WorldOil Statoil wildcats disappoint in the Norwegian Sea Statoil Petroleum, operator of production license 348 C, is in the process of completing the drilling of wildcat wells 6407/8-7 and 6407/8-7 A. Both wells have been drilled about 4 km north of Hyme field in the southern part of the Norwegian Sea. Petronas reports first oil from Indonesia’s Bukit Tua field Petronas has reached a significant milestone in its upstream operations in Indonesia with first oil achieved from Bukit Tua field on May 17. Saudi oil supply outpaces rivals in grab for record China demand Saudi Arabia expanded its share of China’s oil market last month, outpacing rival producers as they compete to meet record demand from the world’s biggest energy consumer. Petronas first-quarter profit plunges on oil price slump Petroliam Nasional Bhd., Malaysia’s state oil company, posted a 43% decline in first-quarter profit after a plunge in crude oil prices. Vanguard Natural Resources to acquire Eagle Rock Energy Partners Vanguard Natural Resources and Eagle Rock Energy Partners have entered into an agreement and plan of merger pursuant to which a subsidiary of Vanguard will merge into Eagle Rock for total consideration of $474 million in Vanguard common units and the assumption of Eagle Rock's net debt of $140 million as of Mar. 31. Core Bakken assets remain economical despite low oil prices, GlobalData says While the 12 counties with Bakken production between North Dakota and Montana have lost the majority of their horizontal rigs over the last eight months, core areas of the shale play remain attractive, especially as oil prices creep towards $70/bbl, says an analyst with research and consulting firm GlobalData. Jee bags FEED contract for EOR project from Amec Foster Wheeler Jee Ltd. has been awarded a contract from Amec Foster Wheeler for the front end engineering design (FEED) of a jacket rigid polymer injection riser package (including J-tubes) as part of an enhanced oil recovery (EOR) field development. Canadian crude oil supply chain adapts to U.S. glut, Genscape says With a global oversupply of crude and ever-changing price environment, the crude oil supply chain between the U.S. and Canada has reacted quickly to rebalance supply and demand by moving U.S. crude north to the Canadian East coast, adding new infrastructure to de-bottleneck oil sand storage hubs, and conducting maintenance at Canadian oil sands production facilities, according to Genscape analysis. Husky Energy begins steam operations at Rush Lake Husky Energy has started commercial steam operations at the 10,000 bpd provider, Rush Lake heavy oil thermal project in Saskatchewan, approximately eight weeks ahead of schedule. OPEC seen unyielding in oil-market share battle with shale OPEC will stick with the strategy of favoring market share over prices when it meets next month because rival producers are already starting to buckle. Oil rout spurs Canadian Pacific to cut shipments forecast Canadian Pacific Railway Ltd. cut its forecast for moving crude by rail for a second time in four months because of production delays and lower demand for the commodity. This year’s total will probably be 100,000 to 140,000 carloads, Chief Operating Officer Keith Creel said Wednesday. Canadian Pacific had forecast 140,000 in January, a reduction from its original outlook of 200,000.