US Extends Protections for CITGO to March 2025
The U.S. Treasury Department on Thursday extended a license protecting Venezuela-owned Citgo Petroleum from bondholders to March 2025, a key decision amid a seven-year-long legal case in which the refiner's parent might be auctioned to pay creditors.Citgo's parent, PDV Holding, was found liable by the court for Venezuela's debts from asset expropriations and debt defaults.
US lawmakers question the SLB of oil service companies' exemption from Russian sanctions
Dozens U.S. Both political parties sent representatives to urge the Biden administration on strengthening sanctions against Russian oil shipments. They also questioned the exception granted to SLB, the largest oilfield service company in the world to operate within the country. The U.S., Europe and other countries have…
Coronavirus, Consolidation Taking Toll On Energy Jobs
Oil and gas companies worldwide are taking an axe to their employment rolls, shedding workers to survive what is expected to be a prolonged stretch of weak demand.Exxon Mobil Corp said it will cut its workforce by 15%, or about 14,000 people, along with oil majors Chevron Corp and Royal Dutch Shell Plc.All told, more than 400…
'This could be the one that gets me,' Says Oilfield Service Veteran
Tim Harris was preparing to relocate for an assignment with energy services firm Halliburton Co for the fifth time in 15 years when his career came to a halt.A third-generation employee, Harris rose through the ranks at the top shale-oil services provider to oversee oilfield crews. He sailed through several busts, with the exception of a 9-month break in 2016.But April's historic price crash…
Aker Braces for Oil Price to Stay Low for Long
Aker ASA, a major investor in Norway's oil and oil service industries, is preparing its businesses for an extended period of low crude prices, its chief executive said on Friday"I don't expect the oil market to come into balance during the next couple of years... due to the underlying supply and demand mechanics being impacted by storage (overhang)…
Saudi Aramco Launches Largest Shale Gas Development Outside US
Saudi Aramco is launching the biggest shale gas development outside of the United States to boost domestic gas supply and end the burning of oil at its power generation plants, Chief Executive Officer Amin Nasser told Reuters on Monday.The world's top crude oil exporter has for years battled for market share with rapidly expanding shale oil producers in the United States…
Offshore: OSV Market Report
The environment in oil patches onshore and offshore alike has been challenging throughout 2019; worries about an economic slowdown – whether cyclical or induced by a trade war – have weighed heavily on oil prices, even in the face of reduced production by the big producers. Though storm clouds persist, there appears a clearing on the horizon.The fate of Offshore Service Vessels (OSVs) is…
Oilfield Services Firms Keane, C&J Merge
Oilfield services company Keane Group Inc said on Monday it will merge with rival C&J Energy Services in a $745.7 million all-stock deal, as it looks for scale amid spending cuts by crude producers.The oil service sector has been battling lower demand and pricing pressure as U.S. producers hold off drilling new wells on…
One Dead After Saipem Vessel Blast
One of the 14 people injured after an explosion on a pipe-laying vessel in the Caspian Sea operated by Italian oil service group Saipem has died, a Saipem spokeswoman said on Monday.The explosion took place on May 8."Saipem deeply regrets to advise that one person who has been in most critical conditions has passed away," an Azerbaijan-based spokeswoman said.(Reporting by Stephen Jewkes; Editing b
Aker Energy Eyes IPO
Norwegian oil company Aker said on Thursday that its exploration start-up in Ghana will submit development plans to Ghanaian authorities in March and the parent will then decide whether to sell stakes via an initial public offering or other means.The subsidiary, Aker Energy, plans to develop the deepwater Pecan field off Ghana."Depending on the approval process in Ghana…
Baker Hughes Acquires 5% of ADNOC Drilling for $550 Mln
Baker Hughes, the world's second-largest oil services company, will take a 5 percent stake in Abu Dhabi National Oil Company's (ADNOC) drilling unit for $550 million under a tie-up announced on Monday.Baker Hughes (BHGE) becomes the first foreign company to take a stake in one of state-owned ADNOC's services companies under…
Top Shallow Water Driller Raises $225 Mln in Oslo IPO
Shelf Drilling, a Dubai-based contractor for shallow water rigs, raised about $225 million by issuing new shares priced at 65.35 Norwegian crowns ($8.09) per share, the company said on Friday, the latest drilling firm to list in Oslo to raise capital.Its initial public offering comes four years after the company scrapped…
Borr Drilling Aims to Start Paying Dividends by 2020
Drilling rig contractor Borr Drilling aims to start paying dividends by 2020, the company's founder and chairman, Tor Olav Troeim, said on Wednesday.Troeim, a former business partner of Norwegian billionaire John Fredriksen, founded Borr Drilling at the end of 2016 and the company has quickly grown into one of the largest owners of jack-up rigs which drill in the shallow waters.Schlumberger…
Vestas, Maersk Tackle wind turbine Transport, Installation Costs
Project has secured $7.3 mln in public funding; sector races to build ever bigger turbines. Danish wind turbine maker Vestas and offshore services firm Maersk Supply Service are teaming up to tackle the cost of transporting and installing ever larger wind turbines. Seeking to remain profitable as European countries phase out subsidies…
Maersk Likely to Shelve Plans to List Drilling Division
Shipping group A.P. Moller-Maersk is likely to shelve plans to list its struggling offshore drilling division because of weak market conditions, according to five finance sources familiar with the matter.The Danish company is now expected to focus on a trade sale of Maersk Drilling, and extend the timeline to divest the unit beyond its initial target of the end of 2018…
Aker to explore options for Aker Energy after Ghana plan filing
Norwegian investment firm Aker will consider options for its stake in oil startup Aker Energy after the unit has appraised its offshore field in Ghana and submitted a development plan for the site to the Ghanaian government.Aker Energy bought a 50-percent stake in Ghana's ultra deepwater Tano Cape Three Points block from…
Total's North Sea Oil Platforms Hit by 24-hour Strike
Around 40 rig workers started a 24-hour strike on Monday on the Alwyn, Elgin and Dunbar platforms in the British North Sea, curbing gas flows to shore, but stored crude was expected to mitigate any oil supply disruption.The platforms halted production at 0500 GMT, said Unite, Britain's largest labour union. Unite and Total…
Baker Hughes to Bid for Petrobras Production-sharing Contract
General Electric Co's unit Baker Hughes is preparing an offer for a production-sharing deal with Brazil's Petrobras, a Baker Hughes executive said on Tuesday, as the state-run oil company seeks creative ways to boost output from mature fields.Reuters reported in June that Baker Hughes was considering a bid, while Halliburton Co and Schlumberger NV were already preparing them…
Saipem CEO Could Be Reappointed in May
The main shareholders of Italy's Saipem indicated on Thursday they would support the reappointment of Stefano Cao as chief executive of the oil service company. State lender Cassa Depositi e Prestiti (CDP) and oil major Eni, who jointly control Saipem, included Cao's name in the slate of directors they will propose at a shareholder meeting in May.
Post-Bankruptcy, Seadrill Eyes Closer Oil Service Ties
Offshore oil driller Seadrill aims to expand relations with Schlumberger, the world's largest oil services firm, and other suppliers to the global oil and gas industry, its chief executive told Reuters on Wednesday. Seadrill plans to emerge from Chapter 11 bankruptcy proceedings in late June or early July, following a U.S.
