Industry Trends ///

Oil tycoon T. Boone Pickens closes main hedge fund

Legendary oil tycoon T. Boone Pickens is closing his hedge fund, saying trading oil has lost its luster.

NOV's Tektonic drill bits increase ROP, durability with Permian Series cutters

Difficult drilling conditions in the Permian basin demand a drill-bit philosophy geared toward efficiency and durability. Three record runs recently occurred in the Permian basin that showcased the performance of National Oilwell Varco's Tektonic bits with Permian Series cutters.

Crude’s path to $70 defied pressures that still threaten prices

Oil’s rise to $70/bbl for the first time in three years had clear triggers as supplies tighten and demand climbs.

ADES extends three major contracts in Gulf of Suez

ADES International Holding Ltd., the London-listed company providing offshore and onshore oil and gas drilling and production services in the Middle East and Africa through its subsidiaries, has successfully extended two existing contracts for Admarine II, Admarine IV and renewed its lease for Admarine VI, all of which are in the Gulf of Suez area.

Wentworth Resources provides operational update on Tanzania, Mozambique

Wentworth, the Oslo Stock Exchange and AIM-listed independent, East Africa-focused oil & gas company, is today providing an update to shareholders.

Oil reaches $70/bbl for first time in three years

Oil topped $70/bbl in London for the first time in three years as production cuts by OPEC and rising demand whittle away a global surplus.

America’s gas stockpiles drop most on record after polar blast

The “bomb cyclone” that left the eastern U.S. shivering last week led to the biggest drop ever recorded for natural gas stockpiles.

NOIA encourages member companies to submit nominations for the Safety in Seas Awards

NOIA member companies are encouraged to participate in honoring our industry’s commitment to offshore safety by entering the 2018 Safety in Seas Awards Competition.

EIA forecasts flat crude oil prices, increasing global production through 2019

EIA’s January Short-Term Energy Outlook forecasts Brent crude oil to average $60/bbl in 2018 and $61/bbl in 2019, slightly higher than the $54/bbl average in 2017. In both 2018 and 2019, EIA expects total global crude oil production to be slightly greater than global consumption, with U.S. crude oil production increasing more than any other country.

Falkland oil project eyes green light this year as prices rise

An oil project off the tip of South America is on track to get the go-ahead by the end of this year as the companies involved in the development work to secure $1.5 billion in financing.

U.S. becomes a net gas exporter for the first time in 60 years

America’s trade imbalance just got a bit smaller. The U.S. has now become a net exporter of natural gas on an annual basis for the first time since at least 1957.

Kazakhstan overtakes Iraq as OPEC pact's biggest over-producer

Kazakhstan has overtaken Iraq to become the biggest over-producer in the pact between OPEC and its allies to curb oil output.

Rig-count chaos: Shale drillers are confusing U.S. oil analysts

Call it a rig-less recovery.

Oil rises from three-year high as U.S. stockpiles seen plunging

Oil extended gains from the highest close in more than three years as U.S. industry data signaled crude stockpiles dropped an eighth week.

OPEC will try to talk prices down if oil tops $70, Goldman says

OPEC would try to talk down an oil rally above $70/bbl to cushion the impact on the global economy and rival supplies, according to Goldman Sachs Group Inc.

Trump pulls Florida from offshore drilling plan after objections

The Trump administration is ruling out plans to sell new drilling rights off the coast of Florida, including eastern Gulf of Mexico waters coveted by oil companies, amid pressure from Republican Governor Rick Scott.

Halliburton provides major software grant to Sultan Qaboos University

Halliburton has announced a multi-million dollar software grant to the Colleges of Science and Engineering at Sultan Qaboos University in Oman. The grant provides access to leading industry software in geoscience, drilling and reservoir management so that students can gain practical experience to prepare for successful careers in the oil and gas industry.

Oil spending may stir investor merger push

Ben Dell doesn’t just want to change how oilfield executives are paid. He thinks there could be a lot fewer of them around.

U.S. crude output on track to rival giants Russia, Saudi Arabia

The U.S. may challenge Saudi Arabia and Russia in the next two years in the race to become the world’s largest oil producer.

API's Jack Gerard delivers 2018 State of American Energy speech

API's president and CEO Jack Gerard delivered a speech at today's 2018 State of American Energy event.