More Oil & Gas Drilling and Production News

CERAWeek: Evolutions of Pemex, YPF running parallel

May 4, 2015

Chief executives of Mexico's Petroleos Mexicanos (Pemex) and Argentina's YPF SA are both seeing energy reforms within their respective countries, and both emphasize the need for investment from international oil and gas companies to achieve their new goals.

USGS report aims to improve quake prediction from induced seismicity

May 4, 2015

The US Geological Survey issued a report with preliminary outlines of models to predict severity of ground tremors in areas where sharp seismicity increases have been reported.

GOM REVENUE SHARING-3 Forecast sheds light on GOMESA Phase II expected revenues

May 4, 2015

The second phase of Gulf of Mexico Energy Security Act of 2006 (GOMESA) revenue sharing will begin in 2017 and specifies that 37.5% of qualified revenues from Outer Continental Shelf (OCS) leases issued after Dec. 20, 2006, will be shared with gulf producing states, subject to an annual cap of $375 million.

OGJ Newsletter

May 4, 2015

International news for oil and gas professionals

Diligence essential to avoid future offshore mistakes, panel told

May 4, 2015

The offshore oil and gas industry-as well as the federal agencies that regulate it-must remain diligent to avoid the mistakes that led up to the Macondo deepwater well blowout and crude oil spill 5 years ago, witnesses told the US House Natural Resources Committee.

More rig day rate, fleet use declines seen

May 4, 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.

BHI: US rig count loses 27 units, down 1,015 units since Dec. 5

May 1, 2015

The US drilling rig count fell 27 units—all on land—to 905 rigs working during the week ended May 1, according to data from Baker Hughes Inc. The count has now plunged 1,015 units over 21 weeks since the week ended Dec. 5.

BLM fracing variance inadequate, Wyo. official tells Senate panel

May 1, 2015

The US Bureau of Land Management’s final hydraulic fracturing rule allows states with their own requirements to seek a variance under which their rules would apply if they were more stringent, BLM Director Neil Kornze told a US Senate Energy and Natural Resources subcommittee. But Mark Watson, Wyoming state oil and gas supervisor, said BLM would benefit instead of the states.

ExxonMobil 1Q earning down 46% year-over-year

Apr 30, 2015

ExxonMobil Corp. reported first-quarter earnings of $4.9 billion, down from $9.1 billion during first-quarter 2014 due in part by upstream losses in the US. The total, however, exceeded analyst expectations.

PDO signs $600 million contract for small fields in Oman

Apr 30, 2015

Petroleum Development Oman reported signing a $600 million contract to continue developing 18 small and marginal fields in southern Oman.

Oil production starts from Kizomba Satellites Phase 2 offshore Angola

Apr 30, 2015

Esso Exploration Angola (Block 15) Ltd., a subsidiary of ExxonMobil Corp., has started oil production ahead of schedule at the Kizomba Satellites Phase 2 project, 150 km offshore Angola in 1,350 m of water.

Hess reports 1Q net loss of $389 million, trims budget

Apr 29, 2015

Hess Corp. reported a net loss of $389 million during the first quarter compared with net income of $386 million in first-quarter 2014. An adjusted net loss of $279 million was down from an adjusted net income of $446 million in first-quarter 2014.

BP starts 7-year West of Shetland drilling program

Apr 29, 2015

BP PLC, on behalf of the Schiehallion co-venturers Royal Dutch Shell PLC and OMV AG, reported the start of drilling in Loyal field by Odfjell Drilling’s newbuild Deepsea Aberdeen semisubmersible rig, marking the start of a 7-year drilling campaign west of Shetland.

Cinguvu production starts offshore Angola

Apr 29, 2015

Production has begun from deepwater Cinguvu oil field, the second field to be brought onstream at the West Hub project on Block 15/06 offshore Angola.

Total’s 1Q profit down 22%

Apr 28, 2015

Total SA reported a first-quarter adjusted net income of $2.6 billion, down 22% from $3.3 billion during first-quarter 2014, citing a 50% decrease in Brent crude oil prices since last year.

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