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Latest Headlines

Corruption scandal costs Petrobras $16.8 billion write-down
Petroleo Brasileiro has revealed the massive corruption scandal revealed last year has resulted in a loss mainly due to asset impairment charges....

Oil and gas operations at risk of cyber attack
(4/26/2015) Lockheed Martin has revealed that oil and gas platforms across the Middle East are vulnerable to cyber attacks with the potential of real damage...
Blackfeet Nation calls for cancellation of Glacier National Park leases
(4/26/2015) The Native American Blackfeet Nation has petitioned the US Interior Department to cancel all remaining oil and gas leases and forego others...

USGS study shows wastewater injection triggers few earthquakes
(4/26/2015) The US Geological Survey has released a preliminary set of models to forecast how hazardous earthquakes could be in the areas with seismicity...

Saturn set to drill Saskatchewan Bannock Creek well
(4/26/2015) Saturn Minerals has been granted a permit and license to drill its first oil exploration well at its Bannock Creek Property in eastern Saskatchewan...

Midwestern deepening & sidetracking Nigeria's Umusadege well
(4/26/2015) Mart Resources has advised the operator of the Umusadege Field onshore Nigeria is deepening the borehole and will drill a sidetrack to the well...

Origin at TD with gas shows in Western Australia Irwin-1 well
(4/26/2015) Australian Worldwide Explorations has reported the onshore Irwin-1 exploration well in the Perth Basin has reached total depth at 4,049 meters...

Libya shuts down El Feel oilfield again
(4/26/2015) Libya's National Oil Corporation has once again shutdown the El Feel oilfield in the southwestern part of the country in Libya's Murzuq Basin...

Gazprom Neft to double Russian Arctic Prirazlomnoye Field output
(4/26/2015) The Gazprom Neft oil unit of Gazprom expects to double its oil production this year from Russia's only producing Arctic offshore field, Prirazlomnoye...

ASEAN call for China to halt South China Sea land reclamation unsupported
(4/26/2015) Philippine Foreign Minister Albert del Rosario failed to garner support from the Association of Southeast Asian Nations foreign ministers meeting...

Leak suspends production from 4 Petrobras platforms
(4/26/2015) Petroleo Brasileiro has temporarily halted output from four production platforms off northeastern Brazil in the Camorim Field due to an oil leak...

No new drilling in Ghana-Cote d'Ivoire disputed waters
(4/26/2015) The United Nations International Tribunal for the Law of the Sea has ruled that Ghana can continue developing present oilfields in disputed waters...

US working rotary rig count down another 22 rigs
(4/24/2015) Baker Hughes has reported another 22 rigs idled from the United States fleet of working rotary rigs this week for a total loss of 879...

Schlumberger taking 50% stake in Spectrum's Pelotas MC 2D off Brazil
(4/24/2015) Spectrum has concluded an agreement with Schlumberger providing 50% ownership of its Pelotas multi-client 2D seismic program offshore Brazil...

Gardline CGG taps down Gippsland 2D infill shoot
(4/24/2015) Gardline CGG has concluded its Gippsland 2D infill survey offshore Victoria, Australia during which it also acquired multibeam bathymetry...

KrisEnergy drilling Rayrai-1 exploration well in Thai Gulf
(4/24/2015) KrisEnergy has advised the Key Gibraltar jackup drilling rig is drilling the Rayrai-1 exploration well in the Gulf of Thailand in Block G10/48...

Oklahoma earthquakes attributed to oil industry wastewater injection
(4/24/2015) The Oklahoma Geological Survey has said it is very likely the majority of earthquakes in the state are caused by subterranean injection of wastewater...

Sound drilling 2nd Nervesa well in Italy's Veneto area
(4/24/2015) Sound Oil has commenced drilling operations at its second development well on its Nervesa Field in the Carita Block onshore the Veneto Region...

BOP problem suspends Premier's Isobel Deep offshore Falklands
(4/24/2015) Falkland Oil & Gas Limited has reported the Isobel Deep exploration well being drilled offshore the Falkland Islands has been suspended...

MOL acquiring Ithaca Norge & 14 Norwegian licenses
(4/24/2015) Magyar Olaj-es Gazipari, the Hungarian national oil company, is acquiring 100% ownership in Ithaca Petroleum Norge from Ithaca Petroleum...
 For more headlines, select from OGI Departments at top left
From the Editor

Coping with long-term low oil prices

Dev George
Managing Editor

It's not over yet. There has been a rebound in oil futures lately, but virtually all analysts maintain that this brief price build will not last. In fact, many price pundits say the recovery could be on the horizon but that the horizon is simply too far from here to expect any real change in the industry and that such a change is going to take a major reversal in policy and action by the Organization of Petroleum Exporting Countries (OPEC) and Saudi Arabia in particular...⇒⇒⇒
Latest Editorials
Oil/Gas Prices & Analysis
Week's trade closes with all benchmarks higher

(4/24/2015) Trade at both the Intercontinental Exchange (ICE) in London and the New York Mercantile Exchange (Nymex) ended the week with all of our monitored benchmarks higher for the week although West Texas Intermediate closed out the day lower as traders sold down a bit on continuing concerns about the seemingly relentless growth in crude stocks...⇒⇒⇒
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