May 11, 2015 – Oil & Gas 360

Mexico opens bidding for oil, gas drilling in 26 areas in latest step in energy reform

May 11, 2015

Story by the Associated Press Mexico has announced the opening of bidding for oil and gas drilling rights in 26 areas, the latest in a sweeping oil reform that allows participation of foreign companies. The National Hydrocarbons Commission approved the auction for the land-based areas in five states in southern and northern Mexico, which together could yield 35,000 barrels of

Oil & Gas 360 - Haynes & Boone Borrowing Base Redeterminations Survey

Noble Energy Jumps into Texas Oil Patch with $3.9 Billion Acquisition of Rosetta Resources

May 11, 2015

“Keeping the Financial Firepower” Noble Energy (ticker: NBL) is a large-cap exploration and production company with oil and gas operations worldwide, but the Houston-based company previously held no assets in Texas. Until now. On May 11, 2015, Noble Energy announced the all-stock acquisition of Rosetta Resources (ticker: ROSE) for $3.9 billion, including ROSE’s $1.8 billion in debt. In turn, Noble

ExxonMobil Announces $2 Billion Cold Lake Project Expansion Starts Production on Schedule

May 11, 2015

Exxon Mobil Corporation (NYSE:XOM) announced today that bitumen production began on schedule at the $2 billion Cold Lake Nabiye project expansion in northeastern Alberta, Canada. The expansion is producing about 20,000 barrels per day and volumes are expected to increase during the year to peak daily production of 40,000 barrels. Nabiye will access 280 million barrels of recoverable resources during

Shell Wins Approval to Seek Oil Off Alaska’s Arctic Coast

May 11, 2015

Story by Bloomberg Royal Dutch Shell Plc won U.S. approval to resume oil exploration off Alaska’s Arctic coast after regulators imposed safety conditions meant to avoid the mishaps that plagued the company three years ago. Environmental groups decried the decision. The Interior Department on Monday endorsed Shell’s plan to have two rigs drill up to six exploratory wells in the

OPEC Sees Oil Price Below $100 a Barrel in the Next Decade

May 11, 2015

Story by The Wall Street Journal The Organization of the Petroleum Exporting Countries doesn’t see oil prices consistently trading at $100 barrel again in the next decade, a pessimistic assessment that has the group considering the return of production limits to influence the market, according to people familiar with its latest strategy report. The report, extracts of which were seen

OPEC Production is on the Rise

May 11, 2015

April production from OPEC countries nearly 31 MMBOPD The Organization of Petroleum Exporting Countries continued to increase production in April, going nearly 1 MMBOPD over its 30 MMBOPD production ceiling. Total OPEC production reached 30.93 MMBOPD in the month of April, according to estimates from Platts, 210 MBOPD more than in March, and the highest since November 2012. The single

If Export Restraints are Removed from U.S. Producers, What can Refiners Expect?

May 11, 2015

The EIA released a report showing its expectations for the refining sector based on U.S. oil production and whether or not crude oil export laws are reversed How increased production and U.S. export laws might affect refiners has been a topic of considerable debate, so much so in fact that the Energy Information Administration (EIA) decided that not only would

PRIX Index Predicts Increased Oil Exports from Iraq and Iran

May 11, 2015

Geopolitics in commodity markets can be one of the hardest factors to predict when forecasting global market movements. The most recent update to the PRIX Index, published April 30, showed an overall value of 56, meaning exports from the world’s 20 largest oil exporters are expected rise slightly. The PRIX Index polls experts from major petroleum-producing countries to tally their

Alberta NDP says energy industry should upgrade more oil in province

May 11, 2015

Story by Reuters Energy companies operating in Alberta should aim to upgrade more of the oil they produce within the province, Alberta’s newly elected premier said in an television interview. Alberta Premier Rachel Notley led the left-leaning New Democrats to a sweeping victory on Tuesday on promises that included energy industry reforms. Canadian energy stocks dropped following the win. Notley

Petrobras says it plans lawsuits to recoup $440 mln in graft

May 11, 2015

Story by Reuters Brazil’s state-run oil company Petroleo Brasileiro SA plans to sue five construction and engineering firms and their senior executives to recover about 1.3 billion reais ($440 million) lost in a corruption scandal, the company said Friday. Petrobras, as the company is known, has already sued two companies in conjunction with the federal prosecutors’ office. It said in

R. Scott Rowe to become Cameron’s CEO Effective Q4 2015

May 11, 2015

Cameron (CAM) announced today a planned leadership change as part of its long-range succession planning process. Jack B. Moore, Chairman of the Board and Chief Executive Officer, has advised the board of directors of his plan to retire as CEO on October 5, 2015. Moore will continue to serve as Chairman of the Board beyond October. The company’s board of

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