Exclusives

ONGC Videsh, exploration, invest, Colombia, Bangladesh, Kazakhstan, oil and gas

The investment plans include drilling more wells in Colombia, where the company recently made a commercial discovery, and exploration activities in Kazakhstan and Bangladesh.

Oilfield Services Sector Continues Consolidation With Nabors-Tesco Merger

Nabors’ roughly $216 million acquisition of Tesco is ‘rare win-win in oil patch consolidation,’ analyst says.

Planet, satellite imaging, oil and gas, technology, Planet Labs

Planet, a satellite imaging company, has entered the energy space, focusing on asset management, competitive analysis, risk management, exploration and other areas.

BP, oil and gas, projects, production, Bob Dudley

The Juniper, Persephone, Zohr and Khazzan Phase 1 developments are expected to startup by year-end, bringing the total to seven for the year, according to BP.

Deepwater International

According to WoodMac, its analysis of 2,222 oil fields suggests that if Brent crude falls to US $40/barrel, which is entirely possible, 1.6% of global oil supply could turn cash negative on an operating cost basis. 

At PETEX 2014, Richard Herbert, COO, Exploration at BP, highlighted a number of global trends in exploration that he believes will be factors as energy demand continues on its ongoing growth curve. 

Exploration

International Highlights

Conquering frontiers requires exploration, technology and investment.

Norway’s Statoil has reduced its exploration ambitions for 2017 and will drill about 30 wells, down from previous plans for as many as 35, its CFO said on July 27.

International Highlights

Despite crude oil’s slump, Tullow reports a profit for 1H 2017.

Production

Benchmark Brent crude was unchanged at $52.37 a barrel by 1215 GMT. U.S. light crude was 5 cents higher at $49.44.

Doubts have since swirled around the effectiveness of the cuts, as OPEC output hit a 2017 high in July and its exports hit a record.

Laggards Iraq and UAE complain that the secondary sources' assessment of their production before the pact between OPEC and non-OPEC took effect in January was too low.

Brent crude oil prices were expected to remain broadly unchanged in 2018 as U.S. shale production is able to expand at these levels, effectively capping prices.

Updated: Oil prices rose to two-month highs on July 31, ending the strongest month of the year for crude futures, boosted in part by expectations of U.S. sanctions against Venezuela.

Technology

Oil producers are slowly starting to reinvest in deepwater projects as the market downturn has forced project developers to cut costs.

Jacobs Engineering Group has signed a global enterprise framework agreement renewal with Shell Oil Co. to provide concept, front-end engineering, detailed design, procurement, project management, construction management and construction services.

The world’s second-largest oil company by market capitalization said in a statement responding to questions from Reuters that “approximately 400 [staff] are potentially at risk of redundancy during the last quarter of 2017/first half of 2018.”

ExxonMobil’s stock was the worst drag on the Dow Jones industrial average, while shares of Chevron led the index higher.

While ExxonMobil’s U.S. portfolio, including its shale projects, lost money, the company’s gas and oil operations across the world posted a 69% jump in profit.