Wood Group Sees Higher Annual Earnings
Oilfield services provider John Wood Group Plc expects higher core earnings in 2019, with strong performance in its engineering services unit in the Middle East, Asia and the Caspian region offseting slowing U.S. onshore drilling demand.The Aberdeen-headquartered company said on Thursday adjusted earnings before interest, tax, depreciation and amortization (EBITDA) is expected to be in a range of $850 million to $860 million for the year ended Dec.
CNPC Pulls Staff from Iraq Oilfield
China National Petroleum Corp (CNPC), a top investor in Iraqi oil, has withdrawn about 20 employees from the West Qurna-1 field operated by U.S. major Exxon Mobil because of tensions in the region, a company source familiar with the matter said.CNPC made the move on Sunday after last week's killing of Iranian general Qassem Soleimani in a U.S. drone strike in Iraq, the Beijing-based source said, adding that the state firm has…
Oil Hits $70 a Barrel
Oil prices rose a further 2% on Monday, pushing Brent above $70 a barrel, as rhetoric from the United States, Iran and Iraq fanned tensions in the Middle East after a U.S. air strike which killed a top Iranian military commander.Brent crude futures soared to a high of $70.74 a barrel and was at $69.74 at 0940 GMT, up $1.14, or 1.66%, from Friday's settlement.U.S. West Texas Intermediate crude was at $63.92 a barrel, up 87 cents…
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 were 877 active rigs.Even though the number of rigs drilling new wells has fallen in 2019, U.S. oil output has continued to increase.
Europe Dominates LNG Import Story in 2019
Global liquefied natural gas (LNG) production jumped in 2019, triggering oversupply and low prices that are expected to persist in 2020. Initial full-year data from LNG Edge shows exports at 355 million tonnes in 2019, up from 314.9 million tonnes in 2018.This represents the largest ever increase in production.While East Asian, especially Chinese, demand increased in 2017 and 2018 to absorb additional production, there was little change this year.
Oil Jumps After US Kills Iran's Soleimani
Oil prices jumped more than $3 on Friday after a U.S. air strike in Baghdad ordered by President Donald Trump killed the head of Iran's elite Quds Force, sparking concerns for an escalation of regional tensions and disruption to crude supplies.Brent crude rose to a peak of $69.50 a barrel, its highest since mid-September when Saudi oil facilities were attacked, and was up 3.7% or $2.43 a barrel by 1445 GMT at $68.68.West Texas Intermediate (WTI) crude was up $2.17 or 3.5% at $63.35 a barrel…
Oil on Track for Biggest Yearly Rise Since 2016
Oil fell on the last trading day of the decade on Tuesday but was still on track for monthly and annual gains, supported by a thaw in the prolonged U.S.-China trade row and Middle East unrest.Brent crude was down 74 cents at $65.93 a barrel by 1434 GMT. U.S. West Texas Intermediate (WTI) crude fell 82 cents at $60.86 per barrel.The volume of trade remained low as many market participants were away for year-end holidays.Brent has gained about 22% in 2019 and WTI has risen 34%.
Oil Prices Set for Biggest Yearly Rise Since 2016
Oil rose on the last trading day of the decade on Tuesday and was on track for monthly and annual gains, supported by a thaw in the prolonged U.S.-China trade row and Middle East unrest.Brent crude was up 11 cents at $66.78 a barrel by 1143 GMT. U.S. West Texas Intermediate (WTI) crude rose 6 cents at $61.74 per barrel.The volume of trade remained low as many market participants were away for year-end holidays.Brent has gained about 24% in 2019 and WTI has risen 35%.
Saipem Tallies $1.7 Bln Drilling Contracts
Italian oilfield services firm Saipem announced Friday it has secured approximately $1.7 billion in new and extended drilling contracts for its offshore and onshore divisions.The offshore drilling contracts relate to activities to be executed in Norway and in Angola, Saipem said in a press release.The onshore contracts encompass 19 land-rigs located in Middle East, with power between 1,500 and 2,000 horsepower, and their duration range from three up to 10 years.
DNV GL, DNO Pact on North Sea
The international accredited registrar and classification society DNV GL has been awarded a framework agreement by the Norwegian oil and gas operator DNO ASA to provide a broad portfolio of engineering and management support and verification services to support the operator, as it expands operations and developments in the Norwegian Continental Shelf (NCS).DNV GL will support DNO in enhancing safety, maintaining compliance and…
LNG Suited for Select VLCC Routes
SEA\LNG has released the results of its third investment study, which underlines liquefied natural gas (LNG) as a compelling investment solution for Very Large Crude Carriers (VLCCs) on the Arabian Gulf to China trade route.Conducted by Opsiana, the study demonstrates benefits of LNG as a marine fuel for a newbuild 300K DWT VLCC on the Arabian Gulf to China trade route, in comparison with other alternatives currently available…
Oil Consumption Tracking is All About Asia
Oil market analysts must make sense of a bewildering array of statistics about production, consumption and inventories, compiled and published with varying definitions and degrees of accuracy and timeliness.The challenge is to form an accurate and nuanced picture of the whole market capable of generating useful forecasts, without becoming lost in the insignificant details.The World Bank identifies around 200 economies in the world…
LR Bolsters Well Management Team
Lloyd’s Register announced it has made several key appointments to its wells engineering and project management consultancy following a series of major contract wins and global growth.John O’Neill brings more than 25 years’ experience in global wells projects to the newly created position of Head of Wells Delivery. Having worked predominantly across the North Sea and Middle East for BP, Shell and Schlumberger, he most recently…
SAExploration Wins $130Mln of New Projects
Houston-based global seismic services company SAExploration announced a combined $130 million of new projects in Alaska, Canada and the Middle East.According to the geophysical services provider the largest contract is valued at approximately $112 million for onshore data acquisition services to be performed on the North Slope of Alaska.The data acquisition services will be conducted over the next three winter seasons, beginning in Q1 2020.In association with this multi-year project award…
APAC to Fuel Global Wind Power
Global wind power market size increased from $71.6bn in 2010 to $96.4bn in 2018. During the 2019–2030 forecast period, significant capacity additions in the Asia-Pacific (APAC) region are expected to drive that market, increasing the market size to $124.6bn by 2030.A report from GlobalData revealed that China is the global leader in terms of both capacity additions and in terms of cumulative wind capacity in 2018. The report…
ADNOC to Buy Dozens of Rigs
The Abu Dhabi National Oil Company (ADNOC) said its drilling subsidiary will acquire dozens of rigs to support that national oil company’s upstream growth plans.In the first phase of the wider fleet expansion program, ADNOC acquired, in November 2019, four technologically advanced and UAE-built land rigs with a total value of over AED 350 million ($100 million). Following the integration of the four rigs, which will join the fleet in the first quarter of 2020…
BP, Total Pact for Adnoc LNG Supply
The state oil giant Abu Dhabi National Oil Company (ADNOC) signed agreements with BP and Total to book the majority of its liquefied natural gas (LNG) production up to the first quarter of 2022.With the transactions, ADNOC LNG has continued to expand its footprint into new regions and markets, said a press release.“With these new supply agreements, ADNOC LNG has shown that it can react quickly and decisively to changing market conditions while ensuring the security and quality of delivery,’’ said ADNOC LNG CEO, Fatema Al Nuaimi.
Wellpro Announces New Hires
Well intervention company Wellpro Group announced two new appointments as it eyes further expansion in the Eastern Hemisphere.Mark Fraser has taken up the role of Regional Manager in the Middle East, while Martin Webster has been appointed Regional Manager in Asia.Fraser and Webster bring to the company 35 years’ experience combined, and are both very knowledgeable in the thru tubing sector having worked for national, international and supermajor operators across the world.
Sandvik to Supply OCTG for ADNOC
Sandvik, a developer and producer of advanced stainless steels, special alloys, titanium and other high-performance materials, said it has entered into a long-term agreement with Tenaris to supply Oil Country Tubular Goods (OCTG) following its award from the Abu Dhabi National Oil Company (ADNOC) in August 2019.ADNOC has awarded Tenaris a long-term contract for the provision of tubulars and Rig Direct services over the next five years, with the possibility of a two-year extension.
Aramco Signs 34 EPC Contracts Worth $18bn
Saudi Aramco has signed 34 engineering, procurement and construction (EPC) related contracts (worth over US$18bn) for projects such as the Marjan and Berri field incremental development program in Saudi Arabia, during Q3 2019, according to GlobalData.The most important is ADNOC’s US$3.6bn contract for the supply of one million metric tons of casing and tubing to support exploration and production activity in United Arab Emirates…