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Tag Archives: statoil

North Dakota orders oil wells shut in over flooding concerns

WILLISTON, N.D. – North Dakota oil regulators ordered small, privately held Zavanna LLC to shut in oil wells near the confluence of the Missouri and Yellowstone rivers on Wednesday after more than 1.5 inches (3.8 cm) of rain raised flooding concerns. The state’s Department of Mineral Resources (DMR) said it was concerned that the confluence, near the state oil capital ...

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Legend Oil and Gas acquires Bakken crude transport service

Along with the release of its quarterly financial report, Legend Oil and Gas Ltd officially announced the acquisition of Black Diamond/Maxxon Energy, a full service crude oil transportation service operating in the Bakken region. In a statement, Legend Oil and Gas President and CEO Warren Binderman said, “This acquisition brings us deeper into the oil services platform, with a wholly ...

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Hundreds more oil sands staff evacuated on Alberta fire threat

CALGARY, Alberta – Statoil ASA, MEG Energy Corp and Cenovus Energy Inc evacuated hundreds of workers from three oil sands projects in northeastern Alberta on Tuesday as wildfires raged through the key crude-producing region. The latest evacuations are in addition to project shutdowns by Cenovus and Canadian Natural Resources Ltd over the weekend, as companies rushed to remove staff from ...

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Fighting low oil prices with innovation

The energy industry has fallen on rough times as of late causing a spate of layoffs, stacked rigs and budget cuts. But despite the market climate and reduced spending, production levels are holding steady, evidence of the ongoing technological advancements being applied to oil and gas production, allowing producers to do more with less. Total CEO Patrick Pouyanne told the ...

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Goldman cuts crude outlook and oil company forecasts

Goldman Sachs has cut its long-term crude oil price forecasts and recommended investors sell shares in two major oil companies, saying that improved U.S. shale efficiency and higher production from OPEC will more than cover future demand. The U.S. investment bank’s equities team, in a note published on Saturday, raised its projection for the average Brent crude oil price this ...

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Statoil shakes up management with new CFO, U.S. chief

OSLO – Norwegian oil firm Statoil replaced several top executives including its chief financial officer on Tuesday, continuing a shake-up since its chief executive was poached by rival BG Group last October. State-controlled Statoil has lost four board members, including its chairman, over the past several months, and some top managers, including from its mergers and acquisitions unit and U.S. ...

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Southwestern Energy is moving in on the action in Pennsylvania

Southwestern Energy Co. is tossing around the idea of building an operating base in southwestern Pennsylvania’s shale fields. As reported by the Pittsburgh Business Times, Paul Geiger, Southwestern’s senior vice president of the company’s new Appalachia division, explained, “The company is looking to set up what he’s calling a ‘forward operating base’ — a dual purpose satellite office and equipment ...

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Statoil to test the use of CO2 in the Bakken

Statoil has entered into a supply and service agreement with Ferus LP to utilize the Denver-based company’s energized fluids, such as liquid carbon dioxide (CO2) and liquid nitrogen, on its North American oil and gas operations, reports the Oil & Gas Financial Journal. Statoil will use liquid CO2 on a test well to examine the benefits of using the energized ...

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