Analysts disagree on how much Murphy Oil Corp. stands to gain from its stake in a deepwater offshore Malaysian oilfield, with Goldman Sachs giving a strong recommendation and JPMorgan downgrading the stock.
Murphy owns an 80 percent stake in the Kikeh field, where it began drawing oil in August 2007. The company shares production with Malaysia’s [...]
Oilfield services company Hornbeck Offshore Services Inc. may sell all or part of its stake in its downstream tug and tank barge unit.
The company hired JP Morgan Securities Inc. to help it assess various options for the division, which may include a possible sale, adding to the business through acquisitions or consolidation and other possible [...]
Apache Corp. reported a pipeline rupture and fire at its Varanus Island gas processing and transportation hub offshore Western Australia.
No one was hurt and 153 people evacuated following the onshore incident involving a pipeline transporting oil and gas from offshore production facilities to processing facilities. Thirteen people stayed on the island to monitor the situation.
Jefferies [...]
Brazil’s Petrobras continues its recent string of oil discoveries. A test well in the prolific offshore Santos Basin confirmed the presence of light oil.
Unlike other recent offshore discoveries that lie in very deep water, this one is in the relatively shallow waters in the southern part of the basin and may not be as difficult [...]
Zijin Mining Group Co. Ltd. has completed its initial feasibility study on a gold-copper mine in Benguet province owned by Far Southeast Gold Resources Inc. (FSGRI).
China’s second largest gold miner is in the process of negotiating a final agreement, it said in a disclosure filed with the Shanghai Stock Exchange.
Listed local miner Lepanto Consolidated Mining [...]
The number of rigs actively exploring for oil and natural gas this week in the U.S. rose by 27 from last week.
Of the 1,889 rigs running nationwide, 1,493 explore for natural gas and 386 for oil, according to a report Friday from Baker Hughes Inc., which tracks rig operations worldwide. Ten are listed as miscellaneous.
A [...]
A Lehman Brothers analyst raised his price targets on 37 companies in the oil services and drilling sector, seeing a strong recovery in 2008 and 2009 for North American natural gas drilling along with significant international growth over the next few years.
Analyst James Crandell’s top picks in the sector are Weatherford International Ltd., Halliburton Co., [...]
Petronas Carigali Overseas Sdn Bhd, the state oil and gas company of Malaysia, withdrew its 80 percent participation from an exploration contract area in offshore Mindoro island.
PNOC Exploration Corp., a unit of state-owned Philippine National Oil Co., confirmed the decision of Petronas.
Petronas decided to transfer its entire interest in service contract 47 to PNOC [...]
The number of rigs actively exploring for oil and natural gas this week in the U.S. rose by 16 from last week.
Of the rigs 1,862 rigs running, 1,471 were exploring for natural gas, 381 for oil and 10 were listed as miscellaneous, according to Houston-based Baker Hughes Inc., which tracks rig operations worldwide.
A year ago, [...]
The chief financial officer of offshore drilling company Ensco International Inc. exercised options for 15,000 shares of common stock, according to a Securities and Exchange Commission filing Tuesday.
In a Form 4 filed with the SEC, James W. Swent III reported he exercised options for the shares Friday for $27.31 to $33.55 apiece and then sold [...]
