Top executives believe the merger creates growth opportunities that could lead to a common operating system for both the surface and subsurface, while expanding Cameron’s presence worldwide.
The transaction will expand Schlumberger’s revenue base by more than 20%, Paal Kibsgaard, the company’s CEO and chairman, said in a press call. Schlumberger expects cost synergies of $900 million over two years
Cobalt International made huge discoveries in a seven-year period offshore Angola but cedes interest after a federal investigation, low oil prices and uncertainty for all oil producers.
The Climate & Clean Air Coalition Oil & Gas Methane Partnership said it has identified several low-cost, quick-payback projects that lower methane emissions.
For the oil and gas sector, this could mean making drilling adjustments on the spot. It could also mean collecting data from various sources, analyzing it and using that knowledge to grow production and revenue.
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.
Understanding drainage volume and improved permeability of stimulated rock is essential to forecasting production, according to MicroSeismic Inc.
Apache Energy Ltd., the Australian subsidiary, was sold to a private-equity fund consortium managed by Macquarie Corporate Holdings Ltd. and Brookfield Asset Management Inc. Proceeds totaled $1.9 billion.
The next energy hot spots make the move to the front burner.
Eldar Saetre didn’t comment on Statoil’s deals strategy, but speculated more deals will follow Shell’s purchase of BG, Bloomberg said. Sellers’ high valuation expectations are problematic, he said.
Halliburton Co. will separately sell its fixed cutter and roller cone drillbits, directional drilling and LWD/measurement while drilling businesses. It is currently working to acquire Baker Hughes Inc.
As a wave of decommissioning projects approaches, an energy institute says E&Ps have choices on how to approach the task.
Oil prices have fallen to below $50 per barrel, pressured by an abundance of supply and a strong dollar. The views from the IEA are more bullish than those of OPEC, which on Aug. 11 raised its forecast of oil supplies from non-member countries.
Nigeria and Venezuela are likely to further suffer when Iran ramps up production, but solutions are in the works, according to a recently released report.
OPEC’s monthly report said it expected no extra demand for its crude oil this year despite faster global consumption, because of higher-than-expected production from the U.S. and other non-members, Reuters said.
The worldwide rig count for July 2015 was 2,167, up 31 from the 2,136 counted in June 2015, and down 1,441 from the 3,608 counted in July 2014, Baker Hughes Inc. (NYSE:BHI) said in a news release.
For the oil and gas sector the threat remains, but the methods are the same, experts say.
The acquisition allows Weatherford to extend the scope of its land RCD and managed pressure drilling (MPD) technology and services to include original equipment manufacturing RCD sales to rigs for permanent installation, the company said in the release.
The BG deal will make Shell the largest foreign investor in Brazil's coveted deepwater oil fields.
Total oil and gas output averaged 564,000 barrels oil equivalent per day, down 4% from a year earlier, Apache said.
The company reported that cash flow from operations and asset sales was $9.4 billion for second-quarter 2015. Of that amount, $629 million were proceeds associated with assets sales.