OSLO: Equinor and its partners in Norway’s Breidablikk oil discovery have agreed on an 18.6 billion Norwegian crowns ($1.95 billion) development plan for the North Sea field, the state-controlled company said on Monday. Partners in the field are ConocoPhillips, Petoro and Vaar Energi, a unit of Eni.”The Breidablikk field is one of the largest undeveloped Read more

Crude oil production in Libya jumped nearly threefold from below 100,000 barrels per day last week to around 250,000 bpd now – a week after the blockade on Libya’s oil ports was lifted. While the restart of Libya’s oil industry and exports are welcome news for the country, which has lost more than US$10 billion Read more

NEW YORK: U.S. shale producer Devon Energy Corp is in talks to acquire rival WPX Energy Inc in an all-stock transaction that would create a combined company worth around $6 billion, people familiar with the matter said on Saturday. The deal, which would value Tulsa, Oklahoma-based WPX at a small premium to its current share Read more

WINNIPEG, Manitoba: Canada will spend C$320 million ($238.56 million) to support its offshore oil industry, which has struggled as coronavirus pandemic travel restrictions reduced demand, Natural Resources Minister Seamus O’Regan said on Friday. O’Regan said in St. John’s, Newfoundland and Labrador, that the funds are intended to support jobs, and could be used for maintenance, Read more

U.S. energy firms this week added oil and natural gas rigs for a second week in a row as some drillers return to the wellpad now that crude prices have held gains made since recovering from coronavirus-linked lows in the spring. The oil and gas rig count, an early indicator of future output, rose six Read more

MOSCOW: Russia plans to launch a programme to part build oil wells this year so it can quickly ramp up production when the global deal on output curbs expires in 2022, RIA news agency quoted senior officials as saying on Thursday. To ensure Russia does not lose market share when the production cut agreement ends, Read more

New Delhi: Oil & Gas drilling company Weatherford International plc announced it has signed a Memorandum of Understanding (MoU) with Safe Influx, that provides automated well control technology, to boost well integrity in the construction phase of projects. The pact aims at integrating Managed Pressure Drilling (MPD) solutions with Automated Well Control technology. The joint Read more

NEW DELHI: No company has expressed interest for a hydrocarbon exploration permit in the latest licensing rounds in the country.The sixth and seventh licensing rounds, which ran between December and July, attracted no explorer as the pandemic clouded prospects for the oil sector, restricted mobility, and kept oil company executives busy with their operational challenges. Read more

24 Sept. 2020-The pandemic has been devastating for the oil industry globally. Explorers suspended drilling, producers idled wells, Big Oil majors put up assets for sale. But the world continues to need oil, albeit lower amounts of it than a year ago, and it will continue to need it. Exploration is not dead. It is Read more

24 Sept. 2020-When the first round of auctions for discovered small fields (DSF-I) took place in 2016, the event was described as the entry point for India’s future oil and gas barons. Indeed, promoters and executives from companies in sectors as diverse as steel, power, software, iron ore, textile and education turned up to bid. Read more

23 Sept. 2020-MUMBAI: India’s natural gas production fell 13.2% during April-August compared to a 1% fall registered in the corresponding period last fiscal, said Care Ratings in a note.The cumulative fall in production was primarily a result of restricted or negligible offtake by consumers due to the pandemic and ensuing lockdowns. While domestic production from Read more

23 Sept. 2020-The Ministry of Petroleum and Natural Gas (MoPNG) is coming up with a fresh strategy to increase hydrocarbon production in the country. It is likely to open bidding for production enhancement contracts (PECs) of old oil blocks of Oil India (OIL) and Oil and Natural Gas Corporation (ONGC). It is also planning to Read more

The Gambia government on Saturday 19 September 2020 signed a 30 years Oil and Gas Exploration deal with PetroNor, an Axis of Oslo listed Stock Exchange Market Oil and Gas Company for A4 block. The signing comes after three years of legal battle between The Gambia government and African Petroleum Gambia Limited at the International Read more

NEW DELHI: India saved over Rs 5,000 crore when the country in April-May used two-decade low international oil prices to fill up its three strategic underground crude oil storages, Petroleum Minister Dharmendra Pradhan said on Monday.India, the world’s third-biggest oil importer, has built strategic storages in underground rock caverns at three places to meet any Read more

Much ink has been spilled about the downfall and dubious recovery of the United States shale oil sector. The West Texas Intermediate (WTI) crude benchmark’s dramatic rock bottom in April, which saw oil prices plunge to nearly $40 dollars below zero in a jaw-dropping first, a flurry of think pieces about the sector’s future poured Read more