The United States must lift an "outdated" ban on oil exports to take full economic and geopolitical advantage of its hydraulic fracturing boom, according to a Harvard Business School study released on Wednesday.
Enegi Oil said its joint venture with ABTechnology - ABT Oil and Gas Ltd - has signed deals with two groups to join its marginal field delivery consortium. The company has now signed up AGR Well Management and Frames Group. The consortium was created to focus on the delivery of marginal field projects.
InterOil has resumed drilling at a license in the Gulf Province of Papua New Guinea after drilling was suspended due to higher-than-expected pressure. The company had suspended work on the Wahoo-1 side-track exploration well in petroleum prospecting licence 474 in 2014.
Lundin Petroleum has been granted a drilling permit for well 16/1-23 S from the NPD (Norwegian Petroleum Directorate). The company said well 16/1-23 S will be drilled from the Rowan Viking Drilling facility southeast of the Edvard Greig field in the central part of the North Sea. The drilling programme for the well relates to the drilling of an appraisal well in production licence 338.
Statoil has made a number of appointments to its board of directors after two of its board members chose not to stand for re-election. Øystein Løseth has been elected as new chair and Roy Franklin as a new member and deputy chair. It comes after the outgoing chair of the board Svein Rennemo and board member Jim Mulva informed the board in advance of their decision not to stand. Bjørn Tore Godal, Jakob Stausholm and Marjan Oudeman were re-elected as members of the board of directors.
NorSea Group (UK) has won a decommissioning contract. The company said work has already begun on the six-month project which is being carried out by NorSea Group's Peterhead Facility on behalf of Endeavour Energy. The work will involve the safe disposal of subsea manifolds and associated pipework from the Renee and Rubie fields.
Figures from the ONS (Office of National Statistics) show UK industrial production rose more than economists originally forecast in the month of April as oil and gas output surged. Total production increased 0.4 percent from March, the Office for National Statistics said in London on Wednesday. Economists in a Bloomberg survey had forecast a 0.1 percent gain. Oil and gas extraction jumped 8.7 percent, the biggest increase in more than a year. Factory output fell 0.4 percent. A 0.1 percent increase was forecast.
Oil major BP said the global trade of natural gas via pipelines fell the most on record last year as Russia halted exports to Ukraine and shipments decline from the Netherlands. Exports of the fuel through pipelines fell by more than 6 percent last year, the biggest drop since the oil major started compiling the data in 1989, BP said in its annual Statistical Review. It’s only the second time global gas trade retreated. Russian shipments declined by 12 percent, while those from the Netherlands tumbled 30 percent, according to the data. Russia halted supplies to Ukraine for six months last year due to a price dispute between the two nations. Gas production in the Netherlands fell the most of all the EU nations last year as the country’s government decided to limit output from the Groningen field, Europe’s biggest, after earthquakes caused by gas extraction damaged buildings in its most northern province.
The new Westminster government has signalled that it is poised to unveil fresh tax breaks for the North Sea oil and gas sector. Ministers will today move to reassure offshore leaders that they remain committed to securing the industry’s future when they meet for the first time since the Conservatives’ majority government was formed. New Treasury minister Damian Hinds appeared to admit that the £4billion package of measures outlined by the coalition government at the last Autumn Statement and Budget did not go far enough. The Exchequer secretary welcomed “encouraging” cost-cutting measures taken by oil and gas firms, and hinted that ministers were preparing to take further action to help the industry as it attempts to recover from the global price slump.
Northern Petroleum will carry out a proposed offshore 3D seismic programme across the Giove oil discovery and the Cygnus exploration prospect after being given the go-ahead. An EIA (Environmental Impact Assessment) has been approved by the Italian Authorities. The company is now looking for a partner to move the project along.
US oil output will peak at a 43-year high in 2015 as producers work through a backlog of uncompleted wells before trailing off in the second half of the year. Production will increase to 9.43 million barrels a day this year, the most since 1972, the Energy Information Administration said Tuesday in its monthly Short-Term Energy Outlook. That’s 240,000 barrels higher than last month’s estimate. Monthly output will fall in June through early 2016.
Norwegian oil and gas firm Statoil is celebrating a key milestone for its giant Mariner development near Shetland. Pipe-laying for the £4billion-plus project got under way earlier this week. About 25 miles of pipelines for gas, oil and diluting agent are being installed on the seabed by the pipe-lay vessel Seven Navica.
Anton Oilfield Services Group has won a bid for the provision of tight oil development services for two well projects in China. The contract has been valued at more than $6.6million. It follows a similar contract win involving horizontal well open hole multi-stage fracturing services for another tight oil development project in the Sulige area in Erdos last month.
Statoil has entered into an agreement with Colony Capital for the sale of its head office building in Norway. The company will also sign a 15-year lease agreement with an extension option at the same time. Statoil's head office building is at Forus in Stavanger.
Gazprom has been given more time to respond to charges by European Union antitrust regulators after it was alleged the company levies excessive prices and blocks rivals in Eastern Europe. The European Commission announced in April that the Russian oil giant had been given 12 weeks to reply to the charges. Antitrust regulators had brought the charges after more than two years of investigation.
Key Petroleum said testing operations had been completed at the Dunnart-2 well in the Perth Basin after no commercial hydrocarbons were discovered.
National Oilwell Varco has launched a consultation period over potential job losses related to its operations the UK. The Houston-based company, which has five difference premises working under the same umbrella in the UK, said up to 100 jobs could be at risk.
Swire Oilfield Services has made an appointment to its executive team. Roy Shearer will join the company as its chief financial officer and will be based at the offices in Aberdeen. He will be responsible for the finance function across the group, including accounting and reporting, planning, tax and treasury.
Alpha Petroleum plans to bring a new oil field in the British North Sea on stream in 2020 using a floating production system so it can operate there without building pipelines.
The former chief executive of Centrica has joined up with the Carlyle Group and CVC Capital Partners to launch a new oil and gas vehicle targeting $5billion in deals. Sam Laidlaw said his Neptune Oil & Gas would be looking for acquisitions in the North Sea, North Africa and Southeast Asia. The company will be eyeing up possible acquisitions as energy groups looks to sell assets after the decline in oil prices.
AWE Limited has reached total depth at the Waitsia-1 appraisal well in the Perth Basin, Western Australia. The company said the Holmwood Shale was intersected at 3,490metres and total depth was achieved 17metres into the Holmwood Shale. Wireline logs will be run over a number of intervals, including the Dongara and Kingia Sandstones.
Repsol SA joined its European peers in calling for governments to agree on carbon pricing at a United Nations climate summit later this year, expanding the group of energy companies seeking a voice at the meeting. Repsol on Tuesday signed the letter that BP Plc, Eni SpA, Royal Dutch Shell Plc, Statoil ASA, Total SA and BG Group Plc released earlier this month asking for a global price for carbon. The addition of Spain’s largest oil company to the group further highlights the division within the global oil industry as the top American companies, Exxon Mobil Corp. and Chevron Corp., decided to stay out of the European initiative.
Statoil has made a gas discovery in the Gymir prospect, the third find the Aasta Hansteen area for the company and its PL602 partners. The Norwegian explorer estimates the volumes in Gymir to be in the range of between six and 19 milion barrels of oil equivalent. Well 6706/11-2 was drilled by the Transocean Spitsbergen rig in the Gymir prospect and proved a gross 70-metre gas column in the Nise formation.
Albania has delayed bidding for companies to explore for oil and gas on five onshore blocks for a further month. The country has also delayed bidding for a further two blocks indefinitely. Energy Minister Damian Gjiknuri ordered the bidding date be postponed for another month to allow companies more time.
The shale oil boom that turned the US into the world’s largest fuel exporter and brought $3 gasoline back to America’s pumps is grinding to a halt. Crude output from the prolific tight-rock formations such as North Dakota’s Bakken and Texas’s Eagle Ford shale will shrink 1.3 percent to 5.58 million barrels a day this month, based on Energy Information Administration estimates. It’ll drop further in July to 5.49 million, the lowest level since January, the agency said Monday.