WorldOil Oil heads for weekly drop as OPEC meets to discuss output quotas Crude in New York is set for the first weekly drop since mid-September as an OPEC committee meets to discuss how deeply some of its members should cut production to comply with the group’s pledge to reduce supply. Chevron posts first profit in a year as oil inches higher Chevron Corp. posted its first profit in a year as a recovery in energy prices halted a string of writedowns that have depressed the oil explorer’s results since late 2015. Oceaneering and BP agree to two-year extension offshore Angola Oceaneering International, Inc., has announced that a unit of BP has agreed to a two-year extension through January 2019, under the Field Support Vessel Services contract that was entered into with the Company for work offshore Angola on Blocks 18 and 31. Oil India Limited signs MOU with University of Houston to increase production Oil India Limited (OIL), an upstream oil and gas public sector utility, has entered into a Memorandum of Understanding (MOU) with the University of Houston (UH), with the intent of augmenting its reserves base and maximizing recovery from its aging oilfields. Maersk Supply Service announces sale of two more vessels As part of Maersk Supply Service’s recently announced divestment plans, Maersk Feeder and Maersk Fighter have been sold. Exxon Mobil profit slides as oil-market slump threatens reserves Exxon Mobil profit sank as the world’s largest publicly traded oil company posted its lowest production in seven years and warned the prolonged slump in energy markets may force a write off of 19% of its reserves. GE discussing Baker Hughes partnership as slump endures General Electric is holding discussions with Baker Hughes on potential partnerships that would bring together an industrial equipment behemoth with one of the oil industry’s largest service providers. Shale Support receives National Mining Association safety award Shale Support, a provider of frac-sands and logistical solutions to the oil and gas proppant market, received the Sentinels of Safety Award from the National Mining Association (NMA) during the annual Mine Expo in Las Vegas. Oil and Gas UK publishes guidelines on HPHT wells In line with its commitment to continually reviewing and improving the safety and performance of all aspects of well practices on the UK Continental Shelf (UKCS), Oil and Gas UK has released new guidelines on wells with HPHT properties. Developing Arctic resources requires relationships with local stakeholders, say panelists At the Arctic Technology Conference hosted by the OTC group of associations earlier this week in St. John’s, Newfoundland and Labrador, one group of panelists discussed how the industry must engage local stakeholders, if they hope to develop frontier areas successfully. TGS to expand Africa multi-client library with new survey TGS is to expand its NWAAM multi-client library in the MSGBC basin. The company is to acquire more than 11,500 km of long-offset broadband 2D seismic data as well as magnetic and gravity data in the Republic of Guinea, Guinea Bissau and the AGC joint exploration zone between Guinea Bissau and Senegal.