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Industry Headlines

Iran Emerging As Next Destination for Oil Investors Worldwide
Friday, May 27, 2016 Iran is emerging as a prominent venue for top investors in the oil and gas industry from across the world.
Saudi Aramco Lifted 2015 Oil Output to Record in Market Spat
Friday, May 27, 2016 Saudi Arabian Oil, the world's largest crude producer, increased output to an all-time high last year while keeping its reserves unchanged as the kingdom battles for market share.
Saudi Aramco Says Discovers New Fields, to Continue Energy Investments
Friday, May 27, 2016 Saudi Arabia's state oil giant Aramco discovered new oil and gas fields last year and the kingdom is committed to continue investing in its energy sector to meet future demand, its new energy minister says.
Hercules Offshore to File for Bankruptcy a Second Time
Friday, May 27, 2016 Hercules Offshore plans to file for prepackaged Chapter 11 bankruptcy, just six months after the rig contractor emerged from bankruptcy protection.
Battle Inside OPEC Eases As Saudi Oil Strategy Finally Pays Off
Friday, May 27, 2016 Saudi Arabia has been fighting with fellow OPEC members since the oil rout started two years ago. For the first time, it could soon argue convincingly that its strategy of squeezing rival producers is succeeding.
Oil Dips After Hitting $50/bbl as Glut Worries Resurface
Thursday, May 26, 2016 Oil prices hit $50 a barrel on Thursday for the first time in seven months, then bounced below that level and settled lower on the day as investors worried robust price gains could encourage more output and add to the global glut.

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Exploration

Indonesia Awards North Kalimantan's Offshore East Ambalat PSC to Pertamina
Friday, May 27, 2016 Indonesia awards the production sharing contract for North Kalimantan's offshore East Ambalat block that was relinquished earlier by Chevron to state-owned PT Pertamina.
WA Court Orders OBL to Resign as EP487 Operator in Canning Basin
Friday, May 27, 2016 The Supreme Court of Western Australia (WA) orders Oil Basins to resign immediately as operator of permit EP487 (Derby Block) in WA's Canning Basin and designates Rey Lennard Shelf as the new operator.
Mubadala Petroleum Hits Oil in Thai Gulf Well, Declares Find Uncommercial
Thursday, May 26, 2016 Test results at the Sri Trang-1 well in the Northern Gulf of Thailand confirm the presence of oil in uncommercial quantities.
PETRONAS Denies Plans to Sell Upstream Assets to Russian Party
Wednesday, May 25, 2016 PETRONAS denies plans to sell upstream oil and gas assets to Russian party.
India Launches Auction for 67 Small Oil, Gas Fields Under a New Bid Scheme
Thursday, May 26, 2016 India launches a new bid round to invite investors to participate in the exploration and production at 67 small oil and gas fields in the country.
UKOOG Supports Yorkshire Council's Fracking Approval
Tuesday, May 24, 2016 UKOOG welcomes North Yorkshire County Council's decision to approve the hydraulic fracture of Third Energy's Kirby Misperton well.

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Production

Govt: Vietnam's Jan-May Crude Oil Exports Drop 20.6% YOY
Friday, May 27, 2016 Vietnam's crude oil exports during January-May fell 20.6 percent from the same period last year to an estimated 3.06 million tons, or 148,000 barrels per day (bpd), the government says.
Reliance Said To Revive Offshore India Gas Project By End-2017
Friday, May 27, 2016 Reliance Industries is preparing to restart work in four offshore oil and gas blocks as it seeks to revive development activity stalled for seven years by disputes with the government, according to a people with knowledge of the plan.
Official: Argentina To Boost Crude Oil Output To 653,000 Bpd By 2025
Friday, May 27, 2016 Argentina aims to eliminate its need for crude imports while increasing domestic oil output to 653,000 barrels per day (bpd) in 2025, a 23 percent increase from 2015, an official from the Energy Ministry says.
Amec FW Clinches KOC's FEED Contract to Upgrade OGC in Kuwait
Friday, May 27, 2016 Amec Foster Wheeler clinches a front end engineering design contract from Kuwait Oil Co. to upgrade its Oil Gathering Center in Kuwait.
Real Energy Completes Taramara-1 Fracture Stimulation Program in Queensland
Friday, May 27, 2016 Real Energy completes a fracture stimulation program at Tamarama-1 well in ATP927P in Queensland, Australia.
PETRONAS Extends Contract to Supply LNG to China's JOVO Group
Thursday, May 26, 2016 PETRONAS extends a contract to supply liquefied natural gas to China's JOVO Group to at least 2023.

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Finance and Investing

CNPC Plans Backdoor Listing of Engineering Arm Amid Shakeup
Friday, May 27, 2016 China National Petroleum Corp., the country's biggest oil and gas producer, plans a backdoor listing of its engineering assets through a Shanghai-listed petrochemical material supplier and processor it controls.
Malaysia's ICON Posts Revenue of $12.8M in 1Q 2016, Down 18.5% YOY
Friday, May 27, 2016 Malaysia's offshore service vessel provider ICON Offshore posts an 18.5 percent year-on-year fall in revenue for first quarter 2016 to $12.8 million due to lower fleet utilization and charter rates.
Govt's Rosneft Stake Can't Be Sold On Open Market
Thursday, May 26, 2016 Kremlin economic adviser Andrei Belousov says the government's stake in top oil producer Rosneft could not be sold on the open market.
Chevron-Led Kazakh Venture May Borrow For $37B Project
Thursday, May 26, 2016 Chevron-led joint venture Tengizchevroil may take out loans and issue bonds to finance its $37 billion expansion project.
Sino G&E Continues to Derisk China Ordos Basin Gas Development Project
Thursday, May 26, 2016 Sino Gas & Energy continues to derisk the Ordos Basin gas development project in China, with its first offshore remittance of gas sales proceeds.
Blackstone Gives Pricey Canadian Energy and Property Thumbs Down
Wednesday, May 25, 2016 Canada's energy assets are uneconomic and real-estate markets overvalued, making them less attractive for investment than in the US and elsewhere, according to the president of Blackstone Group, the world's largest alternative-asset manager.

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Company Operations

Energy Transfer Seeks Right to Bail Out of Williams Takeover
Friday, May 27, 2016 Energy Transfer Equity seeks the right to kill its deal to buy Williams Cos. and to collect a $1.48 billion breakup fee from the energy pipeline operator, accusing it of breaching the terms of their merger.
Maersk Drilling Acquires Newbuild Jackup from Hercules Offshore for $190M
Friday, May 27, 2016 Maersk Drilling acquires a newbuild jackup from Hercules Offshore for $190 million, with the rig to head for the North Sea to commence work on the Culzean gas field.
India's ONGC Reports 12% Rise In Q4 Profit, Beating Estimates
Thursday, May 26, 2016 Oil and Natural Gas Corp, India's biggest oil explorer, reports a surprise 12 percent rise in 4Q net profit, helped by a one-off gain.
Seadrill Warns of Further Cost-Cutting in 2016
Thursday, May 26, 2016 Seadrill will be cutting costs by approximately $340 million this year, after warning that the offshore drilling market "remains challenging".
Bibby Offshore Wins North Sea Contract with Apache
Thursday, May 26, 2016 Bibby Offshore secures a contract with Apache North Sea Ltd to provide subsea construction, ROV and diving services at the largest oil field in the North Sea.
Inpex, MHI Ink Memorandum on Joint Study of Technological Challenges
Thursday, May 26, 2016 Inpex and Mitsubishi Heavy Industries ink memorandum agreeing to jointly study solutions for various technological challenges in the energy sector.
Sembcorp Marine Dismisses EIG's Allegations on Sete Brasil Investment
Wednesday, May 25, 2016 Sembcorp Marine dismisses allegations by EIG Management Co. that the latter was misled by the firm and its unit Jurong Shipyard to invest in Sete Brasil.

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