Baker Hughes Inc. issued its international rig count that showed 1251 rigs operating worldwide in March 2015 outside of the US and Canada. Unsurprisingly, global rig counts have dropped significantly due to an approximate 50% drop in crude oil prices since 2014…
For the first time in decades, Mexico’s upstream business is accessible to foreign companies. A panel of experts discussed the implications at this week's CERAWeek conference in Houston and found that, with three bidding rounds planned and data rooms open for scrutinizing…
Investment dollars are finding good value in the current low oil price environment, according to a panel of finance professionals who discussed the wealth of finance opportunities found in today’s oil and gas companies, at this weeks' CERAWeek in Houston…
Currently, the energy industry is focused on finding ways to master the challenges of the low oil-price cycle. To meet those challenges, first, operators must re-evaluate the future of global oil development, said OAO LUKOIL President Vagit Alekperov…
Norway-based North Atlantic Drilling (NADL) and Russia's Rosneft recently agreed to extend the termination date of the 2014 framework agreement until May 31, 2017. The agreement states that either party can end the agreement, including any offshore drilling contracts…
Tampet awarded UK-based Global Marine Systems Ltd. two contracts in the North Sea, designed to further enhance high-capacity communications networks in the area and entail highly skilled route survey, cable installation and protection services…
Karoon Gas Australia confirmed a 213m gross oil column at its Echidna-1 well offshore Brazil. The Olinda Star. From Karoon. The exploration well is located in the Santos basin…
KrisEnergy’s Thai campaign success continues at its Rossukon-3ST sidetrack well that encountered 148ft of oil and gas pay. Offshore Thailand map. From KrisEnergy. The final exploration…
In April, Gazprom reached a milestone for its Prirazlomnoye oil field as the Kirill Lavrov tanker delivered a new batch of ARCO Arctic oil to Europe during its sixth shipment. More than 2.9 MMbbl of oil has been extracted from the Prirazlomnoye oil field since production began…
While the latest revisions to the terms for shallow water areas in Mexico’s first licensing round have increased the attractiveness of the production sharing agreement terms by improving the contractor’s upside potential, the benefits remain…
An oil price below US$70/bbl will not be sustainable long term, according to Norwegian energy analysts Rystad Energy. Speaking at the firm’s offices in Oslo, senior analyst Audun Martinsen outlined how the firm sees current global liquids…
The US Energy Information Administration (EIA) published its Annual Energy Outlook 2015 report, authored by Adam Sieminski, today. A key finding of the report is that US net energy imports, including all fuels, are expected to decline and…
Karoon Gas Australia made a discovery at the Echidna-1 exploration well, the third in the Santos drilling campaign, offshore Brazil. Image from Karoon. According to the Australian company…
The rapid and aggressive response by oil and gas companies to low oil prices has stabilized the sector; the price required for companies to be cash flow neutral in 2015 has dropped by over US$20/bbl to $72/bbl. Wood Mackenzie believes further…
Statoil confirmed its second discovery in the Aasta Hansteen area with the Roald Rygg prospect in the Norwegian Sea. Map of Roald Rygg. From Statoil. The gas discovery was made at…
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