Industry Trends ///
A working meeting between Alexey Miller, chairman of the Gazprom management committee, and Rainer Seele, chairman of the executive board of OMV, took place in St. Petersburg on April 9.
Saudi Arabia wants to get oil prices near $80/bbl to pay for the government’s policy agenda and support the valuation Aramco before an initial public offering.
Adnoc will issue its first competitive tender for partners to develop O&G, as the government-owned producer seeks to increase production in the UAE.
Recent growth in U.S. crude oil production has been primarily light, sweet crude oil, defined as having an API gravity of 35 or higher and sulfur content of 0.3% or less. These light, sweet crudes, which are produced from tight resource formations, accounted for up nearly 90% of the 3.1-MMbpd growth in production from 2010 to 2017.
No question, oil above $60/bbl is a big help to North American energy companies. But even with prices up about 20% from a year ago, not everyone will get big boosts in their credit lines during the appraisal season that’s now kicking into high gear.
U.S. and Chinese based oil & gas steel fabricators have been some of the first companies within the industry to be impacted by the countries playing high-stakes poker through targeted tariffs, Rystad Energy research shows.
Shale drillers boosted drilling activity in the U.S. oil patch to the highest in three years even as American crude output touched unprecedented levels.
Analysis of crude oil production in Iran shows that approximately $21 billion in capital expenditure (capex) will be spent by Iran on oil projects between 2018 and 2021, to ensure that production grows to around 4.9 MMbpd in 2021, according to GlobalData, a leading data and analytics company.
The start of spring has heralded the return of liquefied natural gas to the UK.
Oil extended a weekly loss as U.S. President Donald Trump ordered the consideration of new tariffs on Chinese imports, escalating trade tensions.
Investors have bailed on the Canadian energy sector, although mergers & acquisitions (M&A) north of the border could provide a much needed catalyst, barring pipeline and political developments.
The Middle East is a potential beneficiary of the brewing trade war between the U.S. and China.
Annual average U.S. crude oil production reached 9.3 MMbpd in 2017, an increase of 464,000 bpd from 2016 levels after declining by 551,000 bpd in 2016. In November 2017, monthly U.S. crude oil production reached 10.07 MMbpd, the highest monthly level of crude oil production in U.S. history.
The world’s biggest energy companies are ready for big projects again. They just need to be cheaper this time around.
Uganda said the UK’s Colas Ltd. and SBI International Holdings AG of Switzerland are jointly developing an airport in the oil-rich Albertine Graben.
DNO ASA, the Norwegian oil and gas operator, today announced that it has agreed to acquire 15.37% of the share capital of Faroe Petroleum plc from Delek Group Ltd.
OPEC crude production dropped to the lowest in a year amid the woes in Venezuela’s oil industry.
The global deal to rein in oil output has removed “85% of the problem” of oversupply, and OPEC and allied producers are seeking ways to cooperate after the agreement ends, according to United Arab Emirates Energy Minister Suhail Al Mazrouei.
In an ongoing effort to increase responsible and efficient offshore energy operations, the Bureau of Safety and Environmental Enforcement (BSEE) has implemented a new quality assurance process for reviewing and assessing its permitting systems.
Lease Sale 251, scheduled to be livestreamed from New Orleans, will be the third offshore sale under the National Outer Continental Shelf (OCS) Oil and Gas Leasing Program for 2017-2022.