Abu Dhabi's Gulf Marine Services Reaches Debt Restructuring Deal
Abu Dhabi-based Gulf Marine Services (GMS) said on Tuesday it had reached an agreement with its syndicate of banks to restructure its debt that will help it weather the coronavirus crisis.London-listed GMS provides support vessels for offshore oil and gas and other energy installations. It has been hurt by a downturn…
From KPMG: Visions of Cheese
Whilst we are seeing a clear uptick in activity and the UK oil and gas industry is certainly on the way up again, the industry must continue to move forward. However, under current market conditions, how can companies capitalize on change whilst remaining stable and sustainable and, more importantly, will there be enough return for all?Over the past five years…
Woodside Raises Dividend
Australia's Woodside Petroleum Ltd surprised investors with a fat dividend on Thursday after reporting a 36-percent percent rise in annual profit, underpinned by stronger oil prices.The higher-than-expected payout came after shareholders stumped up $2.5 billion to buy new shares a year ago at a time when Australia's…
Oil and Gas Execs Expect to Boost Spending
The majority of senior energy industry executives expect to maintain or increase spending this year to meet demand for oil and gas after years of austerity, a survey by DNV GL shows.DNV, a technical adviser to the energy industry, surveyed 791 senior professionals from firms with annual revenue ranging from $500 million or less to those earning $5 billion and more.BP…
IOG Delays North Sea Project Financing
UK based oil and gas development & production company Independent Oil and Gas Plc (IOG)cautioned that current oil price volatility and capital market conditions aren’t conducive to deliver its financing plan for the core Southern North Sea project before year-end.The company which explores for and develops oil and…
Oil Up On Supply Concerns Ahead of OPEC Meeting
Oil prices rose on Friday ahead of a meeting of OPEC and other large crude exporters that will focus on production increases as U.S. sanctions restrict Iranian exports.OPEC and its allies are scheduled to gather in Algeria on Sunday to discuss how to allocate higher supply to offset the shortage of Iranian supplies.Brent crude oil was up 90 cents at $79.60 a barrel by 1340 GMT. U.S.
Iran Deal Withdrawal, Other Global Issues Risk Higher Oil Prices - Goldman Sachs
Oil prices are at risk for further gains due to the United States' decision to withdraw from the 2015 Iran nuclear agreement, coupled with rising tensions in other oil-producing countries such as Saudi Arabia and Venezuela, Goldman Sachs said in a note Wednesday.The investment bank's current forecast is for Brent crude to hit $82.50 a barrel by the summer…
Oil Price Volatility at Lowest Since Before the Slump: John Kemp
If the oil market has felt unusually quiet in recent weeks and months, that probably reflects the almost complete lack of sharp daily price movements. While prices have soared by more than 40 percent since the middle of 2017, day-to-day volatility has fallen to its lowest level since 2014, with a relatively smooth and orderly upward adjustment in prices.
Extending OPEC Deal Should Curb Oil Price Volatility
Extending a deal between OPEC and non-OPEC nations on oil output cuts would hopefully curb oil price volatility in the near-term, the RIA news agency cited Russian Deputy Prime Minister Arkady Dvorkovich as saying on Wednesday. Russian Energy Minister Alexander Novak met his Saudi counterpart Khalid al-Falih earlier on Wednesday…
Glencore Sees Record Oil Trading Volumes as Margins Shrink
Glencore looks set to cement its position as the world's second-largest oil trader as it tries to offset low volatility and tight margins with record volumes this year, its global head of oil, Alex Beard, told Reuters. The London-listed commodities trader and miner will shift around 6 million barrels per day (bpd) of crude and refined product this year, up 25 percent from last year.
Petronas Raises Government Payout as Profit Surges
Malaysia's state-owned energy firm Petroliam Nasional Bhd on Friday raised its dividend payment commitment to the government after reporting that second-quarter profit quadrupled because of higher oil prices and improved margins. But Petronas, as the company is known, maintained a cautious outlook, saying its overall…
Moody's Upgrades BP on 'Strong Performance'
Moody's upgraded BP's credit rating on Thursday, citing a strong performance despite oil price volatility and greater fiscal clarity following a $20 billion settlement of the deadly 2010 Gulf of Mexico spill. The rating agency bumped BP up one notch to A1 and said the London-based company's outlook was positive.
IEA's Birol Says Entering Period of Price Volatility After OPEC Cut
Oil markets are entering a period of greater volatility after OPEC's decision to cut output, International Energy Agency chief Fatih Birol said on Thursday. Birol told an energy conference in the Slovak capital more U.S. oil would be pumped if prices rose to around $60 a barrel. "Unlike in the past OPEC decisions…
IEA Expects US Shale Output Rise if OPEC Pushes Oil to $60
U.S. shale oil producers will increase their output if oil prices hit $60 a barrel, meaning OPEC will have to walk a fine line if it curtails production to prop up prices, the head of the International Energy Agency (IEA) said. OPEC members are due to meet in Vienna at the end of the month to push through the first output limiting deal since 2008.
Oil Glut to ease by 2017, says IEA's Birol
The International Energy Agency (IEA) expects oil markets to reach a balance between supply and demand in 2017 as the current oil glut slowly eases, IEA chief Fatih Birol said during meetings in South Korea. The head of the Paris-based agency also exchanged views with energy minister Joo Hyung-hwan on the direction…
Shell's U.S Deal to Unlock Global Asset Sales
Shell lines up large North Sea asset sale; Gulf of Mexico deal sets deal value at $60/bbl. Royal Dutch Shell's first oil field sale after its $54 billion BG Group acquisition bodes well for its disposal talks in the North Sea, Gabon and New Zealand, according to sources, signalling buyers will meet its expectations on value.
Shell's US Deal to Unlock Global Oil Asset Disposals
The $425 million deal in the Gulf of Mexico is welcome news for the Anglo-Dutch oil and gas giant which has struggled to kick off its plan to dispose of $30 billion of assets by 2018 or so in order to pay for the February deal and maintain a generous dividend policy amid soaring debt. The sale of the Brutus/Glider fields to U.S.
Russia's Novatek to Update Long-term Strategy
Russia's No.2 natural gas producer Novatek is expected to present its new long-term strategy before year-end, Chief Financial Officer Mark Gyetvay told a conference call on Thursday. Novatek has been one of the fastest-growing oil and gas producers in Russia. The company plans to keep natural gas production flat this year…
Oilfield Services: Let the M&A Activity Begin
A desire to capitalize on distressed situations, grow international market share and acquire new technology will drive a surge in M&A activity in the oilfield services sector during 2016, according to major new research from international law firm Pinsent Masons. A survey of 200 senior executives across the oilfield services industry revealed that despite unprecedented price volatility…
Drillsearch Market Update
Against a backdrop of uncertainty in global commodity markets and the company’s proposed merger with Beach, Drillsearch continues to perform strongly at an operational level. Production during the first half of FY2016 was 1.63 mmboe, with the Western Flank Oil Fairway operations (Drillsearch 60%; Beach 40% and Operator)…
