News Feed – Exploration & Development

  • India’s small-field bid round extended
    on January 18, 2019 at 7:29 pm

    India’s Directorate General of Hydrocarbons has extended for the second time the close of bidding for its second round of licensing of discovered small fields. Bidding remains open through Jan. 30, DGH said. […]

  • Baker Hughes: US rig count falls 25 units to 1,050
    on January 18, 2019 at 7:26 pm

    The US drilling rig count dropped 25 units to reach 1,050 rigs working for the week ended Jan. 18. The count is up 114 units from the 936 rigs working this time a year ago, according to Baker Hughes data. […]

  • IEA: Rebalancing of global oil market to be gradual
    on January 18, 2019 at 7:04 pm

    Despite the signing of a new Vienna Agreement, the journey to a balanced global oil market will take time and is more likely to be a marathon than a sprint, according to the International Energy Agency’s first Oil Market Report in 2019. On the supply side, IEA said, “While Saudi Arabia is determined to protect its price aspirations by delivering substantial production cuts, there is less clarity with regard to its Russian partner.&rdquo […]

  • Aramco taps Saipem for Berri, Marjan work
    on January 18, 2019 at 6:47 pm

    Saudi Aramco has let contracts to Saipem for offshore work expanding Berri and Marjan oil fields. The contracts, totaling $1.3 billion, cover design, engineering, procurement, construction, installation, and implementation of subsea systems and the laying of pipelines, subsea cables and umbilicals, platform decks, and jackets. […]

  • Rystad Energy: Global gas output hit highest growth in a decade in 2018
    on January 18, 2019 at 6:34 pm

    The worldwide oil and gas industry achieved a net production increase of 164 billion cu m (bcm) in 2018, representing the highest production growth since 2010, according to research by Rystad Energy. […]

  • PGNiG to explore for, produce hydrocarbons in UAE
    on January 17, 2019 at 7:24 pm

    PGNiG SA will explore for and produce hydrocarbons in Ras Al Khaimah—the northernmost member of the United Arab Emirates—under a production-sharing agreement signed by PGNiG, the Ras Al Khaimah Petroleum Authority, and Rak Gas LLC. […]

  • Gulf Keystone initiates expansion program at Shaikan field
    on January 17, 2019 at 7:12 pm

    Gulf Keystone Petroleum has initiated an investment program at its operated Shaikan field in the Kurdistan region of Iraq and is progressing plans to increase production to 55,000 b/d. Average gross oil production of 31,563 b/d in 2018 is underpinned by strong performance of the Shaikan Jurassic reservoir, and is in line with expectations, the company said. […]

  • Gullfaks partners submit PDO for more oil recovery
    on January 17, 2019 at 6:58 pm

    Equinor and its partners in Gullfaks oil field in the Norwegian North Sea’s Tampen area will drill 7 wells believed to improve oil recovery by 17 million bbl with good profitability. The amended plan for development and operation submitted to Norway’s Ministry of Petroleum and Energy calls for additional resource recovery with water injection and production wells in the Shetland-Lista Phase 2 development. […]

  • BOEM employees work on preparing offshore lease sales during shutdown
    on January 17, 2019 at 6:14 pm

    US Bureau of Ocean Energy Management employees have continued to work on upcoming federal offshore oil and lease sales despite the partial government shutdown that has closed much of the Department of the Interior. BOEM’s updated Fiscal 2019 Contingency Plan for a shutdown called for 124 excepted employees to be available to handle administrative services, emergency response, and support. […]

  • MARKET WATCH: NYMEX oil price gains slightly to stay above $52/bbl
    on January 17, 2019 at 5:27 pm

    Light, sweet crude oil prices gained modestly on the New York market Jan. 16 after a US government report showed crude oil supplies fell sharper than expected while product inventories rose for the week ended Jan. 11. […]

  • EIA expects modest global oil inventory builds in 2019-20
    on January 16, 2019 at 7:40 pm

    Global liquid fuels production will average 101.8 million b/d in 2019 and 103.5 million b/d in 2020, and consumption will average 101.5 million b/d in 2019 and 103.1 million b/d in 2020, which will contribute to modest inventory builds in both years, according to the US Energy Information Administration’s latest Short-Term Energy Outlook. The STEO for January is the first to include forecasts for 2020. […]

  • Equinor reports gas, condensate discovery south of Kristin field
    on January 16, 2019 at 7:24 pm

    Equinor has, together with partners ExxonMobil, Total, and Norway’s Petoro, made a natural gas and condensate discovery with the Ragnfrid North (6406/2-9 S) exploration well in the Norwegian Sea. The well, drilled in production license 199 about 20 km south of the Kristin platform, will be evaluated for development and tie-in to Kristin field and further maturing of the Kristin South project. […]

  • Woodside lets contracts for Scarborough project
    on January 16, 2019 at 6:29 pm

    Woodside Petroleum Ltd., Perth, has let four contracts for the front-end engineering and design phase of its proposed Scarborough gas development on the Exmouth Plateau off Western Australia. […]

  • Rystad Energy: Offshore service market growth to outpace shale in 2019
    on January 16, 2019 at 6:16 pm

    Rystad Energy forecasts offshore spending will outgrow spending on onshore shale activities this year. Service companies exposed to the offshore subsea market and the maintenance, modifications, and operations (MMO) sector are set to benefit from this trend reversal. […]

  • CNOOC starts production from Huizhou development project
    on January 16, 2019 at 5:25 pm

    CNOOC Ltd. reported the start of production from the Huizhou 32-5 oil field comprehensive adjustment/Huizhou 33-1 oil field joint development project in the south-central part of the eastern South China Sea. […]

  • MARKET WATCH: NYMEX oil price tops $52/bbl, Brent tops $60/bbl
    on January 16, 2019 at 5:08 pm

    Crude oil benchmarks jumped more than $1/bbl on the New York and London markets Jan. 15 with light, sweet crude oil prices for February and March settling above $52/bbl while Brent crude for March and April settled above $60/bbl in London. […]

  • Oil Search expands Alaskan portfolio
    on January 15, 2019 at 10:19 pm

    Oil Search Ltd., Port Moresby and Sydney, has expanded its acreage position on the North Slope of Alaska following the recent 2018 Alaska Lease round with the acquisition of interests in prospective blocks close to and adjacent to its existing position in the Pikka Unit east of Prudhoe Bay. […]

  • Equinor, Aker BP dominate Norwegian licensing round
    on January 15, 2019 at 6:40 pm

    Equinor and Aker BP dominated awards by Norway’s Ministry of Petroleum as part of the Award in Predefined Areas (APA) for 2018 held Jan. 15. Thirty-three companies were offered ownership interests in 83 production licenses on the Norwegian Continental Shelf—the largest number ever awarded in one licensing round, according to the Norwegian Petroleum Directorate. Twenty-one of the companies will be offered operatorship. […]

  • Colorado Supreme Court reverses impact analysis requirement ruling
    on January 15, 2019 at 6:18 pm

    The Colorado Supreme Court reversed a lower court’s decision that would have required the Colorado Oil & Gas Conservation Commission to consider potential health and climate impacts before authorizing more exploration and production. The suit was filed after COGCC rejected a late-2013 petition asking it to reject applications for new drilling permits unless they did not pose a human health or climate threat. […]

  • SDX: Appraisal well encounters oil offshore Egypt
    on January 15, 2019 at 5:24 pm

    SDX Energy Inc. reported its SRM-3 appraisal well encountered oil on the South Ramadan license offshore Egypt in the Gulf of Suez. The operator is Pico. SDX has a 12.75% interest. […]

  • MARKET WATCH: Crude oil prices fall on slowing Chinese economic indicators
    on January 15, 2019 at 5:00 pm

    The light, sweet crude oil price for February dropped more than $1 on the New York market Jan 14 to settle just above $50.50/bbl while Brent crude for March dropped nearly $1.50 to settle just under $59/bbl in London. […]

  • Watching Government: Offshore oil, gas foes’ bills
    on January 14, 2019 at 10:25 pm

    US House Democrats wasted little time before seven of them introduced bills on Jan. 8 aimed at keeping oil and gas exploration from expanding off their coastal states’ shores. The federal measures came as state legislators in Connecticut, Georgia, Hawaii, Maine, Massachusetts, New Hampshire, New York, Oregon, and Rhode Island announced a coordinated effort to limit any new capabilities offshore their states. […]

  • IEA revises downward non-OPEC supply growth forecast
    on January 14, 2019 at 10:22 pm

    In its latest monthly oil market report, the International Energy Agency has revised its 2019 non-OPEC supply growth forecast down by 415,000 b/d to 1.5 million b/d, partly due to expected cuts from Russia and to lower growth in Canada. […]

  • Western Gas signs MOU for Equus gas project off Western Australia
    on January 14, 2019 at 10:16 pm

    Privately held Western Gas Corp. Pty. Ltd., Perth, has signed a memorandum of understanding with international service companies McDermott and Baker Hughes to be exclusive development partners for the Equus gas project offshore northwest Western Australia (OGJ Online, May 15, 2018). […]

  • BP approves expansion at Atlantis field in Gulf of Mexico
    on January 14, 2019 at 9:45 pm

    BP PLC approved a $1.3-billion expansion at Atlantis field in the Gulf of Mexico and said recent seismic imaging identified 1 billion bbl of additional oil in place at Thunder Horse field. Elsewhere in the gulf, two discoveries near Na Kika platform provide additional development opportunities. […]

  • Eni wins Sharjah blocks, expands elsewhere
    on January 14, 2019 at 8:42 pm

    Eni SPA has been awarded the three blocks offered in Sharjah’s first international competitive exploration licensing round while expanding further in the Middle East with deals in Oman and Bahrain. Eni will operate 437-sq-km Concession Area A and 1,184-sq-km Concession Area C with 75% participating interests. Sharjah National Oil Corp. will hold the remaining interests. In 264-sq-km Area B, SNOC will be operator with a 50% interest, and Eni will hold the remainder. […]

  • LLOG Exploration reports deepwater gulf discovery
    on January 14, 2019 at 8:16 pm

    LLOG Exploration Co. LLC, Covington, La., reported the drilling of a successful discovery on its Nearly Headless Nick exploratory prospect on Mississippi Canyon Block 387 in the deepwater Gulf of Mexico. […]

  • ADNOC awards two offshore exploration blocks to Eni, PTTEP consortium
    on January 14, 2019 at 7:40 pm

    Abu Dhabi National Oil Co. has awarded two offshore blocks to a consortium led by Eni and PTT Exploration & Production following a competitive bid round. The two blocks in the northwest of Abu Dhabi—Offshore 1 and Offshore 2—are the first to be awarded among the geographical areas that were offered for commercial bidding by ADNOC in April 2018 as part of Abu Dhabi’s first competitive open block licensing strategy. […]

  • MARKET WATCH: Crude oil benchmarks end week with price drop
    on January 14, 2019 at 5:03 pm

    The light, sweet crude oil price for February dropped $1/bbl on the New York market Jan 11 while Brent crude settled more than $1/bbl lower on London’s Intercontinental Exchange. Price declines by the benchmarks ended more than a week of consecutive price gains. […]

  • OGJ Newsletter
    on January 14, 2019 at 7:00 am

    International news for oil and gas professionals […]

  • Baker Hughes: Canada gains 108 rigs for the week
    on January 11, 2019 at 7:48 pm

    Canada has added 108 rigs for the week ended Jan. 11, according to Baker Hughes data. While the large jump puts the total number of rigs running at 184, the count is less than the 276 units drilling this week a year ago. […]

  • Saudi Arabia reports post-audit reserves of 268.5 billion bbl
    on January 11, 2019 at 7:41 pm

    Saudi Arabia reported that it now holds 268.5 billion bbl of proved crude oil reserves—a figure higher than the previously reported 266.3 billion bbl. Saudi Arabia’s Energy Ministry also revised upward the country’s natural gas reserves to 325.1 tscf as of yearend 2017. […]

  • Premier Oil updates drilling in Zama field off Mexico
    on January 11, 2019 at 6:34 pm

    Premier Oil says the first appraisal well in Zama field on Mexico’s offshore Block 7 encountered the main Zama reservoir. Separately in Mexico, Premier Oil plans a 3D seismic survey across offshore Block 30 starting in the second quarter. […]

  • Rystad Energy: Haynesville shale set to surpass 2011 gas output record
    on January 11, 2019 at 6:27 pm

    Natural gas production in Louisiana will soon reach record heights thanks to an outstanding resurgence of the Haynesville shale play. Rystad Energy research shows that the Haynesville shale alone was able to add 1.85 bcfd of gross gas production between fourth-quarter 2016 and fourth-quarter 2017. Another 1.3 bcfd was added last year. Production needs to increase by another 700 MMbcfd to reach new all-time highs. […]

  • MARKET WATCH: Crude oil benchmarks continue gaining on production cuts
    on January 11, 2019 at 5:12 pm

    The light, sweet crude oil price for February rose for a ninth consecutive day on Jan 10, settling above $52/bbl. That was a 4-week high on the New York futures market and the longest gain in 9 years, which analysts attributed to lessening concerns about oil oversupply amid weaker demand. […]

  • Mol Norge-operated well comes up dry in North Sea
    on January 10, 2019 at 7:48 pm

    Mol Norge has plugged exploration well 2/6-6S, which was targeting the Oppdal-Driva prospect in production license 860 in the North Sea. Both targets were dry. […]

  • Jadestone ready to restart Montara field oil production
    on January 10, 2019 at 6:50 pm

    Singapore-based Jadestone Energy Inc. has completed work required for the restart of production from Montara oil field in the Timor Sea following an extensive maintenance and inspection shutdown. The facilities are now undergoing the final stages of pressure testing to ensure asset integrity and a safe resumption of production. […]

  • ConocoPhillips lets rig contract to Rowan
    on January 10, 2019 at 6:14 pm

    ConocoPhillips Skandinavia AS has let a contract to Rowan Cos. for the Rowan Norway jack up rig. The contract, subject to partner approval, is expected to begin in this year’s second quarter with an estimated duration of 7 months. […]

  • MARKET WATCH: Oil prices rise on reassuring comments from Saudi Arabia
    on January 10, 2019 at 5:53 pm

    The light, sweet crude oil price for February broke through the $50/bbl mark on Jan. 9, settling above $52/bbl on the New York market while the Brent crude oil price for March moved above $61/bbl. This eighth straight day of increases is attributed, in part, to comments about crude output reduction made by Saudi Energy Minister Khalid al-Falih. […]

  • EIA STEO revises Brent, WTI oil price forecasts downward for 2019
    on January 9, 2019 at 8:10 pm

    In its latest Short-Term Energy Outlook (STEO), the US Energy Information Administration has revised its 2019 price forecasts for Brent and West Texas Intermediate to $61/bbl and $54/bbl, respectively, which are both $11/bbl lower than forecast in the STEO for November. […]

  • Doriemus farms in to onshore Canning play
    on January 9, 2019 at 7:34 pm

    Doriemus PLC, London, has signed a binding letter of intent with Rey Resources Ltd., Sydney, to farm in to onshore Canning basin permit EP 487 in northwest Western Australia as well as a separate farmin to nearby Kora West oil field in production license L-15. […]

  • South Carolina AG joins suit to stop seismic tests offshore state
    on January 9, 2019 at 6:56 pm

    South Carolina Atty. Gen. Alan M. Wilson moved in federal court on Jan. 7 to have the state join 16 cities and towns’ lawsuit to stop oil and gas seismic surveys in the state’s offshore areas. This lawsuit is separate from one by environmental groups and other organizations in which Maryland Atty. Gen. Brian E. Frosh and eight other Mid-Atlantic states’ AGs intervened nearly 2 weeks earlier. […]

  • Baker Hughes: International rig count rises 34 units in December
    on January 9, 2019 at 6:02 pm

    The international rig count for December reached 1,025, up 34 units from the 991 rigs counted in November and up 71 units from the 954 rigs counted in December 2017, according to Baker Hughes data. The international offshore rig count for December was 234, up 28 units from the 206 counted in November, and up 43 from the 191 counted in December 2017. […]

  • BP lets contract for Atlantis Phase 3 in Gulf of Mexico
    on January 9, 2019 at 5:53 pm

    BP PLC has let a contract to TechnipFMC to provide integrated engineering, procurement, construction, and installation services for the Atlantis Phase 3 project in the Gulf of Mexico. BP recently approved a $1.3-billion expansion at the field. BP operates Atlantis and holds 56% interest while BHP holds 44% interest. BHP has yet to commit to a final investment decision. […]

  • API’s new president cites progress, outlines challenges for 2019
    on January 8, 2019 at 11:14 pm

    Responsible operations and steadily improving technology have combined to make the US the world’s leading oil and gas producer, said American Petroleum Institute Pres. Mike Sommers in his first major public address on Jan. 8. But carefully conceived policies and improved permitting processes will be necessary to keep the progress going, he told more than 400 attendees at API’s 2019 State of American Energy event. […]

  • Oil market to be relatively balanced amid heightened complexity in 2019
    on January 8, 2019 at 10:44 pm

    Following a sharp decline in oil prices and the Organization for Economic Cooperation and Development stocks returning above their 5-year average, the Organization of Petroleum Exporting Countries and 10 non-OPEC producers agreed to cut production by 1.2 million b/d relative to October 2018 levels for 6 months beginning on Jan. 1. […]

  • BP approves expansion at Atlantis field in Gulf of Mexico
    on January 8, 2019 at 6:28 pm

    BP PLC approved a $1.3-billion expansion at Atlantis field in the Gulf of Mexico and said recent seismic imaging identified 1 billion bbl of additional oil in place at Thunder Horse field. Elsewhere in the gulf, two discoveries near Na Kika platform provide additional development opportunities. […]

  • MARKET WATCH: Higher oil prices attributed to production-cut compliance
    on January 8, 2019 at 5:10 pm

    The light, sweet crude oil price for February rose above $48/bbl on the New York market Jan. 7 while Brent crude oil price for March settled above $57/bbl, which analysts attributed to production-cut plans by the Organization of Petroleum Exporting Countries and others. OPEC officials told the Wall Street Journal that Saudi Arabia plans to cut crude exports to about 7.1 million b/d by Jan. 31 in efforts to support Brent oil prices of $80/bbl or higher. […]

  • New market variables
    on January 7, 2019 at 10:02 pm

    Upheaval in the Middle East confounds forecasts of energy markets, such as Oil & Gas Journal’s annual Forecast & Review (p. 18). The political nature of that upheaval is well-documented and important. Less reported but no less important is its economic dimension. […]

  • Watching energy in 2019
    on January 7, 2019 at 9:59 pm

    What should industry expect to happen this year relating to oil and gas? That is a million-dollar question if ever there was one. It’s also a question that analysts and think tanks alike ponder about this time every year. […]

  • ExxonMobil drills first of two wildcat wells off Guyana
    on January 7, 2019 at 8:03 pm

    ExxonMobil Corp. reported the start of drilling of the Haimara-1 exploration well offshore Guyana—the first of two planned wells in January. The Stena Carron drillship is drilling the well, which is 19 miles east of the Pluma-1 discovery in the southeast Stabroek block. […]

  • API state councils are bridges between local issues, national advocacy
    on January 7, 2019 at 7:53 pm

    Colorado Petroleum Council (CPC) Executive Director Tracee Bentley did not consider it an oil and gas industry victory on Nov. 6, 2018, when voters across the state resoundingly rejected Proposition 112. The initiative would have established production setback requirements so stringent that new exploration and production in the state effectively would have been stifled. […]

  • Prelude floating LNG project comes on stream
    on January 7, 2019 at 7:32 pm

    Shell Australia’s Prelude floating LNG (FLNG) project in the Browse basin off northwest Western Australia has started production. The company reported it had opened the subsea wells in the field to enter the project’s start-up and ramp-up phases, the initial stages during which gas and condensate is produced and moved through the giant facility. […]

  • Eni agrees to acquire 70% Oooguruk stake
    on January 7, 2019 at 5:41 pm

    Eni SPA says its prospective acquisition of a 70% interest in Oooguruk oil field in the Beaufort Sea offshore Alaska will complement work at nearby Nikaitchuq oil field. It has agreed to acquire the interest from Caelus Natural Resources Alaska LLC and become operator. It now holds 30%. […]

  • India offering 14 blocks in OALP-2
    on January 7, 2019 at 5:10 pm

    Oil and gas operators may submit bids until Mar. 12 for 14 blocks in India offered under the government’s second round in its Open Acreage Licensing Program (OALP). The Ministry of Petroleum and Natural Gas opened OALP-2 bidding on Jan. 7. […]

  • MARKET WATCH: NYMEX ends week at nearly $48/bbl
    on January 7, 2019 at 5:03 pm

    Crude oil prices ended the week higher overall on New York and London markets Jan. 4, with light, sweet crude oil and Brent reporting their first weekly gain in a month. On a daily basis, crude oil price futures had gained for five consecutive days as of the Jan. 4 closing. […]

  • Total issues assay for Brazilian Lapa
    on January 7, 2019 at 7:40 am

    Lapa assay from Total Oil Trading SA’s website. […]

  • Baker Hughes: US rig count falls 8 units to 1,075
    on January 4, 2019 at 7:32 pm

    The US rig count fell 8 units during the week ended Jan. 4 to reach 1,075 units working, according to Baker Hughes data. This count was up 151 units from the 924 units working in the US this week a year ago. US rigs drilling on land fell 6 units to 1,050 vs. last week. Offshore rigs dropped 2 units to 22, and there also were 22 rigs drilling in the Gulf of Mexico, also down 2 units. […]

  • DNO hands over operatorship of Oman Block 8
    on January 3, 2019 at 6:31 pm

    DNO ASA subsidiary DNO Oman Block 8 Ltd. has relinquished operatorship and participation in Oman Block 8 to the Oman’s Ministry of Oil and Gas and state-owned Oman Oil Co. Exploration & Production LLC (OOCEP). […]

  • MARKET WATCH: Crude oil benchmarks jump more than $1/bbl
    on January 3, 2019 at 6:21 pm

    Light, sweet crude oil climbed more than $1 on the New York market on Jan. 2 to settle above $45.50/bbl for February while Brent crude for March also gained more than $1 to approach a settlement of nearly $55/bbl in London. […]

  • Total starts production from giant Egina field off Nigeria
    on January 2, 2019 at 8:05 pm

    Total SA and its partners have started production from Egina oil field, which lies in 1,600 m of water 150 km offshore Nigeria. The field, at plateau, will produce 200,000 b/d of oil, which represents about 10% of Nigeria’s production. […]

  • MARKET WATCH: NYMEX crude gains slightly on final trading day of 2018
    on January 2, 2019 at 5:30 pm

    Benchmark crude oil prices ended a volatile holiday trading period by settling modestly higher on the final trading day of 2018. Previously, both equities and oil prices have whipsawed with steep losses on some days and gains on other days. […]

  • Baker Hughes: Canada rig count drops 61 units
    on December 28, 2018 at 7:35 pm

    Following a 43-drilling rig loss last week, Canada has fallen more than 100 rigs in 2 weeks with a 61-unit loss for the week ended Dec. 28, according to Baker Hughes data. With 70 rigs running, the count is below the 136 units drilling this week a year ago. […]

  • EIA: US crude, NGL production broke records in November
    on December 28, 2018 at 7:26 pm

    US crude oil and natural gas liquids production broke records in November and the first 11 months of this year, the US Energy Information Administration reported. November’s total US crude production averaged nearly 11.7 million b/d, 15.7% higher than a year earlier, as NGL production for the month climbed 11.2% to an average of almost 4.6 million b/d during the same period, EIA said. […]

  • Novatek starts crude oil production at Yaro-Yakhinskoye
    on December 27, 2018 at 6:58 pm

    PAO Novatek started commercial crude oil production from Yaro-Yakhinskoye field in the Purovsky district of Russia’s Yamalo-Nenets Autonomous Region. Oil production capacity of the field, which was developed by Arcticgas, a joint venture of Novatek and Gazprom Neft, is estimated at 1.2 million tons/year. […]

  • MARKET WATCH: NYMEX, Brent oil prices rise after pre-holiday slide
    on December 27, 2018 at 5:18 pm

    Crude oil prices rebounded on the New York and London markets on Dec. 26 after having fallen drastically before the Christmas holiday. But oil prices fell again in early trading Dec. 27. Both crude oil benchmarks appear to be headed for losses of about 20% in 2018. […]

  • ExxonMobil: Guyana drilling, development work continues
    on December 26, 2018 at 10:26 pm

    Drilling and development offshore Guyana were unaffected by an incident involving seismic acquisition vessels on Dec. 22, ExxonMobil Corp. said Dec. 26. Two vessels operated by Petroleum Geo-Services ceased conducting 3D seismic data acquisition in the northwest portion of the Stabroek block offshore Guyana when approached by the Venezuela navy claiming a border breach. […]

  • MARKET WATCH: NYMEX crude oil prices drop to lowest since June 2017
    on December 26, 2018 at 5:00 pm

    The light, sweet oil price for February fell more than $3 in a shortened trading session on the New York market Dec. 24. Crude settled at $42.53/bbl—the front-month’s lowest closing since June 21, 2017. Analysts blamed the plunge on volatile US stock markets and ample oil production. US crude oil future prices have dropped some 40% since reaching 5-year highs in early October. […]

  • Kosmos, partners reach Tortue offshore gas field FID
    on December 22, 2018 at 12:25 am

    Kosmos Energy and its partners have made a final investment decision to proceed with Phase 1 of the Greater Tortue Ahmeyim natural gas project offshore Mauritania and Senegal.&nbs […]

  • APICORP: Iraqi output goals move ‘within reach’
    on December 20, 2018 at 9:00 pm

    Formation of a government in October raises prospects for continued growth of oil production in Iraq. […]

  • Norwegian Sea exploration well comes up dry for Lundin
    on December 20, 2018 at 5:56 pm

    Lundin Petroleum AB subsidiary Lundin Norway AS will plug and abandon Silfari exploration well 6307/1-1S in PL830 in the Norwegian Sea. The well was dry. […]

  • CGX Energy lets contract for rig offshore Guyana
    on December 18, 2018 at 9:22 pm

    CGX Resources Inc., a subsidiary of CGX Energy Inc., has let a single-well contract to Rowan Cos. for the Rowan Ralph Coffman jack up rig in the Corentyne block offshore Guyana. […]

  • UT: Technically recoverable natural gas from future US shale wells on rise
    on December 17, 2018 at 10:14 pm

    A new analysis of the nation’s major shale gas plays shows 20% more natural gas can be technically recovered from future wells compared with an estimate made 5 years ago. Researchers primarily attributed the increase to new drilling practices. […]

  • Equinor starts up Aasta Hansteen production
    on December 17, 2018 at 9:35 pm

    Equinor reported first production from the deepwater Aasta Hansteen natural gas and condensate field in the northern part of the Norwegian Sea.&nbs […]

  • Elixir completes acquisition of Gold Horde to set up Mongolian program
    on December 17, 2018 at 6:18 pm

    Elixir Petroleum Ltd., Perth, completed its acquisition of Golden Horde Ltd. for 79 million Elixir shares to set in motion an exploration program in southern Mongolia. […]

  • Senex’s Gemba-1 success points to new Cooper basin play
    on December 17, 2018 at 6:07 pm

    Senex Energy Ltd., Brisbane, has completed a test at its Gemba-1 wildcat in 100%-owned Cooper basin permit PEL 516 with a stabilized flow rate of 8 MMcfd and raised the potential of a new play in the Permian-age Dullingari group sediments. […]

  • Needed oil-output limits defy Trump’s misguided harangues
    on December 17, 2018 at 6:07 pm

    Parties to the Dec. 7 agreement limiting oil production had to take seriously messages coming from the US—but not tweets from the White House. […]

  • Cairn Energy group begins FEED at SNE field off Senegal
    on December 17, 2018 at 5:57 pm

    The Cairn Energy-led group offshore Senegal has begun front-end engineering and design (FEED) work for the first phase of the proposed development of the SNE oil field. […]

  • ConocoPhillips sets $6.1-billion capex budget for 2019
    on December 17, 2018 at 5:55 pm

    ConocoPhillips has set a capital expenditure budget for 2019 of $6.1 billion, which is flat to its expected full-year 2018 capex, excluding acquisition costs. The 2019 budget does not reflect potential dispositions that may occur in 2019. […]

  • USGS identifies largest continuous oil, gas resource potential ever assessed
    on December 17, 2018 at 5:49 pm

    The global oil market tightened slightly in the week ending Nov. 23, according to the Oil Adequacy Index, a new measure of oil-market supply created by the Economist Intelligence Unit (EIU) and CargoMetrics. […]

  • Use technology to address climate change, Oxy exec advises
    on December 14, 2018 at 9:51 pm

    More oil and gas producers should be ready to use technology to address climate change instead of denying the problem exists, Occidental Petroleum Corp. Pres. and Chief Executive Officer Vicki A. Hollub recommended on Dec. 14. “We’ve been doing enhanced oil recovery for decades. When carbon dioxide is used to produce oil, the net emissions are 20% less than oil produced without EOR,” she said during an appearance at the Bipartisan Policy Center in Washington, DC. […]

  • Baker Hughes: Canada sees another double-digit drop in rigs
    on December 14, 2018 at 7:37 pm

    Close on the heels of a 13-rig drop a week ago, Canada lost 12 rigs for the week ended Dec. 14, according to Baker Hughes data. With 174 rigs running, the count is below the 238 units drilling this week a year ago. The number of oil-directed rigs in Canada fell by 7, bringing the count to 95 rigs for the week. Gas-directed rigs were down 5 to 79 units. […]

  • Western Gas signs MOU for Equus gas project off Western Australia
    on December 14, 2018 at 6:40 pm

    Privately held Western Gas Corp. Pty. Ltd., Perth, has signed a memorandum of understanding with international service companies McDermott and Baker Hughes to be exclusive development partners for the Equus gas project offshore northwest Western Australia. […]

  • Two blocks offered off Sable Island, NS
    on December 14, 2018 at 6:20 pm

    Two blocks nominated by the oil and gas industry are on offer off Sable Island in the northern Atlantic. The Canada-Nova Scotia Offshore Petroleum Board will accept bids through May 8, 2019, for exploration licenses covering 75,788-hectare Parcel 1 and 73,004-hectare Parcel 2, both in less than 100 m of water on the Scotian Shelf. […]

  • PTTEP wins Bongkot, Erawan concessions
    on December 14, 2018 at 6:09 pm

    PTT Exploration & Production will remain operator of Bongkot natural gas field in the Gulf of Thailand and replace a Chevron Corp. subsidiary as operator of Erawan gas field in 2022. The state-owned company won bidding for new concessions covering both fields. The current Bongkot license will expire in 2023, and the Erawan license will expire in 2022. […]

  • MARKET WATCH: Crude oil benchmark make gains on deficit concerns
    on December 14, 2018 at 5:13 pm

    Crude oil benchmark prices settled more than $1 higher Dec. 13 as signs point to an emerging global oil market deficit. News of a drop in US crude stocks was reported Dec. 12. The weekly Petroleum Status Report showed US oil production dropped 100,000 b/d to 11.6 million b/d for the week ended Dec. 7. […]

  • ExxonMobil makes FID to develop West Barracouta gas project
    on December 13, 2018 at 7:55 pm

    ExxonMobil Corp. plans to produce natural gas for the Australian market by 2021 following a final investment decision to develop West Barracouta gas field in Bass Strait. The project, on the VIC/L1 Block offshore Victoria, is part of the Esso-BHP Gippsland basin joint venture. […]

  • IEA revises downward non-OPEC supply growth forecast for 2019
    on December 13, 2018 at 7:48 pm

    In its latest monthly oil market report, the International Energy Agency has revised its 2019 non-OPEC supply growth forecast down by 415,000 b/d to 1.5 million b/d, partly due to expected cuts from Russia agreed last week, and to lower growth in Canada. “By agreeing a cut of 1.2 million b/d, and additional output curbs in Canada, producers may go some way towards restoring balance to the world market,” IEA said. […]

  • CruzSur seeks test of old well in Colombia
    on December 13, 2018 at 7:34 pm

    A subsidiary of CruzSur Energy Corp., Vancouver, BC, wants to test an old well near a recent technical discovery on the Maria Conchita block in the Department of La Guajira, Colombia. The subsidiary, MKMS Enerji Sucursal Colombia, is seeking modification to an environmental license that would allow it to test the Aruchara-1 well drilled by Texaco in 1980. MKMS operates the 60,076-acre block. […]

  • Oil flow increases at Iraq’s Halfaya field
    on December 13, 2018 at 5:38 pm

    Oil production at Halfaya field in southern Iran increased to 370,000 b/d after start-up of a new processing facility, an official of Maysan province told Reuters. The field, operated by PetroChina, had been producing 270,000 b/d. […]

  • MARKET WATCH: NYMEX crude oil drops on OPEC unity concerns
    on December 13, 2018 at 5:32 pm

    Light, sweet crude oil for the January contract dropped modestly to approach $51/bbl, settling at $51.15/bbl on the New York market Dec. 12 on concerns about the Organization of Petroleum Exporting Countries’ ability to make the production cut that it announced last week. […]

  • EIA STEO revises Brent, WTI oil-price forecasts downward for 2019
    on December 12, 2018 at 10:34 pm

    In its latest Short-Term Energy Outlook (STEO), the US Energy Information Administration has revised its 2019 price forecasts for Brent and West Texas Intermediate to $61/bbl and $54/bbl, respectively, which are both $11/bbl lower than forecast in the STEO for November. […]

  • Cenovus to focus 2019 budget on Foster Creek, Christina Lake
    on December 12, 2018 at 7:54 pm

    Cenovus Energy expects to allocate the majority of its planned 2019 budget of $1.2-1.4 billion to sustain base production at its Foster Creek and Christina Lake oil sands operations. The company also plans to complete construction of the Christina Lake Phase G expansion. With an approved design gross capacity of 50,000 b/d, production startup from the expansion is expected in second-half 2019. […]

  • Total signs E&P contracts for blocks off Mauritania
    on December 12, 2018 at 7:47 pm

    Total and the Ministry of Petroleum, Energy, and Mines of Mauritania have signed an agreement awarding Total two exploration and production contracts for Blocks C15 and C31 deep offshore Mauritania, covering a 14,175-sq km area. Based on the contracts, Total will serve as operator of these two blocks with a 90% interest alongside SMHPM, which will hold the remaining 10%. […]

  • French Guyana: Total commits to exploration campaign
    on December 12, 2018 at 7:35 pm

    Total SA reported on plans to begin its exploration campaign on the Guyane Maritime license, 150 km off French Guyana. Total’s objective on the license is to drill one last exploration well, following the five formerly drilled during 2011-13 to conclude definitively whether an exploitation phase is relevant. […]

  • BOEM extends EIS comment period for proposed Beaufort Sea lease sale
    on December 12, 2018 at 7:04 pm

    The US Bureau of Ocean Energy Management has extended the public comment period for a proposed environmental impact statement (EIS) relating to a proposed 2019 Beaufort Sea oil and gas lease sale, the agency’s Anchorage office said on Dec. 11. […]

  • Marathon extends Bakken acreage with Ajax wells
    on December 12, 2018 at 6:07 pm

    Marathon Oil Corp. reported an average 30-day initial production of more than 2,400 boe/d (84% oil) from a four-well Middle Bakken pad in the Ajax area of the Williston basin in Dunn County, North Dakota. […]

  • Cuadrilla stops hydraulic fracturing in Bowland shale
    on December 12, 2018 at 5:46 pm

    Privately owned Cuadrilla Resources Ltd. again stopped hydraulic fracturing operations at its Preston New Road natural gas drilling site in Lancashire, northwest England, after minor tremors were detected Dec. 11. Fracturing in the Bowland shale has been halted three times since October. […]

  • DEA to focus on Zama discovery with Sierra acquisition
    on December 12, 2018 at 5:45 pm

    DEA Deutsche Erdoel AG (DEA), Hamburg, has agreed to acquire Sierra Oil & Gas, Mexico City, giving it access to a portfolio of six exploration and appraisal blocks in Mexico, including the Zama discovery. […]

  • OPEC’s November oil production averaged nearly 33 million b/d
    on December 12, 2018 at 5:30 pm

    The Organization of Petroleum Exporting Countries produced 32.97 million b/d on average for November, down 11,000 b/d from October, secondary sources to the cartel reported Dec. 12 in its Monthly Oil Market Report. Saudi Arabia’s production climbed by 377,000 b/d from October to November to reach 11.01 million b/d. […]

Comments Off on News Feed – Exploration & Development

Comments are closed.