Saudis are said to target U.S. with sharp oil export cut

Saudis are said to target U.S. with sharp oil export cut

Saudi Arabia aims to create 1.2 million jobs by 2022 by focusing on the retail sector in order to reduce unemployment to 9 percent, a senior labor ministry official told Reuters. After flooding the U.S. market in recent months, Saudi Arabia plans to slash exports to the world’s largest oil market in the coming weeks in an effort to dampen visible build-ups in crude inventories. Oil traders only get official figures on a monthly basis, or not at all in the case of stockpiles in big consumers such as China and India. Saudi Arabia has shipped 860,000 bpd of crude to...

Petroleum Services Association of Canada delivers message to Ottawa

Petroleum Services Association of Canada delivers message to Ottawa

The Petroleum Services Association of Canada (PSAC) is the national trade association representing the service, supply, and manufacturing sectors within the upstream, or exploration and production sector, of the petroleum industry businesses. The products and services provided by PSAC members include cementing, drilling, drilling fluids, environmental services, equipment rentals, industry supplies, manufacturing, perforating, pipelines, production testing, safety equipment and services, snubbing, trucking, well servicing, wireline, and more. Its members range from independent contractors to large, multi-national service companies with locations in Western Canada and around the world. “Rigs and equipment fled south to the U.S. or elsewhere in the world and...

Total reduces its stake in Ichthys LNG, Australia for $1.6 billion

Total reduces its stake in Ichthys LNG, Australia for $1.6 billion

French energy major Total has signed a deal to divest a 4 percent stake in the Ichthys liquefied natural gas (LNG) export project in Australia to Inpex for $1.6 billion. The transaction is part of our constant portfolio review to optimize our capital allocation. Total has signed an agreement to divest a 4% interest in the Ichthys liquefied natural gas (LNG) project in Australia to operating partner INPEX for an overall consideration of $1.6 billion. Japan’s Inpex is the operator of the giant LNG export project that started shipping the fuel in October. The transaction, which is subject to Australian regulatory approvals, reduces...

Wood. reports 2018 pre-close trading update

Wood. reports 2018 pre-close trading update

“In the first half we have seen continued momentum in trading, cost and revenue synergy delivery. Increased activity in the first half has been led by minerals processing and automation & control. Our full year outlook is unchanged. We are continuing to see early signs of recovery in our core oil & gas market and good contract awards in broader industrial sectors. We remain on track to deliver growth in 2018”, said Robin Watson, Chief Executive. H1 trading performance and outlook:-  In the first half, continued trading momentum has resulted in higher activity delivering revenue growth across our business. We anticipate...

Western Gas selects McDermott and BHGE as development partner for Equus Gas Project in Australia

Western Gas selects McDermott and BHGE as development partner for Equus Gas Project in Australia

McDermott is a premier, fully integrated provider of technology, engineering and construction solutions to the energy industry. As used in this press release, McDermott includes McDermott International, Inc. and its subsidiaries and affiliates. For more than a century, customers have trusted McDermott to design and build end-to-end infrastructure and technology solutions to transport and transform oil and gas into the products the world needs today. McDermott International, Inc. has announced they, with Baker Hughes, a GE company, have signed a memorandum of understanding (MOU) with Western Gas Corporation Pty Ltd to be the exclusive development partners for the Equus Gas Project...

Late reversal sends oil lower as bulls can’t kill fears of glut

Late reversal sends oil lower as bulls can’t kill fears of glut

Oil lost all of its gains in the last half hour of trading and skidded to a loss as a smaller-than-expected decline in U.S. crude stockpiles renewed fears a global glut. Futures in New York settled 1 percent lower on Wednesday. Saudi Arabia has already announced production cuts on the order of 500,000 bpd for December. Russia has been non-committal, but it would seem likely that the group would agree to curb production to stop the slide in prices. On the one hand, the meltdown in prices significantly increases the odds that OPEC+ will agree to curb supplies. The reversal...

BSEE works to ensure safety for deepwater GOM production start-up

BSEE works to ensure safety for deepwater GOM production start-up

The US Bureau of Safety and Environmental Enforcement is proposing changes to offshore safety rules in response to President Trump’s order to reduce “unnecessary burden on industry”. “The mission of the Bureau of Safety and Environmental Enforcement is to ensure offshore oil and gas companies operate in a safe and environmentally sustainable way,” said Amy Pellegrin, BSEE’s Houma District acting district manager. Julian Turner asks Greg Julian, Press Secretary of the Bureau, if it is possible to increase both production and safety. After the mooring complication, BSEE continued to monitor Chevron’s plans to secure and stabilize the mooring lines. In December...

Alberta works magic as oil production-cut plan staves off crisis

Alberta works magic as oil production-cut plan staves off crisis

Alberta Premier Rachel Notley is ordering a mandatory cut in oil production to deal with a price crisis that she says is costing Canada an estimated $80 million a day. Alberta’s oil-production curtailment plan has largely accomplished its mission, even before it has gone into effect. Notley says as of January there will be an 8.7 per cent reduction ordered in oil production. Output of raw crude oil and bitumen will be reduced by 325,000 barrels per day. Oil producers are saying the 8-day-old plan will bring “significant relief” to the province’s pipeline congestion problem, and it’s even being credited...

Conoco sees U.S. shale growth at 25% in 2019, even as oil slides

Conoco sees U.S. shale growth at 25% in 2019, even as oil slides

Big Oil is investing more in U.S. shale, not less, after the recent tumble in crude prices. Output is forecast to grow a further 11 percent next year, according the Energy Information Administration. It’s a far cry from four years ago when OPEC declared war on American shale areas, which at the time had some of the highest costs anywhere in the world and were often the first on the chopping block during tough times. In the U.S. Conoco wells in the Eagle Ford Shale, Permian Basin and the Bakken field generate cash when prices hover around $50/bbl, Lance said in...

Hess has announced its 2019 E&P capital and exploratory budget

Hess has announced its 2019 E&P capital and exploratory budget

By a News Reporter-Staff News Editor at Energy Weekly News- Hess Corporation(NYSE:HES) announced its 2018 E&P capital and exploratory budget will be $2.1 billion, the same as 2017. Hess Corporation has announced a 2019 E&P capital and exploratory budget of $2.9 billion. The 2018 budget allocates increased capital for continuing exploration and development activities offshore Guyana and for the Bakken, which includes growing the rig count from four rigs to six rigs. These increases are offset by lower capital allocated to the Gulf of Mexico and Malaysia compared to 2017. Bakken net production is forecast to average between 135,000 boepd and 145,000 boepd in 2019. “We are allocating approximately two...