Saturday, June 6, 2020

Oil Field News

Norway Oil Companies Slash Investment Plans

Offshore rigs in Norway - Credit: BjrnKristian/AdobeStock

Norwegian oil and gas investment, a key economic driver, is expected to decline sharply in 2021 after rising less than previously anticipated this year, an industry survey by the national statistics agency (SSB) showed on Thursday.The biggest drop will come in the exploration for new reserves and in spending on development plans, while ongoing oilfield construction work continues largely as expected…

Nigeria Launches Licensing Round for Marginal Oilfields

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Nigeria has launched its first licensing round for marginal oilfields in nearly 20 years, the Department of Petroleum Resources (DPR) said on Monday, despite court rulings last week that barred some of the fields from being auctioned.Marginal fields are smaller oil blocks that are typically developed by indigenous companies. The new licensing round is the first marginal field round since 2002…

Gazprom's Arctic Offshore Platform Ships Its 200th Oil Cargo

Image Credit: Gazprom Neft

Gazprom Neft, the oil branch of Russian gas giant Gazprom, has shipped the 200th consignment of ARCO crude from its Prirazlomnaya offshore platform in the Russian arctic.This milestone shipment was carried out by the Mikhail Ulyanov tanker — several return trips to the Prirazlomnaya platform being necessary to despatch a consignment comprising 70,000 tonnes of oil.

Kazakhstan: No Shutdown Planned for COVID-19-hit Tengiz Field

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Kazakhstan has no plans to shut down oil production at its biggest oilfield, Tengiz, despite the novel coronavirus outbreak among its workers, the Central Asian nation's energy minister said on Wednesday.Kazakhstan's chief sanitary doctor said last week the field's operator, Chevron-led Tengizchevroil, might have to suspend operations…

Petrofac Starts Rubie and Renee P&A Work

WilPhoenix semi-submersible drilling rig - Image by Joe deSousa - Flickr, Shared under CC0 license

UK oilfield services firm Petrofac has kicked off the plugging and abandonment work on the Rubie and Renee fields in the North Sea using Awilco's WilPhoenix rig.Petrofac won the Rubie and Renee P&A contract with Hess in August 2019.Over the next three months, Petrofac will provide Well Operator, Well Engineering, and Project Management services to decommission four wells within the Rubie and Renee fields…

'This could be the one that gets me,' Says Oilfield Service Veteran

Image by kichigin19  - AdobeStock

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.

Lockdown Measures Tightened at Kazakhstan's Karachaganak Gas Field

Image Credit: KPO

Kazakhstan has tightened lockdown measures at its biggest gas condensate field Karachaganak after confirming the first case of novel coronavirus among its staff, authorities said on Monday.The chief sanitary doctor in Western Kazakhstan province where Karachaganak is located ordered an effective 7 p.m.-7 a.m. curfew at camps where…

Lundin Cuts 2020 Oil Output Goal, Raises Long-term Target

Lundin Energy has cut its 2020 oil and gas output target after Norway's decision to reduce production along with OPEC+ producers, the Swedish company said on Monday.The company has a 20% stake in the Equinor-operated Johan Sverdrup field, which reached phase-one plateau output of 470,000 barrels of oil equivalent per day (boepd) in April.

Rystad: Oilfield Services Firms' Market Cap Halved. Offshore Drillers Have it Worst

For Illustration - Image by Ranimiro - AdobeStock

Oilfield services companies have collectively lost almost half of their market capitalization, hit by the combination of the coronavirus pandemic and low oil prices, with offshore drillers, in particular, the most affected, Norway's Rystad Energy has said in its analysis released on Friday."It is widely acknowledged that the oilfield…

Subsea Umbilicals Demand Hit by COVID-19

Illustration only: Credit: TechnipFMC

Analysts from Norway's Rystad Energy expect that the global oil and gas investment cuts will severely hit demand for subsea equipment, with demand for subsea umbilicals expected to fall by 32%.Rystad sees just 713 kilometers (km) of lines ordered in 2020, down from 1,041 km last year."Umbilical demand will not match or exceed 2019 levels until after 2023…

Halliburton Lays Off 1,000 Employees at Houston HQ

Image Credit: Halliburton

Oilfield services firm Halliburton has laid off roughly 1,000 employees, or 22% of staff, at its corporate headquarters in Houston, a company spokeswoman said on Wednesday, as oil prices collapse.The cuts by one of the biggest names in oilfield services come with oil prices having plunged to around $24 a barrel, far below production costs for many firms…

Equinor Suspends 2020 Production Guidance

An Equinor platform - Credit: Equinor

Equinor has suspended its 2020 oil and gas output guidance amid government-imposed curtailments and a glut of supply, and could take further action to scale back activity this year, the Norwegian energy firm said on Thursday.With operations from the North Sea to Africa, the Americas and Asia, Equinor had expected 7% output growth this year before Norway…

Schlumberger Posts Loss on $8.5 Bln Charge as Customers Accelerate Cuts

© Alexey Novikov / Adobe Stock

Schlumberger NV, the world's largest oilfield services firm, on Friday reported a first-quarter loss due to $8.5 billion in charges, as customers accelerated spending cuts amid the continuing decline in oil prices.Crude prices plunged 60% in March after Saudi Arabia and Russia vowed to pump full bore and the spread of the novel coronavirus crushed global fuel demand.

US Crude Futures Plunge to Lowest on Record

© Grispb / Adobe Stock

U.S. crude oil futures collapsed below $0 on Monday for the first time in history, amid a coronavirus-induced supply glut, ending the day at a stunning minus $37.63 a barrel as desperate traders paid to get rid of oil.Brent crude, the international benchmark, also slumped, but that contract was nowhere near as weak because more storage is available worldwide.While U.S.

Halliburton Cuts 350 Jobs in Oklahoma

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Oilfield services giant Halliburton on Monday said it will lay off an estimated 350 employees in Oklahoma, according to a filing with the state, as the spread of coronavirus and a price war between Russia and Saudi Arabia sent energy prices reeling.The layoffs are anticipated to begin this week at its Duncan, Oklahoma facility, the filing said, and will be permanent. The facility is expected to remain open.

Diamond Offshore Files for Bankruptcy

Diamond Offshore's Ocean Onyx semi-submersible drilling rig. Image by Stephen Walter Sr. / MarineTraffic

Diamond Offshore Drilling Inc filed for bankruptcy protection in Texas on Sunday, after the company recently skipped making an interest payment and said it had retained restructuring advisers.The Houston-based contract drilling company's filing, one of 15 of its group companies seeking protection under Chapter 11, said day rates and…

Oilfield Services Giant to Cut Spending by 30%

Illustratoin; Image by ????? ????????/AdobeStock

Schlumberger, the world's largest oilfield services company, on Tuesday said it would cut spending by 30% this year from last year's levels as the oil market has been roiled by the coronavirus outbreak and Saudi-Russia price war.The company expects a rapid reduction in active drilling and hydraulic fracturing activity, estimating the…

Chevron Lummus Global Lands 'Sizeable' Deal with Asian Refiner

Illustration; Refinery - Image by photollurg - AdobeStock

Oilfield services firm McDermott International has informed that its Chevron Lummus Global (CLG), McDermott's joint venture with Chevron, has been awarded a sizeable contract by a Southeast Asian refiner.The contract is for for the license, engineering, and supply of proprietary catalyst and equipment for its Lubricant Base Oil Group II Project to be built in Southeast Asia.

U.S. Oil Firms' Quarterly Reports to Show Depths of Slump

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Investors are in for more bad news on the energy front in the coming weeks as a host of the sector's biggest companies report quarterly results following the historic collapse in oil prices.Forecasts for U.S. energy sector earnings this year have dropped along with oil prices, weighing on shares along with worries over debt, layoffs…

Oilfield Equipment and Services Spending to Fall to 2005-Low

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Global spending on oilfield equipment and services this year will fall 21% from 2019 to $211 billion, the lowest level since 2005, according to a report to be released on Wednesday by consultancy Spears & Associates, as oil and gas producers slash spending.The decline comes as the coronavirus pandemic has crushed oil and gas demand…