Baker Hughes: Canada rig count drops 61 units

Following a 43-drilling rig loss last week, Canada has fallen more than 100 rigs in 2 weeks with a 61-unit loss for the week ended Dec. 28, according to Baker Hughes data. With 70 rigs running, the count is below the 136 units drilling this week a year ago. Source: News

EIA: US crude, NGL production broke records in November

US crude oil and natural gas liquids production broke records in November and the first 11 months of this year, the US Energy Information Administration reported. November’s total US crude production averaged nearly 11.7 million b/d, 15.7% higher than a year earlier, as NGL production for the month climbed 11.2% to an average of almost […]

EIA: US crude inventories virtually unchanged

US crude oil inventories for the week ended Dec. 21, excluding the Strategic Petroleum Reserve, remained virtually unchanged from the previous week, data from the US Energy Information Administration showed. EIA released the Weekly Petroleum Status Report 2 days later than normal because of the closure of the federal government on Dec. 24 and Dec. […]

MARKET WATCH: Oil price drop partially erases previous gains

Light, sweet crude for February delivery settled down by more than $1.60/bbl on the New York market Dec. 27 while Brent crude for February dropped more than $2/bbl in London. Analysts attributed volatile oil prices to uncertainty about the world economic outlook amid thin holiday trading volumes. Source: News

Tethys gains interest in Mukhaizna oil field onshore Oman

Tethys Oil will gain a minority interest in Mukhaizna oil field through an agreement to acquire a 2% participating interest in Block 53 onshore Oman from Total E&P Oman for $32 million. Source: News

Novatek starts crude oil production at Yaro-Yakhinskoye

PAO Novatek started commercial crude oil production from Yaro-Yakhinskoye field in the Purovsky district of Russia’s Yamalo-Nenets Autonomous Region. Oil production capacity of the field, which was developed by Arcticgas, a joint venture of Novatek and Gazprom Neft, is estimated at 1.2 million tons/year. Source: News

MARKET WATCH: NYMEX, Brent oil prices rise after pre-holiday slide

Crude oil prices rebounded on the New York and London markets on Dec. 26 after having fallen drastically before the Christmas holiday. But oil prices fell again in early trading Dec. 27. Both crude oil benchmarks appear to be headed for losses of about 20% in 2018. Source: News

ExxonMobil: Guyana drilling, development work continues

Drilling and development offshore Guyana were unaffected by an incident involving seismic acquisition vessels on Dec. 22, ExxonMobil Corp. said Dec. 26. Two vessels operated by Petroleum Geo-Services ceased conducting 3D seismic data acquisition in the northwest portion of the Stabroek block offshore Guyana when approached by the Venezuela navy claiming a border breach. Source: […]

MARKET WATCH: NYMEX crude oil prices drop to lowest since June 2017

The light, sweet oil price for February fell more than $3 in a shortened trading session on the New York market Dec. 24. Crude settled at $42.53/bbl—the front-month’s lowest closing since June 21, 2017. Analysts blamed the plunge on volatile US stock markets and ample oil production. US crude oil future prices have dropped some […]

Kosmos, partners reach Tortue offshore gas field FID

Kosmos Energy and its partners have made a final investment decision to proceed with Phase 1 of the Greater Tortue Ahmeyim natural gas project offshore Mauritania and Senegal.  Source: News