Monday, May 20, 2019

Energy Services News

TAQA Buys Schlumberger Rigs for $415mln

Image: TAQA KSA.

Saudi Arabia’s Industrialization and Energy Services Company (TAQA) announced that its drilling subsidiary, Arabian Drilling Company (ADC), has agreed to acquire Schlumberger’s Middle East drilling rigs business in Kuwait, Oman, Iraq and Pakistan for $415 million (SR1.56 billion).This acquisition will add 18 rigs to ADC fleet and welcomes more than 1,000…

US Rig Count Dips

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U.S. energy firms this week reduced the number of oil rigs operating for the first time in three weeks as production growth forecasts from shale, the country's largest oil fields, continue to shrink.Drillers cut eight oil rigs in the week to April 18, bringing the total count down to 825, General Electric Co's Baker Hughes energy services firm said in its…

US Rig Count Climbs

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U.S. energy firms this week increased the number of oil rigs operating for the first time in seven weeks after oil futures soared nearly 40 percent this year.Companies added 15 oil rigs in the week to April 5, the biggest increase since May, bringing the total count to 831, General Electric Co's Baker Hughes energy services firm said in its closely followed…

US Rig Cuts Continue

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U.S. energy firms this week reduced the number of oil rigs operating for a fifth week in a row to its lowest in nearly a year as independent producers follow through on plans to cut spending on new drilling with the government cutting its growth forecasts for shale output.Drillers cut nine oil rigs in the week to March 22, bringing the total count down to 824…

Saipem Push with US Drillers Draws a Blank

(File photo: Saipem)

Italian oil services company Saipem is trying to lure big U.S.

US Rig Count Lowest Since April 2018

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U.S. energy firms this week reduced the number of oil rigs operating for a fourth week in a row with drilling slowing to its lowest in nearly a year, prompting the government to cut crude output growth forecasts.Drillers cut one oil rig in the week to March 15, bringing the total count down to 833, the lowest since April 2018, General Electric Co's Baker…

U.S. Drillers Cut Rigs to Lowest Level since May

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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, General Electric…

US Rig Count Lowest Since May 2018

File Image: an idled oil rig in a shipyard (CREDIT: AdobeStock / © Nightman

U.S. energy firms this week cut the number of oil rigs operating to the lowest in almost nine months as some producers follow through on plans to cut spending despite an over 20-percent increase crude futures so far this year.Drillers cut 10 oil rigs in the week to March 1, bringing the total count down to 843, the lowest since May 2018, General Electric…

US Rig Count Climbs

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U.S. energy firms this week increased the number of oil rigs operating for a second week in a row amid concerns that crude supplies will swamp global demand as U.S. output keeps growing from record levels.Companies added three oil rigs in the week to Feb. 15, bringing the total count to 857, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday.The U.S.

US Drillers Add Oil Rigs Again

File Image: AdobeStock / © Mike Mareen

U.S. energy firms this week increased the number of oil rigs operating for the second time in three weeks after oil prices soared over 18 percent in January.Companies added 7 oil rigs in the week to Feb. 8, bringing the total count to 854, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday.The U.S. rig count…

Proserv Acquires SGC Metering

Photo: Proserv

The  global energy services company has announced the acquisition of SGC Metering from Petrofac.SGC Metering is a specialist in the design and manufacture of flow computer metering systems for the oil and gas industry. It provides expertise right across the full life cycle of a metering project, including conceptual design through to installation, operations…

Oil Falls as U.S. Adds New Rigs, China Weakness

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Oil fell nearly 2 percent on Monday after U.S. companies added rigs for the first time this year, a signal that crude output may rise further, but the price is still on course for its strongest January gain for 14 years.Further weighing on oil markets, the trade dispute between the United States and China looks unlikely to end anytime soon and its impact…

US Drillers Add Rigs

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U.S. energy firms this week increased the number of oil rigs operating for the first time this year but the rig count in January fell the most in a month since April 2016, as the boom in the Permian, the nation's biggest shale oil formation, cools.Companies added 10 oil rigs in the week to Jan. 25, bringing the total count to 862, General Electric Co's Baker…

Oil Rises as Investors Latch on to OPEC Cuts, Supply Outlook

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Oil rose on Monday, reversing earlier losses, as investors latched on to positive supply-side drivers for the market, although concern about the wider economy simmered in the background after data pointed to a slowdown in China.Brent crude oil futures were up 12 cents at $62.82 a barrel by 1520 GMT, while U.S. crude futures were up 9 cents at $53.89 a barrel.Analysts said a more robust backdrop for financial markets…

Oil Prices Edge Up

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Oil prices edged up on Monday, supported by ongoing supply cuts from producer club OPEC and Russia and by a drop in U.S. drilling activity.International Brent crude oil futures were at $60.75 per barrel at 0040 GMT, up 27 cents, or 0.5 percent, from their last close.U.S. West Texas Intermediate (WTI) crude futures were up 22 cents, or 0.4 percent, at $51.81…

US Rig Count Climbs

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U.S. energy firms added oil rigs for a second week in a row even as oil prices fell to 1-1/2-year lows and headed for losses of more than 20 percent this year.Drillers added 2 oil rigs in the week to Dec. 28, bringing the total count to 885, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday.For the month the rig count fell by 2, its first decline in six months.

US Rig Count Rises for First Week in Three

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U.S. energy firms added oil rigs for the first time in the past three weeks despite sharp declines in crude futures prices to their lowest since the summer of 2017.Drillers added 10 oil rigs in the week to Dec. 21, bringing the total count to 883, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday. This was…

Three60 Acquires North Sea Construction and Commissioning

Walter Thain, Group CEO. Photo: Three60 Energy

Australian energy services group Three60 Energy  has acquired Aberdeen-based North Sea Construction and Commissioning (NSCC) for an undisclosed sum. This is now the fourth company to be added to the fast-developing energy services group which now employs over 320 people.Established in 2017, NSCC specialises in the provision of construction, mechanical completion…

Oil Rallies but Oversupply, Economic Growth Weigh

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Oil prices rose on Monday after a key Middle East oil minister suggested the market was rebalancing, but investor sentiment remained under pressure from oversupply and concern over the prospects for global economic growth and fuel demand.Brent crude oil was up 30 cents a barrel at $60.58 by 1430 GMT. U.S. light crude was 10 cents higher at $51.30."Oil prices are regaining some ground on the back of bullish rhetoric from OPEC officials…

Oil Slips 2 Percent

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Oil prices dropped about 2 percent on Friday, weighed down by a falling U.S. stock market, while weak economic data from China pointed to lower fuel demand in the world's biggest oil importer.Brent crude futures for February delivery fell $1.16 to $60.29 a barrel, a 1.9 percent loss, by 1:15 p.m. ET (1815 GMT). U.S. West Texas Intermediate (WTI) crude futures fell $1.24 to $51.34 a barrel…