Norway Oil Companies Slash Investment Plans
Norwegian oil and gas investment, a key economic driver, is expected to decline sharply in 2021 after rising less than previously anticipated this year, an industry survey by the national statistics agency (SSB) showed on Thursday.The biggest drop will come…
Subsea Umbilicals Demand Hit by COVID-19
Analysts from Norway's Rystad Energy expect that the global oil and gas investment cuts will severely hit demand for subsea equipment, with demand for subsea umbilicals expected to fall by 32%.Rystad sees just 713 kilometers (km) of lines ordered in 2020, down from 1…
Asian Renewables Investment on the Rise
Renewable energy investment in the Asia-Pacific region will overtake spending on oil and gas exploration by 2020, consultancy Rystad Energy said on Monday.Total capital expenditure in renewables will rise above $30 billion in the region by 2020, just overtaking…
Norway Oil Investment to Rise in 2019
Oil and gas investment in Norway is expected to grow for a second year in a row in 2019 but will fall back between 2020 and 2023, an industry lobby group said on Monday.Western Europe's largest oil producer has seen a recovery in oil industry activity thanks to higher crude prices…
Indonesia's Oil Output Rises
The Indonesian unit of Chevron Corp produced 209,400 barrels of oil per day (bpd) from the Rokan block in 2018, down from 223,000 bpd a year earlier, Dwi Soetjipto, chairman of upstream oil and gas regulator SKK Migas said.Exxon Mobil produced 209,300 bpd of crude oil from the Cepu block in 2018, compared to 203,000 bp
Why Canada is the Next Frontier for Shale Oil
The revolution in U.S. shale oil has battered Canada's energy industry in recent years, ending two decades of rapid expansion and job creation in the nation's vast oil sands. Now Canada is looking to its own shale fields to repair the economic damage. Canadian…
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.
Credit Suisse Names Perry Global Co-Head of O&G
Credit Suisse on Friday named Tim Perry global co-head of oil and gas investment banking, effective January. Perry - who is being promoted from his current job as regional oil and gas co-head for the Americas - will work together with Osmar Abib, who has led the oil and gas group since 2011…
Macquarie Closes its London O&G Investment Desk
Australia's top investment bank Macquarie Group has closed its London-based upstream oil and gas advisory after a sharp drop in global deal making in recent years, banking sources said on Friday. The business, which oversaw the oil and gas production sector in Europe…
Macquarie Closes its London O&G Investment Desk
Australia's top investment bank Macquarie Group has closed its London-based upstream oil and gas advisory after a sharp drop in global deal making in recent years, banking sources said on Friday. The business, which oversaw the oil and gas production sector in Europe…
LWP, Hallmark form Indian JV
Energy Technology company, LWP Technologies Limited (ASX: LWP) (“LWP” or “the Company”), has announced that following a four-day visit by Hallmark principals, LWP has finalised its joint venture (JV) arrangements with Hallmark for the operation of its Indian…
Cenovus Cuts Nearly 250 Workers
Cenovus Energy said it let go nearly 250 employees on Tuesday as part of a previously announced restructuring, a spokesman said, adding to the tens of thousands of energy industry workers laid off in Canada since oil prices crashed. The cuts at the oil and…
EU Offers Norway Warm Words Not Pledges on Gas Investment
The European Union gave Norway reassurances about its importance as an energy partner on Friday, but stopped short of the pledges the non-EU member sought on gas demand and investment. Norway and its energy company Statoil want help in developing potentially…
Credit Suisse Hires EMEA O&G Head from Barclays
Swiss bank Credit Suisse has hired James Peterkin, from Britain's Barclays, to head its oil and gas team in Europe, the Middle East and Africa (EMEA), according to a memo seen by Reuters on Monday. Peterkin, who has been co-head of EMEA oil and gas investment banking at Barclays since 2009…
Tendrara: Schlumberger Field Management Agreement
Sound Energy, the European / Mediterranean focused upstream oil and gas company informed that further to the memorandum of understanding and term sheet previously signed with Schlumberger, that it has entered into a Field Management Agreement with an affiliate…
Commodity Slump Puts Emerging Markets at Risk
Oil, gas and mining accounted for nearly nine percent of all new greenfield foreign direct investment (FDI) projects announced over the last decade. Oil, gas and mining FDI has played a large role fuelling growth over the last decade, especially in developing countries.
Labor Support for Moratorium Puts Jobs at Risk
The Western Australian Labor Party is jeopardizing jobs and investment in the State’s oil and gas industry by supporting calls for a moratorium on hydraulic fracturing. The Australian Petroleum Production & Exploration Association (APPEA)Chief Operating Officer…
Sound Oil Negotiating farm-in to Tendrara Licence, Morocco
Sound Oil has been granted a 30 day period of exclusivity from the Moroccan Oil and Gas Investment Fund ("OGIF") in relation to a potential farm in to the Tendrara licence, onshore Morocco (the "Tendrara Licence"). The grant of exclusivity initiates exclusive…
Iraq Gas from Iran Possible in May
Iran could begin natural gas exports to Iraq in May if security conditions improve, Iranian oil ministry website Shana quoted a senior official as saying on Monday. Iran and Iraq signed an agreement in 2013 under which Tehran would start exporting gas to Iraq to feed three power plants in Baghdad and Diyala.
U.S. Businesses Brace for Oil Downturn
Oil and gas production is fundamental to the U.S. economy. The sharp downturn in prices will have a negative impact on business investment in the short term before the positive impact on consumer spending takes over further down the line. Oil and gas producers…
