Only 10% of Shale Firms Reports Positive Cash Flow
Only four, out of the financial performance of 40 dedicated US shale oil firms under study, reported a positive cash flow balance in the first quarter of 2019, bringing down the share of companies with a positive cash flow balance from the recent norm of around 20% to just 10%.Nine in ten US shale oil companies are burning cash…
'We Are the Rightful Owners' of Anadarko -Oxy CEO
Occidental Petroleum Chief Executive Vicki Hollub on Friday touted her $38 billion deal for Anadarko Petroleum Corp and defended the pricey terms she negotiated in a 90-minute session with billionaire investor Warren Buffett to secure the deal without seeking shareholder approval.Hollub, 59, beat out larger rival Chevron Corp with…
U.S. Drillers Cut Rigs to Lowest Level since May
U.S. energy firms this week cut the number of oil rigs operating for a third week in a row to the lowest level in 10 months as independent producers follow through on plans to cut spending even though oil majors plan to spend more.Drillers cut nine oil rigs in the week to March 8, bringing the total count down to 834, the lowest since May…
Top Citgo Executives Removed as PDVSA Chaos Continues
Citgo Petroleum Corp has removed at least three top executives close to Venezuelan President Nicolas Maduro, people familiar with the matter said on Monday, in a move to cement management control under a new board of directors.The U.S. refining arm of Venezuelan state-run oil company PDVSA has been thrust in recent weeks into the…
India's Thermal Coal Imports Could Rise 10 pct in 2019
India's thermal coal imports could rise by about 10 percent in 2019 due to rail transport problems and other logistical bottlenecks, an executive at the country's largest coal trader Adani Enterprises said on Tuesday.Thermal coal imports rose in 2018 after two years of decline, despite moves by Prime Minister Narendra Modi’s government…
Total Plans Biggest Exploration Drive in Years
Total is launching its biggest exploration campaign for years in 2019 as part of a turnaround plan that is ditching the company's focus on risky long-shots in favor of areas known to contain commercial levels of oil or gas.The French major aims to drill 23 wells this year, its senior vice president for exploration, Kevin McLachlan…
Prelude FLNG Starts Production in Australia
Royal Dutch Shell said on Wednesday it has begun output at its Prelude floating liquefied natural gas (FLNG) facility in Australia, the world's largest floating production structure and the last of a wave of eight LNG projects built in the country over the last decade.Though the project started up later and cost more than originally estimated…
HydraWell Executes Valhall Field Plugging Program
Norwegian oil and gas services company HydraWell has contributed towards Aker BP executing its plugging programme significantly quicker than planned through utilisation of the PWC(Perforate, Wash & Cement) plug and abandonment method (P&A) on the Valhall field.A press release from the company pointed out that since May 2017, HydraWell…
U.S. Calls on Hungary and Neighbors to Shun Russian Gas Pipelines
U.S. Energy Secretary Rick Perry called on Hungary and its neighbours to reject Russian gas pipelines which Washington says are being used to cement Moscow's grip on central and eastern Europe.Energy diversification would be crucial for the region, as Russia has used energy as a weapon in the past, he said."Russia is using a pipeline…
Largest-ever Bismuth Plug Deployed
Metal-to-metal downhole sealing solutions provider BiSN said it recently deployed the largest-ever bismuth plug in the Valhall A-30 well, Norway, in conjunction with AkerBP and Altus Intervention.BiSN’s Wel-lok M2M technology – which can be utilized during well and rigless well abandonment – was deployed via E-line in collaboration…
HydraWell Completes TAQA Decommissioning
The manufacturer of specialty equipment for the oil and gas industry HydraWell has completed an offshore decommissioning project for TAQA in the Netherlands.The plugging job was conducted at one of the fields connected to the TAQA-operated P15 platform, situated approximately 35 kilometres north-west of Hoek of Holland. The dual casing Perf, Wash and Cement job was conducted from the Maersk Resolute.
BiSN Deploys Largest-ever Bismuth Plug
BiSN, the provider of metal-to-metal downhole sealing solutions, has achieved a world first in conjunction with AkerBP and Altus Intervention, through the successful deployment of the largest-ever bismuth plug.Following over a year of development, BiSN’s award-winning Wel-lok M2M technology – which can be utilised during well and…
Technology Centre Mongstad Sign MoU with DNV GL for CO2 Capture Technology
The world’s largest testing facility for carbon capture, Technology Centre Mongstad (TCM), has signed a collaborative agreement with DNV GL to deliver advisory and verification services for CO2 capture technology.According to a press release from the quality assurance and risk management company, the new global advisory partnership…
Baker Hughes Acquires 5% of ADNOC Drilling for $550 Mln
Baker Hughes, the world's second-largest oil services company, will take a 5 percent stake in Abu Dhabi National Oil Company's (ADNOC) drilling unit for $550 million under a tie-up announced on Monday.Baker Hughes (BHGE) becomes the first foreign company to take a stake in one of state-owned ADNOC's services companies under the…
DeltaTek Announces Inaugural North Sea Contract Win
Well construction specialist, DeltaTek Global continues its upward trajectory during 2018, with the award of a two-year contract from Aberdeen-based operator, Siccar Point Energy.Operating on a call off basis – and with an optional contract extension - DeltaTek will provide cementing services via its SeaCure technology, in support…
Circulation Tool Helps Operators Cut Rig Time
With more than 1600 runs and 730 activations, operators across the globe are cutting rig time by deploying the DAV MX CircSub, the flagship tool from specialist oilfield service company, Churchill Drilling Tools. Run in hundreds of wells every year and recognized for its reliability, resilience and versatility, the dart activated…
Trump Bets on New European LNG Terminals
U.S. President Donald Trump expects the European Union to fund 9 to 11 liquefied natural gas (LNG) ports to absorb "vastly" more shipments from the United States but current EU investment in new projects will only help open small markets.In a White House press conference with Italian Prime Minister Giuseppe Conte late on Monday…
Africa's Richest Man Arranges $4.5 Bln of Financing for Oil Refinery
Africa's richest man, Aliko Dangote, has arranged more than $4.5 billion in debt financing for his Nigerian oil refinery project and aims to start production in early 2020, he told Reuters.Dangote, who built his fortune in cement, is building the world's largest single oil refinery with capacity of 650,000 barrels per day (bpd)…
Turkey's Gama in Talks About Selling Energy Stake
Turkish conglomerate Gama Holding is in talks with Malaysia's Tenaga Nasional and other potential buyers about a sale of its 50.5 percent stake in its Gama Enerji energy unit, three sources said, as part of a $1 billion debt restructuring.Gama, which has businesses spanning oil, cement, petrochemicals and natural gas, is the latest…
LNG Carrier Seri Camar Delivered to MISC
Malaysian shipping firm MISC Group has taken delivery of Seri Cemara, the final vessel in a series of five MOSS-Type liquefied natural gas (LNG) carriers built for long-term charter to Petronas.The 150,200 CBM LNG carrier has been built for MISC by South Korean shipbuilder Hyundai Heavy Industries Co., Ltd. (HHI). Upon its delivery…
