Oil producers are forming a coalition dedicated to ending the four-decade U.S. ban on crude exports, signaling a more serious turn in their push to sell to overseas customers.
RIO DE JANEIRO -- Petrobras has announced the discovery of a hydrocarbon accumulation in the deep waters of the Espírito Santo basin. The discovery was made by well 4-GLF-42-ESS no, informally known as Lontra, at a water depth of 1,319 m.
SUGAR LAND, Texas -- Wireless Seismic has announced the addition of a robust Hybrid Radio Telemetry system to its RT System 2 real-time wireless seismic data acquisition system. The Hybrid Radio Telemetry system enables seismic data acquisition projects to continue, uninterrupted, even if radio connectivity is temporarily lost for portions of the spread.
STAVANGER, Norway -- Statoil continues to expand in Australia, with the award of 100% equity share in a large exploration permit located in the prolific Northern Carnarvon basin on the Northwest shelf of Australia. This is Statoil’s third asset in Australia, adding to the onshore operatorship in the Northern Territory’s South Georgina basin and four BP-operated offshore permits in the Great Australian Bight.
HOUSTON (Bloomberg) -- Occidental Petroleum Corp. CEO Stephen Chazen said companies that help explorers find and drill for oil will lower their fees to maintain market share if crude prices continue to slump. Benchmark U.S. crude futures have dropped 24% since reaching this year’s high on June 20. Baker Hughes and Schlumberger said last week that prices would need to drop further and stay there longer before customers would start to cut back spending.
NEW ORLEANS (Bloomberg) -- BP Plc’s bid for a new trial over causes of the 2010 Gulf of Mexico oil spill should be rejected because the judge didn’t rely on excluded testimony, Halliburton Co. said in court papers. BP’s own lawyers are responsible for trial testimony that the London-based oil company complains led to an unfair gross- negligence finding against it, according to Halliburton, the cementing subcontractor on the blown-out well.
SAN FRANCISCO, California (Bloomberg) -- U.S. oil output is buffering global crude prices and critical to the world’s supply balance amid the threat of disruptions, even as a ban on domestic exports remains in place, Energy Secretary Ernest Moniz said. A surge in the nation’s oil output comes as markets are faced with near-historic highs of unanticipated outages, Moniz, 69, said at a talk organized by the public-affairs forum Commonwealth Club in San Francisco. He agreed with a government report finding U.S. gasoline prices may drop should the prohibition on crude exports be lifted.
HOUSTON -- Despite nearly unprecedented geopolitical concerns, both U.S. and global crude prices, have decreased during the third-quarter of 2014, due to a surge in domestic production and weak oil demand growth.
SUGAR LAND, Texas -- Fairmount Santrol has deployed a Railserve LEAF Gen-Set locomotive at its Roff, Oklahoma, resin-coating plants, as part of a continuous commitment to a minimal operational footprint.
WICHITA, Kansas -- Alltite has created a new solution for the bolting industry, by launching the first hydraulic over hydraulic pump (H2H).
HOUSTON -- Hoover Container Solutions (Hoover), a subsidiary of Hoover Group, has moved to a larger and newly renovated facility in Perth, Western Australia, to accommodate its expansion in the region. The new distribution and service center allows Hoover to provide expanded services in Western Australia, while handling all Intermediate Bulk Containers (IBCs), ISO tanks and offshore equipment destined for oil and gas platforms, mining sites, islands and supply bases north of Perth.
LOVERE, Italy -- Mr Antonio Mame and Mr Giuseppe Lucchini, presidents of Mame Group and Lucchini RS respectively, have signed a preliminary agreement which relates to the acquisition by Lucchini RS of a 49% stake in Mame Group.
WACO, Texas -- Alcoa Fastening Systems (AFS) has introduced a new coating called HuckGuard designed to give its fasteners the best level of corrosion resistance. A zinc-rich basecoat plus an organic topcoat developed for Huck fasteners, HuckGuard allows Huck bolts and collars to sustain up to 1,000 hours of salt spray testing.
HOUSTON -- OneSubsea has signed a 10-year global frame agreement with BG Group to supply subsea production equipment and aftermarket services.
BRUSSELS (Bloomberg) -- Cyprus accused Turkey of aggression for sending warships into its waters and pressed the European Union for a “resolute reaction,” increasing political tensions over energy exploration in the eastern Mediterranean.
EDINBURGH/HOUSTON/SINGAPORE -- The U.S. will achieve energy independence by 2025, which will mark the first time since 1952 that the U.S. will export more energy than it imports, according to an integrated outlook by Wood Mackenzie’s Global Trends Service. Wood Mackenzie’s outlook underscores that higher production and lower demand are the forces driving U.S. energy independence. “A country can achieve energy independence through two channels, it can either produce more or consume less, and the U.S. is doing both,” explains James Brick, a senior analyst at Wood Mackenzie.
HACKBERRY, Louisiana -- Cameron LNG has started construction on a natural gas liquefaction project in Louisiana, giving the Houston-based company the ability to liquefy natural gas and export it to the world market. Once complete, Cameron LNG can liquefy domestically-produced natural gas for export, import LNG and regasify it for delivery to domestic markets, or re-export foreign-sourced LNG.
HAMBURG, Germany -- UK exploration well 30/1f-13 and sidetrack 30/1f-13Y have encountered hydrocarbons in the Marconi-Vorlich prospect, RWE Dea has reported. The find in Paleocene sandstones has been flow tested at a maximum rate of 5,350 boed. RWE Dea is part of the consortium operated by GDF SUEZ.
SAN RAMON, California -- Chevron Corporation has made a new oil discovery at the Guadalupe prospect in the deepwater U.S. Gulf of Mexico. The Keathley Canyon Block 10 Well No. 1 encountered significant oil pay in the Lower Tertiary Wilcox Sands. The well is located approximately 180 miles off the Louisiana coast in 3,992 ft of water and was drilled to a depth of 30,173 ft.
SYDNEY (Bloomberg) -- High-cost energy projects globally will struggle to stay profitable if crude oil prices stay around $80/bbl to $85/bbl and some proposed developments may be shelved, according to Oil Search Ltd. “The bottom line is that much of the industry around the world needs $80, $85 consistently to provide returns,” Managing Director Peter Botten said in an interview in Sydney on Oct. 23. “If it stays at that level, marginal projects will struggle, and eventually production will adjust.”