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Wed 18 Jan 2017 2017 - The Year of Mergers and Acquisitions Says Wood Mackenzie
Published: 09:00 on Wed 18 Jan 2017 in Oil Industry News.
Wood Mackenzie pointed out that a number of large deals signed late last year highlighted an upturn in market confidence.Oil majors divestment programmes and private equity firms are ex...
Wed 18 Jan 2017 TechnipFMC Merger Complete
Published: 08:00 on Wed 18 Jan 2017 in Oil Industry News.
TechnipFMC is now operating as a unified, combined company following the completion of the US$13 billion merger of FMC Technologies and Technip.Beyond today's pressures on the oil and gas industry...
Wed 18 Jan 2017 Tullow Makes New Oil Discovery in Kenya
Published: 06:00 on Wed 18 Jan 2017 in Oil Industry News.
Tullow Oil’s Erut-1 well in Block 13T, northern Kenya, has discovered a gross oil interval of 55 m with 25 m of net oil pay at a depth of 700 m. The overall oil column for the field is considered to ...
Wed 18 Jan 2017 China’s Inescapable Oil Slide is a Record-breaking OPEC Gift
Published: 03:00 on Wed 18 Jan 2017 in Oil Industry News.
OPEC’s campaign to prop up oil prices is getting unlikely support from its biggest customer.China’s production is forecast to fall by as much as 7% this year, extending a record decline in 2016, acco...
Tue 17 Jan 2017 Anadarko to Sell Eagle Ford Assets in $2.3-billion Deal
Published: 23:00 on Tue 17 Jan 2017 in Oil Industry News.
Anadarko Petroleum has agreed to sell its Eagle Ford shale assets in South Texas for approximately $2.3 billion to Sanchez Energy Corporation and Blackstone Group LP.Anadarko's sponsored master li...
Tue 17 Jan 2017 ConocoPhillips Reports Major Discovery in Alaska
Published: 22:00 on Tue 17 Jan 2017 in Oil Industry News.
ConocoPhillips Alaska has made a new oil discovery in the Greater Mooses Tooth (GMT) Unit located in the northeastern portion of the National Petroleum Reserve–Alaska (NPRA).The Willow discovery wells...
Tue 17 Jan 2017 As OPEC Acts on New Year’s Resolution, U.S. Shale Pumps Away
Published: 20:00 on Tue 17 Jan 2017 in Oil Industry News.
U.S. shale is getting in the way of a New Year’s resolution by OPEC to cut production and boost the market.Producers and merchants increased their bets on lower West Texas Intermediate crude prices to...
Tue 17 Jan 2017 Lloyds Energy Files LNG Export Application with DOE
Published: 19:00 on Tue 17 Jan 2017 in Oil Industry News.
Lloyds Energy Group announced that it has submitted a formal application with the Department of Energy (DOE) to export LNG to countries which have a Free Trade Agreement (FTA) with the U.S. from its p...
Tue 17 Jan 2017 PSA Audits Statoil's Gullfaks Management
Published: 18:00 on Tue 17 Jan 2017 in Oil Industry News.
Norway’s Petroleum Safety Authority (PSA) has carried out an audit of Statoil's management of the subsea compression project at Gullfaks.In 2015, Statoil began operation of a subsea facility for c...
Tue 17 Jan 2017 ACE Winches to Lay Off 30 UK Workers
Published: 15:00 on Tue 17 Jan 2017 in Oil Industry News.
The company said that as a result of the severity of the continued oil and gas downturn which has seen oil and gas operators significantly reducing investments, the ACE organisation has had to introdu...
Tue 17 Jan 2017 DOF Wins Petrobras Contract for Skandi Vitoria
Published: 14:00 on Tue 17 Jan 2017 in Oil Industry News.
Petrobras has awarded the Brazilian built PLSV Skandi Vitoria a 532-day contract. The contract will commence in January.According to a statement released by DOF, the vessel is owned through a joint ve...
Tue 17 Jan 2017 Shell Issued Safety Improvement Points at Gas Plant
Published: 13:00 on Tue 17 Jan 2017 in Oil Industry News.
The audit into working conditions at the Nyhamna facilities Central Control Room resulted in several improvement points being raised.Shell is the operator of the Nyhamna plant.The audit look...
Tue 17 Jan 2017 Hurricane Spuds Halifax Probe West of Shetland
Published: 12:00 on Tue 17 Jan 2017 in Oil Industry News.
UK independent fractured basement reservoir explorer Hurricane Energy has started drilling on its Halifax well west of Shetland on the UK Continental Shelf.The well, being drilled using the Transocean...
Tue 17 Jan 2017 Oil Rises on Weaker Dollar, Saudi Commitment to Cut Output
Published: 11:00 on Tue 17 Jan 2017 in Oil Industry News.
Gains were capped by rising U.S. production and scepticism that the Organization of the Petroleum Exporting Countries as a whole would comply with its commitments to reduce supplies.Brent crude future...
Tue 17 Jan 2017 Iran Oil Minister Certain that oil prices will rise
Published: 10:00 on Tue 17 Jan 2017 in Oil Industry News.
Iran's oil minister said that he was confident the OPEC and non-OPEC members would commit to the output cut deal agreed in November, noting that prices of oil would rise further as a result."I am ...
Tue 17 Jan 2017 Asia-Pacific Oil Production Declining at Record Levels Says Wood Mackenzie
Published: 09:00 on Tue 17 Jan 2017 in Oil Industry News.
"We estimate 2016 production of 7.5 million barrels per day will fall by over a million barrels per day by 2020," said Angus Rodger, the energy consultancy's Asia-Pacific upstream research director.Ch...
Tue 17 Jan 2017 Saudi Plans for Early End to OPEC Pact Risk Leaving Job Undone
Published: 08:00 on Tue 17 Jan 2017 in Oil Industry News.
Saudi Arabia says OPEC is on track to wrap up its production curbs by the middle of the year. That would leave its aim of clearing a global oil glut unfinished.OPEC and Russia won’t need to prolong ou...
Tue 17 Jan 2017 Saudi to Launch $30-50 billion Renewable Energy Program
Published: 06:00 on Tue 17 Jan 2017 in Oil Industry News.
Saudi Arabia will launch in coming weeks a renewable energy program that is expected to involve investment of between $30 billion and $50 billion by 2023, Saudi Energy Minister Khalid al-Falih said on...
Tue 17 Jan 2017 Beibu Gulf Hits Production Milestone
Published: 03:00 on Tue 17 Jan 2017 in Oil Industry News.
Production on 10 January 2017 from the Beibu Gulf fields, offshore China, reached a total of 13.9 MMbbl, according to Horizon Oil.Up until this point, the Block 22/12 participants have been paying a f...
Mon 16 Jan 2017 Venezuela's PDVSA Sees 2017 Oil Output Stuck Near Historic Lows
Published: 23:00 on Mon 16 Jan 2017 in Oil Industry News.
Venezuelan state energy company PDVSA projects oil production will remain near 23-year lows in 2017, an internal document shows, suggesting more hardship ahead for the crisis-wrought OPEC member count...
Mon 16 Jan 2017 Canadian Drillers Add Most Oil Rigs in Two Years
Published: 22:00 on Mon 16 Jan 2017 in Oil Industry News.
Energyfirms in Canada more than doubled the number of rigs drilling for oil this week to the highest level in almost two years as producers returned en masse from Christmas breaks and crude prices rem...
Mon 16 Jan 2017 FUGRO Wins Five-year Contract with INPEX in Australia
Published: 20:00 on Mon 16 Jan 2017 in Oil Industry News.
Fugro has been awarded a contract from INPEX Operations Australia for subsea services to be executed across the Ichthys facilities in the Timor Sea, located approximately 220 km from the coast of West...
Mon 16 Jan 2017 Sovereign Fund Could Secure UK's Long-term Future
Published: 19:00 on Mon 16 Jan 2017 in Oil Industry News.
One of the most famous pieces of football commentary came at the end of a match in Oslo more than 35 years ago in which unfancied Norway beat England 2-1. Few fans could now name the Norwegian comment...
Mon 16 Jan 2017 Iran Oil Minister Certain That Oil Prices Will Rise
Published: 19:00 on Mon 16 Jan 2017 in Oil Industry News.
"I am certain that the OPEC and non-OPEC members will cut oil output as committed. This will remove the oil surplus from the market, balance the demand and supply, and lift prices," Bijan Namdar Zanga...
Mon 16 Jan 2017 50ft Waves Batter North Sea Platform Stranding Workers - Video
Published: 18:00 on Mon 16 Jan 2017 in Oil Industry News.
Extreme weather left North Sea oil workers stranded offshore as 50ft waves battered their platform. Crew aboard the Judy facility 150 miles off the coast of Aberdeen were due to arrive home on Th...
Mon 16 Jan 2017 Subsea 7 Loses Petrobras Contract Worth £90m
Published: 15:00 on Mon 16 Jan 2017 in Oil Industry News.
The contract loss comes after the state-owned Brazilian firm terminated its contract for Subsea 7's pipelay vessel the Sevan Mar.The Brazilian government has since withdrawn the operati...
Mon 16 Jan 2017 Oil’s Painful Cost-squeeze Generates Output Dividend for Norway
Published: 14:00 on Mon 16 Jan 2017 in Oil Industry News.
Cost cuts are painful, but for Norway’s oil industry, making every penny count has also yielded a surprising production windfall. Thanks to improvements from cheaper, faster drilling to greater regul...
Mon 16 Jan 2017 Oil Trades Near $52 as Saudis See No Need to Extend Supply Cuts
Published: 13:00 on Mon 16 Jan 2017 in Oil Industry News.
Futures were little changed in New York after losing 3 percent last week. Rigs targeting crude in the U.S. fell for the first time in 11 weeks, according to data from Baker Hughes Inc. OPEC probably w...
Mon 16 Jan 2017 Volatility and Cyclicality in Oil Prices - Will This Time be Different?
Published: 12:00 on Mon 16 Jan 2017 in Oil Industry News.
Extreme volatility and strong cyclicality have been the defining characteristics of oil prices and the industry since the first modern oil well was drilled in Pennsylvania in 1859.Oil prices are much ...
Mon 16 Jan 2017 IOG Acquires North Sea Pipeline
Published: 11:00 on Mon 16 Jan 2017 in Oil Industry News.
The MOU contains exclusivity provisions until 28 February.IOG says discussions regarding the sale and purchase agreement are at an advanced stage and all parties are committed to completing this docum...
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