The technique itself is nothing new. Oil crews across the world have been schooled on its simple principles for generations: Identify aging, low-output wells and hit them with a blast of sand and water to bolster the flow of crude. The idea originated somewhere in the plains of the American Midwest, back in the 1950s.
LINN Energy, LLC and LinnCo, LLC announced Monday that LINN has signed a definitive agreement to sell its remaining position in Howard County in the Permian basin for a contract price of $281 million.
Crude tumbled the most in five months amid mounting concern about economic stability in Europe and Asia.
LINN Energy, LLC and LinnCo, LLC announced Monday that LINN has signed a formal agreement with private capital investor GSO Capital Partners L.P., the credit platform of The Blackstone Group L.P., to fund oil and natural gas development.
Petrobras has long been a pioneer in the adoption and deployment of deepwater technology. This has enabled them to build huge reserves of some 16 Bbbl of oil. Converting these reserves to production, however, is another matter and Petrobras has a history of setting ambitious targets, with a poor record of meeting them.
Husky Energy is continuing to ramp up production at the Sunrise Energy Project in northeast Alberta, the company announced Monday.
The floating production, storage and offloading unit (FPSO) Cidade de Itaguaí is now anchored in the Iracema Norte area of Lula field, in the pre-salt layer of the Santos basin, off the coast of Rio de Janeiro.
Eni has started production from the giant gas field Perla, in the Gulf of Venezuela. The first production well has been opened and is currently in the clean-up phase.
Brent slid below $60/bbl for the first time since April amid mounting concern about economic stability in Europe and Asia.
No one can accuse the Norwegian government of being greedy when it last week decided on the ownership stakes in the giant Johan Sverdrup oil discovery.
Drydocks World has marked a major milestone in successfully completing the world’s largest turret mooring system at Shell's Prelude FLNG off Australia.
After several years of technology development, construction and testing the first subsea wet gas compressor in the world is now installed at the Statoil's Gullfaks C platform in the North Sea.
The Research Council of Norway has through the “Petromaks 2” program has awarded 4Subsea funding for a research initiative on corrosion in flexible pipes.
Lundin Petroleum has announced that the Norwegian Ministry of Petroleum and Energy has determined the allocation of resources in the Johan Sverdrup oil field and has decided to increase the unitized interest for Lundin Petroleum from 22.12 to 22.6%.
The sleepiest oil market since 2013 will probably limp through the second half of the year as well.
For the first time in almost seven months, America’s shale drillers put rigs in oil fields back to work, and they’re doing it at a lower price.
Mexico plans to auction 914 onshore and offshore oil areas in the next five years as the historic opening of the country’s energy industry aims to add 1 MMbbl of production by 2025.
InterOil Corporation and the PRL 15 joint venture participants have unanimously endorsed recommendations from Total SA for key project infrastructure sites for development of Elk-Antelope gas field in Papua New Guinea.
Emerson Process Management has acquired Norwegian company Yggdrasil, a provider of flow assurance and production optimization software.
China is wary of expanding energy investments in Russia because closer ties with the Kremlin could harm its relations with the U.S., according to a former researcher at China’s biggest offshore explorer.