IEA: World Must Triple Renewable Energy Spending by 2030 to Curb Climate Change
Investment in renewable energy needs to triple by the end of the decade if the world hopes to effectively fight climate change and keep volatile energy markets under control, the International Energy Agency (IEA) said on Wednesday."The world is not investing enough to meet its future energy needs ... transition‐related spending is gradually picking up, but…
US Drillers Add Oil and Gas Rigs for Fifth Week in Six
U.S. energy firms this week added oil and natural gas rigs for the fifth time in six weeks although growth in the rig count over the past few months has slowed as drillers continue to focus on capital discipline despite firmer oil prices.The oil and gas rig count, an early indicator of future output, rose three to 491 in the week to Aug. 6, energy services…
Oil Headed for Big Weekly Loss on Demand Worries
Oil prices tumbled on Friday, closing out a week of losses on worries that travel restrictions to curb the spread of the Delta variant of COVID-19 will derail global economic gains.Daily new COVID-19 cases in the United States have climbed to a six-month high and Japan and China are re-imposing restrictions to halt the spread of the virus.Brent crude oil futures fell 69 cents to $70.60 a barrel at 11:38 a.m.
Who Will Pay for the Energy Transition?
The transition from a fossil-fuel dominated energy system to one with zero emissions would require trillions of dollars of investment in new production, distribution and consumption equipment worldwide.New investments could support millions of new jobs in construction and manufacturing, but policymakers are struggling to decide whether to recover the costs from consumers or taxpayers.In most countries…
Oil Surges After OPEC+ Extends Cuts
Oil prices jumped about 3% on Friday, hitting their highest levels in over a year, following a stronger-than-expected U.S. jobs report and decision by OPEC and its allies not to increase supply in April.Brent futures rose $2.10, or 3.2%, to $68.84 a barrel by 11:25 a.m. EST (1625 GMT). Earlier in the session, the global benchmark hit its highest since January 2020.U.S.
U.S. drillers Add Oil and Gas Rigs for 4th week in a Row
U.S. energy firms this week added oil and natural gas rigs for a fourth week in a row as producers keep returning to the wellpad with crude prices trading above $45 a barrel since late November.The oil and gas rig count, an early indicator of future output, rose by eight to 346 in the week to Dec. 18, the highest since May, energy services firm Baker Hughes Co said in its closely followed report on Friday.That was still 467 rigs…
US Oil Rig Count Rises for First Week Since March
U.S. energy firms cut the number of oil and natural gas rigs operating to a record low for a 12th week in a row, although they added one oil rig in the first weekly increase since March as a recovery in crude prices tempt some producers back to the well pad. The U.S. oil and gas rig count, an early indicator of future output, fell by two to an all-time low of 251 in the week to July 24…
'This could be the one that gets me,' Says Oilfield Service Veteran
Tim Harris was preparing to relocate for an assignment with energy services firm Halliburton Co for the fifth time in 15 years when his career came to a halt.A third-generation employee, Harris rose through the ranks at the top shale-oil services provider to oversee oilfield crews. He sailed through several busts, with the exception of a 9-month break in 2016.But April's historic price crash, which has left U.S.
Oil Prices Up as Faith in Supply Cuts Grows
Oil prices rose on Tuesday, supported by growing confidence that producers are following through on commitments to cut supplies and as fuel demand picks up as coronavirus lockdowns ease.Brent crude futures were up 1.4%, or 48 cents, at $36.01 a barrel by 1210 GMT.U.S. West Texas Intermediate (WTI) crude futures gained 2.3%, or 75 cents, to $34. There was no WTI settlement on Monday because of the U.S.
Oil Steadies as Demand Uncertainty Tempers Supply Cuts
Oil prices, which have been driven higher for the past four weeks, were steady on Monday, with holidays in Singapore, London and New York dampening trade, as rising concerns over demand recovery offset supply cuts.Brent had eased by 5 cents, or 0.14% to $35.08 a barrel by 1014 GMT, while U.S. oil gained 14 cents, or 0.42% to $33.39 a barrel. Both are down around 45% so far this year."Uncertainty around the current travel patterns in the U.S.
IOG Taps Subsea 7 for North Sea Project SURF
Offshore installation company Subsea 7 has won a contract by Independent Oil and Gas (IOG) to provide Subsea, Umbilicals, Risers, and Flowlines (SURF) for Phase 1 of IOG's Core Project in the UK Southern North Sea.Subsea 7 will be responsible for the project management, engineering, procurement, construction, and installation of 35km of flow lines between the IOG's Southwark…
NOIA Elects Cobb, McCarroll to Board Leadership Roles
The National Ocean Industries Association (NOIA) Board of Directors has elected Galen Cobb, Vice President of Industry Relations of Halliburton, as Chairman and Matt McCarroll, President & CEO of Fieldwood Energy, as Vice Chairman for the 2020-21 term. Cobb and McCarroll were confirmed in their positions during a virtual Board Meeting today.NOIA President Erik Milito said…
Oil Drops after Saudi Arabia, Russia Delay Meeting on Output Cuts
Oil prices slipped on Monday, after Saudi Arabia and Russia delayed a meeting to discuss output cuts that could partly alleviate oversupply in global markets as the coronavirus pandemic pummels demand.Brent crude slipped close to $30 a barrel in early trade and was at $33.45 by 0532 GMT, down 66 cents, or 1.9%. West Texas Intermediate crude fell 98 cents…
Quality Companies Appoints Nunnally as CEO
Quality Companies has announced John Clay Nunnally will move from his role as chief financial officer (CFO) to chief executive officer (CEO).Nunnally was previously CFO for Quality Companies and co-owner, president and CFO of Quality Companies’ Zadok Technologies, the international leader in electrical and instrumentation services. The new Quality Companies management team is comprised of John Clay Nunnally…
Vattenfall, TuuliWatti to Balance Finnish Wind
European energy company Vattenfall has signed a five-year energy services agreement with the largest Finnish wind power producer TuuliWatti that includes the latter’s total wind power production in Finland.The agreement, which started on 1 January, entails forecasting, trading and balancing services for TuuliWatti’s total wind power production in Finland.Currently…
US Drillers Cut Oil Rigs
U.S. energy firms reduced the number of oil rigs operating for the second straight week as producers follow through on plans to slash spending on new drilling.Drillers cut 7 oil rigs in the week to Jan. 3, bringing the total count down to 670, energy services firm Baker Hughes Co said in its closely followed report on Friday.In the same week a year ago, there…
U.S. Drillers Add Rigs for First Month in 13
U.S. energy firms reduced the number of operating oil rigs for the first time in three weeks as producers follow through on plans to slash spending on new drilling.Drillers cut 8 oil rigs in the week to Dec. 27, bringing the total count down to 677, the lowest since the week to Nov. 15, energy services firm Baker Hughes Co said in its closely followed report on Friday.
U.S. Drillers Add Most Rigs Since Feb 2018
U.S. energy firms added the most oil rigs this week since February 2018 - primarily in the Permian shale - even though producers have been reducing spending on new drilling for much of this year.Companies added 18 oil rigs in the week to Dec. 20, bringing the total count to 685, the most since early November, energy services firm Baker Hughes Co said in its closely followed report on Friday.In the same week a year ago…
U.S. Drillers Add Rigs for first Week in Eight
U.S. energy firms added rigs for the first time in eight weeks even as producers follow through on plans to reduce spending on new drilling.Companies added 4 oil rigs in the week to Dec. 13, bringing the total count to 667, energy services firm Baker Hughes Co said in its closely followed report on Friday.In the same week a year ago, there were 873 active rigs.That keeps the oil rig count on track to fall for the first year since 2016.
Oil Edges Lower on U.S. Crude, Gasoline Build
Oil eased on Wednesday after a report showing U.S. crude inventories grew unexpectedly last week and gasoline stocks surged, but losses were limited by optimism that a U.S.-China trade deal would be reached soon.Brent crude futures fell 34 cents, or 0.5%, to $63.93 a barrel by 1:14 p.m. EST (1814 GMT). U.S. West Texas Intermediate crude fell 34 cents, or 0.8%…
