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Geopolitical impact of oil's drop shows why there's no end in sight

The price of crude oil resumed its slide this week, falling below US$29 a barrel and approaching the 12-year low reached last month. The International Energy Agency is warning oil's fall has further to go. So what factors suggest the price of oil will continue to drop? ...
North America | Thursday, February 11, 2016

Pioneer Natural Resources reports year-end 2015 proved reserves and operating costs

Pioneer Natural Resources Company (NYSE:PXD) today announced that the Company added proved reserves totaling 210 million barrels oil equivalent (MMBOE) during 2015 from discoveries, extensions and technical revisions of previous estimates (excludes negative price revisi ...
North America | Thursday, February 11, 2016

Precision Drilling announces fourth quarter 2015 financial results

Precision Drilling: For the fourth quarter of 2015, we recorded earnings before income taxes, finance charges, foreign exchange, impairment of goodwill, impairment of property, plant and equipment, loss on asset decommissioning and depreciation and amortization (adjust ...
North America | Thursday, February 11, 2016

Cenovus Energy announces financial update

Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) achieved significant sustainable cost savings across its business in 2015 and further strengthened what is now one of the best balance sheets in the North American exploration and production sector. The company is planning addi ...
North America | Thursday, February 11, 2016

IEA says market 'awash with oil' - debunks bullish myths

Oil markets are the proverbial 'canary in the coalmine'. They are showing us what happens when the rose-tinted glasses provided by stimulus policy are removed. Now markets have to return to their true role of price discovery, based on the fundamentals of supply and dem ...
North America | Thursday, February 11, 2016

Petrofac secures well management contract in the UKCS with Zennor Petroleum

SPD Limited, part of the Petrofac Group, has secured a contract from Zennor Petroleum to provide well design and well construction management services, to support the Finlaggan appraisal well which is located in the Central Sector of the North Sea. The contract - award ...
West Europe | Thursday, February 11, 2016

Ramba Energy announces completion of Lemang PSC farmout to Mandala Energy

Further to the announcement on 5 October 2015, Ramba Energy and Mandala Lemang Singapore have announced that SKKMIGAS approval has been received for the transfer of a 35% interest in the Lemang Production Sharing Contract (PSC) from Hexindo to Mandala and the transactio ...
Asia Far East | Thursday, February 11, 2016

EMGS reports fourth quarter 2015 results

Electromagnetic Geoservices ASA (EMGS) recorded revenues of USD 20.5 million in the fourth quarter 2015, up from USD 16.3 million in the third quarter and down from USD 52.5 million in the fourth quarter 2014. Contract sales ended at USD 9.0 million, while sales from th ...
Asia Far East | Thursday, February 11, 2016

Upstream M&A in Canada Falls Away at Beginning of 2016

Analysis in CanOils' newest report 'Upstream M&A in Canada Falls Away at Beginning of 2016' shows that the Canadian oil and gas upstream sector only saw Cdn$1.7 billion worth of M&A transactions in December 2015 and January 2016 combined. While this value is low, the tw ...
North America | Thursday, February 11, 2016

Aminex agrees disposal of 3.825% interest in Kiliwani North to Solo Oil for $2.16 million

Aminex PLC advises that it has reached an agreement with Solo Oil plc for the disposal of a final 3.825% interest in the Kiliwani North Development Licence for a cash consideration of $2.16 million. Solo currently holds a 6.175% interest in the KNDL. This has been adjus ...
Africa | Thursday, February 11, 2016

Rosneft and Pietro Barbaro to jointly enter global shipping markets

Rosneft and Pietro Barbaro S.p.A. signed a Memorandum of Understanding with the scope of creating a Joint Venture (JV) in the area of international shipping. The signed document envisages the performance by working groups of the companies of a joint analysis of potenti ...
Russia FSU | Thursday, February 11, 2016

Rockhopper Exploration announces FEED award for surf and flexibles

Rockhopper Exploration plc (AIM: RKH), the oil and gas exploration and production company with interests in the North Falkland Basin and the Greater Mediterranean region, is pleased to provide the following update on the Sea Lion development. Further to the Company's a ...
South America | Thursday, February 11, 2016

DNO ASA reports 2015 results

DNO ASA, the Norwegian oil and gas operator, today reported record oil and gas output in 2015 though the company's results were impacted by the sharp drop in world oil prices. Operated production was up 23 percent last year to 144,200 barrels of oil equivalent per day w ...
Middle East | Thursday, February 11, 2016

Technip awarded fabrication and installation contracts by Statoil for Johan Sverdrup and Oseberg Vestflanken

Technip was awarded by Statoil ASA two lump sum contracts for infield pipeline construction for the Johan Sverdrup Development and the Oseberg Vestflanken 2 projects. The Johan Sverdrup field is one of the largest oil fields in the North Sea and was discovered late 201 ...
West Europe | Thursday, February 11, 2016

Wednesday, February 10, 2016

Oil Prices: Same As 200 Apples And Googles Going Bust

NO less than $119 trillion (or $119,000 billion) has been wiped off the value of the world's proven oil reserves. YES, that's right, if you look at the data on proven oil reserves in the CIA factbook, as John Mauldin did to verify calculations originally made by David ...
North America | Wednesday, February 10, 2016

Seventy Seven Energy announces preliminary 2015 full year and fourth quarter operational and financial results

Seventy Seven Energy Inc. (NYSE: SSE) today reported preliminary estimated and unaudited financial and operational results for the 2015 full year and fourth quarter. Key information related to the 2015 full year and fourth quarter results is as follows: Full-year Total ...
North America | Wednesday, February 10, 2016
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