News

Voter impatience threatens energy reform in Mexico

Published February 16, 2018 at 5:59 pm
For Mexico’s energy renaissance, a worst-case scenario looms.

Oil CEOs urge Norway to throw a lifeline to carbon capture

Published February 16, 2018 at 5:00 pm
Three of the world’s biggest oil companies called on Norway to help maintain funding for carbon capture and storage technology that is stagnating amid concerns about whether it can ever be cost-effective.

EIA: US gas reserves increase at yearend 2016, crude remains flat

Published February 16, 2018 at 4:18 pm
The US Energy Information Administration said average first-of-the-month prices used to calculate US reserves dropped in 2016 compared with 2015. Natural gas and crude oil decreased by a respective 6% and 15% during the period.

TransCanada to advance $2.4-billion (Can.) NGTL system expansion

Published February 16, 2018 at 3:25 pm
TransCanada Corp. reported it will advance a $2.4-billion (Can.) expansion of its NGTL System to connect incremental supply and expand basin export capacity by 1 bcfd of natural gas at the interconnection with its Canadian Mainline.

Oil heads for weekly rise as stocks recover, dollar flounders

Published February 16, 2018 at 3:04 pm
Oil headed for its first weekly increase since last month as rebounding equity markets eased concern about economic growth and a weakening dollar boosted the allure of commodities priced in the U.S. currency.

US Congressional committees request FERC for Rover gas line briefing

Published February 16, 2018 at 2:46 pm
The ranking minority members of the US Senate Energy and Natural Resources Committee and US House Energy and Commerce Committee asked the US Federal Energy Regulatory Commission for an update on environmental concerns stemming from construction of the Rover natural gas pipeline.

Neptune Energy Group acquires Engie E&P

Published February 16, 2018 at 2:24 pm
Neptune Energy Group, London, has acquired the 70% of Engie E&P International SA it didn’t already own, gaining interests in 148,000 boe/d of oil and gas production in the North Sea, North Africa, and Southeast Asia.

Operators participate in Australian subsea equipment reliability study

Published February 16, 2018 at 2:12 pm
Oil and gas services company Wood Group is leading a subsea equipment research program offshore Australia in collaboration with Chevron Corp., Royal Dutch Shell PLC, and Woodside Petroleum Ltd. 

Grand Bahama due grassroots refinery, deepwater port

Published February 16, 2018 at 1:22 pm
The government of the Bahamas has approved a multibillion-dollar plan by Oban Energies LLC, Palm Beach Gardens, Fla., to build a grassroots refinery and liquid-bulk storage terminal along the Northwest Providence Channel, off the southern tip of Grand Bahama Island, 35 miles east of Freeport.

Baker Institute: Mexico elections could disrupt energy reform continuity

Published February 16, 2018 at 1:05 pm
Public perceptions coupled with Mexico’s upcoming presidential and local elections could disrupt continuity of the nation’s ongoing oil and electric reforms, panelists said during a Feb. 15 event at Rice University’s James A. Baker III Institute for Public Policy.

Aker Solutions to collaborate with Cognite, strengthening digital offering

Published February 16, 2018 at 12:47 pm
Aker Solutions agreed on a long-term collaboration with software company Cognite to accelerate the development of digital solutions that will drive major efficiencies through the entire life of an energy asset.

Hydrawell to execute PandA at Absheron field, in the Caspian Sea

Published February 16, 2018 at 12:47 pm
Total EandP Absheron B.V. (Total), acting as operator for and on behalf of a consortium presently composed of Total EandP Absheron B.V. (50%) and Socar Absheron LLC (50%) has tasked HydraWell to execute a part of plug and abandonment campaign at Absheron field, in the Caspian Sea.

Lukoil reports year-end 2017 reserves estimate

Published February 16, 2018 at 12:47 pm
Lukoil announced today the results of the oil and gas reserves assessment and independent audit as of Dec. 31, 2017. According to the SEC (U.S. Securities and Exchange Commission) standards, the Company's proved hydrocarbon reserves totaled 16.0 Bboe, 75% of which were oil reserves.

Foothills Exploration reports successful completion, flow testing of horizontal well in Utah

Published February 16, 2018 at 12:47 pm
Foothills Exploration, Inc., an independent oil and gas exploration company engaged in the acquisition and development of oil and gas properties in the Rockies, reported today the successful drilling, completion and flow testing of the Stagecoach 111-20H horizontal well, now producing natural gas in commercial quantities.

Fieldwood Energy files for Chapter 11 bankruptcy relief

Published February 16, 2018 at 12:47 pm
Fieldwood Energy LLC announced that it has filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code in the Bankruptcy Court for the Southern District of Texas as part of a "prepackaged" chapter 11 case.

Continental on track to increase oil, gas production

Published February 16, 2018 at 11:47 am
Continental Resources Inc. increased its oil and natural gas production 37% to nearly 287,000 boe/d during fourth-quarter 2017 compared with the same period a year earlier. Continental plans to increase production in 2018, the company said in a preliminary statement on 2017 results.

MARKET WATCH: NYMEX crude keep momentum, settles above $61/bbl

Published February 16, 2018 at 11:00 am
Light, sweet crude futures rose for a second consecutive day Feb. 15, settling above $61/bbl. Oil prices on the New York market reversed direction Feb. 14-15 after falling more than 10% for 2 weeks on volatile world equity markets and growing US unconventional oil production.

There’s more to majors than oil, Total tells $1-trillion fund

Published February 16, 2018 at 10:50 am
Norway’s $1-trillion sovereign wealth fund wants to sell out of oil and gas stocks, arguing that would reduce overall risk to the country since petroleum is already the top export.

OPEC considers moving the goalposts – here’s where they might go

Published February 16, 2018 at 10:50 am
After a year of production cuts, OPEC and Russia are finally near their goal of shrinking the world’s swollen oil inventories. So why are they planning to change their target?

New software puts real-time drilling monitoring in reach

Published February 15, 2018 at 5:20 pm
Software puts real-time drilling monitoring in reach Proactive Real Time Systems (PRTS) has launched its new software product called the Real-Time Advisory System (RTAS).

Cenovus CEO sees more Deep basin asset sales, but no full exit

Published February 15, 2018 at 5:20 pm
Cenovus Energy Inc. CEO Alex Pourbaix said the oil-sands producer will consider selling more of its holdings in Alberta’s Deep basin -- but not exiting the play entirely -- to speed up efforts to repair its balance sheet.

Deloitte: Industry exercises caution with MandA, though trend is changing

Published February 15, 2018 at 5:20 pm
Deloitte forecasts that although the oil and gas industry may be in love with the recent rise in commodity prices it is still exercising some caution when it comes to MandA activity, but that is changing.

Noble Energy exits Gulf of Mexico with $710-million sale of assets

Published February 15, 2018 at 3:33 pm
Noble Energy, Inc., has announced that its board of directors has authorized a $750-million share repurchase program. In addition, the Company has executed an agreement to sell its deepwater Gulf of Mexico assets to Fieldwood Energy LLC for a total value of $710 million.

Neptune Energy completes acquisition of Engie EandP

Published February 15, 2018 at 3:33 pm
Neptune Energy Group has announced the completion of the acquisition of Engie EandP International SA (EPI).

Venezuela plight has U.S. rushing for heavy UK crude

Published February 15, 2018 at 3:33 pm
Oil refineries in the U.S. Gulf of Mexico are buying the most crude from the UK North Sea in more than seven years as they scramble to replace lost supplies from Venezuela.