Schlumberger sells US fracking business after oil price cripples demand
Schlumberger, the world’s largest oilfield services company, agreed to sell its US fracking business to a smaller rival following a collapse in demand.
shale
After decade of excess, US shale industry will take years to recover
As oil prices tick up to $40 a barrel following a pandemic-induced plunge, there’s a sense the shale industry is snapping back to life with Continental Resources Inc., EOG Resources Inc. and Parsley Energy Inc. all saying they’re restarting closed wells.
Record spending cuts this year, IEA warns
The coronavirus pandemic has triggered the “largest drop in global energy investment in history”, the International Energy Agency (IEA) has said, launching its World Energy Investment 2020 report.
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.
Oil over supply to hit record levels
There could be 10 million barrels per day more of supply than demand in March and April this year, according to IHS Markit.
America’s days as net oil exporter are numbered amid price rout
America’s nascent status as a net petroleum exporter is already at risk as plunging oil prices threaten domestic production and give a leg-up to world’s biggest producers.
Uncertainty for 50 Aberdeen jobs as Weir Group prepares exit from oil and gas
Weir Group has announced it is preparing to exit its struggling oil and gas business, bringing uncertainty for 50 Aberdeen jobs.
US oil boom feels more like bust in the shale patch
Last month, two days before the latest government prediction that U.S. shale production would hit new heights, an oil industry conference in Houston opened with a clip of Eeyore making one of his bleak utterings: “End of the road, nothing to do and no hope of things getting better.”
INEOS gets on the grid with Mercedes
INEOS has launched a five-year partnership with the Mercedes-AMG Petronas F1 Team.
ExxonMobil aims to keep dominant status in Texas shale
The oil major Exxon Mobil is not planning to give up its status as the top driller in Texas.
Peak Permian oil output is closer than you think, investor says
Such is the extent of the shakeout in the U.S. shale industry that Permian Basin oil production is closer to peaking than many forecasts suggest, according to one energy investor.
The top company in Texas’ birthplace of shale exits for $770m
The birthplace of the shale industry is losing the last of its top industry players after Devon Energy agreed to sell its remaining position in the Barnett shale for $770 million.
OPEC+ gambles on demise of US shale’s golden age
For years, OPEC ignored the rise of the U.S. shale industry and came to regret its mistake. Now, the group is making another bold gamble on America’s oil revolution: that’s its golden age is over.
Tendeka polymer tech to boost shale gas recovery 250%
Tendeka has developed a new polymer treatment to increase recovery from shale reservoirs by 250%.
ADNOC goes for gas
Innovation and new approaches are dominating ADNOC’s drive for new sources of gas.
Low demand, US supply squeeze OPEC
Oil demand will reach 101 million barrels per day in 2020, OPEC’s World Oil Outlook (WOO) has said.
The place for gas in South Africa’s energy plans
The South African government has published its Integrated Resource Plan (IRP) with the aim of setting out the country’s future energy mix.
Demand overshadows risks
Oil price predictions always end in disaster but complacency in the market poses a number of risks, given global uncertainty.
Sonatrach reaches out to Chevron
Algeria’s state-owned Sonatrach has held talks with Chevron this week, with technical workshops held in order to consider joint opportunities.
US exports more oil than Saudi Arabia thanks to shale production
The US briefly became the world’s No. 1 oil exporter as record shale production found its way to global customers, and there are prospects for more.
Worst is yet to come for shale drilling, biggest rig owner warns
America’s biggest owner of drilling rigs fell the most in seven months after the chief of Helmerich & Payne Inc. said he called the bottom too soon.
North Sea producers adopting US shale philosophy
The U.S. oil boom changed the petroleum industry forever. Now its philosophy is being adopted by conventional producers in the North Sea.
Big Oil won’t be buying up Permian strugglers
Big Oil probably won’t be buying up the Permian Basin’s struggling independent drillers any time soon.
Huge scale of US shale
Moss Creek Resources recently set a new record for drilling a well in the Permian Basin, the onshore resource that has dramatically transformed the fortunes of the US oil and gas industry.
Lower fracking prices continue to sting Halliburton in first quarter
Lower prices for hydraulic fracturing services in North America continue to sting Houston-based Halliburton, the second largest oilfield service company in the world.