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As global energy demand and oil price uncertainty linger, one of the world’s largest oilfield services company is positioning itself for growth.
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.
Brent crude futures were at $46.32/bbl at 5:43 a.m. CT (10:43 GMT), up 55 cents from their previous settlement and off an earlier peak of $46.62. U.S. crude was up 61 cents, or 1.4%, at $43.64/bbl.
Venezuela has been seeking an oil deal for years as its state-led economy reels under low oil prices, and has often said it was close to reaching an agreement.
Both contracts have fallen 9%-10% in one week, underlining how volatile the oil market currently is. The U.S. has witnessed more growth in daily output than any other major producer thanks to the boom in shale oil production.
Brent crude futures were trading at $47.07/bbl at 7:02 a.m. CT (12:02 GMT), down 3 cents from their last settlement. U.S. West Texas Intermediate futures were down 2 cents at $44.88/bbl.
A Reuters poll forecast that U.S. commercial crude oil stocks likely rose last week after marking the largest plunge since 1999 in the previous week. U.S. crude inventory data is due Sept. 13-14.
The IEA on Sept. 13 forecast global supply would outpace demand well into next year, marking an about-face from its assessment just one month ago that the market would essentially show no surplus for the remainder of this year.
The prospect of a larger surplus than expected adds to the challenge of OPEC and non-members such as Russia, who are making a renewed attempt to restrain supplies.
The International Energy Agency has said it sees demand finally exceeding supply in the third quarter of 2016, meaning record crude stockpiles around the world should also start falling.
Oil hit a one-week high on Sept. 5 after Russia and Saudi Arabia agreed to cooperate on stabilising the oil market. Prices have since fallen due to uncertainty over a deal.
Saudi Arabia and Russia agreed on Sept. 5 to cooperate in world oil markets, saying they will not act immediately but could limit output in the future, sending prices higher on hopes the two top oil producers would work together to tackle a global glut.
Adel al-Jubeir, speaking at an event in Tokyo, said OPEC and non-OPEC oil producers were increasingly moving towards a "common position."
Oil companies are deepening cost cuts through efficiency and standardization to stay profitable while maintaining dividends as a supply glut pushes back a potential recovery in the price of crude.
The four-year contract is for front end development, maintenance and modifications, engineering, and late life and decommissioning services, for topsides and subsea facilities.
About 3 billion barrels worth of pre-FID projects await sanction, according to an energy consultancy.
Brent crude oil futures were down 32 cents at $49.35 per barrel by 1144 GMT, while U.S. West Texas Intermediate (WTI) crude was down 22 cents at $47.11 a barrel.