More Oil & Gas Drilling and Production News

Mexico uses PSCs in first Round One step

Dec 19, 2014

Mexico is offering production-sharing contracts to companies incorporated in the country for exploration of 14 shallow-water areas in Round One bidding for oil and gas opportunities.

BASF, Gazprom cancel asset swap

Dec 19, 2014

BASF and OAO Gazprom have agreed not to complete an asset swap that was scheduled for yearend.

Wintershall hikes estimates of recoverable resources for Maria field

Dec 18, 2014

Wintershall Holding GMBH reported higher recoverable resource estimates for the Maria field in the Norwegian Sea. The revised estimate is 180 million boe, an increase of 40 million boe.

Moody’s: Mid-term elections dim federal fracing regulation prospects

Dec 18, 2014

Results of 2014’s congressional elections have reduced the prospect of the federal government enacting its own hydraulic fracturing regulations, Moody’s said in a Dec. 17 report. It noted that Republicans, who generally have taken the position that state regulations are sufficient, will assume control of the US Senate in addition to the House in January.

ExxonMobil begins Bass Strait drilling campaign

Dec 18, 2014

The ExxonMobil Corp.-operated joint venture with BHP Billiton Ltd. and Santos Ltd. has begun a $335 million (Aus.) offshore drilling campaign in Bass Strait encompassing five Turrum field wells to bolster the $4.5-billion Kipper-Tuna-Turrum development project that came on stream in November 2013.

MEG Energy cuts capital spending for 2015 to $305 million (Can.) from $1.2 billion

Dec 18, 2014

MEG Energy Corp., Calgary, is reducing its 2015 capital spending plans to $305 million (Can.) from the original budget of $1.2 billion.

Severance tax would backfire, Pennsylvania association leaders warn

Dec 17, 2014

Enacting a severance tax aimed at Pennsylvania’s unconventional natural gas activity would substantially harm the commonwealth beyond the industry itself, three oil and gas trade association officials warned.

New York state moves to ban hydraulic fracturing

Dec 17, 2014

High-volume hydraulic fracturing will be banned in the state of New York, Gov. Andrew Cuomo’s administration announced Dec. 17, citing health risks and concerns about possible contamination of air and water. The state has had a temporary moratorium on fracturing in the Marcellus shale for years.

Rumaila to ramp up production 50% by end of decade

Dec 17, 2014

The Rumaila Operating Organization (ROO)—a partnership of South Oil Co., BP PLC, PetroChina Co. Ltd., and Iraq’s State Oil Marketing Organization (SOMO)—plans to increase production by 50% from Iraq’s giant Rumaila oil field to 2.1 million b/d by the end of the decade.

Norway production declined in November, NPD says

Dec 17, 2014

Norway’s liquids production averaged 1.939 million b/d in November, about 1% less than October, the Norwegian Petroleum Directorate reported.

Encana to focus spending on four core shale assets in 2015

Dec 16, 2014

Encana Corp., Calgary, reported plans to spend $2.7-2.9 billion on its capital budget with roughly 80% of this total directed towards four of what the company is calling its “highest margin growth plays,” namely the Montney and Duvernay shale areas in Canada and the Eagle Ford and Permian areas in the US. Encana expects to generate about 75% of its 2015 cash flow from oil and liquids production.

Development plan outlined for Gullfaks Rimfaks Valley

Dec 16, 2014

A consortium led by Statoil ASA has submitted a development plan for the Rutil discovery in the North Sea’s Gullfaks Rimfaks Valley that will extend production from the Gullfaks A platform, providing close to 80 million boe.

Cenovus trims budget, slows oil sands work

Dec 16, 2014

Cenovus Energy Inc., Calgary, is trimming its capital spending in response to declining crude oil prices and will slow development of some of its thermal oil sands projects in Alberta.

Pengrowth starts commercial steam operations at Lindbergh thermal project

Dec 16, 2014

Pengrowth Energy Corp., Calgary, reported the startup of commercial steam operations at Phase 1 of its Lindbergh thermal project in the Cold Lake area of eastern Alberta.

Repsol to acquire Talisman in $13 billion deal

Dec 16, 2014

Spain’s Repsol SA has agreed to acquire all shares of Talisman Energy Inc. of Calgary for $8.3 billion along with assumed debt of $4.7 billion. The deal has been approved and recommended by Talisman’s board, and the companies hope to complete it by midyear 2015.

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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