The U.S. might not need shale oil growth now, but from 2017-2020 demand will require an additional 0.7-0.9 MMbbl/d annually, an analyst said.
The subsea tree market has tanked, but the technology remains viable and vital in the long term.
If the deal receives the blessing of FMC and Technip shareholders and other necessary regulatory approvals, the new company will operate as five business units: surface, subsea services, products, subsea projects and onshore/offshore.
Oil supplies are stable, low prices are expected to continue in 2016 and ‘there are no plans to purchase E&P assets,’ a Korean oil executive says.
How the industry ‘gets out of this mess’ will require addressing financial issues and carefully allocating capital. Opportunities remain.
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.
The decision to seek strategic alternatives was made following notification from the operator on the company's Serrania block in Colombia of further delays in securing the required environmental license to commence drilling operations.
Good news for oil and gas is the industry is cyclical, though it will take until second-half 2017 for the market to rebalance, says IHS’ Atul Arya.
The state-controlled company, which has one of the best success rates in the industry in finding new reserves at one of the lowest cost bases, has tabled disposals of 7 billion euros (US$8.01 billion) to 2019.
The company is paying attention to demand growth as it works to maximize shareholder value.
The volume of liquids discovered has plummeted annually from 8 Bbbl from 2012 to2015 to about 19 Bbbl, according to a recently released study.
OPEC pumped 32.44 million barrels per day (MMbbl/d) in April, the group said in a monthly report citing secondary sources, up 188,000 bbl/d from March. This is the highest since at least 2008, according to a Reuters review of past OPEC reports.
The EIA forecasts energy consumption will rise by 1.4% per year between now and 2040.
While cash helps, it will not wipe away all woes for the offshore drilling contractor that is depending on its ‘premium fleet’ among other qualities to weather the downturn.
Occidental said its production from U.S. fields increased by 17,000 boe/d to 307,000 boe/d in the first quarter, with all of that increase attributable to Permian resources spread over west Texas and southeast New Mexico.
The company, which also reported a smaller-than-expected quarterly loss, raised its full year production forecast by 5,000 barrels of oil equivalent per day (boe/d), while maintaining its 2016 capital spending of $1.4 billion-$1.8 billion.
Herbert, a BP veteran and a long-time ally of CEO Bob Dudley, rejoined BP in October 2013 after several years at rival Talisman Energy. His task was to lead exploration activity to help the firm rebuild investor confidence.
Technip has been awarded an engineering services contract by Woodside to provide multi-disciplinary engineering services as part of an engineering panel. This contract covers all Woodside operated onshore, offshore and subsea producing assets.
Ethos Offshore Ltd. is backed by investment funds advised and managed by Oaktree Capital Management LP. It is expected to have a contracted backlog of $145 million worth of projects.
Even deepwater drilling executives get the blues: too often even the majors lack the core competencies required to get projects right, facilities engineering manager says.
Noble now expects 2016 sales volumes of 405,000 barrels of oil equivalent per day (boe/d), compared with its earlier forecast of 390,000 boe/d. The company's sales volumes were 416,000 boe/d in the three months ended March 31.