Industry Trends ///

Downgrades abound as oil analysts turn gloomy on supply glut

Energy analysts are heading for the exits.

Maersk Invincible becomes world's first shore-powered jack-up

On May 28, 2017, the Maersk Invincible became the world's first harsh environment jack-up drilling rig to operate entirely on shore-power.

Shale Support recognized for zero recordable incidents in 2016

Shale Support, LLC, a leading provider of frac-sands and logistical solutions to the oil and gas proppant market, announces recent recognition for safety achievements across two facilities. The company maintained a recordable incident rate of zero for the year 2016.

Obama's energy chief returns, citing leadership void under Trump

While President Donald Trump’s Energy Department is studying how to save coal plants, veterans from the administration of President Barack Obama’s Energy Department announced a new effort to figure out how to curtail carbon in the U.S. energy system.

Oil posts slight gain after falling into bear market

Oil prices recovered after falling into a bear market amid speculation rising U.S. output will blunt OPEC-led efforts to trim a global glut.

Newfoundland's Noia 2017 oil & gas conference officially underway

The 33rd annual Newfoundland and Labrador Oil & Gas Industries Association (Noia) Oil & Gas Conference got underway today at the St. John’s Convention Center with delegates hearing from Premier Dwight Ball as well as operators Exxon Mobil Canada, Nalcor Energy and Husky Energy.

UK set up for global gas fight as giant storage site shuts down

Already buffeted by political chaos at home and abroad, the UK gas market must now operate without its biggest stabilizing force: the giant Rough gas storage facility under the North Sea.

Protest-hit Ethiopia region plans private oil company to calm unrest

A central Ethiopian region that’s seen almost two years of sporadic anti-government protests is planning a new private oil company and is in talks to import Middle Eastern crude, part of an economic initiative authorities say will address some of the roots of the unrest.

Venezuela looks abroad for fuel as domestic production wanes

Venezuela, home to the largest oil reserves in the world, is seeking to import 13 MMbbl of fuel this year as the country’s refineries are now operating at less than half of their capacity.

Oil majors risk wasting $2.3 trillion if peak demand looms

Oil companies risk wasting $2.3 trillion of investments should demand peak in the next decade as the world works toward its goal of limiting global warming, according to a report from Carbon Tracker.

Crude languishes in bear market ignoring Middle East, GOM storm risk

Oil languished in a bear market as prices were unmoved by risks ranging from tropical storms in the GOM to geopolitical tensions in the Middle East.

Oil markets see heightened conflict risk in Saudi Arabian power shift

Energy markets need to brace for an even more assertive Saudi Arabian foreign policy that could threaten regional stability in the heart of the global oil industry.

OPEC's loss is Poland's gain as shale boom tames inflation

North America’s shale industry may be the swing producer in the oil market, but it’s becoming a dominant factor across the Atlantic for eastern Europe’s biggest importer of energy.

Crude slides into bear market as oversupply distress deepens

Oil entered the first bear market since August as concerns worsen that OPEC is failing to ease a global supply glut.

Oil drops to seven-month low as Libya adds to persistent surplus

Oil dropped to the lowest in seven months amid a revival in output from Libya and rising volumes of fuel held in floating storage.

Shale patch M&A frenzy cools as oil price seen stuck below $45

Deals in the shale patch aren’t so hot anymore with oil in the doldrums.

Oil tankers store most oil this year as glut refuses to die

Oil traders are resorting to storing more and more oil at sea amid swelling output in the Atlantic region, a sign the market is far from the kind of re-balancing that OPEC would have hoped for when the group set out last year to bring down global stockpiles.

Shale's record fraclog could force oil prices lower

There’s yet another concern growing as oil prices continue to erode: A record U.S. fraclog.

Gov. Abbott signs resolution supporting delegation of federal energy regulations to state

Texas Governor Greg Abbott signed a resolution urging the federal government to work with Texas in unraveling overreaching regulations, which were largely aimed at negatively impacting the oil and gas industry.

Statoil reports more research on CO2 reduction and digitalization

Statoil’s new technology strategy intensifies the company’s research on CO2 reduction and digital solutions.