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company

Markets

Erin Energy hit with losses during second quarter

Erin Energy was hit with a net loss of $9.2million in the second quarter of the year. The company said following tie-in of the Oyo-8 and Oyo-7 wells oil production had averaged 7,642 barrels per day. Erin Energy said it generated revenue of $15.3million from crude lifting in July and received an additional $26.5million as advance payment for a scheduled August lifting of Oyo crude this month.

Markets

Big oil companies lose more than a billion known reserves

The world’s biggest oil companies lost more than a billion barrels of known reserves last year as the “big five” energy majors struggled to stem the decline in new discoveries, a report has found. Analysis by brokers Morgan Stanley found that BP, Chevron, ExxonMobil, Shell and Total saw proved reserves shrink to 78.6billion barrels of oil equivalent (BOE) in 2014 from over 80billion the prior year – the steepest drop since 2008.

People

Peyto strengthens management team

Peyto Exploration and Development has added two members to its management team. The Canadian-based firm has promoted Lee Curran to vice president of drilling and completions and Todd Burdwick is now vice president of production.

Oil & Gas

Enermech signs joint venture with Saudi Arabian company

Enermech has signed a joint venture agreement with the Abdulla Fouad Group (AFG) to support its growing operations in Saudi Arabia. The deal by the international mechanical services group comes after AFG’s acquisition of the Shoabi Group’s oil and gas agencies last month. Enermech’s operations in Saudi Arabia include providing crane, hydraulics, valves and pipelines services to the oil and gas industry.