• Mathur named CEO of Cairn Oil & Gas
    on December 15, 2017 at 4:46 pm

    Sudhir Mathur, formerly acting chief executive officer and chief financial officer of Cairn India, which parent Vedanta Ltd. now calls Cairn Oil & Gas, has become chief executive officer.&nbs […]

  • MARKET WATCH: North Sea pipeline outage supports crude prices
    on December 15, 2017 at 4:11 pm

    Oil prices rose modestly on the New York market Dec. 14, which analysts attributed to a pipeline outage in the North Sea, noting that price gains appear to be capped by recent production forecasts. The time frame for a restart of the Forties Pipeline System remains uncertain. The system was shut for repairs after a hairline crack was discovered on the onshore portion of the line. […]

  • Barclays: Global recovery of upstream spending remains intact
    on December 14, 2017 at 6:39 pm

    Global recovery of upstream spending remains intact, albeit at a measured pace that isn’t likely to materially tighten many global oil field service and equipment markets, according to the 33rd annual Barclays E&P Spending Survey. […]

  • WoodMac: Upstream companies shift to ‘thrive’ in 2018
    on December 14, 2017 at 6:05 pm

    Oil and gas companies are set to enter 2018 in their best shape since oil prices collapsed. In its 2018 Upstream Outlook, global natural resources consultancy Wood Mackenzie believes many will now focus on demonstrating they can thrive in a low-price environment. […]

  • World Bank to stop upstream oil and gas financing after 2019
    on December 14, 2017 at 5:06 pm

    The World Bank Group (WBG) reported it plans to stop financing upstream oil and gas projects in developing countries to help implement the 2016 Paris climate agreement’s goals. Exceptions will be considered where there is a clear energy access benefit for the poor and the project fits within the countries’ Paris agreement commitments, it said on Dec. 12 during the One Planet Summit in Paris. […]

  • MARKET WATCH: Brent, NYMEX crude prices drop
    on December 14, 2017 at 4:54 pm

    Oil prices settled lower Dec. 13 on markets in New York and London but held steady on Dec. 14 after the International Energy Agency said US supply is growing faster than expected. IEA’s forecast came after the US Energy Information Administration said US oil production reached 9.78 million b/d for the week ended Dec. 8.&nbs […]

  • Cenovus budgets for more cost, payroll cuts
    on December 14, 2017 at 4:21 pm

    Cenovus Energy Inc. is combining executive jobs and planning a 15% workforce cut in 2018 under a little-changed budget focusing on cost and debt reduction. It plans to invest $1.5-1.7 billion (Can.) in 2018, compared with an expected $1.55-1.65 billion this year. […]

  • EIA STEO: Global liquids supply to rise 2.1 million b/d in 2018
    on December 13, 2017 at 5:37 pm

    Production of crude oil from the Organization of Petroleum Exporting Countries averaged 32.5 million b/d in 2017, a 200,000-b/d decrease from 2016 levels, and OPEC oil production will average 32.7 million b/d in 2018, according to the US Energy Information Administration’s latest Short-Term Energy Outlook. […]

  • Atlantic Coast Pipeline gets Virginia water permit, but with delay
    on December 13, 2017 at 4:59 pm

    Virginia’s water control board has approved a water quality certification for the proposed Atlantic Coast natural gas pipeline in a 4-3 vote on Dec. 12, but it was not effective immediately. The commonwealth’s Department of Environmental Quality plans to complete additional studies dealing with soil and erosion control and stormwater management plans first, a DEQ spokesman said after the vote. […]

  • OPEC production fell in November from October
    on December 13, 2017 at 4:33 pm

    The Organization of Petroleum Exporting Countries raised its production forecast for non-OPEC oil output, particularly from US unconventional plays for 2017-18. The cartel also said its November oil production, as estimated by secondary sources, averaged 32.45 million b/d, a drop of about 133,000 b/d from October.&nbs […]

  • MARKET WATCH: Crude prices drop after brief rally on Forties news
    on December 13, 2017 at 4:14 pm

    Oil prices declined Dec. 12 on markets in New York and London after a rally on news of the shutdown of a key European pipeline system that transports primarily oil but also some natural gas. […]

  • US House bills introduced aimed at easing LNG exports
    on December 12, 2017 at 9:08 pm

    A pair of bills have been introduced designed to facilitate US exports of LNG. H.R. 4605 would let exporters begin shipments after completing the US Federal Energy Regulatory Commission’s review process instead of requiring them to wait for US Department of Energy approval. H.R. 4606 would codify DOE’s efforts to begin exports of small volumes of LNG to Caribbean and Central and South American countries. […]