Loren Scott Associates, an economic consulting firm based in Baton Rouge, La., said that the facility’s construction phase could take four years.
Oilfield services companies were forced to cut rates after oil producers slashed their capital budgets in response to a slide in crude prices to their lowest in more than a decade.
Beijing has refused to recognize the ruling by the Permanent Court of Arbitration that granted the Philippines sovereign rights to access offshore oil and gas fields, including the Reed Bank, a shallow tablemount some 85 nautical miles off its coast.
Precision Drilling said its contract backlog rose by one rig in 2016 and that it added four rigs on average under contract for 2017. The company's revenue more than halved to about C$164 million in the second quarter ended June 30.
The move could lead ExxonMobil and Total to tie together their competing gas interests in the South Pacific nation, cooperating to reduce costs as they battle cheap oil and LNG prices.
Up to 4 million of horsepower, representing about a fifth of peak capacity has been permanently removed from the market, Halliburton's Miller said on the call.
The rig count in North America has improved by 26 over the last several weeks, Halliburton said on July 20."We believe the North America market has turned," CEO Lesar says.
Canadian Natural Resources is postponing its planned investment on Ivory Coast offshore blocks pending a rebound in crude prices, its general manager in the West African nation said on July 19.
Protests, conflict and political quarrels have reduced Libya's oil production sharply since an uprising in the OPEC member five years ago. Output has been fluctuating at less than a quarter of a 2011 high of 1.6 MMbbl/d.
The strike action scheduled for July 26 will be the first walkout by U.K. North Sea workers in 10 years as oil and gas staff are angered by pay cuts and tougher working schedules brought on by cost savings amid the oil price crash.
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.
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.