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Oil & Gas

Darcy heading on upward trajectory after netting Statoil deal

09/11/2015

An Aberdeenshire oil and gas well technology firm has received a major boost after netting a multi-million pound contract with Norwegian energy major Statoil. Darcy - which takes its name from Darcy’s Law, the foundation for the understanding of fluid flows in porous media – tested its new “sand control” technology on Statoil’s Statfjord field on the Norwegian North Sea earlier this year. Darcy will now supply its patented Endurance Hydraulic Screen technology to Statoil as part of a contract that is expected to run for seven years and is worth millions of pounds to the firm.

Oil & Gas

Coretrax opens fifth Middle East base in four years

09/11/2015

Aberdeen-based oilfield service firm Coretrax has taken another step in its Middle East expansion plans with the launch a fifth base in the region in four years. Coretrax said it made the move to help satisfy increasing demand for its wide range of downhole tools and services. The firm said it had retained all of its clients since it entered the Middle East market in 2011.

Oil & Gas

Obama rejects proposed Keystone XL oil pipeline

07/11/2015

US President Barack Obama has rejected the proposed Keystone XL oil pipeline from Canada in a victory for environmentalists who campaigned against the project for more than seven years. Obama told a press conference the pipeline would not make a "meaningful long-term contribution to our economy". He said it would not reduce gasoline prices, and shipping "dirtier" crude from Canada would not increase US energy security.

Oil & Gas

Ex-BP engineer avoids prison in plea tied to 2010 Gulf oil spill

07/11/2015

A former BP Plc engineer pleaded guilty to deleting text messages in what the US said was an attempt to hide spill rate estimates during the biggest offshore oil disaster in US history. Kurt Mix faced as long as 20 years in prison if convicted at trial. Instead, he was sentenced to probation and community service Friday as part of a plea deal with federal prosecutors. Mix was the first of four men charged with crimes tied to the 2010 catastrophe and its aftermath.

Oil & Gas

North east oil and lubricant seller nets two new contracts

07/11/2015

An Aberdeen-based oil and lubricant firm yesterday said its ability to deliver savings had helped it strike two new deals, one of which is worth nearly £800,000. Normac Oils will supply its products to oilfield services firm Archer and collective members of the North East Procurement Organisation (NEPO) under separate agreements. Normac declined to say which particular client had stumped up the £800,000.

Oil & Gas

Lithuania in talks with Gazprom over new gas supplies

06/11/2015

Lithuania has started talks with Russian gas exporter Gazprom GAZP.MM on purchases for the next year as its long-term supply contract expires in December, Baltic news agency BNS reported. Gazprom said on Monday it would hold an auction later this year for gas deliveries to the Baltic States in 2016. Lithuania's Lietuvos Duju Tiekimas (LDT) plans to import up to 500 million cubic metres (mcm) of pipeline gas next year, Haroldas Nauseda, head of LDT's commercial department, told the parliamentary economic affairs committee this week.

Oil & Gas

Rosneft offers Japanese companies chance to join Russian prospects

06/11/2015

Russia's Rosneft, the world's top listed oil producer by output, has offered Japanese companies a chance to join projects in Russia's East Siberia and Far East, Chief Executive Igor Sechin said on Friday. There is a huge potential for cooperation between the two countries, he said, in offering Japanese firms the opportunity to participate in the Verkhnechonskoye, Srednebotuobinskoye, Tagulskoye and Russkoye projects, as well as in other developments already in operation or yet to be launched. "We proposed to our Japanese partners deals with total reserves of six billion barrels and with a resource base of 100 billion barrels," Sechin told an industry symposium in Tokyo.

Oil & Gas

Suncor Energy ramps up hostile $3.3billion bid for Canadian Oil Sands

06/11/2015

Suncor Energy Inc. is stepping up its hostile $3.3 billion bid for Canadian Oil Sands Ltd. by asking Alberta regulators to strike down the target’s new shareholder rights plan aimed at preventing its takeover. The Alberta Securities Commission will hold a hearing on Nov. 26 to consider the so-called poison pill adopted by the Canadian Oil Sands board last month, Suncor said in a statement Friday. The hearing follows Suncor’s application for an order to cease the new rights plan. Canadian Oil Sands vowed to protect its shareholders. The Canadian Oil Sands shareholder plan calls for 120 days to consider bids. Because Suncor’s offer is open for acceptance only until Dec. 4, unless extended or withdrawn by Suncor, it would not be a permitted bid under the new plan, Canadian Oil Sands said last month.

Oil & Gas

US shale producers get ready for budget cuts in 2016

06/11/2015

US shale oil producers have reduced the fat from their 2015 budgets after a 50% drop in crude prices. Shale companies including Devon Energy Corp, Continental Resources and Marathon Oil released their preliminary 2016 plans for spending. The cuts come after between 30% and 40% reductions earlier this year. Lower costs and improved productivity would allow them to hold shale oil production largely flat.