Industry Trends ///
“Developing countries are not responsible for climate change,” Brazil Environment Minister Ricardo Salles said in an interview in Madrid. “Responsible is mainly the rich world that engaged in industrial activity for a very long time.”
Permian basin frac crews, who are brought in to complete the final stage for creating a new oil well, have dropped 21% so far this year. For all of 2018, frac crews in the West Texas and New Mexico oil fields expanded by 1.3%.
The U.S. solidified its status as an energy producer by posting the first full month as a net exporter of crude and petroleum products since government records began in 1949.
Almost 40% of North Sea operators and contractors are concerned about diversification and energy transition with around half (49%) working to reduce their carbon footprints or develop low carbon solutions, according to an industry report.
One of the world’s sludgiest crudes is getting a curious price boost just weeks before the introduction of ship-fuel rules that were expected to sap demand for heavier oil.
A global glut of natural gas has gotten so massive that U.S. exporters could soon face their worst-case scenario: Halting shipments to get supply and demand back in balance.
Climate change poses a serious risk to Saudi Aramco’s long-term business as rising sea levels and temperatures could damage infrastructure, curb productivity and even halt some of its operations.
The new Digital Partner Program streamlines industrial IoT implementations by connecting customers to digital expertise and solutions from market leaders.
Encana’s announcement of the planned U.S. move last month ratcheted up the gloom enveloping the Canadian oil industry and heightened anxieties about losing major domestic companies.
ConocoPhillips announced a 10-year plan to buy back $30 billion of shares, equivalent to about half of its current market capitalization, as the oil producer attempts to distance itself from the troubled U.S. shale industry.
The views of the three big oil forecasting agencies on changes in inventory levels next year have diverged over the past month, as the outlook from two of them becomes slightly more positive for producers.
The energy giant unleashed a torrent of criticism against New York Attorney General Letitia James in court filings Monday, more than a week after the state sought to drop two out of four claims on the last day of a civil trial that has yet to be decided by the judge.
Specific collaboration areas envisioned include the use of electric or hybrid technologies that further the use of low-emissions energy and propulsion systems, and the incorporation of next-generation smart vessel technologies.
Saipem is considering a combination with rival Subsea 7 to create a larger European oil services provider, people with knowledge of the matter said.
OPEC signaled that oil markets remain on course for a surplus in early 2020, even as delegates said the organization and its allies probably won’t step up efforts to remove the excess when they meet next month.
Dallas Cowboys owner Jerry Jones is among the billionaires circling the distressed U.S. oil and gas patch, looking to pick up assets on the cheap at a time when the state of the industry is scaring off other investors.
"The program is a pivotal enabler of our plans to substantially increase drilling for conventional oil and gas as well as considerably ramp up the number of unconventional wells," said Abdulmunim Saif Al Kindy, ADNOC's upstream executive director.
Oxy is trading at its lowest in 14 years as investors balked at the amount of borrowing needed to complete the Anadarko deal, and then questioned whether Oxy can produce enough oil to manage the debt burden.
While the current growth rate of 1 MMbpd -- or about 1% -- will hold for the next five years, it will ebb to just 100,000 bpd in the 2030s, the agency said.
About $83 billion of outstanding debt issued by explorer and producer companies in the U.S. and Canada is yielding at least 10%, the typical threshold for distressed debt.