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Industry Headlines

Aker Posts Lower Profits, Cuts Workforce Salary
Friday, February 12, 2016 Aker Solutions becomes the latest oil and gas services company to announce a fresh round of cuts amid the lower oil price.
DNO, Total Report Record Output amid 4Q Losses
Thursday, February 11, 2016 European energy firms DNO ASA and Total record report production outputs in 2015 amid fourth quarter losses.
Maersk CEO: Oil Above $55 Is A Long-Term Inevitability
Thursday, February 11, 2016 After testing a 12-year low, the price of oil simply has to go up.
It'll Take More Than An Oil Rally To Restart Shale Boom
Thursday, February 11, 2016 Explorers in US oil fields stung by the quick rise and fall in the market last year are expected to move cautiously when crude prices begin to climb again.
Total CEO: Oil, Gas Industry Must Engage in Climate Change Challenge
Thursday, February 11, 2016 Total CEO Patrick Pouyanne says the energy industry needs to get involved with the issue of climate change in a positive way after December's COP21 deal.
Meet the Texas Railroad Commission's New Executive Director: Kim Corley
Thursday, February 11, 2016 Less than two weeks in the new position, Texas Railroad Commission's Executive Director Kim Corley shares her excitement with working with commissioners and continuing the agency's mission.
IPAA: Industry Must Be Willing To Ask Politicians Tough Questions
Thursday, February 11, 2016 Federal regulatory challenges to producers will remain even after the Obama Administration moves out of the White House, industry group tells NAPE 2016 audience.
US Oil Hits 12-Year Low On Stockpile Surge, Risk Aversion
Thursday, February 11, 2016 US crude slid, hitting 12-year lows as domestic stockpiles grew, Goldman Sachs called for depressed prices until the second half of the year and investors fled.

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Exploration

Consultancy: Hunt for UK North Sea O&G to Hit 45-Year Low
Friday, February 12, 2016 The number of new exploration wells to be drilled in the UK part of the North Sea this year is set to be the lowest since the hunt for oil and natural gas began there in the early 1970s.
Premier, Noble Terminate Contract for Eirik Raude Rig
Friday, February 12, 2016 Premier Oil and its partner, Noble Energy, decide to terminate their contract for Eirik Raude after several technical issues with the rig.
Polarcus Secures 4D Survey Project Offshore Norway
Friday, February 12, 2016 Polarcus Limited will conduct a 4D survey project over a field offshore Norway in May this year.
Pura Vida in Talks to Drill a Second Well in Mazagan Permit Off Morocco
Friday, February 12, 2016 Pura Vida Energy is in discussions to drill a second well at the Mazagan permit offshore Morocco.
Rey Commences Legal Action to Order OBL to Quit as Operator of Derby Block
Friday, February 12, 2016 Rey Resources commences legal proceedings against Oil Basins Ltd. in Western Australia's Supreme Court seeking orders for the latter to resign as operator of the Derby Block in the Canning Basin.
Woodside Discovers Gas at Thalin-1A Well Offshore Myanmar
Friday, February 12, 2016 Woodside discovers gas at Thalin-1A prospect in deepwater Block AD-7 in the Rakhine Basin offshore Myanmar.
First Phase 2015 Atlantic Margin Licensing Round Awards Announced
Thursday, February 11, 2016 Eight companies have been awarded new acreage in the southern Porcupine Basin as part of the 2015 Atlantic Margin Oil and Gas Exploration Licensing Round.
Subsea 7, National Oilwell Varco Secure Sea Lion FEED Contracts
Thursday, February 11, 2016 Subsea 7 and National Oilwell Varco secure services contracts in connection to the Sea Lion development, which is located offshore the Falkland Islands.
Niko Closes Sale of North Ganal PSC Offshore East Kalimantan to Ophir
Thursday, February 11, 2016 Niko Resources closes sale of the North Ganal production sharing contract located offshore East Kalimantan, Indonesia to Ophir Energy.
Total Likely to Sign Exploration Agreement with Sri Lanka Soon
Thursday, February 11, 2016 Total is likely to sign an agreement soon with Sri Lanka to explore for oil and gas off the country's eastern coast.
Mandala Acquires 2 Exploration Blocks in Sumatra, Adds to its Lemang Stake
Wednesday, February 10, 2016 Mandala Energy signs agreement to acquire two exploration blocks in Sumatra, Indonesia from Australia's Cooper Energy.

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Production

PJSC Ukrnafta Forced to Stop Production at Ukrainian Fields
Friday, February 12, 2016 PJSC Ukrnafta has been forced to stop oil and gas production at the Yuriivske, Golubovske and Lopushnianske fields due to the withdrawal of licenses.
Dual Treatment Regimen Shows Promise for Stripper Well Production
Thursday, February 11, 2016 An increase in stripper well production could make these wells more profitable in a time of low oil prices.
Buru Energy Plans Flow Test at Ungani Far West 1 Well in WA's Canning Basin
Thursday, February 11, 2016 Buru Energy plans to carry out a flow test at Ungani Far West 1 well in Western Australia's Canning Basin after releasing drilling rig.
SKK Migas Approves Ramba's Farm-out of 35% Stake in Lemang PSC to Mandala
Thursday, February 11, 2016 Indonesia's upstream oil and gas regulator SKK Migas approves Ramba Energy's farm-out of a 35 percent interest in Lemang block in Sumatra to Mandala Energy.
New Generation of Microchips to Reduce Production Costs
Wednesday, February 10, 2016 Researchers at Rice University develop new generation of microchips that can allow producers to reduce production costs.
Russia's Sechin Floats Idea of Oil Output Cuts
Wednesday, February 10, 2016 Rosneft floats the idea of a coordinated output cut by major oil-producing countries to prop up sagging prices.
Nobel Upstream to Acquire 7.59% Stake in North Sea Maclure Field
Wednesday, February 10, 2016 Nobel Upstream signs an agreement to acquire a 7.59% non-operated interest in the Maclure oil and gas field from Shell.

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Finance and Investing

Cenovus Energy to Sell up to $5B in Securities amid Oil Slump
Friday, February 12, 2016 Canada's Cenovus Energy may sell up to $5 billion of stock, debt and other securities as the company shores up its balance sheet amid a slump in oil prices.
Blackstone Aims New Fund At Troubled Offshore Drilling Market
Thursday, February 11, 2016 Blackstone Group launches a fund to finance the troubled offshore drilling and services sector, the US private equity firm says.
Russia's Gazprom Looking to Raise $2B Syndicated Loan
Thursday, February 11, 2016 Gazprom is looking to raise a $2 billion syndicated loan from international banks, according to two banking sources.
Devon Says Hires Jefferies To Sell Non-Core Assets To Cut Debt
Wednesday, February 10, 2016 Devon Energy has hired the US investment bank Jefferies Group LLC to market assets across four major shale basins to raise cash and slash debt.
IMF Says Ready to Lend to African Oil Producers; No Requests Yet
Tuesday, February 02, 2016 The International Monetary Fund says it stands ready to help sub-Saharan Africa's oil exporters cope with plunging crude prices and growing fiscal pressures but has not received any new funding requests from the region.
Ecopetrol Dividend Policy Seeks to Prevent Slide Into Junk
Tuesday, February 02, 2016 Colombia?s state-controlled Ecopetrol SA will pursue a dividend policy this year designed to safeguard the company?s investment grade rating amid the slump in oil prices.
Oil Industry's Plan to Keep Investors Happy: Borrow More Money
Tuesday, February 02, 2016 The world?s largest oil companies have a plan to weather the worst market in over a decade: borrow more money.

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Company Operations

North Energy, Explora Petroleum Combine to form North E&P AS
Friday, February 12, 2016 North Energy and Explora Petroleum AS combine to form a single company named North E&P AS, following the completion of North?s acquisition of Explora.
Saipem Counting the Cost of Going Solo in Low Oil Price World
Friday, February 12, 2016 Low oil prices and little sign of recovery anytime soon leaves Italian oil contractor Saipem ill-prepared to cope with a new life independent from its former parent Eni.
Austria's OMV Aims to Sell Turkish Unit Petrol Ofisi
Friday, February 12, 2016 OMV seeks a buyer for its Turkish unit, Petrol Ofisi, in line with the firm's strategy of focusing on upstream and integrated downstream businesses.
Dril-Quip to Set Up a $15M R&D Facility for HPHT Applications in Singapore
Friday, February 12, 2016 Dril-Quip is establishing a $15 million research and development facility in Singapore focusing on materials and products suitable for high pressure and high temperature applications.
Alliance Bags Jet Services Deal from Santos for Latter's Cooper Basin Ops
Friday, February 12, 2016 Alliance Aviation Services bags a five year deal to provide jet services to Santos for the latter's oil and gas operations in Australia's Cooper Basin.
Indonesia's Ministry of Finance Imposes Customs Duty on Jackup KS Java Star
Friday, February 12, 2016 Indonesia's Finance Ministry imposes customs duty on KS Energy's jackup KS Java Star.
Rig Contractor Precision Drilling Suspends Dividend
Thursday, February 11, 2016 Precision Drilling Corp suspends its dividend payments as the company looks to boost its finances to cope with a 70% fall in oil prices.
Cenovus Energy Reports Bigger Loss, Cuts Dividend
Thursday, February 11, 2016 Cenovus Energy Inc reports a bigger quarterly loss and also cuts its dividend and 2016 capital spending budget amid a prolonged slump in oil prices.
Maersk Drilling Sees Overcapacity on Rigs for the Foreseeable Future
Thursday, February 11, 2016 As much as one third of the global offshore fleet of oil drilling rigs could be idled in 2016 as energy firms scale back investments on the back of weak crude prices.
Aminex to Divest Partial Stake in Tanzanian Asset
Thursday, February 11, 2016 Aminex plc has reaches an agreement with Solo Oil plc for the divestment of a 3.825% interest in the Kiliwani North Development License in Tanzania.
Technip Secures Statoil Services Contracts
Thursday, February 11, 2016 Technip secures fabrication and installation contracts by Statoil for the Johan Sverdrup and Oseberg Vestflanken developments.

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