Maersk Oil set to cut jobs at headquarters

Maersk Oil has outlined plans to review the scope and scale of its headquarters organization over the next three months, in response to the recent outcome of the Maersk Group’s strategic business review and Maersk Oil’s exit from Qatar in 2017. More »

Chesapeake receives subpoena on accounting practices

Chesapeake Energy said it’s facing U.S. Justice Department scrutiny of how the natural gas explorer accounted for its assets. More »

Oil climbs to one-month high after OPEC agrees on production cut

Oil rose to a one-month high after OPEC agreed to reduce production for the first time in eight years, surprising traders who had expected members to maintain output. More »

Maersk Oil starts drilling first production well on HPHT Culzean project

Maersk Oil has started drilling the first production well on the UK's Culzean field. More »

Packers Plus increases stimulation efficiency and reservoir coverage in the Montney formation

Packers Plus Energy Services developed a unique completion design that helped to significantly increase stage counts and pump rates to stimulate more pay zone over previous wells for an operator in British Columbia's Montney formation. More »

ITF and SPE sign MOU to accelerate technology development

The Industry Technology Facilitator (ITF) has signed a memorandum of understanding (MOU) with the Society of Petroleum Engineers (SPE) to share and enhance global technology development opportunities in the oil and gas industry. More »

Here's what analysts are saying about the OPEC deal

OPEC's surprise agreement to cut oil production—for the first time in eight years— buoyed crude oil prices, amid signs the coordinated action would help to reduce supply in the market. More »

Saudi Aramco CEO calls on upstream industry to transform

The global upstream oil and gas industry needs to move away from a “business as usual” approach and capitalize on opportunities to transform itself to be at the forefront of the world’s energy industry. More »

KKR, Venado Oil and Gas form Eagle Ford partnership

KKR and Venado Oil and Gas are partnering to consolidate proven assets in the Eagle Ford shale of South Texas. More »

DNV GL launches JIP in fight against cybercrime

Cybercrimes cost energy and utilities companies an average of $12.8 million each year in lost business and damaged equipment. Platform operators need confidence that countermeasures can deal with bigger and more sophisticated cyber-attacks. More »

Wood Group establishes new center of excellence in data analytics

Wood Group has established a new data analytics center of excellence at its office in Galway, Ireland. More »

Shale revival seen taking hold as oil price recovers

The biggest reboot of U.S. oil and gas rigs in two years will gain traction as higher prices prompt producers to resume investment in the most profitable plays, according to a report by Platts RigData. More »

Goldman sees OPEC buying time as deal could boost oil $7-$10

Goldman Sachs Group said OPEC’s deal to cut output could add as much as $10/bbl to oil prices, though it remains skeptical along with other banks on how the accord will be implemented. More »

OPEC agrees outlines of first oil production cut in eight years

OPEC agreed to a preliminary deal that will cut production for the first time in eight years. Oil prices gained more than 6% as Saudi Arabia and Iran surprised traders who expected a continuation of the pump-at-will policy the group adopted in 2014. More »

OPEC said to agree on first oil output cut in eight years

ALGIERS (Bloomberg) -- OPEC agreed to cut production for the first time in eight years, sending oil prices more than 6% higher, as Saudi Arabia and Iran wrong-footed traders who expected a continuation of the pump-at-will policy the group adopted in 2014, according to a delegate briefed on the matter. More »

OPEC said to cap oil production at 32.5 MMbpd: Reuters

OPEC is to limit its oil production to 32.5 MMbpd, according to two sources cited by Reuters. More »

South America becomes home for U.S. shale gas amid rising demand

U.S. liquefied natural gas was supposed to go mainly to Asia and Europe, lured by prices as much as four times higher than those at home. So far, South America has been the destination of choice. More »

Libya’s oil output nudges higher as Wintershall resumes production

Libya, struggling to revive its energy industry after five years of armed conflict, restarted production at an eastern oil field and was poised to export crude from the port of Zueitina for the first time since November. More »

Nigeria’s shrinking economy puts sale of oil fields in play

Facing the likelihood of its first full-year economic contraction in 25 years, Nigeria is contemplating a rare sale of stakes in the oil and gas industry, the country’s biggest foreign-exchange earner. More »

OPEC freeze at today’s levels not good enough, Vitol chief says

A move by the Organization of Petroleum Exporting Countries to freeze output won’t be sufficient to buoy the market, according to the world’s largest independent oil trader. More »

Libya’s oil production nudges higher as Wintershall resumes output

Libya, struggling to revive its energy industry after five years of armed conflict, restarted production at an eastern oil field and was poised to export crude from the port of Zueitina for the first time since November. More »

Deep Sea Mooring to supply mooring equipment services to Safe Zephyrus semisubmersible

Global Maritime Deep Sea Mooring, the leading provider of offshore mooring services in Norway, has signed a contract with Norwegian operator Det norske oljeselskap to support Prosafe’s semisubmersible Safe Zephyrus accommodation rig in the Ivar Aasen North Sea field. More »

Energy Hunter Resources to acquire Permian basin mineral rights

Energy Hunter Resources, an oil-focused energy company headquartered in Dallas, Texas, has entered into an agreement to acquire mineral rights under approximately 320 gross acres in Howard County, Texas. More »

Pacific to sell stake in Santos basin blocks to Karoon

Pacific Exploration and Production has reached an agreement to sell its 35% working interest in five concession agreements—S-M-1101, S-M-1102, S-M-1037, S-M-1165 and S-M 1166—in Brazil’s Santos basin to Karoon Gas Australia. More »

Jones Energy completes STACK/SCOOP acquisition, opens Oklahoma City office

Jones Energy has announced the closing of its STACK/SCOOP acquisition for a closing price of $136.5 million, subject to customary post-closing adjustments, and announced the opening of an office in Oklahoma City. More »

Add Energy, Trendsetter boost well kill injection rates

Add Energy and Trendsetter Engineering have combined their expertise in well control engineering and equipment design to develop the Relief Well Injection Spool (RWIS). More »

Petronas faces $27-billion question after Canada’s LNG approval

After more than three years of regulatory review, the energy companies behind a proposed $27-billion LNG plant on Canada’s Pacific Coast received conditional government approval on Tuesday. More »

$1-billion price tag no problem as Det Norske seeks fresh oil deals

Billionaire Kjell Inge Roekke has already seized on the collapse in crude prices to merge his oil company, Det Norske Oljeselskap, with BP’s Norwegian unit. As he looks for more deals, money’s not the issue. More »

Baker Hughes to partner with Venezuelan contractor to tap Orinoco belt

YandV Group, the only Venezuelan contractor selected to participate in a multi-billion-dollar drilling project in the country’s Orinoco belt, is relying on an alliance with Baker Hughes to start drilling more than 200 wells. More »

How actual nuts and bolts are bringing down oil prices

Last spring, Statoil announced it had used the same oil well design and components to drill three reservoirs for the price of one. More »

Petrotechnics survey reveals the time for operational excellence is now

Petrotechnics has today released the results of its Operational Excellence Index into attitudes towards operational excellence among the oil, gas and petrochemical industries. The Index shows operational excellence is regarded as a key priority for the majority of organizations. More »

Saudis see oil-freeze deal possible in November, not this week

A deal by major oil exporters to freeze output may have to wait another couple of months. More »

BP signs concession amendments in Egypt, reaches record production in Nooros field

BP announced it has signed with His Excellency the Egyptian Minister of Petroleum, Eng. Tarek El Molla, amendments for the Temsah, Ras El Barr and Nile Delta Offshore concessions in Egypt. More »

io oil and gas consulting appoints Richard Dyson as CEO

io oil and gas consulting, the independent venture backed by GE Oil and Gas and McDermott, has announced the appointment of Richard Dyson as its new CEO. More »

BP signs concession amendments, reaches record production in Nooros field

BP announced it has signed with His Excellency the Egyptian Minister of Petroleum, Eng. Tarek El Molla, amendments for the Temsah, Ras El Barr and Nile Delta Offshore concessions in Egypt. More »

BP signs three concession amendments and reaches record production in the Nooros field in Egypt

BP announced it has signed with His Excellency the Egyptian Minister of Petroleum, Eng. Tarek El Molla, amendments for the Temsah, Ras El Barr and Nile Delta Offshore concessions in Egypt. More »

Eni restarts Goliat production after gas leak

Eni resumed production from Goliat field early on Tuesday morning, the company said in a statement. More »

Sunoco buys Permian oil system from Vitol for $760 million

Sunoco Logistics Partners shares plunged the most since March after an announcement that it’s buying a Texas pipeline network to expand its position in one of the few places in the U.S. where oil producers are still eager to drill. More »

Statoil cancels contract for North Atlantic Drilling’s West Epsilon jackup

North Atlantic Drilling Limited has received a notice of cancellation from Statoil related to the contract for the West Epsilon. More »

In oil price battle with Saudi Arabia, it’s advantage Iran

Suddenly the tables have been turned on Saudi Arabia. More »

UK oil producers say new investment vital even as costs fall

LONDON (Bloomberg) -- The UK’s offshore oil producers called on the government to expand efforts to secure new investment after exploration sank to an all-time low. More »

Apache’s Delaware basin discovery drives interest, but lies in historically underperforming area, IHS Markit says

Apache Corporation’s recent announcement that it had made a significant new oil and gas discovery in the southern portion of the Delaware basin in West Texas has strengthened industry interest in the emerging sub-play, but previous well results from other operators in the immediate area have been poor, according to analysis from IHS Markit. More »

Iran doesn’t want oil deal in Algiers, won’t freeze output

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Schlumberger releases new well test design and interpretation software

Schlumberger has release GeoTesting geology-based well test design and interpretation services. More »

Rice Energy expands in Marcellus with $2.7-billion Vantage Energy buy

Rice Energy has entered into a purchase and sale agreement to acquire Vantage Energy, LLC and Vantage Energy II, LLC for approximately $2.7 billion, including the assumption of debt. More »

Rice Energy eyes Marcellus, Barnett with $2.7-billion Vantage Energy buy

Rice Energy has entered into a purchase and sale agreement to acquire Vantage Energy, LLC and Vantage Energy II, LLC for approximately $2.7 billion, including the assumption of debt. More »

Baker Hughes introduces new drill bits to drill faster and farther

Baker Hughes has announced the commercial release of its line of Kymera XTreme (XT) hybrid drill bits, designed to help oil and gas operators lower their well construction costs through faster and more durable drilling performance. More »

Oil supply will exceed demand until late 2017, IEA’s Birol warns

Global oil output will exceed demand until late 2017, the head of the International Energy Agency said before major producing nations gather for talks. More »

Topaz secures contracts for Tengiz field in Kazakhstan

Topaz Energy and Marine, a leading offshore support vessel company, has secured substantial contracts in connection with the development of the Tengiz oilfield in Kazakhstan during 2016. The two contract wins announced in the second and third quarter together represent revenue of more than $500 million. The two contracts bring Topaz’s backlog to approximately $1.6 billion. More »

HB Rentals invests in new product lines

Offshore accommodation and workspace solutions specialist, HB Rentals, has invested in excess of £750,000 into new product lines in response to customer demand. More »

UK’s Labour Party would ban fracing, spokesman says

The UK opposition Labour Party would ban hydraulic fracturing for shale gas if it wins the next general election, according to its energy spokesman Barry Gardiner. More »

DONG terminates contract for Maersk Resolve early

Maersk Drilling received a letter of early termination, from DONG Energy, for the Maersk Resolve after the jackup finalized the planned work scope at Hejre field, in the Danish sector of the North Sea, ahead of schedule. More »

Israel’s Leviathan partners sign gas export deal with Jordan

Partners in Israel’s Leviathan field, the country’s largest natural gas reservoir, signed an export agreement with Natural Electric Power Co. of Jordan. Tel Aviv gas stocks rose. More »

Swire Oilfield Services welcomes new CEO

Swire Oilfield Services, the world’s largest supplier of cargo carrying units to the offshore energy industry, has welcomed John Bruce (JB) Rae-Smith as the company's new CEO. More »

OPEC may finally be willing to curb oil glut, but not quite yet

After two years of pumping without limits, OPEC may finally be ready to do something to shrink the global glut. Just not quite yet. More »

Lamprell awarded contract for Johan Sverdrup development

Lamprell has received a new contract award from Jacktel, a wholly owned subsidiary of Master Marine, for the upgrade of the mobile operating unit Haven as an accommodation service vessel for the Statoil-operated Johan Sverdrup field. More »

Petrofac wraps up Horne and Wren decommissioning for Tullow

Petrofac’s differentiated approach to decommissioning, in support of Tullow Oil’s well plugging and abandonment campaign in the Southern North Sea (SNS), has delivered significant results and saved $2.5 million compared to traditional approaches. More »

Topaz nets contract for Kazakhstan’s Tengiz development

Topaz Energy and Marine has been named as the technical manager of three vessels by a consortium comprising Blue Water Shipping and Kazmortransflot. More »

Reactive Downhole Tools assists in achieving world record for Middle East operator

Reactive Downhole Tools, a supplier of lower completion systems, has completed an oil swellable packer installation in the Middle East for a major operator in Abu Dhabi. At 19,000 m, it’s the longest liner of this size deployed by all parties to date, and a world record for the liner type. More »

Saudi Aramco sees oil demand ‘steady’ as supply growth slows

Slower growth in oil supply is helping the crude market to re-balance, and prices are set to increase over time, according to the head of the world’s biggest producer. More »

Saudis willing to act on ‘critical’ oil market, Algeria says

Saudi Arabia, the world’s biggest oil exporter, has offered to cut its output to January levels, Algeria’s energy minister said as he prepared to host a meeting of OPEC producers later this week. More »