Oil price falls despite OPEC production cutback extension

AS expected, OPEC and a large group of Non-OPEC supporting countries have agreed to continue their push to stablise oil prices by continuing to restrict production from their respective countries. In an overnight gathering in Vienna, Ministers from OPEC Member Countries met with their counterparts from non-OPEC oil producing countries with an agreement reached to extend production cut-backs for a further nine months – commencing from July 1. In announcing

Nice bounce for oil as US inventory sinks

Oil shot higher by over 3 percent overnight as the U.S. Crude Inventories dropped by a  massive 5.2 million barrels against a drop of 1.8 million expected. Brent spot traded as high as 50.35 and WTI spot to 47.60 before both saw late session profit taking to open in Asia at 49.90 and 47.30 respectively. According to  Jeffrey Halley, senior market analyst at OANDA, with the OPEC production cuts almost certainly

Australian company awarded first onshore Timor-Leste exploration licence

Australia’s Timor Resources Holdings has signed the world’s first agreement for onshore oil and gas exploration and production on mainland Timor-Leste, in an official ceremony in Dili. The Production Sharing Contract (PSC) was signed by Nepean Chairman David Fuller, the President of Timor-Leste’s national petroleum authority Autoridade Nacional do Petróleo e Minerais (ANPM) Sr. Gualdino Da Silva and Director of TIMOR GAP Norberta da Costa in the presence of Prime

US$3.5 billion Leviathan gets green light

Noble Energy, Inc. has announced that it has sanctioned the first phase of the US$3.5 Leviathan natural gas project offshore Israel, with first gas targeted for the end of 2019. Noble Energy is the operator of the Leviathan Field, which contains 22 trillion cubic feet (Tcf) of gross recoverable natural gas resources. Leviathan is Noble’s third major natural gas development offshore Israel. “Bringing Leviathan online will expand Israel’s supply of

P-66 FPSO sets sail for Lula field

THE floating production, storage and offloading vessel (FPSO) P-66 has successfully sailed from the Brasfels shipyard in Angra dos Reis, Rio de Janeiro. It is now heading to the Lula Sul module in the Lula field, Santos Basin pre-salt, where it is expected to arrive in the next few days. The production system will come online after the vessel has been moored and the first production well has been connected. 

UK firms heading to AOG 2017 show confidence in local market

AUSTRALIA has been identified as one of the key targets for British subsea companies according to a new survey conducted by Subsea UK – a major participant in AOG 2017. Offshore USA, West Africa, South East Asia and Australia were identified as the major markets for UK subsea service suppliers in what they believe is an improving market. According to the 300 member companies surveyed by Subsea UK, 27% are

Premiere Eastern has war chest for Chinese expansion

A CASHED up Premiere Eastern Energy to investigate new growth opportunities in the Chinese market. The ASX-listed Chinese petroleum market specialist recently reported that it has entered 2017 with a strong cash and cash equivalent position of A$126 million. The company that strong balance sheet position will allow it to take advantage of the current difficult oil price environment to seek opportunities to grow revenues. Premiere Eastern said this will

Schlumberger says US will lead industry growth return in 2017

GLOBAL oilfield services giant Schlumberger is the latest company to suggest that 2017 will be the year the petroleum industry begins is climb out of the recent doldrums. Releasing their latest quarterly report, Schlumberger said that a tightening of the global oil and gas supply and demand balance in the second half of 2016 had been further strengthened by the December OPEC and non-OPEC agreements to cut production. The company

ExxonMobil pays US$5.6B to more than double its US Permian Basin oil assets

                              Exxon Mobil Corporation has moved to more than double its Permian Basin resource to 6 billion barrels of oil equivalent through the acquisition of companies owned by the Bass family of Fort Worth, Texas, with an estimated resource of 3.4 billion barrels of oil equivalent in New Mexico’s Delaware Basin, a highly prolific, oil-prone section of the

BP approves Mad Dog Phase 2 project

BP has sanctioned the Mad Dog Phase 2 project in the United States, highlighting its long-term commitment to the country despite the current low oil price environment. Mad Dog Phase 2 will include a new floating production platform with the capacity to produce up to 140,000 gross barrels of crude oil per day from up to 14 production wells. Oil production is expected to begin in late 2021. “This announcement