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Pioneer Boasts $2 Per Barrel Production Costs

Jul 29, 2016 at 18:08 | Lincoln Brown

Scott Sheffield, the chief executive of Pioneer Natural Resources said on Thursday that improved methods of hydraulic fracturing, or fracking, have cut his company’s costs to approximately two…

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Robots Help BHP Billiton Save $500M In Oil Development Costs

Jul 29, 2016 at 18:00 | Tsvetana Paraskova

BHP Billiton’s use of robots drills, 3-D seismic maps and drones has cut years off development at oil sites in Trinidad and Tobago and has helped the miner…

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Statoil Buys $2.5B Stake in Petrobras Field

Jul 29, 2016 at 13:08 | Irina Slav

Statoil said it has agreed to buy a 66 percent stake in an offshore Petrobras field in the pre-salt layer. The field, Carcara, is located in the…

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Chevron Dips Into Red in Q2 on Continued Price Rout

Jul 29, 2016 at 09:06 | Irina Slav

Chevron booked a net loss of US$1.47 billion for the second quarter of 2016, on the back of the continued oil price depression. This is down from…

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Shell Ready to Get Rid of Woodside Stake

Jul 29, 2016 at 08:53 | Tsvetana Paraskova

Royal Dutch Shell has reclassified its 13.6-percent stake in Australia’s Woodside Petroleum and now considers it as “an asset for sale”, The Australian Financial Review reports, citing…

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Natural Gas Surges 8% in Biggest One-Day Rise in 2016

Jul 29, 2016 at 08:28 | Tsvetana Paraskova

Natural gas futures soared 8 percent on Thursday, marking their highest one-day jump this year, after government figures showed that the build in the gas inventories last…

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Gazprom Considers New LNG Plants Targeting Chinese Market

Jul 28, 2016 at 17:22 | Erwin Cifuentes

Gazprom is looking into constructing small-scale liquefied natural gas (LNG) plants in eastern Russia in order to better serve the Chinese market. Igor Maynitskiy, Head of the…

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Long-term Outlook for LNG Shipping is Bright but Vessel Shortage Looms

Jul 28, 2016 at 17:16 | Erwin Cifuentes

A new report from Drewry Shipping expects the shipping market for liquefied natural gas (LNG) to strengthen in the next few years and warned that the number of…

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Hess Sues Schlumberger over Faulty Valve

Jul 28, 2016 at 14:15 | Lincoln Brown

Hess Corporation has announced it plans to take legal action against Schlumberger. Hess is looking for US$40 million from Schlumberger over claims that the company provided Hess…

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Exxon, Petrochina Table Plan To Ramp Iraqi Oil Output By 500,000 Bpd

Jul 28, 2016 at 14:11 | Tsvetana Paraskova

ExxonMobil Corp and Petrochina Co. have filed offers to develop two oil fields in southern Iraq, which are expected to pump 550,000 bpd, Iraqi Deputy Oil Minister Fayyad…

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