Oil & Gas News

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UK Shale Industry Prospects Remain 'Widely Bearish'

Industry Headlines

Baker Hughes: US Drillers Add Oil Rigs For Fourth Consecutive Week
Friday, February 16, 2018 US energy companies add oil rigs for a fourth week in a row.

OPEC Considers Moving the Goalposts - Here's Where They Might Go
Friday, February 16, 2018 The 24-country alliance wants to reduce oil stockpiles to their five-year average.

UK Shale Industry Prospects Remain 'Widely Bearish'
Friday, February 16, 2018 Prospects for the UK shale industry remain 'widely bearish', according to oil and gas analysts at BMI Research.

Oil Posts a Weekly Rise as Stocks Recover, Dollar Flounders
Friday, February 16, 2018 Oil posted its first weekly increase since last month.

US Spending Bill Expands Carbon Tax Credit, Boosting Oil Producers
Thursday, February 15, 2018 A little-noticed addition to the US budget deal approved last week will help Oxy and other oil producers by more than tripling a tax credit.

How to Move up the Ladder in Oil, Gas
Thursday, February 15, 2018 Rigzone readers outline the best way to move up the ladder in the oil and gas world.

EU Majors Not Committing to Increase Staff Numbers, Despite Profit Boost
Thursday, February 15, 2018 European oil and gas majors are not committing to raise staff numbers in 2018, despite reporting increasing profits.

Brent Crude Settles Flat, US Oil Up On Short Covering
Thursday, February 15, 2018 Oil markets were mixed with Brent flat even though the dollar slid.

Oil Rallies On Saudi Comments, Weak Dollar
Wednesday, February 14, 2018 Oil prices rallied, shaking off earlier weakness.


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Exploration

US Sets Largest Offshore Oil, Gas Lease Auction For March
Friday, February 16, 2018 The Trump administration says it will offer the largest oil and gas offshore auction in US history on March 21.

Egypt Says Signs Seismic Survey Deal With Schlumberger
Wednesday, February 14, 2018 Egypt has signed a deal with Schlumberger to conduct a seismic survey in the Gulf of Suez.

TAG Oil Encounters Potential Oil Pay in New Zealand Well
Tuesday, February 13, 2018 The Pukatea-1 exploration well encounters a potential oil pay.

Lebanon To Begin Offshore Energy Search In Block Disputed By Israel
Friday, February 09, 2018 Lebanon signs its first offshore oil and gas exploration and production agreements for two blocks, including a block disputed by neighbouring Israel.

New Eni Discovery 'Confirms' Extension of Zohr Like Play in Cyprus EEZ
Thursday, February 08, 2018 Eni has made a 'promising' gas discovery offshore Cyprus, which it says confirms the extension of a 'Zohr like' play in the country's exclusive economic zone.

Chevron Mulling Participation in Brazil's March Oil Auction
Tuesday, February 06, 2018 Chevron Corp is considering taking part in an oil auction in Brazil as part of a consortium of companies.

Promised Land for Gas Drillers Turns Into Glutted Beach
Tuesday, February 06, 2018 Natural gas producers who last week were basking in the strongest price environment in almost a quarter century are getting crushed.


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Production

Africa's Top Oil Producer Poised to Give OPEC an Output Headache
Thursday, February 15, 2018 Add independent Nigerian drillers to the list of oil producers itching to supply more crude at a time when OPEC and allies are trying to restrict output.

Germany's EWE Plans To Cut Groningen Gas Use By 75%
Wednesday, February 14, 2018 EWE plans to sharply reduce its use of gas from the Groningen field in the Netherlands.

IEA: Surge In Global Oil Supply May Overtake Demand In 2018
Tuesday, February 13, 2018 The rise in global oil production, led by the US, is likely to outpace growth in demand this year, IEA says.

BP Announces Start-Up of Atoll Phase One
Tuesday, February 13, 2018 BP begins gas production from the Atoll Phase One project offshore Egypt.

Eni Says To Produce 2.9 Bcf Per Day From Zohr Field By Second Half 2019
Monday, February 12, 2018 Production from Egypt's Zohr field will reach 2.9 billion cubic feet per day by mid-2019, Eni says.

BP, Kosmos Move Closer To Senegal And Mauritania Offshore Project
Monday, February 12, 2018 BP and Kosmos Energy move closer to approving development of the Tortue natural gas field offshore Mauritania and Senegal after the two West African countries agreed to split production.


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Finance and Investing

CFO: Sand Delays To Cut Halliburton's 1Q EPS By 10 Cents
Thursday, February 15, 2018 Halliburton's 1Q earnings would be reduced by 10 cents per share due to delays in sand deliveries, a senior company executive says.

Russia Says It May Invest in Aramco IPO Via Fund With China
Wednesday, February 14, 2018 Russian banks and a joint Russia-China investment fund are eager to participate in Saudi Aramco's initial public offering.

Dana Gas Creditors Reject New Proposal To Restructure $700MM Sukuk
Tuesday, February 13, 2018 Creditors of UAE-based energy producer Dana Gas reject a new proposal by the company to restructure its $700 million of Islamic bonds and are waiting for improved terms.

Court Filing: Seadrill Nears Comprehensive Restructuring Deal
Monday, February 12, 2018 Rig firm Seadrill is working towards a comprehensive deal with all its creditors that could be concluded this week.


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Company Operations

Bravo Target Safety to Create up to 500 Jobs in Coming Months
Friday, February 16, 2018 Bravo Target Safety says it will be creating up to 500 employment opportunities in the coming months.

Neptune Energy Completes Engie E&P International Transaction
Friday, February 16, 2018 Neptune Energy Group completes the acquisition of Engie E&P International SA.

Eni Holds Out Promise Of Richer Returns As Profits Soar
Friday, February 16, 2018 Eni says it could create 'substantial surplus value' for shareholders in the future after 4Q profits more than double and beat forecasts.

UK's Tullow Oil Names New Head Of Ghana Operations
Thursday, February 15, 2018 Tullow Oil names new lead for its Ghana operations.

Enbridge To Double Asset Sales, Targets About C$8B, Sources Say
Thursday, February 15, 2018 Enbridge plans to accelerate its divestment program by selling assets.

Marathon Oil Profit Beats Forecasts On Rising Crude, Cost Cuts
Wednesday, February 14, 2018 Marathon Oil Corp posts a better-than-expected adjusted quarterly profit.

Filing: Vallourec Drilling Products Cuts About 150 Jobs In Texas
Tuesday, February 13, 2018 Vallourec Drilling Products will lay off roughly 150 employees in Texas, according to a regulatory filing.

Occidental Petroleum Profit Matches Street Forecast; Shares Slip
Tuesday, February 13, 2018 Occidental Petroleum Corp posted a quarterly profit that met - but did not exceed - Wall Street's expectations.


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Policy

Tillerson Flap Bad Timing for Iran Decision: Balance of Power
Thursday, October 05, 2017 Signs of friction are again plaguing Donald Trump's White House at a pivotal moment for his policy agenda.

Oil Drillers May See Big U.S. Tax Cut - If Deductions Survive
Thursday, October 05, 2017 U.S. oil explorers could see a multibillion-dollar benefit from a move to slash the U.S. corporate tax rate but some of the industry's biggest tax breaks could also be under fire.

Amid Skepticism, Nigeria Continues to Move Forward to Revamp its Government
Thursday, August 10, 2017 Operators, experts remain cautious as Africa's No. 1 oil producing nation passes a bill to reduce corruption.

US Energy Agency to Take on $50 Billion Backlog as Senate Acts
Friday, August 04, 2017 The main US energy regulator can get back to the business of approving multibillion-dollar natural gas pipelines after the Senate moved to fill two of four vacancies at the long-crippled agency.

Japan To Start Work On Revising Basic Energy Policy Next Week
Tuesday, August 01, 2017 Tokyo will begin discussions on a revision of Japan's basic energy plan next week, Minister of Economy, Trade and Industry Hiroshige Seko says.


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Refining

Catalytic Cracker At PDVSA's Curacao Refinery Halted After Fire
Friday, February 16, 2018 A fire at the Isla oil refinery in Curacao run by PDVSA has been extinguished without impacting operations, sources say.

Andeavor To Run Refineries Up To 96% Combined Capacity In 1Q
Friday, February 16, 2018 Andeavor says it plans to run its 10 US refineries up to 96% of their combined capacity.

Trump Tells Lawmakers He Would Support 25-Cent Gas Tax Increase
Wednesday, February 14, 2018 President Donald Trump told lawmakers he would support a 25-cent-per-gallon increase in federal gasoline and diesel taxes.

EIA: US Oil Stocks Rise, Refining Rates Cut
Wednesday, February 14, 2018 US crude stocks rose last week as refineries cut output, while gasoline stocks increased and distillate inventories fell, the EIA says.

Med Crude-Baltic Urals And Azeri BTC Diffs Fall On Abundant Supply
Tuesday, February 13, 2018 Urals crude and CPC Blend differentials to dated Brent fall.

Iraq Says $4B Needed For New Downstream Oil Investments
Tuesday, February 13, 2018 Iraq needs $4 billion for new investments in its downstream oil industry, oil minister Jabar al-Luaibi says.

India's BPCL 3Q Profit Slips 6%
Friday, February 09, 2018 Bharat Petroleum posts a near 6% fall in third-quarter profit.

Norwegian Police Investigate 2016 Hydrogen Leak At Statoil Refinery
Friday, February 09, 2018 Norwegian police have launched an investigation into a hydrogen gas leak at Statoil's Mongstad refinery, the company says.


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Biofuels

Oil Output Cuts And Electric Car Influx Could Hit Russian Economy
Friday, February 16, 2018 Russia's oil-dependent economy could be hit in 2018 by cuts.

Shell's Pivot to Renewables Sharpens With California Deal
Wednesday, February 14, 2018 Shell, the world's second-biggest oil company, is expanding its bet on renewable energy.

America Wants to Make Its Own Massive Offshore Wind Turbines
Wednesday, February 14, 2018 With state officials eyeing $56B of wind farm projects off the American coastline, developers are worried the turbines will need to be stamped with a big 'Made in the USA.'

Fight Over Ethanol Escalates as Bankruptcy Refuels Debate
Tuesday, February 13, 2018 The battle between US farm interests and oil-refining advocates such as Carl Icahn is heating up again.

A Powerful Mix of Solar and Batteries Is Beating Natural Gas
Tuesday, February 13, 2018 Natural gas is getting edged out of power markets across the US.

Wingas: German Renewable Power Expansion Will Need Gas As Back-Up
Monday, February 05, 2018 Germany's new target of nearly doubling renewable power's share of its electricity mix by 2030 needs to be backed up by more gas-fired capacity.

Brazil's Petrobras Enters New Phase Of Bsbios Sale
Monday, February 05, 2018 Brazilian state-run oil company Petroleo Brasileiro SA begins a new non-binding phase in the sale process of its entire 50% stake in biodiesel producer BSBios.


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Petrochemical

ExxonMobil Hits Baytown Ethane Cracker Milestone
Wednesday, February 07, 2018 Production set to begin later this year.

Source: Brazil Braskem Lining Up $1B Credit Line With Banks
Wednesday, January 24, 2018 Braskem is in talks with banks to secure a $1 billion revolving credit facility for five years.

Sasol Completes $1 Billion Wax Plant Expansion in South Africa
Tuesday, February 06, 2018 Sasol, the world's top maker of motor fuel from coal, has increasingly diversified.

Samsung Wins Contract for Thailand Olefins Project
Wednesday, January 24, 2018 Officials with PTTGC and Samsung Engineering sign the EPCC contract for the former's Olefins Reconfiguration Project. SOURCE: Samsung Engineering.

Kinder Morgan Makes Utopia a Reality
Wednesday, January 24, 2018 Ethane pipeline links Utica to Ontario petchem plants.

South Africa's Sasol Expects H1 Earnings To Rise Up To 6%
Tuesday, January 23, 2018 Sasol expects half-year profit to lift as much as 6% on the back of higher crude oil prices.


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Pipelines

Meeting the Corrosion Protection Needs of the Booming Oil, Gas Industry
Friday, February 16, 2018 With the surge of pipelines in the US pipeline protection should be at the forefront.

Peru LNG Transport Gradually Coming Back After Pipeline Rupture
Thursday, February 15, 2018 LNG transportation in Peru is being gradually restored after a pipeline rupture this month choked off exports.

Trump Nominee For Key US Energy Post Says Would Oppose Russia Pipeline
Thursday, February 15, 2018 Trump's nominee for a top State Department energy position says he would oppose Russia's proposed natural gas pipeline

TransCanada Expands Gas Pipelines With Keystone XL in Limbo
Thursday, February 15, 2018 TransCanada announces another major expansion of its natural gas system in Alberta.

Williams Seeks Rehearing Of NY Denial Of Constitution Natgas Pipe
Monday, February 12, 2018 Consortium asks US federal energy regulators to review their order related to a water quality permit.

Low US Natgas Stocks, Pipe Delays May Hamper Exports To Mexico
Monday, February 12, 2018 Unusually low US natural gas inventories and delays in new cross-border pipeline capacity could slow exports this year to Mexico.

Canada Trims Pipeline Reviews as Oil Patch Says Details Missing
Thursday, February 08, 2018 Justin Trudeau is trying to make the oil industry's life a little easier.


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Terminals and Storage

Big Oil CEOs Appeal to Norway to Back Carbon Capture and Storage
Thursday, February 15, 2018 Three of the world's biggest oil companies called on Norway to help maintain funding for carbon capture and storage technology.

A Year Into OPEC's Production Cuts, Asia's Oil Markets Have Tightened
Thursday, February 15, 2018 Just over a year into production cuts lead by OPEC and Russia, oil markets in Asia have tightened noticeably.

INE Approves Bonded Storage Zones Ahead Of Crude Futures Launch
Wednesday, February 14, 2018 The Shanghai International Energy Exchange (INE) says it has approved the use of six bonded storage warehouses.

Australia Grabs Gasoline From 14,500 Miles Away in Rare Trade
Wednesday, February 14, 2018 Australia is pulling gasoline from 14,500 miles away in Europe.

US Supertanker Terminal Set to Export Oil for First Time
Tuesday, February 13, 2018 The nation's top imports terminal is testing one of the industry's biggest tankers to load an export cargo for the first time.

Pirates Free Oil Tanker With 22 Indian Crew In Gulf Of Guinea
Tuesday, February 06, 2018 Pirates free a ship carrying 22 Indian crew and 13,500 tonnes of gasoline on Tuesday.


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LNG/LPG

France's GTT Sees Recovery Ahead After Rebound In Orders
Friday, February 16, 2018 GTT says that 2017 saw a rebound in orders for LNG carriers.

March-April Spot Price Spread May Tighten On Supply Outlook
Friday, February 16, 2018 Asian spot LNG prices for April delivery showed a steep discount to March prices.

Executives: Algeria's Sonatrach, Italy's Saipem Agree To End Disputes
Wednesday, February 14, 2018 Sonatrach and Saipem sign an agreement to end their legal disputes over four gas projects.

Asia's Soaring Gas Demand Opens Window For New LNG Projects
Wednesday, February 14, 2018 Soaring gas demand from China, India and Southeast Asia is sucking up an LNG supply glut previously expected to last for years.

Russia, Saudis May Go Beyond Oil Alliance With LNG Project
Wednesday, February 14, 2018 Russia and Saudi Arabia are seeking ways to amplify the success they’ve had working together.

As KOGAS Goes Into LNG Arbitration, Others May Follow
Tuesday, February 13, 2018 KOGAS' recent move could herald a shake-up of the region's LNG market as other buyers follow suit.

Booming Asian Gas Demand Ripples All the Way to Norway
Monday, February 12, 2018 Asia's rapacious thirst for liquefied natural gas is sucking supplies from surprising places.

KOGAS Says In LNG Arbitration With Australia's North West Shelf Gas
Monday, February 12, 2018 KOGAS enters court-administered arbitration with Australian joint venture North West Shelf Gas seeking to settle a dispute.


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