Crude Oil ( ) Brent Crude ( ) Natural Gas ( ) S&P 500 ( ) PHLX Oil ( )

360 Articles

Brazil’s 15th Offshore Bidding Round Sets a Record

Brazil’s 15th Offshore Bidding Round Sets a Record

Brazil’s 15th Bidding Round raised over USD$2.4 billion – this sets a new record for Brazil’s auctions. According to the Brazilian National Petroleum Agency, the 15th round will generate investments of USD$361.6 million in the first/exploration phase of the concession contracts alone. Brazil said that 22 offshore blocks were acquired out of the 47 offered. However, there were no offers[Read More…]

Energy XXI Gulf Coast Names New Chairman

Energy XXI Gulf Coast Names New Chairman

Energy XXI Gulf Coast, Inc. (ticker: EGC) appointed Gary C. Hanna as chairman of its board of directors, effective March 29, 2018. EGC CEO and President Douglas E. Brooks pointed to Hanna’s extensive senior executive and board experience at exploration and production companies operating offshore and onshore, and with the plugging and abandonment sector of the oil field services industry. “Gary’s service[Read More…]

April 2, 2018 - 2:47 pm 360 Articles, Closing Bell Story, Offshore, People
Apache Discovers Over 700 feet of Net Pay in Garten Prospect – North Sea

Apache Discovers Over 700 feet of Net Pay in Garten Prospect – North Sea

Earlier today Apache Corporation (Ticker: APA) announced an oil discovery on Block 9/18a Area-W in the United Kingdom sector of the North Sea. Garten is located 6 kilometers south of the Beryl Alpha Platform. The Garten discovery well targeted a downthrown structural closure and encountered more than 700 feet of net oil pay in stacked, high quality Jurassic-aged sandstone reservoirs.[Read More…]

March 23, 2018 - 5:54 pm 360 Articles, Closing Bell Story, Discoveries, E&P, Offshore
Largest-Ever U.S. Gulf of Mexico Offshore Sale Earns Only $125 Million

Largest-Ever U.S. Gulf of Mexico Offshore Sale Earns Only $125 Million

148 blocks receive bids of the 77 million acres the federal government offered The Bureau of Ocean Energy Management announced the successful sale of available blocks in the GOM, with final bids totaling almost $125 million. The area offered in this sale was the largest in history, with 14,431 blocks up for bidding. This is essentially the vast majority of[Read More…]

March 22, 2018 - 5:28 pm 360 Articles, Closing Bell Story, Crude Oil News, Offshore
Energean Cleared to Start $1.6 Billion Gas Project – Offshore Israel

Energean Cleared to Start $1.6 Billion Gas Project – Offshore Israel

Energean raised $460 Million in Yesterday’s IPO  The day following its London IPO, the Energean Oil & Gas PLC (ticker: ENOG) board approved the Final Investment Decision for the $1.6 billion Karish & Tanin development project, offshore Israel. Financing the project Energean said $405 million of the $460 million raised from the IPO of its shares will be used to[Read More…]

March 22, 2018 - 12:54 pm 360 Articles, Closing Bell Story, E&P, International, Offshore
Johan Sverdrup

Source: Total

Totally Bought: Maersk Oil/Total Deal Closed – Makes Total 2nd Largest North Sea Operator

Total S.A. (ticker: TOT) closed the acquisition signed on August 21, 2017, adding around one billion BOE 2P reserves, mainly in OECD countries. The acquisition also increases Total’s production by 160 MBOEPD in 2018, and the company expects to ramp up production to 200 MBOEPD by early 2020. According to Total, this deal makes the company the second-largest operator in[Read More…]

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

Energy XXI Prepares 2018 CapEx of $145-$175 Million

Energy XXI Gulf Coast, Inc. (ticker: EXXI) has approved a 2018 capital expenditure budget in the range of $145-$175 million, which includes funding of EGC’s most active drilling program since 2014, as well as recompletions, facilities improvements, plugging and abandonment (P&A) expenditures and other capital investments. CEO and President Douglas E. Brooks said, “We have contracted a rig that is[Read More…]

February 20, 2018 - 1:03 pm 360 Articles, Closing Bell Story, Mexico, Offshore
Unique Restructuring in the Gulf: Noble Energy and Fieldwood Energy Announce $710 Million Deepwater Gulf Deal

Unique Restructuring in the Gulf: Noble Energy and Fieldwood Energy Announce $710 Million Deepwater Gulf Deal

Fieldwood announces prepackaged Chapter 11 with restructure plan that depends on acquiring Noble’s GOM assets; expects to emerge in 60 days Noble Energy, Inc. (ticker: NBL) said it has executed an agreement to sell its deepwater Gulf of Mexico assets to Fieldwood Energy LLC for a total value of $710 million. As Noble announced the deal, Fieldwood simultaneously announced that it filed a prepackaged Chapter 11 bankruptcy[Read More…]

February 15, 2018 - 6:21 pm 360 Articles, A&D Transactions, Closing Bell Story, Offshore
Anadarko Petroleum Rakes in $976 Million in Q4

Anadarko Petroleum Rakes in $976 Million in Q4

Anadarko Petroleum Corporation (ticker: APC) reported fourth quarter of 2017 net income attributable to common stockholders of $976 million, or $1.80 per share (diluted). Net cash provided by operating activities in the fourth quarter of 2017 was $1.4 billion. For the year ended December 31, 2017, Anadarko reported a net loss attributable to common stockholders of $456 million, or ($0.85)[Read More…]

CNOOC 2018: 470 MMBOE Target, $11 Billion CapEx

CNOOC 2018: 470 MMBOE Target, $11 Billion CapEx

CNOOC Limited (ticker: CEO) plans to target 470-480 MMBOE for its net production goal in 2018. The geographic production areas are split between China (64%) and overseas (36%). The company’s net production for 2017 stood at approximately 469 MMBOE. As for 2019 and 2020, projected numbers are 485 MMBOE and 500 MMBOE, respectively. A stampede of projects CNOOC has scheduled[Read More…]

February 6, 2018 - 4:20 pm 360 Articles, China, Closing Bell Story, E&P, International, Offshore
Valhall Drilling Platform, Norway

Hess Corporation Replaced 351% of Production for ~$5 F&D per Barrel

Hess Corporation (ticker: HES) reported a net loss of $2.677 billion, ($8.57) per share, in the fourth quarter of 2017. For reference, the company had a net loss of $4.892 billion in the fourth quarter of 2016. Fourth quarter 2017 results reflect net after-tax charges totaling $2.373 billion, including a non-cash accounting charge of $1.7 billion, the company said. This[Read More…]

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…]