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ExxonMobil Corp. plans to produce natural gas for the Australian market by 2021 following a final investment decision to develop West Barracouta gas field in Bass Strait. The project, on the VIC/L1 Block offshore Victoria, is part of the Esso-BHP Gippsland basin joint venture.

Source Feed: Drilling and Production News
Categories: general interest, exxonmobil corp, exploration development, drilling production, companies

In its latest monthly oil market report, the International Energy Agency has revised its 2019 non-OPEC supply growth forecast down by 415,000 b/d to 1.5 million b/d, partly due to expected cuts from Russia agreed last week, and to lower growth in Canada. “By agreeing a cut of 1.2 million b/d, and additional output curbs in Canada, producers may go some way towards restoring balance to the world market,” IEA said.

Source Feed: Drilling and Production News
Categories: general interest, economics markets, drilling production, production operations

A subsidiary of CruzSur Energy Corp., Vancouver, BC, wants to test an old well near a recent technical discovery on the Maria Conchita block in the Department of La Guajira, Colombia. The subsidiary, MKMS Enerji Sucursal Colombia, is seeking modification to an environmental license that would allow it to test the Aruchara-1 well drilled by Texaco in 1980. MKMS operates the 60,076-acre block.

Source Feed: Drilling and Production News
Categories: drilling production, exploration development, drilling operations, production operations

The EIA released its weekly Natural Gas Storage Report today, outlining how national natural gas stocks have changed in the last week. In total, the EIA reports natural gas stocks fell by 77 Bcf last week, decreasing to 2,914 Bcf from 2,991 Bcf. This is 19.9% below the 3,636 Bcf that was in storage at this point last year and[Read More...] The post Weekly Gas Storage: Winter Draw Continues appeared first on Oil & Gas 360.

Source Feed: 360 Articles – Oil & Gas 360
Categories: 360 articles, closing bell story, natural gas news, natural gas roundup, natural gas storage, premium content

Oil production at Halfaya field in southern Iran increased to 370,000 b/d after start-up of a new processing facility, an official of Maysan province told Reuters. The field, operated by PetroChina, had been producing 270,000 b/d.

Source Feed: Drilling and Production News
Categories: drilling production, production operations

Light, sweet crude oil for the January contract dropped modestly to approach $51/bbl, settling at $51.15/bbl on the New York market Dec. 12 on concerns about the Organization of Petroleum Exporting Countries’ ability to make the production cut that it announced last week.

Source Feed: Drilling and Production News
Categories: general interest, economics markets, drilling production, government, production operations








WTI crude oil rose by nearly 3% while the Brent contract price edged upward by more than 2%.

Source Feed: Rigzone.com: Latest News Headlines





Oil traded below $52 a barrel after U.S. crude inventories slid less than expected and added to concerns that the OPEC+ coalition's output cuts won't be enough to avert a supply glut.

Source Feed: Rigzone.com: Latest News Headlines


The market could be quite tight in the first half of 2019 but oversupplied again by 2020.

Source Feed: Rigzone.com: Latest News Headlines

Saudi Arabia plans to slash exports to the world's largest oil market in the coming weeks in an effort to dampen visible build-ups in crude inventories.

Source Feed: Rigzone.com: Latest News Headlines

Iranian output down 380 MBOPD OPEC has released its Monthly Oil Market Report, outlining the cartel’s assessment of the state of the international oil industry. OPEC production fell slightly in November, dropping by 11 MBOPD to 32,965 MBOPD. Saudi, Kuwait, UAE add 493 MBOPD Most of the regions that increased production did so to balance out U.S. sanctions on Iran,[Read More...] The post OPEC Reports Production Fell in November as Iran Sanctions Bit appeared first on Oil & Gas 360.

Source Feed: 360 Articles – Oil & Gas 360
Categories: 360 articles, closing bell story, crude oil news, opec, premium content

In its latest Short-Term Energy Outlook (STEO), the US Energy Information Administration has revised its 2019 price forecasts for Brent and West Texas Intermediate to $61/bbl and $54/bbl, respectively, which are both $11/bbl lower than forecast in the STEO for November.

Source Feed: Drilling and Production News
Categories: general interest, economics markets, drilling production, government, production operations

Final draft of proposed rulemaking: new setback specifically addresses schools It’s been a little more than a month since a citizen-led proposal called Proposition 112 would have imposed a blanket 2,500-foot setback on just about all new oil and gas development on private and state land throughout Colorado. If the measure had passed, new drilling permits would have come to[Read More...] The post Setback Change is Winding its Way through the Colorado Oil & Gas Rulemaking Process appeared first...

Source Feed: 360 Articles – Oil & Gas 360
Categories: 360 articles, closing bell story, regulatory, cogcc, colorado, new rulemaking, new setback rule, oil and gas drilling, premium content, school setback

Cenovus Energy expects to allocate the majority of its planned 2019 budget of $1.2-1.4 billion to sustain base production at its Foster Creek and Christina Lake oil sands operations. The company also plans to complete construction of the Christina Lake Phase G expansion. With an approved design gross capacity of 50,000 b/d, production startup from the expansion is expected in second-half 2019.

Source Feed: Drilling and Production News
Categories: general interest, drilling production, unconventional resources, companies, production operations

Total and the Ministry of Petroleum, Energy, and Mines of Mauritania have signed an agreement awarding Total two exploration and production contracts for Blocks C15 and C31 deep offshore Mauritania, covering a 14,175-sq km area. Based on the contracts, Total will serve as operator of these two blocks with a 90% interest alongside SMHPM, which will hold the remaining 10%.

Source Feed: Drilling and Production News
Categories: exploration development, drilling production, drilling operations, production operations

Total SA reported on plans to begin its exploration campaign on the Guyane Maritime license, 150 km off French Guyana. Total’s objective on the license is to drill one last exploration well, following the five formerly drilled during 2011-13 to conclude definitively whether an exploitation phase is relevant.

Source Feed: Drilling and Production News
Categories: drilling operations, exploration development, drilling production



Marathon Oil Corp. reported an average 30-day initial production of more than 2,400 boe/d (84% oil) from a four-well Middle Bakken pad in the Ajax area of the Williston basin in Dunn County, North Dakota.

Source Feed: Drilling and Production News
Categories: general interest, drilling production, unconventional resources, companies, marathon oil corp, production operations

The EIA released its weekly Petroleum Status Report today, outlining how national oil and refined product stocks have changed in the last week. Crude oil stocks fell by 1,208 MBBL last week to 441,954 MBBL from 443,162 MBBL. This is nearly even with the 442,986 MBBL that was in storage at this point last year, and is 6% above the[Read More...] The post Weekly Oil Storage: Small Draw appeared first on Oil & Gas 360.

Source Feed: 360 Articles – Oil & Gas 360
Categories: 360 articles, closing bell story, crude oil cuttings, crude oil news, crude oil storage, premium content



Marathon Oil Corporation (stock ticker: MRO) reported that its four-well Middle Bakken pad at the Ajax area of Dunn County, North Dakota achieved an estimated average 30-day initial production (IP) rate of over 2,400 barrels of oil equivalent per day (84% oil). "Strong early results in Ajax mark another important step forward in our ongoing efforts to extend the core of[Read More...] The post Middle Bakken Core Extension 4-Well Pad Tests at 2,400 BOEPD appeared first on Oil & Gas 360.

Source Feed: 360 Articles – Oil & Gas 360
Categories: 360 articles, closing bell story, discoveries, e&p, bakken, coret extension, marathon oil, premium content

What the new OPEC with Russia and without Qatar means for energy prices: Cebr Britain’s Centre for Economics and Business Research (Cebr) has revised its oil price forecast based on higher demand for oil and natural gas from non-OECD countries. The Cebr put out a note Monday reflecting the revisions in conjunction with last week’s OPEC/non-OPEC production cut agreement. Brent[Read More...] The post Brit Research Group Revises Oil Price Forecast Upward through Mid-2020s appeared first on Oil &...

Source Feed: 360 Articles – Oil & Gas 360
Categories: 360 articles, closing bell story, commodity pricing, brent, crude oil, forecast, prices

The USGS announced its largest-ever oil and gas assessment last week, and it's enough oil to send 56,000 supertankers to Asia and other customers around the world. It also broke the record set by the Midland Basin in 2016. The USGS estimates the Wolfcamp Shale and Bone Spring formations in the Delaware contain 46.3 billion barrels of oil, 281 trillion[Read More...] The post The Largest Ever Oil and Gas Assessment: Delaware Basin Holds 113 BBOE appeared first on Oil & Gas 360.

Source Feed: 360 Articles – Oil & Gas 360
Categories: 360 articles, closing bell story, crude oil news, natural gas news, popular 3, delaware basin, premium content, usgs

Takeaway: 3 full supertankers can take away about six million barrels of U.S. crude oil production On Monday the U.S.’s first and only deepwater crude oil port announced that it had loaded U.S. crude oil into three supertankers in just the past seven days and sent the cargoes abroad. The offshore oil terminal is called LOOP, which stands for Louisiana[Read More...] The post Three Supertankers Depart Louisiana’s LOOP Deepwater Port Carrying U.S. Crude Oil Abroad appeared first on Oil & Gas 360.

Source Feed: 360 Articles – Oil & Gas 360
Categories: 360 articles, closing bell story, crude oil exports from u.s., crude oil news, popular 2, exports of u.s. crude oil, loop, premium content, takeaway

“We no longer think of our value proposition as merely disciplined, we view it as the new order” – ConocoPhillips CEO Ryan Lance The CEO of Houston-based oil and gas giant ConocoPhillips (stock ticker: COP) has declared his company’s 2019 value proposition to be “the new order.”   ConocoPhillips published its "New Order" value proposition for 2019. Source: COP “We[Read More...] The post The 2019 ConocoPhillips is Designed to Pull Investors Back onto the E&P Highway appeared first on Oil & Gas...

Source Feed: 360 Articles – Oil & Gas 360
Categories: 360 articles, closing bell story, commodity pricing, e&p, 2019 plan, conocophillips, premium content, ryan lance

Gas activity up sharply, active oil rigs record largest fall since May 2016 Drilling activity declined this week, continuing the drop from last week according to the latest edition of Baker Hughes’ Rig Count. A net one rig shut down in the week, meaning there are 1,075 rigs active in the country. The only shift among location type was one[Read More...] The post A One-Rig Drop this Week Conceals Larger Shifts in U.S. Drilling Picture appeared first on Oil & Gas 360.

Source Feed: 360 Articles – Oil & Gas 360
Categories: 360 articles, closing bell story, crude oil news, mlp news, natural gas news, premium content, rig count, rigs

Every oil and gas facility has the potential to be hampered by the problem of NORM (short for Naturally Occurring Radioactive Material), especially during phases of decommissioning. To fully understand NORM, first take note that it can be broken down into various waste streams. For example… There is NORM waste which is contaminated with other […]

Source Feed: Global Oil and Gas Industry News | The OGM – ENERGY | TECH | CULTURE
Categories: chemicals, marine & offshore, mechanical, minerals, oil & gas, safety, tech, technology

Health is our most treasured possession. It does not last forever, yet most of us make the mistake of living like it will. It is not until we lose our health that we seek diligently to regain it. Sadly at that point, it’s most often too late, and it always has a cost of time, […]

Source Feed: Global Oil and Gas Industry News | The OGM – ENERGY | TECH | CULTURE
Categories: best in class, business, culture, finance, health & wellness, leadership

Businesses are changing with the times, and there’s a new space for working in unique and creative ways. We’re in the clouds, we’re in the field, we’re out of the office. Many small businesses no longer even have offices because digital communication and infrastructure is superior and unlimited. The world as we know it … […]

Source Feed: Global Oil and Gas Industry News | The OGM – ENERGY | TECH | CULTURE
Categories: accommodations, business, hotels, travel

Oil producing regions are experiencing a major downturn in the economy. The last few months have been challenging for all business sectors, and anyone reliant on oil revenue (and in Newfoundland that’s just about every one of us) has felt the pinch in some capacity. Managing your reputation in this business climate has never been […]

Source Feed: Global Oil and Gas Industry News | The OGM – ENERGY | TECH | CULTURE
Categories: best in class, business

In the world of business, computers have become the foundation of how we live and work. Sitting at a desk all day is probably the worst thing we could to ourselves; It seizes up the muscles, makes the body weak and complacent, and eats away at our flexibility and posture. It’s not what we want, […]

Source Feed: Global Oil and Gas Industry News | The OGM – ENERGY | TECH | CULTURE
Categories: best in class, human resources, personal development, sports

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Petrotechnical Data Systems (PDS) is one of the biggest providers of software solution developers in the field of oil and gas industries. They recently unveiled a new Open Source Technology termed Wellsite Information Transfer Standard Markup Language (WITSML) for Energistics. Launched under the open Apache License, there are two categories of the software: the PDS […]

Source Feed: Global Oil and Gas Industry News | The OGM – ENERGY | TECH | CULTURE
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The FleetLink system from Atlas Copco supports the construction and oil and gas industry. It is offered in two packages, the FleetLink Advanced, intended for large pavers, including asphalt and large soil rollers, up to highway class pavers and the standard FleetLink for small pavers. Both packages are offered free of cost with the purchase […]

Source Feed: Global Oil and Gas Industry News | The OGM – ENERGY | TECH | CULTURE
Categories: construction, products & services, tech, technology

The CMC Research Institutes are aiding the NRG COSIA Carbon XPRIZE for a $20 million global competition. The competition is aimed towards finding technologies that can successfully convert Carbon Dioxide emissions into high-value products. This is highly contextual in today’s world, where air pollution in major cities all over the world is a growing concern […]

Source Feed: Global Oil and Gas Industry News | The OGM – ENERGY | TECH | CULTURE
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When an industry faces a harsh downturn for two years, there is a critical need gain efficiencies, optimization and reliability.  That’s a global trend. And in the coatings industry its leading minds that have come up with optimal gains that support sustainable long-term cost reductions and higher efficiency. Replacement and repair of damaged equipment are […]

Source Feed: Global Oil and Gas Industry News | The OGM – ENERGY | TECH | CULTURE
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