At a time when the oil price is languishing at its lowest level in six years, producers need to find half a trillion dollars to repay debt. Some might not make it.
If there was any question over whether this year’s oil crash would give rise to a new era of energy megadeals, there isn’t anymore.
Total has signed an agreement to sell all of its interests in the FUKA and SIRGE gas pipelines and the St. Fergus Gas Terminal to North Sea Midstream Partners for around $905 million (£585 million).
Oil jumped the most in more than six years, caught up in a relief rally that swept the globe as the U.S. economy grew more than predicted.
Ecuador has revealed the financial stress inside OPEC created by low oil prices, becoming the first member of the group to say it’s pumping at a loss.
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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