Major tight oil discovery in China China’s state-owned China National Petroleum Corp. (CNPC) discovered more than 100 million metric tons of tight oil geological reserves in its Changqing field, according to a report by Reuters. Converted to barrels of oil, the discovery was over 733 million barrels of oil. This marks the first time that a tight oil discovery of
OPEC expects basket price to fall for third straight week The price of OPEC’s basket of twelve crudes stood at $60.73 per barrel today, down $1.30 from just a week ago when the basket sold for $62.03, according to information released by OPEC. OPEC’s crude oil basket has been trending downward since the beginning of the month when it reached
Total has achieved the significant milestone of producing a cumulative two billion barrels from its operated deep offshore Block 17 located 150 km off the coast of Angola. With the recent start up of CLOV, Block 17 has become Total’s most prolific site with production of over 700,000 barrels per day. The Group operates four Floating Production Storage and Offloading
*Scotiabank Press Release* Scotiabank’s Commodity Price Index increased by 1.7% month-over-month (m/m) in April and will likely advance further in May alongside a rebound in oil and stronger base metal prices. Nevertheless, the All Items Index remains 29.7% below a year earlier. “A seasonal pick-up in industrial activity across the G7 and China and the recent pull-back in the U.S.
Extends Permian Position Ring Energy (ticker: REI) followed through on its acquisition comments in its Q1’15 conference call, announcing purchase of 14,000 net acres in the Delaware Basin in a news release on May 26, 2015. The $75 million transaction includes current net production of 1,300 BOEPD, net reserves of 4.7 MMBOE and a PV-10 value of $128.5 million. Average
East West Petroleum Increases Revenue from Gas Production and Sets Stage for Future Oil Field Development in New Zealand International oil and gas producer East West Petroleum Corp. (TSX VENTURE:EW) is pleased to announce that it has been informed by TAG Oil Ltd. (TSX:TAO), the operator of the Cheal East discovery site (TAG 70% / EW 30%) in the Taranaki
Cimarex Energy Co. (XEC) announced the closing of its previously announced public offering of 6,000,000 shares of its common stock and the full exercise of the underwriters’ option to purchase 900,000 additional shares. Net proceeds of approximately $730 million, after deducting underwriting fees, are expected to be used for general corporate purposes and to fund increased drilling and completion activity
Western Gas Partners, LP (WES) today announced that it has priced an offering of $500,000,000 in aggregate principal amount of 3.950% senior notes due 2025 at a price to the public of 98.789% of their face value. The offering of the senior notes is expected to close on June 4, 2015, subject to customary closing conditions. Net proceeds from the
Legacy Oil + Gas Press Release Link to Crescent Point release Legacy Oil + Gas Inc. (LEG.TO) (“Legacy” or the “Company”) is pleased to announce that it has entered into an arrangement agreement (the “Arrangement Agreement”) with Crescent Point Energy Corp. (“Crescent Point”), pursuant to which Crescent Point has agreed to acquire all of the issued and outstanding common shares
JRCO: “One of the Best Multiple/Growth Propositions in Energy” Roughly one month after its 2015 Analyst Day, PDC Energy (ticker: PDCE) released its first quarter results for the fiscal year in a press release on May 7, 2015. The Denver-based E&P reported net income of $17.1 million, or $0.46 per share, compared to a net loss of ($2.1 million) in
Efforts to cut gas supplies from Russia appear to be working Norway state-owned gas operator Gassco reported that the country exported 29.2 Bcm of gas to western Europe in the first quarter of the year, overtaking Russian exports to Europe of 20.29 Bcm, based on data from Gazprom (ticker: OGZPY). Data from both companies shows the trend began in Q4
Story by Reuters Israel’s anti-monopoly regulator, who has been pushing to open the energy sector to competition, said on Monday he would step down in August, potentially lifting the pressure on exploration companies Noble Energy and Delek Group. Antitrust Commissioner David Gilo caused an uproar in December when he ruled that Noble and Delek may constitute a monopoly over their
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