Oil and Gas News
Fri 24 Feb 2017 Exxon Revises Down Oil and Gas Reserves by 3.3 Billion Barrels
Published: 14:00 on Fri 24 Feb 2017 in Oil Industry News.
U.S. oil major Exxon Mobil Corp has revised down its proved crude reserves by 3.3 billion barrels of oil equivalent as a result of low oil prices throughout 2016, a company filing showed on Wednesday....
Fri 24 Feb 2017 Shell Apply to Increase Shearwater Production With Three New Wells
Published: 13:00 on Fri 24 Feb 2017 in Oil Industry News.
The application will include three new sidetrack wells which would be brought online during the course of this year.However Shell require formal approval to bring the wells online, as the additional w...
Fri 24 Feb 2017 Leviathan Partners Ratify $3.75-billion Gas-development Plan
Published: 12:00 on Fri 24 Feb 2017 in Oil Industry News.
The companies that own the rights to Leviathan, Israel’s largest natural gas reservoir, approved a plan to allocate $3.75 billion to develop the offshore site. Israel’s main gas equity index rose the ...
Fri 24 Feb 2017 110,000 Tonne Oil Tanker Sold Via Online Auction
Published: 11:00 on Fri 24 Feb 2017 in Oil Industry News.
The company brought "everything" to a new level this week when it sold a Singapore-registered oil tanker for $11.8 million, according to Xinhua.The ship was auctioned off by the Guangzhou Maritime Cou...
Fri 24 Feb 2017 Repsol Given Green Light for Norwegian Well
Published: 10:00 on Fri 24 Feb 2017 in Oil Industry News.
Spain's Repsol has been given the green light to drill a well on the Napoleon North license in the Norwegian Sea using the Transocean Spitsbergen Drilling rig.The Norwegian Petroleum Directorate s...
Fri 24 Feb 2017 Saudi Arabia's $2-trillion Aramco Vision Runs Into Market Reality
Published: 08:00 on Fri 24 Feb 2017 in Oil Industry News.
Saudi Arabia has said oil giant Saudi Aramco is worth more than $2 trillion, enough to consume Apple Inc. twice, and still have room for Google parent Alphabet Inc.The kingdom may have to settle for l...
Fri 24 Feb 2017 Fugro Discovery to Commence Frontier Seeps Survey Offshore Kenya
Published: 03:00 on Fri 24 Feb 2017 in Oil Industry News.
Fugro has been awarded a contract by Shell/BG Kenya for the execution of a seabed survey to detect natural leakages of hydrocarbons. The seeps survey complements a seismic exploration program that was...
Fri 24 Feb 2017 China State Firm in Preliminary Deal to Buy Chevron's Bangladesh Gas Fields
Published: 03:00 on Fri 24 Feb 2017 in Oil Industry News.
China's state-run Zhenhua Oil has signed a preliminary deal with Chevron (CVX.N) to buy the U.S. oil major's natural gas fields in Bangladesh that are worth about $2 billion, two Beijing-based...
Thu 23 Feb 2017 Malaysia's Petronas, Saudi Aramco to Sign Deal on RAPID Refinery Project
Published: 23:00 on Thu 23 Feb 2017 in Oil Industry News.
Malaysia's state oil firm Petroliam Nasional Bhd (Petronas) and Saudi Aramco are expected to sign an agreement to collaborate in Malaysia's Refinery and Petrochemical Integrated Development (R...
Thu 23 Feb 2017 Pipeline Fights Move from Dakota Prairie to Louisiana Bayous
Published: 22:00 on Thu 23 Feb 2017 in Oil Industry News.
When Hope Rosinski's father gave her a six-acre plot in Louisiana more than a decade ago, she was surprised to find oil and gas pipelines crisscrossing the property.Pipeline companies later secure...
Thu 23 Feb 2017 Trump's New EPA Head Woos Skeptical Staff with Pro-energy Mission
Published: 20:00 on Thu 23 Feb 2017 in Oil Industry News.
President Donald Trump’s newly installed environmental chief Scott Pruitt laid out his vision for reshaping the way the federal government safeguards air and water, as he tried to convince skept...
Thu 23 Feb 2017 Goldman Says Global Crude Stocks to Keep Falling
Published: 18:00 on Thu 23 Feb 2017 in Oil Industry News.
Goldman Sachs expects global crude oil inventories to keep falling due to production cuts and strong growth in demand, although stocks are likely to rise in the United States."We do not view the rece...
Thu 23 Feb 2017 Apache Raises 2017 Spending by 60% in Light of Recovering Oil Prices
Published: 17:00 on Thu 23 Feb 2017 in Oil Industry News.
Apache said on Thursday that it plans to spend $3.1 billion in 2017, higher than the $1.9 billion it spent last year. It spent $4.7 billion in 2015.U.S. crude prices dipped to a low of $26.05 per barr...
Thu 23 Feb 2017 Exxon Bows to Oil Crash With Historic Global Reserves Cut
Published: 15:00 on Thu 23 Feb 2017 in Oil Industry News.
The equivalent of about 3.3 Bbbl of untapped crude was removed from the so-called proved reserves category in Exxon’s books, the Irving, Texas-based explorer said in a statement. The revisions were tr...
Thu 23 Feb 2017 Gazprom Starts Okhotsk Sea Drilling
Published: 14:00 on Thu 23 Feb 2017 in Oil Industry News.
Russia's Gazprom Neft is set to drill the first exploration well on the Ayashsky Block in the Sea of Okhotsk after signing a contract for use of a Japanese drilling rig.Gazprom acquired a license ...
Thu 23 Feb 2017 EnQuest Cautioned Over Gas Leak
Published: 13:00 on Thu 23 Feb 2017 in Oil Industry News.
EnQuest has been hit with a warning from the UK safety regulator after a gas leak on the EnQuest Producer floating production, storage and offloading vessel that was caused by poorly-installed pipewor...
Thu 23 Feb 2017 Total CEO says OPEC Needs to Prolong Cuts to Eliminate Glut
Published: 12:00 on Thu 23 Feb 2017 in Oil Industry News.
OPEC and Russia will need to prolong their six-month deal to cut oil output if they plan to trim the global inventory glut that has kept a lid on prices, said Total CEO Patrick Pouyanne.“If they want...
Thu 23 Feb 2017 North Sea Supply Company to Lay Off 30 Seafarers
Published: 11:00 on Thu 23 Feb 2017 in Oil Industry News.
According to the organisations CEO Jan Fredrik Meling, the decision is down to further vessel layups leaving the company with excess personnel.Eidesvik Offshore currently has four vessels laid up, wit...
Thu 23 Feb 2017 Oil Prices Regain Momentum
Published: 10:00 on Thu 23 Feb 2017 in Oil Industry News.
On the New York Mercantile Exchange, light, sweet crude futures for delivery in April CLJ7, +1.51% traded at $54.04 a barrel, up $0.45, or 0.8% in the Globex electronic session. April Brent crude LCO...
Thu 23 Feb 2017 Oil Prices Will Surge to $70 Per Barrel by Year-end - Citi Bank
Published: 08:00 on Thu 23 Feb 2017 in Oil Industry News.
US investment bank Citi has posted a bullish prediction about oil prices. As supply and demand levels continue to rebalance, crude is likely to reach $70 per barrel by the end of 2017, the bank said i...
Thu 23 Feb 2017 LEKOIL Ramp up Production with Continuous Flow at Nigeria Field
Published: 06:00 on Thu 23 Feb 2017 in Oil Industry News.
LEKOIL, the oil and gas exploration and development company with a focus on West Africa, is pleased to announce that oil is flowing at Otakikpo field to onshore storage tanks, where it will be evacuat...
Thu 23 Feb 2017 OPEC Cuts, Weak Freight Rates Help Traders Profit on Asia Crude Routes
Published: 03:00 on Thu 23 Feb 2017 in Oil Industry News.
Oil traders from around the world, including the United States, Britain and Brazil, have tripled their sales to Asia as they take advantage of an emerging supply gap following OPEC-led production cuts...
Wed 22 Feb 2017 China's Sinochem May Sell 40% Stake in Brazil's Peregrino Oilfield
Published: 23:00 on Wed 22 Feb 2017 in Oil Industry News.
China's Sinochem is exploring the sale of its 40 percent stake in Brazil's Peregrino offshore oilfield, four people familiar with the matter told Reuters, a deal that could see the state-owned...
Wed 22 Feb 2017 McDermott Acquires Amazon Newbuild
Published: 22:00 on Wed 22 Feb 2017 in Oil Industry News.
McDermott International acquired the newly built pipelay and construction vessel Amazon designed for its ultra deepwater and SURF projects.McDermott plans to upgrade the vessel to address the ultra de...
Wed 22 Feb 2017 Biggest Gasoline Glut in 27 years Could Crash Oil Markets
Published: 20:00 on Wed 22 Feb 2017 in Oil Industry News.
Oil prices are stuck in a holding pattern, waiting for more definitive data on what comes next. OPEC compliance is helping keep prices afloat, but rising US oil production is acting as a counterweight...
Wed 22 Feb 2017 Hedge Funds Bet Big on Oil
Published: 18:00 on Wed 22 Feb 2017 in Oil Industry News.
Hedge funds and other money managers have amassed a very large bullish position in crude oil futures and options without so far having much impact on oil prices.Hedge funds raised their combined net l...
Wed 22 Feb 2017 Perenco Hit With Improvement Notices Over North Sea Fatality
Published: 17:00 on Wed 22 Feb 2017 in Oil Industry News.
The Indefatigable 23A (Inde 23A) platform was shut in and gas supplies halted following the death of Tyron Jones, 43, from Lowestoft, in a still-unspecified incident on Monday 4 December.The Health &a...
Wed 22 Feb 2017 iSurvey Secures Offshore Contract with Shell UK
Published: 15:00 on Wed 22 Feb 2017 in Oil Industry News.
The three year contract, which has the option of up to two, one year extensions, will see iSURVEY provide non exclusive rig and surface positioning services, subsurface positioning and dimensional con...
Wed 22 Feb 2017 Rosneft Signs Libya Oil Deal as More Investors Return to Country
Published: 14:00 on Wed 22 Feb 2017 in Oil Industry News.
Rosneft signed investment and crude-purchasing agreements with Libya’s National Oil Corp. as more international companies return to the North African country to gain access to Africa’s largest reserve...
Wed 22 Feb 2017 Thousands of Spills at Oil and Gas Fracking Sites
Published: 13:00 on Wed 22 Feb 2017 in Oil Industry News.
They found that there had been 6,600 releases from these fracked wells over a ten-year period in four states.The biggest problems were reported in oil-rich North Dakota where 67% of the spills were re...
Oil and Gas News Archive