Tuesday, March 28, 2017

Genoil Bolsters Management Team

Genoil Inc. (GNOLF), the publicly traded clean technology engineering company for the petroleum industry, has announced the addition of a special adviser to its management team with the appointment of Douglas A. Phillips, CPA, who joins Genoil to provide strategic input on major transactions and provide advice to top management. Phillips has a distinguished track record in business counsel, having served a wide variety of domestic and foreign companies in the areas of accounting and auditing…

Trump to Reverse Many Obama-era Climate Policies

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U.S. President Donald Trump will sign an executive order on Tuesday to undo a slew of Obama-era climate change regulations, a move meant to bolster domestic energy production and create jobs, but environmentalists say the order is dangerous and vow to challenge it in court. The decree's main target is former President Barack Obama's Clean Power Plan, requiring states to slash carbon emissions from power plants - a critical…

Top Trading Houses Weigh in at Commodities Conference

Top executives from the world's largest commodity trading houses discuss trends in trading at the FT Commodities Global Summit in Lausanne, Switzerland, this week. "Trade policies coupled with foreign aid and sound development policy is critical. "We all have to make the case for free trade," he said, arguing that "we have to help political leaders speak to their base". MacLennan has yet to be invited to meet U.S. President Donald Trump but would engage in debate with the U.S. administration over trade and immigration.

Market Share or High Price? Saudis, Russia Mull Dilemma

File Image: A shale operation in the United States. (CREDIT: AdobeStock)

Saudi Arabia and Russia are likely to discover that when pursuing two incompatible goals, the one deemed less important will ultimately be sacrificed. The world's top two oil exporters appear to be chasing both higher crude prices through their curbs to production and market share by increasing exports, at least in Asia, the world's biggest crude importing region and the fastest growing. The question is which of these two goals will ultimately be abandoned in favour of the other…

Goldman Takes on Brent Spreads: Kemp

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Progress towards oil-market rebalancing and the need for an extension of production cuts by OPEC and non-OPEC countries has become the most contentious issue in the oil market. "We believe that the rebalancing of the oil market is in fact making progress despite the record high U.S. crude inventories," Goldman Sachs analysts said in a note to clients on Sunday. Goldman expects oil stocks in the OECD to fall to the five-year average in terms of demand cover by the end of 2017…

Goodhart's Law and OPEC's output deal: Kemp

No evidence has emerged of cheating on the OPEC/non-OPEC production agreement so far. But Goodhart's Law is a reminder traders should expect countries to try to circumvent any target once it has been chosen. Goodhart's Law states that any observed statistical regularity will tend to collapse once pressure is placed upon it for control purposes ("Monetary Theory and Practice", Goodhart, 1983). Charles Goodhart was a Bank…

Oil Near $50 on OPEC Cut Doubts

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OPEC, non-OPEC producers review extension of production cuts. Oil fell further towards $50 a barrel on Monday, pressured by uncertainty over whether an OPEC-led production cut will be extended beyond June in an effort to counter a glut of crude. A committee of ministers from OPEC and outside producers agreed on Sunday to look at prolonging the deal, stopping short of an earlier draft statement that said the committee recommended keeping the measure in place.

Statoil's Offshore Norway Project to give 248 mln boe

File Image: a typical offshore North Sea installation (Credit: Statoil)

Statoil submits plans (PDO) for Njord extension, Bauge field; Total $2.4 bln investments, recoverable resources 248 mln boe. * Statoil's project manager Torger Roed says "we are working hard to make more decisions on new projects. Two of them are Johan Castberg and the Snorre expansion.

Asian Spot LNG Prices Slip on Weak Demand

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Asian spot LNG prices fell this week on poor demand from major gas-consuming regions despite a slew of new purchase tenders. The May spot LNG contract fell by $0.25 cents to $5.40 per million British thermal units (mmBtu), with new production coming on stream in Australia and the United States. Analysts and traders mainly blamed low demand for driving prices lower. In the Middle East, Abu Dhabi was staying on the sidelines of the market and new solar power capacity in Dubai was eroding gas demand there.

BP Awards Gulf of Mexico Work to Subsea 7

Subsea 7 said it was awarded a contract by BP as part of the deepwater Mad Dog 2 development, located approximately 190 miles south of New Orleans. The contract scope covers engineering, procurement, construction and installation (EPCI) of the subsea umbilicals, risers and flowlines (SURF) and associated subsea architecture. Subsea 7 has worked closely with BP to deliver a lump sum integrated solution from design through to supply, installation and commissioning.

All Drill, No Frack: US Shale Leaves Thousands of Wells Unfinished

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U.S. shale producers are drilling at the highest rate in 18 months but have left a record number of wells unfinished in the largest oilfield in the country – a sign that output may not rise as swiftly as drilling activity would indicate. Rising U.S. shale output has rattled OPEC's most influential exporter Saudi Arabia and pushed oil prices to a near four-month low on Wednesday. U.S. production gains are frustrating Saudi-led attempts by the world's top oil exporters to cut supply…

Russian private oil companies swing behind output cuts

Russia's private oil producers are ditching their scepticism and lining up behind an extension of a global deal to cut output after previous oil price increases compensated for lost income. Oil prices have risen since November when the Organization of the Petroleum Exporting Countries (OPEC) reached its first deal to lower output since 2008, with some non-OPEC producers, including Russia, joining the move. A decision on whether Russia backs an extension will ultimately be taken in the Kremlin…

Statoil Wins Licences Off UK, 'Resets' Exploration Off U.S.

Norway's Statoil was the second top bidder for 13 oil exploration leases in the U.S. Gulf of Mexico and won six licences offshore Britain, it said on Thursday, in a sign it may be looking to boost reserves after slashing costs. Statoil bid a total of $44.5 million for 13 licences in the U.S. Gulf of Mexico, coming second only to Shell and ahead of Hess Corp, Chevron and Exxon, the latest auction results showed. The company…

$1.2 mln Funding to Encourage O&G Innovation

Ben Foreman (Photo: ITF)

The Industry Technology Facilitator (ITF) and the Oil & Gas Innovation Center (OGIC) have joined forces to fund and support the development of innovations which could reduce costs, raise production efficiency, and improve safety and environmental performance. OGIC has made $1.2 million available to support companies with projects that require research and development to be undertaken at a Scottish university. OGIC can…

Oil Hovers Above Four-month Lows, Inventories Curb Recovery

Oil prices hovered above four-month lows on Thursday, with a recovery reined in by investor concerns that OPEC-led supply cuts were not yet reducing record U.S. crude inventories. Benchmark Brent crude oil was trading at $50.49 a barrel by 1315 GMT, down 15 cents on the day but still above Wednesday's slide to $49.71, its lowest level since Nov. 30 when OPEC announced plans to cut output. U.S. light crude slipped 18 cents at $47.86. Brent remains well below this year's high above $58, reached shortly after Jan.

Top LNG Buyers Form Alliance to Push for Flexible Contracts

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The world's biggest liquefied natural gas (LNG) buyers are clubbing together to secure more flexible supply contracts in a move that further shifts power to buyers rather than producers. Japan, China and South Korea are the world's biggest LNG importers, accounting for about 55 percent of global purchases, according to data from energy consultancy Wood Mackenzie. The countries' biggest respective buyers are joining together…

CNOOC Reports Worst Result Since At Least 2011

File photo: CNOOC

China's offshore oil and gas producer CNOOC Ltd reported its worst annual result since at least 2011, with revenue from its core oil and gas business tumbling 17 percent last year, but it expects to raise output 2017 as oil prices rebound. CNOOC reported a net profit of 637 million yuan ($92.5 million) in 2016, down nearly 97 percent from 20.2 billion yuan in profit in 2015. Total revenue from oil and gas fell to 121 billion yuan from 147 billion yuan in 2015.

As Trump Targets Energy Rules, Oil Companies Downplay their Impact

President Donald Trump (Official White House photo)

President Donald Trump’s White House has said his plans to slash environmental regulations will trigger a new energy boom and help the United States drill its way to independence from foreign oil. But the top U.S. oil and gas companies have been telling their shareholders that regulations have little impact on their business, according to a Reuters review of U.S. securities filings from the top producers. In annual reports to the U.S. Securities and Exchange Commission, 13 of the 15 biggest U.S.

Libyan Oil Output Rises after Port Fighting Ends

Libya's oil production has reached 700,000 barrels per day (bpd), the National Oil Corporation (NOC) said on Wednesday, recovering from a drop earlier this month caused by fighting at two key oil ports. "We are working very hard to reach 800,000 barrels by the end of April 2017, and, God willing, we will reach 1.1 million barrels next August," NOC Chairman Mustafa Sanalla was quoted as saying in a statement. The NOC said in a separate statement it hoped to produce 55…

Maersk Reaches Key North Sea Tax Deal with Denmark

File photo: Maersk Oil

Shipping and oil company A. P. Moller-Maersk on Wednesday reached an agreement with the Danish state that means it will pay less tax on its North Sea oil and gas activities through 2025. The deal, which has been under negotiation for months, makes it viable to redevelop the Tyra field through which 90 percent of Denmark's gas production is processed, and it is seen as crucial for the Danish company that is seeking to spin off its energy assets via a listing or merger.

US to Offer 48 Mln Acres in Next Gulf Lease Sale

The U.S. Department of Interior and the Bureau of Ocean Energy Management will conduct a lease sale on Wednesday, March 22, 2017, offering 48 million acres in federal waters offshore Louisiana, Mississippi and Alabama for oil and gas exploration and development. Lease Sale 247, which includes all unleased and non-protected areas in the Central Gulf of Mexico Planning Area, will be livestreamed to the public via the Bureau of Ocean Energy Management website.

New Projects, Shale Boom Could Trigger Oil Oversupply

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New production projects and a fresh shale boom could boost oil output by a million barrels per day (bpd) year-on-year and result in an oversupply in the next couple of years, according to Goldman Sachs. "2017-19 is likely to see the largest increase in mega projects' production in history, as the record 2011-13 capex commitment yields fruit," the U.S. investment bank said in a research note on Tuesday. OPEC's landmark…

Wintershall Says Ready to Continue Supporting Nord Stream 2

Wintershall , one of the former western partners of Russia's Gazprom in the ongoing Nord Stream 2 pipeline project, on Wednesday said it was still looking for ways to support the plan after opposition by Poland last year prompted it to withdraw from the plan. "We are still prepared to weigh in on this project and I am optimistic that we will find a good solution," Chief Executive Mario Mehren told reporters at the Kassel headquarters.

US O&G Industry Reaps the Benefits of International Trade

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Rising exports have thrown a lifeline to U.S. shale producers and refiners, giving them an additional outlet at a time when the domestic market has been at risk of becoming saturated. The United States exported record quantities of natural gas, propane, gasoline, distillate fuel oil and light crude last year while continuing to import the heavy oils needed by its refineries. Gas exports increased by almost 30 percent in 2016 and have more than tripled in the last decade…

Oil Advances on Talk of Extension to OPEC Cuts, Inventories Weigh

Oil prices edged higher on Tuesday, helped by expectations that OPEC-led output cuts would be extended beyond June, though gains were capped by persistently high crude inventories. The Organization of the Petroleum Exporting Countries and some non-OPEC producers agreed to curb production from Jan. 1 by 1.8 million barrels per day (bpd) for six months to drain crude from record stockpiles. But inventories remain stubbornly large. Investors were awaiting U.S.

DONG Energy Wins Order to Sell Onshore Wind Power in the UK

Photo: DONG Energy

Danish utility and wind farm developer DONG Energy has signed an agreement with Britain's Banks Renewables, in what would be its first move into distributing onshore wind in the UK, the company said on Tuesday. The 15-year order includes buying power from three onshore wind farms under development by Banks Renewables, a unit within UK land developer Banks Group, and reselling it on the UK's power market. "This is the…

OPEC Leans Toward Oil Cut Extension, But Non-members Need To Be In

OPEC oil producers increasingly favour extending beyond June a pact on reducing crude supply to balance the market, sources within the group said, although Russia and other non-members need to remain part of the initiative. The Organization of the Petroleum Exporting Countries is curbing its output by about 1.2 million barrels per day (bpd) from Jan. 1 for six months, the first reduction in eight years. Russia and other non-OPEC producers agreed to cut half as much.

Oil Falls As Investors Cut Bullish Bets On Worries Over US Output

Oil fell on Monday as investors continued to unwind bets on higher prices after record cuts last week because of concerns that growing U.S. oil output could hamper an OPEC-led deal on production reductions. Benchmark Brent crude futures were down 31 cents at $51.45 a barrel by 1409 GMT. U.S. West Texas Intermediate (WTI) crude futures fell by 52 cents to $48.26. "Speculative investors have thrown in the towel, it seems.

Russia Could Double Gasoline Exports After Capacity Boost

Russia could double gasoline exports in coming years due to a leap in its refining capacity and a falloff in domestic demand, which could worsen a fuel overhang in Europe, according to experts and Reuters calculations. Russian gasoline exports jumped by more than 15 percent last year to 3.35 million tonnes thanks to a $50 billion modernisation programme which Russian refineries began in 2011 in response to domestic gasoline shortages.

Aker Solutions Secures Work for Njord A Upgrade

Photo: Thomas Sola / Statoil

Aker Solutions will provide design engineering for the upgrading of the semi-submersible Njord A platform in Norway. The company will as a subcontractor of Kvaerner take part in upgrading the platform after operator Statoil exercised an option in an agreement awarded in April 2016. The option is for work in the engineering, procurement and construction phase of the project. Aker Solutions' share of the work is valued at about NOK 1 billion and will be booked in the company's first-quarter orders.

IEA Finds CO2 Emissions Flat for Third Straight Year

Global energy-related carbon dioxide emissions were flat for a third straight year in 2016 even as the global economy grew, according to the International Energy Agency, signaling a continuing decoupling of emissions and economic activity. This was the result of growing renewable power generation, switches from coal to natural gas, improvements in energy efficiency, as well as structural changes in the global economy.

Russia to Add More Gasoline Refining Capacity in 2017

Five Russian refineries are expected to finish upgrades of their gasoline production units this year, with the new capacity potentially allowing Russia to boost exports of high-octane gasoline, according to Reuters calculations and trading sources. Following the upgrades, high-octane gasoline production in Russia will have the potential to increase by up to 4.5 million tonnes a year, the calculations showed. Russian refineries produced a total of 38.3 million tonnes of high-octane gasoline last year…

Latin America Struggles to Stem Pricey Fuel Imports

Analysts expect consumption to keep growing in coming years; Mexico was the largest fuel importer from the U.S. in 2016. Latin American countries are becoming more reliant on costly fuel imports amid floundering efforts to bolster domestic oil output and expand refinery capacity. Incomplete reform projects and budget cuts that have stalled investments are aggravating the situation for many Latin American countries. For refiners in the United States…

Weaker Dollar Lifts Oil, Supplies Weigh

Saudi Arabia says OPEC cuts could be extended; non-OPEC states have not reduced in line with commitments. Oil prices rose on Friday, helped by a weaker dollar, as investors weighed the impact of OPEC production cuts against rising U.S. shale oil output and persistently high inventories. Saudi Energy Minister Khalid al-Falih said on Thursday oil output cuts by the Organization of the Petroleum Exporting Countries and non-OPEC producers could be extended beyond June if oil stocks stayed above a long-term average.

Congo Republic says GDP Growth to Rise in 2017

Congo Republic's economy is expected to grow by 1 percent in 2017, after contracting 2.1 percent last year, due to increased oil production, the government said late on Wednesday. The statement by the national monetary and financial committee said growth would be lifted by this week's start of production at Total's Moho Nord oil field, which will have a production capacity of 100,000 barrels of oil equivalent per day.

Maersk Needs Quick Deal to Avoid Tyra Shut Down

Carsten Sonne-Schmidt, chief financial officer of Maersk Oil, a unit of Danish conglomerate A. "That means we will see a fast decline in gas production. "It's a win-win situation.

India Produces More Coal but Misses Target Goals

What's more important? The fact the Coal India will once again miss its annual output target, or that it will produce over 31 million tonnes more than it did the previous year? Recent media reports have highlighted that Coal India Ltd (CIL), the state-owned behemoth that's the world's largest miner of the fuel, will likely miss its target of producing 598 million tonnes in the fiscal year ending March 31. "CIL may miss by 20 million tonnes and it should be between 570-578 million tonnes…

BP Appoints Heads of production, Drilling

BP has reshuffled its exploration and production division as the oil company readies for the biggest jump in output in its history. The British firm is launching a record number of projects this year and plans steep growth in production through 2021. The chief of the production, exploration and development unit or upstream division, Bernard Looney, has appointed several executives including a new head of production and a new head of drilling, BP told Reuters.

Oil Extends Gains as U.S. Inventories Dip

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Crude prices rebound from three-month lows; modest dip in U.S. oil inventories offers support. Oil prices rose for a second day on Thursday, supported by U.S. data showing crude inventories had dipped after rising for nine weeks and a weaker dollar after the U.S. Federal Reserve signalled it would not hike rates faster than expected. Brent crude oil was up 38 cents at $52.19 a barrel by 1050 GMT, recovering from Tuesday's slide to $50.25, its lowest level since Nov.

Workers Return to Alberta Oil Sands after Fire

The "vast majority" of workers at Syncrude's oil sands plant in northern Alberta had returned to work on Wednesday after a fire the previous day, said a company spokesman who declined to say whether production at the facility had been affected. Access to the 350,000-barrel-per-day Mildred Lake upgrading facility, however, was still restricted, spokesman Will Gibson said. He added that Syncrude was investigating the cause of Tuesday's fire.

Oil Rises on IEA H1 Deficit Forecast

IEA says patience needed in market rebalancing; U.S. data showed surprise fall in inventories. Oil prices climbed more than $1 on Wednesday, lifted by a surprise drawdown in U.S. inventories and data from the International Energy Agency (IEA) suggesting OPEC cuts should create a crude deficit in the first half of 2017. "For those looking for a rebalancing of the oil market the message is that they should be patient, and hold their nerve," the IEA said in its monthly report.

Egypt Replaces Heads of State O&G Companies

Egyptian Oil Minister Tarek al-Molla has replaced the heads of state oil company EGPC and state gas company EGAS, the Ministry of Petroleum said in a statement on Tuesday. Abed Ezz el-Regal will replace Tarek al-Hadidi, appointed in April 2016, as head of EGPC while Osama Al Bakly will take over from Mohamed al-Masry as head of EGAS. Once an energy exporter, Egypt has turned into a net importer because of declining oil and gas production and increasing consumption.

Brent Spreads Become Battleground Amid Doubts Over Oil Rebalancing

Global oil markets are gradually rebalancing, but progress has been slower and more uneven than the Organization of the Petroleum Exporting Countries and bullish hedge funds expected. OPEC as well as most commentators, crude traders and hedge funds have assumed the rebalancing of the oil market will be accompanied by a shift from contango towards backwardation in oil futures prices. Officials at the producer group have focused on the shift to backwardation as a key indicator of whether their policies are working.

Oil Drops as Hedge Funds Exit: Kemp

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Hedge funds and other money managers had barely started liquidating their record bullish position in crude oil futures and options before prices tumbled on March 8. The critical question is how much more of the position will need to be liquidated before the market stabilises again. Hedge funds still held a net long position in the three major Brent and WTI futures and options contracts amounting to 874 million barrels at the close of business on March 7 (http://tmsnrt.rs/2mRYP96).

Oil Edges off Three-Month Lows

API data on U.S. oil stockpiles in focus; oil prices have reversed most gains since Dec. Oil prices recovered modestly from three-month lows on Tuesday, with concerns persisting about rising U.S. inventories and few clear signs that OPEC will extend supply curbs beyond June. The immediate focus for investors is Tuesday's data from the American Petroleum Institute (API) about U.S. crude and product stockpiles after a bigger-than-expected climb in last week's report. Analysts see a further, albeit smaller, rise this time.

Iran Will Cap Production in H2 2017

Iran will keep its oil production cap at 3.8 million barrels per day in the second half of 2017, the country's oil minister said on Tuesday, provided other OPEC members stick to the output level they agreed in November. "If OPEC members stay committed to the agreement (on freezing output), Iran will produce 3.8 million BPD of oil in (the) second half of the current year," Bijan Namdar Zanganeh was quoted as saying by state news agency IRNA. The Organization of the Petroleum Exporting Countries (OPEC) agreed on Nov.

Consolidation – A Path to Subsea Vessel Sustainability

Graphics: Subsea Vessel Operations expenditure by Sector – 2017-2021. Source: Douglas-Westwood, World Subsea Hardware & Vessel Operations Market Forecast

In recent years, the speed with which newbuild vessels have entered the market has amplified the subsea vessel demand/supply imbalance, says a report by Douglas-Westwood London. This has been further exacerbated by sustained low oil prices, as operators defer the sanctioning of new offshore projects which could have supported vessel utilisation. As a result, the average vessel dayrates declined by an average of 35% between 2014 and 2016.

Shippers Take up Transcanada Offer to Move Natgas on Mainline

Shippers have taken up Transcanada Corp's new flat-toll offer to move natural gas on its Mainline pipe from western to central Canada, the company said on Monday. TransCanada's new offer for 1.5 petajoules of capacity per day on its Mainline system from western plays to southern Ontario came three months after shippers balked at the previous varied toll structure, which they saw as too high. In Ontario, Canadian shippers face competition from eastern U.S. shale basins like the Marcellus and Utica.

Libyan NOC Official Warns of Force Majeure at Oil Ports as Rivals Mobilize

A senior official at Libya's National Oil Corporation (NOC) warned on Monday of a possible declaration of force majeure at the Es Sider and Ras Lanuf oil terminals, as air strikes continued and rival forces mobilized fighters in the area. NOC board member Jadalla Alaokali said force majeure, a legal waiver for contractual obligations, would "likely" be declared if violence continued, though he gave no timeframe. Libya's eastern-based Libyan National Army (LNA) lost control of Es Sider and Ras Lanuf to a rival faction…

Oil Prices Drop as Hedge Funds Head for the Exit

Hedge funds and other money managers had barely started liquidating their record bullish position in crude oil futures and options before prices tumbled on March 8. The critical question is how much more of the position will need to be liquidated before the market stabilises again. Hedge funds still held a net long position in the three major Brent and WTI futures and options contracts amounting to 874 million barrels at the close of business on March 7.

Rosneft: Oil Output Cuts Might Not be Extended

Russian oil major Rosneft said on Monday there was a risk that a global oil output cuts deal would not be extended because of a lack of will on the part of the main participants and due to shale production dynamics in the United States.   "We think that in the long term global oil demand dynamics and reduced investment during the period of ultra low prices will balance the market, but that the risk of a price war resuming remains," a company spokesman told Reuters.   Reporting by Olesya Astakhova 

Gazprom delays Baltic, Sakhalin LNG projects

Eurobond prospectus seen by Reuters; new Baltic LNG plant to be commissioned in 2022-2023. Russia's Gazprom has delayed liquefied natural gas (LNG) plans on Sakhalin island and in the Baltic Sea, a Eurobond presentation showed on Monday. The delays could disrupt Russia's plans to carve out a bigger share of the global LNG market, where it aims to triple its market share of less than 5 percent by 2035. Gazprom plans to expand the Sakhalin-2 project off Russia's Pacific coast by 2023-2024…

Oil Touches Three-Month Lows

U.S. oil rig counts rise to most since September 2015. Oil hovered around three-month lows on Monday, as rising U.S. inventories and drilling activity offset optimism over OPEC's efforts to restrict crude output. Brent crude was down 7 cents on the day, at $51.30 a barrel by 1202 GMT, having hit a session trough of $50.85, its lowest level since Nov. 30. U.S. West Texas Intermediate crude (WTI) fell 15 cents to $48.34 a barrel.

Tightening Supply Supports High Thermal Coal Prices

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China's thermal coal prices rose to the highest level since mid November due to tightening supply, shrugging off concerns that prices will fall after policy makers delay introducing radical production controls. Benchmark thermal coal prices at the port of Qinhuangdao rose 2.5 percent this month to $87.6 on March 10, nearing the $90 per tonne record reached in November. Average prices in March also recorded their highest levels in at least three years.

Singapore’s Survivability

New business: Keppel has begun building dredgers like the Cristobal Colon, seen hear outside Rio de Janeiro. (Photo: copyright Jan de Nul Offshore)

Singapore’s shipyards are looking to recent investments in capacity, design and newly acquired technology to combat order declines after a decades-long offshore buildup. Sembcorp and peer Keppel are making the most of partnerships in FLNG and showing signs they’ll be okay through the downturn, helped by their gas-hungry Australasian backyard and renewed ties with old charterer parties and suppliers. With drilling contractors unable to pay for the offshore rigs they’ve ordered…

US Oil Rig Count Highest Since Sept. 2015 -Baker Hughes

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U.S. drillers added oil rigs for an eighth week in a row to the most since September 2015, extending a ten-month recovery as energy companies boost spending to take advantage of a recovery in crude prices since OPEC agreed to cut production late last year. Drillers added eight oil rigs in the week to March 10, bringing the total count up to 617, versus 386 rigs a year ago, energy services firm Baker Hughes Inc said on Friday.

Aiteo Growing O&G Production in Nigeria

Photo: Aiteo Group

Integrated energy group Aiteo has announced a peak production of 90kpod a year after its acquisition of sub-Sharan Africa’s reputedly largest onshore oil bloc OML 29. Aiteo acquired OML 29 in September, 2015 when oil major Shell Petroleum Development Company (SPDC) fully exited the facility. At the time of the divestment, average production was 23Kbpod. But Aiteo, one of the frontline sponsors of the justconcluded 16th Oil and Gas (NOG) Conference held in the country’s capital Abuja…

OPEC's Hope for Goldilocks Price Fade: Kemp

File Image: CREDIT GearSTD AdobeStock

CERAWeek has exposed all the contradictions at the heart of OPEC’s attempt to rebalance the oil market without rekindling the shale boom or conceding too much market share to rivals. The oil industry conference in Houston started with a celebration of higher prices, progress towards drawing down global stockpiles, and optimism about the outlook for shale producers. But it ends with the biggest daily fall in prices for more than a year…

Oil Industry Renews Deepwater Quest

File Image: The Harvey Deepsea, operated by Harvey Gulf International, a firm focused on servicing the offshore oil industry. (CREDIT: Harvey Gulf)

Oil price recovery, low service cost boost offshore exploration; firms slash costs of deepwater projects by 50 pct. Deepwater oil drilling can be expensive, time-consuming and a hard sell to investors. But the world's top energy firms are restarting their search for giant oilfields under the ocean after a two-year lull. A recovery in oil prices to about $50 a barrel from a 12-year low in 2016 is reviving oil majors' appetite for risk.

Oil Edges Off 3-month Low but Glut Persists

U.S. crude oil dropped below $50 on Thursday; sell-off triggered by record U.S. crude oil stocks. Oil prices recovered a little on Friday after dropping to their lowest in more than three months, pressured by heavy oversupply despite OPEC-led production cuts. Brent crude oil was up 30 cents at $52.49 a barrel by 1200 GMT, after falling 1.7 percent on Thursday and 5 percent the day before in its biggest percentage decline in a year. U.S. crude was up 30 cents at $49.58 a barrel.