The company is gearing up to roll out its “rig of the future” next year as its Cameron Group looks for further subsea tieback growth opportunities.
With oil prices expected to continue rising in 2017 and 2018 amid a forecast tightening of the supply-demand balance, analysts said energy firms will boost spending on drilling, Reuters reported.
Tight oil ‘have nots’ need a structural reduction on pre-FID costs to maintain their conventional portfolios.
Slow economic growth, particularly in the oil and gas business, weighed on revenue. Organic revenue, which excludes growth from acquisitions, grew 1% in the third quarter, Reuters reported.
The acquisition, which is subject to approval by Brazilian competition authorities, is expected to close by the end of first-quarter 2017, Aker said in a news release. The purchase price was not disclosed.
The company reported a quarterly profit that topped analysts’ expectations on Oct. 20, helped by cost cuts and a ramp up in drilling activity in North America.
A modest recovery in 2017 is projected for most commodities, including metals and agricultural prices, as demand strengthens and supplies tighten, the bank said, Reuters reported.
Woodside, Australia's biggest independent oil and gas producer, has announced two deals over the past four months together worth up to $830 million.
Venezuela is undergoing a major economic and social crisis, with chronic shortages of food and medicine. PDVSA generates cash for the government, Reuters reported.
The company picks up TIW Corp., founded during the First World War, for its first acquisition since it was formed in 1981.
BP Plc's (NYSE: BP) Mad Dog project in the U.S. GoM is expected to be developed at nearly half of its original $20 billion cost, Reuters reported.
Halliburton, the world's second largest oilfield services provider, posted Oct. 19 a surprise quarterly profit, helped by higher cost cuts, and said it expected a rise in oil prices to boost rig count.