Archives May 2016

May
25
2016

WoodMac: UKCS decommissioning to ramp up over next 5 years

Research and consultancy firm Wood Mackenzie Ltd. estimates based on current crude oil prices that 142 fields will cease production and £55 billion will be spent on decommissioning on the UK Continental Shelf over the next 5 years. …read more Source: Oil Gas Journal   

May
25
2016

Rystad Energy: Improving oil prices could help shrink DUC inventory

The heart of the Denver-Julesburg (DJ) basin exhibits the most commercial drilled but uncompleted (DUC) backlog, said a Rystad Energy study that estimated the DUC inventory in Weld County, Colo., was economic to complete at an average light, sweet crude oil futures price of $30/bbl. …read more Source: Oil Gas Journal   

May
25
2016

BP starts up water injection project at Thunder Horse

BP PLC has started up a water injection project at its Thunder Horse platform in the deepwater Gulf of Mexico to boost oil and gas recovery from one of the field’s three main reservoirs. …read more Source: Oil Gas Journal   

May
24
2016

Parsley Energy to add mineral rights in Southern Delaware basin

Parsley Energy Inc., Midland, Tex., has agreed to acquire mineral rights on 29,813 acres in the Southern Delaware basin with an average royalty interest of 17.5% for $280.5 million in cash. …read more Source: Oil Gas Journal   

May
24
2016

Venezuela, Trinidad and Tobago sign cross-border development deal

Venezuela and Trinidad and Tobago have signed a unitization and unit operating agreement for the development and production of the 10-tcf Loran Manatee cross-border natural gas fields that the two countries share. …read more Source: Oil Gas Journal   

May
24
2016

Freeport-McMoRan cancels another drillship contract

Freeport-McMoRan Oil & Gas LLC (FMOG), a unit of Freeport-McMoRan Inc., has agreed with Rowan Cos. PLC to immediately cancel the contract for the Rowan Relentless drillship, which was scheduled to terminate in June 2017. …read more Source: Oil Gas Journal   

May
23
2016

Statoil cancels West Hercules rig contract with Seadrill

Statoil ASA has cancelled a contract with Seadrill Ltd. for the West Hercules semisubmersible drilling rig. The contract was to expire in 8 months on Jan. 31, 2017. Seadrill said it will receive a lump-sum payment of about $61 million plus reimbursement for costs associated with rig demobilization. …read more Source: Oil Gas Journal   

May
23
2016

Subsea R&D flourishes

Lower oil and natural gas prices are apparently not enough to dissuade some energy companies from continuing important research and development work. …read more Source: Oil Gas Journal   

May
23
2016

BLM, USFS sued over sage grouse land use plan changes

The Western Energy Alliance and North Dakota Petroleum Council jointly sued the US Bureau of Land Management and US Forest Service, charging that the agencies developed amended land use plans for the greater sage grouse that impose restrictions on new oil and gas leases and on development of existing leases. …read more Source: Oil Gas […]

May
20
2016

BHI: US rig count posts smallest decline thus far of 2016

The overall US oil and gas drilling rig count recorded its smallest decline of the year thus far, shedding just 2 units—both targeting gas—to settle at 404 rigs working, according to Baker Hughes Inc. data. …read more Source: Oil Gas Journal   

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