Industry Trends ///

Fieldwood Energy files for Chapter 11 bankruptcy relief

Fieldwood Energy LLC announced that it has filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code in the Bankruptcy Court for the Southern District of Texas as part of a "prepackaged" chapter 11 case.

OPEC considers moving the goalposts - here's where they might go

After a year of production cuts, OPEC and Russia are finally near their goal of shrinking the world’s swollen oil inventories. So why are they planning to change their target?

There's more to majors than oil, Total tells $1-trillion fund

Norway’s $1-trillion sovereign wealth fund wants to sell out of oil and gas stocks, arguing that would reduce overall risk to the country since petroleum is already the top export.

Deloitte: Industry exercises caution with M&A, though trend is changing

Deloitte forecasts that although the oil & gas industry may be in love with the recent rise in commodity prices it is still exercising some caution when it comes to M&A activity, but that is changing.

New software puts real-time drilling monitoring in reach

Proactive Real Time Systems (PRTS) has launched its new software product called the Real-Time Advisory System (RTAS).

Venezuela plight has U.S. rushing for heavy UK crude

Oil refineries in the U.S. Gulf of Mexico are buying the most crude from the UK North Sea in more than seven years as they scramble to replace lost supplies from Venezuela.

Neptune Energy completes acquisition of Engie E&P

Neptune Energy Group has announced the completion of the acquisition of Engie E&P International SA (EPI).

Rail crunch leaves oil, wheat stranded out on Canada's prairies

A shortage of rail cars in Canada is leaving grain and oil shipments stranded on the prairies, sending crude prices plummeting and leaving farmers in a cash crunch.

NERA announces funding for subsea equipment reliability project

National Energy Resources Australia (NERA) is supporting the Transforming Australia Subsea Equipment Reliability (TASER) project, led by Wood and in collaboration with Chevron, Shell and Woodside, by providing AUD $145,000 of funding over two years.

OGIC to strengthen innovation ties with China

A selection of Scotland’s leading oil and gas research and development institutions will be heading to China next month (March 5-10) to strengthen ties, share knowledge and increase business opportunities with leading innovation houses in Beijing.

Oil trades near one-week high as stockpile gains slow down

Oil in New York traded near a one-week high as improving sentiment in equities spilled over into crude and American stockpiles increased slower than forecast.

OPEC, Russia to discuss new oil-inventory measurements in April

OPEC will soon discuss with Russia a new way to measure oil inventories as producers meet to review their supply-cuts agreement that expires at the end of 2018.

NOV develops top-drive upgrade for cost-effective performance upgrades in the Permian

Demand in the Permian basin for cost-effective ways of improving performance continues to increase. While a simple solution might involve purchasing entirely new equipment, in many cases this isn’t feasible due to both current constraints on capital expenditures and unacceptable downtime caused by long lead times for newbuilds. To address this issue, National Oilwell Varco (NOV) developed an upgrade package—the TDS-11SAE—for its top drives to elevate their performance beyond standard levels.

Oil near seven-week low on signs U.S. stockpiles rose a third week

Oil traded near its lowest closing level in seven weeks in New York as signs of rising U.S. crude stockpiles fanned concern of a new surge in shale-oil production.

Weatherford releases production optimization software

Weatherford International plc today announced a new software release for its ForeSite production optimization platform, which combines physics-based models with advanced machine-learning data analytics to improve performance across conventional and unconventional oil and gas assets.

Crude resumes slide as shale threat to OPEC-led restraint grows

Crude fell for the seventh time in eight days as gushing U.S. shale oil production threatened to drown an OPEC-led effort to snuff out a worldwide glut.

Exxon sues the suers in fierce bid to defeat climate lawsuits

As climate-change lawsuits against the oil industry mount, Exxon Mobil Corp. is taking a bare-knuckle approach rarely seen in legal disputes: It’s going after the lawyers who are suing it.

Crude halts decline as demand seen burning through shale output

Crude edged higher after the worst weekly decline in two years as OPEC shrugged off the threat that U.S. shale drillers will swamp the market with excess supplies.

Oil bulls run scared in global volatility as U.S. rivals Saudis

Oil enthusiasts are retreating as volatility takes hold of global markets and American gushers rival Saudi Arabia’s.

India's oil consumption grows at fastest pace in 14 months

Oil demand in India rose 10.3% in the first month of 2018, the fourth straight monthly gain.