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Industry Headlines

World Bank Raises 2016 Oil Price Forecast on Supply Outages, Robust Demand
Tuesday, July 26, 2016 The World Bank raised its crude oil forecast for 2016 to $43 a barrel on Tuesday, from $41 a barrel, citing supply outages and robust demand in the second quarter.
BP Draws Line under Deepwater Horizon Liabilities
Tuesday, July 26, 2016 BP draws a line under its Deepwater Horizon liabilities, with a final estimate of $61.6 billion, as the firm targets growth with a new wave of upstream major project start-ups.
Libya Oil Ports' Re-Opening Delayed Due to Row Over Payments
Monday, July 25, 2016 Two of Libya's biggest oil ports may not re-open soon as the hardening positions of rival factions pose a fresh challenge to international efforts to reunite the country and restore its crude exports.
Shell to Cut 25% of Deepwater GoM Workforce
Monday, July 25, 2016 Shell will cut hundreds of jobs in its deepwater Gulf of Mexico operations.
Libyan Deal to End Oil Ports Blockade Still Needs Signing
Monday, July 25, 2016 Libyan Petroleum Facilities Guard commander Ibrahim Jathran says he is ready to end a blockade at key oil terminals, but the UN-backed government still needs to sign an agreement for exports to resume.

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Exploration

India-Led Joint Expedition Finds Large Gas Hydrate Deposit in Bay of Bengal
Tuesday, July 26, 2016 India, with support from U.S. Geological Survey and Japanese government agencies and companies, discovers large amounts of natural gas hydrate in the Bay of Bengal.
UIL, Eneabba Extend Deadline to Complete Acquisition of Perth Basin Permits
Tuesday, July 26, 2016 UIL Energy says the completion date of its acquisition of exploration interests in the Perth Basin, Australia from Eneabba Gas has been extended.
Falcon O&G Provides Update on Drilling Ops in Beetaloo Basin in Australia
Tuesday, July 26, 2016 Falcon Oil & Gas provides update on drilling operations in the Beetaloo Basin in Australia's Northern Territory.
PETRONAS Awards SK410B PSC Offshore Malaysia to PTTEP-led JV
Friday, July 22, 2016 PETRONAS awards the SK410B Production Sharing Contract offshore Malaysia to a joint venture comprising Thailand's PTTEP, KUFPEC and PETRONAS Cargali.
PGS: Improving Sentiment in Offshore Seismic Market
Thursday, July 21, 2016 Norwegian seismic explorer Petroleum Geo-Services says it is beginning to see early signs that its market is stabilizing.
Indonesia Invites Bids for 14 Conventional Oil & Gas Blocks
Thursday, July 21, 2016 Indonesia's Ministry of Energy and Mineral Resources issues invitation for energy companies to bid for 14 conventional oil and gas blocks.

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Production

LNG's Surge From Decade-Low Seen Fizzling As Supply Ramps Up
Tuesday, July 26, 2016 LNG's surge is running out of gas.
Expro Wins $17M Well Testing Contract from India's ONGC
Tuesday, July 26, 2016 Expro wins a $17 million well testing contract from Oil and Natural Gas Corp. Ltd. (ONGC) for work on its upstream assets in India.
Shell: No Production Impact from North Sea Strikes Set for Tuesday
Monday, July 25, 2016 A planned walkout by around 400 Wood Group oil and gas maintenance workers employed at Shell's North Sea platforms on Tuesday is not expected to interrupt production from the facilities, operator Shell says.
Schlumberger Sees Oil Supply Deficit if Demand Growth Holds
Friday, July 22, 2016 Schlumberger, the world's No. 1 oilfield services provider, says it expects a "significant global supply deficit" of crude oil, given the sharp decline in spending on exploration and production.
Ithaca Says Stella Production Facility Undergoing Sea Trials
Friday, July 22, 2016 The FPF-1 floating production facility, which is destined for the Stella field in the central North Sea, has left the Gdansk shipyard and is now undertaking final marine system trials.
Total Signs Agreement to Supply LNG to Japan's Chugoku Electric
Friday, July 22, 2016 Total signs agreement to supply liquefied natural gas to Japan's Chugoku Electric for 17 years beginning in 2019.

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Finance and Investing

Oil, Gas Companies Tighten Cash Flow at Expense of Future Growth
Tuesday, July 26, 2016 Oil and gas companies will achieve cash flow neutrality at $50 per barrel Brent crude this year, but have damaged their growth prospects to meet this goal.
InterOil Founder Calls for Insider-Trading Probe of Directors
Tuesday, July 26, 2016 InterOil founder and former CEO Phil Mulacek callS on US and Canadian regulators to investigate his claims that several directors may have engaged in insider trading during talks with Exxon Mobil.
In Venezuela's Murky Oil Industry, the Deal that Went Too Far
Tuesday, July 26, 2016 Even for Venezuela's notoriously opaque economy, it was a sweetheart deal that went too far.
Shell Philippines Files for $629M IPO, Eyes Nov Listing
Tuesday, July 26, 2016 Pilipinas Shell Petroleum Corporation files for an initial public offering of its shares that may raise as much as $629 million in one of the Philippines' largest stock market listings.
Kemp: Hedge Funds in New Cycle of Oil Short-Selling
Monday, July 25, 2016 Hedge funds have been liquidating their former record bullish position in crude futures and options, putting downward pressure on oil prices in recent weeks.
Oil Drops to Two-Month Low Amid Ample US Supply, Rising Dollar
Friday, July 22, 2016 Oil dropped to the lowest close in more than two months as the US heads to the end of the summer-driving season with ample inventories.
Australia's Santos Post 2Q 2016 Sales Revenue of $590M, Down 3% YOY
Friday, July 22, 2016 Australia's Santos sales revenue fell to $590 million in the second half of 2016, down 3 percent from last year's $611 million.

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Company Operations

China Oil Giant's Income Rises as Costs Cut Amid Shift to Gas
Tuesday, July 26, 2016 China National Petroleum Corp. says first-half profit rose 11 percent and that spending cuts at the country's largest field helped boost earnings.
British Oil Major BP Pursues New Projects Despite Profit Miss
Tuesday, July 26, 2016 BP will forge ahead with at least three more new projects this year, its CEO says, despite reporting a 45 percent drop in second-quarter earnings that prompted a cut in its 2016 investment budget to below $17 billion.
Exxon's South Pacific Gas Grab Derided By InterOil's Founder
Tuesday, July 26, 2016 InterOil's founder and third-largest investor says ExxonMobil's $3.6 billion offer for the South Pacific natural gas driller is "vastly inadequate" and he urged ExxonMobil to sweeten the offer.
Malaysia's SapuraKencana Secures $113M Contract for a Mexican Assignment
Tuesday, July 26, 2016 Malaysia's SapuraKencana Petroleum secures a $113 million contract from Mexico's Pemex Exploracion y Produccion.
Project GRAD Lets Students Experience Work in the Energy Sector
Tuesday, July 26, 2016 Houston-area high school students learn about career opportunities in the energy industry during through mock demonstrations and hands-on training.
Examining the Rewards and Challenges of Modern Oil and Gas Jobs
Tuesday, July 26, 2016 Three workers share their unique insights on modern oil and gas jobs.
Police Probe into JKX Subsidiary Continues
Monday, July 25, 2016 JKX Oil & Gas says that a local police investigation into its Ukrainian subsidiary is continuing.

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Policy

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.
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.
Russian Oil Industry Close to Major Taxation Overhaul
Monday, July 25, 2016 Russia is planning to overhaul its oil industry tax, introducing a profit-based system designed to boost government revenue and lift output from 2018.
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.
Under May's New Government, a UK Gas Fracking Push Is Probable
Monday, July 25, 2016 As Theresa May's new government prepares to take the UK out of the European Union, it's likely to promote one technology shunned by most nations on the mainland - fracking.
Offshore Gulf of Mexico Auction to Go Live on the Internet
Friday, July 22, 2016 Final sale of western Gulf of Mexico offshore acreage from five-year program will feature real time access to the public.

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Brent Crude Oil : $44.72/BBL 2.12%
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Natural Gas : $2.74/MMBtu 1.08%
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