Noble gets a subpar price for some of its interest offshore Cyprus, including the Aphrodite natural gas discovery, while new regulations force the sale of offshore Israel licenses.
The prolonged downturn lingers as oil and gas companies prepare for what could be another round of capex cuts. But the global oversupply is falling and depleted assets are not being replaced, a speaker at Hart Energy’s Gulf of Mexico Offshore Executive Conference said.
A new cybersecurity issue surrounds data parameterization.
CEO says the company’s international portfolio offers optionality, high return rates and immediate volumes. But North America remains the driver of future growth.
By applying certain technologies, BP believes proved oil and gas reserves could increase from 2.9 trillion barrels of oil equivalent to 4.8 trillion barrels.
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 move followed a review, which began in April, of the company’s options concerning its future. Other options considered included long-term financing for the group and a corporate M&A transaction.
Schlumberger has acquired Fluid Inclusion Technologies Inc. (FIT), a Tulsa, Oklahoma-based oil and gas service company specializing in laboratory analysis of trapped fluids in rock material, and advanced borehole gas analysis on drilling wells, according to a news release.
Patrick Pouyanne’s comment came a day after Apache Corp.’s shares soared 13% following reports it rejected an unsolicited takeover offer from an unidentified company, Reuters said.
The acquisition was first announced on Aug. 17. Schlumberger Business Consulting’s employees are now part of Accenture, a consulting and technology services company serving upstream companies.
Seismic surveyor group TGS reported stronger than expected third-quarter results on Oct. 23 and rival PGS struck a new loan deal with its banks, giving a boost to their shares.
In a monthly report, the Organization of the Petroleum Exporting Countries said it pumped 31.38 million barrels per day (MMbbl/d) last month, down 256,000 bbl/d from September.
Apache on Nov. 5 raised its full-year North American onshore production forecast to 307,000-309,000 barrels of oil equivalent per day (boe/d), from 305,000-308,000 boe/d.
With low prices pushing some companies into the red, oil majors have had to sharply cut costs and rein in growth plans.
Earnings fell to $5.1 billion, a 43% drop compared to last year at this time, as the company cut capex to cope with lower commodity prices.
Taylor said he expected consumption in China to increase next year, but global demand growth would likely still fall short of the levels seen this year.
On the federal level, Tower Advisory identifies risks and opportunities affecting client's business activities. The group helps clients tactically shape legislative and administrative outcomes.
The acquisition will make Shell the world's top LNG trader, although it still needs approval from China and Australia's Foreign Investment Review Board to go ahead as planned in early 2016.
Poux-Guillame will take over from interim CEO Thomas Dittrich who will return full-time to his role as finance chief after taking temporary charge in August following the departure of Klaus Stahlmann.
Report from Oil Change International and Overseas Development Institute said less support for clean energy makes cutting greenhouse-gas emissions harder, Reuters said. Annual global subsidies for renewables are just $121 billion.
Oil prices fell by more than half in past 18 months because of global supply glut, partly due to U.S. shale boom and OPEC’s decision not to cut output, Reuters said.