NOIA: U.S. Offshore Drilling Ban Would Crush Jobs, Govt Revenues
A U.S. ban on new offshore drilling in the Gulf of Mexico, which presidential hopeful Joe Biden promised to enact if elected, would lead to hundreds of thousands of job losses and billions in lost government revenue over 20 years…
Japan's Inpex Reduces 2020 Profit Guidance by 93%
Inpex Corp, Japan's top oil and gas company, on Tuesday cut its annual net profit forecast by 93% after first-quarter earnings slumped due to an oil price collapse and as the coronavirus…
Oil Traders Vie for Guyana Marketing Deal Despite Price Tumble
Guyana has attracted interest from several oil trading companies for a contract to serve as the marketing agent for the government's share of the country's crude, despite a plunge in global prices…
Drilling Activity Buoyant in Norway
The number of wells drilled could challenge all-time high levels by the end of the year in the Norwegian Continental Shelf (NCS), while global offshore exploration activity has been flat…
Gulf Marine CEO Quits in wake of Profit Warning
Gulf Marine Services said on Wednesday Chief Executive Officer Duncan Anderson has resigned as the oilfield industry contractor warned a reassessment of its ships and contracts showed profit would fall this year…
Chevron Will Boost Capital Spending in 2019
Chevron Corp plans to spend $20 billion next year on oil and natural gas projects, the second-largest U.S.
Weatherford CEO's Rebound Plan Relies on Getting Smaller
Four years ago, oilfield company Weatherford International Plc pledged to sell non-core businesses and make paying down debt its top priority after years of borrowing and over spending.It almost worked.
As Oil Prices Surge, US Eyes Growing Labor Shortage
Finding roughnecks remains a challenge for oil drillers as rising crude prices increase demand for their services, oilfield executives said on Thursday at a conference in Houston.Oilfield…
Unafraid Investors Pour Cash into U.S. Shale
Financiers keep pouring cash into the shale oil sector, providing producers with a path to keep U.S. output rising through the middle of the next decade. The United States is on track to…
Remote Surveillance for Subsea Equipment Manufacturing
The oil price collapse of 2014 triggered a wave of cost reduction among upstream businesses that saw global oil and gas companies slash capital expenditures by about 40 percent between 2014 and 2016.
Shell Adjusts to Low Priced Oil, Even as Profits Soar
Shell 'getting fit' to live with oil at $40/bbl -CEO. Royal Dutch Shell is gearing up for a world of "lower forever" oil prices, its Chief Executive Ben van Beurden said on Thursday, after…
The New Offshore Reality
Swedbank’s chief economist, Harald Andreassen, isn’t “too hopeful” about the long-term prospects for the oil price, but then again, “I’m less certain of this than I’ve ever been as an economist…
Oil Surplus or Scarcity? Shale Makes it Hard to Predict
Goldman Sachs sees large oil surplus in two years, but the forecast is at odds with most predictions of looming shortage. The shale oil boom has transformed the U.S. and global energy sector…
Australia in Talks With Gas Majors to Avert Local Shortage
Australian PM in crisis talks with gas majors; Australia faces gas shortage despite exports soaring. Australia's top gas producers, led by ExxonMobil Corp and Royal Dutch Shell, agreed…
Deepwater Projects Survive, Even with Low Oil Price
Deepwater seen working in Brazil, Gulf of Mexico; long-cycle projects require $60-$80/bbl oil price. The deepwater oil industry is not dead, even after the brutal drop in oil prices in recent years…
Iran Signals More Willingness for OPEC Action to Boost Oil Price
Iran is sending positive signals that it may support joint action to prop up the oil market, sources in OPEC and the oil industry said, potentially aiding efforts to revive a global deal…
Resource-rich Venezuela Struggles to Keep Lights, Taps On
Residents of Venezuela's southern city of Puerto Ordaz enjoy pleasant views of the Orinoco and Caroni rivers and are a half hour's drive from one of the world's biggest hydroelectric dams.
BP Shareholders Stick with Dudley despite Pay Revolt
The future of Bob Dudley at the head of BP seems untarnished by shareholders' unusual rejection of his pay package as 99.6 percent of them also backed his re-appointment and trust him to…
Exxon Mobil in Talks to Buy into Eni's Mozambique Gas Field
Exxon Mobil is in talks to buy a stake of around 15 percent in Italian oil major Eni's giant Area 4 gas field in Mozambique, two sources familiar with the matter said. Exxon is seen as…
Floating Production's Future: The 6 Things You Need to Know Now
No question that the market for new floating production systems has taken a battering. The past 12 to 18 months have been a difficult period for everyone in the business sector. Absence…
