International E&P companies are struggling to make money from offshore investments made during the latest investment upturn, according to a new study by Rystad Energy, Kallanish Energy reports. The independent research company has evaluated all offshore oilfields sanctioned since 2010 and ranked them by estimated value per barrel of oil under various oil-price scenarios. The
Read More...Oil and gas industry veteran Steven Keenan, who is credited with the Alpine High shale discovery for Apache Corp, resigned from his position as senior vice president of Worldwide Exploration, the company said. Houston-based Apache told Reuters Keenan’s resignation is not connected to the well the company is currently drilling offshore in Suriname. The company said,
Read More...President Trump said Sunday he’s interested in making a deal with ExxonMobil or another producer to tap Syrian oil reserves, Kallanish Energy reports. “What I intend to do, perhaps, is make a deal with an ExxonMobil or one of our great companies to go in there and do it properly … and spread out the wealth,” he
Read More...Saudi Aramco has delayed the planned launch of its initial public offering in hopes pending third-quarter results will raise investor confidence in the world’s largest oil firm, two sources familiar with the matter told Reuters. Aramco had been expected to announce plans this week to float a 1% to 2% stake on the kingdom’s Tadawul
Read More...The Carlyle Group, an international private equity/investment firm and the entity behind efforts to build a $1 billion crude oil export terminal at Harbor Island, Port of Corpus Christi, Texas, is pulling out of the project. The Washington, D.C.-based company said in a statement it’s dissolved its relationship with The Berry Group, Kallanish Energy finds. The
Read More...President Trump last Friday announced he has nominated deputy energy secretary Dan Brouillette to replace departing energy chief Rick Perry, Kallanish Energy reports. “I am pleased to nominate Deputy Secretary Dan Brouillette to be the new Secretary of Energy. Dan’s experience in the sector is unparalleled. A total professional, I have no doubt that Dan
Read More...Crude oil prices were lower Friday, as concerns about China’s economy outweighed strong signals from its refining sector, Kallanish Energy learns. But losses were limited on hopes for progress toward a U.S.-China trade agreement. Brent crude oil futures fell 49 cents, to settle at $59.42 a barrel, while U.S. West Texas Intermediate crude futures lost
Read More...The world’s largest oilfield services company surpassed Wall Street expectations on third-quarter revenue, but took a huge hit on the bottom line due to pretax charges, Kallanish Energy reports. Schlumberger reported an $11.4 billion loss on $8.54 billion of revenue during the quarter, a loss per share of $8.22 for common stockholders. One year ago,
Read More...Brent crude oil spot prices will average $59 per barrel in the fourth quarter of 2019, then fall to $57/Bbl by the second quarter of 2020, $5/Bbl lower than forecast one month ago, the Energy Information Administration reported Tuesday in its October Short-Term Energy Outlook (STEO). Despite the recent increase in supply disruptions, EIA expects
Read More...Enterprise Products Partners has announced it has long-term agreements that support additional expansion of the Midland to Echo crude oil pipeline system. The midstreaming giant will build a pipeline that connects the partnership’s 6-million-barrel (Mmbbl) Midland, Texas, storage facility to its Echo Terminal through its Eagle Ford system in South Texas. This line will have
Read More...The number of rigs working onshore in the Lower 48 U.S. states last week maintained its downward stride, falling for the 14th straight week, and the 24th of the last 26 weeks, Kallanish Energy calculates. For the week ended Oct. 4, 823 rigs were working, down six rigs from the previous week, according to Baker
Read More...Pennsylvania Gov. Tom Wolf’s administration is working to bring the state into a regional consortium of states that sets a price and caps on greenhouse gas emissions from power plants, part of the Democrat’s agenda to fight climate change, Kallanish Energy reports. Wolf made a formal announcement Thursday that he’s ordering a start to the
Read More...U.S. exports of crude oil rose to average 2.9 million barrels per day (Mmbpd) in the first half of 2019, an increase of 966,000 b/d from the first half of 2018, the Energy Information Administration reports. U.S. crude oil exports also set a record-high monthly average in June, at 3.2 Mmbpd, Kallanish Energy learns. Despite
Read More...Crude oil rose slightly Monday, after gaining nearly 7% last week, as lingering concerns over global supplies following the Sept. 14 attack on Saudi oil facilities offset prospects for a faster-than-expected restoration of the kingdom’s output and on signs of European economic weakness. Global benchmark Brent futures were up 40 cents to $64.68 a barrel,
Read More...U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 6.91 million barrels (Mmbbl) during the week ended Sept. 6, from the previous week, the Energy Information Administration reported. The American Petroleum Institute had U.S. crude inventories down 7.2 Mmbbl in the week ended Sept. 6, to 421.9 Mmbbl, compared with analysts’
Read More...