London-based oil major BP has agreed to buy Brazilian, Azeri and Gulf of Mexico assets from Devon Energy for $7 billion, as the U.S. producer refocuses on onshore U.S. fields.
Maersk Group, the Danish firm, reported a net loss of $1 billion compared to a net profit of $3.5 billion in 2008, on the back of lower freight rates and lower prices for oil and gas as a result of the global economic crisis.
A senior official at Azeri state energy company Socar announced that Devon Energy is thinking of selling its stake in the Azeri-Chirag-Gunsheli oilfields.
Tethys Petroleum Limited today gave further details on the testing of the recent AKD01 (Doris) exploration oil discovery on the Akkulka Block in Kazakhstan and briefed on the Company's future plans to appraise the discovery.
A recent survey of 70 active companies by industry body Oil & Gas UK shows that a large number of companies cannot afford to increase oil and gas exploration in the North Sea, in spite of an increase in known reserves.
Schlumberger Ltd and Smith International, Inc. jointly announced today that their Boards of Directors have unanimously approved a definitive merger agreement in which the companies would combine in a stock-for-stock transaction.
A possible merger between Schlumberger Ltd. and Smith International Inc. highlights a continuing theme in the oil-field services industry: Size matters.
Statoil announced a limited indications of oil exploration during drilling in the Omega Nord well which located six kilometers north-east of the Snorre field in the North Sea. However, the discovery might not be commercially viable due to the qualities of the sand and shale rocks.
The EnergyPoint market research ranked M-I SWACO, a global provider of oilfield fluids and fluids-related systems and services, number one in customer satisfaction in the survey overall.
Aker Solutions has signed a contract with Repsol Investigaciones Petroliferas S.A. for delivery of subsea equipment to the Spanish oil company's Mediterranean wells. Contract value is approximately NOK 120 million.
Royal Dutch Shell posted a 75 percent fall in fourth quarter profits to $1.18 billion, as it was punished for its strong positions in the ailing natural gas and refining businesses.
BP Chief Executive, Tony Hayward said in an interview on BBC radio that world demand will rise to reach its peak after the year 2020, with a maximum of 110 million barrels per day (bpd).
2009 will be remembered for its significant offshore oil and gas discoveries worldwide. Of the 10 top discoveries for the year, two were made in the GOM, two were found off Australia, and one each off Brazil, China, Israel, the UK, Venezuela, and West Africa.
Russian oil continues to flow to Belarus and via Belarus to the European Union despite a failure by Moscow and Minsk to seal a new oil supply deal at talks on Saturday.
Oil prices rose 1 percent on Monday, hitting a fresh 15 month high above $83 a barrel, and a supported data showing China's crude oil imports increased by nearly 25 percent in December as the U.S. dollar weakened.
Statoil is the first company in Norway to offer 5 per cent bioethanol to general consumers. From January 2010 onwards 40 per cent of Statoil's stations will be selling the new biofuel "Bensin 95".
World oil prices, which have soared 40 percent this year on signs of global economic recovery, rose Thursday as solid US demand underpinned the market on the last trading day of 2009, traders said.
Russia launched a new Pacific oil terminal that will allow the world's largest energy producer to conquer Asian markets and divert some Siberian crude flows away from Europe.
The bidders of a joint venture between Saudi Arabia and Kuwait said that the bidding closing date the for two projects at Al Khafji oilfield has extended to the 28th of December.
World oil prices fell on Monday, reversing earlier gains and in line with other commodity markets, as traders took their cue from a stronger dollar, dealers said.
The Italian oilfield services giant Saipem has announced that it has been awarded a number of new onshore contracts with a total of around US$753 million.
Global oil demand will grow in the fourth quarter of 2009, its first year-on-year increase in fuel use since the second quarter of 2008, the International Energy Agency said.
Halliburton has been awarded the integrated turnkey drilling contract in South Ghawar. Located approximately 200 kilometers (124 miles) from the city of Dhahran, the Ghawar field is the world's largest oil field and the contract would involve work in Uthmaniyah, Haradh, Hawiyah and Shedgum.
Russian October oil output inched up to 10.04 million barrels per day from already record-high 10.01 million bpd in September, while the country's October daily gas output rose by 15.8 per cent to 1.76 billion cubic metres from 1.52 bcm in the previous month.
Apache Corporation reported that for the first time average worldwide production surpassed 600,000 barrels of oil equivalent (boe) per day during the third quarter, increasing 3.4 percent from the second quarter and 19 percent from the prior-year period.
Apache Corporation announced government approvals of new contracts to supply 50 million cubic feet (MMcf) of natural gas per day from two fields in Argentina's Neuquen and Rio Negro provinces at a price of $5 per million British thermal units (MMBtu).
