TRIPOLI, Libya (Bloomberg) -- OPEC needs to reduce crude output by at least 500,000 bpd, Libya’s governor to the group said, the first time since prices plunged into a bear market that a representative from a member nation has suggested how much production should be cut. Oil markets are oversupplied by about 1 MMbpd, Samir Kamal, Libya’s OPEC governor, said by email Oct. 22. His comments reflected personal views, not the official Libyan position, he said. Libya shouldn’t be expected to reduce its own oil output because the country is still struggling to restore production that has been disrupted for more than a year by political conflict, he said.
HOUSTON (Bloomberg) -- U.S. shale producers are cramming more wells into the juiciest spots of their oilfields in a move that may help keep the drilling boom going as prices plunge. The technique known as downspacing aims to pull more oil at less cost from each field, allowing companies to boost profit, attract more investment and arrange needed loans to continue drilling. Energy companies see closely-packed wells as their best chance to add billions more barrels of oil to U.S. production that’s already the highest in a quarter century.
LONDON -- States and International Oil Companies (IOCs) are banking on the Arctic as a major source of future oil and gas production, but the high costs and risks involved with operations in the area mean that an attractive fiscal regime is essential if developments are to be commercially viable, says an analyst with research and consulting firm GlobalData.
JAKARTA, Indonesia -- BP, on behalf of the Tangguh Partners, has named the two consortia chosen for the onshore front end engineering and design (FEED) for the $12 billion Tangguh Expansion Project (Train 3) in Indonesia.
VALDEZ, Alaska (Bloomberg) -- Stockpiles of oil from Alaska’s North Slope have surged to a five-year seasonal high as tanker maintenance slows loadings, forcing the grade to trade at a discount to U.S. crude for the first time since 2010. Inventories at the Valdez terminal, the northernmost ice-free port in North America and the loading point for Alaskan oil, have averaged 4.38 MMbbl this month, the most since October 2009, data posted on the Alaska Revenue Department’s website show. Tanker repairs have shrunk the pool of vessels available, terminal operator Alyeska Pipeline Service Co. said.
BEIJING (Bloomberg) -- China reduced oil imports from Saudi Arabia even as the world’s largest crude exporter cuts prices to lure Asian customers amid intensifying competition from Colombia to Oman. Oil deliveries from Saudi Arabia fell 2.7% to 4.74 million metric tons last month from a year earlier, according to data released today by the General Administration of Customs in Beijing. Shipments from Colombia surged 389.6%, while Russian deliveries increased by 56.8%.
PARIS (Bloomberg) -- Total SA appointed Patrick Pouyanne CEO, succeeding Christophe de Margerie, killed in a plane crash earlier this week. Pouyanne, currently the company’s refining chief and long-touted as a potential successor, was named CEO at a board meeting in Paris, the company said in a statement. Thierry Desmarest returns for a second stint as chairman of the board until the end of next year.
LONDON -- Shell reported a frontier exploration discovery offshore Gabon, West Africa. The well Leopard-1, encountered a substantial gas column with around 200 m net gas pay in a pre-salt reservoir.
HOUSTON -- AccessESP has unveiled its next generation rigless ESP conveyance system, Access375.
CALGARY, Alberta -- Logan International (Logan) has consolidated its tool rental operations, which were previously conducted in several of its operating units, into a single business, Logan Rentals.
FLORHAM PARK, New Jersey -- ASCO Numatics has introduced its ASCO 364 series spool valve, for control panel applications, in the onshore and offshore oil and gas industry. The new valve combines compact construction with low power options that feature higher operating pressures and temperature ratings than competitive models.
BLOOMFIELD HILLS, Michigan -- Fortis Energy Services has taken delivery of two 550 series workover rigs, specifically designed for their work in the Bakken, Utica and Marcellus shale plays, to meet the needs of growing clients in these markets.
HOUSTON -- Noble Energy's Board of Directors has elected David L. Stover as President and CEO, succeeding Charles D. Davidson as CEO. Stover's election is consistent with the management succession plan, disclosed in April of this year, when it was reported that, Davidson would be retiring on May 1, 2015.
LONDON (Bloomberg) -- Somalia plans to begin producing oil and gas offshore for the first time within six years and is in talks with state governments about how revenue will be shared, Petroleum Minister Daud Mohamed Omar said. The Horn of Africa country, which has been immersed in conflict for more than two decades, is proceeding tentatively on exploration to avoid creating new tensions, Omar said at the Somalia Oil & Gas Summit in London. Somali President Hassan Sheikh Mohamoud said in August the government expects to complete an assessment of its oil and gas potential this year.
G.E. has launched its Predictivity portfolio of industrial internet solutions to help customers across major industries in the Asia Pacific region.
HOUSTON – In its thirteenth year of honoring the upstream energy industry's top innovators and innovations, World Oil announced the winners of its 2014 World Oil Awards during a black tie gala in Houston. This year's honorees took home trophies in 16 categories, covering areas as diverse as drilling and data management. The evening's Master of Ceremony was Shara Fryer, Morning News Anchor, KTRH. The ceremony began with a keynote speech from James Pappas, President of the Ultra-Deepwater Programs for RPSEA, the Research Partnership to Secure Energy for America.
Mexico, which reformed its hydrocarbon law at the end of 2013, will begin the prequalification process for shallow-water bids in the first-half of November, according to officials with Mexico’s energy department.
KUALA LUMPUR, Malaysia -- Cubility AS has announced the opening of a new wholly owned office in Kuala Lumpur, Malaysia, and the appointment of Terje Vastveit as the office’s new head. As Far East Regional Manager, Vastveit’s brief will be to grow Cubility’s business in the region and provide technical support to existing operations. The announcement is in response to growing demand for Cubility’s MudCube technology and confirmation of the company’s growth plans in the region.
DUBAI -- Polarcus is to commence a major new RightBAND multi-client project over the Roebuck basin, offshore North West Shelf, Australia. The Capreolus 3D survey, supported by strong industry funding, will comprise approximately 15,000 sq km and is designed to provide exploration companies with an extensive basin-wide high quality broadband 3D seismic dataset over and adjacent to the recent Phoenix South oil discovery.
KUALA LUMPUR, Malaysia (Bloomberg) -- Petroliam Nasional Bhd. is testing lender interest for as much as $12 billion of financing for a Canadian LNG project, according to people familiar with the matter. Malaysia’s state-owned oil company, known as Petronas, and four energy partners from China, Japan, India and Brunei, have asked bankers to indicate their willingness by the end of this week to help fund Pacific NorthWest LNG Ltd.’s proposed project in British Columbia, said the people, who asked not to be named because the process is private. The request doesn’t mean that the Petronas-led group has decided to proceed with the development, said one of the people.