May 29, 2015 – Oil & Gas 360

Rosneft to Invest $14 Billion in Venezuela’s Oil and Gas Sector

May 29, 2015

Investment is expected to double current production Venezuelan President Nicolas Maduro said that Russia’s top oil producer, Rosneft (ticker: RNFTF), agreed to invest around $14 billion in the South American OPEC country’s oil and gas sector. Maduro met with Rosneft CEO Igor Sechin and Venezuela state-owned PDVSA’s president, Eulogio del Pino, Wednesday, reports Reuters. “We had a great meeting and

Oil Surplus Makes Surprise Return Despite OPEC Cuts, IEA Says - Oil&Gas360

OPEC June Preview: Every Man for Himself

May 29, 2015

The Organization of Petroleum Exporting Countries (OPEC) is scheduled to meet for the first time in 2015 on June 5 in Vienna. Assumptions point to the meeting being a terse exchange between the 12 members in an attempt to fulfill their respective end goals in the oil market. Brent oil prices at the time of the meeting are expected to

Ed Gilligan, American Express President, Dies at 55 on Trip From Tokyo

May 29, 2015

Ed Gilligan, the American Express Co. president viewed as a possible successor to Chief Executive Officer Kenneth I. Chenault, died Friday after becoming ill on an overseas flight to New York. He was 55. Gilligan was returning from a business trip to Tokyo on a corporate jet, which made an emergency landing after he was stricken, according to a person

Is Canada’s Crude Stored at Cushing Driving Down WTI?

May 29, 2015

Cushing, Oklahoma, is the delivery point for United States West Texas Intermediate crude oil (WTI) traded on the New York Mercantile Exchange (NYMEX) and plays a large part in setting the price of crude oil in the U.S. Storage at the facilities in Oklahoma represent about 60% of all crude oil working storage capacity in the Midwest and about 19%

Oil & Gas 360 - ConocoPhillips ups drilling program in Eagle Ford - Oil & Gas 360

Rig Count Down for 25th Straight Week

May 29, 2015

Baker Hughes rig count for the week ended May 29, 2015 The total number of rigs in the United States fell to 875 in the week ended May 29, 2015, according to the most recent numbers released by Baker Hughes (ticker: BHI). The rig counts fell approximately 1% from last week when they stood at 885. The number of rigs

Capital Markets Remain Hot for Oil & Gas Companies

May 29, 2015

More than $3.2 billion in capital raises were either announced or closed this week by three separate oil and gas companies. The largest raise comes from SandRidge Energy (ticker: SD) at a price of $1.25 billion of 8.75% senior notes, including the greenshoe announced on May 29, 2015. Other entities tapping the capital markets were MarkWest Energy Partners (ticker: MWE)

Winter Weather Slows Down U.S. Economy in First Quarter

May 29, 2015

E&P investment plunge of 48.6% annual rate is steepest since 2009 The government’s revised estimate for first quarter growth was revised down to -0.7% growth from 0.2% growth. The U.S. economy shrank in the first three months of the year due to severe winter weather and a widening trade deficit, reports the Associated Press. Harsh winter weather kept consumers home

Demand for Skilled Workers in Petrochemicals Expected to Peak in 2016

May 29, 2015

Petrochemicals will need in excess of 150 thousand skilled workers by next April Demand for skilled labor in the U.S. chemicals industry is expected to peak in April 2016, according to Daniel Groves, workforce director at the construction Users Roundtable (CURT) and chief executive of data provider Construction Industry Resources. Groves expects that around 156,000 skilled workers will be needed

Alaska LNG Greenlighted to Export to Non-FTA Countries

May 29, 2015

DOE approves export license for Alaska LNG The Department of Energy yesterday announced a conditional authorization for the Alaska LNG project to export to countries without a Free Trade Agreement (FTA) with the United States. Alaska LNG is authorized to export 2.55 Bcf/d of liquefied natural gas for a period of 30 years, according to the release from the DOE.

Shanghai Comp extend losses; Nikkei ends at 15-year high

May 29, 2015

Shanghai shares hogged the spotlight on Friday, as the key Shanghai Composite index extended losses to finish at a one-week low. Meanwhile Japan’s Nikkei 225 was the “quiet achiever” for the day, according to experts, after eking out marginal gains to clinch a fresh 15-year peak. Overnight, U.S. stocks stepped slightly into negative terrain following a 6.5 percent plunge in

New well confirms light oil potential in Carcará area at Santos Basin pre-salt

May 29, 2015

Petrobras informs that the drilling of the second well in Carcará area (Block BM-S-8), located at Santos Basin´s ultra-deep waters, confirmed the light oil potential in pre-salt’s reservoirs. The well 3-SPS-105 (Petrobras nomenclature), informally known as Carcará North, is located in the area of Discovery Evaluation Plan of the discovery well 4-SPS-86B (4-BRSA-971B-SPS – Carcará), 4.6 km north of this

SandRidge Energy, Inc. Prices Upsized Offering of $1.25 Billion of 8.75% Senior Secured Notes, Updates Shareholders on Enhanced Liquidity and Improved Flexibility

May 29, 2015

SandRidge Energy, Inc. (the “Company”) (SD) has priced its previously announced private offering of $1 billion in aggregate principal amount of senior secured notes due 2020 (the “Notes”). The offering size was increased to $1.25 billion from $1.0 billion. The Notes will bear interest at a rate of 8.75% per annum and will be issued at par. The Notes will be secured on

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