Karoon Gas Australia Ltd., Melbourne, has completed its farmout of a 35% participating interest in its offshore Block Z-38 Tumbes basin permit to Tullow Oil PLC. Tullow has acquired the interest in return for funding 43.75% of the cost of the first exploration well, capped at $27.5 million, beyond which Tullow will pay its 35% […]
Study: Natural gas will play key role in energy future of US
Natural gas will continue to play a key role in America’s economic growth and overall energy future in the coming decades as the country makes a transition to a low-carbon economy, a study commissioned by the INGAA Foundation concluded. Source: News
EIA revises upwards its oil price forecasts for 2019-20
In its latest monthly Short-Term Energy Outlook, the US Energy Information Administration forecasts Brent spot prices will average $70/bbl in 2019 and $67/bbl in 2020, both about $5/bbl higher than in last month’s STEO. This compares with an average of $71/bbl in 2018. EIA’s higher Brent crude oil price forecast reflects tighter expected global oil […]
EIA: US crude inventories down 4 million bbl
US crude oil inventories for the week ended May 3, excluding the Strategic Petroleum Reserve, decreased by 4 million bbl from the previous week, according to data from the US Energy Information Administration. At 466.6 million bbl, US crude oil inventories are at the 5-year average for this time of year, the report indicated. […]
MARKET WATCH: Crude oil prices fall on geopolitical uncertainties
Light, sweet crude oil fell to settle below $62/bbl on the New York market May 7 while Brent crude oil fell by more than $1 to settle below $70/bbl in London after US officials suggested China was reneging on its commitment to a US-China trade agreement. Source: News
FAR lets contract for 3D seismic survey offshore Senegal
Shearwater GeoServices was let a contract to conduct a 3D seismic survey over SNE oil field offshore Senegal. The high-definition work is expected to improve reservoir definition in support of optimizing development well locations on the field. SNE joint venture partner, FAR Ltd., said the survey is schedule to begin in June as part of […]
Baker Hughes: International rig count climbs 23 units in April
The international rig count for April reached 1,062, up 23 units from 1,039 in March and up 84 units from 978 in April 2018, according to Baker Hughes data. The international offshore rig count for April was 251, up 4 units from 247 in March and up 57 units from 194 in April 2018. […]
OTC: Murphy group eyes appraisal of strike off Mexico
Murphy Oil Corp. and partners are considering the drilling of an appraisal well of their Cholula discovery in deep water offshore Mexico as well as two exploration wells on the same Salina basin block next year. Source: News
OTC: Keynotes address technology, carbon dioxide steps
Future advances in technology will help offshore oil and gas development compete with US shale plays, said one of two oil-company keynote speakers May 6 at the Offshore Technology Conference in Houston. Source: News
ENR acquires remaining Eagle Ford assets from PNR
Pioneer Natural Resources has closed on the sale of its Eagle Ford shale and remaining South Texas assets to Ensign Natural Resources. PNR will receive as much as $475 million in total proceeds, of which $25 million was received at closing and $450 million is contingent on future commodity prices. Source: News