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360 Articles

Erin Energy Discovers Multiple Stacked Sands at Oyo-NW Well Offshore Nigeria

Erin Energy Discovers Multiple Stacked Sands at Oyo-NW Well Offshore Nigeria

Houston-based Erin Energy Corporation (ticker: ERN) completed the drilling of the Oyo-NW well, concluding it has discovered hydrocarbons in the Miocene formation. The well is located approximately 9.5 kilometers northwest of the Oyo Central field on the company’s offshore Nigeria block 120. The Miocene formation is where several of Erin Energy’s neighbors have discovered billions of barrels of hydrocarbons and from which several[Read More…]

Edelman - LNG 17 Shell speakers, participants, booths and displays, Wednesday, April 17, 2013.

Shell Earned $4.3 Billion for Q4, $15.8 Billion for 2017

Royal Dutch Shell (ticker: RDS.A) CEO Ben van Beurden had some things to celebrate in his company’s year-end reporting today. “We were able to deliver $39 billion of cash flow from operations excluding working capital movements from our upgraded portfolio. We strengthened our financial framework during the year through an $8 billion reduction in our net debt…,” the CEO said[Read More…]

February 1, 2018 - 5:00 pm 360 Articles, Closing Bell Story, E&P, Fracing, Offshore
Chevron Announces Gulf of Mexico Discovery

Chevron Announces Gulf of Mexico Discovery

Chevron (ticker: CVX) announced a major oil discovery in the Gulf of Mexico today, at the Ballymore prospect. Ballymore is located in the Mississippi Canyon area of the Gulf, about three miles from Chevron’s Blind Faith platform. Located in over 6,500 feet of water, the initial Ballymore well reached a measured depth of just under 29,200 feet. Chevron reports it[Read More…]

Noble Sells 7.5% of Tamar Field

Noble Sells 7.5% of Tamar Field

Sale values Tamar at $10.7 billion Noble Energy announced the sale of part of its interest in the Tamar field yesterday. It is the company’s second Tamar divestment. Tamar is located in the Mediterranean Sea, east of the Leviathan field, offshore Israel. Noble will sell a 7.5% interest in the field to Tamar Petroleum (ticker: TMRP) for $560 million in[Read More…]

BP Names New President of U.S. Gulf of Mexico and Canada

BP Names New President of U.S. Gulf of Mexico and Canada

BP appointed Starlee Sykes as its regional president for the Gulf of Mexico and Canada, effective Feb. 1, 2018. Sykes, who will continue to be based in Houston, currently serves as vice president for BP’s global projects organization for offshore projects.   “Starlee is uniquely qualified to take on this important role, with more than 20 years of upstream experience[Read More…]

January 29, 2018 - 11:55 am 360 Articles, Canada, Closing Bell Story, Offshore, People
Major BP Projects for 2018

Major BP Projects for 2018

Production from the full five-field West Nile Delta development, the Giza-Fayoum-Raven project, is expected to represent about 30% of Egypt’s current production BP p.l.c. (ticker: BP) will bring five major upstream projects online in 2018. The projects span the globe, with assets coming up in Europe, North Africa and North America. David O’Connor, BP’s head of global projects, gave a[Read More…]

January 24, 2018 - 3:45 pm 360 Articles, Closing Bell Story, E&P, International, Offshore
INEOS Launches Six Oil and Gas Businesses

INEOS Launches Six Oil and Gas Businesses

Operations will run INEOS’s 95 MBOEPD INEOS, Britain’s largest closely held company, announced the formation of six new oil and gas related businesses today as it follows up on its expansion in the oil and gas E&P sector. INEOS has built a substantial presence in the North Sea, with production of about 95 MBOEPD and reserves of more than 3[Read More…]

Delek, GulfSlope and Texas South Partner to Drill Shallow Gulf of Mexico

Delek, GulfSlope and Texas South Partner to Drill Shallow Gulf of Mexico

Israeli oil and gas company Delek Group Ltd. (ticker: DK), GulfSlope Energy, Inc. (ticker: GSPE) and Texas South Energy, Inc. (ticker: TXSO) have entered into a strategic partnership to pursue oil and natural gas opportunities in the Gulf of Mexico. Delek GOM Investments LLC, a subsidiary of Delek, acquired rights to a 75% record title interest in nine prospects (Photon, Quark, Pomeron, Tau,[Read More…]

January 8, 2018 - 3:20 pm 360 Articles, Closing Bell Story, International, Offshore
Petrobras, Diamond Offshore Settle Lawsuit

Petrobras, Diamond Offshore Settle Lawsuit

Diamond Offshore Drilling, Inc. (ticker: DO) and Petróleo Brasileiro S.A.-Petrobras (ticker: PBR) agreed on Thursday, January 4, 2018 to settle a pending lawsuit and amend the Ocean Valor drilling contract. In August 2016, a subsidiary of Diamond Offshore Drilling, Inc. received notice of termination from Petrobras of its drilling contract on the Ocean Valor. The drilling contract was originally estimated to conclude in[Read More…]

January 5, 2018 - 5:58 pm 360 Articles, Closing Bell Story, E&P, International, Offshore
Source: Hess

Exxon Mobil Makes Sixth Oil Discovery Offshore Guyana

Exxon Mobil Corporation (ticker: XOM) has discovered its sixth oil reservoir in offshore Guyana since 2015, resulting from the Ranger-1 exploration well. The Ranger-1 well discovery adds to previous world-class discoveries at Liza, Payara, Snoek, Liza Deep and Turbot, which are estimated to total more than 3.2 billion recoverable oil-equivalent barrels, according to Exxon. Exxon said that additional exploration drilling is[Read More…]

U.S. Dept. of Interior Opens Up Vast Portions of OCS with Historic Lease Program

U.S. Dept. of Interior Opens Up Vast Portions of OCS with Historic Lease Program

Proposed OCS lease sale would open Atlantic, Pacific, Eastern GOM – all have been closed since early 1980s   U.S. Secretary of the Interior Ryan Zinke announced the next step for development of the National Outer Continental Shelf Oil and Gas Leasing Program (National OCS Program) for 2019-2024. The program proposes to make over 90 percent of the total OCS[Read More…]

January 4, 2018 - 5:54 pm 360 Articles, Closing Bell Story, E&P, Offshore
Eni’s Lightning-Fast, 30-Tcf Egyptian Gas Development is Now Producing

Eni’s Lightning-Fast, 30-Tcf Egyptian Gas Development is Now Producing

30 Tcf offshore gas play went from discovery to production in 28 months: “a historic day”-Eni CEO Eni announced first gas from the Zohr field today, marking one of the fastest development processes of an offshore field in recent years. Discovered in August 2015, Zohr is a large gas field located in offshore Egypt, about 120 miles north of Port[Read More…]

Statoil Greenlights Largest Offshore Project This Year

Statoil Greenlights Largest Offshore Project This Year

Johan Castberg will cost $6 billion Norway’s Statoil (ticker: STO) approved the largest offshore development this year today, approving the Johan Castberg project in the arctic Barents Sea. Discovered in 2011, Johan Castberg is farther north than Prudhoe Bay in Alaska. Several exploratory wells have indicated the field has significant oil reserves, but its remoteness makes development a challenge. Original[Read More…]

Maersk Oil, Shell Invest $3.4 Billion in Offshore Denmark

Maersk Oil, Shell Invest $3.4 Billion in Offshore Denmark

Production over many years has caused the ground to subside Maersk Oil announced the largest-ever investment in the Danish portion of the North Sea today, redeveloping the country’s largest gas condensate field. The Danish Underground Consortium, made up of Maersk (31.2%), Shell (36.8%), Nordsøfonden (20%) and Chevron (12%), approved the investment of 21 billion Danish Krone, or $3.35 billion in[Read More…]

ExxonMobil Starts Production Offshore Newfoundland/Labrador

ExxonMobil Starts Production Offshore Newfoundland/Labrador

Hebron field project expected to produce 150 MBOPD at peak Project expects to produce up to 150,000 barrels of oil per day at peak Project had more than 40 million hours without a lost-time injury Project completed ahead of schedule Exxon Mobil Corporation (ticker: XOM) announced today that the Hebron project safely started production. The project was revealed in a[Read More…]

November 28, 2017 - 4:32 pm 360 Articles, Canada, Closing Bell Story, E&P, Offshore
Total Divests Martin Linge, Garantiana Fields

Total Divests Martin Linge, Garantiana Fields

Total (ticker: TOT) announced two significant developments today, selling Norwegian assets and bringing a Brazilian field online. Total will sell its interests in the Martin Linge field and the Garantiana discovery to Statoil for a total of $1.45 billion. Total currently owns 51% of Martin Linge and 40% of Garantiana. Both assets are not yet in production, but Martin Linge[Read More…]

BP Unloads $400 Million In North Sea Gas Fields

BP Unloads $400 Million In North Sea Gas Fields

Rhum, Bruce and Keith fields divested BP (ticker: BP) announced the sale of several fields to Serica Energy (ticker: SQZ) today, in a deal worth around $400 million. BP will sell its shares of the Bruce, Keith and Rhum fields in the North Sea. Serica will receive a 36% interest in Bruce, a 34.83% interest in Keith and a 50%[Read More…]

Murphy Oil Corporation Enters the Permain, Gulf of Mexico, and Explores Offshore Brazil

Murphy Oil Corporation Enters the Permain, Gulf of Mexico, and Explores Offshore Brazil

On November 1, 2017 Murphy Oil Corporation (Ticker: MUR) announced its entry into the Permian basin along with its financial and operating results for third quarter of 2017, included a net loss of $66 million, or $0.38 per diluted share. Highlights Achieved decade-low lease operating expense of $7.58 per boe, surpassing second quarter 2017 record Disclosed low-cost onshore entry into Midland Basin, currently[Read More…]

November 3, 2017 - 5:05 pm 360 Articles, Closing Bell Story, Earnings, Offshore
Shell Collects its First $3.0 Billion from Asset Sale

Shell Collects its First $3.0 Billion from Asset Sale

Shell completes sale of North Sea blocks to Chrysaor Shell (ticker: RDSA) has completed the sale of a package of UK North Sea assets to Chrysaor for a total of up to $3.8 billion, including an initial consideration of $3.0 billion and a payment of up to $600 million between 2018-2021 subject to commodity price, with potential further payments of[Read More…]

Oil Majors Move on Brazil

Oil Majors Move on Brazil

Pre-Salt rounds 2 and 3 offer more potential oil than Bakken-Three Forks Brazil’s President Temer believes development of the blocks could bring $160 billion to the country Major oil producers are currently looking to Brazil, where one of the last major plays in its infancy beckons. Brazil completed two offshore auctions on Friday, and a total of eight blocks were[Read More…]

Diamond Offshore's Ocean Endeavor

Gen-6 Drillship Finishes Well 47 Days Ahead of Schedule: Diamond Offshore Reports Profitable Quarter

Diamond Offshore Drilling (ticker: DO) Q3 highlights: Net income of $11 million, or $0.08 per diluted share Adjusted net income of $34 million, or $0.25 per diluted share, excluding costs associated with the redemption of our 2019 senior notes Diamond Offshore fleet updates Diamond Offshore said operating efficiency, excluding planned downtime, was 98.5% in Q3 One sixth-generation drillship drilled and[Read More…]

October 30, 2017 - 5:45 pm 360 Articles, Closing Bell Story, E&P, Offshore
2018 to Deliver Largest Oil & Gas Lease Sale in U.S. History

2018 to Deliver Largest Oil & Gas Lease Sale in U.S. History

March 2018 BOEM sale offers 76.9 million acres for lease – oil & gas development in the Gulf of Mexico U.S. Secretary of the Interior Ryan Zinke has announced the nation’s largest ever federal lease sale—almost 77 million acres in federal waters of the Gulf of Mexico–offshore Texas, Louisiana, Mississippi, Alabama and Florida. The proposed region-wide lease sale, offering an[Read More…]

October 26, 2017 - 3:39 pm 360 Articles, Closing Bell Story, E&P, Offshore
Hess Announces $2.6 Billion Offshore Asset Sales

Hess Announces $2.6 Billion Offshore Asset Sales

Equatorial Guinea, Norway blocks depart Hess Despite the current focus on onshore operations, offshore A&D activity is not dead. Hess (ticker: HES) recently announced two major offshore sales, totaling over $2.6 billion. The first transaction, announced Monday, involves Hess interest in Equatorial Guinea. The company will transfer its properties to Kosmos Energy (ticker: KOS) and privately-held Trident Energy for a[Read More…]

Oil Release in the Gulf of Mexico Triggers BSEE Panel Investigation

Oil Release in the Gulf of Mexico Triggers BSEE Panel Investigation

BSEE Gulf of Mexico Region Director Lars Herbst initiated a Panel Investigation Monday into an oil release from subsea infrastructure located about 40 miles southeast of Venice, Louisiana in water 4,463 feet deep. The flowline release, which began Wednesday morning in an area identified as Mississippi Canyon 209, was reported by offshore oil and gas operator LLOG Exploration Offshore, LLC.[Read More…]

October 17, 2017 - 6:30 pm 360 Articles, Closing Bell Story, E&P, Offshore
Chevron Australia Pulls Plug on Bight Exploration

Chevron Australia Pulls Plug on Bight Exploration

Chevron no-go decision for offshore project was a commercial decision Chevron Corporation’s (ticker: CVX) Australia subsidiary Chevron Australia has announced the decision to discontinue the Great Australian Bight exploration program. Chevron Australia’s affiliates acquired two deepwater exploration blocks in the Great Australian Bight Basin in October 2013. The acreage spans more than 32,000 square kms. Chevron Australia’s affiliate is operator with[Read More…]

October 13, 2017 - 5:57 pm 360 Articles, Closing Bell Story, E&P, International, Offshore
ExxonMobil Makes Fifth Discovery Offshore Guyana

ExxonMobil Makes Fifth Discovery Offshore Guyana

Turbo-1 encounters a reservoir of 75 feet of high-quality, oil-bearing sandstone approximately 30 miles from Liza phase one Exxon Mobil Corporation (ticker: XOM) said it has made a fifth new oil discovery after drilling the Turbot-1 well offshore Guyana. Turbot joins a string of discoveries for XOM in Guyana including Liza, Payara, Snoek and Liza Deep. Exxon said that following completion[Read More…]

October 5, 2017 - 12:14 pm 360 Articles, Closing Bell Story, Discoveries, E&P, Offshore
BP Chief says North Sea Costs are $15 per Barrel

BP Chief says North Sea Costs are $15 per Barrel

Dudley credits standardization, simplification In a talk he gave last week at the Society of Petroleum Engineers Offshore Europe conference in Aberdeen, BP CEO Bob Dudley said his company has cut production costs by half in the North Sea. “This focus on standardization, simplification and discipline on cost has contributed to our average production costs in the North Sea coming[Read More…]

September 11, 2017 - 12:53 pm 360 Articles, Closing Bell Story, E&P, Offshore
Exclusive Video Interview with Erin Energy Chairman Frank Ingriselli

Exclusive Video Interview with Erin Energy Chairman Frank Ingriselli

Erin Energy: Oyo-9 to double company’s production by the end of 2017; subsequent exploration wells have potential to unlock a one billion barrel reserve opportunity At its recent 2017 The Oil & Gas Conference®, EnerCom’s Oil & Gas 360® conducted an exclusive video interview with Erin Energy (ticker: ERN) Chairman Frank Ingriselli. Erin Energy has acquired a strategic portfolio of[Read More…]

Statoil Korpfjell Well Finds Insufficient Gas for Development

Statoil Korpfjell Well Finds Insufficient Gas for Development

210-420 Bcf recoverable not enough in Barents Sea Statoil (ticker: STO) reported the results of its first well in the Korpfjell prospect, an exploratory well in the Barents Sea. The Korpfjell prospect is a large structure in the Norwegian section of the Barents Sea, well within the Arctic Circle. According to Lundin Petroleum (ticker: LUPE), which holds a 15% stake[Read More…]

August 30, 2017 - 5:39 pm 360 Articles, Closing Bell Story, Crude Oil News, Offshore
Hurricane Harvey Likely to Reduce U.S. Refinery Output: Baird

Hurricane Harvey Likely to Reduce U.S. Refinery Output: Baird

Hurricane Harvey, which is expected to make landfall around one o’clock in the morning on Saturday, August 26, may have an impact on the near-term energy outlook for the U.S. As of now, Harvey is classified as a Category-2 storm and is expected to be re-characterized to a Category-3 storm around the time it makes landfall. The last Category-3 hurricane[Read More…]

August 25, 2017 - 4:26 pm 360 Articles, Closing Bell Story, Downstream, Offshore