WorldOil BHGE completes share repurchase, renames itself Baker Hughes Company BHGE intends to change its corporate name to Baker Hughes Company, known as Baker Hughes. Following the name change, the Class A common stock will trade on the New York Stock Exchange under the symbol “BKR.” OPEC+ faces ‘daunting’ market surplus in 2020, IEA says Demand for the group’s crude in the first half of 2020 will be 1.4 MMbpd below its August output as production surges from their competitors, including the U.S. BP CEO says he’ll sell oil projects to meet climate targets BP’s CEO plans to sell some oil projects and curb the development of others to align its business with the Paris accord, the latest sign climate concerns are starting to impact the investment decisions of the world’s largest fossil fuel producers. Consortium of oil and gas operators awards blockchain pilot contract “Blockchain is a promising instrument for industry collaboration in oil and gas benefiting all connected parties. This pilot with Data Gumbo is a significant step towards our goal of proving non-manned volume validations can trigger automated payments to vendors,” said Rebecca Hofmann, chairman of the OOC Oil and Gas Blockchain Consortium. BHGE sees decline in international rig counts Baker Hughes announced that their international rig count for August 2019 was 1,138, down 24 from the 1,162 counted in July 2019, and up 130 from the 1,008 counted in August 2018. Oil rises as new Saudi minister signals OPEC+ cuts to continue Oil rose for a fourth day after Saudi Arabia’s new energy minister signaled that OPEC and its allies will continue with production cuts as the group prepared to gather in Abu Dhabi. Equinor pledges to clean up Bahamas oil spill In the aftermath of Hurricane Dorian there are reports of widespread devastation across the Bahamas. Equinor says it will clean up the spills from the South Riding Point oil terminal. Resources are being mobilized as quickly as possible to safeguard people, the environment and the facility. Offshore Europe 2019, Day 3: North Sea welcomes road map to net-zero oil and gas SPE Offshore Europe 2019 hosted a breakfast event for the launch of Roadmap to 2035: A Blueprint for net-zero, which sets out how the North Sea industry can support net-zero ambitions while also ensuring the security of the UK’s energy supply. Russia’s LNG ambitions advance with multi-billion export plans Russia took a step closer to becoming a dominant player in the global liquefied natural gas market as two of its biggest energy companies advanced plans to export the fuel from its remotest corners. DNV GL seeks to close gap between risk analysis and “digital twins” DNV GL proposes the “Probabilistic Digital Twin” (PDT) to close the gap between digital twins – used increasingly by operators to manage the performance of their assets – and risk analysis still largely conducted manually before assets enter service.