• BP CEO Bob Dudley. Image courtesy of BP/Youtube.

    BP sinks to $6.3 billion Q2 loss

    BP swung to a $6.3 billion second quarter loss on Tuesday after write downs tied ...

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  • brazil thumbs up

    Moving ahead: Brazil approves $70 billion Shell, BG merger

  • sfo

    U.K. Serious Fraud Office wins forfeiture for DOJ in Griffiths Energy bribery case

  • ode sa logo

    Odebrecht CEO formally charged with corruption, money laundering

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    Whoa! U.S. added 19 rigs last week

Recent Posts

Encana lays off 200 in July, sinks to $1.6 billion Q2 loss

Encana CEO Doug Suttles (Image courtesy of the Calgary Herald via YouTube)

Alberta-based Encana confirmed Friday that it laid off 200 employees in July after reporting a $1.61 billion loss in the second quarter. According to Reuters, the company laid off 200 employees this month and had about 3,129 employees as of the end of December 2014. “Our costs will continue to come down, and they need to, because the price of ...

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Iran sets $185 billion oil, gas project target

darts

Iran is gearing up for a major oil and gas investment push as the country prepares for sanctions to be lifted following a historic nuclear agreement with six world powers, including the United States. The oil rich country is hoping to attract as much as $185 billion in new energy projects by 2020, Reuters said. Iranian Minister of Industry, Mines ...

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Weatherford layoff target rises to 11,000

Image courtesy of Weatherford International.

Weatherford International boosted its headcount reduction target by 1,000 on Thursday to 11,000 positions. In its second quarter results, the Switzerland-based company confirmed it has successfully completed its previously announced headcount reduction target of 10,000 and has revised its target upwards to 11,000. The reductions will principally affect the company’s U.S. operations, with a focus on support positions. “The aggregate ...

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Nexen Energy: Alberta spill probe could stake months

Image courtesy of Nexen Energy.

Nexen Energy said Wednesday that a pipeline spill near its Long Lake oil sands facility in Canada last week could take months to investigate. According to Reuters, Nexen said pinpointing the cause of the 31,500 barrel emulsion spill will most likely take months. Emulsion is a mixture of produced water, sand and bitumen. The leak was detected on July 15 ...

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Statoil makes North Sea gas, condensate find

The Maersk Gallant drilling rig in the North Sea. Image courtesy of  Ole Jørgen Bratland/Statoil ASA.

 Norway’s Statoil Petroleum scored a gas and condensate find at its wildcat well 2/4-23 S in the Norwegian North Sea. The well was drilled in the Staoil operated production license 146, 10 miles northeast of the Ekofisk field, near the King Lear discovery in the southern part of the North Sea, the Norwegian Petroleum Directorate said. The primary exploration target ...

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Hercules Offshore: We’re weeks from bankruptcy

Hercules Offshore

Services firm Hercules Offshore said on Thursday that it expects to file for Chapter 11 bankruptcy in about three weeks. According to Reuters, the company plans to file for bankruptcy protection in the next three weeks and emerge from restructuring sometime in the fourth quarter. In June, Houston-based Hercules announced its bankruptcy plans after reaching an agreement with its creditors ...

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Report: Halliburton, Baker Hughes merger faces antitrust concerns

Halliburton CEO David J. Lesar

U.S. Department of Justice officials have reportedly voiced concerns that the pending merger between service giants Halliburton and Baker Hughes could raise antitrust issues. An unnamed source told Bloomberg that DOJ lawyers reviewing the $34.6 billion merger are concerned it will stifle competition. The source said government officials aren’t sold on the idea that Halliburton’s divestment plan will sufficiently restore competition. The ...

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Edison Norge: North Sea wildcat is dry hole

Image courtesy of Edison Norge.

Edison Norge reported Wednesday that its North Sea wildcat well 2/11-11 has drilled dry. The well, located in production license (PL) 616, was drilled about 4.3 miles southwest of the Valhall field and about three mile west of the Hod field in the North Sea, the Norwegian Petroleum Directorate (NPD) said. The Norway-based company is now in the process of ...

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U.S. bans Shell Arctic drilling until blowout preventer arrives

Image courtesy of the  Bureau of Safety and Environmental Enforcement/Flickr.

Shell’s plan to explore offshore Alaska this summer hit another snag on Wednesday after regulators said the company can not drill into oil-bearing zones until a capping stack arrives. The Bureau of Safety and Environmental Enforcement conditionally approved two permits for Shell to conduct limited exploratory drilling in Alaska’s Chukchi Sea. However, the BSEE said that Shell can not drill ...

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Exxon Guyana oil find could be 12 times larger than nation’s GDP

A recent Exxon Mobil oil find in Guyana could be worth 12 times more than that nation’s GDP. According to Bloomberg, the company’s May find at the Liza-1 well in offshore Guyana could be worth about $40 billion at current international crude prices, an amount that’s about 12 times larger than Guyana’s GDP. “A find of this magnitude for a ...

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