Oil News


EOR market to pass US$500B by 2023

Apr 24, 2014

Transparency Market Research has released a new market report titled 'Enhanced Oil Recovery (EOR) Market: Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2023,' that defines and segments the enhanced oil recovery…

Gazprom ships first Arctic crude

Apr 19, 2014

Russian President Vladimir Putin hailed Russia's first shipment of Arctic offshore oil today. Gazprom Neft, the oil arm of Russia's top gas producer Gazprom, shipped the first 70,000 tonnes of oil by tanker from the Prirazlomnoye platform…

GOM lease sale to include areas within Transboundary

Apr 15, 2014

The US Bureau of Ocean Energy Management (BOEM) will offer more than 21 million acres offshore Texas for oil and gas exploration and development in a lease sale that will include all available unleased areas in the Western Gulf of Mexico planning area…

KCA inks Hebron contract

Apr 14, 2014

The Platform Services division of global drilling and engineering company KCA Deutag agreed on a multi-million dollar contract with ExxonMobil Canada Properties for work on the Hebron heavy oil development project. The contract for drilling…

20-75MM find near Valemon

Apr 11, 2014

Statoil and its partners have made a 20-75MM boe gas and oil discovery in the Valemon Nord prospect in the Norwegian sector of the North Sea. The discovery wells 34/10-54 S and 34/10-54 A, in production license 050, drilled by the semisubmersible drilling rig Transocean Leader…

Dragon updates Turkmeni plans

Apr 08, 2014

Dragon Oil says drilling on the Cheleken Contract Area in Turkmenistan has been delayed and will be weighted towards H2 this year, with a total 14-16 wells due to be drilled. The Cheleken Contract Area covers about 950sq km and comprises two offshore oil and gas fields…

Third well online at Sapinhoá

Apr 07, 2014

A third well is now producing in the Sapinhoá field, Petrobras announced, in keeping with the target date given when its preceding well was brought onstream in February. Well 7-SPH-04-SPS, which lays in 2120m of water on Block BM-S-9 of the Santos basin presalt region…

Canada, Saudi Arabia, Mexico increase share of US crude imports

Apr 04, 2014

The US Energy Information Administration’s new “Today in Energy” brief looks at how US oil imports were down in 2013, but the share of imports last year from the United States' top three foreign oil suppliers—Canada, Saudi Arabia, and Mexico—was the highest in at least four decades…

Lukoil completes Ivory Coast well

Apr 03, 2014

Lukoil Overseas completed drilling on its first offshore exploration well, Capitaine East-1X, at block CI-101 in the Republic of Côte d'Ivoire, the Russian company announced 2 April 2014. The well penetrated through 140m of sandstone from a Turonian formation…

Ex-BP CEOs agree Angola JV

Apr 03, 2014

A joint venture (JV) comprising two companies, both led by former BP group chief executives, has agreed to buy stakes in two blocks offshore Angola.  The JV has been formed by Genel Energy, whose chief executive is ex-BP exec Tony Hayward (pictured right)…

Statoil's reach in Espirito Santo widens

Mar 28, 2014

Agência Nacional do Petróleo, Gás Natural e Biocombustíveis (ANP) cleared Statoil to enter the São Bernardo discovery in Espírito Santo (pictured, image courtesy Statoil), the Norwegian company announced. The São Bernardo oil discovery…

Repsol, Indra put heads together for leak detection system

Mar 26, 2014

Repsol and Indra have jointly developed a water-based hydrocarbon leak early detection system, the companies announced on 26 March 2014. The system, called HEADS (Hydrocarbon Early Automatic Detection System) has successfully completed testing at the Repsol Industrial Complex in Tarragon…

Moroccan heavy oil dampener

Mar 17, 2014

Cairn Energy's JM-1 well, offshore Morocco, is to be plugged and abandoned without testing, after funding heavy oil.  The JM-1 well (operated by Cairn with 37.5% WI) was drilled to evaluate Upper Jurassic and Middle Jurassic objectives…

Wintershall shifts upstream

Mar 14, 2014

Germany-based crude oil and natural gas producer is planning to divest its shareholding in the Eastern German company Verbundnetz Gas AG (VNG) as part of its strategy to concentrate on the upstream sector. A 24 March agreement will see EWE Aktiengesellschaft take over Wintershall’s 15…

EnergyXXI, EPL merge for $1.5B

Mar 13, 2014

Houston-based Energy XXI is set to become the largest public independent producer on the Gulf of Mexico shelf after its acquisition of EPL Oil & Gas for US$1.53 billion. Upon completion of the merger, EnergyXXI projects the company will be worth about $6 billion…

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