Futures Markets
WTI in yet another record high
Crude oil prices jumped on Wednesday after the US Energy Information Administration reported that inventories dropped in the week ending 26 October.
The EIA said that crude oil stockpiles fell by 3.9 million barrels over the week to 312.7 million barrels, while gasoline inventories were up by 1.3 million barrels to 195.1 million barrels and distillates […]
Jura successfully drillis the Hasan 3 Well in Pakistan
Jura Energy Corporation announce the successful drilling of the Hasan 3 well in the Block 22 Gas Field which is located in the Central Gas Basin, Pakistan.
The well was drilled to a total depth of 1,022 meters to the Sui Main Limestone (“SML”) reservoir on time and within budget. The well was tested at a […]
PetroQuest to acquire five oil and gas wells in Ohio
PetroQuest Resources announces that Mountaineer Gas Transmission, Inc., its wholly owned gas and oil production subsidiary, has finalized the acquisition of 100% of the working interest in five gas and oil wells in Vinton County, Ohio, for the purchase price of $150,000.00.
These wells were placed under contract, subject to due diligence inspection and review, earlier […]
Schlumberger form JV with High Arctic Energy Services
Schlumberger has executed a joint venture agreement with High Arctic Energy Services Inc. for the purpose of providing underbalanced drilling (”UBD”) services and managed pressure drilling (”MPD”) services to the worldwide upstream oil and gas industry. The Joint Venture provides a global platform to rapidly develop the UBD and MPD businesses. Initially, the Joint Venture […]
Crude prices well off Monday’s highs
Crude oil prices were significantly lower Tuesday as they dropped from record levels.
West Texas Intermediate crude for December delivery dropped $3.15 to $90.38 per barrel by the close of floor trade on the New York Mercantile Exchange and fell even more after the close in electronic trading, to $89.90 per barrel, while Brent crude on […]
Lundin petroleum takes block in Cambodia
Lundin Petroleum has acquired a 34 percent interest in Block E, offshore Cambodia from Medco International Petroleum Ltd. (”Medco”), Kuwait Energy Company KSCC and JHL Petroleum Ltd. Completion of the transaction is subject to governmental approvals.
Block E covers 5,559 square kilometers and is located offshore Cambodia, in the Pattani Basin. The block contains several […]
BJSP awarded contract in Algeria
BJ Services Company announced it has been awarded a contract by a major operator to provide cementing and related engineering services in Algeria. The multi-million dollar contract was awarded to BJSP, a joint venture company comprised of ENSP, a division of the Algerian-based operator, and BJ Services. The scheduled programme of cementing services supports […]
Drilling riser contracts to Aker Kvaerner
Aker Kvaerner has signed contracts for the delivery of two complete drilling riser systems and associated equipment. The two customers are undisclosed. Total contract value is NOK 300 million.
The two drilling risers will come at a combined length of almost six kilometres. They will be manufactured and delivered out of Aker Kvaerner Subsea’s high […]
Another day of gains for crude oil
Crude oil prices were higher again on Monday on a falling dollar, continuing tensions between Turkey and Iraq, and worries about winter supplies.
In addition, Mexico’s state oil company, Pemex, said it would close 600,000 barrels per day of production due to storms.
West Texas Intermediate for December delivery added $1.67 to $93.53 per barrel at the […]
ODIM to acquire Ulsteinvik-based DIMO
ODIM has announced plans to acquire Ulsteinvik-based DIMO for NOK 36 million to strengthen after sales and service capacity within the organization.
The rapid growth of ODIM solutions on the global fleet of vessels over the past few years along with a strong order backlog support the strategic initiative of building a strong international network […]
PetroSouth acquires interest in Carbonera block
PetroSouth Energy Corp., an energy exploration and production company focused on high-impact energy prospects in Colombia, South America, acquires a 6% working interest in the 64,000-acre Carbonera Exploration and Exploitation Contract, and participation in three future exploration wells.
The 6% working interest was acquired for US $420,000 and other considerations from Omega Energy’s exploration block located […]
Total acquires three permits Northeast of Ichthys
Total announces the acquisition of a 40% interest in three exploration permits northeast of Ichthys on the Australian Browse Basin jointly with Inpex (60%, operator). These interests were held by ConocoPhillips. This acquisition is subject to the approval of the Australian authorities.
Covering a respective area of 1 628, 1 220 and 667 square kilometres, Blocks […]
New Nigeria attack helps send oil higher
Crude oil prices jumped again Friday as geopolitical factors affecting or potentially affecting oil production just will not resolve and as the dollar weakened again.
Besides continuing worries about the situation between Turkey and Kurdish rebels in northern Iraq and new sanctions by the US against Iran, rebels launched another attack against an oil facility in […]
StatoilHydro signs Shtokman agreement with Gazprom
StatoilHydro has signed a frame agreement with Gazprom to become partner in the Shtokman development, phase 1.
The agreement gives StatoilHydro a 24% equity interest in Shtokman Development Company where Gazprom (51%) and Total (25%) are the two other partners.
Shtokman Development Company will be responsible for planning, financing and constructing the infrastructure necessary for the […]
Lundin confirms oil discovery in Norway
Lundin Petroleum AB (Lundin Petroleum) announces that the wholly owned subsidiary Lundin Norway AS (Lundin Norway), operator of production licence 338, (PL 338) offshore Norway, has concluded the exploration well 16/1-8.
The objective was to prove petroleum in the Luno prospect in Jurassic reservoir rock. Light oil was proven in a clastic (sandstone) reservoir of […]
Scomi secures contract in Turkmenistan
Scomi Group Bhd (”Scomi”) which is listed on the Main Board of Bursa Malaysia has secured a contract valued at approximately RM157 million in Turkmenistan for the provision of ntegrated services in Drilling Fluids (”DF”) and Drilling Waste Management (”DWM”) . The scope of the contract includes the provision of mud chemicals, mud engineering […]
Brent, WTI each add over $3 per barrel
Crude oil prices rose to new highs on Thursday as the President of Turkey threatened more attacks on Kurdish-controlled northern Iraq and as the George Bush administration in the United States imposed new sanctions on Iran and officially labeled the Iranian Revolutionary Guard as a weapons of mass destruction proliferator.
In addition, traders were reacting to […]
Gulf Western spuds fourth Frio well
Gulf Western Petroleum Corporation has been advised by the Operator that the drilling rig is on location at the Red Breast No. 1 drill site, and that the Red Breast No. 1 will spud today.
After obtaining the log results from the first three wells, Gulf Western increased its position in the Shamrock Project in […]
Antrim updates Causeway drilling program
Antrim Energy Inc. announces that the fourth and final well in its 2007 extended Causeway drilling program, has been successfully drilled and will be cased. As previously announced, the well, 211/22a-9, was drilled to provide pressure support to the future oil producers (22a-6 & 22a-7A) in the Central Causeway area.
The well was drilled to […]
SPC acquires China Oilfields
Singapore Petroleum Company Limited (SPC) has completed its US$223million (about S$334.5million) Bohai Bay acquisition (Bohai).
Bohai is now SPC’s largest producing asset. It is also its second asset in China and its eighth exploration and production asset.
Bohai aligns with SPC’s long-term strategy to grow its business through upstream activities, and to tap the vast […]