Oil News


Contractors lead UK optimistm

Mar 12, 2013

The confidence of Britain’s oil and gas industry is steadily increasing according to Oil & Gas UK’s business confidence index published today.Oonagh Werngren of Oil & Gas UKAn analysis of data gathered in February reveals that the sector has…

Kvaerner inked for Hebron project

Mar 12, 2013

ExxonMobil Canada Properties has released the option for Kvaerner's joint venture company Kiewit-Kvaerner Contractors to provide the full scope of engineering, procurement and construction (EPC) services for the Hebron Project gravity based structure (GBS)…

Upstream growth for Repsol

Feb 28, 2013

Repsol said its upstream unit was becoming its growth engine after posting a 56% growth in operating income to €2.208 billion compared to a 6.1% drop in the firm’s overall net income.The firm said the increase in upstream business “demonstrated…

FAR ups offshore Africa estimates

Feb 27, 2013

Australian-listed exploration firm FAR says prospects offshore Kenya and Senegal “much larger than we originally assessed”.Announcing the outcome of updated prospective resource estimates following the completion of internal technical studies…

Baúna production starts up

Feb 20, 2013

FPSO Cidade de Itajaí connects to Baúna field Cidade de Itajaí (Photo: OOG)Production has begun at Petrobras' Baúna field, in the Southern Santos Basin, off Brazil, the company announced on 19 February 2013. Petrobras connected the FPSO Cidade de Itajaí…

Ecopetrol announces 2012 proven reserves

Feb 18, 2013

On 15 Feb 2013, Colombia's Ecopetrol SA announced its proven reserves (1P, according to the international designation) of crude oil, condensate and natural gas, including its interest in affiliates and subsidiaries, as of December 31, 2012. Proven net reserves (1P) increased to 1…

Cairn to explore off Malta

Feb 14, 2013

On 7 December 2012, the Government of Malta awarded three offshore blocks totaling 6,400sq km to Capricorn Malta, a subsidiary of Edinburgh-based Cairn Energy. Cairn CEO Simon Thomson, who succeeded Sir Bill Gammell as chief executive in July 2011…

Gas to the fore

Feb 01, 2013

Although Papua New Guinea has a strong economy resulting from exploitation of its extensive petroleum deposits and abundance of other natural resources ranging from minerals to forest products, the nation is one of the least developed countries in the Asia Pacific region…

Dana wins Egyptian approval

Jan 29, 2013

Egypt approves Dana's Nefertiti development The Egyptian government has approved Dana Petroleum's plan to develop the Nefertiti oil field in the Gulf of Suez, the company announced on 29 January 2013.The lease was approved 20 January…

Providence spots Irish play

Jan 24, 2013

Survey reveals new oil prospect off Ireland Click to view largerProvidence Resources P.l.c. has provided an update on its 100% owned and operated licences P1885 and PL 5/10 in the Rathlin Basin, offshore Northern Ireland. In 2012, Providence…

Home Run

Jan 10, 2013

Cobalt has hit several hundred feet of net oil pay at its deepwater North Platte prospect in the Gulf of Mexico. Drilling was a long time coming for the company after operations were postponed following the 2010 moratorium. The well was drilled to 34,500ft TD in Garden Banks block 959.

Western Isles approval

Jan 10, 2013

The UK has approved Dana Petroleum’s US$1.6 billion Western Isles project, which seeks to develop the Harris and Barra oil fields. The nine-well northern North Sea development is expected to produce 40,000b/d in 2015. Both fields hold an estimated 45 million barrels.

Overcoming the global weakness

Jan 09, 2013

During the past few years, annual change in global oil demand has been running 0.8-1%/year and the International Energy Agency (IEA) forecasts it to continue in that range in 2013 – well below the previous 20-year 1.5% average annual increase seen before the global banking crisis…

The big picture

Jan 09, 2013

US crude and condensate production has been falling since 1972 with only a couple brief periods of respite or flattening downward. Most analysts felt that the decline was irreversible. The decline flattened in 1991, 1997 and 2001 and, as a result of a dramatic jump in oil prices…

Petrobras strikes oil at Tupi South

Jan 08, 2013

Tupi South discovery may link to Lula field Petrobras has found good quality oil in the Tupi South (Sul de Tupi) area of the Santos Basin pre-salt, the company announced on 8 January 2013.Petrobras said the well encountered reservoirs…

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