Shale Hits Turning Point and More
Here are some more of Rigzone's top upstream stories during the last week, just in case you missed them…
Schlumberger Sale Marks Shale Turning Point
Bloomberg outlined that Schlumberger’s decision to abandon frack work in North America is a sign that activity in the U.S. shale patch may never revisit previous highs. The company agreed to sell its U.S. and Canadian fracking business to Liberty Oilfield Services Inc.
SLB Agrees to Create Geothermal Company
Schlumberger New Energy and Thermal Energy Partners have agreed to create STEP Energy; a geothermal project development company. The new firm’s first project will be the 10 megawatt Nevis Geothermal Power Project on the Caribbean island of Nevis.
Brent Oil Price to Grow by $14
According to Fitch Solutions, the average price of Brent will increase by $14 per barrel from 2020 to 2024. The company expects Brent to average $44 per barrel this year, before growing to average $51 per barrel in 2021.
Has the US Land Rig Count Bottomed Out?
At least one of Rigzone’s regular market-watchers suspects that domestic rig counts may be shifting to a growth trend – albeit a tepid one.
Whiting Petroleum Emerges from Chapter 11
The Denver, Colorado, based independent exploration and production company has completed its financial restructuring and emerged from Chapter 11 protection. Shares of the company’s new common stock commenced trading on the New York Stock Exchange under the ticker symbol “WLL,” on September 2.
UK Oil Will Struggle for Semi-subs in 2021
UK oil companies will struggle to find semi-subs for work in 2021, according to Teresa Wilkie - an offshore rig market analyst for offshore rig brokerage, advisory and project development company Bassoe Offshore.
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