Halliburton Promises Cost Cuts
Halliburton Co on Monday promised more cost cuts after reporting a bigger-than-expected drop in quarterly revenue as the oilfield services looks to counter weak demand from North American shale producers, sending its shares up about 7%.The biggest hydraulic fracking services provider, which earlier this month cut 650 jobs in North America…
Schlumberger Profit Beats Estimates
Schlumberger NV beat Wall Street estimates for profit on Friday, in the first quarter under Olivier Le Peuch, as higher international drilling activity boosted demand for its equipment and services and helped counter weakness in North America.The international business has been a bright spot for the world's largest oilfield…
Sir Bob Reid Joins Belltree Board
Sir Bob Reid is to take up a new role as nonexecutive director of Belltree, a specialist oil and gas consultancy based in Edinburgh. The former chair and chief executive of Shell UK will advise and support Belltree with its continued growth into international markets. During his 36-year tenure at Shell, he spent much of his time overseas including posts in Brunei…
Oil Plus Announces Senior Management Appointments
Oil Plus Ltd, a specialist oil and gas consultancy, has boosted its senior management team as the company looks to strengthen and grow its position in the Middle East and globally. Peter Sanders and Clarke Shepherd have taken on the respective roles of technical manager and global business development director at the firm that advises on global oilfield water management…
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…
Partners Address Pipe-walking Challenges
![Typical 100t pipeline suction anchor, installed on Greater Plutonio field, offshore Angola [Jayson et al – Offshore Pipeline Technology Conference 2008]](https://images.worldenergynews.com/images/maritime/w200h200pad/typical-pipeline-69921.jpg)
The Industry Technology Facilitator (ITF) said it is welcoming additional participants to a new joint industry project (JIP) to develop pipeline anchoring and monitoring systems which could mitigate the risk of pipeline walking and cut pipeline anchor installation costs in half. The Anchoring Pipeline Technology (APT) JIP…
Low Prices May Hobble Potentially Massive New Canada Oilfield
A deepwater oilfield off the coast of eastern Canada could hold 25.5 billion barrels of crude, according to a new seismic report by the Newfoundland and Labrador government, potentially making it the country's largest offshore resource. But the West Orphan Basin, 300 km (186 miles) northeast of Newfoundland, may still struggle…
New Oil Rush? Private Equity Starts to Buy Energy Assets
Earning $7 on the dollar is any investor's dream. Buyout group Apollo has shown with its investment in oil exploration and production company Athlon Energy that such reveries can become reality. A slump in oil prices has spurred activity among private equity investors around the world hoping for their own bumper returns by scooping up assets on the cheap.
Buyers Bide Their Time in $110 bln Oil Asset Sell-Off
With more than $110 billion of oil and gas assets on the block as companies big and small count the cost of the collapse in oil prices, it is now a question of who will blink first to set the M&A scramble in motion. Energy groups with spare cash, venture capital funds and multinational and state oil companies are eyeing…
