Exclusives

Expert: China’s Slump, Rise Of Gas Toppled Coal From Its Perch

Energy Expo speaker details how economics globally, and in China in particular, combined to allow natural gas to replace coal at the top of the fuel chain.

OPEC, non-OPEC, oil production, Stratas Advisors

The production cut deals are expected to mitigate the global oil supply glut to a certain degree. As a result, OPEC production in 2017 is expected to drop by 600,000 bbl/d.

OneSubsea, subsea, Schlumberger, oil and gas, standardization

Standardization effectively addresses project feasibility.

BP Review: World Energy Consumption Wobbles For 3rd Straight Year

India and China are driving growth in energy consumption, BP report says.

Experts share their insight on Big Data applications and their use in the oil and gas industry.

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

Check out the latest news highlights from around the world. 

DONG Energy agreed to sell its oil and gas business to petrochemicals firm Ineos for $1.3 billion, it said May 24, the latest in a string of North Sea deals.

Neptune, set up in 2015 and headed by former Centrica boss Sam Laidlaw, is backed by private equity funds The Carlyle Group and CVC Capital Partners.

Schlumberger, oil, reserves, exploration, spending, Paal Kibsgaard

The head of the world’s largest oilfield service company says the world could face a medium-term supply deficit given today’s reserves depletion rate and falling exploration spending.

SNC-Lavalin Group is expanding its global consulting, design and project management capabilities with the takeover of U.K.-based WS Atkins.

Production

Oil edged up on June 23, recovering from a 10-month low U.S. prices hit earlier this week, but crude remained on course for its biggest first-half decline in almost two decades.

So far this year, oil has lost 20% in value, its worst performance for the first six months of the year since 1997.

OPEC and non-OPEC oil producers' compliance with a deal to cut global output has reached its highest in May since they agreed on the curbs last year, reaching 106% last month, sources say.

Oil prices fell to seven-month lows on June 20 after news of increases in supply by several key producers, a trend that has undermined attempts by OPEC and others to reduce output.

Oil prices dropped to six-week lows on June 15, under pressure from high global inventories and doubts about OPEC's ability to implement agreed production cuts.

Technology

Africa-focused oil company Tullow Oil Plc said it had appointed Les Wood as its finance head, after its CFO Ian Springett stepped down due to ill health.

Named to succeed Jac Nasser as BHP chairman from Sept. 1, MacKenzie's early challenge will be to deal with calls for a revamp at the world's biggest miner from activist shareholders.

The French oil services firm, which specializes in geoseismic surveys and is listed in Paris and New York, said the restructuring would eliminate $1.95 billion in debt from its balance sheet.

Activist shareholder Elliott called on BHP Billiton on June 14 to "upgrade" its board of directors as the company prepares to select a new chairman this week.

Moody's upgraded BP Plc's credit rating on June 8, 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.