Production ///

Chevron's Vice Chairman and Executive V.P. of Upstream to retire; James W. Johnson to take chair as Executive V.P.

Chevron Corporation has confirmed today that George L. Kirkland, Vice Chairman and Executive V.P., Upstream, will retire from the company, effective Jun. 15. He will be succeeded by James W. Johnson, as Executive V.P., Upstream, effective Jun. 16.

U.S. oil production on track to reach all time high in 2015, says Rystad Energy

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.

Apache reports strong results from discoveries in Egypt's Western Desert

Apache Corp. has reported strong appraisal- and development-drilling results from Egypt following the discovery of two new oil fields in the Western Desert.

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.

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.

Rosneft focuses on Russian gas as Latin American prospects appear limited: GlobalData

Despite the recent Memorandum of Understanding between Rosneft and Golar LNG, the former’s current gas strategy is narrowly focused on developing domestic reserves and initiating LNG projects in Russia, according to GlobalData.

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.

Eni, Reliance ink PSCs for exploration offshore Myanmar

Eni and India's Reliance Industries have signed production sharing contracts (PSCs) for two blocks each, offshore Myanmar. Eni is partnering with with Petrovietnam and Reliance has a JV with the local Myanma Oil & Gas Enterprise.

Maersk Oil starts production from new platform in Danish North Sea

Maersk Oil has started production from the new unmanned platform Tyra Southeast-B, the company reported Tuesday.

Wood Group wins major Total contract

Wood Group has been awarded a five-year, multi-million dollar contract by Total, which includes the option for two, one-year extensions.

McDermott wins subsea contract for Chevron's Jack and St. Malo expansion

McDermott International has been awarded a sizeable contract to transport and install subsea umbilicals, manifolds, jumpers and flying leads for Chevron U.S.A. Inc. to support the brownfield expansion of the Jack and St. Malo fields in the U.S. Gulf of Mexico.

Iran’s riches coveted by oil majors after decades of conflict

LONDON (Bloomberg) -- Outside the boardroom of BP Plc’s headquarters on London’s swanky St. James’s Square, a display case houses the geological data from Masjid-i-Solaiman, Iran’s first oil well.

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.

Saudis seen by Woodmac pricing oil to protect Asia market share

Saudi Arabia is seeking to protect its share of Asia’s oil market by keeping crude prices competitive with those of other suppliers, according to energy consultants Wood Mackenzie Ltd.

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.

Total completes $1 billion of onshore divestments in Nigerian blocks

Total has completed the divestment of its stake in onshore Oil Mining Lease (OML) 29 to Aiteo Eastern E&P, a Nigerian company, for $569 million. Together with the recently completed divestments of OML 24 and OML 18, Total’s share of sale proceeds from these three onshore Nigerian blocks amounts to over $1 billion.

Loyz Energy inks two MOUs with India’s Sun Petrochemicals with respect to its concessions

In a strategic move to manage its concession portfolio, Loyz Energy Limited has entered into two binding memorandum of understanding (MOUs) with Sun Petrochemicals Private Limited through its exploration and production division, Sun Oil & Natural Gas (SONG).

Petrobras said to start asset sale with fields in Argentina

BUENOS AIRES (Bloomberg) -- Petroleo Brasileiro SA, the state-controlled company at the center of Brazil’s biggest corruption scandal, agreed to sell oil and natural gas fields in southern Argentina to billionaire Eduardo Eurnekian’s Corporacion America, two people with knowledge of the deal said.

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.

Total, DNO keep pumping oil and gas in Yemen after airstrikes

Total and DNO said they continue to pump oil and natural gas in Yemen after Saudi Arabia and its allies bombed rebel targets in the nation.