UpstreamOnline

Oil rises on hot jobs data

Luke Johnson — Sat, 04 Feb 2012 00:09:24 GMT

Brent crude prices rose to a near three-month peak on Friday in heavy volume trading after a report showed the US economy in January created jobs at the fastest pace in nine months, fuelling hopes of stronger demand in the top petroleum-consuming nation.

Cougar gets protection from creditors

Luke Johnson — Fri, 03 Feb 2012 23:53:52 GMT

Calgary-based Cougar Oil & Gas has obtained protection from creditors after it was unable to pay a regulatory fee when a potential buyer of some of its assets defaulted on its agreement.

US regulators going slow on oil shale

Kathrine Schmidt — Fri, 03 Feb 2012 23:20:04 GMT

The Obama administration scaled back plans Friday to allow companies to search for hard-to-extract oil deposits on federal land.

New Solimoes find for Petrobras

Kathrine Schmidt — Fri, 03 Feb 2012 22:48:46 GMT

Petrobras has made a new high-quality oil and gas discovery in the Solimoes basin in Brazil's Amazonas state, the company said Friday afternoon.

US to require frac chemical disclosures

Luke Johnson — Fri, 03 Feb 2012 22:32:49 GMT

The US government will require natural gas drillers to disclose which chemicals they use in hydraulic fracturing on public lands, according to draft rules crafted by the Interior Department.

Bounty kicks off oil sands coring

Luke Johnson — Fri, 03 Feb 2012 21:25:08 GMT

Privately held Bounty Developments has spudded the first well of its current oil sands coring programme as the company prepares to apply for permit for a 10,000 to 12,000 barrel per day steam-assisted-gravity-drainage project ion Alberta.

Domino well shows signs of gas

Luke Johnson — Fri, 03 Feb 2012 20:45:24 GMT

ExxonMobil and OMV unit Petrom have detected natural gas in the Domino-1 well they are drilling in the Romanian sector of the Black Sea, according to reports.

Argentina drops 'Oil and Refining Plus'

Kathrine Schmidt — Fri, 03 Feb 2012 20:35:17 GMT

Argentina's government is suspending its "Oil and Refining Plus" programs that had aimed to encourage new investment in the exploration, production and refinement of hydrocarbons.

US rig count falls by 11

Luke Johnson — Fri, 03 Feb 2012 20:01:13 GMT

The number of rigs drilling in the US dropped by 11 this week to total 1997, according to data from Houston-based oilfield services giant Baker Hughes.

Imperial OKs $2bn Cold Lake expansion

Luke Johnson — Fri, 03 Feb 2012 19:31:27 GMT

Canada’s Imperial Oil has formally approved a C$2 billion (US$2 billion) expansion of the company’s Cold Lake oil sands project in northeastern Alberta that will add to it 40,000 barrels per day of bitumen production.

Brufau visits Cuba to oversee drilling

Kathrine Schmidt — Fri, 03 Feb 2012 17:35:49 GMT

Repsol chief executive Antonio Brufau was in Cuba Thursday to meet with authorities and partners after drilling started early this week a deepwater well off the Communist nation’s coast, industry sources tell Upstream.

Austria rebuffs IPIC bid for OMV stake

Bill Lehane — Fri, 03 Feb 2012 15:56:35 GMT

The Austrian government has reportedly dismissed Abu Dhabi sovereign wealth fund IPIC's request for permission to raise its stake in energy group OMV to at least 25%.

Lundin spuds new Sverdrup probe

Steve Marshall — Fri, 03 Feb 2012 15:54:19 GMT

Swedish explorer Lundin Petroleum has kicked off drilling of the fourth appraisal probe on the Johan Sverdrup discovery off Norway.

Exco in talks for $400m midstream selloff

Bill Lehane — Fri, 03 Feb 2012 15:34:16 GMT

Dallas-based explorer Exco Resources has announced it is in exclusive talks with a private fund to sell a one-third stake in its midstream TGGT Holdings venture for more than $400 million.

Gulf Keystone in Algeria transfer deal

Steve Marshall — Fri, 03 Feb 2012 15:33:16 GMT

AIM-listed Gulf Keystone Petroleum has finally wrapped up an agreement to transfer its interest in the Hassi Ba Hamou permit in Algeria as it pulls the plug on the North African country.

BP's ex-safety chief heads for exit

Steve Marshall — Fri, 03 Feb 2012 14:48:23 GMT

The head of BP’s safety committee at the time of the Macondo well blowout and spill is set to stand down from the board as part of a top-level shake-up at the UK supermajor following the 2010 accident in the Gulf of Mexico.

Rosneft sees record profits of $12.45bn

Bill Lehane — Fri, 03 Feb 2012 14:47:30 GMT

Russia’s top oil producer Rosneft has reported a 20% rise in net income to $12.45 billion in 2011 on the back of record-high crude prices and higher output.

Oilsands Quest gets cash lifeline

Steve Marshall — Fri, 03 Feb 2012 14:21:21 GMT

Canadian player Oilsands Quest has secured a financing deal and asset sale that will generate more than C$8 million ($8 million) in funding as it battles to stave off bankruptcy.

Chevron's Nigeria relief well 'to take 100 days'

Eoin Ocinneide — Fri, 03 Feb 2012 12:34:29 GMT

Chevron is expected to take around 100 days to drill a relief well at the site of a deadly blowout incident off Nigeria last month.

More bad luck for Harvest in Oman

Bill Lehane — Fri, 03 Feb 2012 12:24:04 GMT

US explorer Harvest Natural Resources is to plug and abandon another exploration well at its onshore Oman block.

National Oilwell in $670m NKT buy

Steve Marshall — Fri, 03 Feb 2012 11:45:29 GMT

US drilling services player National Oilwell Varco (NOV) has snapped up Danish contractor NKT Flexibles in a Dkr3.8 billion ($673.6 million) deal.

Wintershall gets Skarfjell nod

Steve Marshall — Fri, 03 Feb 2012 11:07:04 GMT

German explorer Wintershall has been given the green light by Norwegian authorities to drill a wildcat at its Skarfjell prospect in the North Sea.

Energy sec Huhne resigns after charge

Eoin Ocinneide — Fri, 03 Feb 2012 10:44:18 GMT

UK Energy Secretary Chris Huhne will face a charge of perverting the course of justice over allegations his wife took a hit on driving indiscretions on his behalf.

Voser eyes Libya exploration restart

Eoin Ocinneide — Fri, 03 Feb 2012 10:20:48 GMT

Shell is “in discussions” about how to restart its exploration activities in Libya, but chief executive Peter Voser stopped short of revealing any drilling plans in the embattled North African oil stalwart.

Brent rises on Iran retaliation fears

Bill Lehane — Fri, 03 Feb 2012 10:15:30 GMT

Brent crude rose above $112 on Friday as Supreme Leader Ayatollah Ali Khamenei warned that the Iran would retaliate over an oil embargo "at the right time".

Tullow seals Uganda PSA deals

Steve Marshall — Fri, 03 Feb 2012 09:25:34 GMT

UK independent Tullow Oil has signed new production sharing agreements with the Uganda government, clearing the way for a stalled farm-down deal in the East African country.

Total confirms South Sudan return

Eoin Ocinneide — Fri, 03 Feb 2012 08:43:00 GMT

Total is preparing a return to exploration activity in South Sudan but has remained mum on specific plans for the world’s newest nation.

Yme partners 'failing to pull weight': PSA

Steve Marshall — Fri, 03 Feb 2012 08:35:28 GMT

Partners in the Yme field off Norway have been slated by the country’s safety agency for taking a back-seat role in the licence as the blighted project has suffered delays and massive cost overruns.

Wentworth spins Mnazi Bay bit

Josh Lewis — Fri, 03 Feb 2012 08:08:46 GMT

London-listed Wentworth Resources has spudded the Ziwani-1 exploration well on the Mnazi Bay concession in Tanzania’s Ruvuma basin.

Deal boosts Aker in Ghana

Andrew Hobbs — Fri, 03 Feb 2012 08:07:07 GMT

Norway’s Aker Solutions will provide well intervention services for Tullow Ghana’s Jubilee and Tano deepwater fields under a contract Aker said would generate revenues of about $4 million.