Does EOG’s New Eagle Ford Strategy Foreshadow A Rigless Recovery?
EOG Resources is turning something old into something new again. The “Apple of E&P”, has made a bit of history by applying Enhanced Oil Recovery (EOR) to a US horizontal shale reservoir for the first time. Oilpro Managing Director Joseph Triepke analyzes the implications of EOG’s Eagle Ford strategy. [Oilpro]
Saudi Aramco CEO Speaks. A few days after the dismissal by Saudi King Salman of oil minister Ali Naimi, the CEO of Saudi Aramco, Amin Nasser, has issued some rare public comments regarding the company’s plans going forward. [Oilpro]
The Most Exciting Oilfield Service Firm You’ve Never Heard Of Just Got More Interesting. About three months ago, we introduced readers to one of the most exciting stories in oilfield services – Rubicon Oilfield International. This morning,Rubicon announced its first acquisition, a key event for the company that we were awaiting when we last wrote on Rubicon. [Oilpro]
Oil Up As Canada, Nigeria Problems Counter Stockpile Concern. Oil rose on Tuesday, boosted by supply disruptions in Canada and elsewhere that have knocked out 2.5 M/bpd of production and temporarily eclipsed concern over high global inventories and a looming surplus of refined products. [Reuters]
FMC Technologies Names Douglas Pferdehirt To Succeed John Gremp As CEO. FMC Technologies (FTI) announced Monday afternoon that it has named Douglas Pferdehirtits new CEO effective September 1. He replaces John Gremp, who has served as the company’s chief executive since 2011. [Oilpro]
Wood Group Lands Iraqi Service Contracts. Oil services company Wood Group said Monday it secured two new contracts in Iraq that will bring in more revenue and create more than 100 new jobs. [UPI, Oilpro]
Total Looks To Widen Renewables Footprint With $1.1bn Takeover Bid For Battery Maker. Total announced Monday that it has made a $1.1 billion all-cash offer for Saft Groupe, a French battery maker, as the French O&G supermajor moves more seriously into the renewable energy space. [Oilpro]
The 15 Biggest Oil Bankruptcies (So Far). According to a new count from Houston law firm Haynes & Boone, April saw 11 bankruptcy filings, the most of any month in the past two years. The headline failures that month were Ultra Petroleum, which buckled under $3.9 billion in debt, and Energy XXI, which carried debt of $2.9 billion. [Forbes, Oilpro]
Iran’s Oil Sector Returns To Form. Iran faces new challenges. To revive his country’s economy after years of sanctions, President Hassan Rouhani is now driving an initiative to reinvigorate the oil sector. To do so, Rouhani will have to break what has become a steady cycle of backlash — aimed at foreign and domestic actors alike — over the distribution of oil revenue in Iran. [Stratfor.com]
Entek Energy Sells Its Offshore Interests In The US Gulf Of Mexico. Australian firm Entek Energy is pulling out of its offshore interests in the US Gulf of Mexico, selling them all to Peregrine Oil and Gas of Houston, Texas for almost $3m. Entek said its reason for the sale is the difficult market conditions in the oil industry. [Splash 247, Oilpro]
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