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Oil And Gas M&A Deals Crash Along With Prices

Oil And Gas M&A Deals Crash Along With Prices   A new report from Enverus (formerly DrillingInfo) shows that mergers and acquisitions activity within the oil and gas industry crashed during the first quarter along with the price for crude oil. The report details just $770 million in domestic M&A activity, less than 1/10th of the average quarterly activity seen in the industry ov...

Not much fat to cut: E&P operators will only be able to reduce supply chain costs by up to 12% in 2020

Not much fat to cut: E&P operators will only be able to reduce supply chain costs by up to 12% in 2020   In the downturn of 2020, global E&P operators will only be able to cut supply chain costs by up to 12%, a Rystad Energy analysis shows. The current crisis will not be able to unlock many additional efficiency and productivity improvements because much of the potential has been exhausted since the 2014 oil-price drop and not many inefficiencies have arisen since then. Ove...

Offshore Technology Conference (OTC) 2020 Cancelled

Offshore Technology Conference (OTC) 2020 Cancelled   After significant consideration and in light of the COVID-19 pandemic, the difficult decision was made to cancel the 2020 Offshore Technology Conference. Amid continued health and travel concerns during this uncertain time, the OTC Board of Directors felt this decision was the most feasible and responsible for staff, exhibitors, partners, attendees, and the Houston community. “As we navigate these difficult and uncertain t...

Oil prices skyrocket by over 30% after Trump says Saudi, Russia to slash output

Oil prices skyrocket by over 30% after Trump says Saudi, Russia to slash output   Oil prices were up over 30% after U.S. President Donald Trump commented that he expects Russia and Saudi Arabia to cut oil production, signaling a possible end to the two countries' crude war. Trump said in a tweet that he spoke to Mohammed bin Salman, the crown prince of Saudi Arabia. "Just spoke to my friend (the Crown Prince) of Saudi Arabia, who spoke with President Putin of Russia, &a...

Mid week Energy Update from OGV Energy

Mid week Energy Update from OGV Energy   Market Update: Thursday 2 April 2020  TransGlobe Energy: Cost measures in place to preserve cash position Volga Gas*: Production remains stable, cash flow healthy United Oil & Gas: Production in Egypt increases, capex deferred   Energy Prices          Brent Oil US$27.3/bbl vs US$22.7/bbl yesterday          WTI Oil US$2...

ExxonMobil joins COVID-19 fight, helping develop multi-use PPE for clinical settings

ExxonMobil joins COVID-19 fight, helping develop multi-use PPE for clinical settings   ExxonMobil and the Global Center for Medical Innovation (GCMI) have initiated multi-sector and joint development projects to rapidly redesign and manufacture reusable personal protection equipment for health care workers, such as face shields and masks, which are in short supply as a result of the COVID-19 pandemic. In response to the unprecedented challenges from the COVID-19 pandemic, ExxonMobi...

Global natural gas prices for 2020 expected even lower, set to feel Covid-19 symptoms for years

Global natural gas prices for 2020 expected even lower, set to feel Covid-19 symptoms for years   The world’s demand for natural gas is being impacted by the Covid-19 pandemic, and although it will not be curtailed to the same extent as oil, Rystad Energy estimates international gas prices will reach lower averages than previously expected in 2020. Prices had already been low due to an abundance of liquefied natural gas (LNG) in the market, and it will take years before the viru...

BP won’t fire employees in next three months: CEO

BP won’t fire employees in next three months: CEO   BP will not lay off any of its employees in the next three months as result of coronavirus-related cost cutting, its CEO said on Wednesday, while announcing a 25% capex reduction. “Job security is a big worry at this time,” Bernard Looney said in a market update note. “We simply do not want to add another burden during what is already an incredibly stressful time for individuals and families.” The...

BP Says Workers in Gulf of Mexico and Alaska Test Positive for Coronavirus

BP Says Workers in Gulf of Mexico and Alaska Test Positive for Coronavirus   Several workers on a BP Plc oil platform in the U.S. Gulf of Mexico have tested positive for coronavirus, the company said on Wednesday, a day after a worker atBP’s operations in Alaska also tested positive. The cases are the first recorded among oil workers in the Gulf of Mexico and Alaska, and follow a positive test at an Equinor offshore project in the North Sea. A case of the coronavirus was a...

COVID-19 demand update: Oil seen down 6.4%, jet fuel down 26%, road fuel down 5.5% in 2020

COVID-19 demand update: Oil seen down 6.4%, jet fuel down 26%, road fuel down 5.5% in 2020   Rystad Energy is creating a weekly comprehensive report calculating the effect of the novel coronavirus in our lives and updating 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 substantial frequent updates to most of our estimates. Global oi...

COVID-19: Aker Solutions slashes costs and spending

COVID-19: Aker Solutions slashes costs and spending   Aker Solutions is taking action to mitigate the effects of the slowdown in activity resulting from the coronavirus outbreak and increased uncertainty following declines in oil and gas commodity prices. Measures implemented in response to the pandemic include temporary closure of locations, where applicable, following national health authorities' guidelines. The company said its revenues will decline by a minimum of 20% co...

Apache to double planned cost savings to $300 million

Apache to double planned cost savings to $300 million   Apache Corp. APA, +1.70% said Wednesday it is doubling its estimate for annual cost savings as the oil and gas exploration company takes further action to combat a declining oil price. Houston, Tx.-based Apache said it now expects to achieve annualized general and administrative cost cuts of more than $300 million, up from its original target of $150 million announced in October of 2019. About $225 million of that total includes...

Quarantined offshore: North Sea energy groups rocked by coronavirus

Quarantined offshore: North Sea energy groups rocked by coronavirus Located in stormy waters 315 miles north-east of Aberdeen, there aren’t many places as extreme for workers to be kept in self-isolation than the North Cormorant oil platform in the North Sea. However, earlier this month Abu Dhabi energy company Taqa was forced to keep more than a dozen staff who presented with coronavirus symptoms separate from the rest of its crews at the 40-year-old facility and at another in the...

Schlumberger executives take pay cuts as North American workforce is slashed

Schlumberger executives take pay cuts as North American workforce is slashed   Schlumberger executives are taking pay cuts while the oil-field services company lays off and furloughs workers in the U.S. and elsewhere in North America. Citing an "extraordinary business environment" as the coronavirus pandemic and record-low oil prices ravage the industry, Schlumberger said Tuesday that executives and senior managers are voluntarily taking a 20 percent pay cut beginning Wed...

American ‘backyard’ wells, the flexible 11% of the US onshore oil output, now face an inflexible choice

American ‘backyard’ wells, the flexible 11% of the US onshore oil output, now face an inflexible choice   About 11.4% of the total US onshore oil output in 2019 came from thousands of small micro-producing wells that are very often located in people’s backyards and have been kept alive for decades, securing a monthly salary supplement for their owners. These wells are called Stripper wells, they typically produce no more than 10 barrels of oil per day (bpd) and have...

US To Lose Rank as World's Top Oil Producer Due to Price War and COVID-19

US To Lose Rank as World's Top Oil Producer Due to Price War and COVID-19   The United States this year will lose its standing as the world's top crude oil producer as its shale oil drillers are forced out of business by a combination of historically low oil prices and massively slashed demand due to a raging price war and the COVID-19 pandemic. The demise of the U.S.' standing comes less than two years after a boom in fracking propelled the U.S. to the status as the wo...

Rig utilization could fall by 18% in Southeast Asia in 2020 as E&Ps weight their options

Rig utilization could fall by 18% in Southeast Asia in 2020 as E&Ps weight their options   Southeast Asia’s rig market, which was poised for growth in 2020, is now set for decline. Several oil companies have already made significant cuts to their 2020 capex budgets due to the impact of the Covid-19 pandemic and the ongoing price war, a Rystad Energy’s analysis shows. E&Ps in Southeast Asia have been very cautious by locking in rigs on long term contacts, making...

Global E&P capex will reach at least a 13-year low in 2020 as COVID-19 and price war persist

Global E&P capex will reach at least a 13-year low in 2020 as COVID-19 and price war persist   Global capital expenditure (capex) for exploration and production firms (E&Ps) is expected to drop by up to $100 billion this year, about 17% versus 2019 levels, under Rystad Energy’s updated base case scenario of $34 per barrel in 2020 and $44 per barrel in 2021. E&P capex in 2019 reached $546 billion according to Rystad Energy estimates, having slightly recovered from...

Norway offers oil firms 36 blocks in mature areas, none in Barents Sea

Norway offers oil firms 36 blocks in mature areas, none in Barents Sea   Norway is offering oil firms 36 offshore exploration blocks in this year’s licensing round in mature areas and for the first time in a decade did not offer any blocks in the Barents Sea. All the blocks are offered in the western part of the Norwegian Sea, with interested parties asked to send their comments by May 11, the oil and energy ministry said. “In demanding times, it is important to plan...

Oil prices hit 17-year low as coronavirus devastates world

Oil prices hit 17-year low as coronavirus devastates world   Oil prices extended losses in Asian trade Monday and languished at 17-year lows, with the coronavirus crisis escalating around the world and no end in sight to a vicious price war. U.S benchmark West Texas Intermediate fell 5.3% to trade at $20 a barrel, while international benchmark Brent crude was off 6.5% at $23. The falls came after the death toll from the pandemic surged past 30,000 at the weekend as cases in hard...
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