WorldOil Conoco considering North Sea asset sale by year end ConocoPhillips plans to invite bids by the end of the year for its remaining North Sea assets, which could be valued at up to $3 billion in a sale, according to people with knowledge of the matter. Packers Plus creates the Toe-XT Hydraulic Sleeve, replacing two tools The latest innovation from Packers Plus Energy Services Inc. brings simplicity and reliability to operators for stimulating the first stage of oil and gas wells. Faroe-operated rungne exploration well results show good, bad Faroe Petroleum has announced the results of the Faroe-operated Rungne exploration well 30/6-30 in the Norwegian North Sea. Canada’s oil industry to spar over forced output cuts Canada’s oil sector is divided over whether to force a temporary cut to production, with some major producers pushing the controversial idea in a bid to ease a supply glut and halt a steep plunge in prices, according to seven people familiar with the matter. U.S. shale boom lowered trade deficit by $250 billion The boom in U.S. oil and gas production over the past decade has exerted a moderating force on what is a large domestic merchandise trade deficit by helping reduce the country’s net petroleum imports, a new report by business information provider IHS Markit says. Golden Software enhances 3D data visualization in Surfer 16 Golden Software, a developer of affordable scientific graphics software, has enhanced the visualization capabilities in version 16 of its Surfer gridding, contouring and 3D surface mapping package. ADNOC to invest $1.4 billion to upgrade Bu Hasa Field he Abu Dhabi National Oil Company (ADNOC) has announced a $1.4 billion investment to upgrade and expand its Bu Hasa field, which will increase crude oil production capacity to 650,000 bpd. ADNOC to extend long-term gas supply agreement for LNG production The Abu Dhabi National Oil Company (ADNOC) has agreed, in principle, to extend to 2040 its gas supply agreement with ADNOC LNG, in coordination with ADNOC LNG’s joint venture partners, Mitsui, BP and Total. The new gas supply agreement is scheduled to take effect from April 1, 2019, replacing an existing agreement, due to expire on March 31, 2019. Penspen secures $70 million contract with ADNOC Onshore Penspen, a leading global provider of engineering and project management services to the energy industry, has been awarded a contract by Abu Dhabi National Oil Company (ADNOC) Onshore, with a value exceeding $70 million. Lukoil drilled its second well in Yury Kochagin field PJSC LUKOIL completed the construction of the second production well from the wellhead platform at the Yury Korchagin field in the Caspian Sea. OPEC will cut output as required to stabilize market OPEC will cut or adjust production as needed to balance the market, the group’s president, UAE Energy Minister Suhail Al Mazrouei, said Wednesday.