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Chevron and BP make oil discovery in Gulf of Mexico:

Oil majors Chevron and BP have made an oil discovery in the Gulf of Mexico.

The companies said a significant oil pay had been made at the Keathley Canyon Block 10 in the Guadalupe prospect.

The well was drilled by Transocean’s Discoverer India deepwater drillship, with work beginning in June this…

GDF Suez and BP make UK North Sea oil find:

GDF Suez and BP have made a new oil discovery in the UK Central North Sea.

The new exploration well, located in block 30/1c, was flow tested at a maximum rate of 5,350 barrels of oil equivalent per day.

The discovery, dubbed ‘Vorlich’ by BP and ‘Marconi’ by GDF Suez, is…

Record number of applications for licences in North Sea:

The Danish Energy Agency (DEA) has received a record number of applications in its seventh licensing round for oil and gas in the North Sea.

Applications have been made by several companies who have previously not held licences in Denmark.

A total of 15 companies, including Maersk, Shell, Dana Petroleum ,…

Statoil has discovered more oil at one of its sites in the North Sea than previously estimated:

The Norwegian company said drilling at well 25/8-18 S, had proved an oil column of 25 metres in the Heimal formation.

The discovery, first proven in 1992, contains between 30 and 80 million barrels of recoverable oil.

Statoil said one of the solutions for the discovery could be to tie in…

Oil prices begin to steady:

The price of Brent crude has steadied at $86 a barrel, after the announcement of a cut in Saudi-Kuwait oil output.

Production at the Khafji oilfield has been stopped temporarily for environmental reasons.

The news was seen as a positive factor by traders at a time when crude oil production has…

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