More Oil & Gas Drilling and Production News

Statoil starts production from Oseberg Delta 2 in North Sea

Feb 23, 2015

Statoil ASA reported the start of production from Oseberg Delta 2 in the North Sea. The field is tied back 14 km to Oseberg field’s center by two subsea templates with total capacity for eight wells. The initial phase involves three oil producers and two gas injectors. Gas injection will provide “a substantially greater recovery rate,” the company said.

AER sets new seismic monitoring rules for Duvernay in the Fox Creek area

Feb 23, 2015

The Alberta Energy Regulator (AER) announced seismic monitoring and reporting requirements for companies using hydraulic fracturing in the Duvernay zone of the Fox Creek area following some seismic events there in December 2014 and in January.

API: US oil product demand reached highest January level since 2008

Feb 23, 2015

US oil product demand rose 1.5% year-to-year to an average 19.2 million b/d in January, its highest level for the month since 2008, the American Petroleum Institute reported. Gasoline demand growth was strongest, reaching a 6-year January peak of 8.7 million b/d, 6.3% more than in January 2014, API said in its latest Monthly Statistical Report.

Oil forecasts need a new asterisk for supply instability

Feb 23, 2015

Do projections of worldwide oil supply need another asterisk?

Partners submit Johan Sverdrup development plan

Feb 23, 2015

Partners Statoil ASA, Lundin Petroleum AB, Petoro, Det Norske Oljeselskap ASA, and Maersk Oil have submitted a plan for development and operation (PDO) for Phase 1 of Johan Sverdrup field to the Norwegian Ministry of Petroleum and Energy.

Ohio Supreme Court rules against municipality in oil and gas case

Feb 23, 2015

The Ohio Supreme Court ruled that the city of Munroe Falls cannot impose local drilling and zoning ordinances that conflict with Ohio state law regarding oil and natural gas activities. The high court split in a 4-3 decision with three justices providing written dissents.

Derailed West Virginia oil train carried Bakken crude

Feb 23, 2015

A large-scale cleanup and investigation have launched following the Feb. 16 derailment of a CSX crude oil train near Mount Carbon, W.Va.

BLM decision clears way for first NPRA federal oil production

Feb 23, 2015

The US Bureau of Land Management issued a record of decision (ROD) for the proposed Greater Mooses Tooth One project (GMT1), which cleared the way for the first crude oil production from federal land within the 23 million-acre National Petroleum Reserve-Alaska.

OGJ Newsletter

Feb 23, 2015

International news for oil and gas professionals

EOG Resources’ budget down 40% to $4.9-5.1 billion

Feb 20, 2015

EOG Resources Inc., Houston, plans a capital budget of $4.9-5.1 billion in 2015 including production facilities and midstream expenditures, representing a 40% reduction compared with last year’s budget.

A vulnerable supply

Feb 20, 2015

As the oil and gas industry sheds projects and workers amid the cruel pressures of an oversupplied market, more than 3 million b/d of production falls increasingly subject to threat from political disruption.

BHI’s rig count reaches 5-year low; forecast projects more losses

Feb 20, 2015

The US drilling rig count fell 48 units—markedly fewer compared with declines in recent weeks—to settle at 1,310 rigs working during the week ended Feb. 20, Baker Hughes Inc. reported.

Noble Energy’s budget down 40% in 2015

Feb 20, 2015

Noble Energy Inc., Houston, plans to spend $2.9 billion in 2015, representing a 40% reduction from 2014. The company also reported full-year 2014 net income of $1.21 billion and adjusted income of $881 million.

More pragmatism urged for developing Eastern Mediterranean gas

Feb 20, 2015

Eastern Mediterranean nations should abandon inflated expectations and adopt more realistic approaches to developing their natural gas resources, speakers recommended at a Feb. 19 Brookings Institution forum. This includes recognizing that their relatively smaller deposits are best suited to sales within the region, they said.

Marathon revises down budget by 20%

Feb 19, 2015

Marathon Oil Corp., Houston, has reduced its capital, investment, and exploration budget for 2015 by another 20% to $3.5 billion.

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