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Industry Headlines

Canada GDP Shrinks Most Since 2009 as Wildfires Crimp Oil Output
Friday, July 29, 2016 Canada's gross domestic product contracted at the fastest pace in more than seven years in May as wildfires curbed Alberta oil production.
Statoil Agrees $2.5B Brazilian Acquisition
Friday, July 29, 2016 Statoil ASA will acquire Petroleo Brasileiro S.A's 66% operated interest in the BM-S-8 offshore license, located in Brazil's Santos basin, for a total of $2.5 billion.
Drop In The Ocean: India's Strategic Oil Reserves Unlikely To Stir Market
Friday, July 29, 2016 India's initial plan to build-up its strategic petroleum reserves (SPR) is not shaping out to be the dramatic event that some in the market had hoped could help reignite global oil demand.
US Shale Gas Shaking Up Global Markets as LNG Supply Surges
Thursday, July 28, 2016 Shale drillers flooded the US with so much natural gas over the past decade that prices slid to a 17-year low. Now it's going global, with the potential to upset markets from London to Tokyo.
Oil Industry Suppliers See Light at the End of the Tunnel
Thursday, July 28, 2016 European suppliers to the oil industry, hit by their customers' spending cutbacks over the past two years, produce stronger than expected second-quarter earnings and are cautiously pointing to signs of recovery in demand.
Strong Upstream Performance from European Majors
Thursday, July 28, 2016 French and Spanish oil majors Total and Repsol deliver second-quarter results that display a strong performance from their upstream operations.

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Exploration

Supercomputers Deliver $500M Savings In BHP Hunt For Oil
Friday, July 29, 2016 Supercomputers that create 3-D seismic maps of BHP Billiton's oil and gas assets are accelerating work to bring new fields into production and have already notched savings of $500 million in development costs at a project in the Caribbean.
Key Petroleum to Take 40% Stake in Permit WA-481-P in North Perth Basin
Friday, July 29, 2016 Key Petroleum exercises option to acquire a 40 percent stake in exploration permit WA-481-P, located offshore North Perth Basin, Western Australia.
OGDCL Discovers Gas at Khamiso-1 Prospect in Guddu Block in Pakistan
Friday, July 29, 2016 Oil and Gas Development Co. Ltd. makes a gas discovery at Khamiso-1 exploration well in the Guddu Block in Pakistan.
Fort Sumter Shows Continued Promise of Shell's GOM Holdings
Thursday, July 28, 2016 Shell's Fort Sumter discovery indicates further potential still exists in the company's heartlands acreage in the deepwater GOM.
Anadarko Appraisal Extends Shenandoah Field Boundary
Wednesday, July 27, 2016 Anadarko's successful appraisal well extends the eastern boundary of the Shenandoah field in the U.S. Gulf of Mexico.
Pilot Energy Inks Deal to Acquire Murphy's Stake in Permit WA-481-P Off WA
Wednesday, July 27, 2016 Pilot Energy inks agreement to acquire Murphy Australia's 100 percent interest in exploration permit WA-481-P located offshore North Perth Basin, Western Australia.

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Production

Baker Hughes: US Oil Drillers Add Rigs for Fifth Week
Friday, July 29, 2016 US drillers this week added oil rigs for a fifth consecutive week, Baker Hughes says.
Survey Shows OPEC Oil Output Set to Reach Record High in July
Friday, July 29, 2016 OPEC's oil output is likely in July to reach its highest in recent history, a Reuters survey finds, as Iraq pumps more and Nigeria manages to export additional crude despite militant attacks on oil installations.
Iran Needs 2-3 Months To Reach Pre-Sanctions Oil Output Level
Friday, July 29, 2016 Iran needs two to three months to achieve its pre-sanctions level of oil production, Iranian Communications Minister Mahmoud Vaezi said during a visit to Moscow on Friday.
Official: Indonesia To Start Producing Natural Gas From Two Projects
Friday, July 29, 2016 Indonesia expects to start natural gas production from two deepwater fields this year and next, even as major oil companies are reviewing economics for other projects, a senior energy official says.
Pemex Losses Accumulate as Oil Production Hits Record Low
Thursday, July 28, 2016 Pemex adds to more than three years of losses as a cash injection from the government wasn't enough to overcome the pinch of record-low crude output, refinery upsets and a petrochemical plant explosion.
SapuraKencana Secures $126M EPCI Contract for the TANAP Project
Thursday, July 28, 2016 Malaysia's SapuraKencana Petroleum secures its first engineering, procurement, construction and installation (EPCI) contract in Europe with a $126 million deal for the Trans Anatolian Natural Gas Pipeline (TANAP) project offshore Dardanelles Strait.
Cooper Energy Reports Delay in Completing Sale of Tangai-Sukananti KSO
Thursday, July 28, 2016 Australia's Cooper Energy says the planned completion of its sale of a 55 percent stake in Tangai-Sukananti KSO in Indonesia's South Sumatra Basin has been delayed as regulatory approval has not been secured.

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Finance and Investing

Petrobras Makes its Biggest Oil Field Sale Ever to Statoil at $15.1B
Friday, July 29, 2016 Petrobras makes its biggest oil field sale ever to Statoil in a major step to meeting a $15.1 billion divestment target as it works to cut leverage and reduce expenditures.
BLOG: Second Quarter Shows Signs of Weakness Remain at Supermajors
Friday, July 29, 2016 Analyst tells Bloomberg Television, "The industry cannot survive on current oil prices."
CNOOC Warns Of $1.2B Loss Amid Oil Sands Writedown
Friday, July 29, 2016 CNOOC Ltd., China's biggest offshore oil and gas producer, projects about $1.2 billion in first-half losses, flipping from a profit a year ago, as it took a charge on its Canadian oil sands assets.
Sembcorp Marine's 2Q 2016 Net Profit Falls 90% to $8.1M
Friday, July 29, 2016 Sembcorp Marine's net profit falls sharply in the second quarter of 2016, down 90 percent to $8.1 million, compared to $80.7 million last year.
Singapore Banks' Concerns Grow about Oil, Gas Sector Exposure
Thursday, July 28, 2016 Two of Singapore's top banks flag mounting concerns about loans to the oil and gas sector.
Thailand's PTTEP Q2 Profit More Than Doubles, Beats Forecast
Thursday, July 28, 2016 PTT Exploration and Production, Thailand's largest oil and gas explorer, says its quarterly net profit more than doubled, helped by lower expenses.
State Media: China's CNPC To Cut 2016-2020 Annual Investment By Around 40%
Wednesday, July 27, 2016 China National Petroleum Corp. (CNPC) will cut its annual investment between 2016 and 2020 to about $39 billion, down around 40 percent from the 2011-2015 period, state media says.

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Company Operations

Exxon Has Worst Profit Since '99 as Chevron Posts Surprise Loss
Friday, July 29, 2016 Exxon Mobil and Chevron miss profit and production estimates as wildfires, write-downs and weak refining margins battered oil explorers already reeling under a glut-driven price collapse.
Russia's Rosneft, Venezuela's PDVSA Step Up Cooperation
Friday, July 29, 2016 Rosneft and Venezuela's state oil company PDVSA sign deals on offshore gas development and oil products trading.
Eni Swings To Net Loss In Second Quarter
Friday, July 29, 2016 Italian oil group Eni swung to a net loss in the second quarter on lower oil prices and a production shutdown at a key field in southern Italy, missing expectations.
IOG Appoints Peattie as Chairman
Friday, July 29, 2016 Independent Oil and Gas plc announced Friday the appointment of David Peattie as chairman and Andrew Hay as senior independent non-executive director, with immediate effect.
Galp Reaches Agreement to Sell 22.5% Stake in GGND
Friday, July 29, 2016 Galp Energia reaches an agreement with a consortium led by Marubeni to sell a 22.5% stake in the share capital of Galp Gas Natural Distribuicao, S.A. (GGND), for $153 million (EUR 138 million).
DNO Makes Offer for Gulf Keystone Petroleum
Friday, July 29, 2016 Norwegian oil and gas operator DNO ASA has unveiled a proposal to acquire all of the enlarged share capital in Gulf Keystone Petroleum for $300 million.
Geo Oceans Pioneers Use of Subsea Robotics Technology in FPSO Project
Friday, July 29, 2016 Geo Oceans completes a world first in the use of subsea robotics technology to complete a diverless hull inspection project off Australia.
AOD Secures Contract Extensions for 2 Jackups with Saudi Aramco to 2019
Friday, July 29, 2016 Asia Offshore Drilling secures contract extensions for jackups AOD I and AOD II with Saudi Aramco, while talks continue to extend the AOD III's assignment beyond October 2016.

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Policy

New York AG Refuses to Comply with US House Subpoena on Exxon Probe
Tuesday, July 26, 2016 New York state's attorney general on Tuesday says his office won't comply with a subpoena issued by US congressmen for details on its probe of whether Exxon Mobil misled investors on climate change risks.
To Strike or Not to Strike? Depends on Where You Work
Wednesday, July 27, 2016 Distinctions among oil-producing regions play a role in how effective strikes are in wage negotiations.
Petrobras to Reduce Role in Brazil's Natural Gas Industry
Tuesday, July 26, 2016 Petrobras says it plans to scale back its role in Brazil's natural gas industry by selling or sharing control of pipelines and opening its LNG terminals to third parties.
BLOG: CEO Says Oil, Gas Companies Fare Better Under Democrats
Wednesday, July 27, 2016 Oil and gas companies have backed Republican candidates, but fared better under Democratic presidents, Pioneer Natural Resources chief says.
Russia, Turkey Discuss Renewal of TurkStream Project, No Decision Yet
Tuesday, July 26, 2016 Officials from Russia and Turkey discuss the resumption of the TurkStream project, which aims to build a natural gas pipeline from Russia to Turkey.
US Says Backs Resumption Of China-Philippines Talks On South China Sea
Tuesday, July 26, 2016 US Secretary of State John Kerry says he supported the resumption of bilateral talks between China and the Philippines over the South China Sea, following a ruling against Beijing over the dispute earlier this month.

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