Oil & Gas News

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WoodMac: OPEC Will Continue to Play Important Role in Oil Market to 2040

Industry Headlines

Colombia's President-Elect Names Maria Fernanda Suarez Energy Minister
Wednesday, July 18, 2018 Colombia's President-elect Ivan Duque named Maria Fernanda Suarez as mining and energy minister when he takes office in August.

Here's Why Investors in Oil Don't Care About Crude's Price Drop
Wednesday, July 18, 2018 Crude prices are down yet European oil companies are weathering the slump.

WoodMac: Global Decom Spend Could Hit $105B Over Next Decade
Wednesday, July 18, 2018 Up to $105 billion could be spent on decommissioning worldwide over the next decade, according to a new report from Wood Mackenzie.

Analysts: Oil Demand Faces Mounting Risks
Wednesday, July 18, 2018 Oil demand faces mounting risks as escalating global trade tensions begin to drag on global trade and economic activity.

Oil & Gas UK: Industry Must Hold Firm in 'Relentless' Pursuit of Efficiency
Wednesday, July 18, 2018 Preventing production losses and improving efficiency is a 'vital cog' in efforts to maximize economic recovery from the UK Continental Shelf, says Oil & Gas UK.

Oil Steadies On US Stockpile Forecasts, Venezuela Worries
Tuesday, July 17, 2018 Crude oil futures steadied as the focus turned to falling inventories in the US and further output constraints in Venezuela and Libya.


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Exploration

Transocean Secures 13 Well UK North Sea Contract with ConocoPhillips
Tuesday, July 17, 2018 The midwater semi-submersible Transocean 712 has been awarded a 13 well UK North Sea contract by ConocoPhillips.

US Drillers Leave Oil Rig Count Unchanged -Baker Hughes
Friday, July 13, 2018 U.S. energy companies left the oil rig count unchanged this week as the rate of growth has slowed over the past month or so.

Carnarvon: Presence of Hydrocarbons Indicated at Dorado-1 Well
Friday, July 13, 2018 The presence of hydrocarbons has been indicated at the Dorado-1 well offshore Australia, Carnarvon Petroleum Limited says.

Norway's Aker BP Misses Q2 Forecasts, Ups Exploration Spending
Friday, July 13, 2018 Aker BP will increase its exploration spending plan this year due to new prospects off Norway, the oil firm says.

Industry is 'Fit', 'Ready' for New North Sea Exploration Era
Wednesday, July 11, 2018 Industry is 'fit and ready' to usher in a new era of exploration in the North Sea, according to Oil & Gas UK's upstream policy director Mike Tholen.

Savannah Makes 3rd Consecutive Discovery in Niger
Wednesday, July 11, 2018 Savannah Petroleum plc announces its third consecutive discovery in its maiden exploration campaign in the R3 portion of the R3/R4 PSC Area in the Agadem Rift Basin.


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Production

US Crude Oil Output Hits 11 Million bpd For First Time Ever
Wednesday, July 18, 2018 US crude oil production last week hit 11 million barrels per day (bpd) for the first time in the nation's history.

Security Issues Continue to Plague Libya's Oil-Supply Growth
Wednesday, July 18, 2018 Just as Libya resumes oil exports from recently shuttered ports, an attack on its largest field is setting back progress yet again.

OGA: UKCS Production Efficiency Improves for 5th Straight Year
Tuesday, July 17, 2018 Production efficiency on the UK Continental Shelf has improved for the 5th consecutive year, according to a new report released by the Oil and Gas Authority.

SNC-Lavalin Wins Five-year Contract from Saudi-Kuwait Firm
Monday, July 16, 2018 Canada-based SNC-Lavalin will provide general engineering services under latest framework deal.

Analysts: SDX's Egypt Appraisal Well Result 'Very Encouraging'
Monday, July 16, 2018 North Africa focused oil and gas company SDX Energy Inc announces that a 'successful' production test has been conducted at its SD-4X appraisal well at South Disouq in Egypt.

Aker BP Says Norway Strike Would Have To Last Month To Hit Output
Friday, July 13, 2018 A 4-day oil workers strike in Norway that may escalate on Monday would have to last a month to impact Aker BP's production from the Valhall field in the North Sea, the Norwegian energy company says.

Iraqis Protest at Oilfields to Call for Jobs and Basic Services
Thursday, July 12, 2018 The unrest did not impact production at West Qurna 2 or the other two fields, West Qurna 1 and Rumaila, two oil officials said.


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Finance and Investing

Azeri Oil Fund SOFAZ Reports 9% Rise In Assets To $38.04B
Tuesday, July 17, 2018 Azerbaijan's state oil fund SOFAZ says its assets rose by more than 9% year on year to $38.04 billion as of July 1.

Russian Lawmakers Approve Profit-Based Taxation For Oil Production
Thursday, July 05, 2018 The lower house of Russian parliament on Thursday approves in the third and final reading the new, profit-based, taxation for a limited number of oilfields.

EBRD Set To Approve TAP Loan In Boost For Developers -Sources
Wednesday, July 04, 2018 A major European development bank is likely to approve a loan for the Trans-Adriatic Pipeline (TAP) gas project on Wednesday, sources say.

Rig Firm Fred. Olsen Energy Fails To Win Waiver Extension
Monday, July 02, 2018 The creditors of Oslo-listed Fred. Olsen Energy did not agree to extend a waiver to some of the company's financial covenants that expired on Saturday, the Norwegian drilling rig contractor says.

Santos Set To Resume Dividends Earlier Than Expected, Shares Rise
Thursday, June 28, 2018 Australia's Santos Ltd says it will resume its dividend payment policy earlier than expected.

Equity Ramping Up to Target Unconventional Plays Including the Permian
Wednesday, June 20, 2018 Despite bottleneck woes, investors are opening their wallets for the latest wave of unconventional fever and the Permian in particular.


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Company Operations

BHP: Exit Process for Onshore US Assets Progressing to Plan
Wednesday, July 18, 2018 BHP says the exit process for its onshore US assets is 'progressing to plan'.

Wood Appoints Chief Technology Officer
Tuesday, July 17, 2018 Wood appoints Darren Martin as its chief technology officer, a newly created role within the company.

Shell Seeks Semisub for Trinidad and Tobago Campaign
Monday, July 16, 2018 Shell plans to launch an offshore Trinidad and Tobago drilling campaign in 2019.

China Willing To Invest $3B In Nigerian Oil Operations - NNPC
Monday, July 16, 2018 China National Offshore Oil Corp is willing to invest $3 billion in its existing oil and gas operation in Nigeria, the Nigerian National Petroleum Corporation says.

Aker BP Appoints New Exploration SVP
Monday, July 16, 2018 Aker BP announces Monday that it has appointed Evy Glørstad-Clark as its new exploration SVP.

Chevron Taps Geologist Insider to Head Brazil Operations
Friday, July 13, 2018 Chevron, which had global revenues of $135 billion in 2017, has been growing its presence in Brazil.


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