Americas

Americas

US production anchors ConocoPhillips profit

30/10/2014

Production in Texas and North Dakota saw net income increase to $2.7billion, ConocoPhillips today confirmed. The final tally was an increase on last year’s $2.48billion. Its share price currently sits at $2.17 – a slight gain on the previous period’s $2. The positive figures follow a massive strategy shift orchestrated by chairman and chief executive Ryan Lance.

Americas

NAP has success in Louisiana

30/10/2014

North American Petroleum (NAP) has seen production from its Shoats Creek Project increase by a third. The company holds a 35% interest in the area alongside Northcote Energy with 35% and Springer Oil and Gas with 30%.

Americas

Chevron to invest $6billion in Stampede project

29/10/2014

Oil major Chevron will invest an estimated $6billion in the development of the Hess Corporation operated Stampede project in the Gulf of Mexico. The company’s subsidiary, Union Oil Company of California (Union), will run the deepwater subsea development which will be tied back to a newly constructed Tension Leg platform.

Americas

Chevron signs MOU with Pemex

28/10/2014

Oil major Chevron and state-owned Pemex have signed an MOU (Memorandum of Understanding) to explore opportunities for collaboration in deepwater and heavy oil fields. The companies signed the document in Mexico City, which will provide the opportunity to work jointly across a wide range of projects which could be beneficial for both.

Americas

Baron Oil makes unexpected discovery in Peru

23/10/2014

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.

Americas

Companies strike merger deal

23/10/2014

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.

Americas

BP ‘cut corners in building pipeline’

15/10/2014

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.

Americas

Venezuela ordered to pay $1.6billion to Exxon

10/10/2014

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.

Americas

Halliburton strikes deal with Ecuadorian state-run oil company

09/10/2014

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.

Americas

Shale boom tested as sub-$90 oil threatens US drillers

08/10/2014

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.

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