Latin America ///

Algeria’s Sonatrach to invest $50 billion, boost crude output

Algeria’s state-run energy producer plans to boost crude oil output by 14% in the four years to 2019 and invest billions of dollars in exploration projects.

Gulf of Mexico lease sale yields $275 million in high bids

U.S. Secretary of the Interior Ryan Zinke today announced that Lease Sale 247 for oil and gas parcels in the Gulf of Mexico garnered $274,797,434 in high bids for 163 tracts, covering 913,542 acres in the Central Planning Area of the Outer Continental Shelf offshore Louisiana, Mississippi, and Alabama.

Eni awarded two new blocks offshore Ivory Coast

Eni today announced that it has obtained majority stakes in two new exploration blocks off the shore of the Ivory Coast. The two blocks are located approximately 50 km from the country’s coastline.

Kalnin Ventures announces third Marcellus acquisition

Kalnin Ventures LLC has announced that it has signed a Purchase and Sale Agreement (PSA) on its third acquisition of a non-operating portfolio in the northeastern Marcellus shale play of Pennsylvania, on behalf of its investor Banpu Pcl.

GE Oil & Gas expands global footprint with new facility in Ghana

GE Oil & Gas has opened a new facility in Takoradi Port, Ghana, expanding its global footprint and supporting local investment. The company committed to deliver more than 45,000 training hours for Ghanaian personnel over the next five years, as it seeks to build a world-class team locally.

Wintershall to continue production growth

Wintershall attained 165 MMboe in 2016, a historic level for the company, despite the difficult conditions in the industry. This means the company has increased its oil and gas production in the last 10 years by around 50%. During that time, Wintershall has doubled its commercially recoverable oil and gas reserves from 814 MMboe to 1.62 Bboe.

Oil tightens grip around currency market

Oil is re-asserting its stranglehold on the currencies of energy producers.

Saudi Aramco said to weigh rolling bank hires for record IPO

Saudi Arabian Oil Co. is weighing a plan to hire investment banks for different stages of its initial public offering, four people with knowledge of the matter said.

Early 2017 recovery in Utica production seems realistic, Rystad says

The latest published well production data from the Ohio Department of Natural Resources (ODNR) suggests that shale gas production in Ohio contracted by 180 MMcfgd during fourth-quarter 2016, with only 58 new wells turned in line.

JDR, Proserv form strategic alliance in West Africa

JDR, a supplier of subsea cables and umbilicals for the global offshore energy industry, has expanded its presence in West Africa through a partnership agreement with Proserv Instrumentation Nigeria Ltd.

Mozambique sees capital gains of $350 million on Exxon deal

Mozambique said Exxon Mobil Corp.’s acquisition of a 25% stake in an offshore gas block from Eni SpA will generate capital gains revenue of $350 million.

Oil's bad timing pressures drillers, as banks review loans

The rally in global oil prices has stalled at the worst possible time for explorers, just as banks reassess credit lines crucial to their growth.

Libya's oil output rebounds, nearly matching levels prior to clashes

Libya’s oil production has climbed to almost match the level before clashes disrupted output three weeks ago and forced the OPEC nation’s two biggest oil ports to halt shipments.

Oil closes at lowest since November, as U.S. supply seen rising

Oil closed at the lowest level since November, erasing the gains that followed OPEC’s deal to cut output, as U.S. crude supplies are forecast to climb.

Chaparral Energy emerges from Chapter 11; eliminates $1.2 billion in debt, $100 million in annual interest expense

Chaparral Energy announced today that it has successfully completed its financial restructuring and emerged from Chapter 11 bankruptcy protection. The company, whose financial reorganization plan was confirmed by the U.S. Bankruptcy Court of Delaware on March 10, converted $1.2 billion of pre-petition debt to equity and eliminated approximately $100 million of annual interest expense.

Gazprom and Eni sign MOU for supply of gas from Russia to Europe

Gazprom CEO Alexey Miller and Eni S.p.A. CEO Claudio Descalzi have signed a Memorandum of Understanding (MOU).

Investment trio hunts for bargains after crude crash

A trio of Houston-based private-equity funds is sifting through the oil industry with a view to potentially reaching $4 billion of investments after the market crash created some bargains.

Halliburton introduces new real-time coiled tubing services

Halliburton has introduced SPECTRUM FUSION service, the newest offering in the SPECTRUM family of real-time coiled tubing services.

Bristow forms new search and rescue consortium for Gulf of Mexico

Bristow U.S. LLC today announced that it has been awarded a contract with Shell Offshore, Inc., a subsidiary of Royal Dutch Shell (Shell), for medevac and search and rescue (SAR) services in the Gulf of Mexic

Smart Driller Indicator wins CIPPE 2017 Gold Award

For CIPPE 2017 Gold Award, the review committee consists of Chinese academy of sciences and Chinese academy of engineering academicians, and authoritative experts from CNPC, Sinopec and CNOOC. With strict evaluation for innovative products and technologies from well-known drilling companies, the committee has selected the Smart Driller Indicator (SDI), developed by Strategy and Planning Institute from CNPC DR, as the final winner, due to its unique innovation and superior drilling performance in the intelligent drilling field.