More Oil & Gas Drilling and Production News

IEA forecasts higher 2015 global oil demand

Apr 20, 2015

In its April Oil Market Report, the International Energy Agency raised its forecast of 2015 global oil demand by 90,000 b/d to 93.6 million b/d, a gain of 1.1 million b/d on the year and a notable acceleration of the 700,000-b/d growth in 2014, as the global economy slowly gains momentum.

CSIS forum: More cooperation needed to address Arctic challenges

Apr 17, 2015

More cooperation not just between government and the oil and gas industry, but with a broad range of residents and businesses inside and outside Alaska, is essential to address pressing infrastructure challenges there, speakers at a Center for Strategic and International Studies forum agreed.

BLM proposes higher onshore oil, gas royalty rates

Apr 17, 2015

The US Bureau of Land Management is proposing changes to federal onshore oil and gas royalty rates, rental payments, lease sale minimum bids, civil penalty caps, and financial assurances, US Interior Secretary Sally Jewell announced. Comments on the Advanced Notice of Possible Rulemaking (ANPR) will be accepted for 45 days following its publication in the Federal Register next week.

AEO2015: US on track to eliminate net energy imports by 2030

Apr 17, 2015

Continued growth in oil and natural gas production, growth in the use of renewables, and the application of demand-side efficiencies show the potential to eliminate net US energy imports in the 2020 to 2030 timeframe, according to projections in the Annual Energy Outlook 2015 (AEO2015), released by the US Energy Information Administration. The US has been a net importer of energy since the 1950s.

BHI: US rig count cut in more than half since Dec. 5

Apr 17, 2015

The US drilling rig count fell 34 units—all on land—to 954 rigs working during the week ended Apr. 17, according to data from Baker Hughes Inc.

API: US demand for petroleum rose in March, first quarter

Apr 17, 2015

Total US petroleum deliveries, a measure of demand, averaged 19.2 million b/d in March, up 3.4% from a year ago and the highest level for the month since 2011, according to the American Petroleum Institute’s monthly statistics for March. Total demand in the first quarter gained 2.2% year-over-year.

More rig day rate, fleet use declines seen

Apr 17, 2015

Drilling contractors, onshore and offshore, face further declines in day rates and fleet utilization this year as operators slash activity in response to a crude-price slump that shows no sign of early recovery, warns Fitch Ratings.

Delta House flow starts in Gulf of Mexico

Apr 17, 2015

Production has begun at the Delta House semisubmersible floating production system operated and partly owned by LLOG Exploration Co. on Mississippi Canyon Block 254 in the Gulf of Mexico.

MARKET WATCH: NYMEX, Brent continue upward momentum

Apr 17, 2015

Crude oil prices for May delivery climbed for a sixth consecutive day on both New York and London markets Apr. 16, which analysts attributed to signs of a possible slowing in US oil production.

BOEM, BSEE extend comment period for proposed Arctic drilling rules

Apr 17, 2015

The US Bureau of Ocean Energy Management and Bureau of Safety and Environmental Enforcement extended the comment period for proposed oil and gas drilling regulations on the US Arctic Outer Continental Shelf by 30 days.

Japanese group investing in deepwater FPSO offshore Brazil

Apr 16, 2015

Four Tokyo-based companies are investing in a 20-year charter for a floating production, storage, and offloading vessel to be moored in 765 m of water offshore Brazil in fourth-quarter 2017.

Chevron group plans decommissioning of Thevenard Island facilities

Apr 16, 2015

A group led by Chevron Corp. has submitted plans to decommission the Thevenard Island oil and gas facilities on and offshore Thevenard Island in Western Australia.

Gulfport Energy to acquire Paloma Partners III

Apr 16, 2015

Gulfport Energy Corp., Oklahoma City, has agreed to acquire Paloma Partners III LLC, Houston, for $300 million. The deal is expected to close in the third quarter.

IEA forecasts higher 2015 global oil demand

Apr 15, 2015

In its April Oil Market Report, the International Energy Agency raised its forecast of 2015 global oil demand by 90,000 b/d to 93.6 million b/d, a gain of 1.1 million b/d on the year and a notable acceleration of the 700,000-b/d growth in 2014, as the global economy slowly gains momentum.

More witnesses urge Congress to repeal US crude oil export ban

Apr 15, 2015

The US crude oil export ban is a 1970s anachronism that could hobble US production growth and restrict economic improvement if it is not repealed, three witnesses told a House Foreign Affairs Subcommittee’s hearing on the matter. A fourth witness, however, warned that ending the export ban would lead to a hazardous US production increase that would then possibly lead to greater greenhouse gas (GHG) emissions and threats to public safety.

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