• Oilfield News

    Gunmen Attack Malaysian Oil Firm In Iraq, Accuse Company Of Causing Earthquakes

    A group of gunmen on Friday attacked the headquarters of a Malaysian oil firm in southeastern Iraq, accusing the company of causing earthquakes in the area.

    The aftermath of an earthquake in the Rifai district located north of Nasiriyah IraqThe incident occurred overnight at a protection point belonging to the Petronas oil company which operates in the Gharraf oil field located in Rifai, north of Nasiriyah.

    In a statement released on Saturday, local police said the gunmen used light weapons before firing an RPG rocket at the company’s checkpoint.

    No casualties were reported.

    A 4.4-degree earthquake recently hit Rifai causing damage to residents’ property including their homes.

    Rumors circulating among people in the area alleged the main cause for successive earthquakes in Rifai was due to oil exploration at the Gharraf field.

    Dhi Qar Province police chief Hassan al-Zaidi said he believed the attack was a response to the frequent tremors in the region.

    According to Zaidi, the suspects were driving a vehicle while carrying out the attack, causing minor damage to the Malaysian company’s oil stalls.

    Kurdistan 24 could not reach Petronas for comment.

    In 2010, Petronas and Japan’s Japex signed a contract with the Iraqi Oil Ministry to develop the Gharraf field in the mainly Shia province of Dhi...


    Derrick Day Event Will Have A Gush Of Activities Saturday

    The sale of miniature Yellow Dog rig lanterns, quilt- and candle-making demonstrations and even a visit with Bigfoot of Rock City Park in Olean, N.Y., are all in store for visitors during Derrick Day activities Saturday at the Penn Brad Oil Museum in Bradford.

    Bill Pantuso left and Dean Bauer were at the Penn Brad Oil Museum in Bradford Thursday preparing for Derrick Day activities Saturday. The annual event will be held from 11 a.m. to 5 p.m. and has free admissionThe fourth-annual event, which will be held from 11 a.m. to 5 p.m. on the museum grounds at 901 South Ave., is free and open to the public.  

    Other activities will include a torpedo display, oilfield stories and displays, vintage games, oil field movies in the Dog House Theater and photo opportunities. In addition, the museum store will sell a variety of souvenirs and food, beverages and snacks will be sold. Parking will be available at the nearby Beacon Light campus with shuttle service provided by golf carts.

    “We certainly want to make this family-friendly,” said board member Bill Pantuso who was at the museum Thursday. “We’re trying to make this more interactive with quilt- and candle-making (demonstrations), and a Magic Suitcase presentation will be really educational, but fun,”

    He noted the presentation is essentially a play that will display items and materials...


    Maersk Agrees To Sell Oil Unit To Total In $7.45 Billion Deal

    Total is buying Maersk Oil in a $7.45 billion deal which the French oil major said would boost its earnings and cash flow, and bolster its dividend prospects.

    Danish company A.P. Moller-Maersk is selling its Maersk Oil division to Total to focus on other activities including its shipping business.

    A crane loads a shipping container branded AP MollerMaersk AS onto the freight ship. The company fell victim to a widespread cyberattack on June 27 2017Under the terms of the deal, A.P. Moller Maersk will get $4.95 billion in Total shares and Total will assume $2.5 billion of Maersk Oil's debt.

    Maersk said it plans to return a "material portion of the value of the received Total S.A. shares" to shareholders in 2018 and 2019 in the form of extraordinary dividend, share buyback or distribution of shares in Total.

    The world's top oil companies have been back on the takeover trail over the last year, helped by signs of a recovery in the oil market.

    The sale comes with Maersk in the midst of a major restructuring to concentrate on its transport and logistics businesses and separate its energy operations in the face of a drop in income.

    "This transaction is immediately accretive to both cash flow and earnings per share and delivers further growth over coming years," said Total Chief Executive Patrick Pouyanne in a...


    Few Bargains Left In Permian Basin

    A few months ago, a small Fort Worth driller sold off tens of thousands of acres it had cobbled together in West Texas, earning a $2.8 billion fortune for drilling prolific wells during the worst oil bust in a generation.

    Oil rigs drill into the Permian Basin outside of Midland Saturday Sept. 17 2016.  Michael Ciaglo Houston Chronicle .jpgArmed with a $400 million private equity investment, Double Eagle Energy Permian wants to build another foothold in the world's hottest oil field, aiming to drill its first wells on new property early next year. But this time, buying and flipping gushing oil land in the Permian Basin is going to be much more difficult and expensive.

    "The availability of land is diminishing every day," said Garrett Martin, Double Eagle's senior vice president of engineering in Fort Worth. "Everyone wants to be there. Nothing out there is cheap anymore."

    Over the past few months, the pace of transactions in the Permian Basin has slowed dramatically amid a combination of turbulent oil prices and the oil industry's buying spree in West Texas earlier this year, which consolidated large swaths of land and left behind a much smaller amount of contiguous acreage suitable for drilling sideways for thousands of feet underground, a technique used to plumb once-inaccessible rock formations.

    The rush of geologists and...


    EEOC Files Complaint Against Horizontal Well Drillers LLC

    The federal Equal Employment Opportunity Commission filed a complaint Wednesday against a Purcell-based drilling contractor, alleging it discriminated against job applicants older than 40 and those who had filed workers' compensation claims.

    The commission said Horizontal Well Drillers LLC violated federal age and disability discrimination laws in its hiring process, including putting notations on job applications about family medical history, age and previous disability or workers' compensation claims.The commission said Horizontal Well Drillers LLC violated federal age and disability discrimination laws in its hiring process, including putting notations on job applications about family medical history, age and previous disability or workers' compensation claims. The infractions date to at least 2012, the complaint said.

    Through a representative, company officials said they were reviewing the complaint Wednesday afternoon with their attorneys and had no immediate comment.

    The EEOC complaint said a former CEO at the company, Steve Akerman, reviewed all applications for rig positions, including derrickhand, motorhand and floorhand. Staff highlighted portions of the applications dealing with age, medical and family medical history, and the CEO separated the applications into two piles. Applications that didn't...


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