Industry Trends ///

Austria increases Russian gas imports by 77% since the start of 2018

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 is said to signal ambition for $80-oil

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 plans first competitive tender for oil and gas blocks

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.

EIA: U.S. oil production growth projected to be led by light, sweet crude oil

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.

Energy lenders may loosen credit spigots after oil's rally

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.

Rystad Energy: U.S. oilfield services have more to lose than Chinese peers amid trade tensions

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.

Drillers boost rig activity again as crude production soars

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.

Over $21 billion of capex to be spent on Iran’s oil projects by 2021, says GlobalData

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.

Summer of LNG starts with a bang in UK as U.S. ramps up

The start of spring has heralded the return of liquefied natural gas to the UK.

Oil extends weekly loss as Trump urges new U.S. tariffs on China

Oil extended a weekly loss as U.S. President Donald Trump ordered the consideration of new tariffs on Chinese imports, escalating trade tensions.

"Extinction" predicted for Canada energy industry without M&A

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.

Middle East emerges as possible energy winner in U.S. China spat

The Middle East is a potential beneficiary of the brewing trade war between the U.S. and China.

EIA: U.S. production grew 5% in 2017, likely leading to record 2018 output

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.

Megaprojects seen becoming less mega as oil giants rein in costs

The world’s biggest energy companies are ready for big projects again. They just need to be cheaper this time around.

Uganda says UK, Swiss firms building airport for oil basin

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 announces acquisition of minority shareholding in Faroe Petroleum

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 output falls to lowest in a year as Venezuela's woes deepen

OPEC crude production dropped to the lowest in a year amid the woes in Venezuela’s oil industry.

UAE says oil cuts removed 85% of the oversupply problem

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.

BSEE implements new quality assurance process

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.

BOEM announces date for Gulf of Mexico Lease Sale 251

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.