Job cuts, lack of capacity and failure to invest in field development could lead to a oil supply shortage in coming years, according to research by oil and gas consultants Rystad Energy.
Pemex has announced two new shallow-water discoveries in the Gulf of Mexico that could add up to 40,000 barrels a day to the company’s output. The announcement was made by the state-owned company’s chief executive Emilio Lozoya at a visit to a refinery earlier this week.
BP has increased its working interest in the West Nile Delta project in Egypt.
Wood Group has secured a second front-end engineering design (FEED) contract for the proposed Browse floating liquefied natural gas (FLNG) Development offshore Western Australia.
88 Energy Limited said its Icewine #1 well in Alaska continues to remain within budget as it targets the HRZ shale formation and a huge unconventional resource prize.
Europa Oil has said success with its offshore Ireland assets would be a "company maker" for the upstream independent.
Ophir Energy has signed a heads of agreements for LNG offtake from the Fortuna FLNG project off Equatorial Guinea.
Jersey Oil & Gas has built up its cash warchest in a bid to capitalise on the North Sea's buyer's market, according to its latest company update.
More than a hundred countries have backed an ambitious new climate deal that could see levels of greenhouse gas emission cuts reviewed and ramped up every five years.
The boss of defunct oil junior, Iona Energy, said he remained hopeful a buyer can be found for the Orlando oilfield in the North Sea, despite a deal that would have saved the company falling through at the last hurdle.
Oil firm Enquest has vowed to press ahead with the development of two North Sea oil fields as the oil price dipped below $40 a barrel before leveling back up. The Aberdeen-based firm said it has approved the development of a £83million Scolty and Crathes fields about 83 miles from St Fergus, near Peterhead, in the central UK North Sea.
As the price of Brent crude flirted with dropping below $40 a barrel yesterday, directors of leading North Sea operators were asked what they might like the industry to get from Father Christmas. The answers, delivered to a full house at an Oil and Gas UK business breakfast at the Aberdeen Exhibition and Conference Centre (AECC) yesterday was clear.
Cory Loegering, Apache’s regional VP and MD for the North Sea said it was possible to make money from the UK sector despite the current oil price.
The world’s biggest sovereign wealth fund says it has recovered from the losses it suffered in the second and third quarters thanks to a strategy of dumping bonds and buying up stocks and real estate.
Energy & Exploration Partners Inc. filed for Chapter 11 protection, following several other oil and gas drillers into bankruptcy. In its petition filed Monday, the company listed debt of $1 billion to $10 billion and assets of $500 million to $1 billion.
The chief executive of the Competition and Markets Authority (CMA) has written to energy secretary Amber Rudd raising concerns over competition in the North Sea oil and gas industry. The CMA has warned the Department of Energy and Climate Change (DECC) that plans to establish the Oil and Gas Authority (OGA) could lead to information exchanges which may harm competition.
EU antitrust regulators have dropped Shell, BP and Statoil from an investigation into alleged rigging of ethanol benchmarks. The European Commission said it had, however, opened a formal investigation into the actions of Abengoa, Alcogroup and Lantmannenekfor.
Oil major Chevron is making headcount reduction from its staff in Australia as it looks to streamline costs across the globe. The company previously announced it would be cutting between 6,000 and 7,000 jobs around the world as it looks to combat low oil prices.
Seadrill have secured one year contract extensions for a pair of rigs with Chevron Thailand Exploration and Production. The company said the deal means both contracts will now end in July and August of 2019.
Nigeria’s government said it will boost spending by a fifth in next year’s budget without overstepping borrowing targets, even as oil revenue in Africa’s largest economy is set to fall. Under a three-year economic plan approved by the cabinet, expenditure will rise to 6 trillion naira ($30.2 billion), Budget and Planning Minister Udoma Udo Udoma told reporters late Monday in the capital, Abuja. Lawmakers last week authorized an increase of 466 billion naira in this year’s budget of 4.5 trillion naira to pay for fuel subsidies and troops fighting an Islamist insurgency in the northeast.
Husky Energy said it plans to keep its budget in the next year unchanged from 2015 and is planning for $40 per barrel of oil. The company said it would spend $2.9billion to $3.1billion in 2016 in comparison with $3billion this year. Husky also plans to sell some of its midstream assets in western Canada as it looks to strengthen its balance sheet.
NorSea Group has won a five-year contract with Wild Well Control for the storage of its emergency response WellContained System at NorSea facilities in Montrose in east Scotland.
Sunshine Oilsands said it has commenced first oil production from West Ells project in Alberta. The region covers around 9,856hectares and is located within the Athabasca oil sands region close to a number of other oil companies.
Repsol SA is considering selling its stake in Tangguh LNG, one of Indonesia’s largest liquefied natural gas projects, as Spain’s biggest oil company seeks to reduce debt, according to people familiar with the matter. Repsol’s 3.1 percent stake in the gas fields, operated by BP Plc, may fetch as much as $300 million in a sale, the people said, asking not to be identified as the deliberations are private.
Oilex is continuing its workover of its Cambay field in India.