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360 Articles

Source: Kuwait Oil Company

Kuwait Teams Up with Halliburton

By Tyler Losier, Energy Reporter, Oil & Gas 360 First offshore project for Kuwait since early 1980s Kuwait Oil Company (KOC) and Halliburton (stock ticker: HAL) have signed an integrated offshore drilling services contract for six high-pressure, high-temperature exploration wells and two jack-up rigs in the Arabian Gulf. This marks the first time since the early 1980s that KOC is[Read More…]

Source: Woodfibre LNG

Canadian LNG Company Signs SPA with BP

By Tyler Losier, Energy Reporter, Oil & Gas 360 Woodfibre LNG to deliver 0.75 Mtpa over 15-year period Woodfibre LNG, a wholly owned subsidiary of Pacific Oil & Gas Limited, has signed a binding sales and purchase agreement with BP Gas Marketing Limited, a wholly owned subsidiary of BP (stock ticker: BP), for the delivery of 0.75 Mtpa of LNG[Read More…]

Source: Saudi Aramco

Saudi Aramco to Collaborate With S-Oil on $6 Billion Steam Cracker

By Tyler Losier, Energy Reporter, Oil & Gas 360 Inauguration of new facilities includes MoU to build new cracker by 2024 Saudi Aramco joined South Korea’s S-Oil this week to inaugurate the latter company’s new petrochemical facilities: the residue upgrading complex and olefin downstream complex. The new refineries have boosted S-Oil’s petrochemical portion from 8% to 13%, including the production[Read More…]

Source: Saudi Aramco

Saudi Aramco Signs 12 Agreements Worth Billions

By Tyler Losier, Energy Reporter, Oil & Gas 360 Aramco looks to expand its South Korean presence Saudi Aramco has signed a series of 12 different agreements with a variety of South Korean companies in order to expand its international operations and support the region’s energy security by providing Arabian crude to Asian markets. The agreements, which cover ship building,[Read More…]

Source: Qatar Petroleum

Chevron Phillips and Qatar Petroleum Form JV

By Tyler Losier, Energy Reporter, Oil & Gas 360 Chevron Phillips to have 30% stake in new petrochemical plant Chevron Phillips Chemical Company LLC – equally owned by Chevron Corporation and Phillips 66 – and Qatar Petroleum (QP) have inked a deal for the development, construction and operation of a new petrochemicals complex in Qatar. The facility, to be built[Read More…]

Crude Up Over 5% After Trump’s Latest Iran Tweets

Crude Up Over 5% After Trump’s Latest Iran Tweets

By Tyler Losier, Energy Reporter, Oil & Gas 360 Downed drone leads to comments from White House As of mid-afternoon Thursday, WTI crude oil prices are trading at almost $57 after President Trump tweeted that Iran made a “very big mistake” by shooting down a U.S. spy drone over the Strait of Hormuz. According to CNBC, U.S. officials are reporting[Read More…]

Source: Islamic Republic News Agency

Oil Spikes After ‘Suspicious’ Tanker Attacks in Middle East

By Tyler Losier, Energy Reporter, Oil & Gas 360 Two vessels seriously damaged after seemingly intentional strike Two tankers were attacked Thursday near the Strait of Hormuz in the Gulf of Oman, leading to a spike in oil prices as markets opened today. U.S. officials are blaming Iran for the incidents; however the country has vehemently denied any involvement. Source:[Read More…]

Source: SBM Offshore

Petrobras Gets New Offshore Partner

FPSO Mero 2 expected to produce 180,000 BOPD SBM Offshore N.V., a holding company headquartered in Amsterdam, signed a letter of intent this week with Petróleo Brasileiro S.A. (Petrobras) for a 22.5-year lease to operate its floating production storage and offloading (FPSO) vessel Mero 2. FPSO Mero 2 will be deployed at the Mero field in the Santos Basin, located[Read More…]

Vaca Muerta Basin Gets Green Light from Oil Major

Vaca Muerta Basin Gets Green Light from Oil Major

ExxonMobil to proceed with long-term development, two-phase attack in South American shale play Tuesday morning, ExxonMobil (stock ticker: XOM) announced its plans to proceed with the long-term development of its assets in the Vaca Muerta basin in Argentina’s Bajo del Choique-La Invernada block. The project is to include 90 wells, a central production facility, and export infrastructure connected to the[Read More…]

Source: Arrow Exploration

Two New Discoveries in Colombia

Arrow Exploration Corp. Arrow Exploration Corp. (stock ticker: AXL:CA), operating in Colombia via its 100% owned subsidiary Carrao Energy S.A., announced that the 11-day production test of its Rio Cravo Este-1 (RCE-1) exploration well had concluded June 9. RCE-1 is located on the Tapir block in the Llanos basin. Source: Arrow Exploration The well was originally spud on April 25[Read More…]

International Rig Count: Inclusion of Ukrainian Rigs Juices the Total

International Rig Count: Inclusion of Ukrainian Rigs Juices the Total

Baker Hughes (stock ticker: BHGE) released its monthly international rig count today, revealing an increase of 64 compared to April, bringing the total number of rigs to 1,126. The number of offshore rigs, however, fell 11 compared to last month, totaling 240. All regions experienced a net decrease in rigs compared to last month except for Europe, which increased 88[Read More…]

Source: Hurricane Exploration

Hurricane Exploration Achieves First Oil at 20,000 BOPD from Two Wells

Combined flow from two wells reached 20,000 BOPD target Hurricane Exploration plc, a U.K.-based oil and gas company focusing on naturally fractured basement reservoirs, achieved first oil this Tuesday, reaching its targeted production rate of 20,000 BOPD from the Lancaster field. The company reported that a 72-hour production test combined flows from two wells, and the company expects that a gradual[Read More…]

Source: EIA

Germany to Totally Exit Coal

By Tyler Losier, Energy Reporter, Oil & Gas 360 Proposal calls for the transition to occur by 2038 A government-appointed coal commission in Germany has laid the groundwork for a plan to phase out the use of coal completely by 2038. The move is coupled with an effort to eliminate nuclear power as well, with the goal of transitioning Germany[Read More…]

Exxon Initiates New PSA, Seeks to Increase Production from Angola’s Block 15

Exxon Initiates New PSA, Seeks to Increase Production from Angola’s Block 15

By Tyler Losier, Energy Reporter, Oil & Gas 360 Partnership seeks to redevelop offshore asset ExxonMobil (stock ticker: XOM) has entered into a production sharing agreement with Angola’s recently established National Agency for Petroleum, Gas and Biofuels in order to further invest in the country’s offshore Block 15. Exxon’s Angola assets as of year end 2018 (source: Exxon 2018 financial[Read More…]

June 5, 2019 - 5:26 pm 360 Articles, Closing Bell Story, E&P, International, Offshore
Saudi Arabia is Burning Less of its Crude Oil for Power

Saudi Arabia is Burning Less of its Crude Oil for Power

By Tyler Losier, Energy Reporter, Oil & Gas 360 Natural gas consumption is on the rise in the kingdom Saudi Arabia burns more crude oil for the purposes of power generation than any other nation in the world, tripling the consumption of Iraq between 2015 and 2017, who at the time was the second highest country on the list. Recently,[Read More…]

Continental Petroleum Chairman Harold Hamm to Keynote EnerCom’s The Oil & Gas Conference® Tues. Aug. 13, 2019

Continental Petroleum Chairman Harold Hamm to Keynote EnerCom’s The Oil & Gas Conference® Tues. Aug. 13, 2019

Occidental Petroleum (NYSE: OXY) CFO Cedric Burgher will give the EnerCom luncheon keynote address on Monday, Aug. 12.  EnerCom said that legendary oilman Harold G. Hamm, chairman and CEO of Continental Resources (NYSE: CLR), will take the stage for a discussion about U.S. shale and look at the prospects for U.S. oil and gas exploration in a “fireside chat” Tuesday,[Read More…]

Noble Energy, Marathon Oil Commit to Alen Field Gas Play

Noble Energy, Marathon Oil Commit to Alen Field Gas Play

Marathon calls it the initial step in creating EG gas ‘mega hub’  Startup planned for 1H 2021 Noble Energy, Inc. (NYSE: NBL) has approved the Alen natural gas development offshore Equatorial Guinea (EG). Natural gas from the Alen field will be processed through the existing Alba Plant LLC liquefied petroleum gas processing plant and EG LNG’s liquefied natural gas production facility[Read More…]

Murphy Turns to Eagle Ford, GOM after $2.1 Billion Sale to Depart Malaysia

Murphy Turns to Eagle Ford, GOM after $2.1 Billion Sale to Depart Malaysia

Sale ends Murphy’s 20-year Malaysian history By Richard Rostad, analyst, Oil & Gas 360 Murphy Oil (ticker: MUR) announced a major divestiture today, selling the company’s Malaysian assets to focus on its Eagle Ford development. Murphy will sell its entire Malaysian portfolio, consisting of three offshore fields in the eastern portion of the country. These assets produced 48 MBOEPD in[Read More…]

More Latin American Plays Open to North American Explorers

More Latin American Plays Open to North American Explorers

GeoPark and Gran Tierra both add Ecuador to Latin American portfolios Two North American oil and gas producers have added Ecuador to their Latin American portfolios, winning acreage blocks that are prospective for hydrocarbon production. GeoPark Limited (stock ticker: GPRK, $GPRK), an independent Latin American oil and gas explorer, operator and consolidator with operations in Colombia, Peru, Argentina, Brazil and[Read More…]

March 14, 2019 - 3:07 pm 360 Articles, Closing Bell Story, E&P, International
Up to 1 Billion BOE Discovery

Up to 1 Billion BOE Discovery

New find could contain three times more resources than all South Africa’s previous gas finds to date: Wood Mac By Richard Rostad, analyst, Oil & Gas 360 Total announced a major gas condensate discovery today in an unexpected location: South Africa. The company’s Brulpadda well, targeting prospects located roughly 110 miles off the coast of South Africa, has discovered significant[Read More…]

Pacific Bora drilling rig arrives at Oyo-9 field in
deepwater offshore Nigeria

International Drilling Continues Near Post-Downturn Highs

Overall rig count falls by two By Richard Rostad, analyst, Oil & Gas 360 International drilling activity declined slightly in January, but remains near post-downturn highs, according to Baker Hughes. A net two rigs came offline in January, bringing the international total to 1,023 rigs. Operations shifted significantly in favor of offshore drilling, as nine land-based rigs have shut down[Read More…]

February 7, 2019 - 5:28 pm 360 Articles, Closing Bell Story, International, Offshore
International Offshore Drilling Surged in December

International Offshore Drilling Surged in December

28 offshore rigs come online, 23% of activity International drilling activity rose sharply in December, reaching levels not seen since the beginning of 2016, according to Baker Hughes. A net 34 rigs began drilling internationally last month, meaning there are 1,025 active rigs. This is the largest international rig count since January 2016, when activity was still falling in the[Read More…]

$2 Trillion Annual Investment in New Supply is Needed to Meet Energy Demand to 2040: IEA

$2 Trillion Annual Investment in New Supply is Needed to Meet Energy Demand to 2040: IEA

Worldwide, government policy decisions will be prime determinant of world’s energy direction In a new report, the International Energy Agency outlines new scenarios regarding fuels use and supply and demand, saying government policy decisions will determine what happens in the energy space, and that to meet global energy demand, investment in new supply of $2 trillion per year will be[Read More…]

November 15, 2018 - 2:00 pm 360 Articles, Closing Bell Story, International, Trade
GeoPark Issues 3Q 2018 Operational Update

GeoPark Issues 3Q 2018 Operational Update

Latin America-based operator GeoPark (ticker: GPRK) provided an operational update for 3Q 2018 today. GeoPark is an independent oil and gas producer with operations in Argentina, Brazil, Chile, Colombia, and Peru. Some notable highlights and exploration successes from 3Q include: The discovery of the Tigui oil field in the Llanos 34 block in Colombia. The discovery of the Jauke gas field[Read More…]

October 18, 2018 - 12:01 pm 360 Articles, Closing Bell Story, E&P, International
Noble Energy says Leviathan, Tamar Pipeline on Track for 2019

Noble Energy says Leviathan, Tamar Pipeline on Track for 2019

Leviathan anticipated production is at least 350 MMcf/day (gross) Noble Energy (ticker: NBL) gave more updates today regarding its agreements with the Eastern Mediterranean Gas Company S.A.E, the owners of the EMG Pipeline, a 90-kilometer pipeline located mainly offshore of Israel. The agreements will support delivery of natural gas from offshore Israel into Egypt, specifically the offshore Leviathan and Tamar[Read More…]

September 27, 2018 - 2:32 pm 360 Articles, Closing Bell Story, E&P, International, Midstream, Offshore
Marine Fuel Regs Will Spur Higher Oil Demand in 2020

Marine Fuel Regs Will Spur Higher Oil Demand in 2020

Switching fuel is more important than it seems Upcoming regulations on fuels in the maritime industry will have major effects far beyond shipping companies, with reverberations throughout the oil industry. The International Maritime Organization has passed new regulations for ships around the world requiring them to use 0.5% sulfur fuel, a major drop from the 3.5% allowed currently. OPEC presented[Read More…]

September 25, 2018 - 5:14 pm 360 Articles, Closing Bell Story, Crude Oil News, International
Critical Global Oil Chokepoints Becoming Hazardous

Critical Global Oil Chokepoints Becoming Hazardous

Middle Eastern tensions endanger oil highways Some of the most important routes for global oil trading are becoming uncertain, as tensions flare and security becomes shaky. While pipelines are a major component of oil transportation within a country, they often have limited usefulness in international oil transportation. Major oil producers are often thousands of miles away from major demand centers,[Read More…]

Hess Announces Liza Development on Schedule

Hess Announces Liza Development on Schedule

Bakken production up, drilling accelerating Hess (ticker: HES) reported second quarter results today, showing a net loss of $130 million, or $0.48 per share. This result significantly exceeds the $449 million loss Hess took in Q2 2017, primarily due to higher oil prices and lower operating expenses. Considered in isolation, Hess’ E&P business segment earned $31 million in Q2, compared[Read More…]

International Rig Count Falls – Middle East Slows

International Rig Count Falls – Middle East Slows

Saudi gas rigs drop sharply International drilling activity continued to decline last month, the second straight month of decreasing rig counts, according to Baker Hughes International Rig Count. A net eight rigs shut down in June, meaning there are now 959 rigs drilling internationally. 959 operating rigs is the lowest international activity level since last December, and is in line[Read More…]

Bohrturm, Österreich: Weißer Hof 2014

Oil Price Reached $74 This Week, But Double That Could Be on the Horizon

Despite the surprise moderate build in U.S. crude oil stockpiles, analysts are worried of an impending price spike to $150 or more.  Prices Today Crude oil stocks rose by 1,245 MBBL last week to 417,881 MBBL from 416,636 MBBL. This is 17% below the 502,914 MBBL that was in storage at this point last year, and is 2% below the[Read More…]