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The global oil and gas downturn continues to significantly impact the North Sea oil and gas industry. To help companies consider the opportunities in offshore wind, BVG Associates (BVGA) has produced an 'Oil and Gas Seize the Opportunity: Offshore Wind' guide for Scottish Enterprise.
Ironhorse Oil & Gas Inc. (TSX-V: IOG) announces its financial and operating results for the three months ended March 31, 2016.
MANAGE your naphtha and other raw material inventories incredibly carefully over the next few months, as you cannot afford to believe the hype that oil prices have definitively, without doubt, bottomed out. This has to be the only sensible approach for petrochemicals companies, given that: The hedge funds and pension funds poured into oil futures during Q1, as they once again switched to commodities in general as a store of value against a weaker US dollar.
49 North Resources Inc. (TSXV: FNR), 602, 224 - 4th Avenue South, Saskatoon, Saskatchewan, announces that in connection with the sale to Westcore Energy Ltd.
DXI Energy Inc. (NYSE MKT:DXI)(TSX:DXI), an upstream oil and gas exploration and production company operating in Colorado's Piceance Basin and the Peace River Arch region in British Columbia, today announced its strategic plan to expand production and improve operational efficiencies at its core Woodrush project in NEBC.
Changfeng Energy Inc. (TSX VENTURE:CFY) announces that the Company has filed its unaudited condensed interim consolidated financial results for the first quarter ended March 31, 2016.
Gulf Keystone Petroleum is pleased to announce that a gross payment of $6.0 million has been received from the Kurdistan Regional Government for Shaikan crude oil exports in April 2016.
Oil price It's a big weekend in a lot of ways but no greater than in the US where it is Memorial Day on Monday which of course signals the start of the driving season and my chance to wheel out a few stats. Over the weekend the AAA predicts that more than 34m Americans will travel at least 50 miles, 2.
Clontarf maintains an active interest in three countries; Peru, Bolivia and Ghana. In Peru, we have a 3% royalty on all hydrocarbon production arising from Block 183 in central Peru up to a maximum of US$5 million on each of two discoveries.
President (AIM: PPC) announces a further update on its activities in Argentina. Current Operations President's current normalised production from its Puesto Guardian Concession is running at a daily rate of over 500 bopd with a new workover programme underway on a further two producing wells aimed at maintaining and enhancing production levels.
Independent Oil and Gas plc (AIM: IOG.L), announces its preliminary results for the Year Ended 31 December 2015.
Ali Al-Naimi, long regarded as the most powerful man in oil, was dismissed on May 7th as part of a sweeping reorganization of the Saudi Arabian governing apparatus. The implications of his dismissal are of transformational importance, and mark a pivotal moment in the history of Saudi Arabia and global oil markets.
President (AIM: PPC), the oil and gas exploration and production company focused on Paraguay and Argentina announces its full year audited results for the year ended 31 December 2015. Corporate & Financial Highlights Daily production increased in 2015 by 15% to 490 boepd (2014: 426 boepd); EBITDA for the year from USA and Argentina continuing operations US$1.
Further to the announcements of 15 April and 13 May 2016, Circle Oil plc (AIM:COP) the international oil and gas exploration, development and production company, is pleased to announce that International Finance Corporation ('IFC') has agreed to extend the suspension of the December 2015 redetermination and any repayments due under its Reserve Based Lending ('RBL') facility until 24 June 2016. IFC has indicated its willingness to consider further waivers as may be required to continue the Strategic Review process based on circumstances applying at the time of any application.
Det norske oljeselskap AS, operator of production licence 001 B, has concluded the drilling of appraisal wells 16/1-26 S and 16/1-26 A. The wells were drilled about 1.
Ithaca Energy Inc. (TSX: IAE, LSE AIM: IAE) announces that the Company's Annual General Meeting of shareholders is to be held on 22 June 2016 in Calgary, Alberta, Canada.
Elk Petroleum Ltd (ASX: ELK) is pleased to advise it has reached agreement with Denbury Resources Inc. on the principal definitive agreements for the restructure of the Grieve CO2 Enhanced Oil Recovery (EOR) Project Joint Venture.
The price of a barrel of oil has almost doubled from its low of $28 at the start of the year, prompting speculation that a recovery is underway, which may result in the revival of companies in the exploration, production and services sectors that have foundered since prices collapsed in 2015. According to news reports published today (Thursday, May 26), the pop above $50/bbl can be attributed to a drop in supply.
DNO ASA, the Norwegian oil and gas operator, today reported receipt of USD 16.0 million from the Kurdistan Regional Government as partial payment to DNO and partner Genel Energy plc for April crude oil deliveries to the export market from the Tawke field.
Genel Energy plc announces that the Taq Taq field partners have received a payment of $11 million from the Kurdistan Regional Government ('KRG') for oil sales during April 2016. Genel's net share of the partial payment for April 2016 Taq Taq oil sales is $6.
Global oil traders are having lots of fun as oil market volatility ramps up. Earlier this month, for example, Reuters reported that 'Glencore have got big positions all over the place' in North Sea oil markets: They spotted that N Sea production would be sharply reduced in June due to maintenance on the Ekofisk field Reportedly, they already own more than a third of the 37 cargoes expected to load during the month In turn, this means they own around 10% of daily world production - enough to have a major influence on other global markets, given Brent's benchmark statusYet at the same time, oil storage is filling up all around the world.
Striker Exploration Corp. (TSX VENTURE:SKX) is pleased to announce our operating and financial results for the three month period ended March 31, 2016.
LEUCROTTA EXPLORATION INC. (TSX VENTURE:LXE) is pleased to announce its financial and operating results for the three months ended March 31, 2016.
Relentless Resources Ltd. (TSX VENTURE:RRL) announces that it has issued its March 31, 2016 unaudited condensed interim financial statements.
Today, Sasol's field development plan (FDP) for the Production Sharing Agreement (PSA) licence in Inhambane province, Mozambique, reached an important milestone with the commencement of the drilling of the first well. Adjacent to its current producing Petroleum Production Agreement licence, the PSA development is an integrated oil, Liquefied Petroleum Gas (LPG) and gas project.
| Thursday, May 26, 2016
SDX Energy Inc. (TSXV, AIM: SDX) announces its 2016 First Quarter Financial and Operating Results.
| Thursday, May 26, 2016
Since its creation more than 40 years ago, the International Energy Agency has side-stepped predictions of OPEC crude production, acutely aware that the producer group's output quotas made the job at best tricky, at worst politically inexpedient. But this may be about to change.
JV partner Tap Oil reports that Mubadala Petroleum, operator of the G1/48 concession in the Northern Gulf of Thailand, has completed the Sri Trang-1 exploration well. The Sri Trang-1 exploration well is located in the Reservation Area of the G1/48 concession in the Gulf of Thailand approx.
Oil price Brent has climbed through $50 this morning and WTI is not far behind it. The big question is, will this encourage producers, particularly in the US to open up their DUC's and start producing again? Yesterday was all about the inventory stats from the EIA which to a certain extent mirrored the API numbers.
Savannah Petroleum PLC is pleased to announce its Full Year Results for the period ending 31 December 2015. Highlights Savannah successfully completed its first ground operation in Niger, acquiring 36,949km of Full Tensor Gradiometry ('FTG') data, both on time and on budget An independent assessment by CGG Robertson ('CGG') increased R1/R2 best estimate gross risked prospective oil resources from 573 mmbbls to 1,191 mmbbls Initial exploration target inventory published, the highlights of which include the mapping from 3D seismic of 14 drill ready exploration prospects on R1/R2, as well as a further 37 exploration leads across the permit In July 2015 the Company announced the acquisition of the R3/R4 Production Sharing Contract ('PSC'), adding an incremental 29 mapped leads to our inventory (of sizes similar to other discoveries in the basin) and increasing Savannah's acreage position in the Agadem Rift Basin to c.
| Thursday, May 26, 2016
Mosman Oil and Gas Limited (AIM: MSMN) the New Zealand and Australia focussed oil exploration and development company, announces an update in respect to current activities. New Projects In addition to its current projects Mosman is seeking other suitable opportunities in order to enhance shareholder value.
Mexican Energy Secretary Pedro Joaquin Coldwell night used the launch of a regional oil and gas forum in the nation's capital to reiterate his country's commitment to the reform of its domestic energy market. Citing measures initiated by President Enrique Peña Nieto and approved by the nation's legislature, he said 'This reform opened the whole value chain in the hydrocarbons and electricity sectors to national and foreign private investment.
The energy sector was certainly a bargain in January, but no one really knows where oil will be around Christmas. While we may have already seen the bottom, stock prices are not the bargain they were.
Highlights Revenue of $891 million EBITDA of $528 million 96% economic utilization Reported Net Income of $88 million and diluted earnings per share of $0.15 Cash and cash equivalents of $1.
Santos today announced that GLNG train 2 has started producing liquefied natural gas (LNG) on Curtis Island, Queensland. Today's announcement follows first LNG production from train 1 in September 2015 and GLNG's first LNG export cargo in October 2015.
Baker Hughes Incorporated (BHI:NYSE) announced today changes to its organizational structure and senior leadership team. The changes follow the company's May 2 announcement of its plans to capitalize on its leadership position as a product innovator by simplifying its business structure, reducing costs and enhancing its commercial strategy.
Exxon Mobil Corporation (NYSE:XOM) announced today that its shareholders elected Angela Braly to its board of directors. Braly is the former chairman, president and chief executive officer of health insurance company WellPoint, now known as Anthem.
FairfieldNodal has completed acquisition of an additional 347 square miles of multi-client 3D data in Eddy County, New Mexico. The new surveys - DB4A (237 square miles) and DB4A West (110 square miles) - enhance the company's ongoing Delaware Basin Regional Imaging Project.
Canadian natural gas prices on the spot market hit an intraday low of $0.05/mcf earlier this month—that's FIVE CENTS per thousand cubic feet.
Cub Energy Inc. (TSX VENTURE:KUB), a Ukraine-focused upstream oil and gas company, announced today its unaudited interim financial and operating results for the first quarter of 2016.
STEALTHGAS INC. (NASDAQ:GASS), a ship-owning company primarily serving the liquefied petroleum gas (LPG) sector of the international shipping industry, announced today its unaudited financial and operating results for the first quarter ended March 31, 2016.
Toro Oil & Gas Ltd. (TSXV: TOO) announces its financial and operating results for the three month period ended March 31, 2016.
Terrace Energy Corp. (TSXV: TZR, OTCQX: TCRRF; Germany: 2TR) provides the following update to stakeholders of the Company.
The recent launch of the Tesla Model 3 has proven a massive global demand for electric vehicles. Thus, it is no longer the question if the electrification of transport will take place, but rather when exactly.
Oil prices The first up day for a while and that was before the API inventory number came out after the close. Trying to pick the bones out of those numbers is more difficult than it first seems, the crude number, showing a draw of 5.
Petrel Resources plc. (AIM: PET), is pleased to update the market on the 3D seismic surveys on Petrel acreage in the Irish Atlantic scheduled for summer 2016.
Trinity, an independent E&P company focused on Trinidad and Tobago, announces its preliminary results for the twelve months ended 31 December 2015. Financial highlights Average realised oil price of USD 45.
Following its announcement of 10 May, 2016, IRG is pleased to announce that it has made further substantial progress in improving its financial position through reducing its indebtedness by a further £305,000 to approximately £230,000 (unaudited). Key points: Settlement of £148,000 of trade creditors through the payment in cash of £28,500 and the issue of 69,428,571 new ordinary shares of 0.
Nostrum Oil & Gas PLC (LSE: NOG), an independent oil and gas company engaging in the production, development and exploration of oil and gas in the pre-Caspian Basin, today announces its results in respect of the three month period ended 31 March 2016. Highlights: Financial Revenue for the period of US$73.
IGas today provides the following statement in relation to trading for the period 1 January to 24 May. This update is issued in advance of the Company's Annual General Meeting which is being held at 10.
Marc Faber, editor of the Gloom, Boom & Doom Report, is bullish on gold and oil and gas stocks. Given the abundant speculation about the Federal Reserve and interest rates, Marc Faber told CNBC last week he believes the Fed is closely watching the market reaction to its intimations it may raise rates in June.
The Board of Range announces that Mr Zhiwei (Kerry) Gu, who joined the Board in January 2015 as a Non-Executive Director, will assume the role of Non-Executive Chairman, effective immediately. Mr Gu is an experienced corporate lawyer who has worked across various international markets and industries, and is currently a partner of Dentons, one of the largest global law firms.
MX Oil plc, the AIM quoted oil and gas investing company, is pleased to note the publication today by Panoro Energy of its First Quarter Results for 2016 which includes an update on the Aje field. Panoro Energy is one of the partners in the development of the Aje field in which the Company has an indirect investment.
| Wednesday, May 25, 2016
TGS announces the expansion of its multi-client library offshore Eastern Canada, with plans to acquire approximately 2,000 km² of 3D seismic data, in partnership with PGS. The survey will be acquired utilizing the PGS GeoStreamer® technology.
Technip's wholly-owned subsidiary Technip Umbilicals Ltd. has been awarded a contract by Statoil ASA to supply the umbilical to the Oseberg Vestflanken 2 field offshore Norway.
P/F Atlantic Petroleum (NASDAQ Copenhagen: ATLA DKK & Oslo Stock Exchange: ATLA NOK) today announces its results for the first quarter of 2016. This company announcement should be read in conjunction with Atlantic Petroleum's Condensed Consolidated Interim Report attached to this announcement.
On Monday, councillors at North Yorkshire County Council voted 7-4 in favour to approve Third Energy's application to frack for shale gas. Energy Minister Andrea Leadsom said: 'This decision has been made by the local council.
Ikon Science, the Global GeoPrediction Company, is pleased to announce that Julio Gomez is appointed as VP Global Sales. Julio will be responsible for the leadership of the Ikon global sales team, developing new business opportunities, continuing excellent relationships with existing accounts and creating customised commercial solutions to customer needs.
Primeline Energy Holdings Inc.(TSX VENTURE:PEH) today announces that it has sent a letter to China National Offshore Oil Corporation and CNOOC China Limited giving formal notice of its intention to commence arbitration proceedings against CNOOC Group under the provisions of the Petroleum Contract for Block 25/34.
Saturn Minerals Inc. (TSX VENTURE:SMI)(FRANKFURT:SMK) announces that the recently completed drilling programs at its Bannock Creek project has provided data to the Company identifying an area which Saturn has designated as a geographical oil triangle in the Northeastern Williston Basin.
It's been about three weeks since a wildfire broke out in the heart of Alberta's oil sands production area in the Athabasca region in Fort McMurray, and it is still raging. Some 1,950 fire fighters, 208 helicopters, 29 air tankers and countless heavy equipment have been relentlessly fighting the 'Beast' (as it has been nicknamed by firefighters), which has grown to engulf over 500,000 hectares.
On 4th of May REP published its seventh annual 'State of Exploration' report, which benchmarks the performance of international conventional oil and gas exploration. The report has grown to become one of the definitive global benchmarks in the E&P sector.
Oil price Another quiet day in the market, the greenback remains firm exerting downward pressure on crude and I suspect that the inventory stats may provide most of the excitement for the week. Reuters findings are for a draw of 2.
Exillon Energy plc (EXI.LN), a London Premium listed oil producer with assets in two oil-rich regions of Russia, Timan-Pechora and West Siberia, is pleased to announce unaudited production data for the month of April 2016.
Xcite Energy announces its first quarter results for the 3 month period ended 31 March 2016. Highlights for the year to date Continuing discussions with bondholders ahead of debt maturity on 30 June 2016.
Sound Energy, the Mediterranean focused upstream oil and gas company, announces its audited final results for the year ended 31 December 2015. 2015 Highlights Acquisition of an operated 55% position in the Tendrara licence, onshore Morocco, offering large scale gas discovery and multiple Tcf exploration potential Introduction of Schlumberger as a strategic partner for existing and new assets across Europe and Africa Entry into Field Management Agreement with Schlumberger for Tendrara, de-risking the asset technically and funding the majority of the first three wells Secured the approval of the Environmental Impact Assessment for the significant Badile prospect, onshore Italy Cash balance of £15.
San Leon Energy plc, the AIM quoted oil and gas exploration and production company focused on Europe and Africa, is pleased to provide the following update on its production deal on the OML 18 block, onshore Nigeria. As announced on 16 May 2016, in order to complete the subsequent parts of the OML 18 Production Arrangement (collectively the 'Remaining Transactions') which would result in the Company securing a 9.
| Tuesday, May 24, 2016
Oilex Ltd advises that Chief Financial Officer and Company Secretary Mr Chris Bath has resigned from the Company with immediate effect. Mr Cathal Smith has been appointed as interim Company Secretary effective immediately.
Saudi Arabia's decision to reduce its dependency on oil is the final acknowledgment that the Kingdom's global swing producer role is nearing its end. The decision will have long-standing consequences for OPEC and oil markets.
Faroe Petroleum, the independent oil and gas company focusing principally on exploration, appraisal, development and production opportunities in Norway and the UK, is pleased to announce the commencement of the Faroe-operated Brasse exploration well 31/7-1 in the Norwegian North Sea (Faroe 50%). The Brasse prospect is located immediately south of the producing Brage oil field (Faroe 14.
Suncor today announced it has begun the remobilization process of its employees to support the staged restart of its operations in the Regional Municipality of Wood Buffalo (RMWB). The evacuation order was lifted by the Regional Emergency Operations Centre the evening of May 20, 2016.
Parsley Energy, Inc. (NYSE: PE) today announced that it has entered into an agreement to acquire mineral rights under approximately 30,000 acres consisting of Parsley leasehold and other adjacent properties in Pecos and Reeves Counties, Texas in the Southern Delaware Basin for $280.
Wood Group has been awarded an evergreen master services agreement (MSA) by Statoil to support the life cycles of its offshore and onshore facilities. Work and services covered by the MSA include engineering studies, detailed engineering, procurement services and management assistance services.
DNO ASA, the Norwegian oil and gas operator, announced today the Hayah-1 exploration well in Oman's onshore Block 36 failed to encounter hydrocarbons other than minor gas shows and will be plugged and abandoned. The well, drilled in the Rub al-Khali basin in the southwestern part of the country, reached a total depth of 3,010 meters and penetrated the three target reservoirs, of which two had good reservoir quality.
A seasonal uptick in refinery utilization combined with a likely drop in Canadian imports due to the ongoing Alberta wildfires likely pushed U.S.
Kalnin Ventures LLC today announced it has closed the purchase of a 29.4 percent stake from Range Resources - Appalachia, LLC in the Chaffee Corners Joint Exploration Agreement, an operation in the Marcellus shale of Pennsylvania, on behalf of its investor Banpu Pcl.
The heart of the DJ Basin, Weld County, exhibits the most commercial fracklog with an average completion cost per barrel of 4.7 USD/bbl, a study by Rystad Energy has shown.
Porter's Five Forces framework is one useful strategic tool to evaluate potential opportunities and threats/risks for the oil and gas industry. The five key factors of this model are: Competitive rivalry Threat of New Entrants Threat of Substitutes Bargaining Power of Buyers Bargaining Power of SuppliersCompetitive rivalry The competitiveness of oil and gas industry and especially in the upstream sector of the industry is significantly intensive.
Rangeford Resources, Inc. (OTCQB:RGFR).
Oil price It's not just because oil didnt break $50 last week but at these prices it certainly seems that some sort of equilibrium has been reached, at least in the short term. Last week was another up week for crude, WTI rose 3.
The Board of Andes Energia is pleased to report final results for the year ended 31 December 2015. OVERVIEW Year ended 31 December 2015 2014 US$m US$m Revenue 66.
The world's largest exporter of crude oil, the Kingdom of Saudi Arabia, recently announced a plan for its post-oil future. If a country almost synonymous with the oil economy can see the need for such a plan, how can the rest of the world, particularly the United States, the world's largest consumer of petroleum, not see the necessity of such foresight? The kingdom's plan includes sale of part of Saudi Aramco, the world largest oil company and currently wholly-owned by the Saudi government.
Wintershall Norge AS, operator of production licence 248, has completed the drilling of wildcat wells 35/8-6 S and 35/8-6 A. The wells were drilled about five km northwest of the Vega field in the North Sea and 150 km northwest of Bergen.
Petroceltic International plc (AIM: PCI), the oil and gas exploration, development and production company focused on North Africa, the Mediterranean and Black Sea regions, issues an operational update on development drilling on the Ain Tsila gas and condensate field in Algeria. Development well AT-13, the second well of the Ain Tsila development drilling campaign, is located in the north of the field approximately 1.
The Board of African Petroleum announces that Mr Charles Matthews, Non-Executive Chairman, is retiring as Chairman and Non-Executive Director effective from today in order to pursue other business interests. Dr David King, currently serving as a Non-Executive Director of the Company since July 2013, will assume the position of Non-Executive Chairman, effective from the retirement of Mr Matthews.
Statoil has, on behalf of the Aasta Hansteen licence, decided to cancel the contract with Seadrill for the West Hercules drilling rig. On contract with Statoil since 31 January 2013, the rig has carried out an exploration campaign offshore Newfoundland in Canada for the past 18 months.
Europa Oil & Gas (Holdings) plc, the AIM listed oil and gas exploration, development and production company focused on Europe, is pleased to announce it has signed a Farm-Out Agreement in relation to its 40% interest in the PEDL143 licence in the Weald Basin with Union Jack Oil and Gas plc. PEDL143 contains the conventional Holmwood prospect which has estimated gross mean unrisked prospective resources of 5.
Highlands Natural Resources, the London listed oil and gas company, is pleased to announce that it has signed a licence agreement with Calfrac Well Services Corp. ('Calfrac'), a leading pressure-pumping provider in the US, in relation to Diversion Technologies, LLC's ('Diversion') proprietary 'DT Ultravert' re-fracking technology.
Cooper Basin focused oil & gas company, Real Energy Corporation Limited (ASX: RLE), is pleased to announce that the Company has commenced the five-stage fracture stimulation program of Tamarama - 1 well at located in the Windorah Gas Project in ATP 927P, Cooper Basin, Queensland During the weekend all necessary pressure tests of high pressure wellhead and fracture stimulation equipment were successfully completed. The first stage of the five stage fracture stimulation program is expected to commence today.
Baker Hughes Incorporated has posted Weekly Rig Count reports to its Investor Relations website. BHI Rig Count: U.
Abraxas Petroleum Corporation (NASDAQ:AXAS) today provided the following operational update and preliminarily raised the Company's 2016 guidance and capital budget. Permian Basin Abraxas recently elected to conclude the sales efforts for the Company's Ward and Reeves county assets.
Pioneer Natural Resources Company (NYSE:PXD) today announced that Scott D. Sheffield will retire as the Company's chief executive officer effective Dec.
Concho Resources Inc. (NYSE: CXO) today announced that Darin G.
PetroShale Inc. (TSX VENTURE:PSH)(OTCQX:PSHIF) is pleased to announce its financial and operating results for the three month period ended March 31, 2016.
Imperial today confirmed it has restarted limited operations at its Kearl oil sands site. Recognizing the uncertainty of the fire situation in the Regional Municipality of Wood Buffalo, full restoration of operations will depend on a number of factors.
On May 17, 2016, Connacher Oil and Gas Limited commenced proceedings and obtained court protection under the Companies' Creditors Arrangement Act ('CCAA') pursuant to an initial order granted by the Court of Queen's Bench, in the Province of Alberta. Ernst & Young Inc.
ArPetrol Ltd. is pleased to announce that it has successfully closed the previously announced sale of substantially all of its assets to Empresa Nacional Del Petróleo, the state owned oil and gas company of Chile, and its subsidiary ENAP Sipetrol Argentina S.