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Perupetro, Searcher Seismic agree on offshore Peru multi-client campaign

Perupetro, Searcher Seismic agree on offshore Peru multi-client campaign

Searcher Seismic has reached agreement with Perupetro to produce four new multi-disciplinary projects. Peru plans to lower the royalty payments it receives from oil companies. Three foreign oil companies that had originally signaled interest in Peru’s biggest oil. Confident interpretation, regional reconstruction and play level evaluation will be delivered to participants. Peru’s state agency for...

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Alberta’s oil limits finally seem to be working

Alberta’s oil limits finally seem to be working

Alberta’s oil production curbs finally appear to be draining inventories, at least for now. The Alberta government’s move to cut corporate taxes from 12 to eight per cent. Alberta premier Jason Kenney offered his thoughts on the differing views between him and B.C. premier. Canada’s largest oil producers are calling on the Alberta government to...

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Aramco awards $18 billion in deals to boost capacity, despite OPEC pledge to restrict output

Aramco awards $18 billion in deals to boost capacity, despite OPEC pledge to restrict output

Saudi Aramco, the world’s largest crude exporter, awarded $18 billion in contracts. Saudi Aramco signaled its commitment to cutting edge technology. Saudi Aramco and Baker Hughes, a GE company signed a memorandum of understanding. Saudi Aramco is advancing its global chemicals growth strategy. Saudi Aramco and its affiliates signed 12 agreements with major South Korean...

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Oil supply to swamp demand, squeeze OPEC in 2020, IEA says

Oil supply to swamp demand, squeeze OPEC in 2020, IEA says

Global oil supplies will increase far more than demand next year. Crude is still up from about $40 a barrel a year ago and a 12-year low near $27. Opec agreed in November to cut output by about 1.2 million barrels a day. Even if its actions force an increase in prices, America’s frackers will...

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OPEC warns that trade tensions are hurting global oil demand

OPEC warns that trade tensions are hurting global oil demand

OPEC said that international trade tensions are hurting demand for oil. Members of the Organization of the Petroleum Exporting Countries are close to reaching an agreement on extending production cuts. On coming week the International Energy Agency will publish its first forecast of oil market balances in 2020. Iran has no plans to leave the...

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Equinor awards NOK700-million Johan Sverdrup contract to Kaefer Energy

Equinor awards NOK700-million Johan Sverdrup contract to Kaefer Energy

Equinor awards a contract for services within insulation, scaffolding and surface treatment (ISO). Equinor is investigating an oil spill at its Statfjord field in the North Sea. Equinor has resumed crude oil loadings from its Statfjord field. Equinor has still not identified the source of an oil spill. Sebastian Bringsvaerd, Equinor’s New Energy Solutions lead...

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Chevron beats earnings estimates with cuts to operating expenses

Chevron beats earnings estimates with cuts to operating expenses

Chevron beat analysts’ estimates for the first quarter. Chevron Corporation reported earnings of $2.6 billion per share. The Supreme Court of the Netherlands has ruled in favor of Chevron Corporation (NYSE: CVX). Chevron Corporation (NYSE: CVX) announced that it has entered into a definitive agreement with Anadarko Petroleum Corporation. Chevron Corporation (NYSE: CVX) announced expectations...

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Texas RRC Commissioners assess more than $589,500 in penalties

Texas RRC Commissioners assess more than $589,500 in penalties

The Railroad Commission of Texas assessed $589,537 in fines involving 199 enforcement dockets against the Commissioners’ conference. The Railroad Commission of Texas (Commission) issued a total of 933 original drilling permits in November 2018. Production for September 2018 as reported to the Railroad Commission of Texas (Commission) is 85,096,543 barrels of crude oil. The Railroad...

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Canadian heavy crude slips as pipeline rationing set to rise

Canadian heavy crude slips as pipeline rationing set to rise

Heavy Canadian crude prices widened to the biggest discount against New York futures this year. The securities watchdog in the Canadian province of British Columbia has said that it has no remit to regulate troubled crypto exchange QuadrigaCX. A Canadian collector is looking to get rid of the 55 Volkswagen buses he’s accumulated. Oil prices tumbled lower as...

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India set to hold third oil, gas block auction under new policy

India set to hold third oil, gas block auction under new policy

India’s Chennai Petroleum will stop processing Iranian crude oil from October. The price of oil has been on a roller-coaster ride over the past few years. The story of oil exploration in India began in the dense jungles. India announced a third round of auctions in a year for oil and gas blocks under a more liberal policy....

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