In response to the offer, the board formed a special committee comprised of the Lord Clanwilliam, who serves as chairman; Dr. Alexander Shokhin and Dr. Igor Belikov to negotiate on behalf of the board with assistance from advisers. The offer comes after a proposed merger with Schlumberger collapsed.

Ocean Rig, drillship, semisubmersible, cold stacked, scrapped, rigs, Quest Offshore

The report comes as the oil and gas industry continues to endure bleak market conditions with low commodity prices that have caused companies to cut spending and reduce drilling activity.

The gas leak occured at the Sihil A platform in the Gulf of Mexico. No injuries were reported.

Oil companies have slashed investments over the past year in response to a halving of crude oil prices since mid-2014 and soaring development costs.

The day after Group 42 and Radoff disclosed their ownership in VAALCO, the company's board of directors adopted a shareholder rights plan—or a poison pill.

Five members who left have been named to the board of the oil and gas segment, in preparation of considering a separation of the business.

Under the agreement, Weatherford becomes the first oilfield service company to deploy DynaEnergetics’ DynaStage product, a factory-assembled, performance-assured well perforating system.

The reduction in the week ended Oct. 2 brought the total rig count down to 614, the least since August 2010. In the previous four weeks, drillers cut a total of 35 rigs, oil services company Baker Hughes Inc. said in its closely followed report.

An updated report found that proved and probable reserves at Gulf Keystone Petroleum Ltd.’s Shaikan oil field had increased to 639MMbbl gross from 299MMbbl gross, Reuters said. 

Shell’s flagship project would be the Gbaran-Ubie project, which will increase gas supplies for the Bonny LNG export terminal. A first phase began production in 2010.

Petrobras operates the area with a 66% stake. Galp Energia owns 14%. Barra Energia do Brasil Petróleo e Gás and Queiroz Galvão Exploração e Produção both own 10%, Reuters said.

supply, demand, oil, price, BP, Petronas, SPE, ATCE

The supply-demand imbalance continues to add to commodity price instability, forcing companies to find more ways to maintain or grow production at a lower cost.