Industry Trends ///

Oil holds near $54, as U.S. boosts rig count to most since 2015

Oil traded near $54/bbl after the U.S. boosted drilling rigs to the most since October 2015, keeping prices in a tight range amid speculation the country’s output may rise and counteract OPEC production cuts.

Well Control School forms alliance with Drilbert Engineering

Well Control School (WCS) is announcing an alliance with Drilbert Engineering to provide advanced technical drilling operational training for the oil and gas industry.

Shell shuns new oil sands projects, as low crude prices force cost control

Royal Dutch Shell Plc is unlikely to take on new oil-sands projects as it maintains a grip on costs after crude’s crash forced competitors to write down Canadian reserves.

Lukoil's Middle East head sees oil at $55-$65/bbl on cuts

Oil will stabilize around $55 to $65/bbl as OPEC fulfills its agreement to cut output, with stockpiles and shale production keeping prices from rising much more, the Middle East head of Lukoil PJSC said.

Texas legislators file resolutions supporting delegation of federal energy regulations

The chairmen of the Texas House and Senate energy committees filed two concurrent resolutions this week calling on the federal government to work with Texas in unraveling the harmful, overreaching regulations that have been implemented over the past eight years, which were largely aimed at negatively impacting the oil and gas industry.

Saudi Arabia seeking ways to boost 4% foreign stock ownership

Saudi Arabia is seeking ways to boost foreign investment in its bourse, almost two years after easing access to the one of the world’s most restricted exchanges.

Total sells interests in mature Gabon fields to Perenco

Total has signed an agreement for the sale of stakes and the transfer of operatorship in various mature assets in Gabon to Perenco. The transaction is subject to approval by the authorities.

Investors see oil break out of narrow range with record bets

Oil has been bound to the tightest price range in more than a decade, and yet hedge funds have never been so confident it will eventually rally.

Saudi Aramco IPO to impact markets in many ways

The exact dollar value of Saudi Aramco may be up for debate, but the listing of the world’s biggest company will be priceless for the kingdom’s markets.

EIA: LNG exports expected to drive growth in U.S. natural gas trade

The United States is expected to become a net exporter of natural gas on an average annual basis by 2018, according to the recently released Annual Energy Outlook 2017 (AEO2017) Reference case. The transition to net exporter is driven by declining pipeline imports, growing pipeline exports, and increasing exports of liquefied natural gas (LNG).

API: BLM's methane and waste prevention rule hurting consumers and local economies

Colorado Petroleum Council Executive Director Tracee Bentley urged the U.S. Senate to follow the House and support a disapproval resolution on the Bureau of Land Management’s (BLM) Methane and Waste Prevention rule because the flawed rule doesn’t improve upon U.S. successes in methane emissions reductions and could negatively impact American consumers, local revenues and energy security.

Another record week for U.S. oil exports as production surges

Another week, another record for U.S. crude exports.

New oil trades pose menace for OPEC in its prized market

OPEC pumped at will the past two years to defend its turf against rivals. Its recent volte-face has left it contending with additional threats in the world’s biggest oil market.

Dream of offshore U.S. wind power may be too ugly for Trump

Offshore wind companies have spent years struggling to convince skeptics that the future of U.S. energy should include giant windmills at sea.

OPEC cuts help drive crude prices to 19-month high

Oil traded near the highest level since July 2015 as a drop in U.S. crude imports signaled that OPEC’s output cuts are taking effect.

Saudi Arabia's $2-trillion Aramco vision runs into market reality

Saudi Arabia has said oil giant Saudi Aramco is worth more than $2 trillion, enough to consume Apple Inc. twice, and still have room for Google parent Alphabet Inc.

Canada's fading oil promise leaves U.S. majors struggling

Oil-sands investments in Western Canada that gobbled tens of billions of dollars over the past decade are proving an Achilles heel for some of the world’s biggest energy producers.

Europe savors taste of Brazilian oil with more blocks opening

European oil majors given a taste of Brazil may soon be ready for more.

Exxon bows to oil crash with historic global reserves cut

Exxon Mobil Corp. disclosed the deepest reserves cut in its modern history as prolonged routs in oil and natural gas markets erased the value of a $16-billion oil-sands investment and other North American assets.

Leviathan partners ratify $3.75-billion gas-development plan

The companies that own the rights to Leviathan, Israel’s largest natural gas reservoir, approved a plan to allocate $3.75 billion to develop the offshore site. Israel’s main gas equity index rose the most in almost five months.