Exclusives

Although Permian Basin oil services work has held up better than other markets, contractors in all service lines foresee tougher conditions in 2016.

IHS, frack, demand, North America, rig, cold stack, hydraulic horsepower, shale, service, oil, gas

An analytics firm forecasts more than 4 million hydraulic horsepower, which equates to about 25% of the overall frack supply, will be cold-stacked in the U.S. alone next year.

Mexico, Round One, areas, oil, CNH, bids, onshore

​Forty companies submitted proposals for 25 contracts offered. The bidding round was the first time Mexico made available onshore acreage since opening its energy sector to foreign investors.

Range Resources, technology, proppant, Cowen, energy, Joe Frantz Jr., University of Texas, production, oil,

Technology advances have continued to lead to production and efficiency gains in recent years for Range Resources. The company is now working with a Texas university on a new logging tool to be built by Gearhart.

Teledyne, technology, Total, deepwater, offshore, Khalid Mateen

Changing times call for innovative technology and collaboration to lower costs and make deepwater developments more economical.

Deepwater International

The emerging Paleogene play in the US Gulf of Mexico continues to offer increasing encouragement for major deepwater discoveries, with Chevron confirming a significant find.

Shell's CEO Ben van Beurden says, "there is a lot more to do" in its North American deepwater sectors. 

Exploration

Area 4 comprises the proven but undeveloped Ichalkil and Pokoch fields and is located in the Bay of Campeche at water depths of 100 to 150 feet, Fieldwood Energy said in a news release.

Mexico held three oil and gas auctions in 2015 after earlier opening its domestic oil and gas sector to outside investment for the first time since 1938.

Pemex CEO Emilio Lozoya said the discoveries were made during the second half of this year, adding 180 million barrels of oil equivalent (MMboe) to the company's proven, probable and possible reserves.

The licenses offshore Newfoundland, which total 14,670 sq km (5,664 sq miles), are located near the Statoil-operated Bay du Nord discovery. Statoil will operate five licenses, and participate in one license as a partner, the release said. 

The oil fields, located in Howard and Borden counties, will be bought from Tall City Exploration LLC and Plymouth Petroleum LLC, Yantai Xinchao Industry Co. Ltd. said in the filing to the Shanghai Stock Exchange.

Production

Eni has signed a production-sharing contract (PSC) with the Comisión Nacional de Hidrocarburos of Mexico (CNH) to develop the Amoca, Miztón and Tecoalli oil fields in the Bay of Campeche offshore Mexico, the company said in a news release.

"The State Department has decided the Keystone XL pipeline would not serve the national interests of the United States. I agree with that decision," President Barack Obama said, Reuters reported.

Mexico will take part in a technical meeting of OPEC on Oct. 21 in Vienna but will not cut oil production, energy minister Pedro Joaquin Coldwell said, Reuters reported.

Shell, drilling, offshore, Arctic, Alaska, Burger, exploration

Shell has spent about $7 billion on exploration in the waters off Alaska so far and said it could take a hit of up to $4.1 billion for pulling out of the Chukchi Sea for the "foreseeable future".

Energy XXI, John Schiller, Barclays Energy Power Conference, oil, production, Gulf of Mexico

The major Gulf of Mexico player plans to reduce its capital spending in 2016 by 78% to between $130 million and $150 million, while maintaining production levels.

Technology

Acciones Colectivas de Sinaloa, a group specializing in consumer and environmental class action claims, lodged the lawsuit against four BP units at a Mexico City court, said the head of its board, David Cristobal Alvarez.

Shear is a former managing director of Morgan Stanley's commodity business and became part of the ownership group that purchased the Come-By-Chance refinery in Newfoundland, Canada.

Darricarrère retired earlier this year from Total after a 37-year career in which he served most recently as executive vice president of Total S.A. and president of Total Upstream, with responsibility for all group upstream activities in more than 40 countries on five continents.

Falardeau has most recently served as vice president of Precision's U.S. completion and production services group based in Houston.

The company and a trader settled charges of attempted manipulation of monthly index settlement prices at four major trading hubs in Texas and elsewhere in the southwest during monthly settlement periods.