Kuwait’s oil minister said he believes oil prices have bottomed out, according to reports.
Ali al-Omair was asked if he agreed with recent remarks made by Qatar’s energy minister.
He said for between two and three months prices hadn’t gone done so potentially be “at the bottom”.
Maersk Line plans to reduce its headcount by an estimated 4,000 staff members in a bid to adapt to the changing market place.
The company said it was making the move on the back of a lower outlook for the global shipping market.
Maersk said it would help “simplify the organisation”.
Magnolia Petroleum has begun a 10 well drilling programme targeting the Woodford formation in the Central Oklahoma Oil Province play.
An estimated 3.2billion barrels of oil have already been recovered from 60 reservoirs.
Magnolia has a stake in each of the 10 wells which are operated by Continental Resources.
Petrofac has teamed up with Faroe Petroleum and Eni Hewett to establish a cost saving partnership across their UK operations in the Southern North Sea.
The tripartite agreement is aimed at driving efficiencies and commercial synergies.
Petrofac will share logistics across the Schooner, Hewett and Ketch gas fields to share logistics and accommodation services across the facilities.
In a record downturn for the oil industry, cash is everything to companies and dividends are everything to their investors. One tool is helping Europe’s three biggest producers preserve both, but there’s a long-term price to pay.
Royal Dutch Shell Plc, Total SA and BP Plc will retain $8 billion a year in cash by giving investors the option of receiving payouts in shares instead, according to Jean-Pierre Dmirdjian, an analyst at Liberum Capital Ltd. That’s equivalent to about 8.5 percent of total cash and equivalents currently on their books, making the so-called scrip dividend a vital tool as companies curb spending to ride out the slump in oil prices.
The Oil and Gas Authority (OGA) will struggle to revitalise exploration if the industry continues to haemorrhage jobs and skills, the RMT union warned yesterday.
RMT also said the new regulator – launched earlier this year – could be hampered in its attempts to stimulate investment in the sector by firms undermining collective bargaining deals.
And it urged the OGA to “get an early grip” on growing maintenance backlogs which threatened safety and the long-term future of North Sea production.
Det Norske Oljeselskap ASA, the oil company controlled by Norwegian billionaire Kjell Inge Roekke, deepened losses in the third quarter after booking an impairment due to lower crude-price assumptions.
Libya’s Petroleum Facilities Guard halted crude shipments from Zueitina port indefinitely amid the escalating conflict between the divided country’s two rival administrations, putting the OPEC member’s oil exports at risk.
Brazil’s daily oil production has fallen by about 500,000 barrels as oil workers strike for the third day to protest austerity measures by state-controlled Petroleo Brasileiro SA that are resulting in job losses, the country’s main oil union said Tuesday.
TransCanada Corporation has sent a letter to US Secretary of State John Kerry calling for the State Department to pause its review of the Presidential Permit application for the Keystone XL pipeline.
The company said it believes there is “sound precedent” for making the request.
Supernova Energy has started drilling on its Antle lease in Kentucky.
Three wells have so far been drilled to a depth of 1650feets as part of the farm-out agreement signed earlier this year.
Fairway Energy Partners has awarded Wood Group a contract to provide engineering, design and procurement services for the Pierce Junction crude oil facility in Houston.
The win has been awarded to Wood Group Mustang who will provide services to Fairway as they build out the surface facilities that support the crude oil storage facility.
After three delays, Statoil ASA must make a decision to move ahead with the Johan Castberg oil project in Norway’s Arctic next year as planned, the Norwegian government’s oil company said.
The UK’s North Sea oil industry is suffering more than any other from the slump in crude, according to Ian Wood, whose family founded oil-services group Wood Group Plc.
Landsdowne Oil & Gas said the partners in the Barryroe oil field have been offered a two year extension on the first phase of SEL 1/11 to July 2017.
The decision was approved by the Irish Minister for Communication, Energy and Natural Resources.
CIMIC Group has won a contract worth $250million for work on the Surat basin project in Queensland.
The agreement is with QGC which is a subsidiary of BG Group.
Royal Dutch Shell Plc said its record takeover of BG Group Plc will still deliver value to investors even in a prolonged oil-industry downturn and reshaped its business in preparation for the acquisition.
Farstad Shipping has won a new three year contract for its CSV Far Sentinel vessel from Subtec.
The vessel will carry out delivery of light construction work and other subsea related activities in the Gulf of Mexico.