Welcome to OilEarth
Quality Oil & Gas news for your iPad or tablet. Our news is powered by our
parent site - OilVoice
Like many suppliers in the U.S.
CGG announced today that it has been awarded a major contract by Pemex to deliver an orthogonal wide-azimuth integrated solution designed to optimize subsalt seismic imaging in the geologically complex deep waters of the Perdido area. A new wide-azimuth survey, covering approximately 10,000 km2, will be acquired perpendicularly over the existing wide-azimuth seismic data acquired by CGG in 2010.
Callon Petroleum Company (NYSE: CPE) today announced the closing of its previously announced acquisition of certain assets located in the Midland Basin within its WildHorse operating area. On October 20, 2016, the Company completed the acquisition of 6,904 gross (5,952 net) acres primarily located in Howard County, Texas from Plymouth Petroleum, LLC and additional sellers that exercised their 'tag-along' sales rights for total cash consideration of $340 million, subject to customary post-closing adjustments.
Serinus Energy Inc. (TSX:SEN) (WARSAW:SEN) is pleased to provide the following update for its operations for the third quarter of 2016.
Statoil has decided to cancel the contract with Stena Drilling for the mobile rig Stena Don. The rig has been on contract to Statoil since 7 February 2014, performing operations for the Troll and Fram licences.
Statoil is one of biggest National Oil Company (NOCs) (despite the fact that is listed on the largest exchange stock markets of the world, 67 % Norwegian state ownership) in the world, but its global business operations are comparable and in some cases even better than those of the most major International Oil Companies (IOCs). Statoil operates in many countries globally, with its primary business operations to located in Norway but with a significant market presence in Brazil, UK, Canada, Algeria and of course the USA.
Baker Hughes Incorporated (NYSE:BHI) announced today results for the third quarter of 2016. 'Our third quarter results demonstrate the progress we have made on our commitment to improve financial performance by reducing operational costs, optimizing our capital structure, and strengthening our full-service model while building broader sales channels for our products and technology,' said Martin Craighead, Baker Hughes Chairman and Chief Executive Officer.
The increase in Asian refinery throughput and thus crude oil demand in the region will slow significantly in the next two years, rising by only 400,000 b/d annually, according to ESAI Energy's Two-Year Global Fuels Outlook. This compares with over 700,000 b/d of increases in both 2015 and 2016.
Highlights Following the successful Roc-2 well, Carnarvon and Quadrant immediately proceed to the highly prospective Phoenix South-2 well The Phoenix South-2 well has two primary objectives: Evaluate the commerciality of the Phoenix South oil field in the Barret Sandstone; and Explore for gas and condensate in the deeper Caley Sandstone, akin to the Roc field Additional objectives involve exploration of the Hove and Huxley membersCarnarvon Petroleum Limited (ASX:CVN) is pleased to advise that the Phoenix South-2 ('PS-2') well is expected to commence in the next 7 days. This well is appraising the Phoenix South-1 oil discovery that Carnarvon announced on 18 August 2014 and will also evaluate similar structures to the gas-condensate discoveries announced with the drilling of Roc-1 (4 January 2016) and Roc-2 (23 September 2016).
The recent invitation by OPEC for US officials to join in production freeze talks is clearly a nod to the production powerhouse Americas has become as a result of the shale revolution. But it wasn't always that way.
JSC KazMunaiGas Exploration Production announces its operating results for the first nine months of 2016. Production Overall, KMG EP, including its stakes in Kazgermunai ('KGM'), CCEL ('Karazhanbasmunai') and PetroKazakhstan Inc.
Pantheon Resources plc, the AIM-quoted oil and gas exploration company with a working interest (of 50%-58%) in several conventional projects in Tyler and Polk Counties, onshore East Texas, is pleased to provide the following information: Completion of drilling activities, and planned flow testing, at VOBM#3 well, Polk County, onshore East Texas Pantheon confirms that the operator has drilled the VOBM#3 well, Polk County, onshore East Texas, in which it has a 58% working interest, to total depth of c.14,500 feet and will pursue a vertical completion.
88 Energy Limited (ASX, AIM: 88E) is pleased to announce that it has reached agreement (subject to settlement) regarding a placement to raise gross proceeds of A$11m (before fees and expenses) to two US-based institutional investors. The net proceeds from the Placement will be used to strengthen the Company's balance sheet ahead of the upcoming drilling of Icewine#2 in 1Q2017, pursue complementary growth opportunities in Alaska and for general working capital purposes.
The Board of Red Emperor Resources NL provides the following commentary for the period ending 30 September 2016. Philippines (SC 55) During the quarter, all relevant documentation for the transfer of Otto Energy Limited's (ASX: OEL 'Otto') equity interest in Block SC 55 was prepared by Otto, approved by the Joint Venture and has now been submitted to the Philippines Department of Energy (DoE) for final approval.
LUKOIL started today commercial production at the Pyakyakhinskoye oil and gas condensate field in the Yamal-Nenets Autononous District. The official ceremony was attended by Deputy Prime Minister of the Russian Federation Arkady Dvorkovich, President of LUKOIL Vagit Alekperov and Governor of the Yamal-Nenets Autonomous District Dmitry Kobylkin.
Refineries' return to business over the next few weeks from seasonal maintenance activities will likely keep downward pressure on U.S.
VTTI BV, VTTI Energy Partners LP, NYSE: VTTI (together 'VTTI') and Vitol today announced that Buckeye Partners, L.P.
Carrizo Oil & Gas, Inc. (Nasdaq:CRZO) today announced that it has agreed to acquire Eagle Ford Shale properties from an affiliate of Sanchez Energy Corporation for $181 million in cash, subject to customary closing adjustments.
A sustained low oil price environment is a challenging one, with 'survival of the fittest' being an undeniable reality of the sector. Upstream E&P operators, in the past two years, have scurried to re-evaluate their operational Business as Usual (BAU) practices, implementing a myriad of measures ranging from immediate cost cutting steps such as the downsizing of the workforce, the elimination of redundancies as well as the rebalancing of portfolios as they aspire to come out of this battle stronger.
Petrobras and Total inform that Pedro Parente, CEO of Petrobras, and Patrick Pouyanné, Chairman and CEO of Total, have signed today, in Rio de Janeiro, a Memorandum of Understanding which sets the general framework for a Strategic Alliance covering Upstream and Downstream activities in Brazil as well as international potential opportunities. Through this agreement, the companies undertake to join forces in some key areas of mutual interest and to evaluate opportunities in Brazil and abroad to jointly benefit from their internationally recognized expertise on all segments of the oil and gas value chain.
Since the oil price started to drop, North America shale producers have reduced activity levels. At the same time, the main focus for companies has been to reduce the costs per well and increase the well performances.
Stone Energy Corporation (NYSE: SGY) today announced entry into a comprehensive restructuring support agreement and a purchase and sale agreement for its properties in the Appalachia basin. Restructuring Support Agreement As previously disclosed, Stone Energy Corporation has been involved in discussions with certain of its stakeholders in respect of a possible restructuring of the indebtedness and capitalization of Stone and certain of its subsidiaries.
Doriemus PLC (ISDX:DOR), the London Listed UK focused oil and gas exploration and production investment company, is pleased to announce it has received notification that the UK Oil & Gas Authority executed the PEDL331 licence on 16 September 2016. The start date of the Licence is 21 July 2016, with an Initial Term until 20 July 2021, the Second Term until 20 July 2026 and a Licence end date anticipated to be 20 July 2046.
Midstates Petroleum Company, Inc. announced today that it has emerged from Chapter 11 bankruptcy protection, after satisfying all of the conditions precedent to the effectiveness of its Plan of Reorganization, which was confirmed by the U.
Pacific Exploration & Production Corporation is pleased to provide an update with respect to its previously announced plan of compromise and arrangement pursuant to the Companies' Creditors Arrangement Act (Canada) in connection with its comprehensive restructuring transaction. As previously announced on October 11, 2016, all of the conditions precedent to completion of the Creditor/Catalyst Restructuring Transaction have been satisfied or are in a position to be satisfied, but for the release of a lien created by an order of the Colombian Superintendence of Corporations made on June 10, 2016.
Skyland Petroleum Group Limited ARBN 613 928 671 (ASX: SKP) is pleased to announce that it has successfully completed its due diligence on the Mirninsky Licence. The update provided is in relation to the potential acquisition of a producing oil and gas asset located in the East Siberian basin within the Sakha (Yakutia) Republic of the Russian Federation.
Rubicon Oilfield International announced today that it has completed the acquisition of all of the outstanding common shares of Logan International Inc. ('Logan') (TSX: LII), a global leader in the supply of oilfield intervention and production tools, for $1.
The Norwegian Petroleum Directorate (NPD) has granted consent for production start-up on the Ivar Aasen field in the North Sea. The operator AkerBP has scheduled start-up for December.
Oil price The oil price was virtually unchanged last week, the inventory stats helped with another draw but the rig count numbers on Friday showed the 17th straight up week with oil units up 11 at 443. With only five weeks to go until the November Opec meeting all eyes are still on the talks and of the cuts, Russia and Opec are still apparently 'committed' to success and with production still high they will need to at least be seen to work.
CAMBAY FIELD, ONSHORE GUJARAT, INDIA Oilex continues to focus its resources on unlocking the multi-TCF in-place tight gas potential in its onshore Cambay Block. Planning continues for the drilling of the Cambay-78 vertical well with the dual objectives of developing the un-depleted OS-II sand and to obtain core samples from the EP-IV Zone reservoir for drilling and stimulation studies.
TomCo Energy plc (AIM: TOM), the oil shale exploration and development company focused on using innovative technology to unlock unconventional hydrocarbon resources and on palm oil production to generate short-term cashflows announces the appointment of Alexander Benger to the Board of the Company as a Non-Executive Director with immediate effect. In addition, the Company announces that Andrew Jones has assumed the role of Executive Chairman of the Company with immediate effect.
SPIE Oil & Gas Services announced that it has been awarded a five-year contract with Kuwait National Petroleum Company (KNPC) under Clean Fuels Project (CFP) which is currently under EPC phase of implementation. The Clean Fuels Project of KNPC is a major upgrade of its flagship refineries to meet the future diversified market requirements for petroleum products both in the domestic and international sectors.
The NIOC just announced that it is offering 50 fields to international bidders, 29 of them oil fields and the remainder gas fields. What are the timelines of the prequalification process? Deadline for accepting the applications to enroll into prequalification for IPC tender: 17th of November 2016 Announcement of the qualified bidders: 7th of December 2016 Bid round open: Expected in Jan/Feb 2017Will these fields be tendered at once? We do not think so.
Frontera Resources Corporation (London Stock Exchange, AIM Market - Symbol: FRR), an independent oil and gas exploration and production company, today releases an update of its operations in the country of Georgia. As previously announced on September 30, work is underway to begin the stimulation campaign for six further wells within the Company's ongoing Oil Window and Gas Window operations at its South Kakheti Gas Complex.
Wood Group has secured a five-year contract to provide engineering, procurement, construction and maintenance services to the Hibernia platform, offshore Newfoundland, from Hibernia Management and Development Company Ltd. (HMDC).
Santos today announced the sale of its Victorian assets to Cooper Energy for cash consideration of up to A$82 million. The sale will result in Santos exiting from offshore Victoria.
Baker Hughes Incorporated has posted Weekly Rig Count reports to its Investor Relations website. BHI Rig Count: U.
Everyone who has touched upon trading - as the term is understood today - very quickly falls victim to the impression that this casino is the real economy. And that indices, charts, KPI's and financial market performance is all that matters.
DualEx Energy International Inc. ('DualEx' or the 'Company') (TSXV: DXE) announced that, further to its news release dated September 30, 2016, it has closed the acquisition of producing assets in the Peace River Arch area of northern Alberta, closed the acquisition of two private corporations and closed the non-brokered private placement offering of 81,050,000 units at a price of $0.
Southwestern Energy Company (NYSE: SWN) today announced its financial and operating results for the quarter ended September 30, 2016. 'During the third quarter, we once again delivered on our commitments and delivered solid results through our relentless focus on value creation in the current pricing environment,' remarked Bill Way, President and Chief Executive Officer of Southwestern Energy.
Africa Energy Corp. (TSX VENTURE:AFE) is pleased to report that it has closed three transactions resulting in the Company acquiring a 90% participating interest and operatorship in Block 2B offshore the Republic of South Africa.
| Friday, October 21, 2016
Oil price It was the dollar what did it, greenback strength prevailed and kept a lid on the oil price that just couldnt break the shackles and make new ground. Make no mistake, the chartists are adamant that breaking through just below 53 bucks will mean another big rise but equally if it doesnt breakout then.
Indonesia has substantial unexplored basins predicted to hold 43.7 billion barrels of crude oil, according to data from the country's Upstream Oil and Gas Taskforce (SKK Migas).
In accordance with Section 9.6.
Petrofac, the international oil and gas service provider, announces the following changes to its Board of Directors. Chief Financial Officer Further to the announcement on 30 August 2016, the Company is pleased to confirm the appointment of Alastair Cochran as Chief Financial Officer and Executive Director, succeeding Tim Weller, with effect from 20 October 2016.
Providence Resources P.l.
Revenue of $7.0 billion decreased 2% sequentially Pretax operating income of $815 million increased 9% sequentially GAAP EPS was $0.
Royal Dutch Shell plc, through its affiliate Shell Canada Energy today announced it has agreed to sell approximately 206,000 net acres of non-core oil and gas properties in Western Canada to Tourmaline Oil Corp. for a total consideration of approximately $1,037 million (C$1,369 million).
This trading statement provides basic provisional information on the economic environment as well as OMV's performance for the quarter ended September 30, 2016. The OMV Group Q3/16 results will be published on November 9, 2016.
Key Highlights: Third quarter sales volumes up 31% to 21.3 mmboe.
As a veteran of the onshore energy industry, I was surprised to read Professors Strachan and Russell's view on gas exploration in the UK. The article reiterated many falsehoods and myths contrived by anti-fracking groups on energy security, the economy and environment, which must be corrected.
Zion Oil & Gas, Inc. (NASDAQ GM: ZN) announced today that it has met and complied with two key conditions set by Israel's Petroleum Commissioner, enabling it to move toward drilling its next deep oil well, about 40 kilometers (~25 miles) south of the Sea of Galilee, where the Jordan and Jezreel Valleys meet.
Verus Petroleum is pleased to announce the signing of a sale and purchase agreement with Maersk Oil North Sea UK Limited for the acquisition of Maersk Oil's 9.8% interest in the Boa oil field.
Pilgrim Petroleum PLC a private company and subsidiaries, an independent oil and gas company, has completed its acquisition of an 79% controlling interest in the announced acquisition of Bakken, Eagle Ford and Woodford Shale assets for approximately $330 million net of customary closing adjustments. The assets include approximately 210,000 acres with most of the position held by production.
Oil price I return from Norway, where little seems to phase them, to find a modest rise in the oil price that looks as if it is going to stay, at least for the time being. There are still plenty of bears around but the people that count appear to think that they can influence on the upside.
Lucas Energy, Inc. (NYSE MKT: LEI),an independent oil and gas company with operations in Oklahoma and Texas, today updated its operational activity in the Eagle Ford shale and development activity in Oklahoma.
InterOil Corporation (NYSE: IOC, POMSox: IOC) today provided an update on the court approval process regarding the pending transaction with Exxon Mobil Corporation (NYSE: XOM). Today, the Court of Appeal of the Yukon has accommodated an expedited hearing with respect to the appeal lodged by Phil Mulacek, which is scheduled to be heard on October 31, 2016.
Gastar Exploration Inc. (NYSE MKT: GST) announced that it has executed a definitive agreement with a large private global investment fund to jointly develop up to 60 Gastar operated wells in the STACK Play in Kingfisher County, Oklahoma.
Petrus Resources Ltd. (TSX:PRQ) is pleased to provide the following operations update: The Company has recently drilled three 100% WI wells in its Ferrier core area targeting liquids rich gas in the Cardium formation.
Private oil and gas company CP Exploration (CPX) announced today that it has begun drilling the Durham Smith Fuente 209HL, its third horizontal well in Reeves County, Texas. The Durham Smith Fuente 209HL follows the successfully drilled and soon-to-be-completed Durham Smith Fuente 204HU and the successfully drilled and completed Durham Smith Fuente 201HL, which had an initial production rate of 3.
Helix Energy Solutions Group, Inc. (NYSE: HLX) reported net income of $11.
A recent article directed towards the gas and industry audience was recently published in Upstream Online. Some highlights: The UK government's decision to overturn local council objections to shale gas drilling in the north of England is a significant step forward for the industry.
President Energy (AIM: PPC), the oil and gas exploration company provides the following update on its operations. Argentina The Coiled Tubing programme is progressing and operations have just commenced on the second of the expected now five well campaign.
Tethys Petroleum Limited (TSX:TPL)(LSE:TPL) today announces that it acknowledges Olisol Petroleum Limited's Press Release dated October 12, 2016 whilst wishing to clarify certain matters pertaining to Olisol's Release and to provide a transaction update. Olisol Petroleum Limited Press Release Olisol states in its Release that it intends to direct Tethys to apply all funds to be repaid to Olisol in connection with outstanding working capital advances, plus accrued interest thereon, to its obligation to subscribe for 181,240,793 ordinary shares at C$0.
I'm always looking to invest my money in oddball places in energy; subs-sectors that are outside the mainstream. That would include areas like ethanol, which I've done quite well at, and technology stocks-where I have sometimes lost a lot of money.
Cooper Energy (ASX: COE) announces it has accepted an offer from Bass Strait Oil Company Limited (ASX: BAS) for the sale of its remaining Indonesian asset, a 55% interest in the Tangai-Sukananti KSO, South Sumatra Basin, Indonesia. A share sale agreement to effect the transaction has been signed by the parties today, with the completion of the transfer and sale expected in 3 months from signing.
Quadrant Energy has confirmed a successful well test from the Roc-2 well, 165 km north of Port Hedland in the Bedout Basin. Roc-2 flow tested at a maximum (equipment constrained) rate of 51.
CGX Energy Inc. (TSX-V - OYL) today provided an operational update on its exploration assets in Guyana.
Tethys' share of the production, before government take, from Blocks 3 and 4 onshore the Sultanate of Oman amounted in September 2016 to 364,961 barrels of oil, corresponding to 12,165 barrels of oil per day. Tethys Oil AB, through its wholly owned subsidiary Tethys Oil Block 3 and 4 Ltd, has a 30 per cent interest in Blocks 3 and 4.
KBR, Inc. (NYSE: KBR) announced today the award of a pre-front end engineering and design (FEED) study for PT Australasia LNG Indonesia's (AALNG) new proposed LNG Hub terminal in Probolinggo, East Java, Indonesia.
Halliburton Company (NYSE:HAL) announced today results for the third quarter of 2016 of $0.01 per diluted share.
Gulfsands Petroleum plc (AIM: GPX), the oil and gas company with activities in Syria, Tunisia, Colombia and Morocco, today announces that it has signed a Farmout Agreement relating to the Colombian, Putumayo-14 Exploration and Production of Hydrocarbons Contract No 2 of 2013. The Farmout Agreement has been agreed with Samarium Energy & Resources Corporation, a fully owned subsdiary of Samarium Tennessine Corporation and Samarium Investment Corporation, acting as Guarantor.
OK, we got it by now. In an unfathomable show of splendor, OPEC has congregated in Algiers in order to show the world that it still matters and that finally, after a zillion attempts and a lot of trepidation (that's what it felt like at least) it will reduce the volume of crude it supplies into the market.
MX Oil, the AIM quoted oil and gas investing company, is pleased to announce that PR Oil and Gas Limited, the holder of its investment in OML 113, has now received US$1.2 million from the sale of the first production of oil from the Aje Field, which forms part of OML 113.
| Wednesday, October 19, 2016
Will Scotland end up in the (fracking) pocket of Donald Trump and Theresa May? In the latest of our running series of articles covering the subject, Professors Alex Russell and Peter Strachan present the case against. There are distinct similarities between the 1848-1855 gold rush and the recent US frenzied rush to tear apart its shallow shale beds regardless of cost to people and the environment.
Roxi, the Central Asian oil and gas company, with a focus on Kazakhstan, is pleased to update the market with news of its BNG operations. Introduction Roxi is pleased to update the market with news of its initial testing at Shallow Well 141 and the preparatory work for new shallow Well 142 together with an update on Deep Well A6.
Ikon Science announced today that RokDoc Ji-Fi software has won the Institute of Physics (IOP) Award for Technology for 2016. The award ceremony took place last night in the Houses of Parliament, London, UK.
Lundin Petroleum AB will recognise a net foreign exchange gain of approximately MUSD 136 for the third quarter of 2016. The profitability for the third quarter of 2016 will be impacted by a largely non-cash net foreign currency exchange gain mainly related to the revaluation of loan balances.
CLNR, the natural resources investing company, is pleased to announce a substantial increase in the prospective resources for its 100% held Licence P2248 (Block 43/11) located in the Southern North Sea gas basin. This follows the completion of a technical evaluation and Competent Persons Report on the gas resources on the Licence by Xodus Group, an independent oil and gas consultancy firm.
Prospex Oil and Gas Plc, the AIM quoted investment company, is pleased to announce that approval has been received from the Ministry of Environment to drill the Boleslaw-1 well in the 1,150 sq km Kolo Licence, onshore Poland. Boleslaw-1 is targeting gas in an active petroleum system and remains on track to be drilled in Q4 2016.
The Company provides its quarterly activities report for the period ended 30 September 2016. Trinidad operations Production The Company's oil production for the period was 40,888 barrels (average of 444 barrels of oil per day ('bopd')) net to Range.
The amount of cash raised by 68 U.S.
Tethys Oil's revenue amounted during the third quarter 2016 to MUSD 26. Tethys Oil's share of the production, before government take, from Blocks 3 and 4 onshore the Sultanate of Oman amounted in the quarter to 1,120,764 barrels.
Casillas Petroleum Resource Partners, LLC, a partnership between Casillas Petroleum Corp. and Kayne Anderson Energy Funds, announced today that it has closed on the purchase of certain oil and gas assets owned by Continental Resources, Inc.
Canacol Energy Ltd. (TSX:CNE)(OTCQX:CNNEF)(BVC:CNEC) is pleased to provide the following update for the Trombon 1 discovery, which represents the Corporation's fifth consecutive gas exploration success.
Condor Petroleum Inc. (TSX: CPI) is pleased to announce that commercial oil production has commenced at the Taskuduk oilfield in Kazakhstan.
One of the recent WikiLeaks email dumps revealed some interesting things about hydraulic fracturing, also known as fracking. (This enhanced drilling technology is a big part of America's new era of energy abundance.
It is six years since a prominent newspaper dubbed BP's chief executive the 'most hated and clueless man in America' and in that time the company has paid $62 billion in fines and compensation for its role in the Macondo Gulf of Mexico oil spill. Perhaps surprisingly, much of the top leadership that visited the White House in 2010 to brief President Barack Obama remains in charge of the company.
The Norwegian Petroleum Directorate has granted Aker BP ASA a drilling permit for well 25/2-18 B, cf. Section 8 of the Resource Management Regulations.
Aminex is pleased to announce that the civil work for the Ntorya-2 wellsite is now complete and the process of mobilising the Caroil 2 drilling rig and related equipment has begun from the Ntorya-1 well pad to the Ntorya-2 wellsite, approximately 1,500 metres away. The Ntorya-2 appraisal well is expected to spud late Q4 and once spudded drilling is expected to take between 45 and 60 days.
| Tuesday, October 18, 2016
World oil production is in balance and U.S.
Hurricane Energy plc, the UK based oil and gas company focused on hydrocarbon resources in naturally fractured basement reservoirs, announces that the 205 21a-7Z well (the 'Horizontal Sidetrack Well') has achieved a sustainable flow rate using an Electrical Submersible Pump of 14,500 stock tank barrels of oil per day with no produced formation water. The flow rate was constrained by the test equipment.