News Feed – Exploration & Development

  • Fifth Eridu well in Iraq flows oil
    on March 26, 2019 at 7:41 pm

    Lukoil reported the fifth well in Eridu oil field on Block 10 in southern Iraq flowed more than 9,000 b/d of oil from Middle Cretaceous Mishrif pay. It plans further appraisal drilling and acquisition of 3D seismic data over the field and 2D seismic data over the southern and central parts of the 5,800-sq-km block, which is 150 km west of Basra. […]

  • PetroRio becomes operator of Frade field offshore Brazil
    on March 26, 2019 at 6:48 pm

    PetroRio is now operator of Frade field, a heavy oil and gas field in Brazil’s Northern Campos basin, following the close of its acquisition of Chevron Brasil Upstream Frade. With the deal, PetroRio adds Chevron’s 51.74% stake in the concession to its pending agreement to acquire 18.26% from Frade Japao Petroleo, a joint-venture formed by Inpex and Sojitz. […]

  • MARKET WATCH: NYMEX, Brent crude oil prices close mixed
    on March 26, 2019 at 4:18 pm

    Light, sweet crude oil for May delivery declined on the New York market to settle slightly above $58.80/bbl on Mar. 25 while Brent crude oil for May delivery gained slightly in London to settle just above $67.20/bbl. US Secretary of State Mike Pompeo said President Donald Trump’s administration will not “stand idly by” while Russia sends troops to Venezuela. Russia has about 100 soldiers in Venezuela, a member of OPEC. […]

  • Argentina planning gas pipelines, seeking upstream investors
    on March 25, 2019 at 6:50 pm

    Argentina plans to build natural gas pipelines and hopes to attract more oil and gas investment for the Vaca Muerta shale play in the Neuquen basin, according to Argentina Energy Minister Gustavo Lopetegui. […]

  • Oil supply cushion insures against Venezuela output loss
    on March 25, 2019 at 6:35 pm

    Until recently, Venezuela’s oil production had stabilized at about 1.2 million b/d. However, the country’s recent electricity crisis has paralyzed it for substantial periods of time. […]

  • MARKET WATCH: NYMEX crude oil holds above $59/bbl
    on March 25, 2019 at 4:26 pm

    Light, sweet crude oil for May delivery declined slightly but settled above $59/bbl on Mar. 22 on the New York market. Analysts said tumbling US and European stock markets added to world economic concerns. This dragged down oil prices on fears about reduced world oil demand. Despite ending lower for the Mar. 22 trading session, US futures for light, sweet crude still rose for a third consecutive week for the week ended Mar. 22. […]

  • Indian combine to explore Abu Dhabi block
    on March 25, 2019 at 3:14 pm

    A combine of state-owned Bharat Petroleum Corp. and Indian Oil Corp. will invest as much as $170 million to explore and appraise conventional resources of onshore Block 1 in Abu Dhabi. Abu Dhabi National Oil Co. awarded exploration rights to the combine to close its first competitive bid round. […]

  • Eni lets contract for Merakes development
    on March 25, 2019 at 3:03 pm

    Eni SPA has let an engineering, procurement, construction, transportation, and installation contract to TechnipFMC for development of deepwater Merakes natural gas field offshore Indonesia. The contract covers five wells in 1,500 m of water with 50-km tiebacks to the Jangkrik floating production unit in the Makassar Strait off East Kalimantan. […]

  • Baker Hughes: Canada drops 56 rigs for the week
    on March 22, 2019 at 6:35 pm

    Canada has dropped 56 rigs for the week ended Mar. 22, according to Baker Hughes data. With 105 rigs running, the count is less than the 161 units drilling this week a year ago. The number of oil-directed rigs in Canada fell by 49, bringing the count to 49 rigs for the week. Gas-directed rigs were down 7 to 56 units. […]

  • PTTEP outlines Malaysian plans after acquisition, block wins
    on March 22, 2019 at 5:02 pm

    PTT Exploration & Production PCL (PTTEP) has won two exploration blocks in Malaysia while acquiring Murphy Oil Corp.’s properties in the country. PTTEP together with Petronas Carigali Sdn. Bhd. signed production-sharing contracts with Petronas for exploration and production rights of two offshore blocks, PM407 and PM415, in shallow waters off Peninsular Malaysia under the Malaysia 2018 bidding round. […]

  • MARKET WATCH: NYMEX crude oil dips below $60/bbl
    on March 22, 2019 at 4:33 pm

    Light, sweet crude oil for May delivery dipped to settle just below $60/bbl on Mar. 21, while Brent prices for May settled under $68/bbl. Production cuts by the Organization of Petroleum Exporting Countries and US sanctions against Iran and Venezuela are contributing to a tightening of supply, buoying prices near 2019 highs. […]

  • Equinor: Johan Sverdrup lift sets record
    on March 22, 2019 at 4:22 pm

    Equinor reported “the heaviest lift ever performed offshore” at Johan Sverdrup oil field under development in the Norwegian North Sea. The company also let a construction installation contract for the second development phase to TechnipFMC. […]

  • Eni plans third development well for Blacktip gas field
    on March 21, 2019 at 9:40 pm

    Eni Australia has submitted environmental plans for a third production well on its wholly owned Blacktip gas and condensate field in the shallow waters of the southern Bonaparte Gulf offshore Northern Territory. The plans were submitted to the National Offshore Petroleum Safety and Environmental Management Authority. […]

  • Federal judge remands BLM Wyoming leases, orders climate studies
    on March 21, 2019 at 8:21 pm

    A federal judge ruled that the US Bureau of Land Management did not adequately consider potential climate impacts when it issued oil and gas leases in Wyoming in 2015 and 2016, remanded the leases to the US Department of the Interior agency, and ordered it to conduct further studies. […]

  • Gazprom starts Kharasaveyskoye development
    on March 21, 2019 at 8:04 pm

    Gazprom has begun full-scale development of Kharasaveyskoye gas and condensate field on Russia’s Yamal Peninsula. It said production will start in 2023 at 32 billion cu m/year from Cenomanian-Aptian deposits. Later production will come from deeper Necomian-Jurassic strata. […]

  • MARKET WATCH: NYMEX crude oil moves above $60/bbl
    on March 21, 2019 at 4:26 pm

    Light, sweet crude oil for May delivery increased just shy of $1 to settle above $60/bbl on Mar. 20. Government data Mar. 20 indicated a tightening of US oil supplies, pushing the price past the $60/bbl mark for the first time since Nov. 9, 2018. Analysts expected a small drawdown in supplies, but the US Energy Information Administration’s weekly oil and products inventory report showed crude oil inventories for the prior week decreased 9.6 million bbl. […]

  • Region-wide gulf lease sale yields $244.3 million in high bids
    on March 20, 2019 at 7:01 pm

    The latest region-wide Gulf of Mexico lease sale, held Mar. 20 in New Orleans by the US Bureau of Ocean Energy Management, generated $244.3 million in apparent high bids for 227 tracts. There were a total of 14,699 tracts offered in the gulf’s federal waters. […]

  • Oil & Gas UK estimates $265 billion of UKCS E&P investment needed by 2035
    on March 20, 2019 at 6:45 pm

    Oil & Gas UK estimates exploration and production companies would have to spend about $265 billion between 2019-35 to realize industry’s expectations outlined in Vision 2035 on the UK Continental Shelf. Vision 2035 is a framework for the UKCS led by Oil & Gas UK and the Oil & Gas Authority. […]

  • ESAI: Project delays to sink oil sands output in 2019
    on March 20, 2019 at 5:53 pm

    Canadian oil sands production in 2019 will be almost 230,000 b/d lower than last year, according to ESAI Energy’s recently published North America Watch. Planned Canadian oil sands projects are being pushed back in response to further delays in pipeline egress and the mandated output cuts by the Alberta provincial government. […]

  • PTTEP starts developing fields in Algeria
    on March 20, 2019 at 4:57 pm

    PTT Exploration & Production plans to drill 14 wells in the initial development of its Hassi Bir Rekaiz cluster of oil fields in eastern Algeria. The company said it has begun development after receiving development approval last year for a 25-year production period. […]

  • Eni evaluating gas discovery off Egypt
    on March 20, 2019 at 4:09 pm

    Eni SPA is evaluating a natural gas discovery in the Nour North Sinai Concession offshore Egypt. The Nour-1 New Field Wildcat cut 33 m of gross sandstone pay with a 90-m gas column in the Oligocene Tineh formation. […]

  • CERAWeek: Technology expected to counter productivity declines of low-permeability formations
    on March 20, 2019 at 4:28 am

    Shale and other low-permeability formations have reversed a 40-year decline in North American oil and gas production and survived a severe price downturn. However, play maturation and exhaustion have led to productivity declines. Technology will determine how the shale revolution progresses, panelists said at CERAWeek by IHS Markit Mar. 12 in Houston. […]

  • Aker BP makes North Sea oil, gas discovery
    on March 19, 2019 at 7:00 pm

    Aker BP confirmed an oil and gas discovery with a gross resource estimate of 60-130 million boe from the Froskelar Main exploration well in license 869 in the North Sea’s Alvheim area. The nearby 24/9-3 (Gamma) oil discovery can be viewed as being part of this discovery, and part of the discovery may extend over to the UK sector. […]

  • Spirit starts production from Oda field in North Sea
    on March 19, 2019 at 6:45 pm

    Spirit Energy Ltd. and its partners started oil production from Oda field, which lies in 65 m of water 13 km east of Ula in production license 405 in the North Sea, on Mar. 16, about 5 months ahead of schedule. […]

  • Siccar Point spuds Blackrock well off UK
    on March 19, 2019 at 6:30 pm

    Siccar Point Energy has spudded an exploratory well on its Blackrock prospect 140 km northwest of the Shetland Islands between undeveloped Cambo and Rosebank oil fields. Main reservoir targets are Tertiary Colsay and Upper Jurassic sands on the Corona Ridge intrabasinal high shared by Cambo and Rosebank. Siccar Point describes the structural feature as surrounded by deep basins with source rocks still generating oil. […]

  • Rystad: Oil service market to remain depressed until 2025
    on March 19, 2019 at 5:34 pm

    It won’t be until 2025—11 years after the last peak—that global service market revenues again will make it back to the $920-billion mark seen in 2014, according to a recent report from Rystad Energy. “This will be the longest slump faced by the oil field services industry since the 1980s, with about $2.3 trillion in revenues lost along the way,” said Audun Martinsen, Rystad Energy’s head of oil field service research. […]

  • Imperial’s Aspen oil sands project delayed by year or longer
    on March 19, 2019 at 5:17 pm

    Imperial Oil Ltd. said its recent decision to slow development of its Aspen in situ oil sands project will delay the project’s expected production start by at least a year given the limited winter drilling and site preparation season. The decision to slow activity was made given market uncertainty stemming from Alberta government intervention and other industry competitiveness challenges. […]

  • Neptune lets drilling contract for Norwegian North Sea wells
    on March 19, 2019 at 5:04 pm

    Neptune Energy Norge AS has let a drilling contract to CIMC Offshore AS to drill six wells in the Norwegian North Sea using the newbuild Beacon Atlantic semisubmersible rig, which will be managed by Odfjell Drilling AS. […]

  • MARKET WATCH: NYMEX crude oil settles above $59/bbl
    on March 19, 2019 at 4:09 pm

    Light, sweet crude oil for April delivery settled above $59/bbl, setting a 4-month record high Mar. 18 after the Organization of Petroleum Exporting Countries and other major producers discussed continuing current oil-production cuts through June. […]

  • Rystad Energy: US to export more oil, liquids than Saudis by yearend
    on March 19, 2019 at 4:33 am

    The US will soon export more oil and liquids than Saudi Arabia, driven by the continued rise in oil production from US shale plays and the increased oil export capacity from the Gulf Coast, according to Rystad Energy. […]

  • EIA: Oil prices up on lower OPEC, US production
    on March 19, 2019 at 4:31 am

    Brent crude oil spot prices averaged $64/bbl in February, up $5/bbl from January and about $1/bbl lower than the same time last year. […]

  • Russian-Uzbek EOR JV named Andijanpetro
    on March 18, 2019 at 6:56 pm

    Andijanpetro LLC is the name of the joint venture formed by Zarubezhneft and Uzbekneftegaz to enhance recovery at three old oil fields in the Ferghana Valley of Uzbekistan. […]

  • Ukraine announces second, third licensing rounds
    on March 18, 2019 at 6:18 pm

    Ukraine outlined terms for its second and third licensing rounds. Bidding will be done using an online auction for areas covering more than 2,260 sq km. Licensing rounds are being offered in stages. […]

  • Iran commissions four South Pars phases
    on March 18, 2019 at 6:14 pm

    Iran has commissioned four more phases of offshore South Pars natural gas field. Phases 13 and 22-24 have production capacities of 56 million cu m/day, 75,000 b/d of condensate, and 400 tonnes/day of sulfur each. […]

  • Inpex awarded onshore Block 4 in Abu Dhabi
    on March 18, 2019 at 5:02 pm

    Inpex Corp. has received exploration rights to 6,116-sq km Block 4 in Abu Dhabi from Abu Dhabi National Oil Corp. With a 100% interest in the exploration phase, Inpex will invest as much as $176 million, including a participation fee, to explore the area between Abu Dhabi city and the boundary with Dubai and to assess two undeveloped discoveries, Ramhan and Hudairiat. […]

  • Cooper Energy completes offshore phase of Sole field development
    on March 18, 2019 at 4:21 pm

    Cooper Energy Ltd., Adelaide, has completed the offshore construction phase of its wholly owned Sole gas field development in Bass Strait. The company said installation and testing of the 67-km control umbilical connecting the field’s two subsea production wells to the onshore processing plant near Orbost on the east Gippsland coast was finalized last week. […]

  • MARKET WATCH: Brent holds above $67/bbl despite world economic concerns
    on March 18, 2019 at 3:42 pm

    Light, sweet crude oil for April dropped modestly on the New York market Mar. 15 but still settled just above $58.50/bbl on Mar. 15 while Brent crude oil for May also dropped modestly in London but again settled above $67/bbl. […]

  • Watching Government: AFL-CIO on Green New Deal
    on March 18, 2019 at 2:33 pm

    The nation’s largest organized labor entity apparently has some serious concerns about the proposal to address global climate change circulating in the 116th Congress, commonly known as the Green New Deal. […]

  • Colorado oil, gas groups express concerns about bill
    on March 18, 2019 at 2:30 pm

    Two oil and gas groups jointly expressed concern that a Colorado Senate bill was moving ahead before getting the necessary public input. SB 19-181 was scheduled for consideration by a Senate committee a day after Senate Majority Leader Stephen Fenburg (D-Denver) introduced it on Mar. 1, the Colorado Oil & Gas Association and Colorado Petroleum Council’s leaders noted. […]

  • BLM issues modified greater sage grouse habitat management plans
    on March 15, 2019 at 9:55 pm

    The US Bureau of Land Management issued records of decision amending greater sage grouse habitat management plans covering nearly 60 million acres of sagebrush steppe in seven Western states, several of which have oil and gas activity. “We’re pleased that the final plans are out now and moving forward into implementation,” Western Energy Alliance Pres. Kathleen Sgamma said in Denver following BLM’s Mar. 15 announcement. […]

  • Baker Hughes: US rig count edges down single unit to 1,026
    on March 15, 2019 at 6:43 pm

    The US drilling rig count is down 1 unit to 1,026 rigs working for the week ended Mar. 15, according to Baker Hughes data. The count is up 36 units from the 990 rigs working this time a year ago. With a 3-unit loss over last week, there are 1,001 rigs drilling on land. The number of rigs drilling offshore remains unchanged at 22 units. Those rigs drilling in inland waters added 2 units to reach 3. […]

  • IEA: Oil supply cushion insures against Venezuela production loss
    on March 15, 2019 at 6:23 pm

    Until recently, Venezuela’s oil production had stabilized at about 1.2 million b/d. However, the country’s recent electricity crisis has paralyzed it for substantial periods of time. In its Oil Market Report for March, the International Energy Agency warned that, as Venezuela’s industry operations were seriously disrupted by the crisis, ongoing losses could present a challenge to the oil market. […]

  • Oil-producing communities should prepare for transition, forum told
    on March 15, 2019 at 5:42 pm

    Communities that have depended economically on coal are facing impacts now that communities that similarly rely on oil and gas will face in the future, speakers suggested at a Columbia University School of International and Public Affairs event. Such communities should consider partnerships with producers to help retrain employees and others who want to stay, they said during the Mar. 14 discussion at Resources for the Future about public policy reactions to oil-producing regions’ economic volatility. […]

  • Chevron Australia lets contract for Jansz-Io compression project
    on March 14, 2019 at 7:35 pm

    Chevron Australia has let a master contract to Aker Solutions for a subsea compression system for the company’s Jansz-Io field offshore Western Australia. The first stage of the contract is the front-end engineering and design of a subsea compression station that will boost gas recovery at the field, which is part of the overall Gorgon region development that supplies gas to the 15.6 million-tonne/year LNG and domestic gas plants on Barrow Island. […]

  • Argentina planning gas pipelines, seeking upstream investors
    on March 14, 2019 at 6:26 pm

    Argentina plans to build natural gas pipelines and hopes to attract more oil and gas investment for the Vaca Muerta shale play in the Neuquen basin, according to Argentina Energy Minister Gustavo Lopetegui. Analysts estimate Vaca Muerta needs investments of $5-10 billion/year to boost production compared with current investments of about $4.3 billion/year. […]

  • MARKET WATCH: NYMEX crude oil price reaches 4-month high
    on March 14, 2019 at 5:58 pm

    Light, sweet crude oil prices settled above $58/bbl on Mar. 13 after the US Energy Information Administration reported crude oil supplies fell by 3.9 million bbl to 449.1 million bbl for the week ended Mar. 8. The drop was unexpected. Analysts surveyed by the Wall Street Journal in advance of the EIA weekly inventory report had expected crude supplies would have risen by 1.9 million bbl for the week. […]

  • Qatar Petroleum due interest off Morocco
    on March 13, 2019 at 7:32 pm

    Qatar Petroleum has agreed to acquire a 30% participating interest from Eni in the Tarfaya Shallow Exploration Permit along Morocco’s Atlantic coast. […]

  • Eni reports oil discovery off Angola
    on March 13, 2019 at 7:09 pm

    Eni says an oil discovery on Block 15/06 offshore Angola opens a new play concept. […]

  • Gran Tierra Energy obtains three Ecuador blocks
    on March 13, 2019 at 6:40 pm

    Gran Tierra Energy Inc., Calgary, announced it obtained three blocks in Ecuador’s Orientie basin, marking the firm’s entry into Ecuador, pending regulatory approvals and finalization of participation contracts. […]

  • Wellesley hits dry well north of Vilje field in North Sea
    on March 13, 2019 at 4:06 pm

    Wellesley Petroleum AS has plugged exploration well 25/1-13 in PL871, 20 km north of Vilje field in the North Sea. The well encountered only traces of gas in the Frigg formation, and is classified as dry. […]

  • EIA: Oil prices up on lower OPEC, US production
    on March 12, 2019 at 8:15 pm

    Brent crude oil spot prices averaged $64/bbl in February, up $5/bbl from January and about $1/bbl lower than the same time last year. Declining estimated crude oil production for February from both OPEC and the US contributed to a drawdown of 1.4 million b/d in global liquid fuels inventories, according to the latest Short-Term Energy Outlook from the US Energy Information Administration. […]

  • United Oil & Gas acquires option for Benin farmin
    on March 12, 2019 at 6:28 pm

    United Oil & Gas has entered an option agreement to acquire 20% of the Block B production-sharing contract in Benin from Elephant Oil. The 1.1 million-acre block is in the Dahomey Embayment west of Cotonou. The basin has had no drilling in Benin, but Dahomey Embayment wells along the coasts of Ghana and Nigeria have encountered hydrocarbons. […]

  • MARKET WATCH: Crude oil benchmarks gain on Saudi comments
    on March 12, 2019 at 3:50 pm

    Benchmark crude oil prices gained on markets in both London and New York Mar. 11 after Saudi Energy Minister Khalid al-Falih said production cuts led by OPEC likely will continue until at least June. Speaking before the start of CERAWeek by IHS Markit in Houston, al-Falih told Reuters Mar. 11 that it would be too early to change a production agreement by OPEC and some non-OPEC countries, including Russia, before June. […]

  • Qatar Petroleum farms in to Mozambique exploration block
    on March 11, 2019 at 9:16 pm

    Qatar Petroleum has reached an agreement with Eni SPA to farm in to Block A5A in the Angoche basin offshore Mozambique. Saad Sherida Al-Kaabi, minister of state for energy affairs and QP president and chief executive officer, said the deal is part of a strategy to expand the company’s exploration portfolio “to ensure diversification of geographies as well as geologies and basins.&rdquo […]

  • NOAA proposes CZMA changes to improve offshore leasing process
    on March 11, 2019 at 9:08 pm

    The National Oceanic and Atmospheric Administration announced that it is proposing possible changes in the Coastal Zone Management Act aimed at making the federal consistency process more efficient across all stages of US Outer Continental Shelf oil and gas projects from leasing through development. […]

  • Watching Government: Mexico’s new kid in town
    on March 11, 2019 at 8:16 pm

    Mexico’s commercial crude oil production began in 1901. The government agency that Luis R. Vera Morales began to lead soon after President Andres Manuel Lopez Obrador was inaugurated this past December has existed for about 4 years. […]

  • Repsol makes gas discovery at Sakakemang onshore Indonesia
    on March 11, 2019 at 8:12 pm

    Indonesian oil and gas regulator SKK Migas confirmed a natural gas discovery at the Repsol-operated Sakakemang PSC onshore central Sumatra. […]

  • API: US oil industry broke several records in January
    on March 11, 2019 at 8:06 pm

    The US natural gas and oil industry broke several records in January, according to the latest Monthly Statistical Report from the American Petroleum Institute. […]

  • Marathon Oil sets $2.4-billion capital budget for 2019
    on March 11, 2019 at 8:04 pm

    Marathon Oil Corp. has earmarked $2.4 billion in development capital for 2019, the majority of which—95%—is to be allocated 60-40 to the four US resource plays: Eagle Ford and Bakken, and Oklahoma and Northern Delaware, respectively. […]

  • A bright target
    on March 11, 2019 at 7:54 pm

    For the political left, the oil and gas business has long served as a foil. The industry is huge, mechanically complex, and mysterious to outsiders. It sometimes blunders with messy consequence. It therefore remains a bright target for political opportunism. […]

  • UK oil, gas, liquids output up 4% in 2018
    on March 11, 2019 at 6:50 pm

    Production of oil, natural gas, and natural gas liquids increased in the UK by 4% in 2018 to an average of 1.7 million boe/d, according to the UK Oil and Gas Authority. Oil production alone increased 8.9% from 2017 to 1.09 million b/d, the UK’s highest rate since 2011. Gas production fell by 2.5% to 610,000 boe/d. […]

  • Mako field development due off Indonesia
    on March 11, 2019 at 6:32 pm

    Conrad Petroleum will develop Mako natural gas field offshore Indonesia under the “gross-split” production-sharing regime the country adopted in 2017. The Ministry of Energy and Mineral Resources approved a resubmitted development plan after Conrad and the government agreed to amend to Duyung production-sharing contract from cost-recovery to the gross-split scheme in January. […]

  • IEA: US to drive global oil supply growth; no peak oil demand in sight
    on March 11, 2019 at 6:26 pm

    Global oil markets are going through a period of extraordinary change, according to the International Energy Agency’s annual oil market forecast, Oil 2019. The US will drive global oil supply growth over the next 5 years thanks to the remarkable strength of its shale industry. Meanwhile, production of heavier crude grades is hamstrung by sanctions and other restraints in key producing countries. […]

  • East Midlands test indicates gas in shale
    on March 11, 2019 at 5:59 pm

    IGas Energy PLC, London, encountered more than 250 m of hydrocarbon-bearing shale in its vertical Springs Road-1 exploration well in North Nottinghamshire, England. The company reported “significant gas indications” in Upper and Lower Bowland shale and Millstone Grit sands, all of Carboniferous age. […]

  • BP lets contracts for Greater Tortue Ahmeyim gas project
    on March 11, 2019 at 5:51 pm

    BP PLC has let contracts to McDermott International Inc. and Baker Hughes for subsea umbilicals, risers, and flowlines (SURF) and subsea production system equipment at the Greater Tortue Ahmeyim natural gas project offshore Mauritania and Senegal. […]

  • Key Petroleum to send Tanbar gas in Cooper basin to Moomba
    on March 11, 2019 at 5:24 pm

    Key Petroleum Ltd., Perth, signed a nonbinding memorandum of understanding with Santos Ltd. and Beach Energy Ltd., both of Adelaide, to cover the proposed terms for connection and transport of natural gas from Key’s Tanbar project area in southwest Queensland to the Cooper basin gas-gathering network for processing at Moomba in South Australia. […]

  • OGJ Newsletter
    on March 11, 2019 at 6:00 am

    International news for oil and gas professionals […]

  • Witnesses offer differing views of Mid-Atlantic OCS G&G work
    on March 8, 2019 at 10:47 pm

    Resumption of oil and gas geological and geophysical (G&G) data gathering on the US Mid-Atlantic Outer Continental Shelf after more than 30 years would help advance scientific knowledge as well as identify and determine the value of potential resources there, US Bureau of Ocean Energy Management Acting Director Walter D. Cruikshank told one US House Natural Resources (HNR) subcommittee on Mar. 6. […]

  • PTTEP makes gas discovery with Orchid-1 well off Australia
    on March 8, 2019 at 8:12 pm

    PTTEP Australasia (Ashmore Cartier) Pty. Ltd., a wholly owned subsidiary of PTT Exploration & Production PCL, reported making a natural gas and condensate discovery with its Orchid-1 well, the first exploration well drilled in permit AC/P54 in the Timor Sea offshore Australia. […]

  • Baker Hughes: US rig count down 11 units to 1,027
    on March 8, 2019 at 7:31 pm

    The US drilling rig count is down 11 units to 1,027 rigs working for the week ended Mar. 8, according to Baker Hughes data. The count is up 43 units from the 984 rigs working this time a year ago. With an 11-unit loss week-over-week, 1,004 rigs are drilling on land. The number of rigs drilling offshore remained unchanged at 22 units as did those drilling in inland waters where a single unit was drilling for the week. […]

  • Rystad Energy: US to export more oil, liquids than Saudis by yearend
    on March 7, 2019 at 7:33 pm

    The US will soon export more oil and liquids than Saudi Arabia, driven by the continued rise in oil production from US shale plays and the increased oil export capacity from the Gulf Coast, according to Rystad Energy. The US Energy Information Administration reported last week that US exported more crude and petroleum products than it imported. […]

  • Baker Hughes: International rig count up 3 units in February
    on March 7, 2019 at 6:23 pm

    The international rig count for February reached 1,027, up 3 units from the 1,024 counted in January, and up 48 units from the 979 counted in February 2018, according to Baker Hughes data. […]

  • Pearl to boost Khor Mor flow in Kurdistan
    on March 7, 2019 at 5:48 pm

    Pearl Petroleum Co. Ltd., Sharjah, has signed a sales agreement with the Kurdistan Regional Government enabling it to increase production at Khor Mor field in the Kurdish region of Iraq to 650 MMscfd of natural gas by 2021 from 400 MMscfd at present. […]

  • MARKET WATCH: Crude oil benchmarks close mixed for second day
    on March 7, 2019 at 5:14 pm

    Light, sweet crude oil prices fell moderately on the New York market while Brent crude oil prices gained positive momentum in London on Mar. 6 for a second day in which the benchmarks closed mixed. […]

  • Zarubezhneft, Uzbekneftegaz plan EOR JV
    on March 6, 2019 at 7:33 pm

    Zarubezhneft and Uzbekneftegaz have targeted three old oil fields Uzbekistan’s Ferghana Valley for enhanced recovery and plan to form a joint venture to do the work. Zarubezhneft said it will apply its development-management technologies and use modern equipment to boost production from South Alamyshik, Khartum, and East Khartum fields. […]

  • Chevron eyes 900,000 b/d from Permian by yearend 2023
    on March 6, 2019 at 7:26 pm

    Chevron said an advantaged portfolio supported by the Permian basin underlies its expectation of strong production growth with lower execution risk, cash flow growth, and disciplined spending over the next 5 years. Chevron is among a group of oil and gas companies looking to increase Permian activity. Most recently, ExxonMobil announced plans to increase its Permian basin production to 1 million boe/d by as early as 2024. […]

  • Aker Energy discovers oil with Pecan South-1A well offshore Ghana
    on March 6, 2019 at 5:33 pm

    Aker Energy reported an oil discovery with its Pecan South-1A well on the Deepwater Tano Cape Three Points (DWT-CTP) block offshore Ghana. The Maersk Viking drillship will drill a sidetrack appraisal well, said block operator Aker Energy. […]

  • MARKET WATCH: NYMEX oil prices decline on expected inventory gain
    on March 6, 2019 at 5:18 pm

    Light, sweet crude oil declined slightly on the New York market Mar. 5 while Brent crude oil prices gained modestly in London. Analysts said US oil futures traders awaited the weekly US government inventory report on oil and product levels. The American Petroleum Institute late Mar. 5 released its own weekly inventory data showing a 7.3 million-bbl build in US crude supplies for the week ended Mar. 1. […]

  • Court: Directional drilling engineers can be independent contractors
    on March 5, 2019 at 7:50 pm

    A federal appeals court in New Orleans overturned a lower court’s decision and found that directional drilling engineers can be classified as independent contractors. The Feb. 28 ruling by the US Fifth Circuit Court of Appeals established that directional drillers employed by Houston-based Premier Directional Drilling LLC could be independent contractors not covered by federal overtime requirements and other employee benefits. […]

  • ExxonMobil plans to produce 1 million boe/d in Permian by 2024
    on March 5, 2019 at 5:21 pm

    ExxonMobil plans to increase its Permian basin production to 1 million boe/d by as early as 2024, which would be an 80% increase of its current production in West Texas and southeastern New Mexico. Other companies—including Chevron, BP, Shell, and Occidental Petroleum—also have discussed increasing their Permian activity. Chevron said the Permian accounts for much of its 2019 exploration and production budget. […]

  • MARKET WATCH: Oil price benchmarks gain on US-China trade talks
    on March 5, 2019 at 5:13 pm

    Crude oil futures prices gained modestly on New York and London markets Mar. 4 amid growing optimism that US-China trade talks are nearing an agreement on tariff disputes, which could ease tensions between the two nations. The trade talks have added uncertainty to commodity markets for months, raising concern about world economic growth and the pace of world oil demand. […]

  • Equinor to link oil discovery to Visund field systems
    on March 4, 2019 at 6:53 pm

    Equinor together with partners Petoro, ConocoPhillips, and Repsol will consider linking a recent oil discovery made with the Telesto exploration well in the Tampen area in the northern North Sea to existing infrastructure in Visund field. Resources are estimated at 12-28 million bbl of recoverable oil. […]

  • India okays 23 bids in small-field round
    on March 4, 2019 at 6:21 pm

    India’s government has approved the award of 23 contract areas to 14 companies in its second round of discovered small field bidding. The Directorate General of Hydrocarbons received 145 bids for 24 of 25 contract areas on offer from as many as 40 companies bidding alone or in groups. One area is under judicial review. […]

  • Equinor gets approval to extend life of Gullfaks oil field
    on March 4, 2019 at 6:03 pm

    Equinor and its partners have gained approval from the Norwegian Petroleum Directorate to use the C platform in Gullfaks oil field in the North Sea until June 30, 2036, which is the entire period of the production license. In its application, Equinor said the facility can be operated at a profit up to 2032, with an option for further extension in connection with maturing new improved oil recovery projects on Gullfaks. […]

  • Hibiscus confirms drilling plans for Anasuria side-track well
    on March 4, 2019 at 5:41 pm

    Hibiscus Petroleum Bhd. said its jointly controlled company, Anasuria Operating Co. Ltd., is on schedule to drill Guillemot A GUA-P1 side-track well on the Anasuria cluster in the UK North Sea. Drilling is to start by July. […]

  • MARKET WATCH: NYMEX, Brent oil prices drop more than $1/bbl
    on March 4, 2019 at 4:30 pm

    Crude oil futures prices dropped more than $1/bbl on the New York and London markets Mar. 1 following separate reports of declines in US manufacturing statistics and Chinese factory activity, which analysts said contributed to concerns about potentially slowing oil demand. US and Chinese manufacturing numbers are considered fuel-demand growth indicators. […]

  • Baker Hughes: US rig count down 9 units for the week
    on March 1, 2019 at 8:05 pm

    The US drilling rig count is down 9 units to 1,038 rigs working for the week ended Mar. 1, according to Baker Hughes data. The count is up 57 units from the 981 rigs working this time a year ago. Week-over-week, 11 fewer rigs were drilling on land, bringing that count 1,015. Three additional rigs were counted offshore, bringing the total number of units drilling to 22. Inland waters dropped a single unit, leaving 1 rig working for the week. […]

  • Rystad Energy: US shale producers cut budgets, boost output
    on March 1, 2019 at 7:12 pm

    US shale companies expect to deliver an average of 15% growth in oil production in 2019 vs. 2018. At the same time, operators say they will cut capital spending by 5% this year. Rystad Energy has analyzed the recently released earnings reports for the fourth quarter of 2018 from 45 US operators, which also included their guidance for production and capital expenditure in the year ahead. […]

  • BP lets contract for Tortue gas field off Mauritania, Senegal
    on March 1, 2019 at 6:00 pm

    BP PLC has let a contract to TechnipFMC for the engineering, procurement, construction, installation, and commissioning of a floating production, storage, and offloading unit to be deployed offshore on the maritime border of Mauritania and Senegal, moving forward Phase 1 of the Greater Tortue Ahmeyim natural gas project. The award is a continuation to the front-end engineering design contract awarded in April 2018. […]

  • MARKET WATCH: NYMEX oil prices end February above $57/bbl
    on March 1, 2019 at 5:08 pm

    Crude oil prices on futures markets in New York and London closed February on 3-month highs with the light, sweet crude oil contract for April settling above $57/bbl on Feb. 28 while the Brent April contract settled above $66/bbl. Analysts agreed crude prices are being supported by 2019 production cuts as promised in December 2018 from the Organization of Petroleum Exporting Countries and some other major producers, including Russia. […]

  • Bahrain discussing discovery with US firms
    on February 28, 2019 at 7:45 pm

    Bahrain is discussing development of an offshore oil and gas discovery it disclosed last year with US oil companies, Reuters reports. Oil Minister Mohammed bin Khalifa Al Khalifa told the news service, “Maybe towards the end of this year we might be in a position to have an interested company, we hope.&rdquo […]

  • Sarta development advances in Kurdistan
    on February 28, 2019 at 6:36 pm

    Sarta Phase 1A development in the Kurdistan region of Iraq will proceed, reports Genel Energy, a new block partner. Genel acquired a 30% interest in the Sarta production-sharing contract from operator Chevron, which retains 50%. Genel also acquired a 40% interest from Chevron in the Qara Dagh block, which it will operate through a carry arrangement with Chevron retaining 40%. […]

  • ExxonMobil makes natural gas discovery offshore Cyprus
    on February 28, 2019 at 5:33 pm

    ExxonMobil Corp. announced a natural gas discovery offshore Cyprus in the Eastern Mediterranean on Block 10. The Glaucus-1 well cut 436 ft of reservoir rock. Evaluation of the potential of Block 10 continues. […]

  • Official: Thai licensing round due in June
    on February 26, 2019 at 7:28 pm

    Thailand will open its 21st round of bidding for offshore oil and gas licenses in June, according to Energy Minister Siri Jirapongphan. […]

  • A$11.1 million paid for cash bid permits offshore Australia
    on February 26, 2019 at 7:24 pm

    Chevron Australia, Beach Energy, and Woodside Energy/Kufpec have paid a total of A$11.1 million for three cash bid exploration permits offshore Western Australia and Victoria. […]

  • Origin signs gas offtake deal for Golden Beach field
    on February 26, 2019 at 7:16 pm

    Origin Energy Ltd., Sydney, has signed an agreement with private Australian developer/producer GB Energy to purchase all the natural gas to be produced from GB Energy’s Golden Beach gas field about 3km off the Gippsland coast of eastern Victoria.Origin Energy Ltd., Sydney, has signed an agreement with private Australian developer/producer GB Energy to purchase all the natural gas to be produced from GB Energy’s Golden Beach gas field about 3km off the Gippsland coast of eastern Victoria. […]

  • Lundin hits dry well north of Snohvit field in Barents Sea
    on February 26, 2019 at 4:14 pm

    Lundin Norway AS has plugged exploration well 7121/1-2 S on the Pointer-Setter prospect in PL767, southeast of the Alta-Gohta discovery in the southern Barents Sea. The well is dry. […]

  • Aramco lets contracts for Marjan oil field work
    on February 25, 2019 at 9:13 pm

    Saudi Aramco has let two contracts to McDermott International Inc. for engineering, procurement, construction, and installation services for Marjan oil field offshore Saudi Arabia. Aramco is expanding production capacity of Marjan field, now 500,000 b/d, by 300,000 b/d. […]

  • Woodside-led group lets contract for Senegal SNE field FPSO
    on February 25, 2019 at 9:08 pm

    The Woodside Energy Ltd.-operated development phase of the SNE oil field offshore Senegal has let the front-end engineering and design contract for the floating production, storage, and offloading facility to MODEC International Inc. This follows award of the subsea FEED scope to Subsea Integration Alliance last December. […]

  • OGJ Newsletter
    on February 25, 2019 at 7:00 am

    International news for oil and gas professionals […]

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