News Archive for Oil and Gas News

BG Group raises Santos Basin net potential to 8 billion barrels of oil equivalent

BG Group today issued a material upgrade for its interests in the pre-salt Santos Basin, offshore Brazil. Mean Total Reserves and Resources* are now estimated to amount to some 6 billion barrels of oil equivalent (boe) net to BG Group, with an upside potential of 8 billion boe net.  Existing discoveries account for 96% of the mean Total Reserves and Resources. Read more…

Baker Hughes introduces high-performance Wellbore Cleaning System

Baker Hughes (NYSE: BHI) has introduced a wellbore clean-up and displacement system designed to improve efficiency and reduce operational risks in high-cost environments such as deepwater applications; horizontal, extended-reach, and deviated wells; deep wells; and wells with high dogleg severity. The X-Treme Clean XP system is the latest generation cyclone-based system, which removes debris more efficiently as a result of the industry’s highest allowable mandrel rotation speed, a non-rotating tool string, a large circulation area, advanced debris carrying capabilities, and higher-than-drillpipe tensile and torque ratings. Read more…

Platts to Acquire Steel Business Briefing Group

The McGraw-Hill Companies, Inc. (NYSE: MHP), today announced that Platts, a division of McGraw-Hill and a leading global provider of energy, petrochemicals and metals information, has signed an agreement to acquire the Steel Business Briefing Group (the SBB Group), a privately held U.K. company and leading provider of news, pricing and analytics to the global steel market.  The SBB Group provides subscription-based, electronic products to the steel industry and its participants through two principal businesses, Steel Business Briefing (SBB) and The Steel Index (TSI).  Financial terms were not disclosed.  The transaction is expected to close onJuly 1 subject to customary closing conditions. Read more…

Pan American Goldfields Ltd Announces Acquisition of Control of The Cieneguita Silver & Gold Project

Pan American Goldfields, Ltd., a Delaware corporation (OTCBB: MXOM) (the “Company”), has entered into a binding letter agreement (the “Letter Agreement”) with Minera Rio Tinto, S.A. de C.V., (“MRT”) and Marje Minerals S.A., entities organized under the laws of the United Mexican States (“MM”), to increase its interest from 40% to 80% in the Cieneguita project located in Chihuahua State, Mexico. MRT will retain a 20% participating interest, subject to dilution under a definitive joint venture agreement to be finalized between the parties. Under the Letter Agreement, the Company shall direct the preparation of the feasibility study evaluating the future development of the Cieneguita project. Read more…

Sutor Technology Group Signs Supply Contract with Bayi Iron & Steel

Sutor Technology Group Limited (the “Company”, “Sutor”) (Nasdaq: SUTR), a leading China-based private manufacturer and distributor of high-end fine finished steel products and welded steel pipes used by a variety of downstream applications, today announced Ningbo Zhehua Heavy Steel Pipe Manufacturing Co., Ltd., a subsidiary of Sutor, has signed a contract to supply steel pipes to BAOSTEEL Xinjiang Bayi Iron & Steel Company Limited (Bayi Iron & Steel). Bayi Iron & Steel is a subsidiary of BAOSTEEL, one of the largest steel companies in the world. Read more…

Canpotex and Sinofert Sign New Contract

Canpotex Limited (Canpotex) today signed a contract with Sinofert Holdings Limited (Sinofert) to supply 630,000 tonnes of potash during the second half of calendar 2011 at price levels which reflect an approximate $70.00 per tonne increase above the first half China price level. Read more…

Pan American Goldfields Ltd announces acquisition of control of The Cieneguita Silver & Gold Project

Pan American Goldfields, Ltd., a Delaware corporation (OTCBB: MXOM) (the “Company”), has entered into a binding letter agreement (the “Letter Agreement”) with Minera Rio Tinto, S.A. de C.V., (“MRT”) and Marje Minerals S.A., entities organized under the laws of the United Mexican States (“MM”), to increase its interest from 40% to 80% in the Cieneguita project located in Chihuahua State, Mexico. MRT will retain a 20% participating interest, subject to dilution under a definitive joint venture agreement to be finalized between the parties. Under the Letter Agreement, the Company shall direct the preparation of the feasibility study evaluating the future development of the Cieneguita project. Read more…

Rubicon Minerals receives positive preliminary economic assessment for F2 Gold System, Phoenix Gold Project, Red Lake, Ontario

Rubicon Minerals Corporation (RMX:TSX | RBY:NYSE-AMEX) is pleased to announce the positive results of a Preliminary Economic Assessment (“PEA”) for its 100% owned F2 Gold System, part of its Phoenix Gold Project located in the heart of the Red Lake, Ontario gold district. The PEA was prepared by AMC Mining Consultants (Canada) Ltd. (“AMC”) with metallurgical sections prepared by Soutex Inc. (“Soutex”) both of which are independent of the Company. Read more…

AuRico Gold Reports Significant Drill Results from the El Chanate Mine

AuRico Gold Inc. (TSX:AUQ) (NYSE: AUQ), (“AuRico”) is pleased to provide an update of drilling results from the El Chanate Mine in Sonora, Mexico. Since April 2010, 213 new drill holes for 28,499 metres of drilling (23 drill holes for 5,052 metres since April 8, 2011) have been completed with the objective of converting inferred resources to measured and indicated, extending the deposit at depth to the south and southeast and to explore for extensions to the west and east of the present open pit. Results to date have delineated thick zones of continuous mineralization throughout the deposit and defined anomalous mineralization both east and south of the existing open pit (refer to Table 1 in the Appendix for selected drilling results). Read more…

Romarco Drills 115.3 meters Of 3.4 G/T gold at mill zone and 47.2 meters of 5.3 g/t gold between Snake and Horseshoe

ROMARCO MINERALS INC. (TSX: R) (the “Company”) is pleased to provide an update of recent assay results from the on-going drill program at its 100%-owned Haile Gold Mine project in South Carolina.  The results continue to demonstrate the sustained growth and continuity of the mineralized system at Haile.  Highlighted holes from zones throughout the property include:

DDH-372, an infill hole in Mill Zone (the higher grade portion of South Pit) encountered 115.3 meters of 3.4 g/t gold (including a 34.1-meter zone of 5.7 g/t gold) beginning 13.4 meters below the surface; Read more…

Volta more than doubles the Gold Resource at its Kiaka Gold Project in Burkina Faso

Measured and Indicated Resources Increase 118% to 3,018,000 ounces of gold AND Inferred Resources Increase 163% to 1,260,000 ounces of gold Read more…

U.S. Army Awards Raytheon $36 Million to Complete Excalibur Ib Development

The U.S. Army awarded Raytheon Company (NYSE: RTN) a $36 million contract for the final phase of the Excalibur Ib development program. This phase concludes with warfighter tests and will qualify Excalibur Ib for fielding. Read more…

Minister for Defence announces Reforms to Disposal of Military Equipment

Minister for Defence Materiel Jason Clare today announced reforms to the disposal of military equipment. Read more…

MySpace sold to Specific Media by Murdoch’s News Corp

News Corporation has sold its ailing social networking site MySpace to online advertising firm Specific Media. Read more…

Canacol Energy Ltd. announces new pool discovery at Rancho Hermoso Field in Colombia

Canacol Energy Ltd. (“Canacol” or the “Corporation”) (TSX:CNE)(BVC:CNEC) is pleased to provide an operations update concerning its Rancho Hermoso Field located in the Llanos Basin of Colombia. The Corporation has completed production testing of the C7 sandstone reservoir in the Rancho Hermoso 4 (“RH 4″) well, which after 1 week of testing flowed at an average rate of 1,786 barrels of oil per day (“bopd”) gross (447 bopd net) of 34 degrees API light oil. No reserves are currently attributed to the C7 reservoir, and based upon the positive test results, the Corporation is formulating a plan to develop this new productive reservoir on a field wide basis, which will involve incorporating selective Read more…

B&W to Design and Supply $54 Million Emissions Control System for Indiana Power Plant

The Babcock & Wilcox Company (B&W) (NYSE: BWC) announced today that its subsidiary Babcock & Wilcox Power Generation Group, Inc. (B&W PGG) has been awarded a contract worth $54 million to design and supply two wet flue gas desulfurization (FGD) units and related components for Northern Indiana Public Service Company’s (NIPSCO) R.M. Schahfer Generating Station in Wheatfield, Ind. Read more…

Purvin & Gertz, Inc. announces completion of the U.S. Midcontinent Crude Oil Analysis

New domestic shale oil production and the increasing supply of Canadian crude is straining current infrastructure resulting in significant price dislocations.  New transportation projects are being added, but the pace and location may not coincide with anticipated production growth.  The U.S. Midcontinent Crude Oil Market Analysis represents Purvin & Gertz, Inc.’s findings related to increasing North American production developments and its projected impact on U.S. crude logistics, refining balances and pricing.  The focus of this analysis is the overall crude oil supply/demand balance and pricing of the greater U.S. Midcontinent area. The service provides a detailed crude oil production outlook for the major liquid-rich shale plays (i.e. Bakken, Eagle Ford, and Niobrara), conventional crude production by state for PADD’s II – IV and Western Canada bitumen, synthetic and conventional crude oil production.  Current and expected pipeline, rail and other logistic projects between producing areas and key storage and refining hubs are analyzed utilizing a model that economically optimizes crude movements and predicts potential bottlenecks impacting crude trade flows and pricing.  The service utilizes the results of the production and crude balances analyses to forecast expected price differentials between key Midcontinent benchmark crude oils (i.e. West Texas Intermediate and Bakken) relative to U.S. Gulf Coast (USGC) and other international crude oils. The study complements other Purvin & Gertz’ multi-client services utilizing the same economic, energy and petroleum demand outlooks. Read more…

U.S. Development Group to Expand St. James, La., Crude Oil Handling and Distribution Terminal

U.S. Development Group LLC (USDG), a Houston-based developer of unit train logistics and terminal facilities, announced today that it is expanding its St. James Rail Terminal (SJRT), a crude oil and condensate handling and distribution hub located in the Gulf Coast region of Louisiana. Expected to be completed by Q4 2011, the expansion will double the terminal’s current capacity to 130,000 barrels – or two unit trains – per day. SJRT is part of a nationwide network of crude oil/condensate facilities being developed by USDG, along with the recently announced Eagle Ford Crude Terminal in Gardendale, Texas, scheduled to open next month. Read more…

Beach Energy announces Cooper Basin oil development Campaign continues with success at Parsons-5

Beach advises that it has successfully encountered a six metre oil column at the Parsons-5 development well in the Cooper Basin Western Flank Read more…

SM Energy announces $680 million carry agreement in non-operated Eagle Ford Shale position

SM Energy Company (NYSE: SM) announces it has entered into an agreement with a subsidiary of Mitsui & Co., Ltd. concerning a 12.5% working interest in its non-operated Eagle Ford shale position. The Company will be carried on 90% of its drilling and completion costs (excluding costs associated with construction of mid-stream gathering assets) in this acreage until $680 million has been expended for the benefit of SM Energy. The purchaser will also reimburse SM Energy for the purchaser’s share of capital expenditures and other costs, net of revenues, related to the period between the effective date of March 1, 2011, and the closing date. These reimbursed costs (net of revenues), estimated to range between $20 and $40 million, will be payable to SM Energy at closing and the Company will apply these funds to the remaining 10% of SM Energy’s drilling and completion costs in this acreage. As a result, the Company will effectively be 100% carried until this reimbursement amount is exhausted. Once the reimbursement dollars have been expended, the Company will remain 90% carried until the remaining portion of the $680 million carry has been spent. The purchaser will also reimburse SM Energy for 50% of the Company’s total capital investment expenditures in the related mid-stream assets in which the purchaser is acquiring an interest. This reimbursement is estimated to range between $20 and $30 million. The use of the reimbursement proceeds related to the mid-stream assets is not restricted and the proceeds will be treated as proceeds from divestitures in the Company’s consolidated financial statements. Closing is anticipated to occur during the third quarter of 2011 and is subject to customary closing conditions and transaction fees. Read more…

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