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IEA releases Oil Market Report for February

Having peaked, at a five-year high of 1.6 million barrels per day (mb/d) in 2015, global oil demand growth is forecast to ease back considerably in 2016, to 1.2 mb/d, pulled down by notable slowdowns in Europe, China and the United States, the newly released I ...

Transocean announces that Murphy terminates rig contract

Transocean Ltd. (NYSE: RIG) (SIX: RIGN) announced today that Murphy Exploration & Production Company - USA, a subsidiary of Murphy Oil Corporation, has elected to terminate the contract for the ultra-deepwater drillship Discoverer Deep Seas. The rig's contract ...

Polarcus announces non-cash impairment charges impacting Q4 2015

Reference is made to the stock exchange release issued on 6 January 2016 in which Polarcus Limited (OSE: PLCS) announced a restructuring plan with support from key stakeholders. Furthermore, the Company announced that it had received a request for information ...

Wood Group extends Chevron contract in the North Sea

Wood Group has secured an extension to continue to support Chevron Upstream Europe across four offshore assets in the North Sea. Wood Group PSN (WGPSN) will deliver operations and maintenance services to the Alba Northern platform, Alba floating storage unit, ...

Sanctions failed to take a bite out of Russia's oil patch: Fuel for Thought

International sanctions against Russia introduced in 2014 turned out not to be the bogeyman they first seemed to be, and could in fact have played a key role in helping the Russian oil sector to not only handle the sharp price drop over the last year and a hal ...

Frontera and UkrGasVydobuvannya sign strategic Memorandum of Understanding

Frontera Resources Corporation (AIM:FRR), an independent international oil and gas exploration and production company ('Frontera'), today announces that it has signed a Memorandum of Understanding ('MOU') with Ukraine's public joint stock company UkrGasVydobuv ...

Sound Energy offer Nervesa production update

Sound Energy, the Mediterranean and European focused upstream gas company, confirms that following first gas on 3 February 2016, clean up operations at the onshore Nervesa gas discovery continue. Early production has been limited by Sound Energy to an initial ...

Monday, February 8, 2016

Oversupplied Market Eying Floating Storage Opportunities

Brent oil price reached lows of $27/bbl in mid-January, but has recovered over the past two weeks to above the $30/bbl mark. Nevertheless, volatility is expected to remain as the market is yet to find a new equilibrium. So far, only modest cuts in US shale pro ...

Buru Energy provides Ungani Far West 1 well update

Buru Energy has provided an update on the Ungani Far West-1 well. Since the last report of 4 February the wireline logging and pressure testing program has been completed. The quality of the wireline logs is excellent, but definitive pressures were not able to ...

Torchlight Energy Resources announces Orogrande Project update

Torchlight Energy Resources, Inc. (NASDAQ: TRCH), today announced that the Orogrande Development Committee, consisting of members of the project operator, Torchlight Energy and consulting geologist Rich Masterson have elected to move forward on planning the ne ...

SDX Energy encounters significant oil bearing reservoir sections at Al Amir SE 23 development well

SDX Energy Inc. (TSX VENTURE: SDX), an oil & gas exploration and production company with assets in Egypt & Cameroon, is pleased to announce the Al Amir SE 23 development well in North West Gemsa, has encountered significant oil bearing reservoir sections in bo ...

Circle Oil announces operational and financial update

Operational Update Morocco Circle is pleased to announce that it, together with its partner Office National des Hydrocarbures et des Mines ('ONHYM'), has signed a Memorandum of Understanding ('MOU') with a potential new gas customer in Morocco, SBS Porcher ( ...

Total starts-up production at Laggan-Tormore in the West of Shetland

Total has started-up production from the Laggan and Tormore gas and condensate fields, located in 600 meters of water in the West of Shetland area. The fields will produce 90,000 barrels of oil equivalent per day (boe/d). 'Laggan-Tormore is a key component of ...

Anchors Aweigh: $26 Oil As Your New Starting Point

IF not these six months then it will be the second half of this year and if not H2 then definitely, without a doubt, sometime in 2017. So goes the constantly shifting thinking of some oil, gas and chemicals companies, and some of the independent analysts, on ...
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