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Offshore Service Spending to Outpace Onshore Shale

Industry Headlines

Oil is Going to be Very Much Demand Driven
Friday, January 18, 2019 Oil is going to be very much demand driven, according to Arqaam Capital.

IEA Sees Oil Demand Growth Defying Slowing Economy
Friday, January 18, 2019 Global oil demand remains on course to be stronger this year than in 2018 as a boost from lower fuel prices counters slowing economic activity, according to the IEA.

Oil Hits Two-Month High
Friday, January 18, 2019 Oil prices climbed to a two-month high as China was said to offer a trillion-dollar buying spree to defuse trade tensions with the world’s biggest economy.

Crude Oil Settles Lower
Thursday, January 17, 2019 The American Petroleum Institute also reported a sharp year-on-year increase in well completions.

Oil May Bring 400,000 Jobs and $258B in Investments to Brazil
Thursday, January 17, 2019 The secretary general of the Brazilian Institute of Petroleum, Gas and Biofuels said that in the next few years, the oil industry will bring more jobs and investments to Rio de Janeiro.

US Will Likely Grant Fewer Waivers in May
Thursday, January 17, 2019 The United States will likely grant fewer waivers to buyers of Iranian oil when they're up for renewal in May, according to IHS Markit.

Oil Retreats Near $52
Thursday, January 17, 2019 Oil retreated near $52 a barrel as investors assessed surging U.S. production against output curbs pledged by some of the world's top suppliers.


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Exploration

Mexican Driller Latina Is Said to Bid for Pemex Contract
Thursday, January 17, 2019 Latina Offshore is working along with one of the consortia invited by Pemex to submit offers for oil-services contracts, according to sources.

Eni Secures Two Deals for Oman Blocks
Monday, January 14, 2019 Eni on Monday announced it had entered into agreements with BP and Oman Oil Company Exploration and Production for two blocks in Oman.

Aker Bullish on Offshore Ghana
Friday, January 11, 2019 Phased development could deploy several production units, says CEO.

BP Plans to Drill 6 More Wells in Azerbaijan
Thursday, January 10, 2019 BP and its partners just spent $28 billion bringing a giant natural gas project in Azerbaijan online, and that may only be the start.

Venezuela Will Remap its Caribbean Oil, Gas Prospects
Wednesday, January 09, 2019 Venezuela will remap its Caribbean oil and gas prospects.

North Sea Exploration is Back
Tuesday, January 08, 2019 North Sea exploration is back in 2019, according to Wood Mackenzie.


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Production

MEG Plans to Spend Less and Boost Oil Output
Friday, January 18, 2019 MEG Energy Corp. looks to be on its own again after Husky Energy Inc. pulled its hostile bid for the Canadian oil-sands producer.

Bureau Veritas Wins Offshore Norway Contract
Thursday, January 17, 2019 Bureau Veritas will provide second- and third-party inspection services for the Fenja development.

US Crude Oil Exports Continue to Grow
Thursday, January 17, 2019 The US DOI now reports that domestic crude production could surge to 14 MMbpd by 2020.

Largest Licensing Award on NCS
Wednesday, January 16, 2019 The Norwegian Ministry of Petroleum and Energy has offered 83 production licenses on the Norwegian Continental Shelf as part of its latest APA round.

2019 US Oil Output to Average 12MM Barrels Per Day
Wednesday, January 16, 2019 U.S. crude oil production will average 12.1 million barrels per day in 2019, according to the EIA's latest short-term energy outlook.

Norway Cuts Production Forecast to Lowest in 30 Years
Thursday, January 10, 2019 Norway's oil regulator reduced its forecast for production this year.

Saudi Arabia Boosts Reserves Ahead of Aramco's IPO
Wednesday, January 09, 2019 Saudi Arabia published the first audit of its vast oil reserves since it nationalized its energy industry about 40 years ago.


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Finance and Investing

Chesapeake Surges After Director Buys Shares
Wednesday, December 26, 2018 Chesapeake shares rose the most since February.

Hess Market Cap Plunges $1.5B
Monday, December 24, 2018 Hess tumbled the most in almost three years, wiping out $1.5 billion in market valuation.

South Sudan Sees $2B Investment as Start, Expects More in 2019
Wednesday, December 19, 2018 Recent pledges of $2 billion in investment for South Sudan's oil may be just the start, its petroleum minister says.

Drop in Crude to Test Big Oil's Devotion to Spending Discipline
Wednesday, November 14, 2018 The world's biggest oil companies have been saying that by keeping a tight rein on spending today, they'll be fortified against the next crude-price collapse.

Gastar Exploration Files for Chapter 11 Bankruptcy
Monday, October 29, 2018 The pure play Mid-continent energy company has entered into a restricting support agreement with its largest creditor and shareholder.

Private Equity Needs Long-Term Approach to Cash in on Shale
Monday, October 22, 2018 For private equity, the game plan for cashing in on the U.S. shale boom is shifting from quick flips to long-term commitments, according to one veteran energy investor.


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Company Operations

US Drops 25 Oil and Gas Rigs This Week
Friday, January 18, 2019 This marks the third consecutive week of rig declines for the US.

Ensco and Rowan Extend Time to Decide on Merger
Friday, January 18, 2019 The two companies have convened and adjourned its general meeting in which they were scheduled to approve resolutions on their merger.

Saipem Bags Deals Worth Approximately $1.3B
Friday, January 18, 2019 Saipem has secured 2 EPIC contracts (Engineering, Procurement, Installation, Construction) with Saudi Aramco worth approximately $1.3 billion.

Shell Appoints New Upstream Director
Thursday, January 17, 2019 Shell appoints Wael Sawan as its new upstream director.

Atlas Professionals Buys Brander
Wednesday, January 16, 2019 Energy recruitment specialist Atlas Professionals acquires technical recruitment company Brander.

Ophir Energy's Board Rejects Medco's Takeover Proposal
Tuesday, January 15, 2019 Ophir's board unanimously rejected the proposal, saying it's undervaluing Ophir.

Halliburton Names New Western Hemisphere President
Tuesday, January 15, 2019 The oil services giant has promoted Mark Richard as president for the Western Hemisphere.

UK-Based Energy Services Firm Changes Name
Tuesday, January 15, 2019 Fabricom Offshore Services has announced the launch of a new name and corporate identity.


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