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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 »

ROV
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WATCH: Building a Typhoon MK2 ROV

April 24, 2016

A time-lapse video above shows Total Marine Technology (TMT) building its Typhoon MK2 remotely operated vehicle (ROV) in Bibra Lake, Western Australia. TMT is an Australian-based designer and manufacturer of work class ROVs and intervention tooling for the offshore drilling and production industry. There are two types of Typhoon MK2 ROVs. The Typhoon MK2, capable… Continue Reading »

Career outlook
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Kimmeridge Limestone Projects Could Generate up to 5,600 jobs in the UK

April 24, 2016

Future Kimmeridge Limestone oil production projects over the UK’s Weald Basin could generate between approximately 1,000 to 5,600 jobs in the UK per year on average during their lifetime, according to a report from advisory services firm EY, which was commissioned by UK Oil & Gas Investments plc. The report predicts that the gross value… Continue Reading »

Exploration
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Norway’s Oil Firms, Unions Seek Opening of Arctic Islands to Exploration

April 21, 2016

Oil firms and trade unions in Norway made a joint call on Monday for the opening of a pristine Arctic archipelago to oil exploration as soon as possible to counter an expected decline in offshore production. Oil exploration off the Lofoten islands has been suspended for the life of the current minority government since it… Continue Reading »

Exploration
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Hurricane Energy Finds New Investor to Finance North Sea Exploration

April 20, 2016

Hurricane Energy has found a new investor in private equity fund manager Kerogen Capital which is injecting 44.1 million pounds ($62 million) into the company for a nearly 30 percent stake, showing some rare appetite in oil deals amid weak prices. The share placement is also raising another 8 million pounds from existing shareholders Crystal… Continue Reading »

Energy Industry
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Oil Pares Drop as Kuwait Worker Strike Counteracts Doha Failure

April 20, 2016

Oil narrowed a decline as a labor strike in Kuwait cut output for a second day, counteracting the failure of producing nations to reach an output-freeze agreement in Doha. Kuwait was seeking to restore crude production as thousands of oil workers stayed off their jobs for a second day in a strike that’s slashed the… Continue Reading »

Exploration
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Egypt to Launch New Oil Exploration Round Next Week

April 19, 2016

Egypt plans to launch a new oil exploration round next week, offering 11 blocks in the Western desert and the Gulf of Suez, Petroleum Minister Tarek al-Molla said on Tuesday. He said that Egypt also plans to launch two gas exploration rounds this year. Egypt, which used to be a net energy exporter, has become… Continue Reading »

Energy Industry
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Marathon Oil Signs Deals To Sell $950M Of Assets

April 13, 2016

Marathon Oil Corporation said on Monday it had signed agreements to sell non-core assets for $950 million, bringing its total sales through divestitures to about $1.3 billion since last August. The oil and natural gas producer, which did not identify the buyers, said it will divest all of its Wyoming upstream and midstream assets for… Continue Reading »

Drilling
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Gas Drillers Go Rigless As Price Collapse Heralds Austerity Era

April 10, 2016

Natural gas producers are finally realizing that the age-old adage is true: If you find yourself in a hole, stop digging. Explorers have idled drilling equipment at historic rates — a drop in prices has resulted in the fewest rigs in at least three decades searching for new output. Southwestern Energy Co., the third-largest U.S…. Continue Reading »

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