More Oil & Gas Drilling and Production News

IHS: ‘Tight-oil test’ under way in US amid lower oil prices

Nov 20, 2014

The vast majority of potential US tight-oil production growth remains economical in the current crude oil price environment, according to a recent report by IHS. About 80% of potential gross US tight-oil capacity additions in 2015 would remain resilient at West Texas Intermediate prices dropped to $70/bbl, the report said.

Maersk Oil lets contract for Culzean field development

Nov 20, 2014

Maersk Oil North Sea UK Ltd. has let a multimillion-pound contract to DNV GL for the Culzean field development project in the UK North Sea.

Apache to sell Louisiana, Anadarko assets for $1.4 billion

Nov 20, 2014

Houston independent Apache Corp. has agreed to sell noncore southern Louisiana and certain Anadarko basin assets in two separate deals for a combined $1.4 billion. Both transactions, effective Oct. 1, are expected to close during the fourth quarter.

NOIA, API studies list benefits of more federal OCS leasing

Nov 19, 2014

Offshore oil and gas leasing in the eastern Gulf of Mexico and on the US Atlantic and Pacific coasts could create more than 838,000 American jobs and raise more than $200 billion in revenue for the government, according to recent studies released jointly by the National Ocean Industries Association and the American Petroleum Institute.

National Forest in Va., W.Va., leaves fracing to state governments

Nov 18, 2014

The George Washington National Forest in Virginia and West Virginia will allow some oil and gas activity using hydraulic fracturing and horizontal drilling under its new final forest plan, which was released in Roanoke, Va., on Nov. 18.

Deloitte: US gas supplies rebuilt since last winter, EIA’s Sieminski says

Nov 18, 2014

The biggest issue this winter could be electricity generation in New England because of pipeline constraints rather than a drawdown of stored natural gas as happened last winter because of severe cold weather, said Adam Sieminski, administrator for the US Energy Information Administration.

Eni signs PSA addendum to extend E&P work in Turkmenistan

Nov 18, 2014

Eni SPA has signed an addendum to the production-sharing agreement (PSA) it has with Turkmenistan with respect to the onshore Nebit Dag block in western Turkmenistan.

Cenovus receives approvals for Telephone Lake oil sands project

Nov 18, 2014

Cenovus Energy Inc., Calgary, has received approval from the Alberta Energy Regulator (AER) and the province of Alberta for its wholly owned Telephone Lake thermal oil sands project, 90 km northeast of Fort McMurray in the company’s Borealis Region of northern Alberta.

Deloitte: More executives believe US can be self-sufficient in oil

Nov 18, 2014

More oil and gas executives are growing increasingly confident that the US will be self-sufficient in oil in 5-10 years, said a Deloitte survey titled, “2014 Oil & Gas Survey: The Next Chapter of the Energy Renaissance.”

MARKET WATCH: Oil prices slide on New York, London markets

Nov 18, 2014

US light, sweet crude oil prices settled below $76/bbl Nov. 17 on the New York market and Brent oil prices settled below $80/bbl on the London market upon expectations that the Organization of Petroleum Exporting Countries will not act to reduce ample oil supplies worldwide.

IEA revises global 2014 oil demand forecast slightly downward

Nov 17, 2014

The International Energy Agency reported it has revised downward its global oil demand forecast for 2014 since its last report by 200,000 b/d to 92.4 million b/d. IEA said this revision was made “on reduced expectations of economic growth and the weak recent trend.”

Hess, Chevron report start of oil, gas production from Tubular Bells

Nov 17, 2014

Operator Hess Corp. and partner Chevron Corp. reported the start of oil and gas production from their Tubular Bells development in the deepwater Gulf of Mexico. The project is expected to produce 50,000 boe/d from three wells.

Saudis have reasons better than shale to let prices fall

Nov 17, 2014

Only by overlooking important forces in markets and politics can anyone assert that Saudi Arabia is letting crude prices fall mainly to extinguish competition from North American shale oil.

New API standards cover offshore drilling, production structures

Nov 17, 2014

The American Petroleum Institute published five new recommended practices (RPs) for the design, construction, and maintenance of structures used in offshore oil and gas drilling and production.

EIA: OPEC's anticipated inaction brings uncertainty to oil price forecast

Nov 17, 2014

Brent crude oil prices fell to $84/bbl at the end of October from $95/bbl at the beginning of the month.

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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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