Oil & Gas News

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Westwood: Offshore Rig Utilization Way Higher Than Initially Thought

Industry Headlines

Helix Increases Presence In Gulf Of Mexico Decom Market Share your comments
Wednesday, May 18, 2022Helix Energy Solutions has entered into a definitive agreement to acquire Alliance for $120 million cash at closing.

USA to Ease Sanctions on Venezuela Share your comments
Wednesday, May 18, 2022The Biden administration plans to ease sanctions on Venezuelan oil.

Westwood: Offshore Rig Utilization Way Higher Than Initially Thought Share your comments
Wednesday, May 18, 2022Utilization is one of the key barometers of the health of the offshore rig market but it appears that the numbers don't show the true story.

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Chevron Sanctions Ballymore Gulf Of Mexico Project Share your comments
Tuesday, May 17, 2022Chevron has sanctioned the Ballymore project in the deepwater U.S. Gulf of Mexico.

New Oil Traders Fill Void Share your comments
Tuesday, May 17, 2022The ability of Russia to find middlemen, ships and buyers for its crude is pivotal for both the global oil market and Moscow.


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Exploration

$650B Worth of Oil Reserves Being Auctioned in Congo Share your comments
Tuesday, May 17, 2022The 16 blocks will go on tender on July 28 and 29 in Kinshasa, the capital.

Energean Makes Another Successful Gas Discovery Off Israel Share your comments
Tuesday, May 10, 2022Energean has made another commercial gas discovery via its Athena exploration well offshore Israel.

CGX, Frontera Hit Oil At Kawa-1 Well Off Guyana Share your comments
Tuesday, May 10, 2022CGX Energy and its JV partner Feontera Energy have hit light oil at the Kawa-1 well in the Corentyne block offshore Guyana.

Empyrean Preparing To Drill Second Well Offshore China In 2023 Share your comments
Thursday, May 05, 2022Empyrean Energy has informed that it will proceed with plans to drill the Topaz exploration well, offshore China, subject to financing.

Permian Explorer Launches Own Mobile Sand Mine to Cut Fracking Costs Share your comments
Wednesday, May 04, 2022The Oklahoma City-based company told investors of a new, so-called mobile frack-sand mine it launched on 15,000 acres of land it owns in the West Texas county of Loving.

Santos Pavo Discovery Dubbed A Stellar Exploration Success Share your comments
Wednesday, May 04, 2022Carnarvon, Santos' partner in Pavo, stated that the drilling of the well was a huge success with further appraisal and exploration campaigns being considered.


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Production

Bakken Gas Production Up In 2021 As Oil Drops Once Again Share your comments
Wednesday, May 18, 2022Annual natural gas production in the Bakken region increased by 9 pct in 2021, even as the region's crude oil production declined by 6 pct.

Texas Oil and Gas Production Drops Month on Month Share your comments
Tuesday, May 17, 2022The preliminary reported total volume of crude oil in Texas in February was 99.07 million barrels.

Equinor To Restart Hammerfest Production After Extensive Repairs Share your comments
Tuesday, May 17, 2022Following an extensive repair operation at Equinor's Hammerfest LNG facility, production is set to resume.

Polish Company To Increase Production From Norwegian Assets Share your comments
Wednesday, May 11, 2022PGNiG Upstream Norway plans to produce an additional volume of approximately 17.5 billion cubic feet of natural gas this year.

Repsol Restarts Yme Production After Repairing Leak Share your comments
Tuesday, May 10, 2022Repsol has restarted production from its Yme field in the North Sea offshore Norway.

OPEC+ Sticks to Small Supply Hike Share your comments
Thursday, May 05, 2022OPEC and its allies once again ratified a small monthly increase in production.


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Finance and Investing

Aramco Sets New Quarterly Earnings Record Share your comments
Monday, May 16, 2022Saudi Aramco revealed that it set a new quarterly earnings record.

Brazil Faces Rigorous Inflation Outlook as Interest Rates Rise Share your comments
Tuesday, May 10, 2022Brazil's central bank said much of the impact of its “intense and timely” cycle of interest rate hikes is still to come even as it left the door open to smaller borrowing cost increases amid a tough inflation outlook.

Berkshire Buys More Occidental Stock Share your comments
Thursday, May 05, 2022Berkshire Hathaway Inc. snapped up about 5.9 million more shares of Occidental Petroleum Corp.

Shell Reports Strong 1Q Results Share your comments
Thursday, May 05, 2022Shell reported 'strong results in volatile times'.

Shale Giants Dump Oil Hedges Share your comments
Tuesday, May 03, 2022Producers in the aggregate are looking at about $42 billion in oil and gas hedging losses through 2023, according to BloombergNEF calculations of data from last year.

BP Reports $20B Loss in 1Q Results Share your comments
Tuesday, May 03, 2022The reported loss for the quarter was primarily due to BP's decision to exit its Rosneft shareholding.


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Company Operations

McDermott COO Joins Tellurian Share your comments
Wednesday, May 18, 2022Mukherjee will serve in the role of executive vice president and president of Driftwood assets.

Lundin Changing Name To Reflect Transition To Renewables Share your comments
Tuesday, May 17, 2022Lundin Energy will be changing its name to Orrön Energy as part of the transition to a renewables-focused business, following the combination of its oil and gas business with Aker BP.

TotalEnergies, Ørsted To Jointly Bid For Dutch OWF Tenders Share your comments
Tuesday, May 17, 2022TotalEnergies has partnered up with Ørsted as it lines up bids for two Dutch offshore wind tenders in Holland Coast West.

Odfjell Rig Gets More Work From Equinor Share your comments
Tuesday, May 17, 2022Equinor has exercised its option to drill more wells using an Odfjell Drilling-owned rig, extending its stay offshore Norway.

TotalEnergies Curbing Emissions Using Drone Surveys Share your comments
Tuesday, May 17, 2022TotalEnergies has launched a worldwide drone-based emissions detection and quantification campaign across all its upstream oil and gas operated sites.

Chevron, Pertamina Partner On Lower Carbon Opportunities Share your comments
Monday, May 16, 2022Chevron has announced a partnership to explore potential lower carbon business opportunities in Indonesia with Pertamina.


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