News

WoodMac: Permian basin production growth could slow early next decade

Published September 19, 2017 at 1:16 pm
Operators implemented technology to rapidly increase Permian basin production and they are poised to continue increasing Permian production. But Wood Mackenzie Ltd. suggests geological constraints could lead to long-term production growth declines, perhaps early next decade.

BNK Petroleum commences Brock 9-2H well fracture stimulation in Oklahoma

Published September 19, 2017 at 1:11 pm
BNK Petroleum Inc. has announced that fracture stimulation completion operations on the previously drilled Brock 9-2H well have commenced.

Northwest Energy encounters hydrocarbons in Xanadu prospect

Published September 19, 2017 at 1:11 pm
Northwest Energy has confirmed that Xanadu-1 has intersected hydrocarbon bearing reservoirs demonstrated by elevated gas readings, oil shows, fluorescence and cut-fluorescence whilst drilling reservoir sections.

Petro Matad announces postponed drilling campaign in Mongolia, CEO search

Published September 19, 2017 at 1:11 pm
Petro Matad, the AIM quoted Mongolian oil explorer has provided an operational update.

Trinidad and Tobago’s new master gas plan routes LNG through NGC

Published September 19, 2017 at 1:07 pm
BP PLC and Royal Dutch Shell PLC may no longer be allowed to sell natural gas directly to Atlanic LNG (ALNG) and will have to transport its gas to ALNG via Trinidad and Tobago’s National Gas Co. (NGC), according to the recommendations contained in the Caribbean twin-island nation’s Natural Gas Master Plan (NGMP).

Total increases nonoil energy investment

Published September 19, 2017 at 12:34 pm
Total SA is increasing its investment in energy management and renewable energy.

Rosneft seeking pact for Kurdish gas line

Published September 19, 2017 at 12:29 pm
Rosneft PJSC expects to complete an agreement with the Kurdistan Regional Government (KRG) for construction of a natural gas pipeline able to supply electric power plants and factories in the Kurdish region of Iraq and to export as much as 30 billion cu m/year of gas to Turkey and Europe.

MPLX unit to proceed with Wood River-to-Patoka oil line expansion

Published September 19, 2017 at 12:24 pm
MPLX LP subsidiary Marathon Pipe Line LLC will move forward with its planned 130,000-b/d expansion of the Wood River-to-Patoka crude oil pipeline after completing a binding open season on Aug. 31.

Brookings: Curbing corruption in extractive industry takes more than disclosure

Published September 19, 2017 at 11:15 am
Reducing government corruption will require more than simply requiring companies, particularly in extractive industries, to publicly disclose more financial and operating data, speakers agreed at a Sept. 18 Brookings Institution event. Information should be more readily available and reach people in communities that are directly affected, they said.

MARKET WATCH: NYMEX oil price for October gains slightly

Published September 19, 2017 at 10:47 am
Light, sweet crude oil for October delivery edged up slightly on Sept. 18 to settle just above $49.90/bbl. Oil prices continued gaining in early Sept. 19 trading after comments were made by an Iraqi official regarding a possible extension of the existing production-cut targets by major producers.

Baker Hughes, KBC partner to provide integrated software solutions to oil and gas

Published September 19, 2017 at 10:46 am
Baker Hughes, a GE company (BHGE), and KBC, a wholly-owned subsidiary of Yokogawa Electric Corporation, have announced a preferred partnership that will provide a combination of process simulation, asset performance management and operational software solutions to the oil and gas industry.

Lebanon passes oil tax law ahead of first energy-rights auction

Published September 19, 2017 at 10:46 am
Lebanon’s parliament approved a law to tax revenue from oil operations, weeks before its first sale of offshore energy exploration rights to interested companies like Total SA and ExxonMobil Corp.

BP supplies natural gas to Mexico under energy reform measures

Published September 19, 2017 at 10:46 am
BP Energía México, BP’s natural gas marketing and trading arm in Mexico, has started to deliver approximately 200,000 MMBtu a day of natural gas to Mexico, making BP one of the first private companies to supply natural gas to the domestic market under the country’s energy reform measures.

Rosneft completes pipeline project in Iraqi Kurdistan

Published September 19, 2017 at 10:46 am
Rosneft has completed its due diligence on infrastructure of the export oil pipeline in Iraqi Kurdistan (KROP) and will shortly finalize the legally binding documents on oil pipeline project under the Investment Agreement signed at St. Petersburg International Economic Forum in June 2017.

Gazprom Neft begins full-scale hydrocarbon prospecting of pre-Jurassic deposits

Published September 19, 2017 at 10:46 am
Gazprom Neft has begun geological investigations in Paleozoic hydrocarbon deposits in the Tomsk Oblast. Thus far, the complex structure of the pre-Jurassic complex has not been deemed an independent geological prospect, investigations into which demand the modification of traditional prospecting methodologies.

Iraq says OPEC mulls deeper, longer oil cuts to end 2018

Published September 19, 2017 at 9:00 am
Iraq thinks OPEC should reduce supply by an additional 1% to help re-balance the market.

Aramco plans to buy non-Saudi crude in global trading expansion

Published September 19, 2017 at 9:00 am
Saudi Aramco plans to expand its trading business by buying and selling non-Saudi crude as the world’s biggest exporter prepares for what could be a record initial public offering.

Crude rises above $50/bbl on prospect of more OPEC action

Published September 19, 2017 at 9:00 am
Crude extended gains above $50/bbl in New York as the prospect of OPEC taking further steps to clear a global supply glut.

Study underscores Canada’s difficult choice on climate

Published September 18, 2017 at 11:40 pm
Canadians soon must confront the incendiary question of climate-change politics: How much sacrifice will people make in pursuit of doubtful benefit?

Contradictory US signals may push NAFTA talks into 2019, speakers say

Published September 18, 2017 at 11:10 pm
Contradictory signals from the Trump administration could help push North American Free Trade Agreement renegotiations now under way into 2019 and possibly beyond, speakers said during a Sept. 7 discussion at the Atlantic Council.

IEA revises up forecasts of global oil demand growth

Published September 18, 2017 at 10:50 pm
In the latest Oil Market Report (OMR), the International Energy Agency has revised upwards its estimates of global oil demand growth in 2017, this time by 100,000 b/d to 1.6 million b/d.

Corbin to lead European operations for Sparrows Group

Published September 18, 2017 at 4:56 pm
Matt Corbin has joined Sparrows Group as its regional operations director for the UK and Europe. Based in Aberdeen, he will support the company’s growth in the oil and gas, renewables, and industrial sectors.

Algeria to lean on central bank to plug deficit amid oil slump

Published September 18, 2017 at 4:26 pm
Algeria’s prime minister laid out a sweeping plan to plug the budget deficit that would include direct borrowing from the central bank, as the OPEC member looks to compensate for lower oil revenue without tapping international debt markets.

Oil hits another wall, fails to sustain rally above $50

Published September 18, 2017 at 4:26 pm
Oil hit a wall again, failing to sustain a rally above $50/bbl for a third straight session.

EIA forecasts 79,000-bo/d rise in October from major US onshore regions

Published September 18, 2017 at 4:17 pm
Crude oil output from the seven major US onshore producing regions is forecast to increase 79,000 b/d month-over-month in October to 6.083 million b/d, the US Energy Information Administration said in its latest monthly Drilling Productivity Report.