OilEarth
Home         Opinion & Commentary         Most Popular         Regions         Contact

Welcome to OilEarth

Quality Oil & Gas news for your iPad or tablet. Our news is powered by our parent site - OilVoice.

Shale exposed service companies are taking a hit

Low oil prices and lowered activity have made a severe impact on the service companies exposed to North America. Their revenues were down 25% in the first quarter - a much higher decrease than the average of -18% we see on a global basis.
North America | Friday, July 3, 2015

EnerMech granted extension to BP contract

EnerMech has been awarded a 12 month extension of a five year cranes and lifting contract by BP Exploration (Caspian Sea) Ltd. The contract, which includes a further two one-year options, will see mechanical engineering group EnerMech continue to provide cranes operation and maintenance personnel, materials, equipment, engineering and mechanical handling services for up to another three years.
Russia FSU | Friday, July 3, 2015

Oil price, BP, Lamprell, Wood Group, Sundry-Petrofac-Sefton-Afren-GKP- And finally...

Oil price The oil price was modestly up yesterday lunchtime in the US preparing for a quiet long weekend, the NFP numbers were in line at least with GSach's best guess although there was a revision down of previous data, the greenback had fallen giving crude some support. Then the rig count came out and Baker Hughes said that overall rigs were up 3 at 862 and in oil were up 12 at 640.
West Europe | Friday, July 3, 2015

Viewing global LNG from the House at Pooh Corner, where Eeyore lives

Ross McCracken, managing editor of Energy Economist, shares what the world of LNG would look like to an unabashed pessimist . .
North America | Friday, July 3, 2015

Q2 2015 Oil & Gas M&A Recovers to $115 billion in E&P Sector

Large Headline Figure Conceals Enduring Caution in the Market The total value of upstream oil and gas deals reached $115 billion during Q2 2015 ranking it as the second largest quarterly value since Evaluate Energy initiated its oil and gas M&A coverage 7 years ago. Although the headline figure falls just $13 billion short of the $128 billion value of deals in Q4 2012, the real sentiment of the quarter has been masked by the $84 billion (including debt) acquisition of BG by Royal Dutch Shell.
North America | Friday, July 3, 2015

Statoil announces first subsea wet gas compressor in the world at Gullfaks

After several years of technology development, construction and testing the first subsea wet gas compressor in the world is now installed at the Gullfaks C platform in the North Sea. In May and June Gullfaks subsea compressor project (GSC) completed successful structure and module installation campaigns for the subsea station.
West Europe | Friday, July 3, 2015

Strata-X Energy appoints non-executive director

Strata-X Energy Limited (TSX VENTURE:SXE)(ASX:SXA) is pleased to announce the appointment of Greg Hancock BA (Econs) BEd (Hons) F.Fin as a Non-Executive Director effective immediately.
North America | Friday, July 3, 2015

Coral Hill Energy announces agreement to be acquired by Crescent Point Energy

Coral Hill Energy Ltd. is pleased to announce that it has entered into an arrangement agreement with Crescent Point Energy Corp.
North America | Friday, July 3, 2015

Petrolia provides corporate and operations update

Petrolia is pleased to provide an update on the progress of its hydrocarbon development work on the permits and interests it holds in Gaspésie and, as an operator and partner of the Anticosti Hydrocarbons consortium, the progress of the work being completed on Anticosti Island. Haldimand Project The production pump installed last April has allowed well cleanup operations to continue.
North America | Friday, July 3, 2015

Max Petroleum provides financial and operational update

Max Petroleum announces that Sberbank has unconditionally granted a six month standstill on all principal and interest payments due under the Company's c.US$80 million loan through to 14 December 2015.
Russia FSU | Friday, July 3, 2015

Baker Hughes announces weekly North American rig counts

Baker Hughes Incorporated has posted Weekly Rig Count reports to its Investor Relations website. BHI Rig Count: U.
North America | Friday, July 3, 2015

Gulf Keystone Petroleum director resigns, two decide not to seek re-appointment

Gulf Keystone today announces that the Company's Non-Executive Director V Uthaya Kumar has resigned from the Board on 2 July 2015. Non-Executive Directors Dr.
West Europe | Friday, July 3, 2015

Technip awarded two contracts for the Browse FLNG Project

Technip Samsung Consortium was awarded two contracts by Shell for the Browse floating liquefied natural gas (FLNG) project in Australia, operated by Woodside. The Browse project covers the realization and installation of three FLNG units to develop the Brecknock, Calliance and Torosa fields in the Browse Basin, 425 kilometers North of Broome, Western Australia.
Australasia | Friday, July 3, 2015

Tanager Energy announces acquisition of oil and gas property

Tanager Energy Inc., (TSX VENTURE:TAN) advises that it has closed the purchase of a 39% working interest in an oil and gas property for $110,000.
North America | Thursday, July 2, 2015

Woodside enters FEED phase for Browse FLNG Development

Woodside, as a participant in the Browse FLNG Development, advises that agreement has been reached to enter the front-end engineering and design (FEED) phase for the proposed development. The FEED phase involves undertaking the activities required to finalise the costs and technical definition for the proposed development to enable a final investment decision (FID).
Australasia | Thursday, July 2, 2015

Quicksilver Resources receives approval to export liquefied natural gas from Discovery LNG

Quicksilver Resources Canada Inc. announced today that it received approval from the Canadian National Energy Board ('NEB') to export up to 20 million tons per annum of liquefied natural gas from its Discovery LNG site located near Campbell River, British Columbia for a period of 25 years.
North America | Thursday, July 2, 2015

Elk-Antelope Joint Venture selects LNG Project sites

InterOil Corporation (NYSE: IOC; POMSoX: IOC) and the PRL 15 joint venture participants have unanimously endorsed recommendations from Total SA for key project infrastructure sites for development of the Elk-Antelope gas field in Papua New Guinea. The central processing facility for the Elk-Antelope gas field, on which the project is based, will be near the Purari River in the Gulf Province, about 360km north-west of Port Moresby, and will be connected to the LNG facility by onshore and offshore gas and condensate pipelines.
Australasia | Thursday, July 2, 2015

BP to settle federal, state and local Deepwater Horizon claims for up to $18.7 billion

Five years on from the Deepwater Horizon accident and spill in 2010, BP has reached agreements in principle to settle all federal and state claims arising from the event. BP today announced that its US Upstream subsidiary, BP Exploration and Production Inc (BPXP) has executed the agreements with the US federal government and five Gulf Coast states.
North America | Thursday, July 2, 2015

Alpha Natural Resources announces consolidation of Marcellus shale joint venture ownership

Alpha Natural Resources, Inc. (NYSE: ANR) announced today that its wholly-owned subsidiary, Pennsylvania Services Corporation (PSC), has acquired the 50% interest in its natural gas exploration and production joint venture, Pennsylvania Land Resources Holding Company, LLC (PLR), owned by EDF Trading Resources, LLC (EDFTR).
North America | Thursday, July 2, 2015

FourPoint Energy to acquire Anadarko Assets from Chesapeake Exploration and CHK Cleveland Tonkawa

FourPoint Energy, LLC announced today the signing of definitive agreements to acquire oil and gas assets from Chesapeake Exploration L.L.
North America | Thursday, July 2, 2015

GMB seek urgent meeting with Scotland First Minister over threat to 2,500 offshore lined fabrication jobs in Fife and Western Isles

Contracts heavily supported by the Scottish Government are not being awarded to the three yards and going overseas instead placing jobs and skills at risk says GMB GMB and Unite are reiterating their request for an urgent meeting with Nicola Sturgeon, Scotland First Minster in relation to contracts for the Burntisland Fabrications Limited three yards in Scotland. The yards, employing 2,500 workers at Burntisland and Methil in Fife and Arnish in Stornoway, build modules for the offshore oil and gas industry.
West Europe | Thursday, July 2, 2015

Holloman Energy delays decision on PEL 444 pending new Terra Nova management

Holloman Energy Corporation's (OTCQB: HENC) primary objective continues to be the pursuit of its drilling plans in Petroleum Exploration License (PEL) 444. HENC is keeping abreast of the recent shareholder events surrounding their drilling partner Terra Nova Energy Ltd.
Australasia | Thursday, July 2, 2015

Iona Energy announces sale of interest in the Esmond Transportation System

Iona Energy Inc. (TSX VENTURE:INA), a Canadian independent oil & gas company with assets in the UK North Sea is pleased to announce that its UK subsidiary, Iona Energy Company (UK) plc, has entered into a definitive sale and purchase agreement with GDF SUEZ E&P UK Ltd (part of the ENGIE Group) in respect of the Company's 2.
West Europe | Thursday, July 2, 2015

ZaZa Energy reports mid-year 2015 reserves and operational update

ZaZa Energy Corporation (NASDAQ: ZAZA) today provided a reserves and operations update on the Company's activities in the Eagle Ford East, where it has approximately 140,000 gross (35,000 net) acres within an Area of Mutual Interest with EOG Resources. The Company's estimated reserves, including the estimated probable and possible reserves, were prepared by its independent reservoir engineering firm, Cawley, Gillespie & Associates, Inc.
North America | Thursday, July 2, 2015

Black Gold Resources acquires stake in the 10 Well Income joint venture in Caldwell County, Texas

Black Gold Resources, Inc. (BGR) The 10 WELL INCOME, JV is a Thirteen Well Enhanced Oil Recovery Project located in Caldwell County, Texas.
North America | Thursday, July 2, 2015

Hess Corporation completes sale of 50% interest in Bakken midstream assets for $2.675 billion

Hess Corporation (NYSE: HES) today completed the previously announced sale of a 50 percent interest in its Bakken midstream assets to Global Infrastructure Partners for cash consideration of $2.675 billion.
North America | Thursday, July 2, 2015

Tethys Petroleum - $48m financing puts Tethys in control

Tethys has announced a proposed $47.7m equity raising from AGR Energy, a Kazakhstan-based investment fund.
Russia FSU | Thursday, July 2, 2015

Oil price, Hunting, San Leon, And finally...

Oil price The oil price had headed south way before the EIA stats came out but they were the final nail in the coffin, analysts who had been wrong-footed on Tuesday had the sign wrong again, their predictions of a 1.8m draw turned out to be a build of 2.
West Europe | Thursday, July 2, 2015

Norwegian Petroleum Directorate grants drilling permit to Premier Oil

The Norwegian Petroleum Directorate (NPD) has granted Premier Oil Norge AS a drilling permit for well 3/7-10 S, cf. Section 8 of the Resource Management Regulations.
West Europe | Thursday, July 2, 2015

Cairn Energy - Exposure to Senegal exploration, at lower risk

Cairn's transformation over the last five years has given birth to a new fullcycle E&P company, with two projects under construction in the UK and a large exploration portfolio in the Atlantic Margin. The jewel in Cairn's portfolio is Senegal, where it made one of the world's largest offshore oil discoveries in 2014 (SNE).
Africa | Thursday, July 2, 2015

PDVSA's operational decline mirrors decline in employee benefits

The decline in employee benefits at Venezuela's state owned PDVSA is the latest sign of the crisis being experienced by the country's oil sector, which is under pressure from the drop in oil prices, declining output, industrial accidents, as well as by hyper- inflation suffered by the country. Oil production has been falling in parallel with labor benefits.
South America | Thursday, July 2, 2015

Peak Oil & Gas announces sale of South Block A interests

Peak Oil & Gas Limited (Peak) announces that following receipt of approval of shareholders in General Meeting on 1 May 2015, it has now sold the Company's indirect interest in South Block A and associated intercompany debt for consideration of $800,000. Peak 's wholly owned subsidiary Peak Oil & Gas (Australia) Pty Ltd (POGA) has executed a deed with respect to the sale of the one issued share in Peak Oil & Gas (SBA) Pte Ltd and assignment of debt (Deed) with Bow Energy International Holdings Inc (Bow), a subsidiary of ACL International Ltd, a company listed on the Ventures Board of the Toronto Stock Exchange.
Australasia | Thursday, July 2, 2015

Byron Energy completes drilling of SM 6 #1 BP 02 well for future production

Byron Energy Limited (ASX: BYE) is pleased to announce that it has successfully completed the Byron Energy SM 6 #1 BP 02 well for future production. Utilising the Hercules 205 drilling rig, Byron re-entered the well and perforated the lower of the two hydrocarbon bearing sand lobes in the F40 Sand.
North America | Thursday, July 2, 2015

Lion Energy appoints new joint company secretary

Lion Energy Limited (ASX: LIO) is pleased to advise that Mr Arron Canicais has been appointed as Joint Company Secretary of the Company effective 1 July 2015. Mr Zane Lewis will continue in his role as Company Secretary, which he has held since 20 March 2014.
Australasia | Thursday, July 2, 2015

Hunting PLC provides trading update

Hunting PLC (LSE:HTG), the international energy services group, today provides a Trading Update, ahead of announcing its 2015 Half Year Results, scheduled for Thursday 27 August 2015. A meeting for analysts will be held at 10:30a.
West Europe | Thursday, July 2, 2015

Cape announces Non-Executive Director changes

Cape plc announces the appointment of Steve Good as a non-executive director and chairman of the Remuneration Committee with effect from 6 July 2015. Steve is based in the UK and joins Cape with extensive international experience in the specialty chemicals and plastics industries.
West Europe | Thursday, July 2, 2015

Offshore safety performance captured in annual report by Oil & Gas UK

There have been further improvements in the management of major safety hazards offshore, according Oil & Gas UK's Health & Safety 2015 Report published yesterday. Based on incidents reported to the Health and Safety Executive for April 2014 to March 2015 and shared with the trade body; the total number of hydrocarbon releases - oil and gas leaks - has gone down and is at its lowest level ever.
West Europe | Thursday, July 2, 2015

Regal Petroleum announces Ukraine production figures for the first half of 2015

Regal Petroleum plc (AIM: RPT), the AIM-quoted oil and gas exploration and production group, announces its productions results for the first half of 2015 from its 100% owned and operated Mekhediviska-Golotvshinska (MEX-GOL) and Svyrydivske (SV) gas and condensate fields in Ukraine. Average gas, condensate and LPG production from such Ukrainian fields for the period from 1 January 2015 to 30 June 2015 was 145,009 m3/d of gas, 45.
Russia FSU | Thursday, July 2, 2015

San Leon Energy signs onshore rig contract, Morocco

San Leon Energy, the AIM listed company focused on oil and gas exploration in Europe and North Africa, is pleased to announce the signing of a rig contract for the drilling of the El Aaiun-4 well on the Tarfaya conventional licence, onshore Morocco. The rig contract has been signed with Entrepose Drilling for the Cabot 750 rig.
North Africa | Thursday, July 2, 2015

Red Emperor Resources announces notice to commence drilling of Hawkeye-1

Red Emperor Resources NL (ASX | AIM: RMP) is pleased to announce that it has been advised by Joint Venture partner and Operator, Otto Energy Limited (ASX: OEL), that it has issued Maersk Drilling with a formal notice in respect of the mobilisation of the Maersk Venturer drill ship to the Hawkeye-1 exploration well location. Mobilisation to the drilling location will commence on 31 July 2015 and is expected to take around 1 to 2 days, with drilling operations to commence upon arrival of the rig on location.
Asia Far East | Thursday, July 2, 2015

Det norske oljeselskap completes drilling of appraisal wells, Ivar Aasen field

The field is located in the central part of the North Sea and was proven in 2008. The size of the field prior to drilling the appraisal wells was 24 million standard cubic metres (Sm3) of recoverable oil, 1 million Sm3 of recoverable condensate and 4.
West Europe | Thursday, July 2, 2015

Plexus enters license agreement to increase global reach of wellhead equipment

Plexus Holdings PLC, the AIM quoted oil and gas engineering services business and owner of the proprietary POS-GRIP® friction-grip method of wellhead engineering, announces that it has finalised and entered into a licence agreement ('Licence Agreement') dated 1 July 2015 with Yantai Jereh Oilfield Services Group Co., Ltd ('Jereh'), a Chinese oil services provider listed on the Shenzhen stock exchange with a market capitalisation of US$6.
Asia Far East | Thursday, July 2, 2015

Lundin Petroleum allocated an increased unitised interest in Johan Sverdrup

Lundin Petroleum AB (Lundin Petroleum) is pleased to announce that the Norwegian Ministry of Petroleum and Energy (the Ministry) has determined the allocation of resources in the Johan Sverdrup oil field and has decided to increase the unitised interest for Lundin Petroleum from 22.12 to 22.
West Europe | Thursday, July 2, 2015

Atlantic Petroleum announces June production

Atlantic Petroleum (NASDAQ OMX COPENHAGEN: ATLA DKK & Oslo Stock Exchange: ATLA NOK) today announces that during the month of June, Atlantic Petroleum produced a net total of 45,000 barrels of oil equivalents (boe) from the Chestnut, Ettrick and Blackbird fields. The average daily production was 1,500 boe per day net to the Company.
West Europe | Thursday, July 2, 2015

Energy XXI closes sale of the East Bay Field

Energy XXI (Nasdaq:EXXI) today announced it has closed on the sale of the East Bay Field for $21 million to a private buyer. In addition, Energy XXI will retain a 5% overriding royalty interest on these assets for a period not to exceed 5 years from the closing date, and Energy XXI will also retain 50 percent of the deep rights associated with the East Bay Field.
North America | Wednesday, July 1, 2015

Wood Group wins onshore pipeline work for Origin Energy

Wood Group has secured a USD $1 million contract with Origin Energy to provide detailed design engineering for the onshore pipelines related to the Halladale, Black Watch & Speculant (HBWS) Natural Gas Project in South West Victoria, Australia. The HBWS gas fields are located in the offshore Otway Basin in Victoria but due to their proximity to shore, and to avoid sensitive marine environments, they are being drilled using extended reach drilling (ERD) techniques from onshore location and tied back to the existing Otway Gas Plant.
Australasia | Wednesday, July 1, 2015

Ten Reasons To Plan For A Difficult H2

LACK of clear thinking about the challenges ahead worries me at the moment. I am concerned that petrochemicals companies, because of the strong profitability they have enjoyed so far this year, might well not be adequately prepared for the fault lines opening up the global economy.
North America | Wednesday, July 1, 2015

Bragging rights: So who is the world's top oil producer?

Earlier this month, BP's latest Statistical Review unintentionally reopened a debate into whether the US has regained the crown as the world's top oil producer after decades of being out-gunned by Saudi Arabia and Russia. Ostensibly a straight-forward measure of which country tops the leaderboard on oil output, BP's widely-read yardstick has the US eclipsing both Saudi Arabia and Russia for the first time last year since 1975.
North America | Wednesday, July 1, 2015

Africa Oil Corp. provides update on operations in East Africa

Africa Oil Corp. (TSX:AOI)(OMX:AOI) is pleased to provide the following update on operations in East Africa.
Africa | Wednesday, July 1, 2015

Alvopetro announces Block 182 discovery

Alvopetro Energy Ltd. (TSX VENTURE:ALV) is pleased to announce that our 182(B1) well, located on Block 182 in the Recôncavo basin in the State of Bahia, Brazil, has discovered hydrocarbons.
South America | Wednesday, July 1, 2015

Crescent Point Energy closes acquisition of Legacy Oil + Gas

Crescent Point Energy Corp. (TSX:CPG)(NYSE:CPG) and Legacy Oil + Gas Inc.
North America | Wednesday, July 1, 2015

Gear Energy announces amended credit facility and new executive appointment

Gear Energy Ltd. (TSX:GXE) announces an amended credit facility following a semi-annual review by its bank syndicate and a new executive appointment.
North America | Wednesday, July 1, 2015

Pioneer Natural Resources appoints two new board members

Pioneer Natural Resources Company (NYSE:PXD) today announced that Mona K. Sutphen and Michael D.
North America | Wednesday, July 1, 2015

Sterling Energy - Company snapshot

Sterling Energy's $117m cash appears markedly under-represented in its market cap of £39m ($62m). Against this cash the group has $30m (£19m) of commitments, a $22.
Africa | Wednesday, July 1, 2015

Oil price, Tullow, Independent Oil & Gas, Amerisur, Sundry-Petroceltic-Gulfsands- And finally...

Oil price I have been away for just over a week, during which what might be described as considerable trauma has occurred but the oil price is almost exactly as I left it, notwithstanding some humps in the road. Greece has defaulted which has strengthened the dollar and there is even more crude oil and product around than before, likely to be added to by Iranian crude in the next six months.
West Europe | Wednesday, July 1, 2015

Shell takes final investment decision for the Appomattox deep-water development in Gulf of Mexico

Royal Dutch Shell plc today announces the final investment decision to advance the Appomattox deep-water development in the Gulf of Mexico. This decision authorises the construction and installation of Shell's eighth and largest floating platform in the Gulf of Mexico.
North America | Wednesday, July 1, 2015

Statoil suspends Scarabeo 5 rig

Statoil has decided to suspend Scarabeo 5 due to overcapacity in its rig portfolio. The Scarabeo 5 drilling rig.
West Europe | Wednesday, July 1, 2015

Leverage Comes in Different Forms - Run From This One

One of the most beaten-down names in the entire oil services sector is Paragon Offshore (PGN-NYSE). A spinoff from the deepwater-focused Noble Corp (NE-NYSE), this 'standard spec' offshore driller ended its first day of regular trading at $11 on August 4, 2014.
North America | Wednesday, July 1, 2015

Hansa Hydrocarbons awarded licences in Germany and the Netherlands

Hansa Hydrocarbons Limited is pleased to announce that it has recently been awarded a number of licences in the Dutch and German sectors of the Southern North Sea. The awards comprise five contiguous licences, namely blocks N04, N05, N07c & N08 in the Netherlands and the Geldsackplate licence in Germany, together termed the GEms (Gateway to the Ems) acreage.
West Europe | Wednesday, July 1, 2015

Saturn Minerals announces Bannock Creek 4 well drill program - a positive for Bayhorse Silver

Bayhorse Silver have released the following statement to shareholders and investors: Today Saturn Minerals Inc issued a news release announcing that it has received a proposal from its Bannock Creek Property Joint Venture Partner in Saskatchewan's northern Williston Basin (Petroleum Exploration Permit 72) for a 4 well drilling program, commencing July 2015. This is positive news for Bayhorse, which is farming-in with Saturn on the adjacent 400 square mile Little Swan light oil and gas prospect, as a successful oil well at Bannock Creek should positively affect Bayhorse' share price.
North America | Wednesday, July 1, 2015

Marin Kutusa: Tricks Anybody Can Use to Out-Invest the Top Fund Managers

You don't have to be a geologist or a workaholic fund manager to spot deals in the natural resources space—although it helps if you know a good one. Focus on the people behind the company, find out if they have skin in the game, and wait until you can get in at a lower price than their price.
North America | Wednesday, July 1, 2015

Karoon Gas Australia provides update on Exploration Permit wA-482-P, Carnarvon Basin

Karoon Gas Australia Ltd advises the Company received a Change of Control Notice from its joint venture partner, Apache Northwest Pty Ltd on 15 May 2015 relating to Carnarvon Basin exploration permit WA-482-P pursuant to the terms under the Joint Operating Agreement. The Notice was a result of the sale of Apache Corporation's Australian subsidiary, Apache Energy Limited (renamed Quadrant Energy Australia Limited), including its wholly owned subsidiary Apache Northwest to Macquarie Capital Group Limited and Brookfield Asset Management Inc.
Australasia | Wednesday, July 1, 2015

Incremental Oil and Gas completes purchase of Silvertip Oil and Gas Field

Incremental Oil and Gas is pleased to advise that it has completed the purchase of the Silvertip Oil and Gas Field from Fidelity Exploration & Production Company. Key Highlights Conventional oil and gas field estimated at 25% Oil, 45% Gas, 30% NGL's Leases cover approx.
North America | Wednesday, July 1, 2015

KBM granted 15 year extension on Karazhanbas oilfield

KBM has been granted an extension of its subsurface use contract to explore, develop, produce and sell oil from the Karazhanbas oilfield for a further period of 15 years commencing from its original expiry date in 2020 by the relevant governmental and regulatory authorities in Kazakhstan. Extension of Subsurface Use Contract The board of directors of CITIC Resources Holdings Limited is pleased to inform shareholders of the Company and potential investors that JSC Karazhanbasmunai ('KBM') has been granted an extension of its subsurface use contract to explore, develop, produce and sell oil from the Karazhanbas oil and gas field in Mangistau oblast, Kazakhstan for a further period of 15 years commencing from its original expiry date in 2020 by the relevant governmental and regulatory authorities in Kazakhstan.
Russia FSU | Wednesday, July 1, 2015

Tullow Oil issues trading statement

Tullow Oil plc (Tullow) issues this statement to summarise recent operational activities and to provide trading guidance in respect of the financial year to 30 June 2015. This is in advance of the Group's Half Year Results, which are scheduled for release on Wednesday 29 July 2015.
Africa | Wednesday, July 1, 2015

Madagascar Oil announces new appointment to the board of directors

Madagascar Oil (AIM: MOIL) announces that Mr Peter Godfrey has been appointed to the board of directors of the Company, as a Non-Executive Director and as a nominated representative of Benchmark Advantage Fund Ltd, with immediate effect. Benchmark has exercised its right, in accordance with the terms of the Relationship Agreement, to appoint a nominated representative to the Board.
West Europe | Wednesday, July 1, 2015

Statoil completes drilling at Gina Krog Unit wildcat and appraisal wells

Statoil Petroleum AS, operator of the Gina Krog Unit, has completed the drilling of wildcat well 15/6-13 and appraisal wells 15/6-13 A and 15/6-13 B. The wells were drilled about 250 kilometres west of Stavanger and directly northeast of the Gina Krog field.
West Europe | Wednesday, July 1, 2015

Palantir Forward Curve - 2015 June

Global Economy The oil price recovery slowed down this month after three consecutive months of steady price increases. As of June 15, WTI front month futures price settled at $59.
North America | Tuesday, June 30, 2015

New oil price fall is matter of 'when', not 'if', as inventory builds

Financial players have become convinced in recent months that the oil price will rise. And so far, this has been a self-fulfilling prophecy.
North America | Tuesday, June 30, 2015

Glori Energy appoints new Chairman of the Board

Glori Energy Inc. (NASDAQ: GLRI), an energy technology and oil production company focused on enhanced oil recovery using its proprietary AERO System, today announced the election of Director Mark Puckett as new Chairman of the Board.
North America | Tuesday, June 30, 2015

Cardinal Energy Group settles dispute with Concho Oilfield Services

Cardinal Energy Group, Inc. (OTCQB: CEGX) is pleased to announce that the attorneys for Concho Oilfield Services, LLC and Hudson Petroleum, Ltd.
North America | Tuesday, June 30, 2015

Americas Petrogas appoints new director

Americas Petrogas Inc. (TSX VENTURE:BOE) is pleased to announce the appointment of Mr.
North America | Tuesday, June 30, 2015

Ring Energy completes acquisition of Delaware Basin acreage

Ring Energy, Inc. (NYSE MKT: REI) announced today that it has closed its previously announced acquisition of the Delaware Basin acreage located in Culberson and Reeves Counties, Texas, for a purchase price of $75 million.
Middle East | Tuesday, June 30, 2015

KFG Resources provides operations update

Robert A. Kadane, President of KFG Resources Ltd, reported today that The Company's subsidiary, KFG Petroleum Corporation's Craig #5 well put on production in May 2015 in Adams County, Mississippi continues to produce 100 BOPD water free.
North America | Tuesday, June 30, 2015

Zion Oil & Gas enters drilling contract negotiations with Viking Services

Zion Oil & Gas, Inc. (NASDAQ:ZN) entered into drilling contract negotiations with Viking Services BV and Viking's Israeli subsidiary, for use of a land-based oil and gas rig with deep drilling capacity and certain other oilfield services for exploration activities within Zion's Megiddo-Jezreel License area in Israel.
Middle East | Tuesday, June 30, 2015

Cenovus Energy sells royalty business for $3.3 billion

Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) has reached an agreement to sell Heritage Royalty Limited Partnership (HRP), a wholly-owned subsidiary, to Ontario Teachers' Pension Plan for gross cash proceeds of approximately $3.
North America | Tuesday, June 30, 2015

Gastar Exploration announces production on second Utica/Point Pleasant well

Gastar Exploration Inc. (NYSE MKT: GST) reported today initial and 30-day average production on its second Utica Point/Pleasant well.
North America | Tuesday, June 30, 2015

VAALCO Energy appoints new Chief Operating Officer

VAALCO Energy, Inc. (NYSE: EGY) today announced that Cary Bounds will join VAALCO as Chief Operating Officer effective July 6, 2015.
North America | Tuesday, June 30, 2015

Kina Petroleum provides drilling update for Kwila-1 well,

Kina Petroleum Limited is pleased to provide an update on progress of the Kwila-1 exploration well in PPL 337. At 8.
Australasia | Tuesday, June 30, 2015

Refining Margins Back but Will They Remain?

Between 2009 and 2014, refining margins rarely exceeded $5/bbl in Europe and $8/bbl in Asia, whilst the USA was the only safe-haven, averaging $15/bbl. In 2015, however, the game changed as the global oversupply triggered a crude price collapse, resulting in healthier refining margins - year-to-date averages in Europe are $9, $12 in Asia and the in USA $20.
North America | Tuesday, June 30, 2015

Quantifying crude in Russia proves complicated: At the Wellhead

In this week's Oilgram News column, At the Wellhead, Nadia Rodova digs beyond the scant information about Russian oil production and gives more clues about the true state of the industry there. As global oil markets remain heavily oversupplied, Russia's crude production has shown surprisingly strong growth from the start of 2015.
Russia FSU | Tuesday, June 30, 2015

Statoil submits plan for development in the Gullfaks area

Statoil and its partners have today submitted an amendment to the Plan for Development and Operations (PDO) for the Gullfaks licence to the Ministry of Petroleum and Energy for phase 1 of the Shetland/Lista development. Phase 1 of the development is expected to add 18 million barrels of oil equivalent, and will help increase the resilience of the area for continued operation of the Gullfaks platforms in the North Sea.
West Europe | Tuesday, June 30, 2015

Sefton Resources announces financial results for period ending 31 January 2015

The board of directors of Sefton announces the Company's financial results for the thirteen-month period ended 31 January 2015. Period & Post-Period Highlights: Successful Sale of TEG USA to Hawker Energy LLC Successful release from $4m contingent liability to Bank of the West Major corporate restructuring and significant reduction of Company overheads Relocation of the administrative office to the UK A recent successful equity placing raising £799,500 in June 2015 Provisional sale of Sefton's Kansas assets for US$400,000 agreed Development agreement signed with UTAS Petroleum Experienced CEO identified pursuant to finalisation of identified acquisitionReflecting on the progress to date, Raylene Whitford, CFO of Sefton, commented: 'The prior year brought a significant change for the Company, not least through the sale of the Company's largest asset to Hawker Energy LLC, the lifting of the Company's co-borrower status on the outstanding loan with the Bank of the West and the closure of its administrative office in Denver and relocation to the UK.
West Europe | Tuesday, June 30, 2015

Madagascar Oil announces full year results

Madagascar Oil announces its full year results for the year ended 31 December 2014. Robert Estill, Chief Executive Officer, said: 'Since joining Madagascar Oil, I have found a company with world class assets, exciting exploration and development opportunities and a highly skilled and driven team.
Africa | Tuesday, June 30, 2015

Northcote Energy announces final results for 2014

Northcote (AIM: NCT) is pleased to announce its final results for the year ended 31 December 2014. During 2014 Northcote continued to increase its US oil & gas acreage with a series of transactions: A 35% working interest was acquired in Shoats Creek; net of a sale of 35% interest to North American Petroleum PLC during the year; A 37.
North America | Tuesday, June 30, 2015

Lekoil announces appointment of non-executive director

Lekoil (AIM: LEK), the oil and gas exploration and development company with a focus on Nigeria and West Africa more generally, is pleased to announce the appointment to the Board of Directors of Mr Hezekiah Adesola Oyinlola as a Non-Executive Director with effect from 26 June, 2015. Mr Oyinlola brings a wealth of industry experience to the Board.
Africa | Tuesday, June 30, 2015

Frontera Resources releases 2014 annual results

Frontera Resources Corporation (London Stock Exchange, AIM Market - Symbol: FRR), an independent oil and gas exploration and production company, today releases its audited final results for the year ended 31 December 2014. 2014 Annual Results: Highlights Revenues from crude oil and gas sales for 2014 totaled $6.
West Europe | Tuesday, June 30, 2015

Sefton Resources reaches provisional agreement for the sale of its Kansas assets

The board of directors of Sefton announces that the Company has reached a provisional agreement with a third party to sell all of the assets and liabilities of Sefton's two wholly owned subsidiaries: TEG MidContinent Inc. and TEG Transmission LLC for a cash consideration of US$400,000.
North America | Tuesday, June 30, 2015

Northcote Energy commences operations at Lutcher Moore #20 well, increases interest to 93%

Northcote (AIM: NCT) is pleased to announce that the drilling crew is on-site and operations have now commenced at its planned Lutcher Moore ('LM') #20 well targeting the Frio formation on its 70% owned Shoats Creek project. The well will be drilled to a total depth of approximately 5,500 feet.
North America | Tuesday, June 30, 2015

Roxi Petroleum provides update on operations at BNG

Roxi, the Central Asian oil and gas company with a focus on Kazakhstan, is pleased to further update the market with news of progress at its flagship BNG asset. Deep Wells Deep Well A5 The well was spudded in July 2013 and drilled to a total depth of 4,442 meters with casing set to a depth of 4,077 meters to allow open hole testing.
Russia FSU | Tuesday, June 30, 2015

San Leon Energy reports final annual results foe 2014

San Leon Energy, the AIM listed company focused on oil and gas exploration in Europe and North Africa, today announces its audited final results for the year ended 31 December 2014. Highlights: Operational Farm-in to Rawicz conventional field and the Siekierki tight gas field by Palomar Natural Resources for $20m and a 65% working interest.
North Africa | Tuesday, June 30, 2015

Sirius Petroleum releases 2014 final results

Sirius (AIM:SRSP), the investing Company focussed on oil and gas development and production opportunities in Nigeria, announces its Final Results for the twelve-month period ended 31 December 2014. During the period, the Company's focus has been on reviewing the opportunities available to the Company, both in terms of assets in Nigeria and the optimum financing and long-term strategy for developing those assets.
Africa | Tuesday, June 30, 2015

Independent Oil and Gas announces final results for 2014

Independent Oil and Gas plc (AIM: IOG.L), the North Sea focused Oil and Gas Company, is pleased to announce the audited results for the year ended 31 December 2014.
West Europe | Tuesday, June 30, 2015

Magnolia Petroleum announces director appointment

Magnolia Petroleum Plc, the AIM-quoted, US onshore-focused oil and gas exploration and production company, is pleased to announce the appointment of Mr. Thomas Wagenhofer to the Board as a Non-executive Director with immediate effect.
North America | Tuesday, June 30, 2015

CNOOC commences production at Bozhong 28/34 oilfields comprehensive adjustment project

CNOOC Limited (NYSE: CEO, SEHK: 00883, TSX: CNU) announced today that its Bozhong 28/34 oilfields comprehensive adjustment project has commenced production. The Bozhong 28/34 oilfields are located in Bohai with an average water depth of approximately 22 meters.
Asia Far East | Tuesday, June 30, 2015

African Petroleum provides update on partnering process

African Petroleum, an independent oil and gas exploration company operating ten licences in five countries offshore West Africa, provides the following update on its previously announced partnering process. Farmout Process African Petroleum is seeking strategic partners on its ten licences in Côte d'Ivoire, Liberia, Senegal, The Gambia and Sierra Leone in order to share risk and potential reward of the Company's exploration programme.
Africa | Tuesday, June 30, 2015

Statoil awards Samsung contract for process and rise platforms on Johan Sverdrup

Statoil, on behalf of the Johan Sverdrup license, has awarded Samsung the contract for decks for both the process and riser platforms. The total contract value is NOK 7 billion.
West Europe | Tuesday, June 30, 2015