World News

IRVING, Texas — Exxon Mobil announced today positive results on the Snoek well offshore Guyana, confirming a new discovery on the Stabroek Block. Drilling targeted similar aged reservoirs as encountered in previous discoveries at Liza and Payara. Exxon Mobil affiliate Esso Exploration and Production Guyana Ltd. commenced drilling of the Snoek well on Feb. 22, 2017 and encountered 82 ft ...

MOSCOW — Gazprom Neft and India’s ONGC Videsh Ltd. have used the International Arctic forum ‘Arctic: Territory of Dialogue’, currently taking place in Arkhangelsk, to announce the signing of a Memorandum of Understanding, which confirms the companies’ mutual intent in joining forces for implementation of offshore hydrocarbon production projects in Russia and elsewhere in the world. The parties have expressed their intent to exchange best technical, production, and commercial practices regarding ...

STAVANGER, Norway — Repsol Norge AS is the operator for production license 705 in the Norwegian Sea. The Petroleum Safety Authority Norway (PSA) has given Repsol consent to drill exploration well 6705/7-1 in a prospect named Stordal. The well‘s geographical coordinates will be: 67° 15′ 05.14″ N 05° 10’ 29.12″ E The drilling site is in the deep-water section of ...

HONG KONG (Bloomberg) — Europe’s appetite for natural gas is leading to a growth “renaissance” as its stores of the fuel languish at the lowest levels since 2013, according to Gazprom PJSC. Europe’s appetite for natural gas will probably meet or even exceed last year’s growth as the region needs to replenish its lowest gas storage levels since 2013, according ...

HOUSTON — McDermott International, Inc., announced today a contract award from Hess Corporation for subsea tie-back work for its deepwater Penn State Deep (PSD) field in the Gulf of Mexico. “This marks our first project with Hess Corporation in recent history and we look forward to providing industry-best operational excellence, quality and safety,” said Scott Munro, McDermott’s V.P. for Americas, ...

DALLAS, Texas — Kosmos Energy announced today that it has received government approval and completed its previously announced transaction with BP in Senegal. Under the terms of the deal, BP acquired a 49.99% interest in Kosmos BP Senegal Limited, the company’s controlled affiliate company which holds a 65% participating interest in the Cayar Offshore Profond and the Saint Louis Offshore ...

SINGAPORE (Bloomberg) — Oil traded near the highest level since July 2015 as a drop in U.S. crude imports signaled that OPEC’s output cuts are taking effect. Futures in New York are set for a 1.4% advance this week. U.S. government data showed crude inventories rose less than expected last week as imports dropped the most since November. The slowdown ...

MOSCOW — LUKOIL and INPEX have successfully completed the testing of the first exploratory well, Eridu 1, at Block 10 in southern Iraq. The well recorded daily flowrate of more than 1,000 cubic meters of sweet oil from Mishrif horizon, confirming geological expectations of a large hydrocarbon field presence within the Block 10 contract area. Geological exploration at the block ...

PARIS (Bloomberg) — Total SA raised its dividend by 1.6% and said it may give the go-ahead for almost a dozen new projects in the next 18 months after fourth-quarter profit beat analysts’ estimates. “We’re going to propose to increase the dividend as we have confidence in the future,” CEO Patrick Pouyanne told reporters in Paris. “My goal is to launch ...

SPRING, Texas — Exxon Mobil has awarded to Pason Systems, Inc. the first global license of its patented Drilling Advisory System, a key component of the company’s Fast Drill technology suite. The licensing agreement accelerates the technology’s commercialization by combining Pason’s expertise in drilling data and Exxon Mobil’s experience in drilling surveillance and optimization. Fast Drill combines high-end modeling of ...