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The head of the world’s largest oilfield service company says the world could face a medium-term supply deficit given today’s reserves depletion rate and falling exploration spending.
North America revenue grew by 6% to $1.9 billion, while international revenue dropped by 7% to about $4.9 billion compared with the previous quarter.
For crude prices to average $50 to $52 in 2017, OPEC must extend quotas and maintain compliance, and demand must increase, according to a report.
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Costs, corruption and climate change were among the challenges and opportunities discussed by the executives.
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.
SNC-Lavalin Group is expanding its global consulting, design and project management capabilities with the takeover of U.K.-based WS Atkins.
"If the changes were significant they would need to be consistent with Australia’s national interest test under that Act," a spokeswoman for Australian Treasurer Scott Morrison said.
The acquisition includes proprietary and detailed well-lifecycle data comprised of drilling pad trends, well completions metrics, frack sand and downhole chemicals with analysis and interpretation.
Wood Group said it expected about 36% more cost savings from its deal to buy Amec Foster for 2.2 billion pounds (US$2.7 billion) than it first estimated when announcing the deal in March.
BHP Billiton, fresh from signing a joint venture to develop an oilfield off Mexico, remains on the lookout for more oil assets, as it is more bullish on oil than gas over the next few years.
Oil held near $53 a barrel on April 21 but was on course for its biggest weekly drop in a month due to doubts that an OPEC-led production cut will restore balance to an oversupplied market.
Oil prices could fall again by the end of the year due to a rapid increase in U.S. shale production, said Patrick Pouyanne, CEO of French oil and gas giant Total.
Consensus is growing among oil producers that their supply restraint agreement should be extended after its initial six-month term, but there is as yet no agreement, Saudi Energy Minister Khalid al-Falih said.
Ministers from OPEC will convene at their Vienna headquarters. Joint talks with non-OPEC oil ministers will also take place that day, two sources said.
Crude fell in the previous two sessions, but it received a boost from comments on April 19 by the secretary-general of OPEC that the group was committed to cutting inventories to the five-year average.
The world’s No.1 oilfield services provider said revenue rose 5.7% to $6.89 billion in the quarter ended March 31, but its cost of revenue increased 11.3% to $6.08 billion.
Under the contract, KBR’s engineering offices in multiple locations worldwide may provide Chevron with engineering and procurement services across all phases of Chevron’s major capital projects program. This includes field development planning and conceptual engineering through FEED, detailed engineering and final design.
Norway's deputy oil and energy minister Ingvil Smines Tybring-Gjedde said China wanted to learn from Norway's expertise in reducing costs and pollution.
Ocean Rig said March 28 it had entered into an agreement with creditors representing more than 72% of the company's debt for a financial restructuring. The company had $3.25 billion in debt as of Dec. 31.
The agreement has elevated the price of crude to more than $50/bbl, but it helped U.S. shale oil producers boost their output, hampering efforts to reduce global stockpiles, Reuters reported.