Oil demand won’t recover for at least 18 months, say top traders

Daily consumption is still 4 million to 5 million barrels day below where it was expected to be before the pandemic, said Russell Hardy, the chief executive of Vitol Group, the biggest independent oil trader. He doesn’t expect a meaningful pickup in demand until at least the summer of 2021. More »

Baker Hughes performs industry’s first vessel-deployed subsea mechanical wellhead cut

Baker Hughes worked with Wintershall DEA to cut the subsea wellhead from an abandoned exploration well in 360-metre water depth in only 35 minutes. By comparison, alternative abrasive cutting methods could take as long as five or six hours for the cut alone. More »

Oil demand won’t recover for at least 18 months, says top traders

Daily consumption is still 4 million to 5 million barrels day below where it was expected to be before the pandemic, said Russell Hardy, the chief executive of Vitol Group, the biggest independent oil trader. He doesn’t expect a meaningful pickup in demand until at least the summer of 2021. More »

Libyan oil output hits 300,000 barrels per day as fields, ports reopen

The potential for extra Libyan supplies is putting pressure on oil prices just as traders fret about the outlook for energy demand with the coronavirus pandemic still raging. Brent crude is down 3.6% this week to around $40.50 a barrel, increasing its loss this year to almost 40%. More »

Shell to cut 11% of its workforce as virus speeds low-carbon shift

“We have to be a simpler, more streamlined, more competitive organization,” CEO Ben van Beurden said in a statement. “In many places, we have too many layers in the company: too many levels between me, as the CEO, and the operators and technicians at our locations.” More »

Newfoundland and Labrador resource assessment shows significant oil and gas potential

Newfoundland and Labrador’s 2020 Independent Oil and Gas Resource Assessment results show 11.1 billion barrels of oil and 24.5 trillion cubic feet of natural gas potential offshore. More »

Total joins BP in projecting an oil demand peak around 2030

While the French energy giant’s analysis is more conservative than that of BP, which earlier this month said the era of oil-market growth was already over, it adds to the chorus of executives and investors predicting rapid change for the industry. More »

Oil prices fall on mounting demand recovery concerns

U.S. benchmark crude futures fell as much as 2.2%. Global confirmed deaths from the coronavirus -- which has eviscerated energy demand -- topped 1 million. Meanwhile, three of the world’s biggest independent oil traders said consumption won’t meaningfully recover for at least another 18 months and Total SE said demand growth will end around 2030. More »

Baker Hughes lands major LNG turbomachinery order from Qatar Petroleum

The total award is part of four LNG “mega trains,” representing 33 million tons per annum (MTPA) of additional capacity, which will increase Qatar’s total liquefied natural gas (LNG) production capacity from 77 MTPA to 110 MTPA and help to propel the Gulf nation to global LNG production leadership by 2025. More »

Trump’s offshore energy ban includes east coast wind farms

President Donald Trump’s decision to rule out energy development along the coasts of Florida, Georgia and the Carolinas will bar not just offshore oil and gas drilling -- but coastal wind farms too. More »

Venezuela and Iran continue to defy U.S. oil sanctions with new shipments

The first vessel in an Iranian convoy of ships bringing desperately needed fuel arrived in Venezuela, demonstrating both nations’ determination to undermine U.S. efforts to isolate the governments in Tehran and Caracas. More »

C-Innovation acquires Caltex Oil Tools to expand capabilities

C-Innovation, an affiliate of Edison Chouest Offshore and its family of companies, has acquired the controlling interest in Caltex Oil Tools, a solution-focused company providing equipment rentals, services and customized engineering capabilities to the offshore industry. More »

Energy markets shrug off Azerbaijan-Armenia conflict, for now

The conflict centers on the Nagorno-Karabakh region claimed by both countries. In theory, it has the potential to disrupt oil and gas flows from Azerbaijan, since export pipelines from the Caspian Sea region’s second-biggest crude producer run within just 10 miles of its border with Armenia. More »

Shale producers Devon Energy and WPX merge in all-stock deal

“This merger is a transformational event for Devon and WPX as we unite our complementary assets, operating capabilities and proven management teams to maximize our business in today’s environment, while positioning our combined company to create value for years to come,” said Dave Hager, Devon’s president and CEO. More »

Libyan oil output triples after blockade deal, with more growth to come

Production in Libya, home to Africa’s largest crude reserves, plummeted to less than 100,000 barrels a day in January from 1.2 million after Khalifa Haftar, a Russian-backed commander who controls the nation’s eastern region, blockaded energy infrastructure. More »

Political moves, both current and projected, are placing outsized influence on U.S. and Canadian oil markets

While Canada's leaders promise measures to protect oilfield livelihoods, shale drillers in the U.S. are working to minimize the impacts of a potential Biden victory. More »

API says Trump’s Atlantic drilling ban is “another move in the wrong direction”

API recently released an analysis outlining how policies to ban development on federal land and waters threaten American jobs and the nation’s energy security. The analysis projects that a ban would shift the U.S. to foreign energy sources, cost nearly one million American jobs, increase CO2 emissions and reduce revenue that funds education and key conservation programs. More »

Oil prices down for the week on new coronavirus concerns

New York futures edged lower Friday and fell 2.1% on the week. The number of U.S. coronavirus cases rose above 7 million, according to data from Johns Hopkins University. Meanwhile, a second governor tested positive for Covid-19 as cases surge around the country. More »

Exxon shortlists bidders for Malaysian assets valued at up to $3 billion

The U.S. oil major’s assets in Malaysia include a 30% stake in the offshore Tapis Blend operations, which produce a low-sulfur crude that was once a benchmark for Asian oil refiners. The production sharing contracts cover 2.4 million acres offshore and have exploration and production terms ranging up to 38 years, Exxon said in a filing in 2019. More »

OGUK welcomes job support plan, says green recovery focus must continue

The leading representative for the UK’s offshore oil and gas industry has initially welcomed the winter economy plans announced by the Chancellor, noting it will seek further information on the details of the proposals in the coming days. More »

CGG commences second phase of largest OBN multi-client survey in UK CNS

CGG announced completion of the first phase of its multi-year program to deliver the largest OBN multi-client survey ever acquired in the UK Central North Sea and immediate commencement of the second acquisition phase. More »

New Mexico shale drillers brace for impact of a possible Joe Biden victory

The Permian in New Mexico, unlike in Texas, lies largely on federal land. And Biden, the Democratic candidate for president, has promised to ban new fracing on federal land on “day one” if elected. More »

Newfoundland and Labrador premier announces new offshore exploration incentives

The Government of Newfoundland and Labrador announced the establishment of a new offshore exploration initiative to provide companies with the incentive to drill more wells in the best prospects. More »

BP stock hits 25-year low a week after its new climate strategy debuts

Chief Executive Officer Bernard Looney and his new management team gave more than 10 hours of presentations over three days last week, in a bid to show the world that the oil and gas giant could adapt to a low-carbon future without sacrificing returns. More »

Weatherford, Safe Influx sign MOU for automated well control technology

Under the MoU, the companies will cooperate globally to focus on revolutionizing well integrity during the construction phase by bringing to market the first ever integration of Managed Pressure Drilling (MPD) solutions and Automated Well Control technology. More »

Weatherford, Safe Influx sigh MOU for automated well control technology

Under the MoU, the companies will cooperate globally to focus on revolutionizing well integrity during the construction phase by bringing to market the first ever integration of Managed Pressure Drilling (MPD) solutions and Automated Well Control technology. More »

California unilaterally bans sale of new gasoline cars after 2035

On September 23rd, Governor Gavin Newsom ordered regulators to phase out the internal combustion engine and ban the sale of all new gasoline-fueled cars after 2035. With that, California became the first state in America to impose such a prohibition and delivered the biggest jolt yet to automakers already under pressure to give up fossil fuels and deliver a new generation of electric vehicles. More »

Dallas Fed sees the U.S. oil industry prioritizing output over debt

After all the trauma the U.S. oil industry has been through this year -- from production cuts to mass layoffs and a string of bankruptcies -- many producers say they’re still prioritizing output over reducing debt. More »

Texas oil regulator exceeds state’s annual goal for plugging abandoned wells

For the fourth straight year the Railroad Commission of Texas has exceeded its performance target of plugging abandoned oil and gas wells throughout the state. With the fiscal year ending on Aug. 31, the agency plugged 1,477 orphan wells in Fiscal Year 2020, which exceeded the target of 1,400 set by the Legislature. More »

Neptune Energy commences subsea construction on Seagull project

Neptune Energy and its joint venture partners BP and JAPEX announced the beginning of the subsea construction phase of the Seagull tie-back project. More »

Libyan oil exports expand to third port as truce takes hold

The National Oil Corp. is ending force majeure -- a legal status protecting a party that can’t fulfill a contract for reasons beyond its control -- at Zueitina in eastern Libya after a “significant improvement” in security there, it said Tuesday. The NOC allowed exports to resume days earlier from the Hariga and Brega terminals. More »

Siemens Energy to help reduce emissions at NLNG plant

Nigeria LNG (NLNG) selected Siemens Energy to provide a cryogenic boil-off gas (BOG) compression train for its Bonny Island plant. The solution will play a key role in providing additional BOG handling capability and spares for the existing system. More »

Iranian tanker violates U.S. sanctions again, carrying Venezuelan crude on the return trip

Venezuela, owner of the world’s largest oil reserves, has been struggling to find ships willing to risk sanctions after the Trump administration announced sanctions on six vessels and its shipowners for transporting its crude. More »

CGG supports Australia’s acreage release

The industry-first basin-wide survey represents Phase II in CGG’s Gippsland ReGeneration reprocessing and acquisition project. Blocks V20-3 and V20-4 in the newly released Australian acreage are covered by the project. More »

Tullow reviewing its Kenya plans as stake sale falls through

Tullow Oil is undertaking a six-month review of the viability of its operations in Kenya after a planned sale of its stake in the project fell through. More »

Wood partners with SGN to create decarbonization roadmap in Scotland

The North East Network and Industrial Cluster development project will deliver a comprehensive and practical roadmap that enables existing and future gas networks to help meet national net-zero 2045 decarbonization targets, and the ultimate goal of providing 100% hydrogen from renewable sources. More »

Six-nation Mediterranean Gas Group forms, without Turkey, to “strengthen regional cooperation”

Greece, Italy, Egypt, Israel and two other countries will form a permanent organization to promote co-operation over natural gas in the Eastern Mediterranean. Turkey, which has raised tensions by exploring for the fuel in contested waters, is not as yet included. More »

Bidders line up for Exxon’s UK North Sea oil and gas assets

Exxon Mobil’s UK North Sea assets have attracted suitors from state-owned companies to private equity-backed firms as the U.S. oil giant seeks to exit the aging region altogether, according to people with knowledge of the matter. More »

U.S. drilling total for 2020 will be lowest in more than 80 years

World Oil has finished compiling the 2020 mid-year forecast update for drilling and production and, if projections hold true, the number of oil wells drilled in the U.S. annually will reach lows not seen since the 1930s. More »

Oxy shows confidence in its balance sheet with Buffett dividend payment

Occidental Petroleum will pay about $200 million in dividends on preferred shares to Warren Buffett’s Berkshire Hathaway Inc. in cash rather than common stock, a sign of the shale driller’s growing confidence in its ability to manage its debt load. More »

Suddenly-cheap jet fuel being blended for ships as aviation craters

Straight-run kerosene, usually processed into jet fuel, is now being used to make very low-sulfur fuel oil for the maritime industry amid a plunge in consumption by airlines. Higher than normal amounts of diesel and vacuum gasoil are also finding their way into shipping fuel. More »

Oil prices slide on Libyan export talks, surging European virus cases

Oil declined as Libya signaled the resumption of some crude exports, while surging coronavirus cases clouded the outlook for demand and weighed on risky assets. More »

Total CEO meets Mozambique’s president over growing security concerns

For more than a month, militants have occupied a town about 60 kilometers (37 miles) south of where Total is spending $20 billion to extract natural gas from below the ocean and export it to European and Asian customers. The violence is now creeping toward Total’s Mozambique LNG project in the far northeast. More »

BP makes its peak oil demand prediction amid historic drilling trends in the U.S.

BP has boldly claimed that global oil demand will peak in the next ten years in its 2020 Energy Outlook. Some emerging trends in the upcoming World Oil 2020 Drilling Forecast reveal how future production capacity may make that possible. More »

Libyan general to end oil blockade, adding more barrels to a glutted market

General Khalifa Haftar said on television that he has decided to allow the reopening of Libya’s oil ports “as per conditions and guarantees that ensure a fair distribution of wealth and spare it being plundered or used in terrorism financing.” More »

Maersk Drilling targets 50% CO2 emissions reduction by 2030

Maersk Drilling has set an ambitious target of lowering the intensity of CO2 emissions from its drilling operations by 50% by 2030. The target is supported by Maersk Drilling’s strategic focus on efficiency gains, which also leads to reduced CO2 emissions. More »

Pemex projects production declines, AMLO’s new refinery to slash oil export volumes

AMLO swept into power in December 2018 promising to rescue Pemex by dialing back his predecessor’s 2013-2014 energy reforms, which had ended the company’s nearly eight decades-long monopoly. He has also pledged to ramp up domestic fuel production to reduce dependence on gasoline imports, which account for about 65% of what Pemex sells in Mexico. More »

U.S. looks to close liability loopholes for bankrupt offshore oil producers

The Interior Department is proposing rules to strengthen the issuance criteria after companies have filed for Chapter 11 and escaped financial obligations to cap their non-producing wells, said Walter Cruickshank, acting director of the department’s Bureau of Ocean Energy Management. More »

Environmental groups warn Alaska drillers not to pursue ANWR leases

“Any company that bids on leases or expresses interest in destroying the Arctic Refuge for oil will face a major public backlash and long-lasting damage to their reputation,” warned the groups, including the Wilderness Society, Natural Resources Defense Council and Sierra Club. More »

Wood secures Kollsnes gas processing EPCI contract

Wood has secured a new $42m contract from international energy company Equinor, on behalf of operator Gassco, to provide engineering, procurement, construction and installation services at the Kollsnes gas processing plant in Norway. More »

Saudi oil minister admonishes OPEC+ quota cheaters

In recent months, the UAE has become one of the worst quota-breakers among the Organization of Petroleum Exporting Countries and its allies. The UAE made just 10% of its pledged cuts in August, according to the International Energy Agency. More »

Oil levels off near $40 as OPEC+ meets to discuss weakening demand

Oil steadied after its biggest surge since June as the OPEC cartel and its partners prepared to assess a downbeat outlook for the crude market. More »

BP’s annual energy outlook calls oil demand peaking by 2030

BP's 2020 Energy Outlook sees oil consumption topping out not much higher than it is now: around 100 million barrels of oil per day, the same level as last year. In scenarios involving dramatic action by governments to limit climate change, BP determines that demand has already peaked. More »

The pandemic and green energy leave oil’s supermajors at a crossroads

Legacy energy companies are for the first time sketching out new strategies that in the near future—as soon as 2030, in some cases—would eliminate hydrocarbons. The industry would like everyone to believe it’s turning its back on fossil fuels for the good of the planet; however, the reality is that Big Oil has been forced to change by green campaigners, local politicians, and pension funds. More »

Abu Dhabi takes $615 million stake in Cheniere Energy

Abu Dhabi’s main sovereign wealth fund disclosed a 5.1% stake in Cheniere Energy Inc., the largest U.S. exporter of liquefied natural gas. More »

BP reveals profitability of its oil trading activities

BP offered a glimpse of the profitability of its huge and secretive trading arm, suggesting it makes annual returns of as much as $2.5 billion. More »

Oil prices continue gains on surprise U.S. crude stock decline

The American Petroleum Institute reported crude stockpiles declined by 9.52 million barrels last week, according to people familiar with the numbers. While the global economy is still expected to shrink this year, the slump won’t be as sharp as previously feared, according to the OECD. More »

Oil trader Vitol projects rapidly shrinking stockpiles by year’s end

Vitol Group said inventories have been falling sharply and will continue to decline this year. Trafigura Group, the second-biggest trader, says the market will go back into a surplus. Both companies forecast demand to stagnate and foresee a volatile few months before a gradual recovery next year. More »

Premier Oil in early talks on deal with Chrysaor

Premier Oil Plc and Chrysaor Holdings Ltd. have held preliminary talks about a potential deal that would bring together two of the largest UK oil and gas producers, according to people with knowledge of the matter. More »

Acoustic Data lands North Africa downhole monitoring project

Acoustic Data’s SonicGauge technology will deliver real-time surface-read-out of downhole pressure and temperature on post-frac well tests via acoustic telemetry at the project. More »

Oil prices rise on signs an industrial recovery is underway

Chinese retail sales rose for the first time this year in August, while industrial production expanded more than expected. In the U.S., manufacturing in New York state expanded in September at the second-fastest pace since 2018. More »

UAE pushes oil output past OPEC+ targets, IEA says

The United Arab Emirates almost entirely disregarded its commitment to OPEC+ production quotas last month, when it opened the taps even further, according to the International Energy Agency. More »

Biden won’t ban fracing – he’ll outlaw most U.S. drilling instead

In a local Philadelphia TV interview, Democratic nominee Joe Biden told reporters “I will not ban fracing.” He failed to mention that his climate plan’s ban on drilling on federal property would go much further than a simple frac ban. More »

OPEC sees weaker outlook as demand falters, shale recovers

OPEC downgraded its outlook for the global oil market a few days before ministers meet, amid faltering demand and signs of a recovery in supply from U.S. shale drillers. More »

More hydrogen, less meat: EU’s new climate plan targets every aspect of modern life

The European Union’s executive will unveil an ambitious emissions-cut plan this week that’ll leave no sector of the economy untouched, forcing wholesale lifestyle changes and stricter standards for industries. More »

UK projects up to 20 billion barrels of oil remain to be found offshore

The OIl and Gas Authority believes that maximizing the economic recovery of the UK’s remaining oil and gas need not be in conflict with the energy transition, and that the industry has the skills, technology and capital to help unlock the solutions required to help the UK achieve net zero. More »

Venezuela and Iran defy U.S. sanctions with new tanker delivery

The ship, identified as Honey, turned off its satellite signal and started unloading about 2 million barrels of South Pars condensate at Venezuela’s state-controlled port of Jose on Saturday, according to a report and a person with knowledge of the situation. More »

Citigroup sees $60 oil before the end of 2021

It will take until late 2021 for global oil consumption to return to the 2019 level of 101 million barrels a day due to growth in economy, ,” Ed Morse, global head of commodities research at Citi, said in an interview during the SandP Global Platts Asia Pacific Petroleum Conference. More »

Faltering oil demand puts new pressure on OPEC+ production agreements

On September 17th, Saudi Arabia and Russia will chair a monitoring meeting to assess whether the vast production cuts, which they started easing in August, are still staving off an oil glut. New signs of exporters reneging on the deal aren’t helping. More »

Are the oil industry's opportunities for post-coronavirus recovery dwindling in North America?

In this week's podcast, World Oil editors discuss how legislative activities, a smaller labor pool, and harsh economic realities are impacting options for oil and gas sector growth in North America's post-coronavirus economy. More »

Weatherford names Girish K. Saligram as new President, CEO and board member

The Board of Directors of Weatherford International announced that effective October 12, 2020, it will appoint Mr. Girish K. Saligram as the company’s president and CEO. Mr. Saligram will also serve as a member of the company’s Board of Directors. Mr. Saligram previously served as COO at Exterran Corporation. More »

Frac pumping volumes lowest since 2017 as shale slowdown continues

Fracers are blasting less sand into shale wells for the first time in almost three years as oil explorers adjust to lower oil demand and prices amid the coronavirus pandemic. More »

Oil heading for its first back-to-back weekly loss since April

Oil headed for its first back-to-back weekly losses since April’s price rout, driven by a sharp slump in risk sentiment earlier in the week and a patchy demand recovery. More »

Turkey in talks to secure Libyan oil and gas exploration rights

Turkey is in talks over oil and gas exploration in Libya, as President Recep Tayyip Erdogan’s administration seeks business opportunities in the conflict-ridden North African country. More »

BP enters offshore wind with $1.1 billion U.S. investment

BP will receive a 50% stake in the Empire Wind and Beacon Wind developments off New York and Massachusetts, respectively. Equinor will retain 50% in both, and continue to be the operator, the companies said in two separate statements on Thursday. More »

Enterprise cancels major Permian crude pipeline project

Enterprise shelved plans to add 450,000 barrels a day of capacity to a system that carries oil from Texas’s Permian basin to the U.S. Gulf Coast. It joins scores of oil explorers, contractors and pipeline giants that have slashed billions of dollars in investments amid a swelling supply glut that sent crude prices plummeting earlier this year. More »

Proposed federal land lease ban hits Wyoming hardest, new analysis shows

Wyoming, which accounts for 38 percent of federal onshore natural gas production and 16 percent of oil production, is projected to be among the states hardest hit, standing to lose more than 33,000 jobs and putting $640 million in state federal revenue sharing at risk. More »

PESA says oilfield job losses exceed 100,000, but layoff rates are slowing

The monthly Oilfield Services and Equipment Employment Report, compiled and published by the Petroleum Equipment and Services Association, shows total job losses due to pandemic-related demand destruction reached 103,420 in August. OFS employment is down more than 121,000 jobs since August 2019 and is at its lowest point since March 2017. More »

Activist investor seeks to break up Noble Energy’s sale to Chevron

Activist investor Elliott Management Corp. plans to push for Noble Energy Inc. to abandon its plans to sell itself to Chevron Corp., arguing the deal undervalues the oil and gas producer, according to people familiar with the matter. More »

Oil markets turning bearish amid signs of pandemic’s accelerating economic impact

While nobody is predicting a return to the dark days of April, when U.S. crude briefly traded in negative territory, the tone of the market has nonetheless turned more bearish. More »

Explor, Halliburton and AWS collaborate on cloud-based seismic data processing

"This outcome will drive a step-change in seismic data processing and is a key stepping-stone in the digital transformation of the global seismic industry. By reducing both timelines and the CAPEX burden on seismic data processors, the industry will be able to scale on demand as we acquire ever-increasing seismic trace densities," said Allan Châtenay, President of Explor. More »

BP joins financiers in call for U.S. to tax greenhouse gas emissions

The U.S. government should start making businesses pay for their greenhouse gas emissions to help combat global warming, according to a powerful group of finance and energy titans including Morgan Stanley, JPMorgan Chase and Co. and BP. More »

Natural gas is losing its luster as a “bridge fuel” to renewable energy

Just a few years ago, natural gas was hailed as vital for the transition toward an economy that runs on renewable energy. But sentiment is changing and the fuel is going the same way as coal, its dirtier sibling shunned by governments, utilities and investors. More »

Brent crude climbs above $40 on rebounding markets

While crude rallied along with other risk assets, it also found technical support, rising sharply above the 100-day moving average after falling a few cents under earlier Wednesday. More »

Saudi Arabia’s government leans on Aramco to maintain $75 billion dividend

Saudi Aramco is trying to pay a $75 billion dividend this year, almost all of it to the state. Concerns are mounting, including among global fund managers who bought into the company during a record initial public offering last December, that Aramco is putting strategic projects on ice and racking up debt too quickly. More »

Husky sees an uncertain future for West White Rose and other offshore Canada operations

“Unfortunately, the delay caused by COVID-19 and continued market uncertainty leaves us no choice but to undertake a full review of the project and, by extension, our future operations in Atlantic Canada," said Husky CEO Rob Peabody. More »

Trump extends Florida’s offshore drilling ban

President Donald Trump endorsed an extended ban on offshore oil development on Florida’s western coast as he courts voters worried that drilling imperils the state’s beaches and tourism-based economy. More »

Schlumberger, IBM and Red Hat announce major hybrid cloud collaboration for the energy industry

The joint initiative will provide global access to Schlumberger’s leading EandP cloud-based environment and cognitive applications by leveraging IBM’s hybrid cloud technology, built on the Red Hat OpenShift container platform. More »

Trump expected to extend Florida’s offshore drilling ban

President Donald Trump is set to endorse an extended ban on offshore oil development on Florida’s western coast as he courts voters worried that drilling imperils the state’s beaches and tourism-based economy. More »

Hess strikes deepwater oil offshore Guyana

Hess Corporation announced another oil discovery offshore Guyana at the Redtail-1 well, the 18th discovery on the Stabroek Block, which will add to the previously announced gross discovered recoverable resource estimate for the block of more than 8 billion barrels of oil equivalent. More »

Equinor drilling new Martin Linge wells to resolve well barrier deficiencies

In four gas wells that were drilled at Martin Linge before Equinor took ownership in 2018, well barrier deficiencies that are considered to make them inappropriate for safe production have been identified. More »

Oil falls further as Asian refiners show little interest in Saudi price cuts

Only four of 10 Asian refiners surveyed by Bloomberg said they would be trying to buy more Saudi Arabian crude after the kingdom cut pricing for October as consumption remained below pre-virus levels. More »

Jordan to resume Iraqi oil imports halted by pandemic

Jordan will resume imports of crude oil from its Middle East neighbor Iraq this month after suspending shipments due to the coronavirus. More »

Technical snags and changing markets hamper Australia’s $200 billion LNG boom

More than a year after the completion of a decade-long LNG construction boom, two of the seven marquee projects haven’t been able to work right, the nation’s east coast urban centers face an impending gas shortage blamed partly on exports, and the government is receiving relatively meager tax revenues from fuel sales. More »

Investment giants urge Texas to end most natural gas flaring

Investors managing more than $2 trillion are calling on Texas regulators to ban the routine burning of natural gas from shale fields, arguing that the energy industry hasn’t moved quickly enough to curb the controversial practice. More »

Geoteric launches Collaborative AI and Geoteric Stratum seismic interpretation products

Collaborative AI enhances traditional interpretation, and efficiently extracts faults from seismic data at the click of a button – no requirement for network training. By moving from line by line manual analysis to Collaborative AI, the interpretation is augmented with artificial intelligence, which enables faster and more accurate results. More »

Simulators help shape new universal drilling language to reduce human factors

The way drilling crews speak on rigs could soon be standardized across the globe to improve safety and maximize efficiencies thanks to ground-breaking research by the University of Oklahoma using Drilling Systems’ simulators. More »

In a post-Schlumberger world, how will the new frac services landscape change the way shale explorers operate?

Between Halliburton and Liberty Oilfield Services, hydraulic fracturing's two major players have fundamentally different field capabilities and technology ambitions. World Oil editors discuss how the differing strategies these two companies offer will change how operators will approach future shale project developments. More »

Saudi crude price cuts for October signal wavering oil demand

Saudi Arabia usually sets the tone for pricing decisions by other Middle Eastern suppliers, including Iraq and the United Arab Emirates, the second- and third-largest producers in the Organization of Petroleum Exporting Countries. More »

Oil prices fall below $40 on mounting demand concerns

U.S. benchmark crude futures tumbled nearly 4% on Friday, leading oil to post its worst week since June. Stocks weakened and the SandP 500 Index dropped more than 3% before easing losses. More »

Pemex expected to lower 2021 crude production targets in new budget plan

The Mexican government is finalizing the budget proposal for next year, to be handed to congress by Tuesday, trying to square plunging oil income, growing social spending demands and Lopez Obrador’s push for austerity. More »

OGUK sees government licensing review shine a light on a changing industry

The leading representative body for the UK’s offshore oil and gas industry has embraced a UK government review into future licensing rounds as an opportunity to shine a light on how the sector is changing to support the country’s climate ambitions while still ensuring it contributes to the UK’s ongoing security of energy supply. More »

Liberty Oilfield Services puts Schlumberger tech in its yards, Halliburton in its crosshairs

“Customer demand has told us to grow at this pace, and then deals like this come to us,” Liberty CEO Chris Wright said in an interview after the deal was announced on Tuesday. “Our goal with this acquisition is to keep getting better, but to the extent we succeed at that, it probably leads to us being the leader sometime down the road.” More »

Trudeau’s comments on Canadian offshore industry disappoint key trade group

On September 3rd, Prime Minister Justin Trudeau spoke with VOCM Open Line host Paddy Daly who asked pointed questions about supporting the Newfoundland and Labrador offshore oil and gas industry. The responses of the prime minister did not provide any commitment or clarity, despite months of a crisis in the offshore, advocacy by the Newfoundland and Labrador Oil and Gas Industries Association (Noia), as well as information sharing by Noia, the Government of Newfoundland and Labrador, and other stakeholders. More »

Aramco reviewing multi-billion Texas LNG terminal investment plan

Aramco is reviewing a decision last year to buy 25% of Sempra Energy’s liquefied natural gas terminal in Texas -- which would cost several billion dollars -- and has already taken some staff off the project, according to someone familiar with the matter, who asked not to be identified because they aren’t authorized to speak to the media. More »

Oil prices fall further on stronger U.S. currency and lower demand

Futures have been whipsawed by the dollar this week, with a rising U.S. currency contributing to U.S. oil’s 2.9% fall on Wednesday. After gaining to near $43 a barrel, crude has faltered as the coronavirus continues to rage in many parts of the world and the demand outlook remains uncertain. More »

Tanker carrying 2MMbbl of Kuwaiti oil ablaze off Sri Lankan coast

An oil tanker loaded with two million barrels of Kuwati crude sailing toward India’s Paradip refinery caught fire Thursday morning off Sri Lanka’s coast, raising concerns about an oil spill. More »

Hunting Releases ControlFire EFI Cartridge

Hunting’s ControlFire EFI cartridge is an inherently safe, addressable, plug-and-play detonator. The EFI, a Group III detonator as defined by API RP 67, has the highest possible safety designation in the industry. More »

Saudis send a message to the oil market with reduced U.S. deliveries

The kingdom last month loaded about 5.6 million barrels a day on to tankers, a small increase from July, vessel-tracking information compiled by Bloomberg show. Within that, an ever-smaller share went to the U.S., and import data show that deliveries in August were likely the lowest in decades. More »

Oil prices fall on lower U.S. refinery demand projections

Oil tumbled to the lowest level in more than a week with the expectation that refinery demand for crude will weaken in the fall and as investors sought refuge in a stronger dollar. More »

ADNOC and Apollo-led consortium create $5.5 billion real estate investment partnership

The strategic investment will leverage the rental income streams from select ADNOC real estate assets under a 24-year master lease agreement. The investment will unlock new pools of global institutional long-term capital for ADNOC, while supporting investment in its core business and strategic growth projects. More »

Unity awarded three-year, three platform, contract extension by UK oil and gas operator

Aberdeen-headquartered Unity has been awarded a three-year contract extension, by a UK oil and gas operator, to continue its work on three northern North Sea platforms. The contract, worth an annual six figure sum, has two additional one-year extension options. More »

Zion Oil and Gas continues pre-spud operations in Israel

Zion’s Israeli operations have completed setting the MJ02 conductor pipe to a depth of 110 feet. Cellar construction and additional engineering work continue on the pad site in preparation of the rig arrival and spud. Zion will use the same pad site as the MJ#1 well, saving valuable time and significant expense. More »

Canadian crude prices rise following diluent pipeline shutdown

Heavy Canadian crude rose after a spill led to the shutdown of a pipeline that supplies diluent to two major oil-sands sites in Alberta. More »

U.S. crude stockpiles fall for sixth straight week, sending oil prices higher

There was a positive technical signal for crude as West Texas Intermediate’s 50-day moving average rose above the 200-day marker for the first time in more than six months, forming a so-called golden cross and indicating that prices could break higher. More »

New report sets baseline to push greater progress in digitalization

Findings from the first survey of digitalization in the oil and gas industry reveal there’s a strong appetite to ensure technology is matured to improve the sector’s connectivity, efficiency and sustainability but highlight the need to promote collaborative working if these transformational changes are to become a reality. More »

Schlumberger’s North American frac exit may signal the end of the U.S. shale boom

After similar exits over the past few years by Baker Hughes and Weatherford International, Halliburton is now the sole global provider of well completions for shale, and even Halliburton has said it’s looking overseas for better growth. More »

EPA seeks to add Odessa, TX groundwater site to Superfund priority list

The U.S. Environmental Protection Agency announced the proposed addition of Northwest Odessa Groundwater site to the National Priorities List (NPL) where releases of contamination pose human health and environmental risks. The site contains contamination that is potentially threatening the Trinity/Antlers portion of the Edwards-Trinity Plateau Aquifer System in Odessa, Texas. More »

Total’s energy diversification efforts target South Korean wind farms

Total SE will team up with Macquarie Group’s green bank to develop more than 2 gigawatts of floating wind farms off South Korea, the latest push by the French oil and gas giant to diversify into clean energy. More »

Schlumberger sells its frac operations to Liberty Oilfield Services for 37% equity stake

Liberty Oilfield Services Inc. and Schlumberger announced an agreement for the contribution of Schlumberger’s onshore hydraulic fracturing business in the United States and Canada, including its pressure pumping, pumpdown perforating, and Permian frac sand businesses to Liberty, in exchange for a 37% equity interest in the combined company. More »

Tenaris to expand scope of U.S. melt shop with $11M investment

Tenaris has announced an $11 million USD investment at its melt shop in Koppel, PA, to expand the plant’s size range capabilities. More »

Clariant’s O2 remover solution helps Johan Sverdrup team win Equinor’s prestigious “Hero Award”

The Johan Sverdrup is one of Norway’s largest oilfields and will, at peak production, supply 25% of the Norwegian oil supply. Production started in October 2019 where Clariant was awarded the production chemical supply contract in 2017 and has been part of the project phase supporting Equinor in the development of this giant new oil field. More »