DNO Completes $400mln Bond Placement
The Norwegian oil and gas operator focused on the Middle East and the North Sea, DNO ASA said it has completed the private placement of USD 400 million of new, five-year senior unsecured bonds with a coupon rate of 8.375 percent.The bond placement received strong investor demand across international markets and was oversubscribed, said a press release from Norway's oldest oil company. The bond issue is expected to be settled on or about 29 May 2019…
Brent Oil Climbs Toward $73
Oil prices rose on Thursday for a third day running as fears of supply disruption amid heightened tensions in the Middle East overshadowed swelling U.S. crude inventories.Brent crude futures were up $1.03 cents at $72.80 a barrel by 1344 GMT, heading for the biggest weekly rise in about three months.U.S. West Texas Intermediate (WTI) crude futures were up 83 cents at $62.85.Oil was drawing support from the risk of conflict in the Middle East, with helicopters carrying U.S. staff from the U.S.
Oil Price Risks Rise
Supply disruptions in the Middle East on top of an already tight crude market could send oil prices violently upward, said the energy research firm Rystad Energy.Two Saudi Arabian oil tankers were reportedly attacked off the coast of the United Arab Emirates this weekend, sending crude futures up sharply May 13.Bjørnar Tonhaugen, Head of Oil Market Research at Rystad Energy, says: “In the short term, the perceived risk of supply…
Oil&Gas Industry Records 1242 Contracts in Q1
The Oil and Gas industry reported 1242 contracts, of which 1178 were awarded contracts, said Quarterly Oil & Gas Industry Contracts Review.Europe, the Middle East and Africa (EMEA) region recorded the most contracts with 569 contracts, representing around 48% of the total awarded contracts in Q1 2019, followed by Americas region with 366 contracts, accounting for 31% of the total awarded contracts.Upstream sector reported 73% of the total awarded contracts, with 862 contracts.
U.S. Shale: World’s 2nd Cheapest Source of Supply in Oil
North American tight oil is emerging as the second cheapest source of new oil volumes globally, just shy of the Middle East onshore market, Rystad Energy said.The U.S. shale oil was the world’s second most expensive oil resource just four years ago, the energy research and business intelligence company pointed out.“As the majors are struggling to replace conventional liquids, a wealthy source of additional resources is tight oil…
Oil Falls Near 2% as U.S.-China Trade War Intensifies
Oil prices slipped nearly 2 percent on Tuesday, on track to fall to their lowest levels in over a month as renewed doubts over U.S.-China trade talks stoked concerns over global growth and demand even though U.S. sanctions on Iran and Venezuela tightened supply and helped stem losses.Brent futures were down $1.36, or 1.9 percent, at $69.88 a barrel by 10:39 a.m. EDT (1439 GMT), while U.S. West Texas Intermediate crude was down $1.14…
Oil Prices Fall After Trump's Tariff Threat Against China
Oil prices fell on Monday after U.S. President Donald Trump said he would sharply raise tariffs on Chinese goods this week, risking the derailment of trade talks between the world's two biggest economies.U.S. West Texas Intermediate (WTI) crude futures were at $61.68 per barrel at 1338 GMT, down 26 cents. WTI hit $60.04 earlier in the session, its lowest since March 29.Brent crude futures were broadly steady at $70.88 per barrel…
Wintershall, DEA Complete Merger
The merger between oil and gas firms Wintershall Holding GmbH and Deutsche Erdoel AG (DEA) has been completed, creating the largest independent exploration and production company in Europe.Wintershall DEA will be headquartered in Hamburg, with activities across Europe, Latin America, North Africa and the Middle East. Regulatory approvals have been granted by nine countries including Germany, Norway, the UK and Russia.“We are a European champion and are making an important contribution to Europe’s energy security…
TAQA Buys Schlumberger Rigs for $415mln
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 employees to the ADC family when the transaction is completed.The new ADC will have a fleet of 67 land and offshore rigs and a workforce of more than 5…
Oman LNG Settles $2bln Loan in Advance
Oman Liquefied Natural Gas LLC has announced that it has successfully repaid its US$2 billion loan facility obligation ahead of schedule, saving interest costs.According to Oman News Agency, the move is part of the company’s ongoing efforts to reduce financial costs and support Oman’s credit rating.The agency quoted Dr Mohammed bin Hamad al Rumhi, Minister of Oil and Gas and chairman of Oman LNG, as saying: “The early repayment…
Russia Signals OPEC Should Raise Output
One of the key Russian officials to foster a supply pact with OPEC, Kirill Dmitriev, signaled on Monday Russia wanted to raise oil output when it meets with OPEC in June because of improving market conditions and falling stockpiles.Dmitriev, head of the Russian state's direct investment fund, was the first Russian official to predict a deal with OPEC in 2016 and since then became a key defender of the pact despite pressure from domestic oil firms to drop the agreement.Dmitriev, an envoy for Moscow in the Middle East in general an
Saudi Aramco, McDermott Plan New Facility
Saudi Aramco on Tuesday signed a land lease agreement with McDermott Arabia Company to establish a facility for large scale fabrication of offshore platforms and onshore/offshore modules located within the King Salman International Complex for Maritime Industries in Ras Al-Khair, Saudi Arabia.“This facility will serve as a major engineering, procurement, construction and installation (EPCI) hub for not only the Kingdom, but for the [Gulf Cooperation Council] region…
Urquhart Joins Reactive Downhole Tools
well completion solutions provider Reactive Downhole Tools announced MOnday it has appointed Niall Urquhart as VP Eastern Hemisphere.Urquhart brings to the position more than 10 years of experience in the oil and gas sector, including project engineer for Baker Hughes, and regional sales manager - Middle East for Interwell.Mike Allen, Chief Executive Officer of Reactive, said, “The Middle East continues to be a pivotal region for Reactive and remains central to our global growth strategy.
Rising US Oil Clout on Show in Houston
A glance at the attendee list at one of the world's largest energy industry events in Houston this week left little question about the growing influence of the United States over global oil politics.Present: top U.S. diplomat Mike Pompeo. Absent: leading Saudi and Russian officials, and most OPEC nations.As the United States weans itself off foreign oil imports - thanks to booming domestic production - the complex web of politics…
Rowan Rig Wins Repsol's Guyana Well Order
The offshore drilling contractor Rowan announced that Repsol Exploracion Guyana, a unit of Spanish energy major Repsol, has signed a contract for the EXL II, a high-specification Super 116E Jack-up rig, for work in Guyana.The contract is for one well beginning in the third quarter of 2019 with a duration of approximately 45 days, said a press release from the provider of well drilling services to the petroleum industry.The EXL II is currently under contract with BP in Trinidad…
IMO 2020: Shell, HES to Resurrect Refinery
Royal Dutch Shell has struck a deal with Dutch tank terminal firm HES International to partially restart a German oil refinery mothballed since 2011 in response to new restrictions on marine fuels, two trading sources told Reuters.A new cap set by the International Maritime Organization (IMO) that will cut the sulfur content in shipping fuel to 0.5 percent from 3.5 percent from next year is set to be one of the biggest fundamental…
US to Lead Oil Supply Growth to 2024
The United States is set to drive the global oil supply growth over the next 5 years, thanks to the strength of its shale industry, triggering a rapid transformation of world oil markets, according to the International Energy Agency (IEA).IEA said that oil exports from the United States will overtake Russia and close in on Saudi Arabia, bringing greater diversity of supply, by the end of the forecast.While global oil demand growth is set to ease…
Russian Share of European Gas Growing
With gas supplies growing at a faster rate than domestic demand, Russia can increase pipeline and liquefied natural gas (LNG) exports to Europe, said a report.Russia’s gas production has been steadily increasing since the low of 611 Bcm in 2015, and reached 695 Bcm in 2018, according to a report form Rystad Energy, an independent energy research and business intelligence companyMature fields exhibit relatively high decline rates…
NOPEC Bills: Leverage for White House
For a proposed statute still at the first stage of the legislative process, with only a handful of sponsors in the U.S. Congress, the “No Oil Producing and Exporting Countries Act of 2019” (NOPEC) is generating a lot of comment.The amount of attention being paid to the proposed legislation is out of all proportion to its probability of being enacted into law - unless oil prices spike higher at some point during the remainder…
Adnoc Signs USD4bln Pipeline Deal
Abu Dhabi State-Owned Oil Company Adnoc has sealed a $4 billion midstream pipeline infrastructure deal with BlackRock, the world's largest asset manager, and private equity firm KKR & Co.The Middle East national oil company said that the transaction includes the creation of Adnoc Oil Pipelines, which will lease Adnoc's interest in 18 pipelines and give rights to transport crude and condensates from Adnoc's onshore and offshore…
