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Oil Production Vital Statistics January 2016

Market fundamentals point to chronic over-supply of crude oil throughout 2016. The technicals point to the makings of an oil price rally.
North America | Friday, February 5, 2016

Osage Exploration and Development files for bankruptcy

Osage Exploration and Development, Inc. (OTCBB: OEDV), an independent exploration and production company focused on the Horizontal Mississippian and Woodford plays in Oklahoma, announced that on Tuesday, February 3, 2016, it filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code in the U.
North America | Friday, February 5, 2016

US Oil Sands Inc. provides project and financing update

US Oil Sands Inc. (TSX VENTURE:USO), a company focused on oil sands exploration and production in Utah, announces that it has completed a detailed review of its PR Spring Phase 1 Project in light of continued low oil prices and the closure of two key contractors' Utah-based operations.
North America | Friday, February 5, 2016

CONSOL Energy announces reserves update

During 2015, CONSOL Energy Inc. (NYSE: CNX) added 934 Bcfe (net to CONSOL) of proved reserves through extensions and discoveries.
North America | Friday, February 5, 2016

Frontier Resources provides corporate update; new Chairman appointed

The Board of Frontier (AIM Ticker: FRI) announces that the Company has today conditionally issued, though a direct subscription, 4,750,000,000 new ordinary shares of 0.01p each with existing and new investors at a placing price of 0.
West Europe | Friday, February 5, 2016

Electrification of the Automobile - The Challenges for the Oil & Gas Industry

Not too long ago, only the wealthy and well to do could afford television and only handful of households were connected with the direct telephone lines (a symbol of pride). In the 1950s and 1960 television was still largely in black and white, and for international calls one had to make special arrangements with an operator.
West Europe | Friday, February 5, 2016

LINN Energy announces process to explore strategic alternatives

US company LINN Energy has initiated a process to explore strategic alternatives to strengthen its balance sheet and maximize the value of the Company. 'Efficient management of our stable asset base and aggressive cost management are driving meaningful value even in today's difficult commodity price environment,' said Mark E.
North America | Friday, February 5, 2016

Baker Hughes announces January 2016 rig counts

Baker Hughes Incorporated (NYSE:BHI) announced today that the international rig count for January 2016 was 1,045, down 50 from the 1,095 counted in December 2015, and down 213 from the 1,258 counted in January 2015. The international offshore rig count for January 2016 was 242, down 8 from the 250 counted in December 2015, and down 72 from the 314 counted in January 2015.
North America | Friday, February 5, 2016

Oil price, Faroe, Velocys, Sound Energy, And finally...

Oil price The oil price drifted yesterday, concerns about the US economy after recent farcical statements from the Fed and of course today is Non-farm payroll day, much to watch. Also, Saudi Aramco announced that it was cutting prices to European, Asian and Mediterranean customers which doesnt sound like a move away from market share grabbing policy.
West Europe | Friday, February 5, 2016

Greka Drilling provides operations update to 31 December 2015

Greka Drilling Limited (AIM: GDL), the largest independent and specialised unconventional oil & gas driller in Asia, is pleased to provide an operations update to 31 December 2015. OPERATIONAL HIGHLIGHTS 62 wells were drilled in 2015 (2014: 45 wells) a 38% increase YOY, of which: 53 wells drilled in China (2014: 38 wells) 9 wells drilled in India (2015: 7 wells) 51 wells drilled for Green Dragon Gas Ltd.
Asia Far East | Friday, February 5, 2016

Velocys announces ENVIA Energy GTL plant project progress

Velocys plc (VLS.L), the company at the forefront of smaller scale gas-to-liquids (GTL), is pleased to announce that ENVIA Energy's EPC contractor, Ventech Engineers, has signed the final major contract, covering installation of process modules, related piping and ancillary equipment, for ENVIA's Oklahoma City GTL plant to be located adjacent to Waste Management's East Oak landfill site.
North America | Friday, February 5, 2016

Brian Bagnell's Tips for Smart Oil and Gas Investing

In today's tough price environment where most oil and gas juniors are losing money, a strong balance sheet is the key to survival, says Brian Bagnell. Access to liquidity will also help these companies hold on until prices rise again.
North America | Friday, February 5, 2016

Genel Energy receives payment for KRI oil exports from the Taq Taq field

Genel Energy plc is pleased to announce that the Taq Taq field partners have received a gross payment of $16.3 million from the Kurdistan Regional Government ('KRG') for oil exported through the Kurdistan Region of Iraq-Turkey pipeline.
Middle East | Friday, February 5, 2016

BG Group announces 2015 fourth-quarter and full-year results

Full Year Key Points E&P production 704 kboed, up 16%; ramp up in both Australia and Brazil; 282 LNG cargoes delivered, up 58% Lower commodity prices impacted financial results Upstream EBITDA $4 167 million, down 35% LNG EBITDA $1 456 million, down 46% Business Performance earnings $1 697 million; EPS 49.7 cents; both down 58% Total earnings of $2 328 million; Total EPS 68.
Australasia | Friday, February 5, 2016

Bahamas Petroleum announces passing of the Petroleum Bill, associated Regulations and the Sovereign Wealth Fund Bill in the Bahamian Senate

Bahamas Petroleum Company, the oil and gas exploration company with a significant prospective resource in licences in The Commonwealth of The Bahamas is pleased to announce that the Petroleum Bill and associated Regulations, as well as a Sovereign Wealth Fund Bill, have been placed before and passed by the Bahamian Senate. The Governor General will now receive the Bills for signature and following gazettal they will pass into law; after which they will be known as the Petroleum Act and the Sovereign Wealth Fund Act.
Central America | Friday, February 5, 2016

Tower Resources announces retirement of director

Tower Resources plc (TRP.L, TRP LN), the AIM listed Africa focussed oil and gas exploration company announces that Mr Peter Blakey, Non-Executive Director, has decided to retire from the Board and will therefore not stand for re-election at the Company's next AGM expected to be held in April 2016.
West Europe | Friday, February 5, 2016

Faroe Petroleum provides operations update

Faroe Petroleum, the independent oil and gas company focussing principally on exploration, appraisal and production opportunities in Norway and the UK, is pleased to provide an operational update. Graham Stewart, Chief Executive of Faroe Petroleum commented: '2015 was another year of growth and good progress for Faroe despite a backdrop of significantly lower commodity prices.
West Europe | Friday, February 5, 2016

Atlantic Petroleum defaults on Chestnut field, interests in Ettrick and Blackbird fields may be forfeited

P/F Atlantic Petroleum (NASDAQ OMX COPENHAGEN: ATLA DKK & Oslo Stock Exchange: ATLA NOK) today announces that during the month of January, Atlantic Petroleum produced a net total of 23,000 barrels of oil equivalents (boe). The average daily production was 742 boe per day net to the Company.
West Europe | Friday, February 5, 2016

Petsec Energy acquires Damis Production Licence

Australia's Petsec Energy Ltd (ASX: 'PSA') is pleased to advise a further significant expansion of its oil and gas interests in the Republic of Yemen with the acquisition of entities holding the entire (100%) participating interest (82.5% equity interest) and operatorship of the Damis (Block S-1) Production Licence.
Middle East | Friday, February 5, 2016

ConocoPhillips reports fourth-quarter and full-year 2015 results; lowers quarterly dividend and revises 2016 operating plan guidance

ConocoPhillips (NYSE: COP) today announced it is taking actions to maintain its strong balance sheet in response to both the weak outlook for commodity prices and expected credit tightening across the industry. The actions will position the company to accelerate shareholder value creation as prices recover.
North America | Thursday, February 4, 2016

Occidental Petroleum announces fourth quarter 2015 results

Occidental Petroleum Corporation (NYSE:OXY) announced operating cash flow before working capital for the fourth quarter of 2015 was $944 million, with total cash on the balance sheet at December 31, 2015 of $4.4 billion.
North America | Thursday, February 4, 2016

Serinus Energy announces Q4 2015 operations update

Serinus Energy Inc. (TSX:SEN)(WARSAW:SEN) is pleased to provide the following update for its operations for the fourth quarter of 2015.
Russia FSU | Thursday, February 4, 2016

Cub Energy provides fourth quarter 2015 operations update

Cub Energy Inc.(TSX VENTURE:KUB) provides the following update for its operations for the fourth quarter of 2015.
Russia FSU | Thursday, February 4, 2016

Fugro awarded Pyrenees Phase 3 installation project by BHP Billiton

Fugro has been awarded a contract by BHP Billiton Petroleum Pty Ltd for the Pyrenees Phase 3 Installation Project. The Pyrenees development is located offshore Western Australia, in approximately 200 metres water depth, 45 kilometres northwest of Exmouth, and comprises six separate fields: Stickle, Crosby, Tanglehead, Moondyne, Wild Bull and Ravensworth.
Australasia | Thursday, February 4, 2016

Africa Oil completes Kenyan farm-out deal with Maersk Oil

(TSX:AOI)(OMX:AOI) Africa Oil Corp. is pleased to report that it has completed the previously announced (November 9, 2015) farmout with Maersk Olie og Gas A/S related to Kenyan Blocks 10BB, 13T and 10BA.
Africa | Thursday, February 4, 2016

Toro Oil & Gas announces certain 2015 accomplishments and strategy entering 2016

Toro Oil & Gas Ltd. (TSXV: TOO) is pleased to announce a summary of certain 2015 accomplishments along with its near term 2016 strategy and guidance in light of continuing volatile market conditions.
North America | Thursday, February 4, 2016

Cequence Energy announces operations update

Cequence Energy Ltd. (TSX: CQE) is pleased to announce its recent operating highlights.
North America | Thursday, February 4, 2016

How Saudi Arabia's grip on oil prices could bring Russia to its knees

When Saudi Arabia led an OPEC decision to end a restraint put on oil production in November 2014, it marked the beginning of a new era in oil economics. It has given us a tumbling oil price, prompted huge losses and job cuts at oil firms like BP and might yet give us economic and political drama in the heart of Moscow.
Russia FSU | Thursday, February 4, 2016

AGL Energy announces asset review; exits gas exploration and production

AGL Energy Limited today announced that following a review, it has taken a strategic decision that exploration and production of natural gas assets will no longer be a core business for the company due to the volatility of commodity prices and long development lead times. There is no change to AGL's commercial or retail gas activities.
Australasia | Thursday, February 4, 2016

Oil and Gas Development Company Limited announces discovery at Nashpa X-5 exploratory well

Oil and Gas Development Company Limited (OGDCL), an Operator of Nashpa Exploration Licence, together with its Joint Venture partners Government Holdings Private Limited (GHPL) & Pakistan Petroleum Limited (PPL) has discovered Crude Oil & Gas in Nashpa Development & Production Lease in its Exploratory Well Nashpa X-5, which falls in District Karak, Khyber Pakhtunkhwa, Province. The structure of Nashpa Well X-5 was delineated, drilled and tested using OGDCLs in house expertise.
Middle East | Thursday, February 4, 2016

Sound Energy achieves first commercial gas production from Nervesa

Sound Energy, the Mediterranean focused upstream gas company, is pleased to announce that it has achieved first commercial production at the operated onshore Nervesa gas discovery on 3 February 2016. The Nervesa discovery was drilled successfully by the Company in 2013 and benefits from a gas sales agreement with the Shell Group.
East Europe | Thursday, February 4, 2016

Russia Cries Dyadya (Uncle), Is Saudi Arabia Listening?

In recent days, signs of a possible breakthrough in the year-long stand-off between Russia and Saudi Arabia on crude production strategy have emerged. Saudi Arabia, OPEC's dominant member, has long insisted OPEC (read Saudi Arabia) would not reduce output to balance supply and demand absent corresponding cuts from non-OPEC members (read Russia), while Russia has consistently insisted harsh climactic conditions prevent Russian producers from reducing output and in any case Russia insists it could withstand low prices as well as any other country.
Russia FSU | Thursday, February 4, 2016

Shell announces fourth quarter 2015 results, confirms cuts of 10,000 jobs

Fourth 2015 summary of unaudited results Royal Dutch Shell's fourth quarter 2015 earnings, on a current cost of supplies (CCS) basis, were $1.8 billion compared with $4.
West Europe | Thursday, February 4, 2016

Total signs heads of agreement to provide LNG to ENN in China

Total has signed a binding Heads of Agreement with ENN LNG Trading for the delivery of 0.5 million tonnes per year of liquefied natural gas (LNG) for a period of 10 years.
Asia Far East | Thursday, February 4, 2016

Suncor Energy reports fourth quarter 2015 results

'In 2015 we generated cash flow that exceeded our annual sustaining capital and dividend commitments,' said Steve Williams, president and chief executive officer. 'Our integrated business model, our ability to reduce costs, and our relentless focus on operational discipline made this possible.
North America | Thursday, February 4, 2016

Russian gas exports to Austria grow by 76.2 per cent in January 2016

The Gazprom headquarters hosted a working meeting between Alexey Miller, Chairman of the Gazprom Management Committee and Reinhold Mitterlehner, Austrian Vice Chancellor. The parties highlighted that the long-term strategic cooperation between Russia and Austria in the oil and gas sector had been successfully developing for many decades.
Russia FSU | Thursday, February 4, 2016

Dong Energy reports financial results for 2015

The Board of Directors of DONG Energy A/S today approved the annual report for 2015. Operating profit (EBITDA) increased by 13% to DKK 18.
West Europe | Thursday, February 4, 2016

MX Oil provides update on four Mexican onshore concessions

MX Oil, the AIM quoted oil and gas investing company, is pleased to provide an update in respect of the four Land Contract Areas it was awarded, alongside its local partner Geo Estratos, during the third phase of the Bid Round 1 Licensing Round for onshore conventional concessions in Mexico. The four LCAs awarded to the MX Oil/Geo JV, namely Tecolutla, La Laja, Ponton, and Paso de Oro, are all located in the prolific Tampico-Misantla Basin which has, to date, produced around six billion barrels of oil and currently produces approximately 70,000 barrels of oil per day.
North America | Thursday, February 4, 2016

Statoil announces fourth quarter 2015 results

Statoil (OSE:STL, NYSE:STO) delivered adjusted earnings of NOK 15.2 billion and adjusted earnings after tax of NOK 1.
West Europe | Thursday, February 4, 2016

Weatherford announces fourth quarter and full-year 2015 results; further 6000 jobs cut

Weatherford International plc (NYSE: WFT) reported a net loss before charges of $102 million ($0.13 net loss per share before charges) on revenues of $2.
West Europe | Thursday, February 4, 2016

The myth of US self-sufficiency in crude oil

Guest post by Matt Mushalik who runs the Australian Crude Oil Peak web site where The myth of US self-sufficiency in crude oil was first published. There is a wealth of information and brilliant charts below the fold.
North America | Wednesday, February 3, 2016

Andalas Energy & Power signs heads of agreement to farm-in to Indonesian gas project

Andalas Energy and Power Plc is pleased to announce that it has signed a non-binding heads of agreement to farm-in to the Technical Assistance Contract covering the Tuba Obi East oil and gas concession in Jambi province, Sumatra. The proposed transaction would constitute a reverse takeover within the meaning of the AIM Rules for Companies.
Asia Far East | Wednesday, February 3, 2016

Enerplus Corporation completes sale of Canadian natural gas properties

Enerplus Corporation (TSX & NYSE: ERF) has completed one of the divestments announced January 11, 2016 of certain Canadian natural gas properties for cash proceeds of approximately $183 million, before closing adjustments. Proceeds from this transaction were used to reduce the Company's outstanding indebtedness providing additional financial flexibility.
North America | Wednesday, February 3, 2016

Patterson-UTI reports drilling activity for January 2016

PATTERSON-UTI ENERGY, INC. (NASDAQ: PTEN) today reported that for the month of January 2016, the Company had an average of 78 drilling rigs operating in the United States and four rigs in Canada.
North America | Wednesday, February 3, 2016

Spectra Energy reports fourth-quarter and full-year 2015 results

Spectra Energy Corp (NYSE: SE) today reported fourth quarter and year-end 2015 financial results. For the quarter, ongoing earnings before interest, taxes, depreciation, and amortization (EBITDA) were $672 million, compared with $810 million in the prior-year quarter.
North America | Wednesday, February 3, 2016

AltaGas announces sale of non-core gas assets

AltaGas Ltd. (TSX:ALA) announced today that its wholly owned subsidiaries, AltaGas Processing Partnership and AltaGas Holdings Inc.
North America | Wednesday, February 3, 2016

National Oilwell Varco announces fourth quarter and full year 2015 results

National Oilwell Varco, Inc. (NYSE:NOV) today reported fourth quarter 2015 net income of $85 million, or $0.
North America | Wednesday, February 3, 2016

Pemex reform efforts in Mexico hobbled by oil downturn: Fuel for Thought

Falling crude oil production, falling refined product output and falling income have led many to believe that the sky is falling on Mexico's state-owned oil company Pemex. The perilous situation for Mexico's energy industry - and Pemex is Mexico's energy industry - has not been lost on officials who are trying to reform the company and, by extension, the nation's energy landscape.
North America | Wednesday, February 3, 2016

Jacobs awarded pre-FID study contract for Baltic Gas Project

Jacobs Engineering Group Inc. (NYSE:JEC) announced today it was awarded a contract to conduct a pre-final investment decision (Pre-FID) study for the onshore gas treatment plant of the Baltic Gas Project in the Polish sector of the Baltic Sea for Baltic Gas Sp.
East Europe | Wednesday, February 3, 2016

CGG awarded 3D seismic survey extension offshore Colombia

CGG announced today that it has been awarded an extension to a major 3D seismic survey it successfully completed on the Caribbean coast offshore Colombia in late 2015. The new survey follows on from the original over 16,000-km2 survey CGG conducted over portions of the Col-1 and Col-2 blocks, which was the largest survey ever recorded offshore Colombia.
South America | Wednesday, February 3, 2016

Oil price, Exxon, Rockhopper, Sundry-Andes Energia- And finally...

Oil price When the market feels upbeat it envisages a meeting between Opec and non-Opec producers which results in a supply cutback and a sharp rally in prices. When it wakes up and finds it is all a dream, reality sets in and the fundamentals still show varying degrees of misery.
West Europe | Wednesday, February 3, 2016

Petro Matad announces operational update

Further to the Company's announcement on 29 October 2015, regarding the completion of the airborne full tensor gradiometry (FTG) and high resolution aeromagnetics (HRAM) data acquisition and processing services and the 2D seismic acquisition programme then underway, the Company is pleased to provide a further operational update on current and planned activities. The processing and interpretation of FTG and HRAM data is ongoing and the Company is very happy with the results to date as they have allowed better definition of prospective basin areas where exploration activities will be focused to identify wildcat drilling locations.
Asia Far East | Wednesday, February 3, 2016

Andes Energia announces group production update

Further to the operational update on the Chachahuen licence issued on 25 January, the Board of Andes (AIM: AEN; BCBA: AEN) is pleased to provide an update on current production at a Group level based on the December 2015 sales and production reports. Group production for December 2015 was 3,287* bpd.
South America | Wednesday, February 3, 2016

Green Dragon Gas announces operations update and 2016 outlook

Green Dragon Gas Ltd. (LSE: GDG), one of the largest independent companies involved in the production and sale of CBM gas in China, is pleased to announce an operations update for the year ended 31 December 2015.
Asia Far East | Wednesday, February 3, 2016

Tips for Writing an Oil & Gas Resume or CV - Part 3: Writing an Oil & Gas Resume That Gets You Noticed

Is it time to dust off and revamp your old resume or CV? If so, here are a few tips that can not only help get you noticed, but also make sure that your profile is compatible with current technology so that once you send your resume in, the people within the company can find you. If you are wondering what I mean by making sure that someone can find you, then Part 1: How HR Uses Technology is for you.
North America | Wednesday, February 3, 2016

Statoil awarding contracts for Oseberg Vestflanken 2, Johan Sverdrup and Gina Krog

The contracts awarded on behalf of the licence partners include marine operations, marine construction, engineering, procurement and construction (EPC) of an unmanned wellhead platform as well as modifications at the Oseberg Field Centre. The contracts have a combined value of approximately NOK 1.
West Europe | Wednesday, February 3, 2016

Rockhopper Exploration announces Ombrina Mare production concession will not be awarded

Rockhopper Exploration plc (AIM: RKH), the oil and gas exploration and production company with interests in the North Falkland Basin and Greater Mediterranean region, provides the following update on the status of the Ombrina Mare project offshore Italy. Further to the Company's announcement on 6 January 2016, the Company has been informed by the Ministry of Economic Development that, following the re-introduction of the ban on exploration and production activity within 12 nautical miles of the coast of Italy, the Production Concession covering the Ombrina Mare Field Area will now not be awarded.
East Europe | Wednesday, February 3, 2016

Cue Energy discovers oil at Naga Selatan-2

Cue Energy Resources Limited (ASX: CUE) advises that the Naga Selatan-2 well (NS-2) has discovered oil and is currently being suspended to allow for future production testing. The well has safely reached TD at a depth of 1170 ft.
Asia Far East | Wednesday, February 3, 2016

Arsenal Energy announces year-end reserves and corporate update

Arsenal Energy Inc. is pleased to provide the highlights of its year end reserves report and to provide a corporate update.
North America | Wednesday, February 3, 2016

Subsea 7 awarded frame agreement offshore UK

Subsea 7 S.A.
West Europe | Wednesday, February 3, 2016

Lundin Petroleum announces 2015 year-end report

Twelve months ended 31 December 2015 (31 December 2014) Production of 32.3 Mboepd (23.
West Europe | Wednesday, February 3, 2016

LGX Oil + Gas initiates strategic review process

LGX Oil + Gas Inc. (TSXV: OIL) believes that its current share price is not reflective of the long term value within the Company's asset base, and therefore has initiated a process to consider a range of strategic alternatives available to the Company, with a view to enhancing shareholder value.
North America | Tuesday, February 2, 2016

Tethys Oil provides fourth quarter financial update

Tethys Oil's revenue amounted during the fourth quarter 2015 to MSEK 222. Tethys Oil's share of the production, before government take, from Blocks 3 and 4 onshore the Sultanate of Oman amounted in the fourth quarter to 997,904 barrels.
Middle East | Tuesday, February 2, 2016

Anadarko announces 2015 fourth-quarter and full-year results, expects to cut 2016 capital program by nearly 50%

Anadarko Petroleum Corporation (NYSE: APC) today announced 2015 fourth-quarter results, reporting a net loss attributable to common stockholders of $1.250 billion, or $2.
North America | Tuesday, February 2, 2016

Cabot Oil & Gas provides fourth quarter and full year 2015 operational update

Cabot Oil & Gas Corporation (NYSE: COG) today provided an operational update for the fourth quarter and full year 2015 and announced an updated 2016 operating plan and capital budget. Fourth Quarter and Full Year 2015 Operational Update Cabot expects production for the fourth quarter of 2015 to be approximately 1,642 million cubic feet equivalent (Mmcfe) per day, including approximately 1,552 million cubic feet (Mmcf) per day of natural gas and approximately 14,977 barrels (Bbl) per day of liquids (crude oil/condensate/natural gas liquids).
North America | Tuesday, February 2, 2016

Touchstone announces closing of Kerrobert Saskatchewan disposition

Touchstone Exploration Inc. (TSX:TXP) is pleased to announce that it has closed the sale of its Kerrobert facility, infrastructure and associated mineral rights.
North America | Tuesday, February 2, 2016

Tourmaline Oil Corp. announces Deep Basin acquisition and reduces 2016 EP budget

Tourmaline Oil Corp. (TSX: TOU) is pleased to announce that it has acquired assets for approximately $183 million CDN in the Minehead-Edson-Ansell area of the Alberta Deep Basin, immediately adjacent to one of the Company's largest-producing complexes.
North America | Tuesday, February 2, 2016

Low oil prices, budget deficits and OPEC

In November 2014 the OPEC countries met in Vienna and agreed to keep pumping oil to maintain their market share rather than cut production to support the oil price. In a post written a month later I addressed the question of how these countries were positioned to withstand an extended period of low oil prices and high budget deficits.
North America | Tuesday, February 2, 2016

ExxonMobil earns $16.2 billion in 2015; $2.8 billion during fourth quarter

Earnings Summary (Dollars in millions, except per share data) Fourth Quarter Twelve Months 2015 2014 % 2015 2014 % Earnings 2,780 6,570 -58 16,150 32,520 -50 Earnings Per Common Share Assuming Dilution 0.67 1.
North America | Tuesday, February 2, 2016

Petromanas Energy to sell Albanian assets to Shell

Petromanas Energy Inc. (TSXV: PMI) today announced that it has entered into a Sale and Purchase Agreement with Shell Upstream Albania B.
East Europe | Tuesday, February 2, 2016

Songa Offshore cuts 200 onshore jobs

Songa Offshore SE is now transforming from being largely a projects organization to an optimized operating organization. The Company today announced that as part of this process, the overall number of onshore employees and contractors, is proposed to be reduced by up to 200, of this 76 employees and 124 contractors, reflecting the current market.
West Europe | Tuesday, February 2, 2016

Oil price, BP, Rockhopper/Premier, Sundry-Plexus-Premier- And finally...

Oil price As per the blog yesterday the oil market came to its senses somewhat and got back to fundamentals. So, poor Chinese data, increased activity from Iran and doubts about a non-Opec meeting taking place hit crude prices.
West Europe | Tuesday, February 2, 2016

MX Oil to sell stake in Aje Field, offshore Nigeria, for US$18 million

Further to its announcement on 25 January 2016, MX Oil is pleased to provide an update in connection with the proposal it has received for its Nigerian investment in the proven Aje Field offshore Nigeria. The Directors believe a sale of its Nigerian investment is an attractive option for the Company and they have today signed a term sheet with the proposed purchaser who is part of an established international oil and gas group.
Africa | Tuesday, February 2, 2016

Scottish Government support for the sector welcomed by Oil & Gas UK

Following the announcements from the UK and Scottish Governments last week of a range of support for the UK oil and gas industry, including funding of the Aberdeen City Region Deal, Oil & Gas UK's chief executive Deirdre Michie welcomed further positive news today: 'As the UK offshore oil and gas sector works through these challenging times to restore its competitiveness by improving efficiency, we value the support offered by government and enterprise agencies. 'Scottish Enterprise's work to make tailored advice available to firms through the downturn, encourage research and development and identify the funding issues being experienced by the sector will help bolster the business and equip companies for a competitive future.
West Europe | Tuesday, February 2, 2016

Tips for Writing an Oil & Gas Resume or CV - Part 2: Common Misconceptions about Resume Writing

Is it time to dust off and revamp your old resume or CV? If so, here are a few tips that can not only help get you noticed, but also make sure that your profile is compatible with current technology so that once you send your resume in, the people within the company can find you. If you are wondering what I mean by making sure that someone can find you, then Part 1: How HR Uses Technology is for you.
North America | Tuesday, February 2, 2016

BP reports full year and 4Q 2015 results; profits down 50%, cash flow down 38%

BP today reported its results for the full year and fourth quarter of 2015. Underlying replacement cost profit for the full year was $5.
West Europe | Tuesday, February 2, 2016

Total signs long-term agreement to supply LNG to state-owned Indonesian company Pertamina

Total has signed long-term liquefied natural gas (LNG) sale and purchase agreements with state-owned Indonesian company Pertamina for the supply of LNG volumes increasing from 0.4 to 1 million tonnes per year over a period of 15 years beginning 2020.
Asia Far East | Tuesday, February 2, 2016

Northcote Energy completes infrastructure upgrades at Shoats Creek Field

Northcote is pleased to announce the completion of the planned infrastructure upgrades at the Shoats Creek Field in Louisiana. Following the completion of the infrastructure upgrades, which have been inspected and approved by the State, the field is fully equipped to support production from the LM#20 well as well as production from future Frio wells up to an estimated capacity of 1,500 BOPD.
North America | Tuesday, February 2, 2016

Lundin Petroleum secures reserve-based bank financing

Lundin Petroleum AB is pleased to announce that it has entered into a committed seven year senior secured revolving credit facility of up to USD 5.0 billion, with an initial committed amount of USD 4.
West Europe | Tuesday, February 2, 2016

Plexus' Malaysian Joint Venture Company awarded £0.9 million well order

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 is pleased to announce that it has secured a purchase order with Talisman Malaysia Limited, which is a part of REPSOL Group (MC: REP), the integrated global energy group, to supply its best in class wellhead system for an exploration well offshore Malaysia. This contract is in line with Plexus' expansion strategy to increase its global presence as a leading supplier of best in class wellhead equipment in terms of performance, reliability and safety for exploration, production and subsea activities.
Asia Far East | Tuesday, February 2, 2016

TGS reports Q4 2015 earnings and announces dividend of USD 0.15 per share in Q1 2016

Following its update on 07 January 2016, TGS now confirms Q4 2015 net revenues of USD 132 million and full year 2015 net revenues of USD 612 million. The Board of Directors has resolved to pay a dividend of USD 0.
West Europe | Tuesday, February 2, 2016

Transerv Energy announces encouraging initial gas flows at Warro-6

Transerv Energy (ASX: TSV) is pleased to announce that testing operations at the Warro-6 onshore well in WA have commenced and recorded substantial initial gas flows. The well is presently flowing at 1.
Australasia | Tuesday, February 2, 2016

Aker Solutions awarded two MMO contracts from ConocoPhillips in Norway

Aker Solutions' maintenance, modifications and operations (MMO) business in Norway secured two contracts for work at North Sea fields operated by ConocoPhillips. The company received a framework agreement for a fixed period of five years to become ConocoPhillips' main supplier of maintenance and modifications work offshore Norway.
West Europe | Monday, February 1, 2016

The current fracklog will not save US shale production at a 30 USD/bbl WTI

As we move into 2016, official well data from US governmental sources provides sufficient fact-based visibility on drilling and completion trends in 2015. These figures confirm that some operators delayed the completion of a significant number of wells, in an attempt to reduce spending and to build inventory which is easily available once commodity prices recover.
North America | Monday, February 1, 2016

BP realigns senior executive team

BP today announced the appointment of Lamar McKay to the new position of Deputy Group Chief Executive. McKay, currently chief executive of BP's Upstream segment and a 35-year veteran of BP, will be based in London and take up the role following a suitable handover period.
West Europe | Monday, February 1, 2016

Callon Petroleum announces 2015 operational update and year-end reserves

Callon Petroleum Company (NYSE: CPE) today announced its outlook for 2016 activity and an operational update, including revised fourth quarter 2015 guidance estimates and proved reserve estimates for the year ended December 31, 2015. Expected fourth quarter 2015 net daily production of 10,500 - 10,700 barrels of oil equivalent per day ('BOE/d'), comprised of 79% - 81% oil volumes Expected fourth quarter 2015 lease operating expense of $6.
North America | Monday, February 1, 2016

Sasol obtains approval for Mozambique field development plan

Sasol has obtained approval from the Mozambique Council of Ministers for its field development plan (FDP) that will see further hydrocarbon resources developed to support Southern Africa growth. To be developed in phases, the first phase of the Production Sharing Agreement (PSA) licence area development proposes an integrated oil, LPG and gas project adjacent to Sasol's existing Petroleum Production Agreement (PPA) area.
Africa | Monday, February 1, 2016

Torchlight Energy Resources announces success on its Johnson #4 re-entry

Torchlight Energy Resources, Inc. (NASDAQ: TRCH), today announced that the Company's Johnson #4 well has been re-entered and drilled laterally to approximately 2500 feet in the Austin Chalk Formation.
North America | Monday, February 1, 2016

Percussion Petroleum announces partnership with Carnelian Energy Capital

Percussion Petroleum, LLC today announced the closing of an equity commitment from Carnelian Energy Capital Management, L.P.
North America | Monday, February 1, 2016

Alvopetro announces operational update

Alvopetro Energy Ltd. (TSX VENTURE:ALV) is pleased to announce an operational update.
South America | Monday, February 1, 2016

Coming Decommissioning Boom to be Driven by UK

The oil price collapse has been bad news for nearly every company involved in the industry, but one group that could actually benefit from it are specialist decommissioning companies. For these companies there is an opportunity to be part of removing the huge tonnage of infrastructure that exists in the North Sea.
West Europe | Monday, February 1, 2016

Adrok - Innovative Exploration Solutions for the Oil & Gas Industry

Adrok is a cutting edge service technology company headquartered in Edinburgh, Scotland, with exclusive global patents to Atomic Dielectric Resonance (ADR) imaging technology. This innovative technology has been developed for use in Oil and Gas, Mining and Civil Engineering sectors.
West Europe | Monday, February 1, 2016

Oil price, Chevron, Premier, Bowleven/Aminex, Sundry-Petroceltic-Amec- And finally...

Oil price The oil price had its week in the sun and as long as stories of an agreement continue to do the rounds we probably wont revisit 28 bucks quite yet. This agreement will take some getting even if Russia do come to the rescue which they can do, even in winter, by disguising a natural fall in production as a goodwill gesture.
West Europe | Monday, February 1, 2016

Serinus Energy commences closing of sale of Ukraine interests

Serinus Energy Inc., is pleased to announce that it has commenced the process of closing the sale of its interests in Ukraine to Resano Trading Ltd.
Russia FSU | Monday, February 1, 2016

Polarcus announces further cost reductions and organizational changes, 26% workforce reduction

Polarcus (OSE: PLCS) further improves its cost position with the announcement of additional headcount reductions and changes to the executive management team. The expanded cost reductions are part of a longer term plan which will continue to improve competitiveness while maintaining exceptional operational performance and sustaining positive operational cash flow.
West Europe | Monday, February 1, 2016

Woodside Petroleum announces first LNG at Wheatstone Project forecast for mid-2017

Woodside notes recent advice provided by the operator of the Wheatstone Project, Chevron, that the forecast for first LNG is now mid-2017. Woodside advises that impairments foreshadowed in the company's fourth quarter report released on 21 January 2016 took into account the potential for this revised schedule for the Wheatstone onshore plant.
Australasia | Monday, February 1, 2016

Nighthawk Energy announces 2015 production

Nighthawk, the US focused oil development and production company (AIM: HAWK and OTCQX: NHEGY), announces an update on 2015 production. Annual Production For the year ended 31 December 2015, gross production was approximately 654,800 barrels (536,900 net barrels) or 1,794 gross barrels per day.
North America | Monday, February 1, 2016

Revising the Past - US Oil Production Data

This article is based on the EIA's Monthly Energy Review which was released on 27th January and which states November 2015 production was 9,181,000 bbls/day. Oddly, the Petroleum & Other Liquids monthly data which was released on 29th January says November 2015 production was 9,318,000 bbls/day.
North America | Monday, February 1, 2016