TGS adds U.S. unconventional log databases from Petrophysical Solutions

TGS adds U.S. unconventional log databases from Petrophysical Solutions

TGS announced the purchase of all U.S. onshore petrophysical log database and associated intellectual property from Petrophysical Solutions, Inc. TGS announced the completion of a new multibeam and coring program covering over 213,0000 square kilometers. The Liberia Petroleum Regulatory Authority (LPRA) has announced the launch of the next licensing round, expected to commence in April 2020. TGS announced that it has completed the sale of one of its seismic datasets to OGCI Climate Investments. Company announced the commencement of its 2020 South Halfway 3D onshore seismic survey. These petrophysical interpretations, derived from well log and core analysis relationships in approximately...

BP reshapes its UK North Sea portfolio with $625 million asset sale

BP reshapes its UK North Sea portfolio with $625 million asset sale

BP has agreed terms to sell its interests in the Andrew area in the central UK North Sea. New cross-industry consortium to make enhanced recycling of polyester plastics a commercial reality. BP announced that its recent three-well drilling campaign offshore Mauritania. Company has also non-operating interest in the Shearwater field. BP and Reliance Industries Limited (RIL) today signed a definitive agreement relating to the formation of their new Indian fuels. Leading global energy business migrating all data and its 900 key applications. BP and Bunge announce the completion of a new joint venture. BP operates the Andrew assets comprising the...

Permian pipeline competition accelerates as capacity exceeds supply

Permian pipeline competition accelerates as capacity exceeds supply

Five new oil pipelines are set to open in the Permian Basin through 2021, expanding a gap between production. The approach of Hurricane Dorian toward Florida also raised fears that offshore U.S. crude producers may slow output if the storm passes into the Gulf of Mexico. Limited natural gas pipeline takeaway capacity in the region has kept prices very low or negative in recent months. It takeaway capacity that’s already spurring midstream rate cuts and could mean cutthroat competition ahead. Planned crude oil pipeline projects may result in a “moderate overbuild” of Permian Basin crude oil capacity. The United States...

OPEC output falls as Gulf nations step up delivery of oil cuts

OPEC output falls as Gulf nations step up delivery of oil cuts

OPEC’s output declined last month as several Persian Gulf producers. OPEC+ will adjust its output target and redistribute production cuts. The implementation of cutbacks aimed at balancing global oil markets. Oil production in the US has continued to expand. The energy ministers of Saudi Arabia and Russia called on all producers. It have been hearing resounding calls of all the players. OPEC will supply a diminishing amount of oil in the next five years. OPEC and other producers including Russia are in final talks for an agreement. Saudi Arabia, Iraq and the United Arab Emirates reduced production in December. The...

Noble Energy’s first gas from Leviathan comes in $150M under budget

Noble Energy’s first gas from Leviathan comes in $150M under budget

Noble Energy announced the commencement of natural gas production from the Leviathan field. Company announced the commencement of natural gas production from the Leviathan field. It is the largest natural gas field in the Eastern Mediterranean. The stock exchange move will allow to leverage Nasdaq’s cutting-edge technology. The review was concluded with the sale of essentially all of the Company’s remaining U.S. onshore midstream interests. Basin and Delaware Basin well costs have been reduced a further $500 thousand per well. The pipeline will be used to transport natural gas volumes into Egypt under the Company’s gas supply agreements. “This is...

McDermott in talks with lenders to file bankruptcy

McDermott in talks with lenders to file bankruptcy

McDermott International shares fell for a second day after reports that the company is negotiating. Project team remains focused on safety and quality performance. McDermott’s Lummus Technology will upgrade existing unit for production of higher value products utilizing Indmax FCC. Technology award for Next Wave Energy Partners, LP grassroots alkylate production facility in Pasadena, Texas. The lenders ahead of a bankruptcy filing that could come within weeks. Chiyoda International Corporation and Zachry Group announced the beginning of commercial operation of Train 1 by owner Freeport LNG Development. The Company expects to utilize the amounts available under Tranche B to continue...

Russia’s energy minister says OPEC+ cuts can’t last forever

Russia’s energy minister says OPEC+ cuts can’t last forever

OPEC+ output cuts have stabilized the global oil market but can’t last forever. OPEC+ will adjust its output target and redistribute production cuts between its members under pressure. Oil production in the US has continued to expand and now stands at a record level of 12.9 million barrels a day. The uncertainty persists over the future of the agreement beyond March. It have been hearing resounding calls of all the players that they are determined not to allow. The energy ministers of Saudi Arabia and Russia called on all producers to comply with oil output cuts under an OPEC-led supply...

Exxon expands Eastern Mediterranean offshore holdings

Exxon expands Eastern Mediterranean offshore holdings

ExxonMobil has secured more than 1.7 million acres for exploration offshore Egypt. Increases polyethylene plant production capacity by 65 percent or 650,000 tons-per-year. It acquires more than 1.7 million acres offshore Egypt. Mako-1 well is located southeast of the Liza field on the Stabroek Block, which began producing oil Dec. 20, 2019. Production for Liza Phase 1 to reach full capacity of 120,000 barrels of oil per day in the coming months. ExxonMobil issued the statement in response to the verdict from the Supreme Court of the State of New York. It look forward to working with the government and...

Federal Reserve Bank of Dallas: Texas oil sector contracting amid ‘challenging’ conditions

Federal Reserve Bank of Dallas: Texas oil sector contracting amid ‘challenging’ conditions

Energy sector activity dipped again in the fourth quarter, according to executives responding to the Federal Reserve Bank of Dallas Energy Survey. The Federal Reserve Bank of Dallas has appointed Von Washington to its El Paso Branch board of directors. The Federal Reserve Board of Governors has appointed Claudia Aguirre of Houston to the Federal Reserve Bank of Dallas board of directors. The contraction of the oil and gas industry in and around Texas continued in the fourth quarter as shale producers cut back on spending and jobs. Texas emits more carbon dioxide gas than any other state but is...

TGS completes new multibeam and coring program in Brazil’s Campos and Santos basins

TGS completes new multibeam and coring program in Brazil’s Campos and Santos basins

TGS announced the completion of a new multibeam and coring program covering over 213,0000 square kilometers in the Campos. TGS announced that it has completed a transaction to purchase over 800 square miles of onshore 3D seismic surveys. TGS, in partnership with AustinBridgeporth, has been granted exclusive rights to acquire the world’s highest resolution gravity imagery. This study, known as a SeepHunter campaign, includes the results of 342 conventional cores. The Liberia Petroleum Regulatory Authority (LPRA), has announced the launch of the next licensing round, expected to commence in April 2020. TGS announced that it has completed the sale of...