Siccar Point Energy has spudded an exploratory well on its Blackrock prospect 140 km northwest of the Shetland Islands between undeveloped Cambo and Rosebank oil fields. Main reservoir targets are Tertiary Colsay and Upper Jurassic sands on the Corona Ridge intrabasinal high shared by Cambo and Rosebank. Siccar Point describes the structural feature as surrounded […]
Rystad: Oil service market to remain depressed until 2025
It won’t be until 2025—11 years after the last peak—that global service market revenues again will make it back to the $920-billion mark seen in 2014, according to a recent report from Rystad Energy. “This will be the longest slump faced by the oil field services industry since the 1980s, with about $2.3 trillion in […]
Imperial’s Aspen oil sands project delayed by year or longer
Imperial Oil Ltd. said its recent decision to slow development of its Aspen in situ oil sands project will delay the project’s expected production start by at least a year given the limited winter drilling and site preparation season. The decision to slow activity was made given market uncertainty stemming from Alberta government intervention and […]
Neptune lets drilling contract for Norwegian North Sea wells
Neptune Energy Norge AS has let a drilling contract to CIMC Offshore AS to drill six wells in the Norwegian North Sea using the newbuild Beacon Atlantic semisubmersible rig, which will be managed by Odfjell Drilling AS. Source: News
Moler named Tallgrass president and COO
Bill Moler, chief operating officer of Tallgrass Energy LP, Leawood, Kan., has been promoted to president. David G. Dehaemers Jr. remains chief executive officer and Moler will retain his chief operating officer title. Source: News
MARKET WATCH: NYMEX crude oil settles above $59/bbl
Light, sweet crude oil for April delivery settled above $59/bbl, setting a 4-month record high Mar. 18 after the Organization of Petroleum Exporting Countries and other major producers discussed continuing current oil-production cuts through June. Source: News
Ithaca to operate Alon D license off Israel
Ithaca Energy Inc., a wholly owned Canadian subsidiary of Delek Group Ltd., Herzlia, Israel, will become operator of the Alon D exploration license offshore Israel under an agreement with Noble Energy Mediterranean Ltd. Noble, the current operator with a 47.059% interest, is withdrawing from the license. Source: News
Oil’s vulnerability
Vulnerability persists in an oil market that might be starting to feel comfortable. The price of West Texas Intermediate crude has gained $10/bbl since the recent low of $45/bbl last December. Source: News
Time to set sail anew
As the Jan. 1 deadline for implementing IMO 2020 regulations moves closer, most discussion has centered on three paths by which shippers might reach the new global 0.5% sulfur limits on maritime fuels: burning the cleaner fuel, installing exhaust scrubbers to continue to burn higher-sulfur fuel, or switching to LNG as fuel. Focus on these […]
Russian-Uzbek EOR JV named Andijanpetro
Andijanpetro LLC is the name of the joint venture formed by Zarubezhneft and Uzbekneftegaz to enhance recovery at three old oil fields in the Ferghana Valley of Uzbekistan. Source: News