MELBOURNE, Nov 30 (Reuters) – Australia is targeting the oil and gas industry for a tax review ahead of next year’s budget, in a push to boost revenue after a sharp slump over the past three years and collect more from multinational giants. Treasurer Scott Morrison said on Wednesday that takings from the nation’s petroleum… Read more »
Monthly Archives: November 2016
EnQuest Achieves First Oil from North Sea Scolty/Crathes Project
Independent energy firm EnQuest announced Monday that it has achieved first oil from the Scolty/Crathes development, located in the central North Sea. “EnQuest is pleased to confirm the delivery of first oil from Scolty/Crathes ahead of schedule and under budget, approximately a year after the Field Development Plan (FDP) was approved and the project was… Read more »
Concho picks up more Delaware basin acreage
Concho Resources Inc., Midland, Tex., has agreed to acquire 24,000 gross (16,400 net) acres in the northern Delaware basin from an undisclosed buyer for $430 million. The acquired acreage is complementary to the firm’s leasehold in the northern Delaware, with 12,000 gross (10,000 net) acres in the Red Hills area in Lea County, NM, expanding… Read more »
Iran: Oil May Rise to $55 if All Producers Cooperate
DUBAI, Nov 19 (Reuters) – Iranian Oil Minister Bijan Zanganeh expressed optimism on Saturday about an upcoming OPEC meeting and said crude prices could jump to $55 a barrel if an agreement is reached and non-OPEC producers cooperate. “We are receiving positive signals that increase the likelihood of agreement at the meeting … and I’m… Read more »
Report: Growing Confidence in North Sea Oil, Gas Industry
There is a growing confidence that the industry has seen the worst of the current market downturn, according to a new report on the North Sea oil and gas sector from PwC. The report highlighted that the past two years have been a “torrid” time for the industry, but stated that there now appears to… Read more »
IEA Sees Global Market Awash With Oil In 2017 If No OPEC Cut
LONDON, Nov 10 (Reuters) – The oil market risks running another surplus in 2017 without an output cut from OPEC, as producers around the globe ramp up supply and demand growth falters, the International Energy Agency said on Thursday. In its monthly oil market report, the group said global supply rose by 800,000 barrels per… Read more »
Rigzone Poll Says Trump Would Create More Oil, Gas Jobs
Trump has made big promises to the industry in the build-up to the Nov. 8 elections, pledging to create 500,000 jobs each year through new energy policies. The republican candidate also said that if he was elected he would immediately freeze new federal regulations, which have plagued the oil and gas sector, and claimed he’d invite… Read more »
GE, Baker Hughes $30 Billion ‘Shrewd Move’ Could Avert Anti-Trust Issues
Positioning itself to become the second largest oilfield services provider is one thing, but whether the mega-merger of GE Oil & Gas and Baker Hughes signals an abrupt end to the industry’s bloodletting is quite another. GE Oil & Gas (NYSE: GE) is spinning out the oil and gas part of its business into a merger with… Read more »
The State of Cybersecurity in Today’s Oil, Gas Industry
The convergence of digital technology with existing supervisory control and data acquisition (SCADA) infrastructure has increased the oil and gas industry’s risk to cyberattacks, industry insiders say. Oil and gas companies are lucrative targets for cyberattackers motivated to perform industrial espionage, steal intellectual property or cause critical infrastructure disruptions, Todd O’Boyle, co-founder and chief technology… Read more »
SNP Calls for Government to Incentivize North Sea Exploration, Development
The Scottish National Party (SNP) has joined calls for the UK government to use the Autumn Statement on November 23 to incentivize North Sea exploration and development. On Monday, Oil & Gas UK said it had written to the UK’s Chancellor of the Exchequer, asking him to use his statement on November 23 to help boost investor confidence in… Read more »
