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Brazil gets oil windfall as output poised to soar

Brazil gets oil windfall as output poised to soar

As of 2005, the Brazilian oil sector accounted for approximately 2% of world oil production, 1% of world oil reserves, and 2% of Brazilian GDP. Offshore oil accounts for the vast majority of output. Oil in Brazil is inextricably linked to Petrobras, the oil multinational controlled by the Federal Government, which completely dominates the industry....

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Halliburton releases first fluid efficient, dissolvable frac plug

Halliburton releases first fluid efficient, dissolvable frac plug

Halliburton, founded in 1919 is one of the world’s largest providers of products and services to the energy industry. With over 50,000 employees, representing 140 nationalities in approximately 70 countries, the company helps its customers maximize value throughout the lifecycle of the reservoir from locating hydrocarbons and managing geological data, to drilling and formation evaluation,...

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McDermott, Saipem to partner for planned Rio Grande LNG project

McDermott, Saipem to partner for planned Rio Grande LNG project

David Dickson, president and CEO of McDermott, said, “pursuant to NextDecade’s competitive process, we plan to submit our joint EPC proposal in the second quarter of 2019.” International, Inc. has announced that it plans to partner with the Italian oil and gas industry contractor Saipem to bid for NextDecade’s planned Rio Grande LNG project in Brownsville,...

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Eni, Total partner with Sonatrach for offshore exploration in Algeria

Eni, Total partner with Sonatrach for offshore exploration in Algeria

Eni announced that it, Total and Sonatrach, Algeria’s state oil company, have signed two agreements which include an exclusive partnership for offshore exploration in Algeria. “In parallel, Eni and Total will also pursue obtaining exploration permits that will allow for the rapid completion of the hydrocarbon potential assessment,” Eni said in a company statement posted...

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Schlumberger’s Hexacom launches The Oilfield Marketplace

Schlumberger’s Hexacom launches The Oilfield Marketplace

US crude oil inventories, excluding the Strategic Petroleum Reserve, increased by 6.3 million bbl for the week ended Oct. 19, according to data from the US Energy Information Administration. The Oilfield Marketplace provides a seamless online experience that makes ordering oilfield products as easy as ordering a book. At 422.8 million bbl, US crude oil...

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Libya’s oil supremo sees output reaching Qaddafi-era levels

Libya’s oil supremo sees output reaching Qaddafi-era levels

Brent crude oil futures as well as light, sweet crude for November and December delivery were up slightly Oct. 22 as the market turned its eyes to Saudi Arabia. BENGHAZI and CAIRO (Bloomberg) — Libya, one of the most volatile and politically fragmented oil producers, expects to pump as much crude by the end of...

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OPEC should boost crude production at next meeting, the IEA says

OPEC should boost crude production at next meeting, the IEA says

OPEC and its allies appear to have accomplished their mission of reducing global oil stocks to desired levels, the International Energy Agency said on Friday, signalling that the market could become too tight if supply remains restrained. OPEC must decide to boost oil output at its next meeting to “comfort” a tightening market, said the...

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PD&MS secures further contract renewal with Chrysaor in North Sea

PD&MS secures further contract renewal with Chrysaor in North Sea

Leading international engineering company PD&MS Energy has been awarded an offshore contract extension for engineering work on Fairfield Energy’s North Sea assets. PD&MS Group has secured a contract renewal for up to two years with one of the UK’s leading independent E&P companies, Chrysaor, following successful delivery on the assets since they were purchased in...

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Blackstone Energy Partners to acquire Ulterra Drilling Technologies

Blackstone Energy Partners to acquire Ulterra Drilling Technologies

American Securities and certain members of management will retain a minority equity interest in the Company going forward. “Drill bits are a mission-critical downhole consumable product, which are poised to benefit from drilling activity, particularly in the most economic oil and gas plays in North America. Financial terms were not disclosed. The transaction is expected...

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Oil slump highlights anxiety over weak emerging markets in 2019

Oil slump highlights anxiety over weak emerging markets in 2019

Traders have pointed to a broader selloff in equity markets as putting pressure on oil prices, spurring concerns about sluggish global economic growth. For emerging markets, that’s especially painful. Just weeks after oil traders were touting $100/bbl, those predictions now seem a distant memory. Oil benchmarks weakened a second week running as concerns over supply...