Author: PatrickO'Brian
Royal Dutch Shell to resume deep-water exploration off Egypt
Royal Dutch Shell said it will resume deep-water exploration for oil and gas off Egypt’s Mediterranean coast, Executive Vice President Sami Iskander told a news conference on Tuesday. Egypt is looking to production from recently discovered fields to halt energy imports by 2019. A petroleum ministry official said last month that new production at Shell’s West Nile Delta field 9B is expected to reac...
Statoil awards $1.5 billion drilling contracts, favors Archer
Statoil has awarded 12 billion Norwegian crowns (.53 billion) worth of new platform drilling contracts to Archer, KCA Deutag and Odfjell Drilling, the Norwegian oil company said on Friday. Read Full Article Here: https://www.reuters.com/article/us-statoil-drilling/statoil-awards-1-5-billion-drilling-contracts-favors-archer-idUSKCN1HA1JP
Russian oil output hits 11-month high in March
Russian oil output rose slightly in March to an 11-month high of 10.97 million barrels per day (bpd), above a quota agreed under a global pact to curb production, energy ministry data showed on Monday. Read Full Article Here: https://www.reuters.com/article/us-russia-energy-production/russian-oil-output-hits-11-month-high-in-march-idUSKCN1H90K2
US shale pumping will see oil prices slide back to $50, JP Morgan analyst predicts
Efficiency improvements from the world’s largest oil-producing firms and countries, alongside the rise of U.S. shale, will see prices slide back to near $50 a barrel, according to research at investment bank J.P. Morgan. Christian Malek, the head of EMEA oil and gas equity research at J.P. Morgan, said that the “breakeven” price — where they just about manage to cover their costs...
Oil prices rise as geopolitical tensions offset surging US crude output
Oil prices rose on Tuesday, supported by concerns that tensions in the Middle East could lead to supply disruptions. Read Full Article Here: https://www.cnbc.com/2018/03/26/oil-markets-middle-east-tension-global-market-recovery-in-focus.html
We won’t seriously consider an IPO over the next few years: Petronas Lubricants chief
“In the short term, for the next couple of years, [an IPO] is not something we are looking at very seriously,” said the managing director and group CEO of Petronas Lubricants International said. Read Full Article Here: https://www.cnbc.com/2018/03/23/petronas-lubricants-ceo-on-ipo-considerations.html
The U.S. Oil Boom May Be About To Expand Beyond The Permian
Department of the Interior (DOI) Secretary Ryan Zinke announced on Wednesday morning that the just-conducted Gulf of Mexico lease sale – which DOI has billed as the largest in history – garnered $124.8 million in lease bonus bids. When combined with bonus bids from a slightly smaller lease sale held last August, DOI has now raked in almost a quarter of a billion dolla...
Asset Sales Accelerate In The Oil & Gas Industry
Now that oil prices have solidified above per barrel, companies are beginning to shed more valuable assets to pay down debt and fund their more profitable plays. Read Full Article Here: https://www.forbes.com/sites/clairepoole/2018/03/20/asset-sales-accelerate-in-the-oil-gas-industry/#362fdaf91aee
Chevron Says Climate Change Lawsuit `Not Viable
Fossil fuel companies have filed to dismiss a climate change lawsuit as they prepare to deliver an unusual “tutorial” on climate science to the federal judge overseeing the case. Read Full Article Here: https://www.forbes.com/sites/legalnewsline/2018/03/21/chevron-says-climate-change-lawsuit-not-viable-as-it-prepares-to-tutor-judge-on-the-science
Producers could be getting their appetite for investment back with oil at $65
With oil prices in a protracted period of stability, companies are gradually getting the confidence to invest again, the CEO of Woodside Petroleum indicated. Although Coleman cautioned that it was still too early to budget for $65 oil, he also acknowledged bullish developments in the space. Read Full Article Here: https://www.cnbc.com/2018/03/19/oil-producers-are-starting-to-invest-with-prices-at-...
Oil and Gas Leaders Warn Trump He Risks Harming Their Industry
President Donald Trump disagreed with executives of major oil and gas companies Thursday about the importance of keeping binding dispute settlement procedures in a renegotiated North American Free Trade Agreement, according to a person familiar with the discussion. Trump told roughly a dozen of the oil and gas industry leaders at a White House meeting that he understood — but did not sha...
Saudi Aramco’s international listing is said to be looking increasingly problematic
Saudi Arabia’s state-owned oil behemoth is increasingly looking to just float locally, as plans to list on an international exchange hang in the balance, Reuters reported. Read Full Article Here: https://www.cnbc.com/2018/03/13/saudi-aramco-international-listing-looks-increasingly-difficult.html