Industry Headlines

Introducing the New OPEC Member That Likes Lower Oil Prices
Wednesday, November 25, 2015 After defending the interests of oil-exporting nations for five decades, OPEC has made a surprising choice with its newest member: a country that consumes about twice as much crude as it pumps.
Cheap Coal Threatens LNG's Toehold in Fast Expanding Philippines
Wednesday, November 25, 2015 The Philippines is set to import liquefied natural gas for the first time next year as it bids to replace fast-fading local gas supplies, but cheap coal is blowing off course Manila's vow to lift the use of cleaner fuels.
Seadrill Posts Operating Loss, Increases Cost Savings Target
Tuesday, November 24, 2015 Following an operating loss of $291 million in 3Q 2015, Seadrill Limited increases its cost savings target for the year to $600 million.
OPEC Seen Holding the Line as $40 Oil Looms Over Vienna Meeting
Tuesday, November 24, 2015 It'll take more than $40 crude to make OPEC change its mind, analysts said before the group's Dec. 4 meeting in Vienna.
Kemp: Hedge Fund Short Positions And Oil Prices In 2015
Tuesday, November 24, 2015 There have been at least three cycles in WTI prices and hedge fund positions in the main NYMEX light sweet crude contract since the turn of the year.
The Upstream Investment Outlook of European Oil, Gas Firms
Tuesday, November 24, 2015 Rigzone looks at the current state of upstream investment among European oil and gas firms.
Oil Hits 2-Week Highs On Mideast Tensions, US Gasoline Rally
Tuesday, November 24, 2015 Oil prices hit two-week highs, rising about 3%, after a spike in Middle East tensions and a rally in US gasoline futures.
Statoil CEO: Oil, Gas Will Remain 'Critically Important' Through to 2040
Monday, November 23, 2015 Statoil CEO Eldar Saetre says oil and gas will remain "critical important" energy resources through to 2040 in Oslo speech.
Evercore: Super Majors Ripe for Consolidation and Other Restructuring
Monday, November 23, 2015 Among the major themes of upcoming cycle will be the recovery of US land drilling, offshore restructuring and more risk to service industries, Evercore analysts say.



Triple Energy Updates on Plan for Yixin-1 in China's Heilongjiang Province
Wednesday, November 25, 2015 Triple Energy reports that the firm will fracc and test the Yixin-1 well in China's Heilongjiang province.
Quadrant Energy Spuds Roc-1 Well in Permit WA-437-P Off Western Australia
Wednesday, November 25, 2015 Quadrant Energy spuds Roc-1 well in permit WA-437-P offshore Western Australia.
Statistics Norway: Number of Active Rigs on Norwegian Shelf to Fall in 2016
Tuesday, November 24, 2015 The number of active rigs on the Norwegian Shelf is expected to decrease in 2016 due to low oil prices and operator processes to cut rig costs, according to a new survey by Statistics Norway.
Sound Energy: Estimated Badile Well Costs Reduced
Tuesday, November 24, 2015 Sound Energy takes advantage of the lower oil price environment to reduce the estimated cost of the upcoming Badile exploration well by $5.3 million.
Lundin Spuds Ornen Prospect Well in Barents Sea
Tuesday, November 24, 2015 Lundin Norway AS commences the drilling of exploration well 7130/4-1, located on the Ornen prospect in the southern Barents Sea.
Senex Prepares to Spud Baikal #1 Well in PEL 444 in Cooper Basin
Tuesday, November 24, 2015 Senex Energy prepares to spud Baikal #1 well in PEL 444 in Cooper Basin, South Australia in early December.
UMW Naga 8 Secures Contract from SapuraKencana to Drill Offshore Malaysia
Tuesday, November 24, 2015 UMW Oil & Gas assigns UMW Naga 8 jackup for a drilling contract with SapuraKencanca Petroleum offshore Malaysia.
Statoil Receives Consent to Drill North Sea Well
Monday, November 23, 2015 The Petroleum Safety Authority Norway grants Statoil consent to drill exploration well 30/89 S, located on the Oseberg field in the North Sea.



Minister Urges Industry to Boost India's O&G Output in Low Cost Environment
Wednesday, November 25, 2015 India's Minister for Petroleum & Natural Gas Dharmendra Pradhan urges the petroleum sector to capitalize on reduced industry costs to increase domestic oil and gas production.
Lukoil Predicts its Russian Output Will be Unchanged Next Year
Tuesday, November 24, 2015 Oil producer aims to maintain output in Russia at this year's level of 86-to-87 million tons before increasing it by up to two million tons in 2017.
Poland's PGNiG to Launch Gas Production in Pakistan
Tuesday, November 24, 2015 Poland's PGNiG will launch gas production in December at its concession in Pakistan.
Russia's Gazprom Neft to Quadruple Exports from Prirazlomnoye, Novoport
Tuesday, November 24, 2015 Gazprom Neft says it will quadruple oil exports from its Prirazlomnoye and Novoport fields in Russia during 2016.
China's NDRC Approves Development of the Sanjiao CBM Project in Ordos Basin
Tuesday, November 24, 2015 Sino Oil and Gas says the Chinese authorities have approved the development plan for the Sanjiao Coal Bed Methane Project in China's Ordos Basin.
CITIC Drills Oseil-28 Development Well in Seram (Non-Bula) PSC in Indonesia
Tuesday, November 24, 2015 CITIC commences drilling at the Oseil-22 development well in Seram (Non-Bula) Production Sharing Contract in eastern Indonesia.
Benthic Bags Contracts for Woodside's Browse FLNG, Greater Enfield Projects
Tuesday, November 24, 2015 Benthic bags two contracts from Woodside to undertake offshore geotechnical site investigations for the Browse floating liquefied natural gas development and the Greater Enfield development offshore Western Australia.
Monadelphous Clinches $144M Contract for Shell's Prelude FLNG Project
Tuesday, November 24, 2015 Monadelphous clinches a $143.9 million maintenance and modifications services contract for Shell's Prelude floating liquefied natural gas project offshore Western Australia.


Finance and Investing

88 Energy Raises Funds Through Oversubscribed Share Placing
Friday, November 20, 2015 88 Energy Limited successfully raises $3 million through a "strongly oversubscribed" share placing.
Thai PTT Cuts 2015 Investment Budget To $1.4 Billion
Friday, November 20, 2015 PTT has cut its 2015 estimated investment budget to $1.4 billion, mainly due to a postponement in new overseas investments.
Petrobras' Dangerous Debt Math: $24B Owed in 24 Months
Thursday, November 19, 2015 The debt clock is ticking down at Brazil's troubled oil giant, Petrobras. Next up: $24 billion of repayments over 24 months.
Crowdfunding Platform Officially Launches
Friday, November 13, 2015 EnergyFunders officially launches crowdfunding platform, which will allow accredited and non-accredited investors to directly fund oil and gas projects.
Linn Energy Exploring Debt Options To Weather Oil Collapse
Friday, November 13, 2015 Indebted Linn Energy LLC is exploring distressed restructuring options with Barclays as stubbornly low oil and natural gas prices test its ability to service $10 billion of debt after next year, according to sources with knowledge of the matter.
Malaysia's Petronas Cuts State Dividend as Profit Plunges on Oil Drop
Wednesday, November 11, 2015 Petronas is slashing its dividend after its quarterly profit fell 91% on weak global oil prices


Company Operations

China Energy Giants Seek Last-Minute Sales in Year-End Countdown
Wednesday, November 25, 2015 China's biggest energy companies are seeking to unload assets and urging workers to cut costs in a last-minute rush to meet annual government-set growth targets as lower crude prices drag down earnings.
MPD Initiates Contractual Dispute Resolution Process Against PPL Shipyard
Wednesday, November 25, 2015 Singapore's Marco Polo Drilling (MPD) initiates contractual dispute resolution process against PPL Shipyard over the termination of a rig building deal.
Malaysia's Icon Offshore Receives $12.1M LOA to Supply PSV to KPOC
Wednesday, November 25, 2015 Malaysia's Icon Offshore receives a letter of award, worth $12.1 million, to provide a deepwater platform supply vessel to Kebabangan Petroleum Operating Company.
Indonesia's Pertamina invests $2.14B in Upstream Assets in Jan-Oct
Tuesday, November 24, 2015 Pertamina invested $2.14 billion in upstream assets from January to October this year, CEO Dwi Soetjipto says, with total CAPEX reaching $2.89 billion as of last month.
Directors Recommend Rockhopper, FOGL Merger
Tuesday, November 24, 2015 Board directors at Rockhopper Exploration and Falkland Oil and Gas recommend that the two companies merge.
Eastern Europe Focused Energy Firms Increase CAPEX
Tuesday, November 24, 2015 Nostrum Oil & Gas and PJSOC Bashneft increase capital expenditure in 9M 2015, bucking the trend of CAPEX reduction among energy firms amid the current lower oil price.
UKOG Completes PEDL143 Farm-in
Monday, November 23, 2015 UK Oil & Gas Investments plc completes a farm-in agreement with Warwick Energy Exploration and Production Limited to acquire a further 10% interest in the onshore UK Weald Basin license, PEDL143.
BG Group Buys a 35% Stake in Cyprus's Aphrodite Gas Field
Monday, November 23, 2015 BG Group secures a 35% holding in the Aphrodite gas field, which was discovered offshore Cyprus in 2011.



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