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Energy XXI closes sale of the East Bay Field

Energy XXI (Nasdaq:EXXI) today announced it has closed on the sale of the East Bay Field for $21 million to a private buyer. In addition, Energy XXI will retain a 5% overriding royalty interest on these assets for a period not to exceed 5 years from the closin ...

Wood Group wins onshore pipeline work for Origin Energy

Wood Group has secured a USD $1 million contract with Origin Energy to provide detailed design engineering for the onshore pipelines related to the Halladale, Black Watch & Speculant (HBWS) Natural Gas Project in South West Victoria, Australia. The HBWS gas f ...

Ten Reasons To Plan For A Difficult H2

LACK of clear thinking about the challenges ahead worries me at the moment. I am concerned that petrochemicals companies, because of the strong profitability they have enjoyed so far this year, might well not be adequately prepared for the fault lines opening ...

Bragging rights: So who is the world's top oil producer?

Earlier this month, BP's latest Statistical Review unintentionally reopened a debate into whether the US has regained the crown as the world's top oil producer after decades of being out-gunned by Saudi Arabia and Russia. Ostensibly a straight-forward measure ...

Africa Oil Corp. provides update on operations in East Africa

Africa Oil Corp. (TSX:AOI)(OMX:AOI) is pleased to provide the following update on operations in East Africa. Progress is being made on the decision regarding the route of the export pipeline with the Technical Consultant having submitted its final feasibility ...

Alvopetro announces Block 182 discovery

Alvopetro Energy Ltd. (TSX VENTURE:ALV) is pleased to announce that our 182(B1) well, located on Block 182 in the Recôncavo basin in the State of Bahia, Brazil, has discovered hydrocarbons. The 182(B1) well reached a total measured depth of 2,095 metres. ...

Crescent Point Energy closes acquisition of Legacy Oil + Gas

Crescent Point Energy Corp. (TSX:CPG)(NYSE:CPG) and Legacy Oil + Gas Inc. (TSX:LEG) are pleased to announce today that Crescent Point has completed the acquisition of all of the issued and outstanding common shares of Legacy by way of arrangement. Under the t ...

Gear Energy announces amended credit facility and new executive appointment

Gear Energy Ltd. (TSX:GXE) announces an amended credit facility following a semi-annual review by its bank syndicate and a new executive appointment. The credit facility has been amended to a borrowing base of $90 million, a reduction from its previous $130 m ...

Pioneer Natural Resources appoints two new board members

Pioneer Natural Resources Company (NYSE:PXD) today announced that Mona K. Sutphen and Michael D. Wortley have been appointed to its Board of Directors, effective immediately. Ms. Sutphen and Mr. Wortley will serve as independent directors under the board's app ...

Sterling Energy - Company snapshot

Sterling Energy's $117m cash appears markedly under-represented in its market cap of £39m ($62m). Against this cash the group has $30m (£19m) of commitments, a $22.7m (£14.19m) abandonment liability for the Chinguetti field in Mauritania, and ...

Oil price, Tullow, Independent Oil & Gas, Amerisur, Sundry-Petroceltic-Gulfsands- And finally...

Oil price I have been away for just over a week, during which what might be described as considerable trauma has occurred but the oil price is almost exactly as I left it, notwithstanding some humps in the road. Greece has defaulted which has strengthened the ...

Shell takes final investment decision for the Appomattox deep-water development in Gulf of Mexico

Royal Dutch Shell plc today announces the final investment decision to advance the Appomattox deep-water development in the Gulf of Mexico. This decision authorises the construction and installation of Shell's eighth and largest floating platform in the Gulf o ...

Statoil suspends Scarabeo 5 rig

Statoil has decided to suspend Scarabeo 5 due to overcapacity in its rig portfolio. The Scarabeo 5 drilling rig. (Photo: Trond Sigvaldsen - Statoil) The suspension will take effect once Scarabeo 5 has completed drilling of a well on the Kristin field in the ...

Leverage Comes in Different Forms - Run From This One

One of the most beaten-down names in the entire oil services sector is Paragon Offshore (PGN-NYSE). A spinoff from the deepwater-focused Noble Corp (NE-NYSE), this 'standard spec' offshore driller ended its first day of regular trading at $11 on August 4, 2014 ...
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