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360 Articles

Pacific Drilling Gets a New CFO

Pacific Drilling Gets a New CFO

By Tyler Losier, Energy Reporter, Oil & Gas 360 Pacific Drilling appoints James W. Harris as senior vice president, chief financial officer Pacific Drilling S.A. (stock ticker: PACD), a deepwater offshore drilling contractor, has appointed James W. Harris to serve as the company’s senior vice president and chief financial officer. He will be replacing Johannes P. Boots, who has come[Read More…]

Talos Energy Increases Borrowing Base, Announces Hedges

Talos Energy Increases Borrowing Base, Announces Hedges

By Bevo Beaven, Editor, Oil & Gas 360, with Olivier Goodrich Gulf of Mexico explorer Talos Energy (stock ticker: TALO) has added three new lenders to its credit facility and bumped its borrowing base to $850 million from the previous level of $600 million. Additionally, Talos has announced multiple derivative contracts, consisting of swaps and costless collars, to hedge its[Read More…]

Source: Saudi Aramco

Aramco to Increase Oilfield Production Capacity by 500,000 BOPD

By Tyler Losier, Energy Reporter, Oil & Gas 360 Marjan and Berri oilfields to increase capacity by 550,000 BOPD, 2.5 BSCFD of gas Saudi Aramco, the state oil company of Saudi Arabia, has awarded 34 contracts worth $18 billion for increment programs to increase production in its Marjan and Berri oilfields. More specifically, the company plans to add an additional[Read More…]

Source: Equinor

Equinor Trades Up to Boost Interest in Johan Sverdrup Field

By Tyler Losier, Energy Reporter, Oil & Gas 360 Equinor swaps 16% stake in Lundin for $1.5 billion, buys 2.6% stake in Johan Sverdrup field on Norwegian continental shelf for $910 million Norwegian supermajor Equinor ASA (stock ticker: EQNR) has struck a deal with independent E&P Lundin Petroleum (stock ticker: LUPE.ST) to divest its 16% interest in Lundin, which equates[Read More…]

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…]

New JV in the Gulf of Mexico

New JV in the Gulf of Mexico

By Tyler Losier, Energy Reporter, Oil & Gas 360 GulfSlope Energy teams up with unnamed private company Houston-based GulfSlope Energy (stock ticker: GSPE) has signed a letter of intent to form a joint venture with an unnamed, privately held oil and gas company in order to generate and drill shallow depth prospects in the Gulf of Mexico. GulfSlope, who will[Read More…]

Source: W&T Offshore

W&T Offshore Enters $200 Million PSA

By Tyler Losier, Energy Reporter, Oil & Gas 360 W&T Offshore to purchase Gulf of Mexico interests from ExxonMobil for $200 million W&T Offshore, Inc. (stock ticker: WTI), a Houston-based independent E&P, has entered into a sales and purchase agreement with ExxonMobil to acquire the company’s interests located off the coast of Alabama in the Gulf of Mexico. The transaction,[Read More…]

Source: EnscoRowan

Talos Completes Zama Appraisal

By Tyler Losier, Energy Reporter, Oil & Gas 360 Third and final appraisal well drilled, FID expected by 2020 Talos Energy Inc. (stock ticker: TALO), an independent E&P headquartered in Houston, has completed its Zama appraisal program in Block 7 of Mexico’s offshore Sureste Basin. Block 7 is owned by a consortium of companies, including Sierra Oil & Gas, Wintershall[Read More…]

Source: Amplify Energy

Amplify Energy Announces Release of $90 Million in Unencumbered Cash

By Tyler Losier, Energy Reporter, Oil & Gas 360 Funds to be released from Beta decommissioning trust account Amplify Energy Corporation (stock ticker: AMPY), focused on operations in the Rockies, offshore California, east Texas, north Louisiana and south Texas, has announced the release of $90 million in unencumbered cash. The money will originate from the Beta decommissioning trust account. Following[Read More…]

June 24, 2019 - 1:27 pm 360 Articles, Closing Bell Story, E&P, Finance, Offshore, TOGC24
CNOOC Signs 100-Day Jack-Up Extension with Maersk in the UK Shelf

CNOOC Signs 100-Day Jack-Up Extension with Maersk in the UK Shelf

By Bevo Beaven, Editor, Oil & Gas 360 Maersk Drilling (stock ticker: DDRLF) said that its customer CNOOC subsidiary CNOOC Petroleum Europe has exercised a one-well option for its Mærsk Innovator jack-up rig in the North Sea. CNOOC will use the rig to continue drilling infill wells at the Buzzard field on the UK Continental Shelf. Mærsk Innovator is a CJ70[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
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…]

Source: Shell First Quarter 2019 Results Presentation

Shell Starts Production at Appomattox

By Tyler Losier, Energy Reporter, Oil & Gas 360   Deeper water targets available with new Gulf of Mexico platform Royal Dutch Shell plc (stock ticker: RDS.A), through its subsidiary Shell Offshore Inc., brought its Appomattox floating production system online Thursday, in what is now the first commercial discovery operational in the Gulf of Mexico Norphlet formation. The deep-water oil[Read More…]

May 23, 2019 - 5:52 pm 360 Articles, Closing Bell Story, E&P, Offshore
Equinor Snatches GOM Asset from Delek’s Outstretched Hand

Equinor Snatches GOM Asset from Delek’s Outstretched Hand

Expands Caesar Tonga interest By Richard Rostad, analyst, Oil & Gas 360 Equinor (ticker: EQNR), formerly Statoil, announced several moves this week, expanding its offshore activities in both the GOM and North Sea. On Monday Equinor announced it has exercised its option to expand its interest in the Caesar Tonga oil field, a major oil play located in offshore Louisiana.[Read More…]

Talos Starts Final Zama Appraisal Well

Talos Starts Final Zama Appraisal Well

Frontloaded CapEx: Talos spends 32% of yearly budget By Richard Rostad, analyst, Oil & Gas 360 Talos Energy (ticker: TALO) announced first quarter results today, showing a net loss of $109.6 million, or ($2.02) per share. Talos spent $155.6 million in the quarter, up from the $142.4 million the company spent in Q4. Talos reports its capital program is heavily[Read More…]

Exxon Adds 7 Million Net Acres Offshore Namibia

Exxon Adds 7 Million Net Acres Offshore Namibia

Exploration activities to commence in 2019 ExxonMobil reported it will increase its exploration acreage in Namibia with the addition of approximately 7 million net acres (28,000 square kilometers) following the signing of an agreement with the government of Namibia and the National Petroleum Corporation of Namibia (NAMCOR) for blocks 1710 and 1810, and farm-in agreements with NAMCOR for blocks 1711[Read More…]

April 24, 2019 - 7:49 am 360 Articles, Closing Bell Story, E&P, Offshore
Murphy Oil Goes Big with $1.375-Billion Cash Deal

Murphy Oil Goes Big with $1.375-Billion Cash Deal

Murphy buys seven producing fields, four development projects from LLOG By Richard Rostad, analyst, Oil & Gas 360 Murphy Oil (ticker: MUR) continues to consolidate its position in the Gulf of Mexico, as the company acquired a major asset in the GOM today. Murphy will acquire 26 different GOM blocks from privately-held LLOG, representing a range of assets. These 26[Read More…]

Shell to Sell Interest in Gulf of Mexico Caesar-Tonga Asset to Delek for $965 Million

Shell to Sell Interest in Gulf of Mexico Caesar-Tonga Asset to Delek for $965 Million

Shell Offshore Inc. (Shell), a subsidiary of Royal Dutch Shell plc, signed an agreement yesterday to sell its 22.45% non-operated interest in the Caesar-Tonga asset in the US Gulf of Mexico to Delek CT Investment LLC, a subsidiary of Delek Group Ltd (Delek). The total consideration for this deal is $965 million in cash. The field is operated by Anadarko[Read More…]

April 12, 2019 - 5:20 pm 360 Articles, Closing Bell Story, E&P, Offshore
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…]

Latest Federal Lease Sale in the Gulf of Mexico Draws $244.3 Million in High Bids

Latest Federal Lease Sale in the Gulf of Mexico Draws $244.3 Million in High Bids

High bids doubled 2017 sale The Department of Interior announced on March 20 that its region-wide Gulf of Mexico Lease Sale 252 generated $244,299,344 in high bids for 227 tracts covering 1,261,133 acres in federal waters of the Gulf of Mexico. By comparison, Lease Sale 251, the last lease sale before March 20, 2019, generated $178 million in high bids.[Read More…]

March 21, 2019 - 5:46 pm 360 Articles, Closing Bell Story, E&P, Offshore
Texas Gulf Coast: Get Ready for SPOT to Export Up to 2 Million More Barrels a Day of Permian, Eagle Ford Crude Oil

Texas Gulf Coast: Get Ready for SPOT to Export Up to 2 Million More Barrels a Day of Permian, Eagle Ford Crude Oil

Enterprise Products Partners’ SPOT crude oil export project, offshore Texas, officially kicks off permitting phase, targets 2020 for exports By Bevo Beaven, Editor, Oil & Gas 360 The United States Maritime Administration (MARAD) and the United States Coast Guard (USCG) announced on Monday that the agencies received an application from SPOT Terminal Services LLC (SPOT) for federal authorizations required for[Read More…]

Kosmos Turns to the GOM

Kosmos Turns to the GOM

Acquisition of Deep Gulf Energy drives pivot By Richard Rostad, analyst, Oil & Gas 360 Kosmos Energy (ticker: KOS) announced fourth quarter results and reserves today, showing $189 million in net income, or $0.43 per share. This is a far better result than the $122 million loss Kosmos reported in Q4 2017, although when derivatives and other special charges are[Read More…]

February 25, 2019 - 5:52 pm 360 Articles, Closing Bell Story, Crude Oil News, E&P, Offshore
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
EnerCom Dallas investment conference

Registration is Open for EnerCom Dallas

Institutional investors can meet with management teams, hear 2019 operational plans from the oil and gas industry in Dallas, Texas – Feb. 27-28, 2019 Institutional investors, portfolio managers, financial analysts, CIOs and other investment community professionals who invest in the energy sector may now register for the EnerCom Dallas investment conference, coming to The Tower Club Feb. 27-28 in downtown[Read More…]

BP Identifies 1.4 Billion Barrels of Oil in Gulf

BP Identifies 1.4 Billion Barrels of Oil in Gulf

Atlantis Phase 3 FID announced BP (stock ticker: BP) has big plans for the Gulf of Mexico, as the company announced several new developments in the GOM today. BP has approved Phase 3 development at the Atlantis field, authorizing a new subsea production system that will be tied into the existing platform. The company will drill eight new wells targeting[Read More…]

January 8, 2019 - 5:13 pm 360 Articles, Closing Bell Story, Crude Oil News, E&P, 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…]

Apache Expects New Well to be ‘Notable Contributor’ to 2019 Cashflow

Apache Expects New Well to be ‘Notable Contributor’ to 2019 Cashflow

Apache’s U.K. North Sea Garten well delivers 16.3 MBOEPD eight months after discovery, 84% oil, 778 feet of net oil pay – Apache has 100% working interest Apache Corporation (NYSE: APA) has placed onto production its Garten discovery well on Block 9/18a Area-W in the United Kingdom sector of the North Sea. The discovery well, which is six kilometers south[Read More…]

December 5, 2018 - 2:47 pm 360 Articles, Closing Bell Story, Crude Oil News, E&P, Offshore, Popular 1
New GOM Fields Poised to Raise Gas Output

New GOM Fields Poised to Raise Gas Output

GOM ranks 11th in U.S. for gas output, 2nd for oil The Gulf of Mexico was historically one of the most important gas-producing regions in the U.S. From 1997, when the EIA began tracking Gulf gas output, through 2005 the GOM was second only to Texas in gas production in the U.S. The Gulf produced an average of 14.3 Bcf/d[Read More…]

November 28, 2018 - 5:49 pm 360 Articles, Closing Bell Story, Natural Gas News, Offshore