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Latest Headlines

Oil prices soar on biggest 1-day gain in 6 years
(8/28/2015) Oil futures traders across the globe kicked off today's trade by building on yesterday's record rally that sent crude oil futures to more than six-year highs...

High Arctic winds & waves halt Shell's Chukchi Sea drilling
(8/28/2015) The Shell Offshore unit of Royal Dutch Shell has advised it has temporarily suspended its drilling operation offshore Alaska in the Chukchi Sea...

UIL to shoot 2D survey over 3 Western Australia permits
(8/28/2015) UIL Energy is gearing up to undertake a 2D seismic acquisition across three permit areas in Western Australia's onshore Perth Basin...

Buru's Western Australia Praslin-1 penetrates 23 meters of oil pay
(8/28/2015) Buru Energy has advised that wireline logs have been run in its Praslin-1 exploration well in Western Australia's Canning Basin EP391 permit area...

Independent Oil & Gas wins Skipper & Blythe license extensions
(8/28/2015) Independent Oil & Gas has received UK Oil & Gas Authority approval for extension of its Skipper license P1609 and Blythe license P1736...

Multi-client 2D seismic set for Canada's Baffin Bay and Davis Strait
(8/28/2015) The Canadian National Energy Board has approved an application to acquire 2D seismic data in the Arctic waters offshore eastern Canada...

KRG allocates revenue from oil sales to pay IOCs
(8/28/2015) The Kurdistan Regional Government's Ministry of Natural Resources has reported that US$75 million to $100 million has been allocated for payment...

Chiyoda & Ezra to form Emas Chiyoda joint venture
(8/28/2015) Chiyoda Corporation and Ezra Holdings have concluded a binding memorandum of understanding to form Emas Chiyoda Subsea...

Eight less rigs in this week's US working rotary rig count
(8/28/2015) Baker Hughes has reported the working rig count for the United States fell by eight rigs this week to a total of 877, which is 1,037 rigs less than last year...

Statoil given go-ahead to drill North Sea Sigrun East Prospect
(8/28/2015) The Norwegian Petroleum Safety Authority has consented to Statoil drilling of an exploration well in the Norwegian sector of the southern North Sea...

Initial rates from LGO's Trinidad Goudron Field Pad-5
(8/28/2015) LGO has advised that production testing is underway on wells GY-676 and GY-677, the second and third wells drilled on Pad-5 in its Goudron Field...

Semi West Venture ends Statoil charter after 15 years
(8/27/2015) North Atlantic Drilling Ltd has advised that its semisubmersible drilling rig West Venture has completed its contract with Statoil offshore Norway...

CNOOC returns to waters disputed with Vietnam to drill again
(8/27/2015) China National Offshore Oil Corporation has brought its semisubmersible drilling rig Hai Yang Shi You 981 back to waters not far from Vietnam...

Surge puts 4 Upper Shaunavon wells onstream in Saskatchewan
(8/27/2015) Surge Energy has completed and placed on production four wells drilled in June and July at its Upper Shaunavon lease in southwestern Saskatchewan...
Shell declares force majeure again on Nigeria's Bonny Light
(8/27/2015) Just days after lifting force majeure on its Forcados crude oil stream in Nigeria, Shell Petroleum development Company has declared force majeure...
Seadrill pushes back delivery of 2 drillships & 8 jackups
(8/27/2015) Seadrill has delayed the delivery of two drillships being built at Samsung Heavy Industries and of eight jackup drilling rigs from Dalian Shipbuilding...

Pilot Energy to complete 3D seismic off Western Australia by May 2017
(8/27/2015) Pilot Energy has been given a transitional work program variation for its offshore exploration permit off Western Australia extending the period...

Statoil granted permit to drill North Sea Gasol/Gretel Prospect
(8/27/2015) The Norwegian Petroleum Directorate has issued a drilling permit to Statoil for a wildcat well to be drilled in the Norwegian central North Sea...

Cue given extra year to complete WA-359-P 3rd year work commitment
(8/27/2015) Australia's National Offshore Petroleum Titles Administrator has approved Cue Energy Resources' application for a suspension of Permit Year 3...

Tap Oil awarded shallow water Myanmar Moattama Basin PSC
(8/27/2015) Tap Oil has commenced operations in Myanmar with the award of a production sharing contract in the Moattama Basin shallow water...

Total selling interest in North Sea gas pipelines & Fergus terminal
(8/27/2015) Total is selling its interests in the Frigg UK Pipeline and the Shetland Island Regional Gas Export System and its stake in the St Fergus Gas Terminal...

GeoPark makes small light oil discovery in Colombia
(8/27/2015) GeoPark has reported a new oilfield discovery with its Chachalaca-1 exploration well in the Llanos 34 Block in Colombia's Llanos Basin...

Saudi Aramco contracts McDermott for brownfield work off Saudi Arabia
(8/27/2015) McDermott International has been awarded a lump sum contract by Saudi Aramco for brownfield work in various fields offshore Saudi Arabia...

CGG delivers data management solution for Norway's Diskos database
(8/27/2015) CGG's E&P data management solution for the seismic, well, and production modules in Norway's national data repository, is now in production...

ONGC submits field development plan for KG-D5 offshore India
(8/26/2015) India's Oil and Natural Gas Corporation has submitted a draft field development plan to regulator Directorate General of Hydrocarbons...

UK Horse Hill licenses in SE England OIP put at 10.9 billion bbl
(8/26/2015) Schlumberger has found there are some 10.99 billion bbl of oil in place within the Horse Hill licenses in the Weald Basin of southeast England...

Shell scores discovery off Australia in Browse Basin
(8/26/2015) Shell Development Australia has made a hydrocarbon discovery offshore northern Western Australia in the Ashmore Cartier area of the Timor Sea...

Mexico improves terms for next phases of licensing Round 1
(8/26/2015) Mexico's Comision Nacional de Hidrocarburos has tweaked the terms for the upcoming phases of its licensing Round1 to improve participation...

Maersk seeking UK OGA okay to shutdown Janice FPU
(8/26/2015) Maersk Olie og Gas' UK subsidiary, Maersk Oil UK, has revealed it intends to obtain permission from the UK Oil & Gas Authority to shutdown...

Shell spuds Portrush exploration well in Norwegian Sea
(8/26/2015) Faroe Petroleum has reported Norske Shell has commenced drilling operations on the Portrush exploration well in the Norwegian Sea...

Circle plugging & abandoning Ksiri South well onshore Morocco
(8/26/2015) Circle Oil is following the plugging and abandoning of its NFA-1 exploration well in Morocco by plugging and abandoning its latest well in the Sebou Block...

Midwestern completing & flowtesting Umusadege producer in Nigeria
(8/26/2015) Mart Resources has reported Nigeria's Umusadege Field operator, Midwestern Oil & Gas, has reached total depth in its UMU-14 horizontal well...

JX Nippon farming into Foz do Amazonas block off Brazil
((8/26/2015) JX Nippon Oil & Gas Exploration's Brazilian subsidiary is farming into a block in Brazil's Foz do Amazonas Basin with the Ecopetrol do Brasil...

Siemens to provide 10 compressor trains for Magnolia LNG
(8/26/2015) Siemens has been contracted for the initial ten compressor trains for the Magnolia LNG Project being developed at Port of Lake Charles, Louisiana...

Brazil's ANP approve 22 more bidders for 13th licensing round
(8/26/2015) The Brazilian government's petroleum industry regulator Agencia Nacional do Petroleo has added another 22 companies to those approved to participate...
 For more headlines, select from OGI Departments at top left
From the Editor

Oil price collapse has world petroleum industry contracting

Dev George
Managing Editor


Everyone is well aware that the price of oil has plummeted to historic lows not seen since the 2009 global financial crisis, with North Sea Brent barely above US$45/bbl and West Texas Intermediate (WTI) trying to stay above $40/bbl, almost a third their prices at peak last year. Most know, by this time, that there are two major causes for this collapse in crude prices, the phenomenal growth in shale oil production in the United States and...⇒⇒⇒
Latest Editorials
Oil/Gas Prices & Analysis
Prices keep climbing in pre-weekend short coverings

(8/28/2015) Today was a continuation of yesterday at London's Intercontinental Exchange (ICE) and the New York Mercantile Exchange (Nymex) with traders intent on closing out the week with a further buying rally of short coverings that sent crude futures even higher by an average of US$2.52/bbl on those crudes among our monitored benchmarks that were reported, making this the largest two-day rally in more than six years....⇒⇒⇒
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