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News Archive for: March 2014

Record earnings for Ithaca as it closes in on Greater Stella despite storms:

North Sea developer Ithaca insists bad weather delays will not stop work on the Greater Stella development from being completed in time.

The oil firm confirmed today that recent storms in the region had hampered drilling work on the project, and delayed getting the Ensco 100 rig to the right…

Iraq’s West Qurna-2 oilfield to transform oil markets as Baghdad targets daily output of 4m barrels this year:

Russia’s Lukoil has opened a giant untapped oil field in Iraq that will play a major part in driving up production to new highs in the Middle Eastern country and potentially force down the price of crude.

Spigots in the West Qurna-2 field, Iraq’s second-biggest, were opened officially over the…

Parkmead posts maiden profit as Cross eyes further UKCS expansion:

Ambitious North Sea independent Parkmead has delivered its first profit after seeing its asset base double inside a year.

The firm, taken over by Tom Cross three years ago, has gone from having no oil and gas assets in 2011 to becoming a significant presence in the North Sea.

Now the…

Chevron acquires shallow water acreage offshore Myanmar:

Chevron Corporation (NYSE: CVX) announced its Myanmar subsidiary, Unocal Myanmar Offshore Co., Ltd., has been granted exploration rights in a block located offshore Myanmar, in the Rakhine basin.

Block A5, which spans more than 2.6 million acres (10,600 sq. km), is located approximately 125 miles (200 km) northwest of Yangon….

BG Group wins gas exploration deal in Myanmar:

BG Group has secured a foothold in Myanmar after winning rights to explore for natural gas off the Asian country’s coastline.

“This award is in line with BG Group’s strategy to focus on securing prospective frontier acreage and enter, on average, one new basin each year,” the company said in…

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