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.
Mirage Machines has invested a 'significant' sum in a subsea focused energy research and development for North America in Texas.
MX Oil has fully incorporated its joint venture company Geo Estratos. The move is a strategic play in allowing MX Oil to leverage Mexico’s re-opened private sector.
A group of Korean companies has snapped up Total’s midstream Utica Assets for $450million.
Riverstone Holdings has committed $225million to Mexico’s first independent exploration and production company. Earlier this year, Mexico opened its energy doors allowing for private competition in the industry for the first time in more than seven decades.
A felon suspected of defrauding investors in the booming oil fields of North Dakota was charged with arranging the murders of a business partner gunned down in his kitchen and a truck driver who vanished in 2012. James Henrikson, 35, orchestrated the murder of his partner, Douglas Carlile, on Dec. 15 in Spokane, Washington, according to an indictment unsealed there two days ago by US prosecutors. Henrikson, a felon with drug and weapons arrests, faces the death penalty or life in prison. He joined Carlile, a roads contractor, in trying to cash in on the gold rush spawned by hydraulic fracturing, or fracking, in North Dakota.
Shipping companies probably will miss out on exports from the record U.S. grain harvest because the shale-oil boom is clogging up rail lines to ports. While the US will reap the most crops ever, fourth- quarter export cargoes will be 15 percent lower than last year, according to RS Platou Markets AS, a Norwegian bank specialized in shipping. Rates for Panamaxes, the most commonly used vessels for grains, averaged $7,574 a day this year, headed for the lowest level since at least 1999, Baltic Exchange data show.
Nostra Terra has announced a record level of production in one of its Colorado wells. The London-listed oil and gas exploration and production company has revealed that, over the past 10 days of production, the well produced at an average rate of 83.4 barrels of oil per day (bopd) gross.
Caza Oil & Gas' decision to deploy specialist frac technologies to leverage its reservoir capabilities has paid off. The US-focused exploration company confirmed its Broadcaster Bone Spring Well, located in Lee County, New Mexico, was fractured to stimulate in 40 stages earlier this month. Two days later the well produced a 24 hour gross rate of 2,621 barrels (bbls) of oil equivalent, which is comprised of 2,062 bbls of oil and 3.36 million cubic feet of natural gas. The firm dubbed the well “very strong” and expects peak production to be achieved before the end of the month.
The Supreme Court in Texas may soon decide whether a “missing comma” will give BP access to Transocean’s’ $750m insurance in relation to Macondo. The Macondo blowout and the explosion that followed killed 11 workers and set off the worst offshore oil spill in US history.
A study that blamed natural gas drilling for water pollution in two states has spurred calls for stricter regulations to keep wells from leaking methane into aquifers. The study backed the oil and gas industry in one respect: It discounted hydraulic fracturing, or fracking, as the source for harmful methane in water. Some environmentalists contend that by blasting rock with a mixture of water, chemicals and sand, producers can force the gas into drinking water near the surface.
Technip has sold 100% of its North American diving assets to Ranger Offshore.
A deadly pipeline explosion that shattered a California town four years ago continues to rip through the state agency weighing a record penalty for the disaster. The president of the California Public Utilities Commission asked his chief of staff to resign and stepped down himself from the case after “inappropriate e-mail exchanges” with utility PG&E Corp. raised questions about the agency’s bias, according to a statement from the commission yesterday. The CPUC may decide within weeks whether to levy a proposed $1.4billion penalty -- the biggest safety fine in the state’s history -- against PG&E for the 2010 explosion of its natural gas pipeline that killed eight people in San Bruno, California. Commission President Michael Peevey, who has been accused by San Bruno officials and consumer advocates of being too close to the utility, said in the statement he was recusing himself from the probe to eliminate any appearance of impropriety. The move is a step toward regaining credibility for the CPUC after two years of political infighting has created an ongoing climate of scandal.
International oilfield service company Expro, of Aberdeen, is to open a new base in Macae, Brazil.
Horizon Oil Sands, owned by Canadian Natural Resources, is back on line following 25 days of inactivity.
Technip has secured a subsea contract for the Kodiak project in the Gulf of Mexico.
Baron Oil has agreed a $3.5million farm-out agreement (FOA) in Peru.