Updated: Stena Drilling signs contract worth up to $11m for well in Bahamas
Aberdeen-headquartered Stena Drilling will pocket up to $11 million for deploying a rig to the Bahamas.
Americas
Built by oil’s riches, Houston goes 100% green years earlier
The oil and natural gas capital of the world is going all-in on solar power.
Report: US hydraulic fracturing demand expected to bounce back
Demand for hydraulic fracturing services in shale plays across the United States is expected to reach rock bottom in May and stay low in the summer before a recovery begins in the fall, the Norwegian global energy research firm Rystad Energy reported.
Quantum seeks $5.5bn for new fund amid energy-market rout
Quantum Energy Partners is in discussions to raise roughly $5.5 billion for a new fund designed to pounce on opportunities that arise amid turmoil in energy markets, according to people with knowledge of the matter.
Halliburton lays off 1,000 workers at Houston headquarters
Houston oil field services company Halliburton has laid off 1,000 employees at its headquarters as low crude prices take their toll on demand for the products and services to company sells to energy producers.
QP lines up Mexico move
Qatar Petroleum (QP) has bought into three blocks offshore Mexico, in the Campeche Basin, under an agreement with Total.
Houston feeling the oil price pain
The US oil industry has been shrinking in much the same way as the country’s car industry – and the price crash will accelerate the process, according to a top economist.
Occidental Petroleum takes $1.4 billion writedown, cuts budget on oil rout
Occidental Petroleum Corp. took a $1.4 billion writedown related to an investment in a pipeline affiliate, cut capital spending and withdrew its guidance for the year after a historic collapse in oil prices.
Disappointment for Eni and Cairn off Mexico
Italy’s Eni and Scottish firm Cairn Energy have reported disappointment offshore Mexico after an exploration well came up dry.
Controlled fire at Shell refinery blackens Houston sky
A controlled fire at Royal Dutch Shell Plc’s refinery near Houston cast a plume of black smoke over the city’s industrial suburbs.
European gas demand under pressure
The impact of coronavirus has not been felt as strongly by the gas industry as oil, Rystad Energy’s CEO Jarand Rystad has said, although increasing LNG production seems set to keep prices under pressure this year.
Pipeline giant looks to stash oil glut in its lines
Energy Transfer LP, the pipeline operator run by billionaire Kelcy Warren, is looking at ways to free up space on its conduits to store more crude as the coronavirus lockdown leaves the world swimming in oil.
Brokers limit investors’ oil bets
At least three brokerages are restricting the ability of clients to enter into new trades in the most active oil benchmarks in a bid to curb losses after an unprecedented meltdown in crude this week dragged prices into negative territory for the first time in history.
Oil’s wild ride cuts ETF investors loose
For investors getting crushed by oil’s relentless drop, contortions in the exchange-traded fund they swarmed into are adding mind-numbing complexity to an already anxious situation.
IEA calls for deeper cuts
The International Energy Agency (IEA) has called for the OPEC-led group to take more production offline and faster than previously agreed.
Trump pledges funds for US oil industry to avert job cuts
President Donald Trump said his administration is working on a plan to make money available to the oil industry to prevent the loss of jobs after prices plunged below zero.
The oil industry shed 51,000 US jobs in March
The oil and gas industry shed nearly 51,000 drilling and refining jobs in March, a 9% reduction that is likely to get worse as futures prices fell into negative territory Monday.
Deepwater Horizon: BP pledges to ‘never forget the lives lost, nor the damage caused’
Energy giant BP has said it will “never forget the 11 people who lost their lives, nor the damage caused” in the Deepwater Horizon disaster exactly 10 years ago.
Burullus cuts Transocean rig off Egypt
Burullus Gas has ended a contract for Transocean’s Deepwater India rig, which had been operating in Egypt.
Canada’s Keystone XL pipeline faces coronavirus delay
Construction work on Canada’s major Keystone XL pipeline looks poised to stall mere weeks after the controversial project was given the green light by TransCanada (TC) Energy.
IEA: short-term pain to balance out in second half
Actions taken by producer states under the OPEC+ banner, coupled with moving oil into storage, should see a stock draw of 4.7 million barrels per day in the second half of 2020, the International Energy Agency (IEA) has said in its recent Oil Market Report (OMR).
Baker Hughes to write down $15 billion, cut spending
Houston oilfield service company Baker Hughes plans to write down the value of its assets by $15 billion and cut capital spending by more than 20% from 2019 levels as market conditions worsen for the oil and gas industry.
Trump’s oil deal: the inside story of how a price war ended
After a week-long marathon of calls between world leaders and video conferences featuring dozens of energy ministers, it was the moment the 2020 oil price war finally ended.
Apache celebrates second score in Suriname
Total and Apache have made a second discovery offshore Suriname, at Block 58’s Sapakara West-1 well.
Whiting bosses got $14.6 million bonuses before bankruptcy
Whiting Petroleum Corp.’s board approved $14.6 million in cash bonuses for top executives days before the shale oil producer filed for bankruptcy.