WorldOil UK oil producers say new investment vital even as costs fall LONDON (Bloomberg) -- The UK’s offshore oil producers called on the government to expand efforts to secure new investment after exploration sank to an all-time low. Apache’s Delaware basin discovery drives interest, but lies in historically underperforming area, IHS Markit says Apache Corporation’s recent announcement that it had made a significant new oil and gas discovery in the southern portion of the Delaware basin in West Texas has strengthened industry interest in the emerging sub-play, but previous well results from other operators in the immediate area have been poor, according to analysis from IHS Markit. Iran doesn’t want oil deal in Algiers, won’t freeze output Schlumberger releases new well test design and interpretation software Schlumberger has release GeoTesting geology-based well test design and interpretation services. Rice Energy expands in Marcellus with $2.7-billion Vantage Energy buy Rice Energy has entered into a purchase and sale agreement to acquire Vantage Energy, LLC and Vantage Energy II, LLC for approximately $2.7 billion, including the assumption of debt. Baker Hughes introduces new drill bits to drill faster and farther Baker Hughes has announced the commercial release of its line of Kymera XTreme (XT) hybrid drill bits, designed to help oil and gas operators lower their well construction costs through faster and more durable drilling performance. Oil supply will exceed demand until late 2017, IEA’s Birol warns Global oil output will exceed demand until late 2017, the head of the International Energy Agency said before major producing nations gather for talks. Topaz secures contracts for Tengiz field in Kazakhstan Topaz Energy and Marine, a leading offshore support vessel company, has secured substantial contracts in connection with the development of the Tengiz oilfield in Kazakhstan during 2016. The two contract wins announced in the second and third quarter together represent revenue of more than $500 million. The two contracts bring Topaz’s backlog to approximately $1.6 billion. HB Rentals invests in new product lines Offshore accommodation and workspace solutions specialist, HB Rentals, has invested in excess of £750,000 into new product lines in response to customer demand. UK’s Labour Party would ban fracing, spokesman says The UK opposition Labour Party would ban hydraulic fracturing for shale gas if it wins the next general election, according to its energy spokesman Barry Gardiner. DONG terminates contract for Maersk Resolve early Maersk Drilling received a letter of early termination, from DONG Energy, for the Maersk Resolve after the jackup finalized the planned work scope at Hejre field, in the Danish sector of the North Sea, ahead of schedule.