Australia’s Woodside Petroleum said it is working to understand how its exploration drilling plan for offshore Myanmar this year might be affected after the military seized power there on Feb. 1. Woodside has been working with French giant Total SA and Myanmar-based MPRL E&P to develop Myanmar’s first ultra-deepwater gas project, known as A-6. The
Read More...ChampionX has appointed Mohammed Al-Khalifa to the newly created role of general manager of Saudi Arabia to spearhead the region for further growth in 2021, the company said on Feb. 2. “ChampionX has an enviable reputation in the Kingdom, and I’m thrilled to be joining at this exciting juncture as we implement strategic plans to
Read More...Jim WillisEditor & Publisher, Marcellus Drilling News (MDN) [Editor’s Note: Climate change is now nothing but a political slogan, an excuse to strip away every conceivable American freedom we now enjoy.] Forget about the great American road trip. You won’t be able to charge your electric vehicle quickly enough or (in some cases) at all. Prepare to
Read More...I don’t know if Woodstock Willie saw his shadow this morning, but I do know that he was able to fulfill his Groundhog Day duties safely behind a face shield thanks to a plastics company. Woodstock Willie is the mascot for Woodstock, Ill.’s Groundhog Day celebration. (The city was used as the stand-in to Punxsutawney,
Read More...BP Plc plunged to a $5.7 billion loss last year, its first in a decade, as the pandemic took a heavy toll on oil demand, and the energy company warned of a tough start to 2021 amid widespread travel restrictions. Despite the weak environment, however, CEO Bernard Looney told Reuters the company’s transition to a
Read More...Smaller, slower and more profitable. These are the watchwords for Chesapeake Energy Corp. as it emerges from bankruptcy. Free of the colossal liabilities that sank it as the pandemic slashed global energy demand last year, the company has also abandoned the growth-at-all-costs strategy that made it a pioneer of the shale revolution—and poster child of
Read More...The U.S. oil and gas rig count reached its highest level since April, climbing 12 rigs to 442 in the week ended Jan. 27, according to Enverus data. The double-digit jump is likely indicative of a changing mindset stemming from higher oil prices, according to Hellenic Shipping News Worldwide. Although operators are starting to see
Read More...Pandemic Drives Oil Major BP to First Loss in a Decade BP’s shares have lost over 40% of their value over the past year and remain near 25-year lows, battered by concerns over oil demand due to the pandemic and its ambitious plan to shift away from fossil fuels to renewable energy. This post appeared
Read More...Pandemic Drives Oil Major BP to First Loss in a Decade BP’s shares have lost over 40% of their value over the past year and remain near 25-year lows, battered by concerns over oil demand due to the pandemic and its ambitious plan to shift away from fossil fuels to renewable energy. This post appeared
Read More...Tom ShepstoneShepstone Management Company, Inc. … We are now living under an odious American oligarchy, the seven elements of which are rapidly being revealed to anyone paying attention. The fracking wars and the climate debate, combined with big tech machinations, politics and a corrupt Wall Street, have, over the last decade or so, at first
Read More...Molder Gary Plastic Packaging Corp. is closing its Bronx, N.Y., plant and moving into 207,000 square feet of a building in Shelton, Conn. The city’s planning and zoning commission approved the site plan in Shelton on Jan. 26. The move, reported by the New Haven Register, means about 300 new jobs for the area, Virginia
Read More...Wall Street analysts on Feb. 1 gave little credence to the possibility of a megamerger between Exxon Mobil Corp. and Chevron Corp., as news of talks last year between the two largest U.S. oil companies leaked ahead of Exxon’s results that are expected to show the company posting its first-ever annual loss. Shares in both
Read More...Fluor Corp. recently unveiled a new strategy to boost shareholder value by generating a bulk of its revenue from “nontraditional” oil and gas segments. “My top priority since being named Fluor’s CEO has been to work closely with the board and the management team to develop a strategy that addresses the megatrends that are impacting
Read More...A new economic reality: today’s focus Until recently, investors were focused on growing their E&P investments as rapidly as possible. Investment capital was readily available as long as it led to more land under lease, more rigs drilling, and more oil produced. That is no longer the environment in which we operate. E&P operators are
Read More...Pennsylvania’s state agencies and local governments are starting to feel the impact of low natural gas prices and little new drilling as they rely on funding from these activities, according to The Morning Call. Pennsylvania’s conservation and environmental protection departments are already warning of significantly less revenue from natural gas royalties and drilling permits. Simultaneously, low natural
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