Brazil’s Mining and Energy Minister Edison Lobao confirmed he will step down from his post.
BP's bid for a new trial over causes of the 2010 Gulf of Mexico oil spill should be rejected because the judge didn’t rely on excluded testimony, Halliburton Co. said in court papers.
Oil major Chevron has made a new oil discovery in the Gulf of Mexico. The company said a significant oil pay had been made at the Keathley Canyon Block 10 in the Guadalupe prospect.
South American focused Baron Oil has won approval from state-owned Perupetro to convert its third work phase from seismic into a drilling obligation after additional hydrocarbon discoveries. The Peruvian oil and gas provider also approved the company’s Force Majeure (FM) clause, which will be invoked on Block Z-34 in the country.
Royale Energy has confirmed a new high rate well in California’s Sacramento basin. The McKinney well will now be placed on production for seven to 20 days before being opened an additional 30 feet.
Donnycreek Energy has entered into an arm’s length agreement with Contact Exploration to merge and create a new corporation. The two companies will become Kicking Horse Energy and the merger will consolidate the interests of Donnycreek in Alberta, Canada.
Stockpiles of oil from Alaska’s North Slope have surged to a five-year seasonal high as tanker maintenance slows loadings, forcing the grade to trade at a discount to U.S. crude for the first time since 2010.
From her little vantage point in Cuero, Texas, of the U.S. shale oil boom, Jill Potts doesn’t see anything to worry about.
Land in the Permian Basin, the busiest shale patch in the U.S. oil boom, is worth either $1,000 an acre or 50 times more, depending.
Oil traders might see the 27 percent slide in global prices as a bear market. For U.S. consumers, it’s more like an early holiday gift.
Atco Ltd. is looking for partners in Mexico as it positions itself to tap the $5 billion in pipeline and power projects to be offered as part of the country’s energy industry opening.
BP chose to “cut corners” when an oil pipeline was built across land belonging to Colombian farmers, then put up “a smokescreen of obfuscation" when things went wrong, a QC has said in the High Court.
Brazil President Dilma Rousseff and Aecio Neves, her challenger in a tight election contest, have clashed in a feisty debate.
OPEC is resisting pressure to cut oil production while demand slumps as it tests how low prices must go to make US shale oil unprofitable. As producers become more efficient, that floor is sinking.
Targa Resources has snapped up Atlas Pipeline Partners for $5.8billion.
A World Bank tribunal has ordered Venezuela to pay oil giant ExxonMobil about $1.6billion to compensate for oil nationalisation. Venezuela said it would pay the award, but only after deducting a previous Exxon award from the International Chamber of Commerce (ICC) of $908million.
Energy giant Halliburton has signed a long-term contract with Ecuador’s state-run oil company Petroamazonas to provide field development and project management across nine mature fields. The contracts, for fields including the Palo Azul, Lago Agrio, and Victor Hugo Ruales, are 15 years long with the potential for a further five-year extension.
The U.S. shale boom is producing record amounts of new oil as demand weakens, pushing prices down toward levels that threaten to reduce future drilling. Domestic fields will add an unprecedented 1.1 million barrels a day of output this year and another 963,000 in 2015, raising production to the most since 1970, according to the U.S. Energy Information Administration. The Energy Department’s statistical arm forecasts consumption will shrink 0.2 percent to 18.9 million barrels a day this year, the lowest since 2012.
The European Union has abandoned a plan to label oil sands as highly polluting. A directive from the EU’s Fuel Quality Directive had planned to force energy suppliers to reduce the carbon intensity of their products.
Oil and gas partnership LINN Energy has sold some of its assets in the US, creating $2.3 billion in sales. The US oil firm sold its assets in the Texas Panhandle and western Oklahoma to privately held institutional affiliates of EnerVest for $1.95 billion.
Quality and safety services firm Intertek has expanded its North Dakota Bakken shale oil operations.
The US natural gas boom is poised to go global as the government approves projects that will export the fuel to buyers from Tokyo to New Delhi. Dominion Resources Inc.’s Cove Point terminal in Maryland won authorization Sept. 29 from the US Federal Energy Regulatory Commission to ship liquefied natural gas around the world. It’s the fourth export project to win permission and the first outside the Gulf of Mexico. Construction will cost between $3.4billion and $3.8billion, Dominion said yesterday.
A subsea company with extensive operations in the North Sea basin has been awarded a contract in Brazil worth $50million. Ocean Installer will provide SURF (subsea, umbilical, risers and flowlines) support work in Brazil for Saipem. The contract will see the Normand Clipper – one of the company's three long-term chartered support vessels (CSV ) - used in the South American country for eight months, with options to extend.
US focused oil development and production company Nighthawk is looking to turn its production output around.
The former chief executive of Black Elk Offshore Operations has left the firm to set-up shop for a new venture targeting under-capitalised assets. Under his leadership, Black Elk deployed a “buy, shine, sell” strategy before participating in a mass company assets sell-off last month.