North America

Americas

Halliburton cuts 8% of North American workforce amid fracking slump

Houston oilfield service company Halliburton said it cut 8 percent of its North American workforce as it took fleets of hydraulic fracturing equipment from the field  in response to a continued slump in demand for fracking services in the United States and Canada.

Analysis

Hedging protections for US oil and gas firms to plunge next year

Oil and gas hedging protections for North American exploration and production companies is expected to plunge next year to just 11% of total production volumes, according to new research. IHS Energy has warned many exploration and production companies could be left at risk of financial stress as a result. The analysis assessed the amount of oil and gas hedging protections in place for 48 small, midsized and large North American companies for the second-half of 2015 and full-year 2016. IHS found while overall hedging for second-half 2015 was largely unchanged from previous analysis one year earlier, North American exploration and production companies have a 28% of total production hedged for the remainder of this year.

Other News

Sales boost helps TCO expand its workforce

TCO said it has expanded its workforce by a third after strong sales results for the company. The well completion technologies provider has employed eight new members of staff within the past six months for its UK base, including a new managing director. Paul Betteridge was appointed in March in response to company growth and to focus on TCO’s international expansion.

Oil & Gas

EMGS wins permit for Mexico survey

EMGS (Electrogmagnetic Geoservices)has been given approval to acquire more than 80,000sq km of 3D electromagnetic data in Mexico. Regulator CNH (Comisión Nacional de Hidrocarburos) gave the nod for the deal, which will last over a five year period. The work will be conducted in the Salina de Itsmo basin which is thought to have attractive reservoir opportunities.

Oil & Gas

Mexico auction: Oil majors choose to skip round one bidding

A trio of oil majors have chosen to miss bidding for 14 blocks in Mexico in the first round of its historic auction, which opens the country's energy market up to private investors for the first time in more than 70 years. ExxonMobil, Total and Chevron have all passed on the opportunity which has seen just three successful bids so far.

Oil & Gas

Live: Success for Premier Oil consortia but just two blocks sold in Mexico auction

Mexico has opened up its historic bid for shallow-water blocks in the first opportunity for private investors in more than 70 years. The country's regulator CNH (Comision Nacional de Hidrocarburos) had been calling for bids above the minimum 40% of pre-tax profits required by the government. To recap - Of the nine blocks so far, just two have been successful with a consortia of Sierra Oil & Gas, Premier Oil and Talos Energy winning both.

Americas

Australian firm’s Canadian branch seeks green light for huge gas exports

An Australian oil and gas firm has applied to the US government to export huge amounts of gas to North America. Liquified Natural Gas Limited today filed the application to the US Department of Energy through its subsidiary company, Bear Head - which is made up of both Bear Head LNG Corporation and Bear Head LNG (USA). Their request is for the export of around 440 billion cubic feet of American natural gas to Canada and around eight million tonnes of liquified natural gas (LNG) from Canada to other countries.