NEW DELHI, India (Bloomberg) -- Indian Oil Corp. has agreed to buy a 10% stake in Petronas' Canadian natural gas fields and a planned export project. The agreement with Petronas will also give the Indian state oil refiner the right to 1.2 million metric tons of LNG per year for two decades, New Delhi-based Indian Oil said in a stock exchange filing.
WASHINGTON -- In the closing days of the public comment period for the Department of State’s National Interest Determination review of the Keystone XL pipeline, API’s Downstream Operations Senior Manager, Refining and Oil Sands Cindy Schild urged President Obama to approve the project without further delay.
NEW YORK -- Exxon Mobil expects to start production at 10 major projects in 2014, adding new capacity of approximately 300,000 boed net and contributing to profitable production growth, according to Rex W. Tillerson, the company’s chairman and CEO.
LAKE CHARLES, Louisiana -- The U.S. Department of Energy (DOE) has granted authorization for Magnolia LNG, LLC to export an additional 4 mtpa of LNG, from its proposed LNG project site at the Port of Lake Charles, Louisiana.
HOUSTON -- Shell has announced the creation of the first-of-its kind base oil made from natural gas. It is called Shell PurePlus Technology, a patented process of converting natural gas into a clear base oil, which is the main component of motor oils. Shell PurePlus Technology is now being used to create motor oils for motorists in the U.S.
LONDON -- RAE Energy announced that it has completed an agreement to acquire 100% equity interest in Offshore Joint Services (OJS) from Forum Energy Technologies. The transaction was completed March 1.
HOUSTON (Bloomberg) -- Dozens of multibillion-dollar natural gas shipping terminals proposed from Canada to Mozambique risk being held up by an industry debate over how to determine the fuel’s price.
FORT WORTH, Texas -- Schlumberger has launched the PowerDrive Orbit rotary steerable system (RSS). The new RSS expands the operating envelope of rotary steerable technology by extending system life, delivering precise directional control, and increasing drilling efficiency.
HOUSTON and FT. WORTH, Texas -- Alcoa Oil & Gas Inc., a business unit of Alcoa, has announced that Maersk Oil will use 10,000 ft of 5-in. Alcoa Aluminum Drill Pipe (AADP) for use in maintenance and abandonment operations.
FORT WORTH, Texas -- The second day of the SPE/IADC Drilling Conference in Fort Worth, Texas, featured a thorough discussion of business trends in the drilling sector of the upstream industry, and products geared to solving specific operating problems were also introduced. In the Plenary Session, Precision Drilling President and CEO Kevin Neveu led a lively discussion, featuring Jeff Flaherty, V.P., U.S. land operations, Helmerich & Payne; Karl Blanchard, V.P., production enhancement, Halliburton; and Michael Power, general manager, unconventional resources drilling & completions, Chevron.
LONDON (Bloomberg) -- BP CEO Bob Dudley saw his total pay triple in 2013 as the board’s renumeration head said the company had made progress recovering from the Macondo oil spill in the Gulf of Mexico.
SAN DIEGO, California -- Royale Energy has completed the field acquisition of its planned seismic survey over the western block of its Alaska North Slope acreage.
HOUSTON (Bloomberg) -- The energy industry must do more to convince the American public that U.S. oil exports are needed from a country that still imports 5 million barrels a day, Energy Secretary Ernest Moniz said.
MONROE, N.C. -- Scott Safety, a personal protective equipment and safety devices specialist, has announced the availability of Meridian, the company’s latest fixed gas detection solution. The detector is designed to support a full range of toxic and combustible sensors, including Scott’s standard and Rock Solid electrochemical, catalytic bead, infrared and a new metal oxide semiconductor sensor for H2S detection.
NEWS FROM SPE IADC Day rate drilling model may be in need of change BY KURT ABRAHAM, Executive Editor DALLAS A presentation at the annual SPE IADC Drilling Conference suggests that the drilling business model has recently become the “elephant in
OREBRO, Sweden -- Atlas Copco is launching a new surface crawler simulator for operator training: the SmartROC T operator simulator. The simulator is a training tool intended to develop operator skills.
HOUSTON -- The U.S. is in the midst of “reindustrialization” thanks to the shale revolution, Joe Kaeser, president and CEO of Siemens AG said during a keynote speech at the IHS CERAWeek summit in Houston
ABERDEEN -- Energy technology services company Proserv has unveiled a new technology for subsea control and monitoring communications.
According to a presentation at the annual SPE/IADC Drilling Conference on Tuesday, the drilling business model has recently become the “elephant in the room,” as drilling systems automation advances seek an integrator, and technology/performance enhancements seek a reward. The day rate model has been adapted many times, over the life of the upstream industry, but none of these adaptations has prevailed.
FORT WORTH, Texas -- One of the messages delivered at Tuesday’s opening of the SPE/IADC Drilling Conference was that drilling hazards, such as wellbore instability, lost-circulation zones and overpressurized formations, can threaten the economics and operational viability of a well. By the same token, said the opening session speakers, the ongoing expansion of the upstream industry’s technologies continues to drive the drilling industry to overcome such challenges.