World News

HOUSTON (Bloomberg) — Schlumberger is waiting for the rest of the world’s oil producers to catch up to the North American crude recovery. The world’s largest oilfield service provider sees international spending picking up in the second half of the year and into 2018, CEO Paal Kibsgaard told analysts and investors on an earnings conference call Friday. That will follow ...

LONDON (Bloomberg) — Representatives of OPEC and several other major oil producers will start arriving in Vienna on Friday for their first meeting to monitor compliance with an agreement to cut output. Ministers from Saudi Arabia, Kuwait, Algeria and Venezuela will meet counterparts from non-OPEC nations Russia and Oman to figure out ways to verify that the 24 signatories to ...

DAVOS, Switzerland (Bloomberg) — BP boss Bob Dudley is not yet ready to boost spending despite the rebound in oil prices. The company will keep capital expenditure below $17 billion this year and next, CEO Dudley said in a Bloomberg television interview in Davos, Switzerland. That’s $6 billion lower than 2014, when crude prices first started to slump, showing that ...

MILAN — Saipem has been awarded new contracts and the extension of pre-existing agreements in the onshore drillingsector in Saudi Arabia, Morocco, Bolivia and Argentina for a total value of $240 million. In the Middle East, a strategic area for the company, Saipem boosts its presence with a further important three-year extension to activities relating to six medium-sized onshore drilling ...

LONDON — Tullow Oil’s Erut-1 well in Block 13T, northern Kenya, has discovered a gross oil interval of 55 m with 25 m of net oil pay at a depth of 700 m. The overall oil column for the field is considered to be 100 m to 125 m. The objective of the well was to test a structural trap ...

BEAUMONT, Texas — Dragon Products is expanding its frac equipment rebuilding efforts to help oil production companies meet new market demand. Refurbishing used equipment can help production companies meet demand and put their oilfield equipment back to work. Dragon Products has the in-house technology and expertise to test, service, repair and rebuild virtually every unit in any frac fleet. Home ...

ST. PETERSBURG, Russia — Gazprom Neft subsidiary Gazpromneft-Yamal has announced plans to begin pilot operations at the Severo-Samburgskoye field, located in the Purovsky district in the Yamalo-Nenets Autonomous Okrug, in 2017. Geological modelling of the field indicates oil reserves in the order of 72 million tonnes. The Severo-Sambrugsky Block is 100 km north of Novy Urengoy. The licence for hydrocarbon ...

CALGARY, Alberta (Bloomberg) — MEG Energy Corp. is boosting production at its Christina Lake project in Alberta and tapped debt and equity markets for financing, further signs of a rebound in Canada’s oil patch as crude prices stabilize. The expansion at Christina Lake Phase 2B will increase output from the site by about 25% to 100,000 bpd by 2019, the ...

MOSCOW — Gazprom Neft has discovered a new field in the Sorochinsky district of Orenburg Oblast. Reservoir engineers have estimated the new discovery, called Novosamarskoye field, has oil-in-place reserves of more than eight million tonnes. This is the first discovery in the area under investigation, which company specialists believe contains a series of smaller deposits. The field was discovered following the drilling of an exploratory well which, ...

LONDON (Bloomberg) — Russia and Kazakhstan said they’ve met or exceeded their initial goals for trimming oil output, bringing cuts by non-OPEC nations in the first 10 days of this year to more than a quarter of the total pledged a month ago in Vienna. Russia’s oil production has shrunk by around 130,000 bpd in the first week of January, ...