News

Gazprom Neft, Tatneft and Zarubezhneft collaborate to develop carbonate deposits

Published November 24, 2017 at 12:32 am
Gazprom Neft, Tatneft and Zarubezhneft have concluded a Memorandum of Cooperation on the development of the skills and competencies needed for the development of exceptionally challenging projects in opening up carbonate deposits.

Wintershall granted drilling permit for wildcat southwest of Aasta Hansteen

Published November 24, 2017 at 12:32 am
The Norwegian Petroleum Directorate has granted Wintershall Norge AS a drilling permit for well 6604/5-1, cf. Section 8 of the Resource Management Regulations.

OPEC said to get few answers on shale before decision on production cuts

Published November 23, 2017 at 6:00 pm
OPEC will have to decide whether to extend global oil cuts without knowing whether they’re triggering a new flood of rival supply from U.S. shale producers.

Oil industry shows signs of life after Norway wealth fund shock

Published November 23, 2017 at 6:00 pm
A week after Norway’s $1-trillion sovereign wealth fund said it wanted to get out of oil and gas investments, the latest spending plans from oil companies show how the country’s not about to quit petroleum.

Venezuela’s state oil producer to cut costs by 50%

Published November 23, 2017 at 6:00 pm
Already in default and struggling with sinking oil production, Venezuela’s state-run energy firm told its employees to cut costs and expenses by 50% in an austerity drive to reflect the broader economic crisis hitting the OPEC nation of 30 million people.

Oil extends rally above $58 as Keystone outage cuts U.S. supply

Published November 23, 2017 at 6:00 pm
Oil extended its rally above $58/bbl as supply disruptions on the Keystone pipeline added to optimism that the U.S. glut is waning and that OPEC will prolong its output curbs.

Saudis eye oil sales to world’s biggest plants emerging in China

Published November 23, 2017 at 6:00 pm
Saudi Arabia’s status as the biggest oil supplier to China has been usurped by Russia. OPEC’s biggest producer is now trying to regain ground in the world’s largest crude importer.

ONGC Videsh unit adds Namibian interest

Published November 22, 2017 at 4:18 pm
ONGC Vankorneft Pte. Ltd. is acquiring a 15% participating interest in Petroleum Exploration License 0030 offshore Namibia under definitive binding agreements with Tullow Namibia Ltd.

Harris, Barra oil flow starts off the UK

Published November 22, 2017 at 4:12 pm
Dana Petroleum Ltd. has started production from Harris and Barra oil fields in the northern North Sea (OGJ Online, Sept. 3, 2013).

North Sea tax measure to unlock upstream UKCS investment, says Oil and Gas UK

Published November 22, 2017 at 4:06 pm
Chancellor Philip Hammond today announced a tax measure that will unlock further investment in the UK North Sea by enabling more assets to change hands and allow new owners to provide fresh investment in many mature oil and gas fields.

Eight energy majors commit to reducing methane emissions within natural gas industry

Published November 22, 2017 at 4:06 pm
BP, Eni, ExxonMobil, Repsol, Shell, Statoil, Total and Wintershall today committed to further reduce methane emissions from the natural gas assets they operate around the world. The energy companies also agreed to encourage others across the natural gas value chain – from production to the final consumer – to do the same.

UK bid round attracts 96 applications

Published November 22, 2017 at 4:05 pm
The UK’s 30th Licensing Round drew 96 applications for 239 blocks in mature areas of the UK Continental Shelf (OGJ Online, June 20, 2017).

MARKET WATCH: NYMEX crude gains before Thanksgiving

Published November 22, 2017 at 3:56 pm
Light, sweet crude oil futures gained slightly on Nov. 21 on the New York market in advance of the US Thanksgiving holiday and a Nov. 30 meeting of the Organization of Petroleum Exporting Countries.

Industry’s growing optimism reflected in 30th offshore licensing round

Published November 22, 2017 at 1:06 pm
The Oil and Gas Authority has received 96 applications for 239 blocks in the 30th offshore oil and gas exploration license round.

Installation of SM 71 F platform complete, offshore Louisiana

Published November 22, 2017 at 1:06 pm
Otto Energy Ltd has advised that the operator of the South Marsh Island 71 (SM 71) oil and gas development (Byron Energy Limited) has confirmed that installation of the jacket and decks comprising the SM 71 F platform is now complete.

Siccar Point Energy farms out Lyon prospect

Published November 22, 2017 at 1:06 pm
Siccar Point Energy EandP Limited (SPE) is pleased to announce that it has entered into a farmout agreement with Ineos UK SNS Limited (Ineos) covering two exploration licences (P.1854 and P.1935) in the West of Shetlands area, containing the significant Lyon prospect.

Germany’s politics implodes as climate elites save planet

Published November 22, 2017 at 12:43 pm
Coincidence underscores lessons too easily overlooked in the Nov. 19 collapse of government-forming discussions in Germany.

Rockwell Automation rejects Emerson’s sweetened $29-billion bid

Published November 22, 2017 at 11:08 am
Rockwell Automation Inc. spurned a third takeover proposal from Emerson Electric Co., saying a sweetened bid of $29 billion still undervalued the supplier of controls for assembly-line operations.

New China star sells first Russian oil from $9-billion Rosneft deal

Published November 22, 2017 at 11:08 am
A Chinese firm that’s grown from a small local trader to a global deal-making juggernaut sold its first cargo of Russian crude after buying a $9-billion stake in Rosneft Oil Co.

Crude climbs to two-year high as stockpiles fall before OPEC meets

Published November 22, 2017 at 11:08 am
Oil climbed to a two-year high as U.S. industry data showed crude stockpiles resumed declines and investors awaited a decision by OPEC on extending output cuts.

Lundin announces non-commercial gas discovery on Hufsa prospect

Published November 22, 2017 at 11:08 am
Lundin Petroleum AB has announced that its wholly owned subsidiary Lundin Norway AS has completed the drilling of exploration well 7219/12-2 on the Hufsa prospect in PL533 in the southern Barents Sea. A non-commercial gas discovery was made in the main well while the sidetrack was dry.

Oil production drop aggravates debt crisis in Venezuela

Published November 22, 2017 at 9:50 am
Venezuela, a lovely country with wonderful people and dreadful governance, staggers toward bankruptcy.

API: US product demand highest for October since 2007

Published November 21, 2017 at 5:02 pm
Total US petroleum product deliveries averaging 19.9 million b/d reached their highest October monthly average since 2007, the American Petroleum Institute said in its latest monthly statistical report. Demand last month, which API expresses as products supplied, was 1.1% higher than October 2016’s average of nearly 19.7 million, with jet kerosene, motor gasoline, and residual fuel oil showing the largest year-to-year percentage gains.

Europa Oil and Gas provides update on Holmwood well, Weald basin

Published November 21, 2017 at 4:05 pm
Europa Oil and Gas (Holdings) plc, the AIM traded Ireland and UK focused oil and gas exploration, development and production company, has provided a planning update regarding the Holmwood oil exploration prospect on licence PEDL 143 at Bury Hill Wood, Coldharbour Lane, Surrey.

BSEE: Investment in partnership is good for energy dominance

Published November 21, 2017 at 4:05 pm
Continuing to spread his message of partnership, Bureau of Safety and Environmental Enforcement Director Scott A. Angelle traveled to the west coast. Angelle participated in meetings with BSEE staff, industry, Air Force leadership, and other stakeholders Tuesday and Wednesday in California.