Oil and Gas News
Wed 18 Jan 2017 Five Potential Oil and Gas Takeover Targets In 2017
Published: 20:00 on Wed 18 Jan 2017 in Oil Industry News.
Record levels of oil and gas properties changed hands last year with the industry's bad times seemingly behind it and oil prices on the upswing. All that deal activity - mostly between private and...
Wed 18 Jan 2017 Global Energy Development Enters Subsea Sector with Acquisition of 11 Vessels
Published: 19:00 on Wed 18 Jan 2017 in Oil Industry News.
The company has entered into two agreements to purchase 100% issued shares in the vessel-owning companies.Three vessels will be acquired from Everest Hill Group and another eight vessels plus a barge ...
Wed 18 Jan 2017 Dana Gas says Billion Barrels of Oil in Way of Ending Glut
Published: 18:00 on Wed 18 Jan 2017 in Oil Industry News.
Almost 1 Bbbl of oil held in inventories must be used up before global supply and demand are closer to balance, Dana Gas PJSJ CEO Patrick Allman-Ward said.“We still have a significant global storage o...
Wed 18 Jan 2017 Oil Bosses See Shale Rebound Capping 2017 Price Surge
Published: 17:00 on Wed 18 Jan 2017 in Oil Industry News.
U.S. supply is already returning at $50/bbl, Saudi Arabia Energy Minister Khalid Al-Falih and BP Plc CEO Bob Dudley said in Davos, Switzerland, on Tuesday. Higher prices will accelerate that process, ...
Wed 18 Jan 2017 Tullow Makes New Oil Discovery
Published: 15:00 on Wed 18 Jan 2017 in Oil Industry News.
The objective of the well was to test a structural trap at the northern limit of the South Lokichar basin. The Erut-1 well was drilled 10 km to the north of the Etom-2 well and shares important charac...
Wed 18 Jan 2017 Statoil in Commercial Discovery Near Norne
Published: 14:00 on Wed 18 Jan 2017 in Oil Industry News.
Statoil has made an oil and gas discovery, which is believed to hold between 20 MMboe and 80 MMboe of recoverable reserves, close to Norne field.The drilling of the Cape Vulture exploration well start...
Wed 18 Jan 2017 Chevron Awards Structural Integrity Services Contract to Atkin
Published: 13:00 on Wed 18 Jan 2017 in Oil Industry News.
Les Newman, director in Atkins’ Energy business, said, “Our team is driven by the market need to reduce unit operating costs by improving production and optimizing integrity, built on a foundation of ...
Wed 18 Jan 2017 BP’s CEO Won’t Boost Spending, Signals Caution on Oil Rebound
Published: 12:00 on Wed 18 Jan 2017 in Oil Industry News.
BP boss Bob Dudley is not yet ready to boost spending despite the rebound in oil prices.The company will keep capital expenditure below $17 billion this year and next, CEO Dudley said in a Bloomberg t...
Wed 18 Jan 2017 Baker Hughes and Schlumberger In Contract Win
Published: 11:00 on Wed 18 Jan 2017 in Oil Industry News.
The rigs will perform work at Oseberg and the Gullfaks.Initially awarded for four years the contracts include options for two 2-year extensions. The contracts include: Cementing and pumping; Completio...
Wed 18 Jan 2017 Libya Oil Output to Rebound with Power Returning at Fields
Published: 10:00 on Wed 18 Jan 2017 in Oil Industry News.
Libya’s oil production rebounded to about 700,000 bpd after dipping temporarily due to power outages that disrupted operations at some of the OPEC member’s fields.Electricity is returning gradually to...
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...
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