WorldOil How pipelines saved America’s biggest oil basin from bust To understand why U.S. oil production is so resilient, it helps to consider the maze of pipelines running out of Midland, Texas. OFS Portal elects Bhushan Ivaturi of GE Oil and Gas to its Board of Directors OFS Portal, eCommerce thought leaders and standards advocates in the upstream oil and gas industry, has announced that Bhushan Ivaturi, CIO of GE Oil and Gas Downstream and Technology Solutions has been elected to its Board of Directors replacing Jorge Frausto also from GE Oil and Gas. Lonestar announces Joint Development Agreement with IOG Capital Lonestar Resources, Ltd. has announced the closing of a $100 million Joint Development Agreement (JDA) with IOG Capital. WellAware launches Chemical Management Solutions to reduce oilfield operating costs and optimize production WellAware has launched the WellAware Chemical Management and WellAware Chemical Optimization products. Designed for EandP and chemical service companies, the new products reduce operating costs, minimize pump and well downtime, and optimize production. Ecopetrol discovers hydrocarbon in Colombian Caribbean ultra-deepwater Ecopetrol has informed that at a depth of 3720 m, the Kronos-1 well verified the presence of hydrocarbons in ultra-deepwater of Colombian south Caribbean area. Statoil’s Reitan sets sights on U.S. shale oil cost cutting Torgrim Reitan, who’s about to take charge of Statoil's U.S. business after serving as CFO since 2011, has one priority: improve profitability by cutting costs. Billionaire Ambani said to weigh sale of U.S. shale gas holdings Indian billionaire Mukesh Ambani’s Reliance Industries is weighing a sale of its U.S. shale gas investments, people with knowledge of the matter said. National Oilwell Varco achieves positive results despite downturn NOV reported that for its second quarter, it earned net income of $289 million, compared to first quarter net income of $310 million. U.S. could be energy superpower with repeal of oil export ban, Senate committee hears U.S. Sen. Lisa Murkowski (R – Alaska) testified before the Senate Banking Committee Tuesday on the benefits of lifting the ban on domestic crude oil exports. ConocoPhillips extends Mærsk Innovator contract ConocoPhillips Norway has awarded Maersk Drilling a contract extension for the Mærsk Innovator for work on Eldfisk field, part of the greater Ekofisk area, offshore Norway. Vermilion Energy farms into North German basin licenses Vermilion Energy has entered into a farm-in agreement with Mobil Erdgas-Erd l GmbH (MEEG) and BEB Erdgas und Erd l GmbH and Co.KG (BEB).