More Oil & Gas Drilling and Production News

Cue buys out PetroChina in Indonesian PSC

Mar 16, 2015

Cue Energy Resources Ltd., Melbourne, has completed acquisition of PetroChina’s 60% interest in the Mahakam Hilir production-sharing contract in Indonesia’s Kutei basin.

Production from Pluto LNG plant shut following Cyclone Olwyn

Mar 16, 2015

Woodside Petroleum Ltd. has temporarily shut-in production at its Pluto LNG plant after the Atwood Osprey submersible drilling rig drifted near Pluto flowlines during Cyclone Olwyn, which impacted the Australia’s northwest coast on Mar. 12.

Alberta introduces oil sands environmental requirements

Mar 16, 2015

Alberta introduced new requirements to control tailings ponds and regulate water use from the Athabasca River as part of the Canadian province’s efforts to reduce oil sands development impacts.

Statoil lets power supply contract for Johan Sverdrup

Mar 16, 2015

Statoil ASA has let a $156-million contract to ABB Group for land-based power supply to Phase 1 of the Johan Sverdrup field development.

EIA: Monthly average Brent price up for first time in 8 months

Mar 16, 2015

North Sea Brent crude oil prices averaged $58/bbl in February-up $10/bbl from the January average-representing the first monthly average price increase since June 2014, according to the US Energy Information Administration's latest Short-Term Energy Outlook (STEO).

Higher Iranian oil flow requires more than sanctions' end

Mar 16, 2015

Relaxation of sanctions squeezing Iran is just one among several dubious steps necessary if the Islamic Republic is to come close to meeting aggressive targets for oil production.

EIA forecasts continued rise in US oil production from gulf

Mar 16, 2015

Crude oil production from the Gulf of Mexico will reach 1.52 million b/d in 2015 and 1.61 million b/d in 2016-or respectively 16% and 17% of total US crude production during each year-according to projections from the US Energy Information Administration.

BHI: US rig count down in 14th straight week, loses 67 units

Mar 13, 2015

The US drilling rig count plunged 67 units—64 on land and 56 targeting oil—to settle at 1,125 rigs working during the week ended Mar. 13, according to data from Baker Hughes Inc.

TAEP: Year of ‘dramatic contraction’ under way in Texas oil, gas employment

Mar 13, 2015

The Texas Petro Index (TPI) dropped seven points to 299.6 during January compared with December, reflecting low crude oil prices, a falling rig count, and decline in drilling permits.

Hazard seen behind North American rig upturn

Mar 13, 2015

Wells not completed while oil prices are low might foreshorten recovery of North American drilling, even if the upturn arrives sooner than expected, analysts warn.

USGS: More data needed to grasp fracing’s water-quality risks

Mar 13, 2015

More data and research will be necessary to better understand potential water-quality risks associated with US unconventional oil and gas resource development, a recent US Geological Survey study concluded.

Prosper files OSCA application for Rigel oil sands project

Mar 13, 2015

Prosper Petroleum Ltd., Calgary, has filed an Oil Sands Conservation Act application with Alberta Energy Regulator for the Rigel oil sands project.

ExxonMobil resumes drilling from Point Thomson near ANWR

Mar 12, 2015

Following years of legal wrangling, ExxonMobil Corp. has resumed drilling in the high-pressure Point Thomson gas-condensate field on Alaska’s North Slope near the Arctic National Wildlife Refuge (ANWR).

US rig plunge seen hastening recovery

Mar 12, 2015

The plunge in US drilling should help the oil market recover faster than had been expected, says an Oppenheimer analyst.

Petrobras launches early production system from Buzios field

Mar 12, 2015

The startup of an early production system by Petroleo Brasileiro SA (Petrobras) from Buzios field in the Santos basin represents the first large-scale and longest-running production operations from Brazil’s Transfer of Rights area.

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