Industry News

The rise and fall of oil prices in 2018

Prices rose, Trump hollered, supply signals were mixed, Iran was hit by sanctions and then prices fell back

Western Gas selects McDermott and BHGE as development partner for Equus Gas Project in Australia

HOUSTON -- McDermott International, Inc. has announced they, with Baker Hughes, a GE company, have signed a memorandum of understanding (MOU) with Western Gas Corporation Pty Ltd to be the exclusive development partners for the Equus Gas Project in Western Australia. The companies were also awarded a contract to support the planning phases of the project.

Hess provides update on progress, plans through 2025

Hess Corporation will provide a detailed update on progress in executing its strategy for long term value creation at its Investor Day in Houston

OPEC data suggest deeper cut may be needed in late 2019

Production cuts agreed by OPEC and its allies are on track to balance global oil markets in the first half of 2019, but more work may be needed after that.

Colombia's fracking plans take on a new urgency

The new administration is turning to shale deposits to hold back the threat of imports

China’s oil demand will surge in 2019

Contrary to some observers who focus intently on trade data as a proxy for demand, China’s total oil product demand rose by only 150,000 bpd in 2018.

Eni announces new discovery, start-up, offshore Angola

Eni struck a new oil discovery in the Afoxé exploration prospect located in Block 15/06, offshore Angola. The discovery is estimated to contain between 170 MMbbl and 200 MMbbl of light oil in place.

Russia to curb output in small increments as Saudis cut faster

Russia played a big part in making possible a new OPEC+ deal to curb production, but initially it’s letting Saudi Arabia shoulder the bulk of actual cuts.

Discord in Australian LNG damages Asia export hopes

Broad collaboration is essential if a new wave of Australian LNG projects is to be competitive

HydraWell has executed Aker BP's Valhall field plugging program expeditiously

Through utilization of the PWC (Perforate, Wash & Cement) plug and abandonment method (P&A) on the Valhall field, HydraWell has contributed towards Aker BP executing its plugging program significantly quicker than planned.

Eni has partnered with BP in Egypt's Nour concession

Eni announces that the sale of a 20% participating interest to Mubadala Petroleum, a wholly-owned subsidiary of Mubadala Investment Company, and a 25% participating interest to BP in the Nour North Sinai Offshore concession, Egypt, has been approved by the Egyptian Government.

Primed-to-pump shale will take OPEC cut but no longer needs it

U.S. shale’s response to OPEC’s decision to cut supply and boost prices: We’ll take it, but we don’t need it.

World Oil launches 2018 year-end drilling survey while entering 93rd year of forecasting history

Attention operators! World Oil has launched its 2018 year-end drilling survey, and we need your input to make the upcoming World Oil first-of-year Forecast a success.

OPEC agrees on larger-than-expected production cut

OPEC finally broke an impasse over production curbs, agreeing on a larger-than-expected cut with allies after two days of fractious negotiations in Vienna.

Mexico's government promises refinery tenders by March

President Andres Manuel Lopez Obrador said on Sunday that Mexico would tender out the building of a refinery near the Dos Bocas oil port by March, part of his government’s plan to try to reduce the country’s gasoline imports.

Mongstad oil refinery evacuates 300 workers after gas leak

Equinor’s Mongstad oil refinery on Norway’s west coast evacuated 300 workers and halted part of its gasoline production following a leak, the company said.