The JV comes about six months after Golar and Schlumberger said they signed a memorandum of understanding.
Pre-downturn sanctioned projects are expected to grow offshore production next year, but the cancellation of pre-FID projects could create a ‘supply crunch’ later, report says.
E&Ps have nearly doubled spending reductions, from 22% in January for U.S. spending to 43% at midyear.
Of the 13 MMbbl/d of new supply that could come from tight oil and conventional projects by 2025, 9 MMbbl/d is commercial at $60 oil, according to an energy consulting firm.
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.
Oil prices fell on July 18 as traders shrugged off the impact of the attempted coup in Turkey and the market turned its attention to bearish fundamentals, while disruptions to crude exports in Libya lent prices some support.
Brent crude futures were up 45 cents at $47.82 a barrel at 8:00 a.m. CT on July 15, after earlier dropping to $46.65 a barrel. U.S. West Texas Intermediate (WTI) futures were up 42 cents at $46.10 a barrel.
Tamas Varga at London brokerage PVM Oil Associates said the rally in oil was a response to the weaker dollar, but he said the rise could be short-lived.
Oil fell on July 13 after the International Energy Agency warned that a global supply glut threatened a price recovery and data showed an unexpected weekly gain in U.S. crude stocks.
OPEC in a monthly report also cut its forecast for world economic growth this year, citing increased uncertainty following Britain's vote to leave the EU and that the pace of oil demand growth would slow slightly next year.
Khalid al-Falih said Saudi Arabia, the world's biggest oil exporter, would always strive to stabilize the oil market, a statement by the energy ministry said.
Prices regained ground on July 8 as Nigerian militants launched fresh attacks in the country's oil-rich Delta region. Still, Brent and U.S. crude were heading for weekly losses of roughly 7%.
An industry that has come to rely on Asia's booming thirst for oil could soon be scratching around for growth. Thomson Reuters Eikon data shows that Asian crude oil tanker imports have fallen for four straight months.
"The deterioration in the global economic outlook, financial market uncertainty and ripple effects on key areas of oil demand growth are likely to exacerbate already-lacklustre industrial demand growth trends," Barclays says.
Some say $50 is the trigger for a U.S. production ramp-up, which also stokes fears of added market volatility.
ADC, a rig inspection consultancy based in Scotland, will provide support in more than 14 countries worldwide, the release said.
Commercial inventories in industrialized nations rose by 13.5 MMbbl in May to a record high of 3.074 billion, the Paris-based IEA said. Inventories kept building in June, pushing oil in floating storage to its highest levels since 2009.
The Brexit vote's impact on oil, despite sending global stocks and currencies spiralling, has so far been limited due to expectations of strong summer demand in Asia and the U.S. and tightening supplies after a two-year rout.
Petroleum exploration by BHP will focus on deepwater basins in the Gulf of Mexico, the Caribbean and the Northern Beagle basin, off the coast of Western Australia.
Earlier June 24, both Brent and U.S. crude contracts were down by more than $3, or over 6%, the biggest intra-day declines for both since April 18 when a meeting of top global oil producers failed to agree on an output freeze.