World News

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 ...

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 ...

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 ...

HOUSTON — Schlumberger President of Operations, Patrick Schorn, and YPF Chairman, Miguel Ángel Gutiérrez, have signed an agreement to start a shale oil pilot project in Bandurria Sur Block in Vaca Muerta, Neuquén. The agreement, signed in YPF´s offices in Buenos Aires involves a $390-million phased investment by Schlumberger, which includes a material contribution in kind of its services at ...

MOSCOW — Gazprom Neft has completed drilling of its first production well within the NP-8 stratum at its Novoportovskoye field. The total length of the constructed well shaft is 4.2 km, including a 1.45-km horizontal section. The oil inflow obtained confirms geologists’ forecasts on prospects for developing this stratum. The NP-8 stratum, currently being brought into commercial production, is expected to deliver approximately 25% of all oil produced at the Novoportovskoye ...

MOSCOW — Lukoil commenced transportation of the topside of a fixed offshore ice-resistant platform (LSP-2), intended for Phase 2 of Vladimir Filanovsky field in the Caspian Sea. A tugboat caravan will tow the topside, weighing over seven thousand tonnes, towards its destination in the Caspian Sea. The substructures of the platform were brought to the sea and installed in the ...

STAVANGER — Statoil and license partners have decided to use the semisubmersible rig Transocean Spitsbergen on three exploration wells in the UK, and then on a six-well production drilling campaign on the Aasta Hansteen licence in Norway. The exploration drilling campaign in the UK will be conducted for the Mariner, Jock Scott and Verbier licenses, and is planned to start ...

MOSCOW — PJSC LUKOIL began drilling of the first 5,500 m prospecting and appraisal well (1P) in the Vostochno-Taymyrsky license area, Krasnoyarsk Territory, six months before the scheduled deadline. LUKOIL is the first company to drill such a deep well into Lower Cambrian strata in the region. Well No. 1P is a vertical six-string well. According to the design documentation, ...

THE HAGUE, The Netherlands — Shell has opened a new major technology hub in Bangalore, India, expanding the company’s R&D activities in Asia. The 52-acre, custom built technology center can house up to 1,500 experts working collaboratively on innovative projects worldwide. Shell Technology Center Bangalore (STCB) brings together R&D staff who previously worked at separate locations in Bangalore and also ...