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  1. Oil Prices: Old rivalries seen blocking OPEC deal to support oil price

    Iran's Oil Minister Bijan Namdar Zanganeh attends the opening session of the 15th International Energy Forum Ministerial meeting in Algiers, Algeria, Tuesday, Sept. 27, 2016. At meetings in Algeria this week, energy ministers from OPEC and other oil-producing countries are discussing whether to freeze production levels to boost global oil prices. (AP Photo/ Sidali Djarboub) ALGIERS, Algeria (AP) — Prospects are dim for a deal among OPEC countries on Wednesday to freeze production and support oil prices , as disagreements persist between regional rivals Saudi Arabia and Iran. Officials from the Organization of the Petroleum Exporting Countries will meet informally on the sidelines of an energy conference in Algiers to try to find common ground on how to support oil markets. Experts say that would require a decision to limit output — an idea Iran still views with skepticism, as it's trying to restore its oil industry since emerging from international sanctions this year. Algerian officials shuttled through the night between delegations to try to secure agreement, but the gap between Iran and Saudi Arabia remains too wide, said a senior Energy Ministry official. The person spoke only on condition of anonymity because they were not authorized to speak publicly. If they can't reach a deal on cutting production Wednesday, the hosts of the meeting are hoping to lay the groundwork for an agreement at the next OPEC meeting in November. On Tuesday, Iranian Petroleum Minister Bijan Namdar Zanganeh played down the OPEC gathering, calling it "just a consultation meeting ... If there is a decision, it should be taken at the next (OPEC) meeting in Vienna in November." The price of crude oil has fallen sharply since mid-2014, when it was over $100 a barrel, dropping below $30 at the start of this year. On Wednesday, the U.S. contract was trading at $44.87 a barrel, up 20 cents on the day. Saudi Arabia, the world's biggest oil producer and Iran's rival for power in the Middle East, appears to be more amenable to some sort of production limit, certainly more so than in April when OPEC failed to agree on measures to curb supplies. Saudi Energy Minister Khalid Al-Falih has this week promised to "support any decision aimed at stabilizing the market." Over the past couple of years, OPEC countries, led by Saudi Arabia, had been willing to let the oil price drop as a means of driving some U.S. shale oil and gas producers out of business. Shale oil and gas requires a higher price to break even. Those lower prices have hurt many oil-producing nations hard, particularly OPEC members Venezuela and Nigeria, but also Russia and Brazil.

    Online Articles

    Online Articles

    Wed, 28 Sep 2016

  2. Charger Shale Oil Company, Oaktree form $900M Permian Basin JV

    Charger Shale Oil Company LLC and funds managed by Oaktree Capital Management LP have formed a joint venture focused on the Permian Basin.

    Online Articles

    Online Articles

    Fri, 9 Sep 2016

  3. Charger Shale Oil JV targets Permian basin

    Charger Shale Oil Co. LLC, Midland, Tex., and funds managed by Oaktree Capital Management LP, Los Angeles, have formed a joint venture targeting 100 horizontal well locations across multiple horizons in the Permian basin.

    Online Articles

    Online Articles

    Fri, 9 Sep 2016

  4. Petrochemical Op-Ed: Chemical Imbalance

    The petrochemical industry has been rocked by oil’s roller coaster ride, driving down prices and profitability. It’s exposed the limitations of both hedging strategies and risk management processes that are supposed to tip off trading desks when a price dip or spike is imminent.

    Online Articles

    Online Articles

    Wed, 21 Sep 2016

  1. 1Derrick US M&A weekly update

    Online Articles

    Online Articles

    Mon, 12 Sep 2016

  2. BHI: US oil rig count up 100 since May 27

    The Baker Hughes Inc. count of active US oil-directed drilling rigs this week added the 99 th and 100 th units to come online since the drilling rebound began following the week ended May 27.

    Online Articles

    Online Articles

    Fri, 16 Sep 2016

  3. EIA counts 5,000 DUC wells in major US shale regions

    Estimates by the US Energy Information Administration indicate the August count of drilled but uncompleted (DUC) wells in the seven major US tight oil and shale gas producing regions totaled 5,031, down slightly from the 5,065 counted in July.

    Online Articles

    Online Articles

    Tue, 13 Sep 2016

  4. BP, CNPC sign second Chinese shale gas PSC

    BP PLC and China National Petroleum Corp. (CNPC) have signed a second production-sharing contract (PSC) for shale gas exploration, development, and production covering a 1,000-sq km area at Rong Chang Bei in the Sichuan basin.

    Online Articles

    Online Articles

    Thu, 1 Sep 2016

  5. Oil and Gas News: Miner BHP Billiton suffers $6.4 billion loss for 2015-16

    The world's biggest miner, BHP Billiton, on Tuesday reported a $6.4 billion loss — the Anglo-Australian company's worst ever full-year result — resulting from weak commodity prices, a plunge in the value of its U.S. shale oil assets and a costly dam disaster in Brazil.

    Online Articles

    Online Articles

    Tue, 16 Aug 2016

  6. BHI: Oil rigs lift overall US rig count by 10

    Entirely comprising oil-directed units, the US drilling rig count increased by 10 during the week ended Aug. 19, according to data from Baker Hughes Inc.

    Online Articles

    Online Articles

    Fri, 19 Aug 2016

  7. PIRA: US shale oil production to slightly decline during second quarter

    US shale oil production will flatten and slightly decline during the second quarter, PIRA Energy Group of New York said in an Energy Market Recap.

    Article

    Article

    Wed, 25 Mar 2015

  8. Gazprom Neft starts shale oil production in western Siberian field

    JSC Gazprom Neft reported start of shale oil production from the Bazhenov formation during tests of two wells in southern Priobskoye field in central western Siberia. Tests are planned for two other wells.

    Article

    Article

    Tue, 3 Feb 2015

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