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Tuesday, July 29, 2014 - BP reports a sharp rise in second-quarter profits but warns that further sanctions on Russia could harm its business there.
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Industry Headlines

Hess To Form MLP For North Dakota Oil, Gas Transport Assets
Wednesday, July 30, 2014 Hess says it would form an MLP for its North Dakota oil and natural gas storage facilities and processing plants, taking advantage of a key financial trend in the energy sector to generate cash.
Total Stops Buying Novatek Shares After MH17 Shot Down
Wednesday, July 30, 2014 France's Total stops buying shares in Novatek, but says it is still too early to gauge the impact of western sanctions against Russia.
Wolfcamp CAPEX Spending to Exceed $12B in 2014
Wednesday, July 30, 2014 Wood Mackenzie estimates that capital spending in the Wolfcamp tight oil play will exceed $12 billion this year.
Survey: Energy Companies to Add 2000 Workers in the Marcellus Shale
Tuesday, July 29, 2014 The Marcellus Shale is providing workers in Pennsylvania and surrounding states with a variety of job opportunities, according to a new workforce survey.
US Judge Signs Order To Seize Kurdish Oil From Tanker Off Texas
Tuesday, July 29, 2014 Iraq files a suit in a Texan court to gain control of a cargo of crude oil from Iraqi Kurdistan that it says was sold without its permission.
API Launches New Standard for Subsea Capping Stacks
Tuesday, July 29, 2014 API unveils new guidelines for the design, manufacture and use of subsea capping stacks.
Chesapeake Energy To Buy Back $1.26B Of Preferred Shares
Tuesday, July 29, 2014 Chesapeake says it would spend $1.26B to buy back all the outstanding preferred shares issued by its CHK Utica unit, in a move to simplify its balance sheet.
Libya Says Its Oilfields Are Safe From The Fighting
Tuesday, July 29, 2014 Libya is pumping crude oil at around 500,000 barrels per day and all its oilfields are secure despite continued violence, an official from the Libyan Oil Ministry says.
Mexican Lawmakers Approve Key Plank Of Energy Reform With Tweaks
Tuesday, July 29, 2014 Lawmakers in Mexico's lower house approve a key package of bills needed to implement a landmark energy overhaul.
National Oilwell Sees Falling Demand For Deepwater Rigs
Tuesday, July 29, 2014 National Oilwell Varco forecasts falling demand for deepwater rigs, overshadowing robust demand for jackups, used in shallower waters, as well as land rigs.
Brent Oil Firm On New Russia Sanctions; US Slips On Refinery
Tuesday, July 29, 2014 Brent crude ends slightly higher as new sanctions on Russia look set to worsen relations between Moscow and the West, while US prices slip after a Kansas refinery fire.

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Exploration

Beach Finds Non-Commercial Oil at PEL 249's Elliston-2 Well in Cooper Basin
Wednesday, July 30, 2014 Beach Energy plugs and abandons Elliston-2 well in PPL 249 in Cooper Basin, South Australia as it was deemed non-commercial to complete as an oil producer.
Icon to Commence Hydraulic Stimulation at Queensland's ATP 855 in September
Wednesday, July 30, 2014 Icon Energy announces that hydraulic stimulation and testing program for ATP 855 in Queensland, Australia will commence in early September.
Tellus Gets Report on Prospective Oil Resources in Madagascar's Block 3114
Wednesday, July 30, 2014 Tellus Resources receives report from MHA Petroleum Consultants on the prospective oil resources in Block 3114, Madagascar.
M/V Polar Duchess Completes Seychelles 3D Seismic Survey
Tuesday, July 29, 2014 WHL Energy says the M/V Polar Duchess vessel has completed 3D seismic survey at exploration blocks offshore Seychelles.
Carnarvon Reports Hydrocarbons Observed at Phoenix South-1 Well in WA
Tuesday, July 29, 2014 Carnarvon Petroleum reports hydrocarbons were observed at Phoenix South-1 well in permit WA-435-P offshore Western Australia prior to a drill bit failure.
Drillsearch Farms Out 45% Stake in Permit ATP 924P in Cooper Basin
Tuesday, July 29, 2014 Drillsearch farms out 45% stake in permit ATP 924P in the south west Queensland section of the Cooper Basin to Beach Energy.
Britain Opens New Onshore Oil and Gas Licensing Round
Monday, July 28, 2014 The British government says it has opened a new licensing round for companies wanting to explore for onshore oil and gas.
WWF: Arctic Oil Well Blowout Could Spread More Than 1,000 Km
Friday, July 25, 2014 Oil from a spill or oil well blowout in the Arctic waters of Canada's Beaufort Sea could easily become trapped in sea ice and potentially spread to the west coast of Alaska, a World Wildlife Fund study reports.
Lime Petroleum Relinquishes 3 Norwegian Licenses in the North Sea
Friday, July 25, 2014 Lime Petroleum relinquishes three Norwegian licenses, located offshore in the North Sea.

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Production

Norway's Gassco Delays Major Gas Maintenance by 1 Day
Wednesday, July 30, 2014 Norwegian gas system operator Gassco will start a round of maintenance work one day later than planned.
Cenovus' Profit Triples as Oil Sands Production Jumps
Wednesday, July 30, 2014 Canada's number two independent oil producer, Cenovus, sees second-quarter profit more than treble.
President Takes 100% Ownership of Puesto Guardian Fields
Wednesday, July 30, 2014 President Energy agrees to pay $6.9 million for the 50-percent stake in Argentina's Puesto Guardian concession that it does not already own.
NZEC Receives Copper Moki Mining Permit in New Zealand's Taranaki Basin
Wednesday, July 30, 2014 New Zealand Energy Corp. receives the Copper Moki Mining Permit (PEP 55491) in New Zealand's Taranaki Basin.
Interra Spuds CHK 1191 Development Well in Myanmar's Chauk Oil Field
Wednesday, July 30, 2014 Interra Resources spuds development well CHK 1191 in the Chauk oil field in Myanmar.
Gas2Grid Seeks Farminee to Fund Malolos Oil Field Appraisal, Development
Wednesday, July 30, 2014 Gas2Grid seeks a farminee to fund field appraisal and development of the Malolos oil field in Service Contract 44 in Cebu, the Philippines.
First Gas Commences at Lishui 36-1 Field Off China's Zhejiang Province
Wednesday, July 30, 2014 CNOOC commences first production at the Lishui 36-1 gas field, located offshore Zhejiang province, China.
Anadarko Profit Drops Less Than Expected On US Shale Output
Tuesday, July 29, 2014 Anadarko's 2Q profit fell less than expected as oil and natural gas production jumped in the Marcellus and Wattenburg shale regions, as well as Algeria.
Statoil Installs Valemon Topsides
Tuesday, July 29, 2014 Statoil installs the topsides for the Valemon field in the Norwegian North Sea.
PGN FSRU Project Commences Commercial Operations Offshore Sumatra
Tuesday, July 29, 2014 Hoegh LNG commences commercial operations for the PGN FSRU project offshore Lampung, Sumatra, Indonesia.
Peak O&G Reaches Conditional Deal With Cadco in Dispute Over Cadlao Project
Tuesday, July 29, 2014 Peak Oil & Gas reaches conditional settlement with Cadco in a dispute over the farm-in agreement to the Cadlao Redevelopment Project in Service Contract 6 offshore the Philippines.

more Production articles >>

Finance and Investing

Beach Energy to Produce Up to 9.4 MMboe, Spend $470M in Capex in FY 2015
Tuesday, July 29, 2014 Beach Energy plans to produce 8.6 to 9.4 million barrels of oil equivalent and spend up to $470 million in capital expenditure in financial year 2015.
Post Oak Energy Capital Commits $150 Million to CP Exploration II, LLC
Monday, July 28, 2014 Post Oak Energy Capital announces that it is committed to a $150 million line of equity to CP Exploration.
Mexico's Pemex 2nd-Qtr Losses Widen to 52.2B Pesos
Friday, July 25, 2014 State-owned oil company Pemex reported a wider second quarter loss hurt by higher sales costs, declining asset values and higher taxes, the company said on Friday.
Thai PTTEP 2Q Net Profit Up 55%, Beats Forecast
Friday, July 25, 2014 PTTEP reports a 55 percent rise in second quarter net profit due to higher petroleum sales and firmer global oil prices.
Sources: Reach Energy Locks in Cornerstones for IPO
Thursday, July 24, 2014 Malaysia's Reach Energy, a special purpose acquisition company with no existing assets, locked in up to seven cornerstones for its $236.93 million IPO, two sources involved with the deal say.
Schlumberger Second-Quarter Profit Falls 24%
Thursday, July 17, 2014 Schlumberger, the world's largest oilfield services company, reports a nearly 24% fall in quarterly profit.

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Company Operations

Tullow Sinks into Red but Confident Africa Strategy Will Pay Off
Wednesday, July 30, 2014 Tullow drifts into the red after writing off more than $400 million in exploration costs.
BAM Clough JV Completes Design, Construction Contract for Ichthys Project
Wednesday, July 30, 2014 BAM Clough Joint Venture completes the design and construction contract of a module offloading facility for the Ichthys liquefied natural gas project near Darwin, Northern Territory, Australia.
Petrofac Wins Shah Deniz 2 Project Work
Tuesday, July 29, 2014 Petroface win s $5 million maintenance build contract for the Shah Deniz 2 project in Azerbaijan.
BP Profit Jumps But Warns Of Russia Sanctions Impact
Tuesday, July 29, 2014 BP reports a sharp rise in second-quarter profits but warns that further sanctions on Russia could harm its business there.
Saipem Wins $850M of Drilling Contracts
Tuesday, July 29, 2014 Saipem wins $540 million of offshore drilling contracts stretching from Latin America to Indonesia, along with $310 million of onshore drilling contracts.
Talisman Steers Clear Of Repsol Comment, Posts 2Q Loss
Tuesday, July 29, 2014 Talisman Energy reported a surprise loss, hurt by lower gas prices in North America and higher royalty payments on production.
New Zealand's PEPANZ Appoints Cameron Madgwick as CEO
Tuesday, July 29, 2014 The Petroleum Exploration & Production Association of New Zealand appoints Cameron Madgwick as the organization's new CEO.
WorleyParsons Clinches Brownfield EPCM Contract for Woodside's NWS Project
Tuesday, July 29, 2014 WorleyParsons clinches engineering, procurement and construction management services contract from Woodside for Western Australia's North West Shelf Project.

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