Dallas Fed: Regional oil activity declines but electrification gains.
The Federal Reserve Bank of Dallas reported on Wednesday that oil and gas activity in Texas and Louisiana, as well as New Mexico, decreased in the third quarter. According to executives surveyed, third-quarter oil and natural gas production is mixed. Data suggests that oil production has increased, while gas production has decreased. A fifth of oil executives have said that they have converted their drilling rigs to electric power and are using hydraulic fracturing to reduce pollution.
Digitalization: Trust - The Keystone for Digital Transformation
The slowdown of the world economy and plummeting energy consumption have eclipsed most other industry news. Oil exporting countries are coming to terms with limiting production to sustain reasonable prices, and operators are looking for ways to improve efficiency. At the same time, the marketplace created by the pandemic is forcing companies to work differently. Telepresence and remote work have become the norm, and this directly impacts how work is organized and relationships are maintained.
Oil and Gas Digital Investment Set to Surge
Global oil and gas executives are preparing to accelerate their investment in digital technologies, primarily as they seek to double down on their cost-saving ambitions.An EY survey of 100 global oil and gas executives found that 89 percent expect to step up their investment in digital over the next two years.Despite oil prices reaching more attractive levels during the third quarter of 2018, operational efficiency…
Siemens, DNV GL Collaborate in Asset Lifecycle Management
In collaboration with Siemens, DNV GL is combining technical domain knowledge from oil and gas projects and operations with Teamcenter product lifecycle management (PLM) technology into a digital asset model. DNV GL, a technical advisor to the oil and gas industry, has chosen Siemens’ Teamcenter portfolio, a digital lifecycle management software, to help its customers manage the safety and performance of all information over the asset lifecycle.
Majors Exiting Oil Sands Acting in Own Interest -Trudeau
Canadian Prime Minister Justin Trudeau on Friday dismissed a recent string of major oil companies selling their holdings in the heavy oil sands of Western Canada and moving investments to shale fields. Royal Dutch Shell and Marathon Oil this week disclosed sales of operations that largely removed both firms from the carbon-heavy oil reserves. Shell is selling its interests to Canadian Natural Resources. Last month…
Mansion Sales, Discount Dining: Oil Woes hit Houston's Rich
Prices for mansions in Houston's swankiest neighborhood have tumbled in lock step with crude prices. The Houston Opera has offered free season tickets to patrons who lost their jobs in the oil bust. A fancy restaurant offers cut-price dinners. Twenty months into the worst oil price crash since the 1980s, well-heeled residents of the world's oil capital are among the hardest hit largely because tanking energy firm shares make up much of oil and gas executives' compensation.
AOC Completes Capital Raising
Australian Oil Company Limited is pleased to advise the completion of a placement to sophisticated investors eligible under S708 of the Corporations Act (2001) of 12,764,000 new fully paid ordinary shares at $0.05 per share to raise $638,200 (Placement). The funds raised will be used for working capital requirements, leasing mineral rights of additional prospects, and funding initial permitting costs for the drilling of the Dempsey #1 exploration/appraisal conventional gas well in the Sacramento Basin.
New Money Sustains US Oil
U.S. oil companies, still smarting from the crude price rout, are attracting a wave of new investment from unlikely sources - hedge funds and private equity firms flocking to the energy market for the first time to bet on a rebound. By pouring billions of dollars into energy shares and bonds in the past few months these newcomers, dubbed "energy tourists" by Houston's seasoned dealmakers, have thrown a lifeline…
Private Equity Eying UK North Sea Assets
Private equity funds in talks to buy North Sea assets; rebound in oil prices accelerates process. High-profile oil and gas executives are teaming up with private equity funds seeking to invest billions in British North Sea assets and maximize profits by cutting costs, offering the ageing basin a badly needed lifeline. With an estimated $10 billion in their war chests, large funds including Riverstone Energy…
US Oil Scrambles to Retain Talent
After 20 years in the oil business, Craig Reed, 62, is thinking about winding down his career just as a second downturn in six years rocks the industry. Reed is part of the baby boomer generation that forms the backbone of the U.S. oil workforce and now weighs retirement as energy firms cut spending and shelve projects. That is a worrying prospect for company executives keen to keep their most experienced workers while they ride out the oil market slump.
