Business/economics
Proposed and final notices of sale represent nearly 80 million acres in the Gulf of Mexico and approximately 1 million acres in Alaska’s Cook Inlet.
The US and UK sanctioned Russian independent Lukoil International and state-owned Rosneft in a bid to pressure Russia over Ukraine.
Ranger acquires American Well Services for $90.5 million, adding 39 workover rigs and boosting its fleet by 25%.
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Strong US production growth and rising oil prices no longer look incompatible. With a lot less oil in storage, the production is needed to meet growing demand and cover the cost of added output. -
The third edition of the OTC Asia conference recognized several companies and individuals for technological achievements.
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A pair of Permian pure-play operators are consolidating to form a regional drilling and production powerhouse.
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The largest lease sale in the history of the area attracts $139 million in total bids, a $2 million increase over the previous lease sale held last August.
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A new report from Oil & Gas UK explains how the UK North Sea is showing signs of life, but warns that new exploration investment will be necessary to avoid another production downturn.
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The chief upstream strategist of IHS Markit said in a recent presentation that oil exploration must improve its ability to deliver value and better communicate that value to the financial community. New ways of thinking about exploration opportunities are needed.
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Statoil’s board of directors proposed to change the name of the company to Equinor as of 16 March. The name change is intended to support the company’s strategy and development as a broad energy company.
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Pioneer shut in 8,000 BOE/D production in its West Panhandle field in Texas on 6 March due to a compression station fire. No injuries occurred. Planning to use idle compressors, production is expected to restart later this month or in early April.
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The cost cuts made during the downturn and the recent increase in oil prices have led to some global offshore projects becoming economically viable. Norway is leading the comeback.
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Partnerships are proving key in developing and sustaining big offshore projects internationally, with Eni now teaming with ADNOC off Abu Dhabi and farming out another stake in the Zohr gas field off Egypt.
