Saturday, October 20, 2018

North America News

Saudi Arabia Halts Red Sea Oil Exports after Tanker Attacks

© Lasse Pape / MarineTraffic.com

Saudi Arabia said on Thursday it was suspending oil shipments through a strategic Red Sea lane after Yemen's Iran-aligned rebels attacked two tankers in the waterway, underscoring the risk of an escalation in tensions in the region.Brent crude futures rose 59 cents to $74.52 a barrel by 1008 GMT, extending their rally into…

Shell's LNG Canada Seen as Tip of Megaproject Iceberg

Photo courtesy of Shell

The launch of a massive liquefied natural gas (LNG) export project in Canada has finally fired the starting gun on a wave of plan approvals around the world, needed to avoid a supply crunch after 2020.Royal Dutch Shell said it would export LNG from Western Canada by 2025 after approving a $14 billion project, hot on the…

ExxonMobil Readies IMO 2020 Compliant Fuel

Pic: ExxonMobil Singapore

ExxonMobil said that all its International Maritime Organization (IMO) compliant 0.5% sulfur bunker fuels developed to date are residual grades.The oil giant  has also announced specification details and confirmed that the formulations are all compatible with each other, provided that bunkering, storage and handling best…

Halliburton Revenue Beats on Higher North America Rig Count

© Volodymyr Shevchuk / Adobe Stock

Oilfield services provider Halliburton Co's quarterly revenue rose 24 percent to beat analysts' estimates on Monday as higher oil prices encouraged U.S. oil and gas producers to put more rigs to work.U.S. rig count, an early indicator of future output, stood at 858 in the week to July 20, according to a Baker Hughes report…

Schlumberger CEO Says Permian Growth Could Be Lower

© FerrezFrames / Adobe Stock

Schlumberger NV Chief Executive Officer Paal Kibsgaard said on Friday that growth in the Permian basin could be lower than anticipated, and that pricing and demand for oilfield services in North America will remain soft in the fourth quarter.He also said on a conference call with analysts the main challenge in the Permian basin is going to be reservoir and well performance.Reporting by John Benny

Oil at 2014 Highs on Iran Sanctions, NAFTA Deal

© Jim / Adobe Stock

Oil futures extended their rally on Monday, hitting their highest levels since November 2014, as U.S. sanctions on Iran come into force and a North American trade deal fosters growth.The United States and Canada forged a deal on Sunday to salvage the North American Free Trade Agreement (NAFTA) as a trilateral pact with Mexico…

HENDERSON Opens New Service Center

(Photo: HENDERSON)

Drilling rigs and capital drilling equipment sales and service provider HENDERSON has expanded its service capabilities with a newly opened 60,000 square-foot service center on a 4.8 acre site in Odessa, Texas.The new center serves as a spare parts warehouse and provides rig and equipment services including rebuilding and recertifying rigs, top drives, mud pumps and other drilling rig equipment.

Schlumberger Revenue Misses Estimates

Schlumberger Inc missed analysts' quarterly revenue estimates on Friday, as weakness in its international business overshadowed another strong performance in North America.The Houston-based company, a bellwether for the oilfield services industry, said revenue from its international business dipped 1.4 percent to $5.07 billion.

Baker Hughes Reports Slight Profit Miss

General Electric Co's oilfield services arm Baker Hughes on Friday reported a slight profit miss on weaker sales in its oilfield equipment and turbomachinery businesses, sending the company's shares down 2.4 percent.Revenue from its oilfield equipment business, which includes deepwater drilling, fell 9.4 percent to $617 million…

Carlyle Group Acquires EnerMech from Lime Rock Partners

 Image: EnerMech

Global alternative asset manager The Carlyle Group announces that it has agreed to acquire EnerMech Group Ltd, an international services company providing critical asset support to the energy, infrastructure and industrials sectors, from Lime Rock Partners.The transaction is expected to close in Q4 2018, subject to customary…

EDF Trading, JERA Form LNG Joint Venture

On July 3, 2018 JERA Co., Inc and EDF Trading Limited (EDFT) announced their intention to form an LNG optimization and trading joint venture, JERA Trading Pte. Ltd. (JERAT).In addition to this transaction, EDF Trading North America (EDFT NA) and JERA Energy America (JERA EA), an affiliate of JERA, entered into an agreement…

Enestas Boosts SEA\LNG’s Presence in Americas

Image: SEA\LNG

SEA\LNG, the multi-sector industry coalition aiming to accelerate the widespread adoption of liquefied natural gas (LNG) as a marine fuel, announced that it has welcomed Mexico-based LNG company Enestas to its membership coalition.With the addition of Enestas, the SEA\LNG coalition bolsters its efforts to drive forward LNG as a marine fuel…

Bay State Wind Revises Turbine Layout

(Image: Bay State Wind)

Bay State Wind, an offshore wind joint venture between developer Ørsted and New England electric transmission company Eversource, announced a significant change to its proposed wind farm layout in response to feedback from fishermen and community members.The revised turbine layout pattern accommodates historical fishing patterns and helps to provide greater ease of fishing within…

LNG Bunkering to Grow at CAGR of 62.50% CAGR to Reach $247bn in 2023

LNG for Marine. Photo: Skangas

The global liquefied Natural Gas (LNG) bunkering market is expected to witness a CAGR of 62.5% over the forecast period 2017-2023, and is projected to reach USD 24,684.7 million by 2023.The key factors driving the growth of LNG bunkering market are increase in LNG demand in order to reduce the carbon footprint in the shipping industry stringent international emission policy…

Oil Prices Pare Gains After Earlier Rise on Saudi News

© philippev / Adobe Stock

Oil prices traded broadly unchanged on Thursday after an announcement that Saudi Arabia would suspend some oil shipping in the Red Sea had initially sent prices higher.Brent futures had risen 19 cents to $74.12 a barrel by 1305 GMT, extending their rally into a third day but slipping from a 10-day high in earlier trading.U.S.

Halliburton Sees Share Hit in 3Q as Permian Activity Moderates

© Nightman1965 / Adobe Stock

Oilfield services provider Halliburton expects moderating oil and gas activity in North America and a slower-than-expected ramp up of new contracts in the Middle East to impact its third quarter results by 8 to 10 cents per share, chief executive Jeff Miller said on Wednesday.Budget and pipeline constraints in the largest U.S.

Morrison, iSIMS Introduce iJacket

Photo: Chet Morrison Contractors

Chet Morrison Contractors, an energy service company for the oil, gas and renewables industries, has formed a strategic partnership with iSIMS to launch a new optimized method in jacket and foundation design.The patented iJacket is more structurally optimized than the conventional true X-braced jacket design, supporting the same deck load…

Gunvor Opening London Trading Office, Closes Bahamas

file Image: CREDIT Adobestock © Kasto

Global energy trader Gunvor Group is opening its first London office while also closing its trading desk in the Bahamas to increase efficiency in North America, sources familiar with the matter said.Gunvor had recently recruited a natural gas trading team for London, the sources told Reuters, adding that the Switzerland…

Orsted Expands US Business with $510 Mln Acquisition

(Photo: Orsted)

Orsted, the world's largest offshore wind developer, said on Monday it would buy U.S.-based Deepwater Wind LLC for $510 million as part of its strategy to expand in a major growth market.The still small U.S. offshore wind sector is seen as one of the most important markets outside the core European region, where subsidies…

Integrated Gas Compression: A Natural Fit for North America

(Photo: GE)

Natural gas abounds in North America. At the end of 2016, Canada and the U.S. shared 414 trillion cubic feet of proved reserves, with the U.S. the world’s largest producer and Canada the fourth largest. Unsurprisingly, there’s a keen appetite for developing LNG facilities across the continent.In recent years, we’ve seen several large-scale LNG projects taking shape…