North America ///

EIG invests $1 billion in Breitburn for strategic acquisitions

Breitburn Energy Partners and EIG Global Energy Partners have announced definitive agreements, whereby Breitburn will sell $350 million of perpetual convertible preferred units and $650 million of senior secured notes. The funds will be used for future growth and strategic acquisitions.

Exxon Mobil starts production at Hadrian South in Gulf of Mexico

IRVING, Texas --Exxon Mobil has begun production at Hadrian South in the deepwater Gulf of Mexico. Gross production, from two wells, is expected to reach approximately 300 MMcfgd and 3,000 bopd.

Oil, rail industries develop crude-by-rail safety course for first responders

America’s oil and freight railroad industries have developed a new education module for first responders as part of a holistic effort to better prevent, mitigate and respond to derailments of trains carrying crude oil.

Oil speculators focused on glut miss surge as bombs hit Yemen

Speculators were the least bullish on crude in two years before prices surged as Saudi Arabia and its allies bombed rebels in Yemen, threatening supply disruptions in the largest oil-producing region.

U.S. oil rigs drop for 16th straight week, Baker Hughes says

HOUSTON (Bloomberg) -- U.S. drillers targeting oil idled rigs for the 16th straight week, extending an unprecedented cutback in drilling, and dragging the total rig count down to the lowest level in more than five years.

Helix, Shell in deepwater well intervention semisubmersible contract extension

Helix Energy has entered into a new multi-year contract with Shell to provide well intervention services in the U.S. Gulf of Mexico utilizing Helix’s Q4000.

Cray to deliver supercomputer to PGS

Cray Inc. has been awarded a contract to provide Petroleum Geo-Services (PGS) with a Cray XC40 supercomputer and a Cray Sonexion 2000 storage system.

Schlumberger unit to pay $233 million in Iran, Sudan sanctions case

Schlumberger Oilfield Holdings Ltd., a wholly owned subsidiary of Schlumberger Ltd., has agreed to enter a guilty plea and to pay a $232,708,356 penalty to the U.S. for conspiring to violate the International Emergency Economic Powers Act by willfully facilitating illegal transactions and engaging in trade with Iran and Sudan.

API: DOE crude-by-rail report highlights importance of accident prevention

A U.S. Department of Energy (DOE) report on crude oil properties and transportation safety highlights the continued need for efforts to prevent more train derailments, said API Director of Midstream Robin Rorick.

Lower 48 oil economics still robust, Wood Mackenzie says

Wood Mackenzie's breakeven analysis of more than 800 individual assets in the Lower 48 reveals dramatic variations in the viability of company asset bases and sub-plays.

Falling knife slashes shale dealmaking as buyers await bottom

When Whiting Petroleum Corp. put itself up for sale this month, the oil industry appeared on the brink of a deal surge that would dramatically redraw the energy landscape.

C&J Energy and Nabors Industries complete combination transaction

HAMILTON, Bermuda -- C&J Energy Services, Inc. and Nabors Industries Ltd. have completed the combination of C&J with Nabors' completion and production services business.

Halliburton introduces CoilComm service

Halliburton’s Production Solutions business line has introduced the CoilComm service to help maximize well production and the success rates of coiled tubing well interventions.

Halliburton introduces EquiFlow OptiSteam flow control device

HOUSTON -- Halliburton’s Completion Tools business line has introduced the EquiFlow OptiSteam flow control device (FCD) for steam-assisted gravity drainage (SAGD) injectors.

ICoTA 2015: Weatherford announces TruFrac composite frac plug

Weatherford has announced the commercial release of its TruFrac composite frac plug at the 2015 Intervention and Coiled Tubing Association Conference and Exhibition.

Chesapeake shaves $500 million from budget on low oil price

Chesapeake Energy Corp. has reduced its 2015 capital budget—including capitalized interest of $500 million—to $3.5–$4.0 billion for 2015, which is a $500 million reduction from its previous guidance of $4.0–$4.5 billion.

No deal for shale driller Whiting as company sells shares

Whiting Petroleum Corp. has given up finding a buyer, saying instead it will sell as much as 40.3 million shares and raise $1.9 billion in debt to clean up its balance sheet.

Carl Icahn boosts stake in Chesapeake amid stock slump

Billionaire investor Carl Icahn increased his stake in U.S. shale gas producer Chesapeake Energy Corp. for the first time in two years amid the stock’s worst quarterly performance since 2008.

Oceaneering inks OCTP development contract with ENI and partners off West Africa

Oceaneering International, as part of a consortium with GE Oil & Gas, has secured a contract with Eni Ghana Exploration and Production and its partners, Vitol and GNPC, to supply equipment for the Offshore Cape Three Points (OCTP) Block project development located off the coast of West Africa.

Sempra Energy submits Port Arthur facilities for pre-file review with FERC

SAN DIEGO -- Sempra Energy’s subsidiary, Port Arthur LNG, has requested that the Federal Energy Regulatory Commission (FERC) initiate the pre-filing review for the company's proposed Port Arthur LNG natural gas liquefaction and export facility in Port Arthur, Texas.