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Oil price, Premier/Rockhopper, Europa/Atlantic licence round/Providence, And finally...

Oil price Another bad day at the office, particularly for WTI which was hit harder than Brent as Genscape pointed out that stocks at Cushing had reached 90% of capacity. The EIA numbers had actually been better than expected showing a modest draw against fore ...

Woodside Petroleum makes second gas discovery in Myanmar

Woodside advises that the Thalin-1A exploration well in Block AD-7 in the Rakhine Basin has intersected a gross gas column of approximately 64m. Approximately 62m of net gas pay is interpreted within the primary target interval. Block AD-7 is located in the B ...

Pilot Energy receives approval for farm-in to Empire's onshore Perth Basin permits EP416 & EP480

Pilot Energy has advised that the West Australian Department of Mines & Petroleum has approved the transfer of title and operatorship to the Company pursuant to its agreement with Empire Oil & Gas to farm-in to the EP416 and EP480 exploration permits. The wor ...

Blackstone forms partnership for offshore oil and gas drilling services

Blackstone (NYSE:BX) today announced that it has formed Clarion Offshore Partners LLC ('Clarion'), a new platform to provide strategic solutions to the offshore oil and gas drilling and services sector, with a financial commitment from private equity funds man ...

The oil service jackpot is growing $200 billion in size!

Every project that has been deferred since the oil price plunge has been added to the future backlog of projects to be awarded. This jackpot has grown 200 USD billion, which is the sum of 63 development projects' oilfield service purchases. This stack-up of pr ...

Tlou Energy announces board changes

Tlou Energy Ltd wishes to advise that Nathan Mitchell has resigned as Non-Executive Chairman of the Company with immediate effect, to focus on his other commitments and various executive positions he holds. Martin McIver has been promoted to the position of N ...

T. Boone Pickens On Obama Oil Tax: 'Dumbest Idea Ever'

The Obama administration's proposed $10.25 per barrel oil tax adds up to approximately $32 billion a year, and critics are coming out of the woodwork in defense of both the oil industry and end users who would foot the bill for transportation system reforms-bu ...

Rosneft and BP obtain regulatory approvals to dissolve the German Ruhr Oel GmbH (ROG) JV

Rosneft has obtained the approval to dissolve the Ruhr Oel GmbH (ROG) Joint Venture from the German Federal Ministry of the Economy and Energy (Bundesministerium für Wirtschaft und Energie). Therefore, Rosneft and BP have accomplished getting regulatory a ...

Premier Oil terminates drilling contract with Ocean Rig UDW

Premier and Noble Energy entered into a contract with Ocean Rig UDW on 3 June 2014, for the provision of the Eirik Raude drilling unit for an exploration drilling campaign in the Falkland Islands. Following a number of material operational issues with the Eir ...

Europa Oil & Gas increases offshore Ireland acreage following award of new licensing option

Europa Oil & Gas (Holdings) plc, the AIM listed oil and gas exploration, development and production company focused on Europe, is delighted to announce it has been awarded a new Licensing Option (the 'LO') in the southern Porcupine Basin, offshore Ireland, as ...

Petsec Energy appoints Vice President Technical of Middle Eastern subsidiary

Petsec Energy Ltd is pleased to announce the appointment of Mr. John Rees as Vice President Technical of the Company's wholly owned subsidiary, Petsec Energy (Middle Eastern) Limited. Mr. Rees is a technical expert in production and exploration and will lead ...

Thursday, February 11, 2016

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 continu ...

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 pr ...

Initial production rates in tight oil formations continue to rise

Source: U.S. Energy Information Administration, Drilling Productivity Report Tight oil production in the United States increased from 2007 through April 2015, based on estimates in EIA's Drilling Productivity Report (DPR), and accounted for more than half of ...
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