Exploration & Production (E&P) – Page 493

Petrobras, Diamond Offshore Settle Lawsuit

January 5, 2018

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

Ukraine Cuts its Natural Gas Royalty Rate to 12%

January 5, 2018

New law guarantees government won’t forcibly take assets On Dec. 30, 2017, Ukraine President Petro Poroshenko signed a new law reducing the natural gas royalty rate on all new wells drilled after Jan. 1, 2018 from 29% to 12%. “The Agreement for the Encouragement and Protection of Investment” ties Ukraine and the OPEC Fund for International Development (OFID) together in

Exxon Mobil Makes Sixth Oil Discovery Offshore Guyana

January 5, 2018

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

Acceleware Provides Update on Commercial-Scale Test of RF XL

January 4, 2018

Acceleware Provides Update on Commercial-Scale Test of RF XL

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

January 4, 2018

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

Suncor Energy: 2017 Production Update

January 4, 2018

Suncor Energy Inc. (ticker: SU) released end-of-year production numbers and provided an update to the Fort Hills dispute. Highlights Upstream production of 736,000 BOEPD Oil sands produced 447,000 bbls/d, including 6,000 bbls/d from Fort Hills Syncrude produced 325,000 bbls/d for the quarter, 174,000 bbls/d net to Suncor International E&P production of 115,000 BOEPD Bitumen upgrader operations ran at utilization rates

Samson Resources Plans $105 Million 2018 Capital Program

January 4, 2018

Samson Resources II, LLC has released its 2018 total capital budget with a range of $105 to $115 million. The capital program aims to increase production volumes by about 20%, compared to 2017 exit production rates. The company will spend $85 to $95 million toward its drilling and completion program and $20 million toward its leasing, seismic, recompletion and workover

PDC Energy Announces New CFO

January 4, 2018

PDC Energy, Inc. (ticker: PDCE) has appointed R. Scott Meyers, previously the company’s chief accounting officer, to the chief financial officer position. Meyers has been with the company since 2009. He was appointed CFO concurrently with the previous CFO’s resignation. PDC noted that David Honeyfield, the previous CFO, did not resign because of disagreements with the company. Prior to joining

PetroShale Updates Middle Bakken/Three Forks Activity

January 3, 2018

PetroShale Inc. (ticker: PSH) has commenced drilling two (1.7 net) wells on its operated Primus unit in Antelope during the third quarter of 2017. PetroShale operates primarily in the Bakken/Three Forks play in North Dakota. As of September 2017, the company has 57-78 future net drilling locations (depending on the spacing) and approximately 4,946 net acres. The company also commenced

Titanium Issues Restricted Share Units

January 2, 2018

Titanium Issues Restricted Share Units

Weatherford Sells U.S. Fracturing Business

January 2, 2018

Deal replaces proposed OneStim JV Weatherford (ticker: WFT) announced the sale of its U.S. pressure pumping business today, completing a major portion of the company’s refocusing project. Schlumberger (ticker: SLB) will pay Weatherford $430 million in cash for Weatherford’s U.S. pressure pumping and pump-down perforating related facilities and contracts. Weatherford will retain its multistage completions portfolio, manufacturing capability and supply

Norwegian Barents Sea Cools as Oil Companies Look Elsewhere

January 2, 2018

11 companies applied for licenses Norway announced the applicants for its 24th licensing sale, showing a significant decrease in interest in the country. The round offers blocks in the Barents Sea, which is considered the most important area in the country for new development. In December 2017, eleven companies applied for production licenses, either alone or in groups. Some, like

Premium Content