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HOUSTON — Halliburton, Trendsetter Engineering and C-Innovations today announced the companies have formed a strategic alliance to provide Gulf of Mexico (GOM) customers with technologically advanced, integrated offshore wellintervention packages. The alliance leverages the companies’ strengths to create subsea solutions for hydraulic interventions. The combined packages will improve operator efficiency while addressing in-field production and subsea challenges. “By working together, ...

LONDON (Bloomberg) — The boss of Saudi Arabia’s state oil company defended petroleum as the mainstay of the global economy, countering theories that demand will peak within years with his own forecast that consumption will keep growing for decades. “The global economy is forecast to double in size by 2050,” so overall demand for energy will be higher, Saudi Arabian ...

TEHRAN, Apr. 29 (Shana) — Hungary’s state-owned oil and gas group MOL has indicated preparedness to join oil projects in Iran by the adopting enhanced oil recovery (EOR) and improved oil recovery (IOR) techniques, a senior Iranian oil official said. Following a meeting with MOL deputy chief executive officer, Berislav Gaso, in his Tehran office on Wednesday, Deputy Petroleum Minister ...

MOSCOW — The first-ever, multi-hole “fishbone” well involving multiple horizontal branches has been drilled and commissioned at the Prirazlomnaya offshore rig — the only project on the Russian Arctic shelf at which commercial oil production is currently ongoing. The trajectory chosen for the wells allows significantly greater coverage of oil-bearing sections of the strata. The new well represents the fourth ...

MOSCOW — LUKOIL has drilled 1,000 m of its first exploration well on the Vostochno-Taymyrsky license block. About 374 m of core samples from eight formations will be collected and analyzed during drilling. A most modern logging suite will be run to assess the reservoir properties of rocks and their saturation.  A modular dynamic tester will be used, which allows ...

CHICAGO (Bloomberg) — Exxon Mobil Corp. won’t be allowed to bypass U.S. sanctions against Russia to resume drilling for oil in a joint venture that seeks to tap billions of barrels of that country’s crude. Treasury Secretary Steve Mnuchin said the decision was made after consultation with President Donald Trump, according to a statement on Friday. Exxon’s request for a ...

TEHRAN, Apr. 23 (Shana) — The Islamic Republic of Iran will materialize a gas export deal with Georgia within a month, said Gholamreza Bagheri Moghaddam, the head of General Department of CIS and Caucasus Countries of the Foreign Ministry of Iran. Bagheri told IRNA that Georgia has purchased Iranian gas, but it has not yet been imported from Iran. “Georgia ...

  TEHRAN, Apr. 18 (Shana) — A senior official with the Iranian Offshore Oil Company (IOOC) said the company received 80% of the services it needs in offshore operations from Iranian service firms during the previous calendar year which ended on March 20. Salman Khosravi said the companies offered the same amount of services to the company in the previous ...

NEW YORK (Bloomberg) — BP Plc’s 2010 Gulf of Mexico oil spill caused damage to beaches, animals, fish, and coral that the public values at $17.2 billion, according to a financial accounting released on the seventh anniversary of the disaster. The tally, published Thursday in the journal Science, is based on a survey of thousands of Americans that asked what they’d be ...

PERTH, Australia — Oilex Ltd. has announced the award of two key contracts to Schlumberger and Baker Hughes as part of its 2017 work program at the Cambay PSC in India. Schlumberger and Baker Hughes will advise on the optimal well and stimulation design required to achieve potential commercial flowrates. The Company has a significant multi-Tcf gas resource at the Cambay ...