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Petroleum

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Hilong wins first offshore lifting contract

June 20, 2016

Hilong Petroleum Offshore Engineering Co. Ltd. won a contract from TIMAS to provide a “Hilong 106” pipe-laying derrick barge to install jackets for the HCML Madura MDA – MBH offshore gas field development project jointly funded by China National Offshore Oil Corporation and Husky.This is Hilong’s first offshore lifting operation contract and also the first… Continue Reading »

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World oil reserves stable despite drop in investment: BP

June 9, 2016

The world’s oil reserves were unchanged in 2015 despite a sharp drop in investment and exploration after the collapse in crude prices, BP said in its benchmark industry report. Proven oil and gas reserves that can be technically pumped out of the ground typically fluctuate with oil prices as production becomes more or less economically… Continue Reading »

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Industry Optimistic about Iraq’s Petroleum Future

May 26, 2016

Oil and gas officials were optimistic about Iraq’s petroleum future, despite evident challenges, at the 10th Iraq Petroleum Conference, held in London. “Despite security and financial troubles, Iraq’s crude oil production has grown significantly over the last five years to reach a record of 4.7 million barrels per day in January 2016,” Salih Husain Ali,… Continue Reading »

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Platts China Oil Analytics: China oil demand contracted 1.6% year over year in March

May 12, 2016

China’s apparent oil demand* contracted by 1.6% in March 2016 from a year earlier to 11.11 million barrels per day (b/d), according to a just-released analysis of Chinese government data by S&P Global Platts, the leading independent provider of information and benchmark prices for the commodities and energy markets. Refinery throughput in March averaged 10.62… Continue Reading »

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Northern Petroleum provides production and development update

May 12, 2016

Northern Petroleum (AIM: NOP), the AIM quoted oil company focusing on production led growth, provides the following update regarding production and development in north west Alberta, Canada: net average oil production from 1 April up to and including 18 April was 449 barrels of oil per day (‘bopd’) regional trucking restrictions were imposed between 19… Continue Reading »

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Great Australian Bight May Generate $765M in N/T Exploration Spending

May 11, 2016

The Australian Petroleum Production & Exploration Association (APPEA) indicated Thursday that the development of a new oil province in the Great Australian Bight would deliver significant long-term economic benefits for Australia and South Australia. APPEA South Australia – Northern Territory Director Matthew Doman said hearings of the Senate Environment and Communications References Committee “Inquiry into… Continue Reading »

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Cambodia Terminates Petroleum Agreement for CPHL-Held Offshore Block D

May 10, 2016

Mirach Energy Ltd. referred Thursday to its annual report dated April 1, and full year results announcements dated Feb. 29 and March 23; as well as the announcement dated Aug. 6, 2015 in relation to Cambodia Offshore Block D (Block D), held by our associate company CPHL (Cambodia) Co. Ltd. (CPHLC). We had subsequent to… Continue Reading »

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Repsol Gets Nod for Varg Decommissioning

May 7, 2016

The Petroleum Safety Authority Norway (PSA) has granted Repsol a consent for the removal of Petrojarl Varg and subsea structures on the Varg field. Varg is an oil field in the North Sea, around 220 kilometres south-west of Utsira in Rogaland county. The field was developed using the Varg A wellhead facility, subsea structures and… Continue Reading »

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Midstates Petroleum, Ultra File for Bankruptcy Amid Weak Oil Price

May 5, 2016

Oil-and-gas producers Midstates Petroleum Co Inc and Ultra Petroleum Corp have filed for Chapter 11 bankruptcy protection, joining several companies that have been unable to meet debt obligations after a steep decline in energy prices. Oklahoma-based Midstates and Houston-based Ultra have a combined $5.8 billion in debt, according to court documents filed in Houston’s U.S…. Continue Reading »

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Lundin Petroleum acquires an additional 15 percent interest in the Edvard Grieg field

May 5, 2016

Lundin Petroleum AB (Lundin Petroleum) is pleased to announce that Lundin Petroleum and its wholly-owned subsidiary Lundin Norway AS (Lundin Norway) have entered into agreements with Statoil ASA (Statoil) and its wholly-owned subsidiary Statoil Petroleum AS (Statoil Norway) under which Lundin Norway will acquire Statoil Norway’s entire 15 percent interest in the Edvard Grieg field… Continue Reading »

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