News Feed – Exploration & Development

  • Lancaster oil shipments start off the UK
    on June 18, 2019 at 7:52 pm

    Hurricane Energy PLC has sold the first cargo of crude oil from the early production system on Lancaster field in the West of Shetland area offshore the UK. Hurricane says Lancaster is the UK’s first producing basement field. […]

  • Leaseholders told to recalculate royalties under 2016 rule
    on June 18, 2019 at 7:31 pm

    A federal court’s March decision that vacated the US Office of Natural Resources Revenue’s repeal of its consolidated federal oil and gas and federal and Indian oil and gas effectively reinstated the 2016 requirements, ONRR advised federal leaseholders. Accordingly, the leaseholders should recalculate royalties under the 2016 rule for production since Jan. 1, 2017, it said in a June 13 notice. […]

  • PTTEP agrees to acquire Partex Holdings
    on June 18, 2019 at 7:02 pm

    PTT Exploration & Production Co. has signed an agreement to acquire 100% of Partex Holding from the Calouste Gulbenkian Foundation of Portugal for as much as $622 million. The deal, expected to close by yearend, will boost the Thai company’s net-interest production by 16,000 b/d of oil and reserves by 65 million boe of oil and gas. […]

  • ConocoPhillips to acquire Nuna discovery acreage
    on June 18, 2019 at 6:55 pm

    ConocoPhillips Alaska reported it will acquire 11 tracts covering 21,000 acres in the western Alaska North Slope, which includes the 2012 Nuna oil discovery, from Caelus Natural Resources Alaska. Nuna lies east of the Colville River and 5 miles southwest of Oooguruk oil field where, in January, Caelus agreed to sell a 70% interest to Eni. […]

  • Rathlin: UK appraisal results ‘encouraging’
    on June 18, 2019 at 5:07 pm

    Rathlin Energy (UK) is assessing initial results it calls “encouraging” in an appraisal well drilled to assess a natural gas discovery in Humberside, England. Rathlin drilled the West Newton A-2 appraisal well to 2,061 m on PEDL 183 near Hull. It cut 28 m of core and ran wireline logs in the Permian Kirkham Abbey formation. […]

  • MARKET: Brent crude falls more than $1/bbl
    on June 18, 2019 at 4:36 pm

    Brent oil prices fell on the London market by more than $1/bbl for August and September delivery while light, sweet crude oil in New York for July delivery settled under $52/bbl on concerns of the possibility of oil shipment disruptions through the Middle East. The price drops came amid talk of a possible military confrontation in the Persian Gulf and disruptions to tankers moving through the Strait of Hormuz. […]

  • Dominican Republic set to open first licensing round
    on June 17, 2019 at 10:31 pm

    The Dominican Republic’s Ministry of Energy and Mines will open its first licensing round at an event in partnership with Wood Mackenzie July 10, with an offering of 14 blocks. […]

  • Equinor to further evaluate Norwegian Sea discovery
    on June 17, 2019 at 8:25 pm

    Norway’s Equinor and partners Ineos E&P and Faroe Petroleum will evaluate how to further develop an oil and gas discovery made in exploration well 6507/3-13 (Snadd Outer Outer/Black Vulture), 14 km southwest of Norne field in the northern part of the Norwegian Sea and 200 km west of Sandnessjoen in production license 159B. […]

  • ONGC moves 35 rigs ahead of monsoon season
    on June 17, 2019 at 8:12 pm

    India’s Oil & Natural Gas Corp. Ltd. reported moving a record-high 35 offshore drilling rigs to new locations ahead of the Indian monsoon season. Aqualis Offshore said it assisted with many of the moves. […]

  • Equinor drills duster near Korpfjell gas discovery
    on June 17, 2019 at 7:33 pm

    Equinor Energy will plug exploration well 7335/3-1 in PL 859, which was drilled 8 km southeast of the 7435/12-1 (Korpfjell) natural gas discovery in the Barents Sea, and 435 km north of Vardo. The well was dry. The well was drilled to a vertical depth of 4,268 m subsea drilled by Seadrill’s West Hercules semisubmersible drilling rig in 239 m of water. […]

  • Aker BP granted North Sea drilling permit
    on June 17, 2019 at 5:16 pm

    Aker BP has been granted a drilling permit by the Norwegian Petroleum Directorate for well 25/2-20 in production license 442 in the North Sea. […]

  • MARKET: Brent for August tops $62/bbl
    on June 17, 2019 at 4:59 pm

    Brent oil prices rose moderately on the London market June 14 with the August contract closing slightly above $62/bbl while light, sweet crude prices in New York held fairly flat, again settling above $52/bbl. […]

  • Baker Hughes: US rig count down 6 units to 969
    on June 14, 2019 at 8:09 pm

    The US drilling rig count fell 6 units, reaching 969 rigs working for the week ended June 14, according to Baker Hughes data. The count is down 90 units from the 1,059 rigs working this time a year ago. […]

  • Russia’s Kharyaga field starts gas sales
    on June 14, 2019 at 7:04 pm

    Zarubezhneft and production-sharing partners have started sales of associated sour gas at Kharyaga oil field in the Nenets Autonomous Region of northwestern Russia. […]

  • IEA consecutively cuts oil demand growth forecast
    on June 14, 2019 at 6:45 pm

    In its latest monthly Oil Market Report, the International Energy Agency cut its forecast for global demand growth in 2019 for a second consecutive month. It is now projected at 1.2 million b/d, reduced from 1.3 million b/d in the previous report and 1.4 million b/d in the April report. […]

  • CSB: Operational lapses led to well blowout, fire
    on June 13, 2019 at 7:48 pm

    Poor barrier management combined with underbalanced operations performed without proper planning, procedures, or needed equipment to make an Oklahoma natural gas well blow out and catch fire on Jan. 22, 2018, killing five workers in the driller’s cabin on the rig floor, a US Chemical Safety Board investigation concluded. […]

  • CAPP: Canadian crude output growth slowing
    on June 13, 2019 at 6:14 pm

    Canadian production of crude oil and condensate will increase through 2035 but at rates sharply lower than predicted before the crude-price slump of 2014-15 and the onset of problems associated with pipeline congestion. In its annual outlook for crude oil, the Canadian Association of Petroleum Producers projects total Canadian production of 5.86 million b/d of crude oil in 2035, compared with 4.59 million b/d in 2018. […]

  • MARKET: NYMEX oil prices plunge more than $2/bbl
    on June 13, 2019 at 5:22 pm

    Light, sweet crude oil prices for July and August dropped steeply by more than $2 on July 12 to settle below $52/bbl on the New York market while Brent crude oil also dipped by more than $2 in London to settle under $60/bbl. […]

  • World Bank: Global gas flaring up 3% in 2018
    on June 12, 2019 at 10:05 pm

    Flaring of natural gas rose 3% year-to-year in 2018 to an estimated 145 billion cu m, the World Bank’s Global Gas Flaring Reduction Partnership disclosed on June 12. The growth was associated with increased US crude oil production, although US flaring intensity—the volume of gas flared per barrel of produced oil—remained low at 2.2 cu m, it said. […]

  • BP report sees energy-emissions ‘mismatch’
    on June 12, 2019 at 7:57 pm

    Citing a “growing mismatch” between hope and action, BP executives released the company’s annual Statistical Review of World Energy featuring slow progress on climate change and rapid growth in energy demand and emissions of carbon dioxide. The report also noted that the US recorded the largest-ever annual production increases by any country for oil and natural gas, “the vast majority” coming from onshore shale plays. […]

  • Third KG D6 project off India sanctioned
    on June 12, 2019 at 7:01 pm

    Reliance Industries and BP have sanctioned the third of three projects in the integrated natural gas development of Block KG D6 in deep water off eastern India. The new project, MJ, is a high-pressure, high-temperature gas condensate field with well depths of 4,200 m below mean sea level in 700-1,100 m of water. It’s also called D55. […]

  • DNO to decommission up to 21 wells offshore UK
    on June 12, 2019 at 5:36 pm

    DNO North Sea (ROGB), a unit of DNO, hired Well-Safe Solutions to decommission up to 21 UK Continental Shelf wells in Schooner and Ketch fields, which DNO acquired in 2018 from Faroe Petroleum. The North Sea fields stopped producing in August 2018. […]

  • Joint Louisiana Austin chalk work planned
    on June 12, 2019 at 5:22 pm

    Prime Rock Resources, a portfolio company of Lime Rock Partners, and privately held New Dawn Energy have agreed to jointly develop properties contributed by both companies in the Cretaceous Austin chalk play of Louisiana. […]

  • EIA: Oil price forecast lower for 2019 on demand concerns
    on June 11, 2019 at 10:43 pm

    Brent crude oil spot prices are expected to average $67/bbl this year, which is $3/bbl lower than forecast last month in the US Energy Information Administration’s Short-Term Energy Outlook. In this month’s STEO, EIA reports expecting Brent to remain at $67/bbl in 2020. EIA’s lower Brent price path for this year reflects rising uncertainty about global oil demand growth. […]

  • Culzean field starts production off UK
    on June 11, 2019 at 7:53 pm

    Production has begun from Culzean gas condensate field in the Central Graben area of the UK North Sea. Development by Total SA and partners involved the drilling of six wells and construction of three bridge-linked platforms and a floating storage and offloading unit. […]

  • Lukoil, KazMunayGaz mull Kazakh block JV
    on June 11, 2019 at 5:47 pm

    Lukoil and KazMunayGaz have signed a heads of agreement calling for negotiation of mineral rights on the I-P-2 block offshore Kazakhstan. The block is 130 km off Aktau in 300-400 m of water. Lukoil said 2D seismic surveys have been shot over the area. […]

  • Petrobras, SBM sign LOI for Mero 2 FPSO
    on June 11, 2019 at 5:40 pm

    Petroleo Brasileiro SA (Petrobras) signed a letter of intent with SBM Offshore for a 22.5-year lease and operation of the Mero 2 floating production, storage, and offloading vessel to be installed on giant Mero oil field in the Santos basin offshore Brazil. […]

  • ExxonMobil proceeds with Vaca Muerta expansion
    on June 11, 2019 at 5:30 pm

    ExxonMobil Corp. announced plans to proceed with long-term oil development on Bajo del Choique-La Invernada block within Argentina’s Vaca Muerta basin. The project is expected to produce as much as 55,000 boe/d within 5 years. The project will include 90 wells, a central production complex, and export infrastructure connected to the Oldeval pipeline and refineries. […]

  • Baker Hughes: US rig count down 9 units to 975
    on June 7, 2019 at 7:28 pm

    The US drilling rig count fell 9 units, reaching 975 rigs working for the week ended June 7, according to Baker Hughes data. The count is down 87 units from the 1,062 rigs working this time a year ago. […]

  • Baker Hughes: International rig count jumps 64 units
    on June 7, 2019 at 6:01 pm

    The international rig count for May reached 1,126, up 64 units from 1,062 in April and up 159 units from 967 in May 2018, according to Baker Hughes data. The international offshore rig count for May was 240, down 11 units from 251 in April and up 42 units from 198 in May 2018. […]

  • Nigerian regulator revokes six licenses
    on June 7, 2019 at 5:17 pm

    Nigeria’s Department of Petroleum Resources has revoked five oil mining leases and one oil prospecting license. It cited “noncompliance with statutory regulatory obligations” and said it was acting under a “presidential directive on recovery of legacy debts.&rdquo […]

  • MARKET: NYMEX oil prices rise nearly $1/bbl
    on June 7, 2019 at 5:02 pm

    Light, sweet oil for July gained 91¢ on the New York market June 6 to settle at $52.59/bbl while the Brent contract for August climbed by $1.04 to settle at $61.67/bbl in London, which analysts attributed to progress in US-Mexico talks about border security. US President Donald Trump said, “Progress was made,” but he also said Mexico needs to do more to stop US tariffs from being imposed on $350 billion of US imports from Mexico. […]

  • Santos confirms Dorado’s size with appraisal well
    on June 6, 2019 at 7:42 pm

    A joint venture of Santos Ltd. and Carnarvon Petroleum Ltd. has confirmed a “major” oil and gas discovery with the Dorado well, drilled in the Bedout subbasin about 160 km offshore Port Hedland, Western Australia. […]

  • Gazprom, Shell forming Russian venture
    on June 6, 2019 at 5:41 pm

    Gazprom Neft and Royal Dutch Shell PLC have agreed to form a joint venture for development of oil and gas fields in the Yamalo-Nenets Autonomous Okrug of northwestern Russia. […]

  • ExxonMobil, partners to redevelop Angola Block 15
    on June 5, 2019 at 7:58 pm

    ExxonMobil Corp. and its partners reported they will invest more into Block 15 offshore Angola to increase production by an additional 40,000 b/d as part of an agreement with Angola’s recently established National Agency for Petroleum, Gas, and Biofuels. […]

  • Angola to offer 10 blocks in bid round
    on June 5, 2019 at 7:46 pm

    Angola’s new licensing agency will offer 10 oil and gas blocks in the first of several auctions it plans in a 6-year strategy. Paulino Jeronimo, chief executive officer of the National Agency of Petroleum, Gas, and Biofuels (ANPG) said at a conference in Luanda that tendering will begin in October. […]

  • East Med due second Turkish drillship
    on June 5, 2019 at 7:28 pm

    Turkey will increase its controversial drilling in the Eastern Mediterranean when Turkish Petroleum AO launches a second drillship in July. Energy and Natural Resources Minister Fatih Donmez said at a Ramadan fast-breaking dinner that retrofit of the Yavuz drillship, formerly the Deepsea Metro I, is nearly complete, according to the Daily Sabah newspaper. […]

  • CAPP: Oil, gas investment should double
    on June 5, 2019 at 6:36 pm

    The Canadian Association of Petroleum Producers seeks federal support for a doubling over the next 4 years of now-slumping investment in Canada’s oil and gas industry. The group made conditions supporting such a recovery part of wish list for the next Canadian government. Elections are scheduled Oct. 21. […]

  • Cooper Energy signs gas sales agreements with AGL
    on June 5, 2019 at 6:30 pm

    Cooper Energy Ltd., Adelaide, has signed natural gas supply agreements with Sydney distributor and retailer AGL Energy Ltd. for production from Cooper’s Sole field offshore Gippsland basin and its Casino Henry operations in the offshore Otway basin. […]

  • IHS Markit: Canadian oil sands production growth to slow
    on June 5, 2019 at 6:17 pm

    Canadian oil sands production growth is slowing, yet total production is expected to reach nearly 4 million b/d by 2030—nearly 1 million b/d more than current levels—according to a 10-year production forecast by IHS Markit. The business information provider expects average year-on-year supply additions will be less than 100,000 b/d in the coming decade. By contrast, growth over the current decade averaged additions of more than 150,000 b/d. […]

  • Equinor to make FID on Rosebank offshore UK
    on June 4, 2019 at 7:22 pm

    Equinor said it would make a final investment decision by May 2022 on Rosebank, which it plans to develop using a floating production, storage, and offloading vessel. Last year, Equinor finalized an agreement to acquire Chevron Corp.’s 40% operated interest in the Rosebank project, one of the largest undeveloped fields on the UK Continental Shelf. […]

  • Permian gas flaring, venting reaches record high
    on June 4, 2019 at 7:15 pm

    Flaring and venting of natural gas in the Permian basin in Texas and New Mexico has reached an all-time record high in this year’s first quarter, averaging 661 MMcfd, according to research conducted by Rystad Energy. This widespread waste of a valuable commodity is the result of persistent infrastructure challenges, a lack of enough takeaway capacity, and an unexpected outage on a key pipeline in the area. […]

  • Aker BP drills dry hole in North Sea
    on June 4, 2019 at 6:22 pm

    Aker BP ASA will plug exploration well 15/6-15 in PL814, 15 km northeast of Gina Krog field in the North Sea. The well was a dry hole. The exploration well—the first in the license—was drilled to a vertical depth of 3,761 m subsea with Odfjell Drilling’s Deepsea Stavanger semisubmersible drilling rig 225 km west of Stavanger in 109 m of water. It was terminated in the Skagerrak formation. […]

  • UK offers 37 licenses in offshore round
    on June 4, 2019 at 5:58 pm

    Thirty companies, some of them in groups, have received offers for the award of 37 licenses covering 141 blocks in the UK’s 31st offshore licensing round. The frontier areas are in the Faroe-Shetland basin, Moray Firth, East Irish Sea, East Shetland Platform, Mid North Sea High, and English Channel. […]

  • W&T Offshore makes oil find with Gladden Deep well
    on June 4, 2019 at 5:48 pm

    W&T Offshore made an oil discovery with its Gladden Deep well on Mississippi Canyon 800 block in the US Gulf of Mexico, reported partner Kosmos Energy Ltd. of Dallas. Gladden Deep is a subsea tie back expected to be brought online through the existing Gladden pipeline to the Medusa spar in this year’s fourth quarter. […]

  • New technology due in Aerfugl development
    on June 4, 2019 at 4:33 pm

    Aker BP plans to use two new technologies in development of Aerfugl gas and condensate field in the Norwegian Sea, reports partner PGNiG Upstream Norway. The Polish Oil & Gas Co. subsidiary says the subsea wells will use the world’s first 7-in. vertical trees in anticipation of high flow rates. […]

  • CNRL cuts Alberta output amid wildfires
    on June 3, 2019 at 7:19 pm

    Canadian Natural Resources Ltd. said on May 31 it had suspended about 65,000 b/d of crude oil production in response to wildfires in the Wabasca and Slave Lake areas of Alberta. […]

  • Sentinel submits application for oil export facility
    on June 3, 2019 at 6:54 pm

    Sentinel Midstream subsidiary Texas GulfLink submitted a license application with the US Maritime Administration May 30 to construct and operate a deepwater crude oil export facility near Freeport, Tex. The completed facility will be capable of fully loading very large crude carriers. […]

  • Contract let for B-80 field off Mumbai
    on June 3, 2019 at 4:42 pm

    Hindustan Oil Exploration Co. has let a contract to Expro for a production-handling facility and all topside processing equipment on a mobile offshore production unit on B-80 oil and gas field in the Mumbai basin. The 7-year contract covers construction, maintenance, and operation. Equipment delivery is due in 8 months. […]

  • Baker Hughes: US rig count down 1 unit to 984
    on May 31, 2019 at 7:36 pm

    The US drilling rig count gained a single rig to reach 984 rigs working for the week ended May 31, according to Baker Hughes data. The count is down 76 units from the 1,060 rigs working this time a year ago. […]

  • Santos acquiring 3D survey off Western Australia
    on May 31, 2019 at 6:06 pm

    Santos Ltd., Adelaide, and its joint venture partner Carnarvon Petroleum Ltd. have started a 3D seismic survey over the Dorado, Roc, Roc South, and near-field prospects in the Bedout subbasin offshore north-western Western Australia. […]

  • Philippines rescinds farmout-farmin ban
    on May 31, 2019 at 5:28 pm

    The government of the Philippines has lifted a 13-year-old ban on farmouts and farmins by the state oil company. […]

  • PetroTal advances Bretana oil field development
    on May 30, 2019 at 5:22 pm

    PetroTal Corp., Calgary and Houston, has received approval of the environmental impact assessment (EIA) to fully develop Bretana oil field on Block 95 in Peru. The company enhanced production from the field’s first well to 2,000 b/d of oil late last year following the installation of oil well pump and water treatment and reinjection facilities. […]

  • NMFS proposes IHA for Hilcorp project in Alaska
    on May 29, 2019 at 10:43 pm

    The National Marine and Fisheries Service proposed authorizing incidental harassment approval (IHA) of marine mammals on May 28 during construction and operation of Hilcorp’s proposed Liberty Drilling and Production Island in Alaska. The proposed rule would establish a framework under the Marine Mammal Protection Act for 5 years. Comments will be accepted through June 28. […]

  • Eni farms in to blocks offshore Mozambique
    on May 29, 2019 at 7:51 pm

    An Eni SPA subsidiary has farmed in to three blocks offshore Mozambique in an agreement with ExxonMobil Mozambique Exploration & Production Ltd., the operator. […]

  • Norway opens mature-area license round
    on May 29, 2019 at 6:59 pm

    Operators interested in exploring mature areas offshore Norway may apply to the National Petroleum Directorate (NPD) for petroleum production licenses until midday Aug. 27. The Ministry of Petroleum and Energy opened the Awards in Predefined Areas (APA) 2019 round on May 29 and announced the addition of 90 blocks. […]

  • Interior secretary to defer leasing near Chaco Canyon
    on May 29, 2019 at 6:18 pm

    US Interior Sec. David L. Bernhardt agreed to defer oil and gas leasing near Chaco Canyon in New Mexico following a visit with tribal leaders in the area, US Sen. Martin T. Heinrich (D-NM) reported. […]

  • California congressional Dems protest BLM’s leasing plans
    on May 29, 2019 at 6:09 pm

    Thirty-four Democrats on California’s congressional delegation, including Sens. Dianne Feinstein and Kamala D. Harris, expressed their strong opposition to the US Bureau of Land Management’s plans to open more than 2 million acres of land in the state to new oil and gas development. […]

  • Qatar Petroleum lets contract for the North field project
    on May 29, 2019 at 5:57 pm

    Qatar Petroleum has let the front-end engineering design contract for the North field expansion project’s offshore pipelines and topsides facilities to McDermott Middle East Inc. […]

  • TransGlobe Egyptian strike due on stream
    on May 29, 2019 at 4:54 pm

    TransGlobe Energy Corp., Calgary, plans to bring its South Ghazalat (SGZ)-6X discovery in Egypt’s Western Desert on production at an initial rate of 1,000 b/d of 34° gravity crude oil in this year’s fourth quarter under a newly approved develop lease. […]

  • Sierra Leone reopens fourth licensing round
    on May 29, 2019 at 4:49 pm

    The Petroleum Directorate of Sierra Leone, in partnership with GeoPartners Ltd. and Getech Group PLC, announced the reopening of the fourth licensing round for offshore areas reaching from near short to ultradeep water. […]

  • CNRL agrees to buy Devon’s Canadian assets
    on May 29, 2019 at 4:33 pm

    Canadian Natural Resources Ltd. will increase its crude oil production capacity by 128,300 b/d before royalties with the purchase of Devon Canada for $3.775 billion (Can.) cash. Devon Energy announced early this year its plan to shed Canadian operations and natural gas production to focus on US oil. […]

  • MARKET WATCH: Crude oil prices rise on US rig count
    on May 29, 2019 at 4:30 pm

    Oil prices climbed May 28 for a second trading session with light, sweet crude oil for both the July and August contracts settling above $59/bbl as traders returned after a long Memorial Day weekend. […]

  • Equinor granted North Sea drilling permit
    on May 28, 2019 at 7:01 pm

    Equinor Energy AS has been granted a drilling permit by the Norwegian Petroleum Directorate for well 16/5-7 in production license 502 in the North Sea. […]

  • Consortium launches industrial-scale CCS project
    on May 28, 2019 at 6:06 pm

    A consortium of 11 European stakeholders including ArcelorMittal, Axens, IFP Energies nouvelles (IFPEN), and Total SA, has launched a project to demonstrate an innovative process for capturing carbon dioxide from industrial activities. The so-named DMX project is part of a more comprehensive study dedicated to the development of the future European Dunkirk North Sea carbon capture and storage (CCS) cluster. […]

  • Baker Hughes: Canada adds 15 rigs for the week
    on May 24, 2019 at 7:34 pm

    Canada has added 15 rigs for the week ended May 24, according to Baker Hughes data. With 78 rigs running, the count is slightly less than the 81 units drilling this week a year ago. The number of oil-directed rigs in Canada increased by 16, bringing the count to 38 rigs for the week. Gas-directed rigs were down a single unit to 40. […]

  • Dual-target, Mol Norge-operated well comes up dry
    on May 24, 2019 at 6:42 pm

    Mol Norge will plug exploration well 3/7-11 S, which was targeting the Vinstra and Otta prospects in PL539 in the North Sea. Both targets were dry, reported partner Lundin Norway AS. The well was drilled by the Rowan Viking jack up rig 7 km southwest of Trym field on the eastern side of the Mangal High, 2 km north of the border with Denmark in 66 m of water. […]

  • Collaboration needed to meet Mexico’s hydrocarbon ambitions
    on May 24, 2019 at 5:08 pm

    While there hasn’t been a dramatic change for the energy industry in Mexico since President Andres Manuel Lopez Obrador took office in 2018, progressive collaboration between the industry and country regulators is needed to fulfill the country’s hydrocarbon ambitions. […]

  • Novatek acquires five Krasnoyarsk licenses
    on May 24, 2019 at 4:59 pm

    Units of Novatek have acquired exploratory licenses for five areas on the Gydan Peninsula in Krasnoyarsk, Russia. […]

  • MARKET WATCH: Oil prices tumble after US-China news
    on May 24, 2019 at 4:55 pm

    Light, sweet crude oil contracts for July and August plunged by more than $3.50/bbl on May 23, marking the sharpest single-session drop since Dec. 24, 2018, and the lowest settlement since Mar. 12. Brent crude oil prices also fell more than a $3/bbl on the London market with the July contract settling under $68/bbl. Analysts attributed the steep benchmark price drops on US-China trade relations as well as rising US oil supplies. […]

  • Zarubezhneft gets 30% of area off Vietnam
    on May 23, 2019 at 8:16 pm

    Zarubezhneft JSC, Moscow, received a 30% participating interest in the production sharing agreement for Block 09-2/09 in the Cuu Long basin offshore Vietnam under one of several agreements signed during meetings among leaders of the Russian and Vietnamese governments. […]

  • Ironbark permit title transfer to BP group approved
    on May 23, 2019 at 6:37 pm

    The title transfer for the Ironbark offshore gas prospect off Western Australia to the new BP Development Australia Pty Ltd.-led exploration joint venture has been approved, paving the way for the drilling program, said Melbourne-based Cue Energy Ltd.&nbs […]

  • June presentation will outline offshore Cuba licensing
    on May 23, 2019 at 6:04 pm

    Blocks will be offered offshore in Cuba’s economic exclusive zone in the Gulf of Mexico, said state-owned Union Cuba-Petroleo Co. (CUPET), which is helping promote the licensing round with roadshow presentations and data viewing in London in early June. […]

  • Appomattox field comes on stream in GOM
    on May 23, 2019 at 4:59 pm

    Appomattox field in the US Gulf of Mexico started production ahead of schedule in the deepwater Gulf of Mexico about 80 miles offshore Louisiana. Shell Offshore Inc. operates the field in 7,200 ft of water. […]

  • Wintershall Dea installs Nova templates
    on May 22, 2019 at 7:34 pm

    Wintershall Dea has installed the two subsea templates anchoring development of Nova oil field in the Norwegian North Sea. The Subsea 7 Seven Arctic vessel transported the 300-tonne units 45 km from Floro, Norway, to the field and lifted them by crane into 370 m of water. Aker Solutions built the templates at Egersund, Norway. […]

  • BHP considers conventional oil attractive for decades
    on May 22, 2019 at 5:57 pm

    BHP said its conventional oil assets look to be attractive investments “for several decades,” particularly its holdings offshore Mexico and offshore eastern Canada. During an operations update, BHP executives said the company expects to spud an appraisal well on Trion in late December with earliest production expected in the mid 2020s. BHP is the operator with 60% interest. […]

  • Dana Gas spuds Merak-1 wildcat off Egypt
    on May 22, 2019 at 5:51 pm

    Dana Gas PJSC, Sharjah, has spudded a deepwater wildcat on its North El Arish concession area offshore Egypt. The company says the Merak-1 well is on one of three prospects it describes as “world class” in the area, also known as Block 6. […]

  • Vintage farms in to Queensland Cooper basin permit
    on May 22, 2019 at 5:43 pm

    Vintage Energy Ltd., Adelaide, has agreed to farm in to a 50% interest in Sydney-based Metgasco’s Queensland exploration permit ATP 2021 in the Cooper basin. Vintage will earn its share and take over as operator by paying a substantial share of future drilling and development costs as well as reimbursing Metgasco’s costs to date. […]

  • APLNG okay to buy Ironbark CSG project
    on May 22, 2019 at 5:12 pm

    The Origin Energy-operated Australia Pacific LNG group has obtained permission to acquire Origin’s undeveloped Ironbark coal seam gas project in permit ATP 788P in Queensland. The Australian Competition and Consumer Commission said it would not oppose the transaction, first mooted by Origin in February with a sale price of $231 million (Aus.). […]

  • MARKET WATCH: NYMEX oil price hovers at $63/bbl
    on May 22, 2019 at 4:43 pm

    Light, sweet crude oil prices fell slightly May 21 as the contract continues to hover at $63/bbl on the New York market while Brent crude oil prices gained modestly with the July contract settling above $72/bbl. […]

  • Oil from US shale on track to rise 16% in 2019
    on May 21, 2019 at 5:54 pm

    US shale operators are on course to increase oil production markedly in 2019. The growth in US onshore production from the first quarter through the fourth quarter could come in at around 1.1-1.2 million b/d, or 16% for the full year, according to Rystad Energy. […]

  • Eni group awarded block off Argentina
    on May 21, 2019 at 5:46 pm

    Eni SPA has joined the list of international oil and gas companies awarded licenses in Argentina’s recent bid round. The company leads a group that will shoot a 3D geophysical survey across Block MLO 124 and conduct other geophysical surveys. […]

  • Shell Australia approved for Bratwurst-1 wildcat
    on May 21, 2019 at 5:13 pm

    Shell Australia has been granted approval from the National Offshore Petroleum Safety and Environmental Management Authority (NOPSEMA) for the drilling of proposed wildcat Bratwurst-1 in Ashmore Cartier permit AC/P64 in the Browse basin off Western Australia. […]

  • MARKET WATCH: Crude oil prices mixed on geopolitics
    on May 21, 2019 at 4:29 pm

    Oil prices gained modestly on the New York market May 20, settling above $63/bbl while Brent crude oil prices in London fell slightly to settle under $72/bbl. Light, sweet oil prices rose to their highest level in nearly 3 weeks on May 20, which analysts attributed to US-Iran tensions and major crude producers, including Saudi Arabia, suggesting they might keep existing production-cut targets until Dec. 31. […]

  • Gazprom has two offshore Yamal gas finds
    on May 20, 2019 at 7:42 pm

    Gazprom said it has discovered more than 500 billion cu m of natural gas in two fields offshore the Yamal Peninsula in the Russian Arctic. […]

  • Inpex shuffle eyes exploration, projects
    on May 20, 2019 at 7:16 pm

    Inpex Corp., Tokyo, has reorganized “to reinforce oil and gas exploration and mergers and acquisitions capabilities” and to strengthen project execution. […]

  • Bitumen feed delayed for Alberta refinery
    on May 20, 2019 at 6:35 pm

    North West Redwater Partnership (NWRP) has delayed introduction of bitumen feed from Alberta’s oil sands at the first 80,000-b/d phase of its proposed three-phased greenfield bitumen refinery in Sturgeon County, about 45 km northeast of Edmonton, Alta. […]

  • PGNiG drills production well in Pakistan’s Rehman field
    on May 20, 2019 at 5:59 pm

    PGNiG SA has spudded the Rehman-6 production well on the western part of Rehman field in Pakistan to develop tight gas in a Cretaceous sandstone formation. Crews plan to drill to 2,700 m. PGNiG Pres. Piotr Wozniak said the company plans to drill four wells and put three of them on stream, including Rehman-6, during 2019. […]

  • NOPSEMA extends ruling time on GAB exploration
    on May 20, 2019 at 5:45 pm

    Australia’s National Offshore Petroleum Safety and Environmental Management Authority (NOPSEMA) has told Norwegian company Equinor Australia BV that it needs more time to decide about Equinor’s environmental plan for the proposed exploration drilling program in the South Australian section of the Great Australian Bight (GAB). […]

  • MARKET WATCH: Oil benchmarks drop ahead of OPEC committee meeting
    on May 20, 2019 at 4:37 pm

    Oil prices dropped on both the New York and London markets May 17, ending three sessions of gains. Analysts attributed the price drop to heightened US-Iran tensions and rising concerns about possible disruptions to oil shipments across the Middle East. […]

  • Baker Hughes: US rig count down 1 unit to 987
    on May 17, 2019 at 7:22 pm

    The US drilling rig count was down a single unit to 987 the week ended May 17, according to Baker Hughes data. The count is down 59 units from this time a year ago when the count stood at 1,046. […]

  • US House panel studies E&P impacts on water supplies
    on May 17, 2019 at 7:16 pm

    Members split along party lines on May 16 as a US House Natural Resources Committee subcommittee considered whether US above-ground and underwater supplies are protected adequately from potentially damaging leaks or spills from onshore oil and gas exploration and production. Democrats felt more federal regulation is needed while Republicans said many states are providing enough oversight already. […]

  • Liquids yield driving Montney production growth forecast
    on May 17, 2019 at 7:04 pm

    Total production in Canada’s Montney play will likely reach 10 bcfd of natural gas equivalent this year, an increase of 16% from 2018, and is forecasted to reach 20 bcfed by 2030, driven by rising liquids yield across various sub-plays, according to Wood Mackenzie research. […]

  • ExxonMobil: Permian basin work to benefit New Mexico
    on May 17, 2019 at 6:38 pm

    ExxonMobil Corp.’s development of Permian basin resources in New Mexico will generate $64 billion in net economic benefits for the state and local communities over the next 40 years, according to a study conducted for ExxonMobil by Impact Data Source. […]

  • MARKET WATCH: Oil benchmarks gain for third session
    on May 17, 2019 at 4:51 pm

    Crude oil benchmarks gained on markets in New York and London for a third consecutive trading session May 16 with light, sweet crude marking its biggest single-session gain in 3 weeks as the June contract closed above $62.80/bbl and the July contract closed above $63/bbl. […]

  • Tatneft, Uzbekneftegaz outline PSA
    on May 16, 2019 at 7:54 pm

    Tatneft and Uzbekneftegaz have signed an agreement outlining main terms of a production-sharing agreement for a block designated Pritashkent in Uzbekistan. […]

  • Lukoil claims record for Baltic Sea well
    on May 16, 2019 at 7:20 pm

    Lukoil claimed a Baltic Sea length record for one of two extended-reach wells drilled this year from an onshore cluster pad to develop offshore D41 oil field. […]

  • Two areas off Sable Island draw no bids
    on May 16, 2019 at 6:21 pm

    Exploration rights for two shallow-water areas off Sable Island received no bids in a Canada-Nova Scotia Offshore Petroleum Board round that opened in December and closed on May 8. […]

  • Santos joins P’nyang group in Papua New Guinea
    on May 16, 2019 at 5:53 pm

    Santos Ltd., Adelaide, reported it intends to acquire a 14.3% interest (pre-government back-in) in petroleum retention licence PRL3 in the western highlands of Papua New Guinea. The licence contains P’nyang natural gas field. […]

  • Contract let for offshore Mexico gas production
    on May 16, 2019 at 5:14 pm

    MODEC of Japan has let a contract to MAN Energy Solutions to supply six compressor trains for a floating production, storage, and offloading vessel in the Gulf of Mexico as part of development of the Eni SPA subsidiary’s Eni Mexico S. de RL de CV-operated Area 1 offshore Mexico. […]

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