Hart Energy Chart OPEC Revenues Plummet To 12 Year Low

Ahead of OPEC’s May 25 meeting, the U.S. Energy Information Administration noted the hole that the oil price downturn has opened in member nations’ pockets.

Some countries may be better positioned to attract investment to meet future demand, according to a global risk consultancy.

Embracing The Digital Revolution

Oil companies are increasingly moving toward digital solutions to help their businesses.

An ESP solution combines a permanent magnetic motor with a side-pocket wet connect system.

A new application-specific MPD device replaces the traditional deepwater application.

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. 


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.

"If the changes were significant they would need to be consistent with Australia’s national interest test under that Act," a spokeswoman for Australian Treasurer Scott Morrison said.

The acquisition includes proprietary and detailed well-lifecycle data comprised of drilling pad trends, well completions metrics, frack sand and downhole chemicals with analysis and interpretation.


OPEC and other oil producers are on course to agree on an extension of supply cuts at a meeting on May 25, with Saudi Arabia saying most participants are on board with the plan to rein in a global supply glut.

One source said a deeper cut in output was an option depending on estimated growth in supply from non-OPEC producers, mainly U.S. shale oil firms, among other scenarios.

Brent crude fell $1.10 per barrel to a low of $51.11 but recovered ground to trade around $51.61, down 60 cents, by 1300 GMT. U.S. crude oil lost $1.02 to reach a low of $48.05 was last trading 55 cents per barrel lower at $48.52.

Oil prices strengthened on May 17 ahead of U.S. crude inventory data that could give investors a clue as to whether an OPEC-led output cut is making progress in reducing the persistent global supply overhang.

The global oil market is rebalancing and the pace at which supply and demand are falling into line is picking up, even if inventories still fail to reflect the impact of OPEC supply cuts, the IEA said.


Goldman Sachs commodity strategist Jeff Currie said May 10 if the U.S. government were to introduce a border tax adjustment on crude oil imports, the spread between Brent and WTI would widen dramatically.

oil, gas, private equity, capital, OTC, Dan Pickering, Tudor, Pickering, Holt

There is a big disconnect between the goals of deepwater firms and private equity’s needs.

The I-Wheel uses low-friction ballistic grade bearings that reduce toolstring drag along the borehole wall. Available in many sizes for cased hole and openhole, it has multiple applications.

A 55% rise in oil prices from a year ago and deep cost cuts boosted cash generation, enabling the Anglo-Dutch company to cover spending and dividend payouts while reducing debt.

Roy Krzywosinski, Chevron, OTC, standardization, collaboration, oil

Deep water remains competitive, but better collaboration and standardization are needed to improve financial returns, a Chevron executive says.