Industry Trends ///
China raised the security level for its vessels heading through the Strait of Malacca, a key Asian trade route and major oil choke point.
Energean Oil & Gas Plc agreed to buy the oil and gas business of Electricite de France SA’s Italian unit for as much as $850 million, a deal that will substantially broaden the Greek company’s geographic footprint.
American oil explorers cut back on the number of drilling rigs this week, matching a one-year low reached last month, as crude’s rally falters amid growing concerns over demand.
Fossil fuels—petroleum, natural gas, and coal—have accounted for at least 80% of energy consumption in the United States for well over a century. Overall energy consumption in the United States reached a record high in 2018 at 101 quadrillion British thermal units (Btu), of which more than 81 quadrillion Btu were from fossil fuels.
Weatherford International plc, Weatherford International Ltd., and Weatherford International, LLC, announced that the Company has initiated its previously-announced financial restructuring by commencing voluntary cases under Chapter 11 of the U.S. Bankruptcy Code to effectuate its "pre-packaged" Plan BAof Reorganization.
Oil companies are under increasing pressure to bring fuel to market faster and cheaper, leading BP to conclude some of its resources “won’t see the light of day.”
Iran’s oil minister said a European mechanism to shield some trade with his country from crippling U.S. sanctions won’t be useful if it doesn’t allow for oil sales, as efforts to preserve the unraveling nuclear deal face a looming deadline.
Saudi Arabia is restarting preparations for a potential initial public offering of oil giant Aramco, months after putting the planned listing on hold, people familiar with the matter said.
International oilfield services company Expro has acquired 100% of the equity of technology company Quality Intervention AS (QI).
Maersk Supply Service has become the first company to offer clients unique high-speed Internet access with Fleet Xpress.
With Africa Oil Week (https://Africa-OilWeek.com) in Cape Town in its 26th year, this year’s event – from Nov. 4-8 – will feature, for the first time, a day-long “South African Showcase.”
For the oilfield services industry, it’s no longer about merely navigating a downturn. It’s now about survival.
For almost three decades, OPEC has always pumped at least 30% of the world’s crude oil, creating an informal floor for Saudi Arabia and its allies in the cartel.
Russian President Vladimir Putin struck a deal with Saudi Crown Prince Mohammed Bin Salman to extend the OPEC+ agreement at current production levels for the rest of this year and potentially into early 2020.
Thrifty drillers have found a new use for the glut of natural gas that’s sent prices for the fuel below zero in America’s biggest shale patch: Use it to power fracing operations.
Kuwait plans to boost production from Canadian shale deposits by two thirds and increase output of natural gas in Australia as the OPEC member ramps up efforts to find and develop overseas deposits of the fuel.
As storm clouds gather over the world’s top oil-consuming region, OPEC and its allies would be advised to pay close attention as they prepare to make a key decision on output curbs early next month.
Russian President Vladimir Putin plans to meet Saudi Crown Prince Mohammed Bin Salman at the Group of 20 summit in Japan this week, just days before OPEC and its allies gather in Austria to discuss extending oil-output cuts.
BLOC-X has announced the launch of its electronic trading software for over-the-counter (OTC) oil block futures transactions.
For companies that haul oil and natural gas, the next big thing may be dirty water, according to Jefferies Group LLC.