S&P, Nasdaq boosted by tech stocks. Netflix soars following results
S&P 500, Nasdaq and other technology stocks all gained on Friday. This was due to a surge in Netflix stock shares fueled by earnings and wider gains amongst technology stocks. The Dow Jones Industrial Average, which had just posted a record-breaking closing high the day before, was largely unchanged. Netflix shares jumped by 10.5%, reaching a new record high. The streaming giant…
MOL Purchases Azerbaijan ACG, BTC Pipeline Stakes
MOL has signed an agreement with Chevron Global Ventures Ltd and Chevron BTC Pipeline, Ltd to acquire their non-operated E&P and mid-stream interests in Azerbaijan, including a 9.57% stake in the Azeri-Chirag-Gunashli (ACG) oil field, and an effective 8.9% stake in the Baku-Tbilisi-Ceyhan (BTC) pipeline that transports the crude to the Mediterranean port of Ceyhan, for total consideration of $1.57bn (subject to adjustments at closing).
U.S. Fracking Shrinks by 25% in 2H2018
The new median estimate for nationwide fracking activity in December 2018 suggests 36 frac jobs per day, said a research.The energy research and business intelligence company Rystad Energy revealed in a study that 25% contraction in fracking activity between the peak in May-August 2018 and the end of the last year.It should be noted that in both November and December 2018 fracking activity level exhibits negative year-over-year change…
Hunting Expects Oil Producers to Defer Projects
British oilfield services company Hunting Plc expects oil and gas producers to defer some projects as a recent decline in crude prices could hit their short-term budgets, it said on Monday.Oilfield service companies, including U.S.-based Schlumberger, have been hit this year by a slowdown in demand as regional oil prices have fallen and oil-producing customers face transportation…
Industry Entrepreneur Acquires Oil Plus
An energy industry entrepreneur has snapped up Oil Plus Ltd, a specialist oil and gas consultancy based in Berkshire, south England. Mark Cavanagh, managing director of Crandale Consultants, acquired the business from John Crane Inc, a division of Smiths Group plc, for an undisclosed value. Oil Plus plans on adding to its workforce over the next 12 months as it targets double-digit growth and forecasts turnover of £3 million.
China's Crude Output to Dip 7 pct by 2020
Govt plans 4 mln bpd crude output for 2020, vs analyst's 3.5-3.6 mln bpd. China's crude oil output is expected to drop by 7 percent by 2020 compared with the previous five-year plan as output from some of the nation's largest, but oldest, wells falls, while natural gas supplies will rocket by almost two-thirds. Under a plan covering the period 2016-2020 published by the National Development and Reform Commission (NDRC) on Tuesday…
O&G Seeks Clarity on New Skills Tax
The oil and gas industry, led by its skill organization OPITO, is calling for immediate clarity on how the money from the new tax, raised through the Apprenticeship Levy, will be redistributed. OPITO is concerned that no decision has been made by the Scottish government on this, despite the UK government confirming the amount the Scottish government will receive and clarifying how the money will be spent in England.
Paradigm Shift in O&G Industry Emergency Response Training
A transformational change in the way the global oil and gas workforce can undertake safety-critical emergency response training has been unveiled Wednesday, November 16th at a world-wide gathering of industry leaders. Recognizing the significant adjustments the sector has undergone in terms of size and structure as it seeks to remain efficient in the lower oil price era, the creation of digital safety and training standards is a long-term…
U.S. Shale Back in Business, Buoyed by OPEC, Trump
U.S. shale producers are redeploying cash, rigs and workers, cautiously confident the energy sector has turned a corner after Donald Trump's election victory and OPEC's recent signal that it plans to curb production. The downturn produced a leaner, more efficient U.S. shale industry that was forced to develop and quickly adapt new technology to compete with conventional oil supplies during a two-year period of depressed prices.
Finalists of Global OSCC Award Announced
THE top three international employers and training providers shortlisted to compete to be crowned winners at the annual OPITO Safety and Competency Awards in Kuala Lumpur have been announced today (28th September, 2016). Shell Nigeria, Oil Spill Response Limited (OSRL) and McDermott are shortlisted in the Employer of the Year category, while PT Sampson Tiara, Wild Geese and Grupo Stier have been named in the OPITO approved Training Provider of the Year section.
U.S. Rig Count set for Biggest Quarterly Rise in 2 Years
U.S. drillers this week added oil rigs for a 12th week in the past 13 and were on track to add the most rigs in a quarter since crude prices plummeted two years ago, although the momentum has slowed as prices hold below $50 a barrel. Drillers added two oil rigs in the week to Sept. 23, bringing the total rig count up to 418, the most since February but still below the 641 rigs seen a year ago, energy services firm Baker Hughes Inc said on Friday.
Sasol's Earnings Plunge on Low Oil Price
Company earnings down 17 percent, in line with guidance; $680 mln write-down on Canadian shale assets. South African energy and chemicals group Sasol reported a 17 percent fall in full-year earnings on Monday due to lower crude oil prices and said the economic environment it operates in remained "volatile and uncertain". Sasol's earnings were also hit by a writedown of 9.9 billion rand ($680 million) on its Canadian shale gas project…
Kemp: Saudi Arabia Turns Oil Weapon on Iran
Saudi Arabia's decision to scupper negotiations on a coordinated oil output freeze in Doha on Sunday seems to confirm a significant shift in the kingdom's oil policy. For decades, the kingdom has insisted it does not wield oil as a diplomatic weapon, but at the weekend it did just that as part of an intensifying conflict with Iran. The kingdom's position on Iranian oil production…
Beach Exit from BMG JV
Beach Energy Limited (ASX: BPT, “Beach”) and Cooper Energy Limited (ASX: COE, “Cooper Energy”) have accepted an offer from the National Offshore Petroleum Titles Administrator (“NOPTA”) to convert the Basker, Manta and Gummy gas field permits VIC/L 26, 27 and 28 (“BMG joint venture”) in the offshore Gippsland Basin into Retention Leases. Beach has also advised Cooper Energy of its intention to withdraw from the BMG joint venture…
Topaz Energy and Marine Net $ 20.8m Profit
Topaz Energy and Marine, a leading offshore support vessel company, today announces its results for the year ended 31 December 2015. * Net Profit for the period was US$ 20.8m before exceptional items, impairment charge of US$71 million on vessels and a one-off charge of US$8.3 million associated with debt re-financing. * The key Caspian region continued to perform strongly with robust core fleet vessel utilization of 96% (94% in 2014).
Aker: Det norske's Output Could Triple
Det norske oljeselskap's daily output of oil and natural gas could rise to 160,000 barrels of oil equivalents after 2020, the company's top owner Aker ASA said on Tuesday. In the fourth quarter of 2015 Det norske produced 54,000 barrels of oil equivalents per day. Aker ASA's Chief Executive Oeyvind Eriksen made the following statements during its quarterly presentation and to Reuters afterwards.
Qatar Petroleum Picks HSBC as Adviser on Al Shaheen Sale
Qatar Petroleum has chosen HSBC to advise it on the sale of its Al Shaheen Holding subsidiary, three sources with knowledge of the matter said on Thursday, as it seeks to cut costs in response to lower oil prices. The chief executive of the state-owned Qatari firm said in June it would reduce staff numbers as part of a restructuring, which would also see it exit all non-core businesses.
Focus on Statoil’s Mariner Project at Joint Industry Event
In a low oil price environment it is more important than ever for collaboration between disciplines to deliver value, as well as inspiring the next generation of geoscientists and engineers. Members of Statoil’s Aberdeen team are set to discuss exactly how important this is at a presentation jointly organised by The Society of Petroleum Engineers (SPE) Aberdeen Section and the Petroleum Exploration Society of Great Britain (PESGB) in Aberdeen this month.
Dana Gas Profit Up 15%
Dana Gas PJSC, the Middle East's leading publicly listed natural gas company, today reported its preliminary unaudited financial results for the year ended 31 December 2015. The Company’s full year net profit increased 15% to $144 million (AED528 million), compared to $125 million (AED457 million) in 2014. The Company reported Gross Revenues and Gross Profit of $417 million (AED1.5 billion) and $126 million (AED463 million) respectively…
Cyberhawk Ends 2015 Flying High
Press release - Cyberhawk Innovations has reported record growth within its oil and gas division during 2015 due to impressive demand from domestic and global markets. An aerial inspection and survey using Remotely Operated Aerial Vehicles (ROAVs), also known as UAVs or drones, announced an increase of more than 100% in revenue from 2014. As well as continued work in Europe…
