Halliburton Lays Off 1,000 Employees at Houston HQ
Oilfield services firm Halliburton has laid off roughly 1,000 employees, or 22% of staff, at its corporate headquarters in Houston, a company spokeswoman said on Wednesday, as oil prices collapse.The cuts by one of the biggest names in oilfield services come with oil prices having plunged to around $24 a barrel…
Oil And Gas Discoveries Hit 4-Year High
The global oil and gas explorers powered ahead and discovered 12.2 billion barrels of oil equivalent (boe) in 2019, the highest volume since 2015.According to Rystad Energy, last year recorded 26 discoveries of more than 100 million boe, with offshore regions dominating the list of new oil and gas deposits.Guyana’s success story from 2018 continued in 2019…
Norway Wealth Fund to Drop ConocoPhillips, Hess
Norway's wealth fund will have to divest its holdings in ConocoPhillips and Hess after both U.S. oil companies were added to a list which effectively excludes them from the Nordic country's portfolio.As part of Norway's efforts to shift its $1 trillion "rainy day" fund away from oil, the country's parliament…
Norway Fund to Sell E&P Firms
Norway's trillion-dollar sovereign wealth fund, the world's biggest, will sell its stakes in oil and gas explorers and producers but still invest in energy firms that have refineries and other downstream activities, according to a government plan.The proposal announced on Friday said the fund's stakes in integrated companies…
Total Expects Approvals for Offshore Greece Exploration
Total expects approval from the Greek parliament by the end of the year to explore for oil off the western coast of Greece, the French company's chief executive told a Greek newspaper. Greece and a consortium made up of Total, Italy's Edison and Hellenic Petroleum have signed a lease agreement to search for oil and gas in the Ionian Sea.
NSE Completes Transaction with Sundance Energy
New Standard Energy Limited (NSE) has completed the transaction with Sundance Energy Australia Ltd which was announced to the ASX on 29 June 2015. Under the agreement, Sundance has directly acquired New Standard’s Colorado County Project in the US and indirectly acquired its Atascosa Project and interest…
Petrofac Expects Further Loss on Shetland Project
Shares fall as much as 14 pct. Petrofac Ltd said its loss on the Laggan-Tormore project in the Shetland Islands would now be larger than it expected, highlighting the hostile operating conditions and high costs faced by oil and gas developers in the North Sea. The oilfield services provider's shares fell as much as 14 percent on Monday on the London Stock Exchange.
Rotork Sees no Impact from Weak Oil
Martin Lamb to replace Roger Lockwood as chairman. March 3 (Reuters) - Valve-control systems maker Rotork Plc said it had yet to see any noticeable impact on orders despite weakness in the oil and gas exploration industry, helping to send up the company's shares more than 9 percent on Tuesday. The steep…
Catching a Falling Knife in Oil Markets
"Don't try to catch a falling knife" is sage advice for investors trying to identify the trough in a market like oil following a sharp selloff. Yet big moves also create the greatest potential for the mispricing of financial assets and commodities, which is what makes them attractive to contrarians and specialists.
Warburg Pincus Raises $4 billion Private Equity Fund for Energy
Warburg Pincus LLC said on Monday it had raised $4 billion for its first energy-focused private equity fund, exceeding its $3 billion target and making it the latest investment firm looking to tap into opportunities in North America's shale gas boom. Warburg Pincus joins peers such as Blackstone Group…
Greece Expects to Sign Major Oil Test Drilling Contracts by Oct. 2015
Greece expects to sign contracts for the first large-scale oil test drilling in its western and southern waters by October 2015, ministry officials said, as the debt-laden country attempts to develop its untapped energy potential. Athens has tried in the past to find big oil and gas reserves but without success.
Greece Promises Tax Cut to Attract O&G Majors
Greece is planning to cut tax rates for oil and gas companies as it wants to attract them to help exploit its untapped offshore hydrocarbon resources, its energy minister said on Tuesday. Under the plan, oil and gas explorers will pay 25 percent tax, down from 40 percent currently, and 5 percent of the tax will go to local communities.
Hurricane Energy Offshore Shetland Drill Hits the Spot
Oil and gas explorer Hurricane Energy has successfully produced oil from its Lancaster well west of Shetland, a remote area between Scotland and the Faroe Islands holding a fifth of Britain's untapped oil and gas resources. Hurricane, which listed on London's Alternative Investment Market (AIM) in February…
SE Asia Oilfield Service Minnows Must Acquire or Expire
Suppliers of offshore oilfield services in Singapore, the seat of Southeast Asia's energy industry, are opening up to mergers and equity buy-ins as smaller players struggle to find the capital and scale to compete with the big boys. Malaysia and Indonesia, the top oil and gas producing nations in the region…
Mermaid Marine to Buy Jaya Offshore Businesses
Reutrs - Australian marine logistics firm Mermaid Marine Australia Ltd. said on Tuesday it had agreed to buy the offshore businesses of Singapore's Jaya Holdings Ltd. for $495.96 million in cash to expand its international portfolio. Mermaid Marine, a Perth-based company which provides vessel and supply base services to offshore oil and gas explorers…
