CNOOC’s discovery in the South China Sea has more than 100 Bcm in reserves China National Offshore Oil Corporation’s (CNOOC) deepsea natural gas discovery in the northern part of the South China Sea has certified reserves exceeding 100 Bcm (3,531 Bcf), reports Chinese state television. The size of the discovery makes it one of China’s biggest offshore finds and would
WASHINGTON, D.C. – Senator John Hoeven (R-N.D.) and a bipartisan group of senators today reintroduced the Natural Gas Gathering Enhancement Act. The legislation would set deadlines for and expedite the permitting of natural gas gathering lines located on federal land and Indian land. Other lead sponsors include U.S. Senators John Barrasso (R-Wyo.), Heidi Heitkamp (D-N.D.) and Mike Enzi (R-Wyo.). The
Story by Bloomberg Occidental Petroleum Corp., one of 11 international oil companies invited to bid for rights to develop Abu Dhabi’s largest onshore fields, agreed to a $500 million exploration project in the emirate over two years. Occidental will work with Abu Dhabi National Oil Co., the state-owned crude producer known as Adnoc, to explore for oil at the Hail
CARBO Ceramics (ticker: CRR), a production enhancement services provider based in Houston, Texas, is not immune from the recent commodity downswing. Even though United States production is expected to remain flat or even increase through 2015, the declining rig count will affect CARBO’s operations in the near-term. “This is pretty historic,” said Gary Kolstad, Chief Executive Officer of CARBO Ceramics,
POSTROCK RELEASE PostRock Energy Corporation(PSTR) (“PostRock”) today announced the appointment of a new director. Simultaneously, it announced that it had engaged Evercore Group L.L.C. to help explore strategic alternatives. Alexander P. Lynch, a partner of White Deer Energy, was added to the Board on February 6th, increasing the Board to seven members. Mr. Lynch has nearly 40 years of experience
Story by CNBC Halliburton became the latest oil company to feel the sting of falling oil prices. The Houston-based oil filed services company said Tuesday it plans to cut between 5,200 to 6,400 jobs as oil and gas production slows down. The cuts translate to between 6.5% and 8% of the company’s 80,000 global workforce. “We value every employee we
CAMAC Energy Inc. (“CAMAC” or the “Company”) (NYSE MKT:CAK) announced today the successful completion of its onshore 2D seismic acquisitions on blocks L-1B and L-16 in the Republic of Kenya. The 2D seismic program was conducted by BGP Kenya Limited (“BGP”) and covers approximately 700 line kilometers on L-1B and 325 line kilometers on L-16. The objective of the acquisition
John Zahary, president and CEO of Altex Energy, makes the case for moving Canadian crude by rail John Zahary, President and Chief Executive Officer of Altex Energy, a company that owns and operates eight crude-by-rail terminals in Western Canada, made the case for transporting Canadian heavy crude oil by rail during an interview with BNN. During his interview, Mr. Zahary
Hofmeister looks for WTI to climb toward $100, while Morse sees one scenario at $20 John Hofmeister, former Shell Oil Company president, was on BNN today predicting the return–sooner than later–of much higher oil prices due to increasing decline rates, particularly from shale wells, increasing capital constraints and the recent dramatic decline in rig count, all factors that point to falling oil production in the U.S.
Story by Oil & Gas Technology Statoil and its licence partners have chosen an unmanned wellhead platform as the concept for the Oseberg Future development phase I project in the North Sea. Total cost for such unmanned wellhead platform is found to be very competitive to a subsea concept, all elements of construction, equipment, wells and maintenance considered Three various
The dust is settling on the first phase of the global oil market share war. Oil has been hovering around $50/barrel for nearly a week – a long-awaited relief to the industry which was wondering, exactly, where is rock bottom? The recent stabilization of oil prices has prompted some analysts to make the necessary adjustments to their respective models and
Decision by the European Union allows for sale of Canadian oilsands crude in the Eurozone The European Union will now officially treat oilsands crude the same as oil from elsewhere in the world, after finalizing the decision on Friday, February 6, 2015. The European Parliament voted in December to remove restrictions from importing Canadian oilsands, which was accepted without amendments
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