More Oil & Gas Drilling and Production News

Watching Government: Addressing the oil export ban

Jan 19, 2015

The 114th Congress's first energy policy priority-after approving the proposed Keystone XL crude oil pipeline-should be repealing the ban on US crude oil exports, the American Petroleum Institute believes. It also acknowledges that reaching this goal won't be easy.

BOEM raises offshore oil spill liability limit to $134 million

Jan 19, 2015

The US Bureau of Ocean Energy Management increased the liability limit for oil-spill related damages from offshore operations to $134 million from $75 million. The change will go into effect in January 2015.

Barclays sees likely downside to North American E&P budgets

Jan 19, 2015

Global exploration and production spending is expected to decline at least 8.8% in 2015 vs. 2014, according to 225 companies surveyed in the Barclays E&P Spending Outlook.

BP could be fined up to $13.7 billion for Macondo spill

Jan 16, 2015

The US District Court for the Eastern District of Louisiana ruled under Phase 2 of the MDL 2179 civil trial that 3.19 million bbl of oil were discharged into the Gulf of Mexico during the Macondo deepwater well incident in 2010. BP PLC previously was found negligent in the spill.

Mexico's evolving fiscal terms

Jan 16, 2015

Mexico's energy reform has launched an ambitious process to end the long-standing state oil monopoly, holding the promise to increase oil production and bolster the overall economy.

BHI: US rig count plunges 74 units, hits lowest total since October 2010

Jan 16, 2015

The US drilling rig count plunged 74 units—all on land—to settle at 1,676 rigs working during the week ended Jan. 16, Baker Hughes Inc. reported. That’s the lowest total since the Oct. 29, 2010, rig count, which totaled 1,672.

EPA proposes amendments to oil-spill contingency requirements

Jan 16, 2015

The US Environmental Protection Agency proposed amendments to federal requirements covering responses to crude-oil spills. Comments will be accepted for 90 days following the proposal’s publication in the Federal Register.

Norway liquids production declined in December, NPD says

Jan 16, 2015

Norway’s oil, natural gas liquids, and condensate production averaged 1.916 million b/d in December, about 2% less than November.

Range cuts 2015 capital budget to $870 million

Jan 15, 2015

Range Resources Corp., Ft. Worth., has reduced its capital budget for 2015 to $870 million from the previously reported $1.3 billion, which already represented an 18% cut compared with the 2014 budget.

Conoco’s Lance calls for repeal of US crude oil export ban

Jan 15, 2015

The US crude export ban that was imposed in 1975 should be repealed 40 years later to ensure the US oil and gas renaissance continues, ConocoPhillips Chief Executive Officer Ryan Lance said.

NPD provides Norwegian continental shelf summary for 2014

Jan 15, 2015

The Norwegian Petroleum Directorate reported that oil production from the Norwegian continental shelf increased 3% in 2014, the first increase since 2000. Total production of oil and gas was 1.4% higher than in 2013.

In lower price environment, Tullow Oil writes off $2.7 billion

Jan 15, 2015

Reviewing assets in a declining oil-price environment, Tullow Oil PLC reported pretax write-offs totalling $2.7 billion.

 

Total starts production from West Franklin Phase 2 in UK North Sea

Jan 15, 2015

Total SA has started natural gas and condensate production from its West Franklin Phase 2 project in the Central Graben area of the UK North Sea. The company says the project will supply 40,000 boe/d to the Elgin-Franklin hub.

White House orders steps to curb oil and gas methane emissions

Jan 15, 2015

The Obama administration set a new goal to cut methane emissions from the oil and gas sector from 2012 levels by 40–45% by 2025, and a set of actions to put the US on a path to achieve this goal. Trade associations across the industry reiterated earlier statements that regulations would try to solve problems which already are being addressed.

Statoil lets FSU contract for Mariner field

Jan 14, 2015

Statoil ASA has let a contract to OSM Offshore Aberdeen Ltd., a subsidiary of OSM Offshore AS, to operate the Mariner floating storage unit (FSU) in Mariner oil field, within part of Block 9/11a of the UK continental shelf (UKCS).

Market Connection

PUBLIC AUCTION: Complete Liquidation of 300-Acre Facility. McDERMOTT, INC.: AMELIA (MORGAN CITY), LOUISIANA. SEPTEMBER 8-12, 2014. ONE OF AMERICA’S OLDEST & MOST RESPECTED OFFSHORE/ONSHORE HEAVY FABRICATION FACILITIES: OFFSHORE MARINE EQUIPMENT, TREMENDOUS OFFERING OF MOBILE EQUIPMENT, COMPLETE OFFSHORE PLATFORM & JACKET MANUFACTURING FACILITIES.

PUBLIC AUCTION: Complete Liquidation of Offshore/Onshore Heavy Fabrication Facility

  PUBLIC AUCTION: Complete Liquidation of 300-Acre Facility. McDERMOTT, INC.: AMELIA (MORGAN CITY), LOUISIANA. SEPTEMBER 8-12, 2014. ONE OF AM...
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