More Oil & Gas Drilling and Production News

Senate bills would give more coastal states offshore revenue shares

May 18, 2015

US senators introduced a trio of bills on May 11 to establish or increase shares of federal revenue with states that have federal oil and gas leases off their coasts. Measures sponsored by Energy and Natural Resources Committee Chair Lisa Murkowski (R-Alas.), Bill Cassidy (R-La.), and Mark R. Warner (D-Va.) will be discussed with 23 others dealing with energy supplies during a May 19 committee hearing.

Quick supply change a vital factor in oil market recovery

May 18, 2015

Large among questions hanging over an oil market groping for balance is the behavior of short-fuse supply.

Oil and dinosaurs

May 18, 2015

It was at about this time a year ago that deepwater technologies pioneered by the oil and gas industry were used-albeit fruitlessly-in the search for missing Malaysia Airlines Flight 370, the exact fate of which has become one of the world's great mysteries.

A new Saudi Arabia

May 18, 2015

Saudi Arabia's diplomatic jab at US President Barack Obama this month augurs change for the oil and gas market. Details will come later. For now, that the jab occurred at all offers much to ponder.

DOE wants authority to use SPR sooner in an emergency, Smith says

May 18, 2015

The US Department of Energy will seek authority to act earlier in an emergency release of crude oil from the Strategic Petroleum Reserve as part of a comprehensive review of the 40-year-old system, said Christopher A. Smith, assistant US Energy secretary for fossil energy.

Shell gets conditional approval for US Arctic drilling plan

May 15, 2015

The US Bureau of Ocean Energy Management (BOEM) on May 11 conditionally approved Shell Gulf of Mexico Inc.'s revised multiyear exploration plan (EP) that proposes the drilling of as many as six wells on the Burger prospect in the Chukchi Sea.

BHI: US rig count decline shrinks to 6 this week, settles at 888

May 15, 2015

The trend of shrinking declines in the US drilling rig count continued during the week ended May 15. Just 6 units were laid down to settle at a total of 888 rigs working, representing the smallest drop in the 23 consecutive weeks in which the count has dived, easily surpassing last week’s 11 that went offline, according to data from Baker Hughes Inc. Since Dec. 5, 1,032 units have now gone offline.

BP lets Thunder Horse expansion contract

May 13, 2015

BP Exploration & Production Inc. has let a contract to Technip covering pipeline systems for a southern expansion of ultradeepwater Thunder Horse oil and gas field on Mississippi Canyon Blocks 778 and 822 in the Gulf of Mexico.

IEA: Oil price rallied on slowing US LTO production

May 13, 2015

Despite persistently high global supply and continued stock builds, oil prices rallied in April and early May, likely sparked by signs of slowing US light, tight oil (LTO) output, according to the most recent Oil Market Report from the International Energy Agency.

ExxonMobil brings Banyu Urip oil field on stream in East Java

May 13, 2015

ExxonMobil Corp. has brought on stream its giant Banyu Urip oil field on the Cepu block in East Java, Indonesia, after overcoming disputes with state-run Pertamina.

EIA forecasts higher global oil consumption growth

May 12, 2015

In its most recent Short-Term Energy Outlook (STEO), the US Energy Information Administration expects global oil consumption to rise by 1.2 million b/d in 2015 and by 1.3 million b/d in 2016, upward from last month’s STEO by an average of 200,000 b/d in both 2015 and 2016, as lower oil prices stimulate demand growth more than previously expected.

BPTT to start drilling in Juniper gas field offshore Trinidad

May 12, 2015

Starting next week, BP Trinidad & Tobago LLC (BPTT) reported it will begin drilling its first of five wells in its Juniper natural gas field 50 miles offshore Trinidad and Tobago’s southeast coast in the next week. BPTT has announced that the wells will be drilled by Diamond Offshore Drilling Inc.’s Ocean Victory semisubmersible drilling rig.

Encana records 1Q net loss of $1.7 billion

May 12, 2015

Encana Corp. posted a first-quarter net loss of $1.7 billion primarily due to a noncash, aftertax ceiling test impairment and a non-operating foreign exchange loss.

WoodMac: Brazil, Norway oil to alter markets

May 12, 2015

An estimated 3.8 million b/d of new supply by 2025 of heavy, sweet crude from large developments offshore Brazil and Norway will help European refiners, says Wood Mackenzie.

Coniston oil field comes on stream offshore W. Australia

May 12, 2015

The Apache Energy-Inpex joint venture’s Coniston oil field, which straddles licences WA-35-L and WA-55-L offshore Western Australia, has been brought on stream 2 years later than scheduled.

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