The Nigerian president has confirmed the country’s coffers have run dry. Newly elected Muhammadu Buhari was speaking to reporters when he said one of his immediate challenges was a Treasury that’s “virtually empty” and debts totaling billions.
Residents living near a proposed fracking site have urged councillors to “be brave” and refuse to give it the go-ahead. Energy firm Cuadrilla wants to develop two new sites between Preston and Blackpool to explore for shale gas by drilling, fracking and testing the flow of gas. A report from Lancashire County Council planning officials recommended that one of the sites - at Preston New Road near Little Plumpton - be passed subject to a number of conditions being met such as hours of working, control of noise and highway matters.
PetroNeft has heralded its “transformative year” in the wake its of Oil India farmout deal. The firm, which owns and operates licences 61 and 67 in the Russian basin, confirmed plans to move ahead with production in its latest company results.
High noon for the Obama administration’s stricter rules for fracking on public lands has arrived on the Wyoming range. Four western states at the center of the shale oil boom are headed for a courtroom showdown Tuesday over who should have the last word on rules for extracting oil and natural gas from federal property within their borders.
Petrofac’s share price rose nearly 10% to 939p despite mounting costs. The firm confirmed staffing issues, work delays and harsh weather conditions led to an additional £30million in incurred costs for its Laggan-Tormore project . The bloated expenditure brings the company’s total loss in the year to date to £140million.
Itochu Corp. ended its $1 billion foray into U.S. shale by selling its 25 percent stake in Samson Resources Corp. back to Samson for $1. The sale reverses the Japanese trading company’s biggest purchase of an energy asset when it was made in 2011. The decision to exit was made because of the state of operations at Samson and the outlook for gas prices in North America, the Tokyo-based company said in an e-mailed response to questions.
It came together in Oslo. The chiefs of some of Europe’s biggest energy companies decided to pull an historic about-face. It was time to heed the protesters marching in the February snow outside their industry conference demanding action to counter global warming. By the time the convention chat turned into action, Royal Dutch Shell Plc, BP Plc, Total SA, Eni SpA, Statoil ASA and BG Plc, published an unprecedented open letter on climate change. Breaking with their biggest U.S. competitors, they announced their support for efforts to put a cost on polluting, acknowledging they were on the wrong side of history.
The Norwegian Petroleum Directorate has granted Wintershall Norge a drilling permit for the south-eastern part of the North Sea.
Petrofac confirmed mounting costs from its Laggan-Tormore project will see its profits “significantly weighted” towards the second half of the year. The firm detailed an additional £30million of costs it has incurred with the flagship gas development in the Shetland Islands, bringing their total loss in the year to date to £140million.
The most useful thing for an oil-tanker captain heading to Houston right now might be a fishing rod. That’s because they’re going to have to wait an average of four days, or eight times longer than usual, to unload as Houston’s storage tanks fill with record amounts of U.S. oil extracted from shale. U.S. ports and waterways are grappling with the highest crude stockpiles and fuel exports in decades. “There’s a lot more oil on the water,” Erik Broekhuizen, the head of tanker research at Poten & Partners, a shipbroker that specializes in energy, said by phone June 16 from New York. “There are some inefficiencies in the system where ships are left waiting to discharge.”
Councillors will meet today to discuss plans to frack for shale gas. Energy firm Cuadrilla wants to develop two new sites between Preston and Blackpool to explore for shale gas by drilling, fracking and testing the flow of gas. A report from Lancashire County Council planning officials recommended that one of the sites - at Preston New Road near Little Plumpton - be passed subject to a number of conditions being met such as hours of working, control of noise and highway matters.
Offshore Installation Services (OIS) has been awarded a contract by Antrim Energy to decommission four subsea wells in the central North Sea. The scope of the campaign, which also includes six wells from Centrica Energy, will include offshore and onshore project management, vessel charter, equipment and personnel.
Two former directors of Cairn Energy have raised backing of up to £316million to start a new oil company in India. Mike Watts and former Cairn managing director Jann Brown have joined forces to launch a new India-focused upstream oil and gas company, Magna Energy. Investment giant Carlyle Group said it had made an initial commitment of £158million, and would invest a further £158million, depending on projects brought by the company, and approvals by Carlyle's investment committee.
Aberdeen-based oilfield service firm Coretrax has invested £1.25million in the Middle East after it opened its fourth office in the region in Abu Dhabi. The expansion comes after it launched a new cement placement tool to coincide with its participation in the Abu Dhabi International Petroleum Exhibition and Conference. Coretrax said a team of four will work from the new base, and this is expected to grow to 14 within the next 12 months as it expands to another office and warehouse based in Mussafah, southwest of the city, later in the year.
BP’s rating outlook has taken a hit in the wake of additional Macondo fines. Fitch Ratings downgraded the industry giant’s default outlook from stable to negative. The firm cited outstanding fines and a dipped oil price for the slide.
BP Plc’s $750 million purchase of a Siberian oilfield stake is as much a bet on China as it is on Russia. Taas-Yuriakh Neftegazodobycha LLC’s blocks near China’s northern border will supply the planned Tianjin refinery on the east coast, according to OAO Rosneft, which sold the 20 percent holding last week. BP Chief Executive Officer Bob Dudley predicts the unit’s natural gas reserves will prove strategic as Russia develops its Far East and builds ties with the world’s biggest energy consumer. “You have to make a judgment on whether it will have value,” Dudley told Bloomberg News on June 19 in St. Petersburg, referring to the gas reserves. “We believe it will, eventually.”
Rejecting plans for test fracking in Lancashire would send a message that the county was not open for business and investment, a campaign group has warned. Members of the North West Energy Task Force said it would be a missed opportunity to create jobs and “significantly” boost the local economy. The coalition, which includes local businesses, academics, farmers and students, spoke out on the eve of the beginning of the decision-making process on proposals by shale company Cuadrilla for two sites between Preston and Blackpool.
Engineering services firm Penspen is set to launch a feasibility study on extending a key pipeline in partnership with the Economic Community of West African States (Ecowas). Penspen and Ecowas signed a contract in February 2015 to enable a formal start to the feasibility study examining the current West African Gas Pipeline (WAGP) system performance and its possible future network extension to other Ecowas states.
Lundin Petroleum AB, the Swedish oil company focused on Norway, named Alex Schneiter as its new chief executive officer. Schneiter, currently chief operating officer, will succeed CEO Ashley Heppenstall on Oct. 1, the Stockholm-based oil explorer said in a statement. Heppenstall, who has led the company since 2002, recently advised the board of his decision to step down, it said.
Iranian lawmakers approved the outlines of a bill to ban inspections of military sites and require the lifting of all international sanctions under any nuclear deal with world powers.
Irish oil and has explorer Providence Resources has hailed its Newgrange frontier exploration licence as a "very attractive deep-water exploration proposition".
Petro Matad, the parent of a group of companies focused on oil exploration as well as future development and production in Mongolia, has announced condition-free status for a two-block farm-out deal.
North Sea-focused energy company Independent Oil and Gas (IOG) said today it had raised a further £145,000 through a share placement, making it "adequately funded until September 4 - the deadline for a final loan repayment to investment firm Darwin Strategic.
Tullow Oil has agreed to pay out $250million following a tax dispute in Uganda. The energy firm was locked in a court battle with the government of Uganda and the Uganda Revenue Authority ('URA') over its farm-downs with CNOOC and Total in 2012.
Noreco Norway has started a two month drilling campaign for its 192 million barrel prospect.