News Archive for Oil and Gas News

New Oil Spill Containment System To Protect Gulf

New Oil Spill Containment System To Protect Gulf Of Mexico Planned By Major Oil Companies

A plan to build and deploy a rapid response system that will be available to capture and contain oil in the event of a potential future underwater well blowout in the deepwater Gulf of Mexico was announced today by Chevron, ConocoPhillips, ExxonMobil and Shell.  Read more…

CNOOC Ltd Announces Commencement of Oil Production from BZ 29-4

CNOOC Limited (“the Company” or “CNOOC Ltd,” NYSE: CEO, SEHK: 883) is pleased to announce today that BZ 29-4, an independent oil field in the Bohai Bay, has commenced production successfully. Read more…

Rig contract executed for Songa Venus to drill Artemis-1

Key Points:

Drilling contract executed for Songa Venus to drill Artemis-1

Rig expected early to late November depending on present Shell drilling program Read more…

Excitement Builds for Avro Energy in South Arkansas

Avro Energy, Inc. (OTCBB:AVOE) is pleased to confirm that it used through the pipe well logging technology on its Weigel-Willis well in South Arkansas. The well logs were reviewed by an experienced well logging engineer who confirmed that there are four additional zones of interest in this well that also have good bonding behind the pipe. This is exciting news for the Company, as it was the Company’s belief when it purchased these wells that there were additional zones of interest that could possibly increase production. Read more…

Weatherford Inreases Revenues 22% Since Last Quarter

Weatherford International Ltd. (NYSE: WFT) today reported second quarter 2010 income of $80 million, or $0.11 per diluted share, excluding an after tax loss of $0.15 per diluted share. The excluded after tax loss was comprised of an $82 million non-cash charge for a fair value adjustment to the put option issued in connection with the TNK-BP acquisition and $24 million, net of tax, for severance and investigation costs. Second quarter diluted earnings per share reflect an increase of ten percent over the second quarter of 2009 diluted earnings per share of $0.10, before severance and investigation costs. Read more…

Songa Venus – first optional well exercised under the Shell Development (Australia) contract

Songa Offshore SE is pleased to announce that the first of three optional wells has been declared by Shell Development (Australia) under the contract for Songa Venus. The well has further been assigned to MEO Australia Limited. Read more…

GE Signs Licensing Agreement for Oil and Gas Compressors with BHEL of India

Further expanding its technology presence in India and the region, GE (NYSE: GE) has signed a 10-year licensing agreement with Bharat Heavy Electricals Limited (BHEL) of India. Read more…

Northwest Pipeline GP Commences Open Season for Opal Market Link Project

Williams Partners L.P. (NYSE:WPZ) today announced that Northwest Pipeline GP is launching an open season to seek expressions of interest from shippers to participate in its new Opal Market Link project. Shippers can contract for long-term firm transportation service to move unprocessed natural gas from the Uinta Basin in Utah to the Opal Hub. Williams Partners owns the Opal gas processing plant in southwestern Wyoming, which provides shippers with access to over five billion cubic feet per day of interstate pipeline take-away capacity to markets across the U.S. Read more…

Keppel Clinches Brazilian Projects from SBM for US$123.6 Million

Keppel has secured two contracts totaling S$170 million (US $123.6MM) from repeat customers for the conversion of a Floating Production Storage and Offloading (FPSO) vessel and repair of a semisubmersible (semi) drilling rig respectively. Read more…

Ensco plc Reports Second Quarter 2010 Results

Ensco plc (NYSE: ESV) reported diluted earnings per share from continuing operations of $0.82 for second quarter 2010, compared to $1.55 per share in second quarter 2009. Earnings from discontinued operations were $0.07 per share in the second quarter, compared to a loss of $0.14 per share a year ago. Discontinued operations in second quarter 2010 included an $18 million pre-tax gain from the sale of jackup rig ENSCO 57 and $6 million of pre-tax income related to ENSCO 69, which was previously reclassified as discontinued operations. Discontinued operations for prior periods reflect these and other jackup rigs that are no longer in the fleet. Diluted earnings per share were $0.89 in second quarter 2010, compared to $1.41 per share in second quarter 2009. Read more…

Contango Completes On-Shore Well, Begins Production at Ship Shoal 263 and Eloise South, and Updates Operations

Contango Oil & Gas Company (NYSE Amex: MCF) announced today that it will complete its wildcat exploration well (Rexer # 1) in south Texas. The Company has a 100% working interest and a 72.5% net revenue interest in this well, before payout. Production is expected to begin by the end of September 2010. The Company has invested approximately $2.0 million to drill this well and expects to invest an additional $1.5 million to complete and bring this well to production. The reserves associated with this discovery will be included in our June 30, 2010 year-end reserves. Read more…

New Oil Spill Containment System to Protect Gulf of Mexico Planned By Major Oil Companies

A plan to build and deploy a rapid response system that will be available to capture and contain oil in the event of a potential future underwater well blowout in the deepwater Gulf of Mexico was announced today by Chevron, ConocoPhillips, ExxonMobil and Shell. Read more…

DEP Gives Cabot Oil & Gas 60 Days to Implement Permanent Fix to Impacted Water Supplies in Susquehanna County Township

The Department of Environmental Protection this week gave Cabot Oil & Gas Corp. 60 days to permanently fix the water supplies that were affected by the company’s natural gas drilling operations in Dimock, Susquehanna County. Read more…

GeoBio Energy, Inc. on Track to Complete Announced Acquisitions and Move Forward With Its Growth Plan

GeoBio Energy, Inc. (Pink Sheets:GBOE) (“GeoBio”), confirming its plan to become a significant player in the oil and natural gas services sector, has firm schedules for its previously announced acquisitions. The civil construction company operating in the Piceance Creek Basin shale play area of Colorado is scheduled for closing on or before September 15, 2010. H&M Precision Products (H&M), a
chemical treatment and service company focused on oil and natural gas production improvement in the San Juan Basin shale play area of New Mexico is expected to close on or before September 10, 2010. These firm dates were established recently in connection with the execution of amendments to the respective definitive Stock Purchase Agreements. Read more…

Aker Solutions to deliver on-vessel mooring system to ENI Norge

Aker Solutions has won a contract with Eni Norge for the design and supply of an on-vessel Pusnes mooring systemTM for the Goliat FPSO. The total contract value for Aker Solutions is approximately NOK 150 million. Read more…

FERC Approves Florida Gas Transmission and Williams Partners Connection to Gulf LNG Import Terminal

Florida Gas Transmission Company (FGT) and Williams Partners L.P. today announced that the Federal Energy Regulatory Commission (FERC) has approved a proposal to connect the existing FGT and Transco natural gas pipeline systems with the new Gulf LNG Clean Energy import terminal being developed near Pascagoula, Miss. Read more…

Pelosi Statement Following House Passage of Two Bills in Response to the BP Oil Spill in the Gulf

Speaker Nancy Pelosi released the following statement today after the House passed two bills in response to the disastrous BP oil spill. The first – H.R. 2693, the Oil Pollution Research and Development Program Reauthorization – will strengthen research, development, and demonstration of innovative tools, methods, and technologies for oil spill cleanup. The second – H.R. 5716, the Safer Oil and Natural Gas Drilling Technology Research and Development Program – will launch a new R&D effort in new technologies to make deepwater drilling safer and prevent future oil spill disasters. Read more…

Marine Subsea completes £656,000 offshore modification contract on the Casablanca Platform

Marine Subsea (UK) completed £656,000 contract with Repsol at the Casablanca platform, offshore Spain. Preparing for instillation work due next year, the firm deployed ‘Sarah’, its multipurpose offshore intervention vessel to prepare three platform J tubes. The work included the relocation of an existing but abandoned 6 inch flexible pipe, and to modify trawl protection structures at the two well sites. Read more…

Brunei Block M drilling delayed 3 weeks

Tap Oil advises that the commencement of drilling of the Mawar-1 well in Block M, onshore Brunei, has been delayed until mid August.  As is normal procedure, Tap has undertaken thorough testing of the rig components before the commencing operations.  During this process some critical items were found to be defective. The rig contractor, MBCentury, is now in the process of repairing and/or replacing the faulty equipment.  Drilling operations will commence once Tap is satisfied that the rig is functioning properly and that Mawar-1 can be drilled safely and efficiently. Read more…

Ricker Oil Uses PriceNet from KSS Fuels to Be the Consumer’s Buddy

Ricker Oil Co., based in Anderson, Ind., is posting its fuel prices to GasBuddy.com to keep motorists informed of its competitively priced fuel. Currently, Ricker uses PriceNet fuel price management and optimization system from KSS Fuels to establish its pricing strategy. Moving forward, the company will also use PriceNet to feed its latest fuel prices directly to the GasBuddy database. GasBuddy.com is a group of local websites which allow visitors to post and view recent retail gasoline prices. Read more…

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