Production ///

Kurdish oil producers DNO, Genel gain on export pledge

DNO ASA and Genel Energy Plc shares surged after the regional government of Iraq’s northern Kurdish region said it would start paying them for oil exports next month.

ONEOK Partners to further expand Permian basin capacity to serve markets in Mexico

ONEOK Partners, L.P. has announced plans to invest $70 million to $100 million to expand its ONEOK WesTex Transmission (ONEOK WesTex) intrastate natural gas pipeline system by increasing its throughput capacity by 260 MMcfd of natural gas by the first quarter of 2017.

BASF, Gazprom sign memorandum to expand Nord Stream pipeline

BASF subsidiary Wintershall is to participate in expanding the capacities of the Nord Stream pipeline, which delivers Russian natural gas to European customers via the Baltic Sea.

U.S. oil seen trading above global prices next year in BofA view

CHARLOTTE, North Carolina (Bloomberg) -- U.S. crude may temporarily rise above the global benchmark Brent next year as Middle East output expands while the nation’s supply boom fades, according to Bank of America Corp.

BG Group initiates production from Cidade de Itaguaí FPSO, offshore Brazil

BG Group has announced first oil from the Cidade de Itaguaí FPSO vessel, the sixth unit to start production across the group's significant discoveries in the Santos basin, offshore Brazil.

Iran oil minister says output to rise a week after sanctions

Iran can boost oil production in one week after international sanctions are lifted, and OPEC’s refusal to accommodate Iran in export markets would result in lower crude prices, Oil Minister Bijan Namdar Zanganeh said.

Oil CEOs’ grim outlook rubs off on speculators fleeing market

The world’s biggest oil companies are painting a grim picture of the future and speculators are listening.

Alberta pipelines set back by oil rout

TransCanada Corp. is slowing work on two pipelines in Alberta because of reduced demand tied to lower crude prices and setbacks to its major oil export projects.

Saudi Aramco testing C02 to get more oil from giant Ghawar field

Saudi Arabian Oil Co. started injecting carbon dioxide to try and boost extraction rates from the world’s biggest oil field as the company steps up plans to recover more crude from its deposits.

TransCanada quarterly profit rises on power and pipe volumes

TransCanada Corp., which divides its business between pipelines and power plants, reported higher second-quarter profit as the company transported more fuel and produced more electricity from a nuclear plant in Ontario.

Total assumes operatorship of PRL 15 in Papua New Guinea

InterOil Corp. and Total E&P PNG Limited have agreed that Total will become operator of Petroleum Retention License 15 in the Gulf Province of Papua New Guinea from August 1, 2015.

Exxon profit lowest since 2009 as cost cuts lag oil’s drop

Exxon Mobil Corp. posted its worst quarterly performance in six years as a worldwide glut of oil collapsed prices faster than explorers trimmed costs.

CGG cuts spending after quarterly loss narrows on crude oil drop

CGG SA’s second-quarter loss narrowed and the French oilfield seismic surveyor will make further spending reductions as exploration companies cut their own investments and delay projects amid falling crude prices.

BG Group second-quarter profit declines 65% after oil price drop

BG Group, which agreed to be acquired by Royal Dutch Shell for more than $70 billion in April, reported a 65% drop in second-quarter profit following a slump in oil prices.

Technip swings to loss as oil industry downturn lasts

Technip SA swung to a loss in the second quarter after Europe’s biggest oil-services provider took a writedown amid an industry downturn it expects to last for longer than anticipated.

Wood Group awarded FEED contract from Woodside

Wood Group has secured a new contract to carry out front-end engineering and design (FEED) for the Woodside operated proposed Browse Floating Liquefied Natural Gas (FLNG) Development, offshore Western Australia.

Repsol profit declines 20% as crude slump counters refining

Repsol SA, Spain’s largest oil company, reported a 20% drop in second-quarter earnings as lower crude prices outweighed higher refining margins and led to a loss at its upstream operations.

Eni second-quarter profit drops 84% as Saipem reports loss

Eni SpA said second-quarter profit dropped 84% as its oil-and-gas contractor unit Saipem booked $1 billion in writedowns earlier this week after a plunge in crude prices.

Boehner calls for end to U.S. oil export ban

House Speaker John Boehner (R - Ohio) has called for the lifting of the oil export ban—a move he says will help create jobs, lower energy prices, and support America’s allies.

Suncor deepens spending cuts for 2015 as oil price languishes

Suncor Energy Inc., Canada’s largest oil producer, cut its spending plan for 2015 for a second time and eliminated some non-essential projects as part of cost-reduction efforts.