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Oil rises again on renewed OPEC+ meeting hopes - Rystad Energy comments

Oil rises again on renewed OPEC+ meeting hopes - Rystad Energy comments   It’s all about the OPEC+ meeting. As it was initially intended to happen on Thursday, when that did not materialize, prices fell because traders sensed a lack of agreement between the extended group’s producing countries. Now the mood has changed again and prices rose, following news that a consensu...

Among oil majors promising renewable investments, only one stands out as leader of the pack

Among oil majors promising renewable investments, only one stands out as leader of the pack   Investments in solar and wind energy projects by the world’s oil majors until 2025 are expected to exceed $18 billion, a Rystad Energy analysis finds. But a closer look at the numbers reveals that some $10 billion, or 55% of the amount, is expected to be invested by a single company, Equinor, the only operator poised to direct a majority of its greenfield capex towards renewable energy...

KrisEnergy suspends production at Wassana oil field in Gulf of Thailand

KrisEnergy suspends production at Wassana oil field in Gulf of Thailand   Singapore-based upstream oil and gas firm, KrisEnergy has suspended the production at its Wassana oil field in the Gulf of Thailand in view of the many uncertainties. The uncertainties cited by the company include speed of the duration of the COVID-19 pandemic, global economic regeneration and recovery in petroleum demand, and the magnitude and sustainability of any upturn in oil prices. The firm has comme...

Fraser Well Management secures first production well operatorship appointment

Fraser Well Management secures first production well operatorship appointment   Well engineering and project management specialist Fraser Well Management (FWM) has assumed the production well operatorship of six SNS development wells, this appointment marks the launch of a new product line for the company. The work centres on NEO Energy’s Babbage platform which is located in block 48/2a of the UK Southern North Sea and includes five gas production wells and one suspended well...

Oil rises on OPEC+ meeting rumors - Rystad Energy comments

Oil rises on OPEC+ meeting rumors - Rystad Energy comments   Brent at $40 in June – who would have thought just one month ago? OPEC+ is still wrangling about for how long to extend its first tranche of monster cuts, but an agreement seems imminent. Brent for August settlement shot 2% higher this morning to trade above $40 as the OPEC+ powerhouses continue to debate extension behind the scenes. We may have a 4 million bpd crude stock draw in July if OPEC+ extends by one mon...

OPEC+ achieves 86% May compliance rate with the output cuts of 9.7 million bpd

OPEC+ achieves 86% May compliance rate with the output cuts of 9.7 million bpd   According to the Energy Intelligence estimates, the OPEC and its allies (OPEC+) achieved an 86% May compliance rate with the oil output cuts of 9.7 million barrels per day that it agreed for both May and June. Additional details “Some West African members fell short of their pledged production cuts, with Angola and Congo scoring compliance rates of just 54% and 20%, respectively. Gabon'...

Drilling Campaign for Newpek Completed by SIMMONS EDECO in Mexico

Drilling Campaign for Newpek Completed by SIMMONS EDECO in Mexico   SIMMONS EDECO, a leading supplier of onshore drilling and workover services to the global oil and gas industry, today announced that it has successfully completed its first drilling contract for Mexico oil and gas operator Newpek, a division of Grupo Alfa, a major player in the food, IT, and automotive sectors in Mexico. SIMMONS EDECO supplied drilling and completion services for Newpek on a recently acquired conce...

Five-Well North Sea Contract Goes to Petrofac

Five-Well North Sea Contract Goes to Petrofac   Independent Oil and Gas plc (IOG) has awarded Petrofac Limited’s Engineering and Production Services (EPS) business a significant North Sea well management contract, Petrofac reported Monday. Petrofac will support IOG’s Core Project development of the Southwark, Blythe and Elgood fields in the U.K. Southern North Sea (SNA), the service company noted in a written statement emailed to Rigzone. It added the five-well contract...

Brent oil price nears $40 a barrel on talk of more output cuts

Brent oil price nears $40 a barrel on talk of more output cuts   Oil prices rose on Tuesday on expectations that major producers would agree to extend output cuts that have shored up prices, during a video conference likely to be held this week. Benchmark Brent crude rose 2.3%, or 88 US cents, to $39.20 a barrel as of 8.40am GMT. US West Texas Intermediate (WTI) crude climbed 2%, or 72c, to $36.16 a barrel. Brent has doubled in the past six weeks, thanks to supply cuts by oil ca...

Sonardyne positioning systems chosen for Brazilian geoscience research vessels

Sonardyne positioning systems chosen for Brazilian geoscience research vessels   Brazilian geoscience services company OceanPact Geociências has chosen deep water positioning technology from Sonardyne Brasil Ltda. to support its geophysical, geotechnical and environmental research operations across the region. Ranger 2 Ultra-Short Baseline (USBL) systems have been installed on board OceanPact’s research vessel Seward Johnson and RSV Austral Abrolhos to precisely track t...

Seadrill books $1.2 billion impairment, eyes restructuring

Seadrill books $1.2 billion impairment, eyes restructuring   Seadrill has written down the value of its oil drilling rigs by $1.2 billion and hired bankers and lawyers to evaluate a financial restructuring that could allow the company to reduce its $7.4 billion debt, it said on Tuesday. The company on Monday announced its intention to delist from the New York Stock Exchange later this month, while maintaining its Oslo Bourse listing. Seadrill, controlled by Norwegian-born shippi...

OKEA to cut production from Draugen field due to restrictions

OKEA to cut production from Draugen field due to restrictions   Norwegian oil production firm OKEA has announced that it had to cut production from its Draugen field in the Norwegian Sea, due to restrictions imposed by the Norwegian Government in response to low oil prices as a result of Covid-19 outbreak. Operated by OKEA with a 44.56% working interest, the field lies 250m deep in water. Other partners in the field include Petoro (47.88%) and Neptune Energy (7.56%). Permitted p...

US Rig Count Still in Freefall at 301

US Rig Count Still in Freefall at 301   The U.S. rig count is down 17 rigs from the previous week to 301, with oil rigs down 15 to 222, gas rigs down two at 77, and miscellaneous rigs flat at two, according to current data from Baker Hughes. Year on year, the U.S. rig count is down 683 rigs from last year's 984, with oil rigs down 578, gas rigs down 107, and miscellaneous rigs up two to two. The U.S. Offshore Rig Count is flat at 12 and down 11 year-over-year, according to B...

Martin Gilbert to chair Oil and Gas Technology Centre amid slump in North Sea

Martin Gilbert to chair Oil and Gas Technology Centre amid slump in North Sea   Fund management heavyweight Martin Gilbert has been appointed chairman of the Oil and Gas Technology Centre, which aims to help the sector respond to the challenges posed by the crude price plunge and climate change. Mr Gilbert is expected to play an important role at the centre at what it described as a pivotal time for the industry after becoming one of Scotland’s most influential financial serv...

OGV Energy week 22 highlights

OGV Energy week 22 highlights   Diversified Gas & Oil PLC closed its two lockdown acquisitions this week, spending over US$200mln to add around 18,000 barrels of oil equivalent per day (boepd) to its production. The moves round off a series of positive developments for the company, which recently stepped up to the main market of the London Stock Exchange and is set to be included into the FTSE 250 based on its market capitalisation. On Thursday, stockbroker Mirabaud Securiti...

WEEKLY ENERGY RECAP: Calm after the storm

WEEKLY ENERGY RECAP: Calm after the storm   Crude oil prices capped a fifth week of gains without the volatility that characterized much of April when prices plummeted. Brent crude rose to $35.33 per barrel as WTI advanced to $35.49. The spread between Brent and WTI has also been narrowing over the last three weeks, closing last week at $1.87 per barrel. But this week closed at nearly parity. This may point to speculators overextending in WTI Nymex futures. While WTI crude...

Oil faces demand uncertainty after record rebound from the crash

Oil faces demand uncertainty after record rebound from the crash   Oil posted its biggest monthly advance on record, just a few weeks after prices made a dramatic plunge below zero. Crude surged about 88 per cent in May, with US futures rising on Friday above $35 a barrel for the first time since March, driven by massive supply curbs by producers across the world. Still, prices are well below levels at the start of the year, and demand that was crushed by the coronavirus crisis may...

Covid-19 weekly update: 2020’s oil demand recovery seen a bit slower, 2021 demand downgraded

Covid-19 weekly update: 2020’s oil demand recovery seen a bit slower, 2021 demand downgraded   Rystad Energy’s weekly comprehensive Covid-19 report calculates the effect of the novel coronavirus on our lives and offers updated estimates for global fuel markets. As a result of recent developments, with travel restrictions, quarantine obligations and new government policies announced daily around the world, we are making frequent updates to most of our estimates. Below...

Norway raises spending from oil fund to $44 billion in 2020

Norway raises spending from oil fund to $44 billion in 2020   Norway’s government has further raised its projected 2020 spending from the country’s sovereign wealth fund to 424.6 billion Norwegian crowns (£35.50 billion) from 419.6 billion seen on May 12, it said on Friday. The so-called structural non-oil deficit corresponds to 4.2% of the fund’s Jan. 1 value, making use of a provision in Norway’s fiscal framework that allows withdrawals to exceed a 3...

Among oil majors promising renewable investments, only one is putting serious money on the table

Among oil majors promising renewable investments, only one is putting serious money on the table   Investments in solar and wind energy projects by the world’s oil majors over the next five years are expected to reach $17.5 billion, a Rystad Energy analysis finds. But a closer look at the numbers reveals that some $10 billion, or 57% of the amount, is expected to be invested by a single company, Equinor, the only investor whose majority of greenfield capex will be towards renewa...
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