Oil Price Pains Flow Downhill
As operators feel the pinch of low oil prices, so, too, do their service providers.
Offshore Enters Uncharted Waters
For the offshore sector, the collapse in oil demand and prices came just as the market was beginning to look up. Now many companies are focused on survival. This article discusses how various market segments, regions, and companies are faring in “the new reality.”
Negative US Oil Prices Could Return in May
The nuances of futures contracts caught many of the world’s traders off guard, sending major US crude benchmark into negative pricing territory for the first time. But it probably will not be the last time.
Production Lifting Costs Shrinking
The savings result in part from the depreciation of global currencies against the US dollar, as most operating expenses in oil and gas production are realized in local currencies. Brazil leads in savings.
Upstream Digitalization Is Proving Itself in the Real World
For the upstream industry, where improvement in efficiency or production can drive significant financial results, there is no question that the size of the digital prize is huge. So are the challenges.
Spending Cuts First, Job Cuts Are Next
Oil exploration and production jobs globally are at about the level they were after deep cuts following the 2014 crash. Now companies need to find more to cut.
Industry Faces Long Road to Recovery
Leaders of Rystad Energy went online recently to talk about the effects of the coronavirus pandemic on the oil and gas industry, and the prognosis isn’t good.
Historic Oil Glut May Linger for Years
Oil prices got bad fast, so when will they get better? Don’t bet on a quick recovery.
Can Deep Cost Cuts Sustain Growth in the UK North Sea?
Sharp reductions in operating expenses has rekindled growth and exploration in the UK North Sea, but this fragile recovery will require a continued luck in exploration drilling and a focus on holding the line on costs, which are still high.
Oil and Gas Discoveries Reach Four-Year High in 2019: Rystad
A total of 12.2 billion BOE was discovered worldwide in 2019—the highest volume in 4 years, with offshore regions dominating the list of new deposits.
Rystad Warns of Gloomy Start to 2020 for Oilfield Service Firms
Reduced investment in US shale will continue to weigh down the global oilfield services market through 2020.
Shale, Tight Oil Investments to Fall 12% in 2020; Global Deepwater Rising
Lower oil prices and capital discipline are expected to result in a double-digit drop in shale and tight oil spending, while deepwater momentum is seen continuing. This comes as “massive investments” will be needed in the next decade to meet growing oil demand.
Oilfield Service Firms Branch Out Past Oil and Gas
Service firms are diversifying their portfolios, in part driven by large-scale budget cuts among operators since the industrywide downturn.
BP Adds, Shell Subtracts Oil and Gas Resources
Heavy deal-making since 2015 by the two majors has resulted in very different upstream portfolios.
Rystad Says Permian Well Productivity is Just Fine
Despite reports to the contrary, Permian well productivity remains healthy, with average new production per well in the basin matching all-time highs, Rystad says. And the majors are now a main catalyst.
Oilfield Flares Provide a Glaring Reminder of the Drive To Produce More Oil
Oilfield flares are a bright indicator of rapidly rising oil production that exceeds pipeline capacity. And it raises the question: Why are oil companies in such a hurry?
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12 May 2020