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BP project benchmark moves from $55/bbl to $65/bbl with growing confidence

October 12, 2018
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    “BP project benchmark moves from $55/bbl to $65/bbl with growing confidence†Click To Tweet   LONDON (Bloomberg) — BP Plc boss Bob Dudley, among the first to say oil will stay lower for longer, is becoming more confident. In a sign of the improving times, the British oil major is now planning its investments at $60-$65/bbl oil, raising it from $50-$55 last

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Silver Creek picks up Genesis Energy’s Powder River Basin assets for $600 million

October 12, 2018
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“Silver Creek picks up Genesis Energy’s Powder River Basin assets for $600 million†Click To Tweet Silver Creek Midstream LLC closed the acquisition of Genesis Energy’s Powder River basin crude gathering, storage, and rail assets (trunkline system) and will pursue identified projects to address demand for crude oil midstream services in the basin with equity from a joint venture

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Murphy will operate all of Petrobras assets in Gulf of Mexico

October 12, 2018
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“Murphy will operate all of Petrobras assets in Gulf of Mexico†Click To Tweet Murphy Exploration & Production Co.-USA, a wholly owned subsidiary of Murphy Oil Corp., El Dorado, Ark., and Petrobras America Inc. (PAI) have formed a joint venture comprised of all the current producing Gulf of Mexico assets from Murphy and PAI. Murphy, which will oversee operations,

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On Mexico’s decline Pemex hopes new Gulf discoveries shed light on reversal

October 11, 2018
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“On Mexico’s decline Pemex hopes new Gulf discoveries shed light on reversal†Click To Tweet Mexico’s state-run oil company Pemex announced two new discoveries in the shallow Gulf of Mexico that it hopes will reverse its decade-long decline in oil production. Pemex said its new discoveries offshore of southeastern Mexico near Tabasco are named Manik and Mulach and – combined

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ConocoPhillips gets first oil from North Slope GMT1

October 11, 2018
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“ConocoPhillips gets first oil from North Slope GMT1†Click To Tweet ConocoPhillips Alaska has achieved first oil production on the North Slope at the Greater Mooses Tooth #1 (GMT1), the company announced Oct. 9. The GMT1 drill site is located in the National Petroleum Reserve-Alaska (NPR-A), an area of land on the Alaska North Slope owned by the U.S. federal

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Chevron leaving Norway, last exploration license up for sale

October 11, 2018
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“Chevron leaving Norway, last exploration license up for sale†Click To Tweet OSLO (Bloomberg) — Chevron Corp. is selling its last remaining oil exploration license in Norway, putting it one step closer to a full retreat from the aging North Sea basin as the U.S. major seeks higher returns elsewhere. Chevron’s activity off Norway has been limited for years, but

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Big Oil to Bury Skeptical Investors in Cash

October 10, 2018
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“Big Oil to Bury Skeptical Investors in Cash†Click To Tweet (Bloomberg) — Investors still haven’t forgiven oil companies for being ill-prepared for a crude-price collapse four years ago. Perhaps more than half a trillion dollars will change their minds. With oil above $80 a barrel as costs languish at an eight-year low, the industry is seeing green. In 2018

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Mozambique pulls $900 million from majors for oil and gas exploration

October 10, 2018
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“Mozambique pulls $900 million from majors for oil and gas exploration†Click To Tweet Companies exploring for oil and gas in Mozambique will spend at least $900 million, boosting the nation’s hopes of becoming a major exporter, Mineral Resources Minister Max Tonela said. Empresa Nacional de Hidrocarbonetos, the state-owned oil company, will have stakes of 15% to 30% in the

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Permian wells browning at 15% annually | OutPut by Rig Lynx

October 10, 2018
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“Permian wells browning at 15% annually†Click To Tweet Oil producers in the Permian basin and elsewhere could soon find themselves facing the oilfield equivalent of trying to walk up the down escalator. The oil industry, and particularly the Permian, is in the midst of a boom. But analysts say new hints that maturing wells are falling well short of

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Baker Hughes grabs 5% equity in ADNOC Drilling | OutPut by Rig Lynx

October 8, 2018
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    “Baker Hughes grabs 5% equity in ADNOC Drilling†Click To Tweet   Baker Hughes, agreed to buy a 5% stake in Adnoc Drilling, a deal that values the unit of government-run Abu Dhabi National Oil Co. at about $11 billion. The investment marks the first time that an international partner takes a direct equity stake in an existing Adnoc services business,

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