Wednesday, December 11, 2019

Oil Price Crash News

BP Names Bernard Looney as Next CEO

Bernard Looney (Photo; BP)

Bernard Looney, who will replace Bob Dudley as chief executive of BP when he retires next year, faces the tricky task of navigating the energy major through a rising tide of environmentalism and the move to a low-carbon economy.BP on Friday appointed Looney, head of upstream, to succeed Dudley, who led the oil and gas company back to growth from near collapse in 2010.As CEO…

TechnipFMC: Record Orders, Backlog in Q2

(Photo: TechnipFMC)

Franco-American oil services company TechnipFMC received a record volume of orders in the second quarter, pushing its backlog of projects to a peak thanks to new liquefied natural gas projects, it said on Wednesday.The records could signal a rebound for the company created by a 2016 merger of France's Technip and U.S. rival FMC Technologies…

Aker Solutions Raises 2019 Forecasts

(Photo: Aker Solutions)

Norway's Aker Solutions ASA raised its 2019 revenue outlook on expected higher spending on the offshore oil services and reported better than expected first-quarter profits, lifting its shares on Tuesday.The upbeat sentiment on oilfield spending is a result of record cashflows accumulated by oil companies on the back of cost-saving measures…

Baker Hughes Adjusted Profit Surges 85%

© think4photop / Adobe Stock

Baker Hughes, General Electric Co's oilfield services arm, posted an 85 percent jump in adjusted quarterly profit on Thursday, boosted by surging demand for its services.Unlike rivals Schlumberger NV and Halliburton Co, Baker Hughes has less exposure to the North American pressure pumping sector, where demand softened last year due to…

FLNG Market Oversupplied

Prelude FLNG. Image: Shell Global

Floating liquefied natural gas (FLNG) projects may have peaked already amid intensifying competition in the LNG space, a  review of the global FLNG sector released by global natural resources consultancy Wood Mackenzie has suggested.In a world requiring tight capital discipline, FLNG offers lower capital investment and manageable costs, particularly in frontier regions.

Total Plans Biggest Exploration Drive in Years

(Photo: Total)

Total is launching its biggest exploration campaign for years in 2019 as part of a turnaround plan that is ditching the company's focus on risky long-shots in favor of areas known to contain commercial levels of oil or gas.The French major aims to drill 23 wells this year, its senior vice president for exploration, Kevin McLachlan, told Reuters…

Shell CFO Sees Oil Industry Cost Inflation

Jessica Uhl (Photo: Shell)

Royal Dutch Shell Chief Financial Officer Jessica Uhl said on Wednesday wages and services costs in the oil and gas industry around the world have started rising following a deep downturn since 2014."We are seeing wage inflation and inflation effecting the supply chain and we are actively managing it," Uhl told reporters in a conference call following the company's third quarter results."It is certainly getting a bit

Singapore's Offshore Industry Recovering

© ligados / Adobe Stock

A big drag on Singapore's growth in recent years, the embattled offshore and marine industry, has broken a three-year losing streak. Yet industry executives aren't betting on a return to the glory days anytime soon.The industry, along with a top-class finance sector, has been a key pillar of Singapore's economic transformation into a first…

Schlumberger CFO Ayat to Retire Soon

Schlumberger NV Chief Financial Officer Simon Ayat plans to retire this year and a company insider has emerged as top candidate to replace him at the world's largest oil services firm, three people familiar with the matter told Reuters.Stephane Biguet, currently vice president of finance, is the frontrunner to replace Ayat, according to…

Total's North Sea Oilfield Workers Hold Strike Ballot

Photo: Total

Britain's biggest labour union is balloting rig workers at three of Total's North Sea oil platforms over a potential strike due to the company's refusal to reduce the number of unpaid working days, the union said on Wednesday.After the oil price crash in 2014, the workers agreed to work an extra 14 days unpaid to help the company during the downturn…

Angola's Oil Exports Could Drop to 2006 Lows

© Lukasz Z / Adobe Stock

Angola's preliminary crude oil export plan for August includes 43 cargoes, down from July's 48 cargoes, according to a loading program on Tuesday.The schedule, which equates to a daily rate of around 133,000 barrels per day, will be the smallest since the 132,000 bpd registered in December 2006, based on Reuters data.The preliminary schedule is issued to buyers to give them an indication of what will be available, bu

Oil Firms Must Pay More for Service Vessels -Norway Ship Owners

Harald Solberg  (Photo: NSA)

Oil companies should be prepared to pay higher rates for renting offshore service vessels, in order to secure the long-term survival of a key part of the industry's supply chain, the Norwegian Shipowners' Association said on Thursday. Energy firms sharply curtailed investments in the wake of the 2014 oil price crash, idling many service vessels and driving down market rates to unsustainable levels…

Why Canada is the Next Frontier for Shale Oil

File photo: Suncor Energy Inc.

The revolution in U.S. shale oil has battered Canada's energy industry in recent years, ending two decades of rapid expansion and job creation in the nation's vast oil sands. Now Canada is looking to its own shale fields to repair the economic damage. Canadian producers and global oil majors are increasingly exploring the Duvernay and Montney formations, which they say could rival the most prolific U.S. shale fields.

Sovcomflot Holds PDVSA Oil Hostage over Debts

Venezuela's state-run oil company, PDVSA, sent a tanker in October to the Caribbean with the expectation that its cargo of crude would fetch about $20 million - money the crisis-stricken nation desperately needs. Instead, the owner of the tanker, the Russian state-owned shipping conglomerate Sovcomflot, held the oil in hopes of collecting…

Innovators Toil to Revive Canada Oil Sands

In the boreal forests and on the remote prairies of Alberta, a handful of firms are running pilot projects they hope will end a two-decade drought in innovation and stem the exodus of top global energy firms from Canada's oil sands. They are searching for a breakthrough that will cut the cost of pumping the tar-like oil from the country's…

Offshore Rig Firms See End to Historic Downturn

Aker BP recently awarded a contract worth up to $68 million to Odfjell Drilling for the lease of the semi-submersible drilling rig Deepsea Stavanger in the Norwegian Sea and the Barnts Sea (Photo: Aker BP)

Demand for offshore rig rental globally is starting to recover from its worst ever downturn, led by oil firms' growing demand for harsh-environment exploration and triggering multi-billion dollar tie-ups among drillers hoping to profit, executives said. While the 2014-2016 oil price crash caused firms to cut exploration budgets, ending a boom in rig demand and bankrupting many owners…

Potential Oil Output Deal Prompts Another Worry: A Shortage

While OPEC and other big crude producers work towards a deal to cap production to erode a glut, industry executives are concerned the sharp drop in investment that followed the oil price crash could lead to another crisis - a supply shortage. Over $1 trillion worth of oil projects have been cancelled or delayed, Saudi Energy Minister Khalid al-Falih said on Monday at the World Energy Congress in Istanbul…

Macquarie Closes its London O&G Investment Desk

Australia's top investment bank Macquarie Group has closed its London-based upstream oil and gas advisory after a sharp drop in global deal making in recent years, banking sources said on Friday. The business, which oversaw the oil and gas production sector in Europe, Middle East and Africa, and which consisted of eight employees, was closed this week.

Macquarie Closes its London O&G Investment Desk

Australia's top investment bank Macquarie Group has closed its London-based upstream oil and gas advisory after a sharp drop in global deal making in recent years, banking sources said on Friday. The business, which oversaw the oil and gas production sector in Europe, Middle East and Africa, and which consisted of eight employees, was closed this week.

Multinational Firms Flee Venezuela

Multinational companies are selling their Venezuelan operations at hefty discounts - or even giving them away - as they to seek to escape the OPEC nation's soaring inflation and chronic supply shortages. Six firms, including General Mills and oil producer Harvest Natural Resources, have sold operations for as little as half their assessed value on the companies' books…