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Rigzone.com: Latest News Headlines



The latest upstream oil and gas news from around the world.



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BP Says To Balance Books At $35-40/Bbl Oil Price By 2021

Tue, 28 Feb 2017 00:00:00 GMT

British oil major BP says it will be able to balance its books at an oil price as low as $35-40 a barrel by 2021 as the company has reined in spending.



Aramco's Malaysia Deal Gives Saudis Upper Hand In Fight For Asia Oil Share

Tue, 28 Feb 2017 00:00:00 GMT

Top global oil exporter Saudi Arabia broke from the pack in the race to lock up Asian market share after agreeing on Tuesday to pump $7 billion into a refinery-petrochemical complex in Malaysia.



Pertamina Looks For Partner To Take Majority Stake In Bontang Refinery

Tue, 28 Feb 2017 00:00:00 GMT

Indonesia's state oil company Pertamina looks to find a partner to take a majority stake in a proposed refinery to cost more than $10 billion in Bontang, East Kalimantan.



Russia Cuts Oil Output By 124,000 Bpd In Feb

Tue, 28 Feb 2017 00:00:00 GMT

Russia cut its oil output by around 124,000 barrels per day from February 1-27.



Nigeria's Economy Contracted By 1.5% In 2016 On Lower Oil Prices

Tue, 28 Feb 2017 00:00:00 GMT

Nigeria's gross domestic product fell by 1.5% in 2016 due to lower oil revenues, the National Bureau of Statistics says.



Aminex Confirms Production Testing at Ntorya 2 Well Onshore Tanzania

Tue, 28 Feb 2017 00:00:00 GMT

Africa-focused oil and gas company Aminex plc confirms that production testing on the recently drilled Ntorya 2 appraisal well, located in the onshore Ruvuma Basin of Tanzania, commenced Feb. 25.



Subsea 7 Wins 'Sizeable' Services Contract Offshore Australia

Tue, 28 Feb 2017 00:00:00 GMT

Oilfield services company Subsea 7 S.A. secures a 'sizeable' contract with Cooper Energy Ltd for the Sole Development Project, offshore Australia.



Equatorial Guinea Extends EG Ronda Licensing Round

Tue, 28 Feb 2017 00:00:00 GMT

The Ministry of Mines and Hydrocarbons of Equatorial Guinea extends the official closing date of the EG Ronda Licensing Round to April 28, 2017.



Rig Firm Seadrill Says May File For Chapter 11 Bankruptcy

Tue, 28 Feb 2017 00:00:00 GMT

Rig firm Seadrill says it may have to file for Chapter 11 bankruptcy protection if it fails to reach a restructuring agreement with lenders.



MOL Group: 2016 was Year of Great Achievements, Important Milestones

Tue, 28 Feb 2017 00:00:00 GMT

Hungary-headquartered MOL Group had a year of great achievements and important milestones in 2016, according to the company's Chairman-CEO Zsolt Hernadi.



Oil Closes Near $54 as US Supplies Dim Confidence in OPEC Cuts

Mon, 27 Feb 2017 00:00:00 GMT

Oil closes near $54 a barrel in New York as estimates of record US stockpiles overshadow OPEC's efforts to balance the market.



Shell Shuns New Oil Sands as Low Crude Prices Force Cost Control

Mon, 27 Feb 2017 00:00:00 GMT

Royal Dutch Shell is unlikely to take on new oil-sands projects as it maintains a grip on costs after crude's crash forced competitors to write down Canadian reserves.



OPEC Sec-Gen: All Participating Countries Committed to Oil Output Deal

Mon, 27 Feb 2017 00:00:00 GMT

OPEC-led oil production cuts have been well supported by all participating countries despite some teething troubles for non-OPEC members, the cartel's secretary-general, Mohammed Barkindo, says.



Mexico's Pemex Sharply Reduces Losses as Oil Prices Rise

Mon, 27 Feb 2017 00:00:00 GMT

Mexican state-owned oil company Pemex reported a much smaller fourth-quarter loss, due in large part to higher crude prices.



Nigerian Court to Rule on March 13 on Shell, ENI Dispute with Authorities

Mon, 27 Feb 2017 00:00:00 GMT

A Nigerian court will rule on March 13 on a request by Royal Dutch Shell and Italy's Eni to lift the temporary seizing of a long-disputed oilfield, a judge said.



BHP Is 'Very Anxious' U.S. Protectionism Could Blunt Growth

Mon, 27 Feb 2017 00:00:00 GMT

The head of the world's biggest mining company intensified his warnings that U.S. trade protectionism under President Donald Trump would threaten global growth and the fight against poverty.



All Participating Countries Committed to Oil Output Deal, Says OPEC Sec-Gen

Mon, 27 Feb 2017 00:00:00 GMT

OPEC-led oil production cuts have been well supported by all participating countries despite some teething troubles for non-OPEC members, said the cartel's secretary-general, Mohammed Barkindo.



EASA Issues EC 225 LP Helicopter Airworthiness Directive

Mon, 27 Feb 2017 00:00:00 GMT

The European Aviation Safety Agency issues an airworthiness directive for EC 225 LP helicopters, which requires a one-time inspection of the main gear box oil cooler.



Russia's Rosneft Sees CAPEX At Around 1.1 trln Roubles in 2018

Mon, 27 Feb 2017 00:00:00 GMT

Russia's top largest oil producer Rosneft expects its capital expenditures at around 1.1 trillion roubles ($19 billion) according to the company's CFO Pavel Fedorov.



Russia Says May Speed Up Oil Output Cuts

Mon, 27 Feb 2017 00:00:00 GMT

Russia may cut oil production as part of an OPEC-led agreement designed to boost prices faster than it had previously expected, if its domestic companies are able, Energy Minister Alexander Novak said.