Industry Trends ///

LAGCOE announces winners of 2019 new technology showcase

LAGCOE leadership has announced the winners of its New Technology Showcase, which will be featured at the 2019 Technical Exposition and Conference, October 9-11 in New Orleans.

UK warship arrives to protect Hormuz as Seoul mulls deployment

Efforts to secure safe passage through the Strait of Hormuz are ramping up as the UK said a second warship arrived in the area and South Korea may deploy its own unit as part of a multinational force.

China feasts on record Saudi crude imports as sanctions hit Iran

China has tapped Saudi Arabia for a record volume of crude as the world’s biggest exporter plugs a shortage from sanctions-hit Iran.

Oman talks to Iran, other parties to restore stability to Strait of Hormuz

Omani officials are in talks with ‘all parties’ to restore stability to the Strait of Hormuz after recent threats to oil tankers and the freedom of navigation, Foreign Minister Yousef Bin Alawi said after discussions with Iranian officials in Tehran.

Chevron wins U.S. extension to keep producing oil in Venezuela

Chevron and four oil services companies won U.S. government approval to continue producing oil in Venezuela despite sanctions placed on the crisis-stricken country.

U.S. firms want Nigeria oil and gas sector reforms before investing

Nigeria, Africa’s biggest oil producer, could attract more U.S. investment if the oil and gas sector becomes less opaque and a fuel-price peg is removed, according to a U.S. official.

EU’s lending arm to phase out funding of fossil fuels

The European Investment Bank plans to stop funding fossil fuels starting in 2021 as Europe steps up the fight against climate change, according to a draft of the EIB’s new energy strategy.

China still taking Iran oil, weeks after U.S. sanctions toughen

Official customs data on Friday showed China imported 855,638 tons in June, the equivalent of about 209,000 bpd.

Gazprom offers $2.3-billion stake to monetize quasi-treasury shares

CEO Alexey MIller said the company was looking for “different market ways to monetize” its portfolio of quasi-treasury shares, owned by Gazprom’s units.

EIA: U.S. oil producers increase shareholder distributions

The EIA reports first-quarter 2019 results for 43 U.S. oil producers indicate they have increased shareholder distributions through dividends and share repurchases during the past two years.

Oil extends rally as U.S. stockpiles and crude production slump

Oil’s rally picked up steam as U.S. crude stockpiles shrank and domestic output plunged the most in more than a year, adding to supply concerns as tensions escalate in the Middle East.

Market bellwether Caterpillar tumbles amid Permian slowdown

Caterpillar Inc. shares fell after the heavy-equipment maker projected 2019 earnings at the low end of its forecast amid rising costs, declining sales in Asia and a slowdown in oil and gas spending in the prolific Permian Basin.

U.S. sanctions China state oil trader for Iran crude deal

The U.S. has sanctioned a Chinese state oil trader for violating restrictions on Iranian crude, an attempt to tighten restrictions on the Islamic Republic and cut off one of its biggest buyers.

McKinsey report sees U.S. gas reach below $3/MMbtu in the next ten years

Latest McKinsey Energy Insights report reveals US gas economics will reach below $3/MMbtu in the next ten years due to ample supply, which will support North American gas exports and unlock further demand growth domestically.

Total’s deal-making CEO spends billions to ride out turmoil

If you’re offered the job of running one of the world’s largest companies, you don’t usually have just an hour to decide if you want it.

Faster Permian decline rates demand new investment, M&A strategies

Accelerating tight oil decline rates top a growing list of concerns for Permian basin operators, with unexpected production shortfalls prompting producers to consider stepping up drilling investment and M&A activity.

Oxy responds to Carl Icahn’s boardroom shakeup proposal

In response to actions by billionaire activist investor Carl Icahn, Occidental Petroleum mailed a letter to shareholders in connection with definitive proxy materials it has filed with the SEC.

Halliburton cutting frac jobs, equipment in U.S. and Canada

Halliburton Co. is shifting strategy in its largest region to deal with subdued customer spending by shelving unused frac gear and cutting jobs in North America.

Iranian oil stacking up in Chinese ports adds to market uncertainty

Tankers are offloading millions of barrels of Iranian oil into storage tanks at Chinese ports, creating a hoard of crude sitting on the doorstep of the world’s biggest buyer.

New shale technology detects completion problems, parent/child well interference

Deep Imaging today announced the first and only real-time solution for tracking fluid as it’s pumped through the wellbore and out to the fracture tips during a completion job.