Prime College

Smaller producers could make good targets for enhanced oil recovery

With the price of oil reaching new lows daily, the nation’s smallest oil producers are considering shutting in their wells and potentially losing their mineral rights. First Titan Corp. (OTCQB: FTTN) believes these producers would make ideal candidates for the enhanced oil recovery (EOR) business the company is currently studying.

Operators of marginal wells – older, declining wells that produce relatively small amounts of crude per day – are struggling in this low-price environment. Their wells frequently don’t produce enough to justify their expense in the current environment. So the operators shut down production to save money, but that comes at a risk. In many states, an operator can only idle their well for up to 90 days before losing mineral rights.

Read more: http://www.pennenergy.com/articles/pennenergy/2016/01/oil-gas-news-smaller-producers-could-make-good-targets-for-enhanced-oil-recovery.html

Smaller producers could make good targets for enhanced oil recovery With the price of oil reaching new lows daily, the nation’s smallest oil producers are considering shutting in their wells and potentially losing their mineral rights.

Exxon says oil and gas will still dominate energy in 2040

The way oil giant Exxon Mobil sees it, the global energy landscape won't be radically different in 2040 than it is today.

Oil and gas will remain king, accounting for an even slightly larger share of the energy supply. Coal will fall behind natural gas to become the third-largest source of energy.

Exxon forecasts that emerging renewables such as solar and wind power will triple but remain small — just 4 percent of the world's energy. And carbon emissions will continue rising until around 2030, when cuts in industrialized nations gain traction lead an overall reduction.

Read more: http://www.pennenergy.com/articles/pennenergy/2016/01/exxon-says-oil-and-gas-will-still-dominate-energy-in-2040.html

Exxon says oil and gas will still dominate energy in 2040 Oil and gas will remain king, accounting for an even slightly larger share of the energy supply. Coal will fall behind natural gas to become the third-largest source of energy.

U.S. tribes oppose massive oil pipeline expansion in Canada

A proposed pipeline-expansion project in Canada will put the fishing rights and cultural heritage of U.S. tribes at risk, a lawyer representing several Washington state tribes told Canadian energy regulators.

Kinder Morgan's Trans Mountain project would nearly triple oil pipeline capacity from 300,000 to 890,000 barrels of crude oil a day. It would carry oil from Alberta's oil sands to the Vancouver area to be loaded on to barges and tankers for Asian and U.S. markets. The project would dramatically increase the number of oil tankers that ply Washington state waters.

"This project will harm the cultures of the US tribes," said Kristen Boyles, an Earthjustice attorney who spoke against the project Friday on behalf of the Swinomish, Tulalip, Suquamish and Lummi tribes. She made final arguments to Canada's National Energy Board at a hearing in Burnaby, British Columbia, which was broadcast online.

Read more: http://www.pennenergy.com/articles/pennenergy/2016/01/u-s-tribes-oppose-massive-oil-pipeline-expansion-in-canada.html

U.S. tribes oppose massive oil pipeline expansion in Canada Kinder Morgan's Trans Mountain project would nearly triple oil pipeline capacity from 300,000 to 890,000 barrels of crude oil a day.

Oil and Gas Industry Repeating Past Mistakes

A majority of senior oil and gas professionals (56%) believe that the industry is repeating the mistakes of previous downturns and have concerns over the loss of jobs and experience and lack of efficiency, according to a new report published today by DNV GL, a technical advisor to the oil and gas industry.

A new phase of cost management is needed, DNV GL asserts, as nearly three quarters (73%) of senior oil and gas professionals globally are preparing their company for a sustained period of low oil prices.

According to A New Reality: the outlook for the oil and gas industry in 2016, a DNV GL report based on a global survey of 921 senior sector players, cost management is the top priority for 41% of respondents in 2016.

Read more: http://www.oilandgaspeople.com/news/6970/oil-and-gas-industry-repeating-past-mistakes/

Oil and Gas Industry Repeating Past Mistakes - Oil and Gas News A majority of senior oil and gas professionals (56%) believe that the industry is repeating the mistakes of previous downturns and have concerns over the loss of jobs and experience and lack of efficiency, according to a new report published today by...

Iran Targets Tanker Company Listing to Fund Fleet Modernization

Iran plans to list its national tanker company to raise badly needed cash to upgrade its massive fleet and replace older vessels, as the middle east country prepares for an aggressive return to the global oil market.

The country emerged from years of economic isolation last weekend after crippling sanctions were lifted in return for Tehran complying with steps to curb its nuclear ambitions.

Iran has one of the world's biggest tanker fleets, but many of the ships are ageing and require valid insurance, testing, inspection and certification, known as ship classification, to be able to ply international waters again.

Nasrollah Sardashti, the commercial director of the National Iranian Tanker Company (NITC), said his company was in talks with all leading insurance and classification firms, including Lloyds, DNV GL and Bureau Veritas.

Read more: http://www.oilandgaspeople.com/news/6972/iran-targets-tanker-company-listing-to-fund-fleet-modernization/

Iran Targets Tanker Company Listing to Fund Fleet Modernization - Oil and Gas News Iran plans to list its national tanker company to raise badly needed cash to upgrade its massive fleet and replace older vessels, as the middle east country prepares for an aggressive return to the global oil market.The country emerged from years of ...

Sudan offers ONGC Videsh Three More Blocks for Exploration

Sudan has offered ONGC Videsh Ltd three more oil and gas blocks for exploration and production and invited Indian firms to set up a coastal refinery to boost fuel supplies to the African continent.

The offer made by visiting Sudanese Oil Minister Mohamed Zayed Awad is part of the African nation's efforts to seek greater energy engagements with India, to which it owes $240 million in oil dues.

OVL, the overseas investment arm of state-owned Oil and Natural Gas Corp (ONGC), already has a 25 per cent stake in Greater Nile Oil Project (GNOP) in Sudan that produces about 50,000 barrels of oil per day.

Read more: http://www.oilandgaspeople.com/news/6939/sudan-offers-ongc-videsh-three-more-blocks-for-exploration/

Sudan offers ONGC Videsh Three More Blocks for Exploration - Oil and Gas News Sudan has offered ONGC Videsh Ltd three more oil and gas blocks for exploration and production and invited Indian firms to set up a coastal refinery to boost fuel supplies to the African continent.The offer made by visiting Sudanese Oil Minister Moha...

Lundin Completes Malaysian Bambazon Offshore Well

Swedish operator Lundin Petroleum has completed the Bambazon exploration well in Block SB307/SB308, offshore East Malaysia.

The Bambazon well encountered approximately 15 metres of net logged reservoir pay with oil shows over three main reservoir intervals and the well has been plugged and abandoned.

Bambazon was drilled with the West Prospero jack-up rig to a total depth of approximately 1,380 metres.

Read more: http://www.oilandgaspeople.com/news/6969/lundin-completes-malaysian-bambazon-offshore-well/

Lundin Completes Malaysian Bambazon Offshore Well - Oil and Gas News Swedish operator Lundin Petroleum has completed the Bambazon exploration well in Block SB307/SB308, offshore East Malaysia.The Bambazon well encountered approximately 15 metres of net logged reservoir pay with oil shows over three main reservoir inte...

Halliburton Report Q4 Loss as Shale Drillers Plan More Cuts

Halliburton Co. swung to a loss as the world’s largest fracing provider braces for more customer cutbacks during the worst crude market downturn since the 1980s.

The Houston-based provider of drilling and production services reported a fourth-quarter net loss of $28 million, or 3 cents a share, compared with $901 million, or $1.06 share a year earlier. Excluding certain items, the per-share result for continuing operations was 31 cents a share, higher than the 24-cent average of 35 analyst estimates in a Bloomberg survey. Sales dropped 42% to $5.1 billion.

Halliburton recently offered an "enhanced set of divestitures" to resolve the competition concerns of regulators around the world about its planned acquisition of Baker Hughes Inc., CEO Dave Lesar said.

Read more: http://www.oilandgaspeople.com/news/6978/halliburton-report-q4-loss-as-shale-drillers-plan-more-cuts/

Halliburton Report Q4 Loss as Shale Drillers Plan More Cuts - Oil and Gas News Halliburton Co. swung to a loss as the world’s largest fracing provider braces for more customer cutbacks during the worst crude market downturn since the 1980s.The Houston-based provider of drilling and production services reported a fourth-quarter ...

Oil and Gas Chiefs Expect Profitable Industry Recovery in North Sea

NINETY-SIX per cent of senior executives believe the oil and gas industry will recover to “peak” levels of profitability, with one-quarter of them expecting it to happen within three years.

The optimism that the industry will flourish again has been revealed in major new research into the oilfield gas service sector by international law firm, Pinsent Masons.

The figures also throw up more good news about merger and acquisitions activity in the coming year, both in the North Sea and for UK firms looking abroad.

In addition, it highlights a strong confidence in the UK Continental Shelf (UKCS), the region of waters surrounding the UK, bouncing back much quicker than many have suggested.

Read more: http://www.oilandgaspeople.com/news/6977/oil-and-gas-chiefs-expect-profitable-industry-recovery-in-north-sea/

Oil and Gas Chiefs Expect Profitable Industry Recovery in North Sea - Oil and Gas News NINETY-SIX per cent of senior executives believe the oil and gas industry will recover to “peak” levels of profitability, with one-quarter of them expecting it to happen within three years.The optimism that the industry will flourish again has been r...

Lundin Begin Norwegian Fosen Drilling Exploration

Lundin Petroleum’s Norwegian subsidiary, Lundin Norway, has started drilling the exploration well 16/4-10 on the Fosen prospect, offshore Norway.

The well is located approximately 27 km south of the Edvard Grieg field and 11 km south of the Luno II discovery on the Utsira High on the Norwegian Continental Shelf (NCS).

Well 16/4-10 will explore the Fosen prospect which is located on the southern flank of the Utsira High, west of the South Viking Graben in the North Sea. Lundin says that the main objective of the well is to test the hydrocarbon potential and reservoir properties at Jurassic sandstones level. The Fosen prospect is estimated to contain gross unrisked prospective resources of 192 MMboe, the company stated.

Read more: http://www.oilandgaspeople.com/news/6974/lundin-begin-norwegian-fosen-drilling-exploration/

Lundin Begin Norwegian Fosen Drilling Exploration - Oil and Gas News Lundin Petroleum’s Norwegian subsidiary, Lundin Norway, has started drilling the exploration well 16/4-10 on the Fosen prospect, offshore Norway.The well is located approximately 27 km south of the Edvard Grieg field and 11 km south of the Luno II di...