North America ///

U.S. oil production on track to reach all time high in 2015

Rystad Energy estimates U.S. annual oil production (crude oil plus lease condensate) to peak at 9.7 MMbpd by September 2015, assuming WTI stays at $55 /bbl on average for the year. The average production for 2015 estimated at 9.65 MMbpd could be an all-time high after its peak in 1970 with 9.64 MMbpd as yearly average.

Sabine Oil says lenders may cut credit line significantly

Sabine Oil & Gas Corp., the exploration and production company that merged with Forest Oil Corp. last year, said its banks may cut its fully drawn $1 billion credit line after oil prices plunged.

Keppel FELS delivers eleventh jackup to Mexico

SINGAPORE -- Keppel FELS, a wholly owned subsidiary of Keppel Offshore & Marine, has delivered a KFELS B Class jackup rig to Pemex.

Northern Offshore delays delivery of two new jackups

Northern Offshore has negotiated a nine-month delay in the delivery of two high specification jackups, Energy Engager and Energy Encounter, from a shipyard in China, the company reported Tuesday.

API urges BOEM not to cut already-restrictive offshore leasing plan

WASHINGTON -- The federal government’s proposal for future offshore oil and natural gas leasing is already too restrictive and should not be reduced any further, according to comments API submitted to the Bureau of Ocean Energy Management (BOEM) on Monday.

BNSF slows oil trains up to 30% to boost safety after accidents

BNSF Railway Co. is cutting the speed of oil-carrying trains in some urban areas to as slow as 35 miles per hour, a 30% reduction, to improve safety following crude-by-rail accidents this month.

BP cancels one rig contract, extends another, Seadrill Partners says

Seadrill Partners has received a notice of termination from BP Exploration & Production for the contract for the West Sirius, which will be effective after the semisubmersible completes its current well and demobilizes, which Seadrill Partners estimates to be by early May 2015.

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.