Oil prices will remain at $40/bbl to $60/bbl into 2016 as rising crude supplies overwhelm demand, according to the world’s largest independent oil trader.
Subsea 7 has won a subsea, umbilical, riser and flowline (SURF) contract from Maersk Oil, with a value in excess of $150 million, for the Culzean development.
Oil capped the biggest three-day gain in 25 years after OPEC said it’s ready to talk to other global producers to achieve ‘fair prices’ and the U.S. government reduced its crude output estimates.
ConocoPhillips has delivered first oil at its Surmont 2 in-situ oil sands facility in Canada, the company said Tuesday.
Nigeria’s state oil company is set to deploy drones to check the movements of ships in the country’s waters in a bid to free Africa’s largest crude producer from theft of the commodity within eight months.
Most OPEC members would like to see crude prices at $70 to $80/bbl and the producer group doesn’t need to coordinate with other oil suppliers to determine output levels, Oil Minister Bijan Namdar Zanganeh said in an interview.
Fewer rigs, less production
Although this year’s major upstream downturn is inflicting considerable pain on producers and equipment/service companies, alike, it also is stimulating additional technical creativity and progress across all disciplines of the North American industry.
Results of testing, to evaluate different mechanisms that could damage the product in the presence of a sour environment, indicate a positive effect from full-body heat treatment.
High hopes, but results slim so far
Integrated geoscience project to shine light on Gabon South basin.
Retention of key personnel is a major challenge
Wall Street giveth, taketh away
Data courtesy of Baker Hughes.
Market data is delayed and provided by Barchart.
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Over the last two years, we’ve seen a marked increase in the number of gas divestments taking place in Canada’s oil and gas sector.
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