Production ///

Pentair receives UL/FM approval for advanced metallurgies in fire protection equipment

Pentair Engineered Solutions has obtained UL listing and FM Approval on its line of fire pumps with advanced metallurgies.

Wood Mackenzie: Where are all the LNG project postponements?

In a new global gas analysis, Wood Mackenzie remarks that despite the outlook for global LNG demand looking increasingly subdued, the number of LNG projects proposed to take a Final Investment Decision (FID) in 2015 and 2016 has not reduced significantly, in contrast to the 45 upstream oil & gas projects which have been postponed FID so far in 2015.

Hedge fund manager Hall says global market ‘not awash in oil’

Andy Hall, one of the best-known oil traders who’s bullish on prices, said the decline in the oil market isn’t a repeat of 1998 or 2008.

Canacol negotiates gas sales as it triples Colombia output

Canacol Energy Ltd., a natural gas explorer in Colombia, is negotiating new supply deals as it steps up drilling and expects to more than triple gas production in the Andean country by year-end.

Russia’s NOVATEK sells 9.9% stake in Yamal LNG to Chinese investment fund

OAO NOVATEK and China’s Silk Road Fund (SRF) have concluded a framework agreement on the acquisition by SRF—a $40-billion medium- to long-term investment fund—of a 9.9% equity stake in the Yamal LNG project.

Iraqi oil output declining as of 2018 in Morgan Stanley’s view

Iraq’s crude production will start to decline in 2018 because of a slowdown in investment due to lower oil prices and a costly war on Islamist militants, according to Morgan Stanley.

MEO Australia enters Cuba with Block 9 PSC

MEO Australia has executed the Cuba Block 9 Production Sharing Contract (PSC) with the national oil company Cuba Petróleo Union (CUPET) in a ceremony in Havana, Cuba.

INPEX revises development plan for Abadi LNG project offshore Indonesia

INPEX Corp. has submitted a revised plan of development (POD) for Abadi gas field in the Masela Block, Arafura Sea, Indonesia, as a result of a greater volume of natural gas reserves being confirmed, among other factors.

Gas exports from Iran, Egypt seen threatening U.S. ambitions

A potential boost in natural gas supply from Iran and Egypt may exacerbate a worldwide glut, reshape the global market and threaten U.S. export ambitions, according to Citigroup Inc.

OptaSense to provide pipeline monitoring services for Mexican gas pipeline

OptaSense, a QinetiQ company, has announced that its fibre-optic Distributed Acoustic Sensing (DAS) system has been chosen to provide improved pipeline monitoring, including leak detection, on a gas pipeline in Mexico.

Oil export bill said to be set to move as price fears ease

Congress is set to begin consideration of a measure to lift the decades-old ban on U.S. crude exports after a government study concluded the move wouldn’t raise gasoline prices for consumers, people familiar with the plan said.

OPEC said to be split on need for long-term oil-price forecasts

Saudi Arabia and its Gulf allies are at odds with Iran and other OPEC members over whether the organization should include oil-price forecasts in its long-term strategy report, according to three of the group’s delegates.

ConocoPhillips to cut 1,800 jobs as oil downturn seen prolonged

ConocoPhillips, the fourth-largest U.S. oil company, plans to reduce its workforce by 10% in the latest sign that the energy industry is preparing for a longer downturn.

Iran sees shale recovery as OPEC longs for $80 crude

Most OPEC members would like to see crude prices at $70 to $80/bbl and the producer group doesn’t need to coordinate with other oil suppliers to determine output levels, Oil Minister Bijan Namdar Zanganeh said in an interview.

EIA report confirms need for bipartisan action on U.S. crude exports, API says

Consumers could save on fuel costs if policymakers act now to lift trade restrictions on U.S. crude oil, said API, citing a new report from the U.S. Energy Information Administration (EIA).

Sasol seeks contractors for Mozambique oil project, gas pipeline

Sasol Ltd., the world’s biggest maker of liquid fuels from coal, is looking for contractors to help it become the first commercial oil producer in Mozambique and to extend a gas pipeline that will increase exports to neighboring South Africa.

ConocoPhillips reports first oil at Surmont 2 oil sands facility

ConocoPhillips has delivered first oil at its Surmont 2 in-situ oil sands facility in Canada, the company said Tuesday.

Americas will take brunt of any oil output cuts as Iran returns

The Americas will take the brunt of any cuts in oil production as Iran increases output once international sanctions are lifted, according to a report by A.T. Kearney Inc.’s oil and gas consulting practice in Dubai.

Faroe raises stakes in Blane, Enoch fields with Roc Oil deal

Faroe Petroleum has announced the conditional acquisition of Roc Oil (GB Holdings) Limited, which holds a 12.5006% interest in the Blane Unit in the UK North Sea and a 12.00% interest in the Enoch Unit in the UK North Sea, from Roc Oil (Europe) Limited, a subsidiary of Roc Oil Company Limited.

W&T Offshore sells Permian basin’s Yellow Rose field

W&T Offshore has entered into a definitive agreement with Ajax Resources, LLC for the sale of all of W&T's interest in its Yellow Rose field in the Permian basin.