Statoil Divests Its Operated Marcellus Assets

The divestment comprises about 62,500 net acres with equity production from the properties of about 9,300 boe/d for first-quarter 2016.

 

Ecuador Names Icaza As New Oil Minister

Jose Icaza was named to the post following the resignation of former minister Carlos Pareja. The decree did not offer details as to why Pareja left the post.

Oil Prices Fall On OPEC Output Hike

OPEC’s crude production climbed in April to 32.64 million barrels per day (MMbbl/d), close to the highest in recent history, a Reuters survey showed.

Ritchie's Oilfield Equipment Auction In Alberta Sets New Records

The world's largest industrial equipment auctioneer said on May 2 it set new company records for the number of sellers and registered bidders at its five-day Edmonton, Alberta, auction.

US Supreme Court Rejects Appeal In Shareholder Suit Against BP

The Supreme Court declined a request from shareholders seeking to revive their class action lawsuit against BP claiming the company misrepresented its safety procedures prior to the 2010 Gulf of Mexico oil spill.

Firm Says Old Dead Sea Well Could Hold $322 Million Of Oil

Israel Opportunity said the report prepared by Edinburgh-based Dunmore Consulting on the Hatrurim license gives a best estimate of the field containing 7 MMbb of oil, while the high estimate is 11 MMbbl.

Diamond Offshore First-Quarter Profit Beats Estimates

The rig contractor has scrapped its dividend, retired assets and scaled back drilling to cope with a more-than 60% fall in oil prices since mid-2014.

Norway Oil Wage Talks Postponed After Fatal Helicopter Crash

The 11 passengers and two crew on the flight from Gullfaks B oil platform operated by Norway's Statoil, were all Norwegian except for one British and one Italian national, according to the Rescue Coordination Center for Southern Norway.

Baker Hughes To Buy Back Stock, Debt After Halliburton Deal Fails

Baker Hughes will get $3.5 billion as part of the merger agreement, which the companies terminated on May 1 after opposition from U.S. and European antitrust regulators.

Halliburton, Baker Hughes Scrap $28 Billion Merger

The tie up would have brought together the world’s No. 2 and No. 3 oil services companies, raising concerns it would result in higher prices in the sector. 

North American Rig Count Drops

The U.S. oil rig count dropped by 11 to 332 this week, compared to last week.

Spot US Crude Rally Narrows Contango, Reduces Storage Economics

The discount narrowed as spot WTI hit a 2016 high of $45.90 a barrel on April 29, up 76% from a near 13-year low of $26.05 struck in February.

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