Statoil will invest $1.5billion in the Stampede development in the Gulf of Mexico. The Norwegian company owns a 25% share in the project which is operated by Hess. Stampede consists of Green Canyon Blocks 468,511 and 512 and there are an estimated 350million barrels of recoverable oil.
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.
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%.
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.
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.
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.