Penn West Petroleum has signed an agreement to sell a number of its non-core assets in Canada for $355million to a private company. The assets in south central Alberta are currently producing around 7,500BOE (Barrels of Oil Equivalent) per day.
Norwegian oil and gas geoscience specialists TGS have seen a slight dip in their third quarter profits compared with 2013. The company’s net revenues were $190million, $1million less since the same time last year.
Petroleum Geo-Services (PGS) has seen its profits slashed in the third quarter as it suffered from a weak seismic market and falling oil prices.
South American focused Baron Oil has won approval from state-owned Perupetro to convert its third work phase from seismic into a drilling obligation after additional hydrocarbon discoveries. The Peruvian oil and gas provider also approved the company’s Force Majeure (FM) clause, which will be invoked on Block Z-34 in the country.
Tullow Oil has discovered hydrocarbon shows at its Kodos-1 exploration well in Kenya. It has been undertaking a series of exploration and appraisal activities in Blocks 10BB and 13T onshore in East Africa.
Donnycreek Energy has entered into an arm’s length agreement with Contact Exploration to merge and create a new corporation. The two companies will become Kicking Horse Energy and the merger will consolidate the interests of Donnycreek in Alberta, Canada.
Oil giant BP has awarded engineering contracts for its $12billion expansion of its Tangguh Liquefied Natural Gas (LNG) development in Indonesia. The contracts are for the onshore Front End Engineering and Design (FEED) to a number of partners including PT Tripatra Engineers and Contractors.
An independent oil and gas consulting firm has confirmed there is “significant” gas potential at the Kechoula structure in Morocco. GLJ Petroleum consultants carried out the evaluation work for PetroMaroc of the Undiscovered Petroleum Initially in Place (UPIIP)
Australian oil and gas giant BHP Billiton has reported a 9% increase in production during its third quarter results for 2014. Petroleum production increased by 7% to 67.4MMboe (Million Barrels of Oil Equivalent) as onshore US liquids volumes rose by 49% to 11.5 MMboe.
Well testing will now be carried out at Raptor-1 to determine the hydrocarbon type, column, flow rate and reservoir quality. Raptor-1 is 12km west of Interoil’s Elk-Antelope gas field.
JKX Oil and Gas has seen potential gas signs at the Elizavetovskoye field in Ukraine. The company said the testing of well E-303 had indicated a gross pay of 167 metres, spread over eight reservoir horizons.
French oil giant Total said it will continue to "move froward" following the death of chief executive officer Christophe de Margerie.
Oil giant BP has signed an agreement with Abu Dhabi’s offshore company ADMA-OPCO to develop a new technology for enhance oil recovery (EOR). Senior officials from the company recently visited BP’s EOR laboratory in Sunbury and research centre in Pangbourne.
Bad weather is continuing to hamper seismic recording by Greenfield Petroleum in the Gum Deniz oilfield in Azerbaijan. The company said conditions have affected work on a 3D survey over the field and the area recorded is now likely to drop to 100km due to the approaching winter season.
Energy experts from across the globe will join forces in Israel for an oil and gas exhibition. The Universal Oil and Gas 2014 (UOG 2014) is expected to be the largest event of its kind in the country, and aims to create a platform for collaboration and partnership in the Israeli oil and gas industry.
A Scottish university has joined the largest carbon capture and storage (CCS) research partnership in the UK. Scientists from the University of Strathclyde will join fellow researchers within the Scottish Carbon Capture & Storage (SCCS) partnership, providing expertise in areas including carbon dioxide transport and environment impact analysis.
Oil giant Halliburton has boosted its income for the third quarter of the year by $1billion, which is an increase from the previous quarter. The company announced their total revenue of $8.7billion was up by 16% on the same time last year.
A rig owned by Norwegian driller Songa offshore has suffered failure on one of its four engines, while undergoing survey work in Scotland.
Tethys Petroleum will face a shareholders vote to remove the majority of its directors, the company has announced. An Extraordinary General Meeting (EGM) of the company will be held after the board received a requisition on behalf Pope Management LLC.
Gas talks between Russia, Ukraine and the European Union will be held in Brussels later this month. The Russian Ministry of Energy made the announcement after a prolonged period of US and European sanctions were imposed on the country.
A strategy manager for French-engineering company Technip said the “gold-plating” was coming off technology design in the oil and gas industry. Scott Campbell, strategy manager for the company’s UK business unit, said the market downturn would likely remain for the next year.
International oil and gas facility service provider expects to make up to $600million in profit this year. The company said the past year had been its most successful for new awards, with an ECOM (Engineering, Construction, Operation and Maintenance) order intake of $9.4billion.
The chief executive of oil and gas facilitator ITF said techniques used in deepwater could also be beneficial to the oil and gas industry in the North Sea. Dr Patrick O’Brien spoke on the final day of Deep Offshore Technology International 2014 (DOT) about the potential techniques which could be used to find more energy sources in the UKCS.
The potential revenues which come from Enhanced Oil Recovery (EOR) will be realised by the oil and gas industry within the next five years, according to Industry team leader. Members of the industry gathered for the final day of Deep Offshore Technology International 2014 (2014) to discuss enabling technologies to maximise recovery.
Closing the skills gap could be a major step forward in solving the challenges in deepwater developments, according to an industry analyst. Richard D’Souza from Granherne/KBR said collaboration is needed between the oil and gas industry, governments and educational institutions to hire the right staff.