Oil Falls As US Crude Inventories Jump Unexpectedly

Oil futures fell more than $2 a barrel on Aug. 15 after data showed U.S. crude stockpiles jumped last week, compounding worries about a weaker global economic growth outlook.

Canada To Consider Steel Safeguard Response To US Tariffs

Safeguards considered a blow to country’s oil industry.

Woodside Petroleum Half-Year Profit Rises

Australia’s Woodside Petroleum Ltd. said on Aug. 15 that its first-half net profit rose 6% and it raised its 2018 production outlook after strong performances from its Wheatstone and Pluto LNG projects.

Savannah Petroleum Strikes Oil In East Niger

The Eridal-1 well encountered an estimated 13.6 m (44.6 ft) of net oil-bearing reservoir sandstones in the E1 reservoir, the company said in a news release.

Fairfield Geotechnologies Names Chuck Davison As Board Chairman

Fairfield-Maxwell Ltd. has named Charles (Chuck) Davison Jr. as the chairman of the board of its wholly owned subsidiary, Fairfield Geotechnologies, the company said Aug. 14.

Aker Solutions Wins Orders For Liuhua Umbilical Systems In China

The work scope includes more than 35 km (21 miles) of dynamic and static power umbilicals for the Liuhua 16-2, 20-2 and 21-2 fields, linking the subsea development to a new FPSO unit.

Archer To Boost Workforce By 30% In Norway As Outlook Improves

Oil service firm Archer will hire more people in Norway amid rising demand, the Oslo-listed company said on Aug. 14.

W&T Offshore CFO J. Daniel Gibbons Retires

As a result, W&T Offshore appointed Janet Yang, currently vice president of corporate and business development of the Houston-based E&P, as acting CFO.

Faroe Petroleum Farms Into North Sea’s Agar-Plantain Well

Faroe Petroleum has farmed into the U.K. Continental Shelf (UKCS) Agar Plantain exploration and appraisal well close to the U.K./Norwegian median line, operated by Azinor Catalyst Ltd., the company said Aug. 14.

Oil Rises On Concern Over Saudi, Iranian Supply

Oil prices jumped on Aug. 14 after Saudi Arabia said it cut production, adding to concerns over global supply as U.S. sanctions against Iran curb its exports, though the prospect of a slowdown in global economic growth kept a lid on markets.

Eni Wins Exploration License, Lease Extension For Egypt Assets

Eni (NYSE: E) said Aug. 14 that a new concession agreement, aimed at governing an offshore exploration license in the prolific East Nile Delta Basin of the Mediterranean Sea, has received approval by Egyptian authorities.

Exxon Mobil Acquires Stake In Block Offshore Namibia

ExxonMobil Namibia, an affiliate of Exxon Mobil Corp., has entered an agreement with Namibian explorer Azinam Ltd. to acquire a 30% interest in petroleum exploration license (PEL) 44 offshore Namibia, according to a news release.

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