Range Resources appoints new board member
US independent Range Resources has Yu Wang, the nominee of Beijing Sibo Investment Management, as a non-executive director to the board.
Oil & Gas
Magnolia paints a rosy picture with new gas wells
Mangnolia Petroleum will begin drilling 10 new wells in Oklahoma with onshore operator Continental Resources. The companies will be targeting gas in the Woodford formation where Continental has seen previous success. The well are located in the South Central Oklahoma Province (SCOOP) which has already delivered more than three million barrels of conventional oil from 60 reservoirs.
Russian oil output reaches post-Soviet record in September
Russian oil output rose to a post-Soviet record last month as producers take advantage of the weak ruble to push ahead with drilling. The nation’s production of crude and condensate advanced to 10.74 million barrels a day, 1 percent more than a year earlier and topping a record set in June, according to data from the Energy Ministry’s CDU-TEK unit.
Oil and gas firms struggling to work together to maximise North Sea recovery
Oil and gas firms are struggling to work together better in order to maximise recovery in the North Sea, a new report has found. Deloitte’s survey of oil and gas operators and oilfield services companies revealed that a lack of effective supply chain collaboration means companies are missing out on maximising the potential value from the region. While 74% of respondents said collaboration was an “integral” part of their day-to-day business, only 27% reported that their efforts have resulted in a successful outcome, the report found.
Technip wins subsea contract for Gulf of Mexico Stones project
Technip has been awarded a contract from Shell Offshore for the development of subsea infrastructure for the Stones project in the Gulf of Mexico. The company said included in the service are two subsea production tie-backs to the Floating Production, Storage and Offloading (FPSO) vessel. The Stones field is located in the Walker Ridge area in the US Gulf of Mexico at a water depth of 2,930metres along the pipelay route.
Jim Rogers says oil ignoring bad news usually means rebound near
Oil’s holding near $45 while the bad news keeps coming. For investor Jim Rogers, that’s usually a sign a rebound’s round the corner. The Organization of Petroleum Exporting Countries is still pumping near record amounts of oil, China’s imports have slowed and US crude stockpiles remain about 100 million barrels above the five-year seasonal average. Yet, US benchmark prices have held steady for more than four weeks since plunging to a six- year low at the end of August.
Otto Energy finalises payment for North Slope deal
Otto Energy has made a final payment of $7million to Great Bear Petroleum to earn entry into two area of the Alaskan North Slope acreage. The company’s payment will see it take an 8% share and 10.8% working interest in the assets. Otto said the decision to make the final investment follows extensive due diligence and field trips to the Alaskan North Slope by the company.
Repsol to cut 1,500 positions over three years
Repsol plans to reduce its headcount by 1,500 position over the next three years in a bid to streamline costs. The move comes in the same week oil major Shell said it would be cutting 1,300 jobs over the next two years in Malaysia.
Stripper wells burning cash at $30 oil to speed US output drop
The speed at which oil wells spitting out their final drops of unprofitable crude will be shut may hold the key to an eventual rebound if prices fall further. Crude prices tumbling to $30 a barrel would threaten the profitability of about 206,000 barrels per day of production from older wells that produce minimal amounts of oil, according to a report.
Stork’s financials down £50million, headcount down 495
Stork Technical Services revealed its company earnings fell £50million and headcount dropped by nearly 500 in its latest financial disclosure, which was released today.
Shell completes sale of some downstream businesses in Norway
Oil giant Shell has completed the sale of Smart Fuel to St1 Nordic Oy of some of its downstream businesses in Norway. The company said it would still continue to remain highly visible in the country, despite the deal for its retail, commercial fuels and supply and distribution logistics businesses. Shell and St1 have also joined forced to create Aviation Fuelling Services Norway AS, a joint venture to sell aviation fuel in Norway.
Caza closes in on new funding deal
Caza Oil and Gas has revealed it is in advanced negotiations with a proposed financing partner to establish a new funding structure.
Stork’s earnings down £50million, headcount down 495
Stork Technical Services revealed its company earnings fell £50million and headcount dropped by nearly 500 in its latest financial disclosure, which was released today.
Shell delays drilling planned in New Zealand
Shell could delay deepwater drilling planned in New Zealand until next year. According to reports the oil major and its two partners OMV and Mitsui E&P had been planning to drill a test well in the Great South Basin this year. However the company has said it needs more time to evaluate the basin’s complex geology.
Shell declares force majeure in Nigeria after pipeline leak
Oil major Shell has declared a force majeure and halted crude exports from a key terminal in Nigeria after a pipeline leak. The company said the move was taken after a leak in the Trans Forcados pipeline which affected crude exports from one of the country’s main export points. The terminal has the capacity to export up to 400,000 barrels a day.
Oil drillers spared more misery by US judge’s fracking ruling
A U.S. judge in Wyoming has blocked new rules that tighten controls over fracking on federal lands, granting a measure of relief to producers who would have faced higher costs at a time when profits already are strangled by low crude prices.
ExxonMobil sells Torrance refinery to PBF Energy
ExxonMobil has struck a deal with PBF Energy for the sale of its refinery in California. The company said in addition to the facility at Torrance the agreement also includes a lubricant distribution centre at Vernon, a products terminal at Vernon and Atwood and associated Californian pipelines and other logistics assets. The move is expected to affect 700 staff members and 700 contractors who work at the refinery and associated facilities.
Exova strengthens team with new Middle East MD
Exova has strengthened its senior team with the appointment of a new managing director for its Middle East, Asia and Asia Pacific region (MEAAP). Matt Davies joined the company two years ago as finance director with more than 17 years experience working in global companies. His promotion will see him take the position over from Hicham Abdallah who played a critical role in returning the region to growth.
Air Partner signs new oil and gas contract
Aviation services group Air Partner has signed a 10-week contract with a multi-national oil firm to charter flights to transport workers to and from the Netherlands twice a week from Aberdeen.
Technip wins Angola job
Technip has won a deal with ENI to supply umbilicals to an offshore development in Angola.
Aker wins subsea deal
Aker landed a contract from Murphy Sabah Oil for work offshore Malaysia.
America’s oil output refuses to collapse. Here’s one reason why.
Somewhere amid the maze of wells that Murphy Oil Corp. has scattered across Texas’s sprawling Eagle Ford shale formation, Brett Pennington is carrying out a little experiment.
Eurasia Drilling in mass director exodus after Schlumberger deal fail
Eurasia was dealt a leadership blow after five of its directors walked out today.
Tethys Petroleum replaces CFO, closes offices
Tethys Petroleum has parted company with chief financial officer Denise Lay, who has been made redundant following her decision not to relocate from the Caspian-focused firm's former head office in Guernsey.
Oil advances on signs China stabilising while crude output slows
Oil rose amid signs of stabilisation in China, the world’s second-biggest user, and as US and OPEC production slowed.