Oil caps biggest weekly decline since January

Oil capped the biggest weekly loss in almost 10 months as hopes faded that OPEC will be able to implement a promised deal to cut production and ease global oversupplies. More »

OPEC’s top official says Saudis didn’t make oil output threat

Saudi Arabia didn’t threaten to increase its oil production if other members wouldn’t agree to make cuts at the OPEC meeting last week in Vienna, said the group’s top official. More »

Oil heads for weekly drop after erasing OPEC Algiers deal gains

Oil headed for its biggest weekly loss in almost 10 months after giving up all its gains since OPEC agreed to trim output as skepticism grows over whether the deal will be implemented. More »

It’s getting tougher for shale drillers to impress investors

Wall Street’s oil analysts are getting harder to impress. More »

Big Oil to invest $1 billion in carbon-capture technology

Some of the world’s biggest oil companies will invest $1 billion over the next 10 years to develop technologies to capture and store emissions of greenhouse gases and improve energy efficiency. More »

Lamprell completes construction of new Ensco jackup

Lamprell has completed the construction and delivery of a new jackup for Ensco. More »

Technip, FMC receive contract for Statoil’s Trestakk development

The FMC Technologies and Technip alliance has received an integrated engineering, procurement, construction and installation (EPCI) contract for Statoil’s Trestakk field. More »

Kurds reveal oil data as Iraq output row threatens OPEC deal

Iraq’s Kurds say their oil production in September was 290,000 bpd lower than the federal government’s figures for the semi-autonomous region, as OPEC’s second-biggest member tries to resolve accounting differences with the producer group over its output. More »

Prepare for North Sea oil flood as OPEC plans output curbs

Oil producers in the North Sea, home to one of the world’s key crude-price benchmarks, are poised to ship the most crude in more than four years. The surge takes place just as OPEC tries to contain a global surplus with coordinated output cuts. More »

OPEC output deal ‘more likely than not,’ Citigroup says

OPEC and Russia will probably be able to reach an accord to reduce crude production and boost prices, according to Ed Morse, head of commodity research at Citigroup. More »

More spending cuts loom as U.A.E. warns about oil supplies

International oil companies will probably cut investment spending about $370 billion this year and next, according to Wood MacKenzie, just as the United Arab Emirates warned that the “massive” number of projects being delayed because of the drop in crude prices could create a future shortage. More »

Marathon Oil jumps after beating estimates

Marathon Oil rose the most in nine months as higher-than-forecast crude production helped earnings exceed analysts’ estimates. More »

Schlumberger launches diversion stimulation service

Schlumberger has announced the launch of the OpenPath Sequence diversion stimulation service. More »

Maersk Supply Service expands services with new business unit

Maersk Supply Service has announced a new Integrated Solutions business that will support the company’s ambition to become a leading integrator of marine services and solutions for the energy sector. More »

Weatherford, Chevron celebrate first runs of ultra-high temperature LWD triple-combo technology

Weatherford and Chevron Thailand Exploration and Production, a subsidiary of Chevron Corporation, has announced the successful inaugural runs of the HeatWave Extreme (HEX) triple-combo logging-while-drilling (LWD) tool string. More »

Energy Ventures earmarks $200 million for investment in North Sea businesses

Independent private equity firm Energy Ventures has earmarked $200 million to help boost North Sea businesses. More »

Oil steadies after plunging on record U.S. inventory pile-up

Oil steadied in New York after a record surge in U.S. crude inventories sent prices plunging on Wednesday, capping the longest losing streak in two months. More »

Mass of delayed projects risks future supply slump, U.A.E. says

The global oil industry has postponed a “massive” number of projects because of the drop in crude prices, raising the risk of a slump in output and a potential shortfall in supply, the United Arab Emirates Energy Minister Suhail Al Mazrouei said. More »

World’s priciest gas is bound for one U.S. region this winter

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Shell kicks off drilling program offshore Tanzania

Shell and its joint venture (JV) partners, Pavilion Energy and Ophir Energy, have started their drilling program offshore Tanzania. More »

IEA’s Birol ‘doesn’t buy’ that electric cars will displace oil

International Energy Agency Executive Director Fatih Birol said he doesn’t buy the argument that electric cars will cause oil demand to peak. More »

Demand for offshore supply vessels to drop 10% through 2017, IHS Markit says

Demand for the global oil and gas offshore supply vessel (OSV) market has declined an average of 10% annually since 2014 and will continue to fall at approximately this same rate through 2017, according to new analysis from IHS Markit. More »

Oil tumbles after U.S. crude stockpiles climb most on record

Oil tumbled as a record increase in U.S. crude stockpiles heightens the pressure on OPEC to reduce production. More »

Oil demand could peak in five years, Shell says

Royal Dutch Shell, the world’s second-biggest oil company by market value, thinks demand for oil could peak in as little as five years. More »

Covey Park acquires additional Haynesville, Bossier assets

Affiliates of Covey Park Energy, a Dallas-based EandP company, have acquired additional assets in the Haynesville/Bossier shale areas of East Texas and North Louisiana. More »

InterMoor upgrades Port Açu facility in Brazil

InterMoor, an Acteon company, has added inspection and testing capabilities to its marine base at the Açu Superport in São João da Barra, northern Rio de Janeiro. More »

Team Oil Tools, Antelope Oil Tool and Isolation Technologies merge to form Innovex Downhole Solutions

Team Oil Tools, Antelope Oil Tool and Manufacturing and Isolation Technologies have merged to form Innovex Downhole Solutions, a provider of critical downhole products and technologies for the oil and gas industry. More »

McDermott opens 300-person office in Saudi Arabia

McDermott International has opened a new office in Al Khobar, Saudi Arabia, with the ability to add 300 staff to its existing workforce in the Kingdom. More »

Emerson teams up with IPRES for economic risk assessments

Emerson Automation Solutions has announced a business collaboration with IPRES (Integrated Petroleum Resource and Economic Service), an international company based in Norway that provides advanced software tools and services to the upstream oil and gas industry. More »

N-Sea increases capabilities with addition of new vessel

N-Sea, a subsea IMR provider, has increased its fleet through the long-term charter of Siem Offshore’s subsea construction vessel, the Siem Barracuda. More »

Oxy pours $2 billion into Permian basin acquisitions

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Oil traders hunt for profit at sea again as glut sinks price

As crude prices continue to get dragged down by a global glut that shows no signs of abating, oil traders may find some profit by going to sea. More »

OPEC quest gets tougher as Libya, Nigeria ramp up production

Nigeria and Libya, two crude suppliers in OPEC whose output was crushed by domestic conflicts this year, are ramping up again and spelling out what could become the producer club’s biggest challenge as it grapples with a global supply glut. More »

M² Subsea secures funding for 32 best-in-class ROVs

M² Subsea Limited, a recently formed subsea services business, has secured a substantial injection of private equity investment to acquire a fleet of 32 best-in-class ROVs. More »

Oil falls to one-month low, shrugging off fuel pipeline blast

Oil fell to a one-month low as concerns about rising U.S. crude stockpiles outweighed the impact of a pipeline explosion that sent gasoline surging. More »

Schlumberger opens new reservoir laboratory in Abu Dhabi

Schlumberger is opening a new reservoir and rock analysis laboratory in Abu Dhabi, UAE. This new laboratory supports customers in the Middle East and Asia and complements the company’s existing regional network of laboratories in Dubai, Qatar, Kuwait and Saudi Arabia. More »

KONGSBERG, Automated Ships to build unmanned, fully-automated vessel for offshore ops

The UK’s Automated Ships Ltd. and Norway’s Kongsberg Maritime have signed a Memorandum of Understanding to build the world’s first unmanned and fully-automated vessel for offshore operations. More »

Rosneft, BP complete deal to form Siberia-focused joint venture

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GE seeks boost from Baker Hughes as activist investor signs off on deal

With the enthusiasm around its industrial transformation stalled, General Electric is hoping for a boost from an oil megadeal that has already won the backing of the activist investor Nelson Peltz. More »

Statoil suspends Songa Offshore semisubmersible

Statoil has decided to temporarily suspend the Songa Enabler semisubmersible, which was originally destined for the Johan Castberg license. More »

Petrofac extends relationship with Mubadala Petroleum in Thailand

Petrofac has extended its relationship with Mubadala Petroleum with the award of new and modified contracts relating to the FPF-003 FPSO vessel in the Jasmine/Ban Yen field in the Gulf of Thailand. More »

Statoil slashes development costs for Trestakk discovery

Statoil has submitted a Plan for Development and Operation for the Trestakk discovery on the Halten Bank to Norway’s Minister for Petroleum and Energy Tord Lien. Capital expenditures are estimated at approximately 5.5 billion NOK ($670 million). More »

BP profit slides on weaker refining, oil-production loss

BP reported a 49% decline in third-quarter earnings after crude prices fell, refining margins shrank and its EandP division posted a loss. More »

Shell smashes estimates as BG acquisition drives up output

Royal Dutch Shell reported third-quarter profit that beat analyst estimates after its acquisition of BG Group boosted oil production, helping to counter a slump in prices. The shares rose. More »

Goldman sees oil in low $40s if OPEC deal fails as odds fade

An OPEC deal to cut oil output at a meeting this month is looking increasingly unlikely, with failure warranting prices in the low-$40s, according to Goldman Sachs Group Inc. More »

Lukoil starts pumping crude at Russia’s largest discovery in 25 years

Commercial production at Lukoil's Vladimir Filanovsky field in the Caspian Sea was launched Monday by Russian President Vladimir Putin. More »

Oilfield Helping Hands names new president

Oilfield Helping Hands (OHH), a nonprofit charitable organization comprised of volunteers devoted to providing financial assistance to oilfield workers in financial crisis, has appointed Gregory Rachal as president. More »

OPEC head says oil producers on course to clinch supply deal

OPEC’s most senior official said the organization and other major oil producers are “on course” to deliver a deal next month that will temper the global oversupply. More »

Condor Petroleum announces drilling results of Poyraz-3 in Turkey

Condor Petroleum Inc. has announced drilling results of the Poyraz-3 development well in Turkey. More »

Hedge funds ditch bullish U.S. gas bets amid worst rout in year

Hedge funds jettisoned bullish bets on U.S. natural gas after prices plunged 15%in a week, the steepest drop in a year. More »

African oil explorers poised for comeback after drilling low

Chariot Oil and Gas Ltd. plans to drill its first well in at least three years in 2017 off Morocco as African oil and gas explorers meeting in Cape Town this week ponder the potential for an industry renaissance. More »

GE, Baker Hughes deal creates $32-billion oil behemoth

General Electric agreed to combine its oil and gas business with Baker Hughes, creating an industry giant with a broader suite of offerings amid the ongoing slump in crude prices. More »

Teledyne CARIS introduces new automation capabilities

Teledyne CARIS has released HIPS and SIPS 10. More »

CONSOL, Noble Energy to separate Marcellus shale joint venture

CONSOL Energy and Noble Energy have entered into a definitive agreement to separate their 50-50 Marcellus shale joint venture. More »

UK receives promising applications for frontier licensing round

The UK’s Oil and Gas Authority (OGA) received 29 applications covering 113 blocks in the latest offshore licensing round which targeted under-explored areas of the UK Continental Shelf (UKCS). More »

Pacific Drilling lines up work for Pacific Bora drillship

Hyperdynamics Corporation, an emerging exploration company, has signed a Letter of Award with drilling contractor Pacific Drilling to engage the Pacific Bora drillship. More »

Saudi Aramco, Nabors ink onshore rig agreement

Nabors Industries has announced the signing of an agreement to form a new joint venture (JV) in the Kingdom of Saudi Arabia to own, manage and operate onshore drilling rigs. More »

Statoil ups stake in Norway’s Byrding development

Statoil has agreed to acquire Wintershall Norge’s 25% interest in the Byrding project on the Norwegian Continental Shelf. More »

Enquest’s Kraken FPSO heads for deepwater anchorage

EnQuest announced Monday that the FPSO vessel for the Kraken development has completed its shore-based commissioning activities at the quayside in Singapore. The vessel’s inclination testing program has also been completed. More »

Big Three’s shrinking in China has more to go as spending lags

China’s oil output slump shows no signs of abating as the country’s state-run energy giants hold back spending to cope with the crash in prices. More »

More OPEC exemption requests spur wagers on oil price slump

The growing list of OPEC members seeking exemptions from a planned supply cut has investors seeing future price drops. More »

GE to merge oil division with Baker Hughes in bet on energy

General Electric is nearing a deal valued at about $30 billion to combine its oil and gas business with Baker Hughes Inc., the Wall Street Journal reported. More »

GE nears $30-billion deal with Baker Hughes, WSJ reports

General Electric is nearing a deal valued at about $30 billion to combine its oil and gas business with Baker Hughes Inc., the Wall Street Journal reported. More »

Quorum expands portfolio with land management software for Canadian oil and gas industry

Quorum has announced the release of its new land management software for the Canadian market. More »

GE, Baker Hughes partnership would raise oilfield clout for both

Combining General Electric Co. and Baker Hughes Inc.’s oil businesses into partnerships could create a player capable of competing with the industry’s biggest—and may not require a huge amount of money. More »

OPEC splits prevent deal with other producers to curb supply

OPEC’s internal disagreements over how to implement oil-supply cuts agreed to last month prevented a deal to secure the cooperation of other major suppliers. More »