U.S. drillers cut two oil rigs in the week to May 27, bringing the total rig count down to 316, the lowest since October 2009. However, the number of U.S. gas rigs increased by two to end the week at 87.
Aramco, the world’s largest oil company, which is preparing a stock market listing to sell a small portion of its shares, has discovered three new oil fields, it said in the report. They are Faskar, offshore in the Arabian Gulf near the Berri field; Janab, east of the Ghawar field; and Maqam, in the eastern Rub'al-Khali.
Sulzer and FMC Technologies have received a subsea multiphase boosting pump contract to upgrade one of the pumping modules in Shell’s Parque das Conchas, a deepwater oil field off the coast of Brazil, Sulzer said in a news release.
State-controlled PTT will follow the government policy on buying domestic oil and gas assets to secure the country's long-term energy supply but will avoid building a monopoly in the sector, Tevin told reporters after a board meeting.
The company said it had entered a restructuring support agreement with some lenders, which will eventually allow it to place all its unsold assets into a wind-down vehicle until they can be sold.
Aquatic Engineering & Construction Ltd. has been subcontracted by Bibby Offshore Ltd. to replace subsea infrastructure in the Central North Sea as part of BP’s $1 billion Eastern Trough Area Project (ETAP) life extension project, according to a news release.
"We don't believe in self sufficiency. We believe in supplying the country's needs," said Daniel Redondo, energy planning secretary from the Energy Ministry, at a conference in La Jolla, Calif., Reuters reported.
Mozambique's Council of Ministers approved the PSA FDP in January this year. Sasol commissioned a drilling rig from French-based drilling contractor Societe de Maintenance Petroliere, Reuters reported.
Although the oil is not in commercial quantities, the Sri Trang-1 discovery has validated the hydrocarbon prospectivity of the Northern Kra Basin, Tap Oil said in the release.
The project is intended to enhance the existing GC-24 facility, increasing capacity by 50,000 barrels of oil per day from the current level of 165,000 barrels of oil per day, according to a news release.
Above $50 a barrel, oil was seen by many market players as breaching a psychological barrier that could lead producers, particularly among U.S. shale companies, to revive operations scrapped in recent years.
A militant group called the Niger Delta Avengers, which has told oil firms to leave the Delta before the end of May, said late on May 25 it had blown up the facility's mains electricity feed.