China is on track to reach levels of oil use on par with today’s US demand by 2040, according to a new study by the James A Baker III Institute for Public Policy at Rice University in Houston.The study, The Rise of China and Its Energy Implications…
Global upstream spending ballooned by 47% in 2010, driven by substantial investments in the US and Latin America, IHS reported. In the IHS Herold 2011 Global Upstream Performance Review, the information service said capital spending among 221 oil & gas companies reached $558 billion in 2010…
The annual average oil price of global benchmark Brent crude for 2011 is poised to be the highest (in both real and nominal terms) since 1860, the year after the birth of the modern oil industry in Titusville, Pennsylvania, according to a report by IHS Cambridge Energy Research Associates…
Rolls-Royce is betting big on Brazil, where the company's energy business, recently bolstered by lucrative contracts with Petrobras, is setting up a $100 million-plus purpose-built gas turbine assembly and test facility. Russell McCulley reports…
U.S. Coast Guard photo of the Black Elk Energy production platformHouston-based Black Elk Energy vowed to continue searching for a missing contractor after the U.S. Coast Guard suspended efforts on Saturday offshore Louisiana, the company announced on 18 November 2012…
Total has finalized an agreement to sell its 20% contractor interest in OML 138 block to a wholly owned subsidiary of China Petrochemical Corporation (Sinopec), for approximately US$2.5 billion in cash, the company announced on 19 November 2012…
Production on the Troll C platform in the North Sea has been resumed, following a shutdown on 15 November due to corrosion found in some tanks on the auxiliary system for treating gas.'A great effort has been made during the weekend to plan the repair work…
Smoke plume rising from Black Elk Energy production platformTwo contractors are missing and 11 were injured when an oil production platform offshore Louisiana caught on fire, the U.S. Coast Guard announced on 16 November 2012.At the time of the fire…
The ultra-deepwater drillship Pacific Khamsin has been awarded a contract by a wholly-owned indirect subsidiary of Chevron Corporation for operations in West Africa, the ship's owner Pacific Drilling announced on 16 November 2012.The minimum…
A subsidiary of Seadrill has entered into an agreement with Songa Offshore to acquire the ultra-deepwater semi-submersible rig Songa Eclipse for a consideration of US$590 million.The rig was delivered from the Jurong Shipyard in Singapore in 2011…
BP has won four deepwater exploration blocks offshore Nova Scotia, Canada, the supermajor confirmed on 16 November 2012.The Canada-Nova Scotia Offshore Petroleum Board announced that BP bid a combined $1.04 billion for blocks five, six, seven and eight in the Call for Bids NS12-1…
Production on the Troll C platform in the North Sea has been temporarily halted pending further investigation of corrosion found in the auxiliary system for gas treatment, Statoil announced on 15 November 2012.During a scheduled inspection…
AS BP incurs the largest fine in U.S. history - $4.5 billion - for its role in the 2010 Deepwater Horizon disaster, A grand jury in the Eastern district of Louisiana has returned indictments against three BP employees.Robert M. Kaluza, of Henderson…
Alexei Miller, Chairman of the Management Committee of OAO Gazprom, and Dr. Kurt Bock, Chairman of the Board of Executive Directors of BASF SE, have signed a legally binding basic agreement detailing key terms and conditions on swapping assets…
Schiehallion FPSOShell has acquired 5.9% of Murphy Schiehallion Limited's stake in the Schiehallion field west of Shetlands, the supermajor announced on 14 November 2012.Shell now holds 55% stake in Schiehallion field. The move will offer…
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