onshore – Oil & Gas 360

Oil Services Firm TechnipFMC to Split Into Two Publicly Traded Companies

August 26, 2019

From Reuters Franco-American oil services firm TechnipFMC Plc (FTI.N) said on Monday it would spin off its engineering and construction operations into a separate company, leaving it as a technology-focused equipment supplier to oil and gas companies. TechnipFMC, which had a market capitalization of $10.31 billion, said the new Paris-based company will deal with onshore and offshore oil and gas

WoodMac: Onshore and Offshore Oil Now Have More in Common

July 2, 2019

From The Houston Chronicle After much of the energy sector abandoned deepwater drilling to focus on quicker and cheaper shale oil, the offshore and onshore industries suddenly have much more in common than they once did. The two sectors are meeting in the middle as shale oil becomes larger-scale and switches to a repeatable manufacturing mode, while the offshore industry

Petrobras Sells Rights in 37 Oilfields for $823 Million

November 29, 2018

Sale of stake in 34 onshore fields in Rio Grande do Norte Rio de Janeiro based Petrobras’ board of directors approved yesterday the full sale of its stake in 34 onshore production fields, located in the Potiguar Basin, in Rio Grande do Norte state, to the company 3R Petroleum. The 34 concessions are mature fields in production for over 40

TGS Announces Seventh Onshore Seismic Project for 2018

June 7, 2018

From Globe NewsWire TGS announces its seventh onshore seismic project for 2018, Dawson Phase II 3D seismic survey in Canada. The Dawson Phase II 3D multi-client seismic survey is located in the province of British Columbia, Canada, east of TGS’ previously announced Dawson Phase I. This new project will encompass approximately 274 km2 providing both an enhanced imaging solution and

CNOOC 2018: 470 MMBOE Target, $11 Billion CapEx

February 6, 2018

CNOOC Limited (ticker: CEO) plans to target 470-480 MMBOE for its net production goal in 2018. The geographic production areas are split between China (64%) and overseas (36%). The company’s net production for 2017 stood at approximately 469 MMBOE. As for 2019 and 2020, projected numbers are 485 MMBOE and 500 MMBOE, respectively. A stampede of projects CNOOC has scheduled

Hess Corporation Replaced 351% of Production for ~$5 F&D per Barrel

February 5, 2018

Hess Corporation (ticker: HES) reported a net loss of $2.677 billion, ($8.57) per share, in the fourth quarter of 2017. For reference, the company had a net loss of $4.892 billion in the fourth quarter of 2016. Fourth quarter 2017 results reflect net after-tax charges totaling $2.373 billion, including a non-cash accounting charge of $1.7 billion, the company said. This

Emerson Process Management to Present at EnerCom Dallas 2018

January 26, 2018

Emerson Process Management, a subsidiary of Emerson Electric (ticker: EMR), will be a presenter at EnerCom Dallas Feb. 21-22, 2018. Emerson provides the oil and gas industry with automation products that enable optimal operation including: Well monitoring & Integrity Heater Treater Separation Produced Fluids Management Custody Transfer Artificial lift Compression Downhole Monitoring Reservoir Modeling Allocation Measurement Production Tank Management Emerson’s

International Frontier Resources Receives Mexican Drilling Permit

January 11, 2018

International Frontier Resources Corporation (ticker: IFR) has received a drilling permit for its onshore oil and gas block, Tecolutla, with its Mexican JV, Tonalli Energia. Tonalli was granted the right to operate, develop and produce hydrocarbons at Tecolutla through a licensing contract with the Mexican government. The Tecolutla block was awarded to Tonalli as part of the first round and

Regulators Reduce Offshore Drilling, Onshore Fracing Rules

December 29, 2017

Offshore rule amendments would save $228 million – BSEE The Trump administration is fulfilling its promise to reduce oil and gas regulation, rolling back offshore and onshore rules. The Bureau of Safety and Environmental Enforcement is considering revising the Production Safety Systems Regulations, regulations concerning offshore operations passed late last year. These rules require operators to use third parties to

BP U.S. Onshore’s Use of Smart Tech Drives 50% Reduction in Man Hours

November 21, 2017

BP’s U.S. onshore operations using drones, big data, augmented-reality smart glasses, multilateral wells “If you look at any industry, every single one is being turned inside out by technology,” Brian Pugh, Lower 48’s chief operation officer – production said. “The energy industry is no different.” BP said many of the new innovations being deployed across the Lower 48 business have

BP Moving to Denver from Houston

December 16, 2016

BP seeks access to key producing basins in Rockies, sees move as strategic platform for growth BP (ticker: BP) is moving a U.S. headquarters from Houston to Denver. The company said its U.S. Lower 48 onshore Denver headquarters operations will be closer to its asset position in the Rocky Mountain region, which the company designated as “an important energy hub of

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