Industry Trends ///
Brent oil declined as investors looked for signs of compliance by OPEC and other producers with an output-reduction accord.
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 has announced that it is operating as a unified, combined company following completion of the merger of FMC Technologies and Technip.
BP boss Bob Dudley is not yet ready to boost spending despite the rebound in oil prices.
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 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.
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.
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.
From the rivers criss-crossing eastern Europe to the Mediterranean ports of Greece and France, everyone is hunting for energy supplies.
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.
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.
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’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 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.
Crude oil at $50/bbl is too low for most producing countries, according to United Arab Emirates Energy Minister Suhail Al Mazrouei.
GE Oil & Gas has secured a new contractual service agreement (CSA), valued at approximately $180 million, with Transocean.
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.
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 is poised to reap rewards this year as investments made before the crude-price slump pay off just as the recovery starts.
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.