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Shale oilfield services (OFS) could see an estimated $10 billion bump in spending, a report shows. However, challenging times may continue offshore.
The 2017 budget is expected to be at least 15% lower than projected 2016 capital investments and target high-return investments and completion of major projects under construction, the oil and gas major said.
Harald Frigstad, chairman and founder of Frigstad Group, said that Frigstad Group is reorganizing, investing in R&D and launching next-generation ultra-deepwater semisubmersible rig designs in 2017.
The near-term offshore drilling market is one of the most challenged upstream sectors, with its long-term recovery—while undoubted—to lag behind any broader upturn.
FMC Technologies Inc. and Technip SA will combine. Their respective shareholders voted Dec. 5 to approve the proposed business combination, the transaction for which is scheduled to close in early 2017.
The proposed IPO will not require Origin shareholder approval and is set to list next year, the company said, according to Reuters.
The Neutral Zone is the only place in Saudi Arabia and Kuwait where foreign oil firms have equity in fields, which are otherwise owned and operated by state oil companies, Reuters reported.
Despite a challenging environment, the oil and gas industry still has a few tricks up its sleeve.
Cano Limon, in Arauca province along the border with Venezuela, produces about 50,000 barrels per day (Mbbl/d). This year, attacks against Cano Limon have led to the loss of 22 Mbbl of crude, Reuters reported.
Mandala Energy, backed by KKR, will invest almost $180 million for a 35% stake in the Lemang production-sharing contract from Ramba Energy's subsidiary PT Hexindo Gemilang Jaya in Indonesia, Reuters reported.
Saudi Aramco’s president and CEO outlines his four-point framework for success.
China aims to add five to eight mega-oil fields with at least 100 million tonnes of reserves and five to 10 natural gas reserves with at least 100 billion cubic meters of deposit by 2020, Reuters reported.