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Industry Headlines

Saudis Willing To Act On 'Critical' Oil Market, Algeria Says
Monday, September 26, 2016 Saudi Arabia, the world's biggest oil exporter, has offered to cut its output to January levels, Algeria's energy minister says as he prepares to host a meeting of OPEC producers later this week.
What Does OPEC's Freeze Talk Really Mean?
Friday, September 23, 2016 Some unnamed sources say Saudi Arabia may be willing to cut its production, but non-OPEC member Russia says production cuts off the table.
Statoil To Improve Helicopter Safety Following Fatal Crash
Friday, September 23, 2016 Statoil has vowed to improve helicopter safety following the release of an investigation into a fatal helicopter crash which occurred on the NCS earlier this year.
Saudis Offer Oil Cut For OPEC Deal If Iran Freezes Output
Friday, September 23, 2016 Saudi Arabia has offered to lower its own oil production if rival Iran agrees to cap its output this year, in a major compromise ahead of talks in Algeria next week.
Pioneer CEO Scott Sheffield: Lessons Learned from a 40-Year Career
Friday, September 23, 2016 Pioneer Natural Resources CEO Scott Sheffield shares important lessons learned in the oil patch with audience at Deloitte conference in Houston.
As Rivals Circle, Japan Boosting Firepower To Buy Global Energy Assets
Friday, September 23, 2016 Japan plans to rush through a bill to provide more financial muscle for its companies to compete for global energy assets, just as other resource-hungry Asian economies such as China and India are also looking to snap up depressed oil assets.
Oil Firms Seen Spending More Next Year For First Time Since 2014
Friday, September 23, 2016 The oil industry may be ready to open its wallet after two years of slashing investments.
OPEC Under Pressure To Act In Algiers As Oil Surplus Triples
Friday, September 23, 2016 As OPEC prepares to meet in Algiers next week, the oil market is reminding the group's members what's at stake if they fail to reach a deal.
BLOG: McDermott Workforce Factor in Altamira Facility's Bright Outlook
Friday, September 23, 2016 McDermott International official says Altamira facility workers a "revelation" and part of facility's success.
Oil Sinks As OPEC Deal Seen Unlikely; Stocks Dip
Friday, September 23, 2016 Oil prices tumble following signs that Saudi Arabia and Iran continue to disagree over output limits ahead of a meeting next week aimed at freezing production.

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Exploration

PETRONAS Signs Contract with Schlumberger for Campeche Basin Seismic Survey
Friday, September 23, 2016 Schlumberger signs agreement with PETRONAS to license WesternGeco Campeche wide-azimuth (WAZ) deepwater multiclient seismic survey in the southern Gulf of Mexico.
Polarcus Bags Broadband 3D Marine Seismic Contract in Australasia
Friday, September 23, 2016 Polarcus bags a contract to provide broadband 3D marine seismic project in Australasia.
Gazprom Discovers New Gas Deposit in Sea of Okhotsk
Thursday, September 22, 2016 Gazprom saya it has discovered a new gas deposit during exploration at the Kirinskoye field in the Sea of Okhotsk near Russia's Sakhalin island.
Indonesia Ends Oil Exploration Taxes In Bid To Revive Investment
Thursday, September 22, 2016 Indonesia will eliminate taxes on oil and gas exploration this week in an effort to bolster investment in the country's flagging oil and gas sector.
CGG Completes Phase 1 of Davros 3D Multi-Client Seismic Survey in NWS
Thursday, September 22, 2016 CGG completes Phase 1 of the Davros 3D multi-client seismic survey in the Northern Carnarvon Basin on Australia's North West Shelf.
Still Significant Interest in Mature Area Exploration Within NCS
Wednesday, September 21, 2016 There is still significant interest in exploring mature areas within the Norwegian Continental Shelf, says the Norwegian Petroleum Directorate.

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Production

Aminex Secures Rig to Drill Ntorya-2 Well in Tanzania's Ruvuma Basin
Monday, September 26, 2016 Aminex inks deal for rig to drill the onshore Ntorya-2 appraisal well in Tanzania's Ruvuma Basin in the last quarter of 2016.
Crude Oil Export Trends in the Middle East
Friday, September 23, 2016 August movements exemplify a shift within the landscape of Middle East exports.
Russia's Rosneft To Sell 96M Tons Of Crude Oil To Petrovietnam
Friday, September 23, 2016 Rosneft signs a contract to supply 96 million tons of crude oil to PV Oil, an affiliate of state oil and gas PetroVietnam, starting next year.
Russia's Gazprom Says Output at Bolivian Field to Double by Mid-2019
Thursday, September 22, 2016 Russian gas giant Gazprom plans to double gas production at Bolivia's Incahuasi field to 13 million cubic metres per day by mid-2019.
Russia Says 'In Theory' It Can Cut Oil Output By 5%
Thursday, September 22, 2016 Russia can "in theory" reduce its oil output by 5%, Russian Deputy Energy Minister Kirill Molodtsov said on Thursday.
PNG Government Prefers Exxon, Total Pursue 2nd LNG Project
Thursday, September 22, 2016 Papua New Guinea is backing a new greenfield liquefied natural gas facility led by France's Total SA in addition to an expansion of the existing $19 billion Exxon Mobil Corp. PNG LNG project.
First Oil Flows from CNOOC's Enping 18-1 Field in Pearl River Mouth Basin
Thursday, September 22, 2016 CNOOC commences oil production at the Enping 19-1 field in the Pearl River Mouth Basin of the South China Sea.

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Finance and Investing

Malaysian Banks Brace For Profit Hits As O&G Firms Restructure Debt
Monday, September 26, 2016 Malaysian lenders are bracing for a hit to profits this year as they bump up provisions for sour loans to the local oil and gas services sector that has been battered by the slump in energy prices and cutbacks in projects.
New Banking Regulations Pushed Oil, Gas Bankruptcies, Expert Says
Friday, September 23, 2016 Regulations that tied bankers' hands during the downturn forced some oil and gas companies into bankruptcy, key energy lender says.
Russian Finmin: No Revolutionary Changes To Oil, Gas Tax Regime
Friday, September 23, 2016 Russian Finance Minister Anton Siluanov says any changes in the oil and gas tax regime would not be "revolutionary" but energy taxes were to increase.
Nigeria Lawmakers To Investigate $17B Oil Theft Claim
Friday, September 23, 2016 Lawmakers in Nigeria's lower house of parliament are to investigate whether $17 billion of petroleum and fuel exports were stolen by companies and government agencies.
Petrobras Cuts Spending, Raises Asset Sales Goal In 5-Year Plan
Tuesday, September 20, 2016 Petrobras cut planned investment by 25% under a five-year plan to reduce its massive debt, and revive investor confidence after a sweeping corruption scandal.
New York Investigating Exxon's Accounting Practices
Friday, September 16, 2016 New York Attorney General Eric Schneiderman is investigating Exxon Mobil Corp's accounting practices and why the company hasn't written down the value of its assets.
Funding Nigerian Oil Cash Calls From Debt Key For Economy
Friday, September 16, 2016 Nigeria must get out of paying so-called cash calls to joint ventures with oil and gas companies to stand a chance of pulling its ailing economy out of recession, says its Finance Minister.

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Company Operations

TH Heavy Engineering, McDermott End Partnership in Malaysia
Monday, September 26, 2016 Malaysia's TH Heavy Engineering and McDermott end their three-year partnership for offshore oil and gas projects in the country.
Baron Oil, SundaGas Form JV to Explore E&P Opportunities in Southeast Asia
Monday, September 26, 2016 Baron Oil enters into a joint venture with Singapore-based exploration and production company SundaGas to look into upstream opportunities in Southeast Asia.
Polarcus to Conduct European 3D Seismic Acquisition
Friday, September 23, 2016 Polarcus Limited receives a letter of intent to conduct a 3D marine seismic acquisition in Europe, utilizing its XArray multiple source acquisition method.
Sound Renegotiates Sidi Moktar Acquisition Agreement with PetroMaroc
Friday, September 23, 2016 Sound Energy renegotiates a deal with PetroMaroc Corporation plc for the acquisition of a 50% operated interest in three onshore gas permits located in Morocco.
Tullow Oil Confirms Turret Bearing Cover
Friday, September 23, 2016 Tullow Oil plc states that hull and machinery insurance cover has been confirmed for the FPSO Kwame Nkrumah by its reinsurers, following the failure of the turret bearing earlier this year.
Valmec Clinches Supply, Construction Contracts in Australia's East Coast
Friday, September 23, 2016 Valmec clinches supply and construction contracts with 2 gas producers in the east coast of Australia.
Union Jack Oil Raises Cash to Fund Onshore UK Acquisitions
Thursday, September 22, 2016 Union Jack Oil plc raises $900,000 through a placing of 411,764,706 new ordinary shares of $0.03 at a price of $0.22 per placing share.
Lamprell Expects Challenging Environment to Continue Through 2017
Thursday, September 22, 2016 Middle East-based rig maker Lamprell plc expects the challenging environment, which is impacting the industry through project delays and cancellations, to continue through 2017.

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Policy

Oil Industry Welcomes Indonesia's Tax Reform, But Says It's Not Enough
Friday, September 23, 2016 Indonesia's removal of taxes on oil and gas explorers is a good first step, but more is needed to lure investment from companies that have cut budgets and laid off staff after a precipitous plunge in prices, industry analysts say.
OPEC Chief: Oil Market Stabilization Deal May Last One Year
Tuesday, September 20, 2016 A possible deal to support oil prices by the world's leading producer countries may last for one year, the secretary-general of OPEC says.
OPEC May Hold Formal Oil Talks If Members Agree in Algiers
Monday, September 19, 2016 OPEC may convene an extraordinary meeting if the group's ministers reach a consensus on oil markets at an informal gathering next week in Algiers, Secretary General Mohammed Barkindo says.
Exxon's Accounting Practices Said to Be Reviewed by New York
Friday, September 16, 2016 New York Attorney General's probe into Exxon includes scrutiny of why it didn't write down the value of oil fields during a global collapse in prices that prompted billions in write-offs by rival drillers.
Japan PM Adviser Says No Gov't Plan To Invest In Saudi Aramco
Friday, September 16, 2016 Japan's government has no plan to invest in state-run oil firm Saudi Aramco's planned initial public offering, an adviser to Japanese Prime Minister Shinzo Abe said on Friday.
Offshore Drillers Brace for More Pain Even With Bottom in Sight
Thursday, September 15, 2016 Offshore oil-rig operators, grappling with the biggest industry downturn in a generation, say they finally have the bottom in sight.

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