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Low oil is here to stay

Oil prices had been artificially propped up by financial investors and government stimulus programmes. Now prices are returning to their historical averages, and are likely to stay that way. At long last, oil prices are returning to reality. There was never a ...

U.S. petroleum product exports increase for 13th consecutive year, setting record

U.S. exports of noncrude petroleum products from the United States averaged a record 3.8 million barrels per day (bbl/d) in 2014, an increase of 347,000 bbl/d from 2013, based on data from EIA's Petroleum Supply Monthly. In particular, exports of motor gasoli ...

Terrace reports additional well results and continuing progress on its STS Olmos Development Project

Terrace Energy Corp. (TSXV: TZR, OTCQX: TCRRF, FRANKFURT: 2TR) reports continuing positive results and progress on its STS Olmos Development Project in McMullen and LaSalle Counties, Texas. The Company and its partner recently completed the second set of thre ...

Oil production vital statistics: March 2015

This is the third in a monthly series of posts chronicling the action in the global oil market in 13 key charts. The February 2015 post is here. EIA oil price and Baker Hughes rig count charts are updated to end February 2015, the remaining oil production char ...

Edgo Energy agrees work programs in Tajikistan

Edgo Energy is pleased to announce that it has agreed, with the Ministry of Energy and Water Resources in the Republic of Tajikistan, the 2D seismic work programs for its Surkhsimo and Qarordon licenses in the country. Interpretation of an Edgo Energy 2D seis ...

Low oil prices: don't eat the seed corn!

The old adage that 'necessity is the mother of invention' is proving true in the independent E&P oil sector. Faced with low oil prices, independent oil producers are introducing oil price 'optionality' into their crude oil sales contracts. Crude producers reel ...

Norwest Energy granted approval for Arrowsmith seismic survey

Norwest Energy NL (ASX:NWE) is pleased to report that the company has received the required Federal and State government regulatory approvals to proceed with its planned Arrowsmith seismic survey. Pursuant to the approvals, Norwest will conduct the survey unde ...

Wintershall takes over Vega operatorship from Statoil

Wintershall has taken over the operatorship of the subsea oil and gas field Vega from Statoil. Vega is the BASF subsidiary's first operated subsea tie-in field in Norway. With this transfer Wintershall now operates two production fields on the Norwegian Contin ...

Golar LNG and Rosneft sign Memorandum of Understanding for FLNG cooperation

Golar LNG Limited and Rosneft Oil Company have entered into a Memorandum of Understanding that foresees cooperation between the companies in the area of floating liquefaction and transportation of natural gas. Under this MoU the companies will enter into disc ...

VAALCO Energy commences drilling on Block 5, offshore Angola

VAALCO Energy, Inc. (NYSE: EGY) today announced that on March 2, 2015, the Company spudded the post-salt Kindele-1 well, its first exploration well on Block 5 offshore Angola. As previously announced, VAALCO contracted the Transocean 'Celtic Sea' semi-submersi ...

Strata Oil & Gas receives permission to proceed with Cadotte West OSE plan

PEACE RIVER, ALBERTA--(Marketwired - March 4, 2015) - Strata Oil & Gas Inc. (OTCQB:SOIGF) announced today that it has received approval from the Crown to proceed with its Oil Sands Exploration plan on its Cadotte/Cadotte-West land blocks in the Peace River reg ...

How the oil price drop is affecting the property in the top five emerging markets

Global oil prices have fallen sharply in recent months, putting pressure on energy-exporting countries that count on the commodity as their primary source of income. Between June and January, the price of crude oil dropped a staggering 60 percent. With indust ...

Otto Energy - All clear for Hawkeye well spud in Q3

Otto Energy (OEL) has announced a farm-out deal with independent E&P Red Emperor Resources (RMP) for a 15% working interest in the offshore Philippine block SC55. Otto is now fully funded to drill the Hawkeye-1 exploration well, has retained operator control a ...

Seismic review confirms large scale Seychelles Prospective Resources potential for WHL Energy

Australian energy company WHL Energy Limited (ASX: WHN) provides the following update to the Prospective Resources in our Seychelles acreage following interpretation of a preliminary PreSTM volume of the Junon 3D seismic survey. Detailed interpretation of the ...
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