OMV Sees Hope for Oil Price Recovery in Second Half 2020
Austrian energy group OMV sees hope for a recovery in oil prices in the second half of 2020 helped by increased fuel demand and output cuts by producers such as Saudi Arabia, its chief executive said.The spread of the coronavirus has…
The Culture Clash Behind GE's Exit from Baker Hughes
When General Electric Co bought oilfield services giant Baker Hughes last July, it created a global industry colossus with $22 billion in annual revenue. GE promised to digitalize oilfields worldwide, marrying its expertise in big data…
OPEC Sees Balanced Oil Market by Year-end
OPEC said on Monday the world oil market would return to balance only towards the end of 2018 as extra barrels from the United States and other non-member producers offset an OPEC-led deal intended to clear a supply glut. In a monthly report…
Oil Prices Rebound, but Oversupply Weighs
Saudi Arabia, Kuwait signal likely cut extension; falling U.S. crude stocks offer some support. Oil prices regained some ground on Thursday, after steep losses in the previous session, as leading Gulf oil producers signalled a likely…
Oil Industry Renews Deepwater Quest
Oil price recovery, low service cost boost offshore exploration; firms slash costs of deepwater projects by 50 pct. Deepwater oil drilling can be expensive, time-consuming and a hard sell to investors. But the world's top energy firms…
Shell, BP Both Beat the Street
Shell stocks rise 3 percent as it beats estimates; BP falls 2.1 percent as results boosted by one-off gain. Royal Dutch Shell and BP on Tuesday joined peers in reporting higher than expected earnings by making further deep cuts in spending…
Double Eagle Energy Preps for IPO
Double Eagle Energy Permian LLC is a unicorn roaming the barren landscape of West Texas. Founded by a retired NFL player and his high school buddy - with land deals signed on the hood of a pickup - the Fort Worth oil and gas company is now worth nearly $3 billion…
Oil Traders Doubt OPEC Deal Will Bring Heavy Supply Cuts
OPEC's deal to cut oil production is unlikely to result in a substantial reduction in supplies, some of the world's biggest oil trading companies said this week, meaning the market is unlikely to rebalance until well into 2017. The price…
U.S. Oil Dips as Crude Stocks Rise
Weekly U.S. crude stocks rise 4.5 mln barrels as oil recovery faces significant headwinds. U.S. oil prices fell more than 2 percent on Wednesday on an unexpected increase in U.S. crude stocks that revived worries about the supply glut that has capped prices for the past two years.
Fracking’s Future Uncertain -Douglas Westwood
Hydraulic fracturing has been a hugely controversial subject in many countries and has increasingly become the focus of legislation in the U.S., as highlighted by industry analyst and consultant Douglas Westwood. The state of Colorado…
PGS Revenue Slumps
Petroleum Geo-Services ASA reported revenue fall in their recently released Second Quarter and First Half 2016 Results. It logged a healthy MultiClient Sales and continues to undertake cost reductions. "With the gradual recovery of the oil price from its lows in early Q1…
Douglas Westwood: FEEDing the Recovery
Backlogs for subsea equipment manufacturers have been historically high in recent years – following record levels of subsea tree orders posted in 2013-2014. The process of working through these backlogs has thus-far cushioned the market against the decline in order activity seen in 2015.
DW: Production Freeze – Empty Gesture?
Saudi Arabia and Russia agreed to freeze production at January levels on February 16 in the first coordinated effort to stabilise prices for 15 years. Expectations of an output cut were rife in the days leading up to the meeting in Doha, with Brent gaining 10.9 percent on February 12.
Sheltered from Biggest Risks, Green Fuel to Ride Out Oil Crash
Green power is cheap enough to compete with fossil fuels and will buck the trend of falling investment in oil and gas as it can offer long-term returns sheltered from political risk, investors and industry analysts say. Oil prices have dropped by around 75 percent since mid-2014…
Pioneer Hedges and Shines in Struggling U.S. Oil Patch
During the U.S. shale boom, fortune favored the bold drillers that discovered and pumped oil fastest. Today the winners are producers like Pioneer Natural Resources who best shielded themselves from tumbling prices. Using derivative transactions known as swaps and collars…
UAE Bets on Price Recovery
UAE oil min says 2016 will be a year of upward price correction. United Arab Emirates, one of the wealthiest Gulf states, is pushing ahead with large new energy projects, betting an oil price recovery will start as early as next year as demand begins to absorb the global glut.
Mid-sized European Oil Firms Face Tough Choices
Small and medium-sized oil companies, squeezed by the oil price slump, may have to raise expensive new finance, sell assets or seek new investors to plug any funding gaps as banks tighten up on lending. Many of these companies have already…
Oil Back to $50 From Six-Month Low
Brent fell below $50 on Monday for first time since January. Oil recovered to just above $50 a barrel on Tuesday after touching a six-month low in the previous session, although high global production and concern over the economic outlook in China weighed on the outlook.
Statoil Bets on Oil Price Recovery, Investments Continue
Statoil cutting less in capex than any other major; continues to invest in long term projects. Norway's Statoil is cutting investments less than any other oil major this year, positioning for a crude price recovery but taking a risk should the slump be protracted.
DW: Tomorrow, It’s Surely Nearer Now?
A sustained supply glut has maintained Brent oil prices through the first five months of 2015 at some 47 percent lower than the same period in 2014. Industry observers expect low oil prices to eventually take supply out of the market and drive a price correction, noted Douglas-Westwood.
