Industry Trends ///

Brent oil falls as investors await signs of production curbs

Brent oil declined as investors looked for signs of compliance by OPEC and other producers with an output-reduction accord.

Wood Mac: Better times head for the UKCS, but investment still a concern

Activity was low on the UKCS in 2016 as companies were in full survival mode during the oil price downturn and added Brexit uncertainty. However, there was a change of pace towards the end of the year, with the rise in oil price and larger deals signalling a return of confidence.

TechnipFMC begins operating as unified entity following merger

TechnipFMC has announced that it is operating as a unified, combined company following completion of the merger of FMC Technologies and Technip.

BP’s CEO won’t boost spending, signals caution on oil rebound

BP boss Bob Dudley is not yet ready to boost spending despite the rebound in oil prices.

Dana Gas says 1 billion barrels of oil in way of ending glut

Almost 1 Bbbl of oil held in inventories must be used up before global supply and demand are closer to balance, Dana Gas PJSJ CEO Patrick Allman-Ward said.

Oil rises as Saudis see market balanced by June, U.S. drops rigs

Oil rose in New York after Saudi Arabia’s energy minister said OPEC probably won’t need to extend its supply cuts beyond June as the market reaches a balance.

LNG use surging while idled spending may trigger next spike

Liquefied natural gas prices falling to the lowest in a decade last year spurred fresh demand while suppressing investment in new production, potentially leading to shortages and price spikes next decade, according to a new Bloomberg New Energy Finance (BNEF) report.

Egyptian gas market sees seasonal surplus, says Wood Mac

Egypt's gas market is poised to undergo profound changes in the next five years, and these could have an impact on the global LNG market, seeing Egypt position itself as a prominent seasonal player, research from global natural resources consultancy Wood Mackenzie shows.

Bone-chilling winter from Berlin to Davos causes energy scramble

From the rivers criss-crossing eastern Europe to the Mediterranean ports of Greece and France, everyone is hunting for energy supplies.

Saudis see no need to extend OPEC deal beyond six months

OPEC probably won’t need to extend a deal it reached with other crude producers to cut output, given the level of their compliance with the reductions and the outlook for an increase in global demand, Saudi Energy Minister Khalid Al-Falih said.

Crude oil halts four-week gain as OPEC cuts yet to be verified

Oil headed for its first weekly decline since December as traders waited for proof that OPEC and other producers would follow through on promises to cut production.

Interior cancels remaining oil and gas leases in Montana’s Badger-Two Medicine area

The U.S. Department of the Interior has announced that the Bureau of Land Management has canceled the final two oil and gas leases in the Badger-Two Medicine area within the Lewis and Clark National Forest in northwest Montana.

Nigeria oil union suspends strike after accord with companies

Nigeria’s blue-collar oil union suspended a planned three-day warning strike that began Wednesday after the government brokered a deal between workers and oil companies, including units of Chevron Corp. and Exxon Mobil Corp.

Saudi oil cuts exceeds target and Kingdom may cut for longer

Saudi Arabia will consider renewing its pledge to cut crude output in six months and has already reduced production by more than its targeted level, Energy Minister Khalid Al-Falih said.

U.A.E. says $50 oil ‘isn’t going to cut it’ for producers

Crude oil at $50/bbl is too low for most producing countries, according to United Arab Emirates Energy Minister Suhail Al Mazrouei.

GE, Transocean announce performance-based service agreement

GE Oil & Gas has secured a new contractual service agreement (CSA), valued at approximately $180 million, with Transocean.

Parsley Energy announces extensive Midland and Delaware basin acquisitions

Parsley Energy announced that it has entered into agreements to acquire, in unrelated transactions, certain undeveloped acreage and producing oil and gas properties located adjacent to the company's existing operating areas in the Midland and southern Delaware basins. The aggregate purchase price is $607 million in cash, with certain transactions still subject to customary closing conditions.

Oil industry starts revival as project approvals to double

The oil industry will shake off the effects of the biggest downturn in a generation this year as they more than double project approvals and increase exploration spending for the first time in three years, according to Wood Mackenzie.

Big Oil hits sweet spot as projects reap rewards of recovery

Big Oil is poised to reap rewards this year as investments made before the crude-price slump pay off just as the recovery starts.

Non-OPEC delivers more than a quarter of promised cuts so far

Russia and Kazakhstan said they’ve met or exceeded their initial goals for trimming oil output, bringing cuts by non-OPEC nations in the first 10 days of this year to more than a quarter of the total pledged a month ago in Vienna.