Exploration & Production - News

Occidental Petroleum, which has been investing heavily to boost production in the Permian Basin, said output in the basin surged about 62% to 225,000 boe/d in the third quarter.

CEO Mitch Flegg said the closing of pending acquisitions with BHP, BP and Total will represent a “major transformation” for Serica in the U.K. North Sea.

Oil prices steadied on Monday as U.S. sanctions against Iran’s fuel exports began but were softened by waivers allowing major buyers to import Iranian crude for a while, as Tehran said it would defy Washington and continue to sell.

Israel will tender off 19 new offshore blocks to oil and gas companies, its energy ministry said on Nov. 4, hoping to rebound from a disappointing bidding round a year ago.

Steve Gray, former CEO and founder of RSP Permian, has been appointed to serve on the board of directors at Marcellus Shale-focused Range Resources.

Third-quarter oil and gas production rose 9% over a year earlier, and the company forecast total output for the full year would be up about 7% over 2017.

Gulfport Energy said Michael G. Moore stepped down as president and CEO of the Oklahoma City-based oil and gas company and will be replaced on an interim basis by COO Donnie Moore.

Blackbird Energy and Pipestone Oil have agreed to merge, forming Pipestone Energy which is set to have the single largest land position in the Montney shale play in Alberta, Canada.

As U.S. oil production rises - setting records in average daily output nearly every month this year - the companies that convert crude to diesel and gasoline are increasing their ability to consume more crude and generate higher profits.

Following Paul Horne’s retirement in March, Dan Westcott, currently president and CFO, will become Legacy’s next CEO. Meanwhile, COO Kyle M. Hammond will be adding the president role.

The partnership with Chesapeake Energy follows the acquisition by Park Energy Services of Midcon Compression, a division of Chesapeake, for an undisclosed amount.

Oil production fell 3% to 3.8 million barrels of oil equivalent and natural gas output dropped 4%, the company said.