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Pathological Complacency: When Things Can Go Wrong By Being the Best

Friday, February 03, 2012 - World-class know-how can ironically introduce a very real danger into the oil and gas workplace.
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Industry Headlines

Pathological Complacency: When Things Can Go Wrong By Being the Best

Friday, February 03, 2012 - World-class know-how can ironically introduce a very real danger into the oil and gas workplace.

Tullow 'Could Double Production' in 5 Years after Ugandan Deal

Friday, February 03, 2012 - Tullow Oil's long-delayed $2.9B deal to sell stakes to Total and CNOOC can finally proceed after the co. signed a joint oil-production sharing agreement with the country.

Imperial Oil Approves $2B Cold Lake Oil-Sands Expansion

Friday, February 03, 2012 - Imperial Oil Ltd. said the $2B expansion of its big Cold Lake oil-sands operation will add more than 40,000 barrels of commercial bitumen production a day.

API: Proposed Oil Export Curbs Reek of N. Korean Economics

Friday, February 03, 2012 - The American Petroleum Institute is setting the record straight on Congressman Ed Markey's claim that oil from the Keystone XL pipeline will be exported.

Ex-BP Safety Chairman To Quit Board

Friday, February 03, 2012 - Sir William Castell has decided not to stand for re-election at the company's next AGM in April.

ExxonMobil's Natural-Gas Push Could Hit Small US Producers

Friday, February 03, 2012 - ExxonMobil's decision to leave its U.S. natural-gas output untouched may push some smaller producers out of the business, force consolidation in the industry and make the co. an even more powerful force in the oilpatch.

Gulfsands Petroleum Suspends Syria Exploration

Thursday, February 02, 2012 - Gulfsands Petroleum said it is suspending exploration activities in Syria, only two days after announcing strong drilling results in the strife-ridden country.

Exploration

Petrobras Strikes Oil, Natural Gas in Amazon Forest

Friday, February 03, 2012 - Petrobras said it has discovered a new accumulation of oil and natural gas in a remote region of the Amazon rainforest.

Lundin Spins Bit at Johan Sverdrup Appraisal Offshore Norway

Friday, February 03, 2012 - Lundin Petroleum announced that drilling of the appraisal well 16/2-11 on the Johan Sverdrup PL501 discovery has commenced.

Gulf Keystone Cleared for Algeria Stake Sale

Friday, February 03, 2012 - Gulf Keystone announced that all required documentation has been executed and all necessary Govt approvals obtained for the transfer of the Company's right, title and interest for no consideration in the Hassi Ba Hamou (HBH) Permit.

Harvest Natural to Abandon Oman AGN-1 Well

Friday, February 03, 2012 - Harvest Natural Resources, Inc. announced that the Al Ghubar North-1 (AGN-1) exploration well onshore Oman will be plugged and abandoned with gas shows.

Wentworth Drills New Exploration Well at Mnazi Bay, Tanzania

Friday, February 03, 2012 - The well is the first new well to be drilled in Mnazi Bay since 2007.

President Petroleum Spuds 2nd Argentina Well

Friday, February 03, 2012 - President announced the spudding of its second well, DP-1001, at the Dos Puntitas field on its Puesto Guardian concession, Argentina.

Kea Selects Rig for Taranaki Well Program

Friday, February 03, 2012 - Kea Petroleum plc announced the selection of Drillforce's Rig 1 for a 2 + 1 (optional) well program.

Searcher Seismic Kicks Off AU Mariner Project

Friday, February 03, 2012 - Searcher Seismic Pty Ltd announced that the Mariner 2D Seismic Project has commenced.

Production

SBM Offshore Lands Ichthys Work

Friday, February 03, 2012 - SBM Offshore has been awarded a contract by the Ichthys LNG Project for the engineering, procurement, fabrication and supply of a Turret and Mooring system.

DNO Boosted Monthly Production in December

Thursday, February 02, 2012 - But quarterly production falls, mainly due to rig-related problems in Oman.

Subsea 7 Awarded Work for BP's Clair Ridge Project

Thursday, February 02, 2012 - Subsea 7 announced the award of a contract valued at approximately $100 million from BP Exploration Operating Company Limited for the Clair Ridge Project, West of Shetland.

Clough Snags Hook-Up, Commissioning Contract for Wheatstone Proj.

Thursday, February 02, 2012 - Clough Limited announced the award of a contract for the offshore hook-up and commissioning component of the Chevron-operated Wheatstone Project.

Caza Boasts 2011 Production Increase

Thursday, February 02, 2012 - "Caza's net production continues to climb as our wells clean up following the completions executed late last year," said W. Michael Ford.

StabFrame Touts Successful Completion of Pile Guiding Frame

Wednesday, February 01, 2012 - The first offshore pile installation operation with the StabFrame, a newly developed subsea pile-stabilizing template, has been successfully completed in the Waimea field in Brazil's Campos Basin.

Finance and Investing

Positive Jobs Numbers - Boon for Energy

Friday, February 03, 2012 - The Labor Department's reports that US unemployment rate dropped to 8.3% and that jobs increased by 243,000 in Jan. was bullish for the energy complex.

Rosneft Touts $12.45B in 2011 Net Income

Friday, February 03, 2012 - "In 2011 Rosneft progressed to a new stage in its development and produced record volumes of oil. The Company's profit figures also reached an absolute historical high," said Eduard Khudainatov.

Oilsands Quest to Sell Eagles Nest Asset

Friday, February 03, 2012 - Oilsands Quest has entered into a purchase and sale agreement with an unrelated third-party entity to sell its non-core Eagles Nest asset.

The New Norm: A Wider Spread between Brent, WTI

Thursday, February 02, 2012 - Just this week the Brent/WTI spread has widened from just under $12 on Monday to at one point Thursday around $16 per barrel.

Diamond Offshore Down in 4Q Profit

Thursday, February 02, 2012 - Results for the fourth quarter, however, were negatively impacted by a higher number of downtime days than in the preceding three quarters, attributable to scheduled rig maintenance and survey downtime.

Cameron Touts Record Revenues for 4Q

Thursday, February 02, 2012 - Revenues for the 4Q of 2011 were a record $2.03B, up more than 12% from the prior year, and revenues for the year were $6.96B, up more than 13% from 2010's $6.13B, also a new record.

Company Operations

Subsea 7 and NKT Sell Flexible Pipe Business to National Oilwell Varco

Friday, February 03, 2012 - NKT Flexibles made operating profit of $ million last year, contributing $29 million to Subsea 7's own profits.

Aker Solutions Wins $4 million Ghanian Contract with Tullow

Friday, February 03, 2012 - The Aker-Tullow contract is for a period of up to five years.

Xcite Energy Negotiates Rig Amendment with Rowan

Friday, February 03, 2012 - Xcite has negotiated an amendment to its rig contract with British American Offshore Limited, a subsidiary of Rowan Companies Inc.

North Star Shipping Wins Vessel Contract with Talisman

Friday, February 03, 2012 - North Star Shipping has been awarded a major new contract with Talisman Energy (UK) Ltd.

Murphy Oil Notes New Promotions

Friday, February 03, 2012 - Murphy Oil Corporation announced executive promotions, effective February 1, 2012.

Xodus Welcomes First Executive Chairman

Friday, February 03, 2012 - Xodus Group has appointed its first executive chairman to drive its strategy of aggressive international growth.

OEG Says Hello to New Finance Director

Friday, February 03, 2012 - OEG Offshore has appointed a new group finance director to lead the company's finances in the UK and overseas.