Industrial Internet to Help Upstream Sector
of projects against different market scenarios, optimizing inventory levels, demand forecasting, decision support, and logistics optimization, and setting up long-term objectives for an organization.”Adoption of digital technologies has surged of late, largely as a reaction to the crash in crude oil prices. However, companies have been quite methodical in their approach to enable this transformation and ensuring maximum possible value can be derived through Industrial Internet implementations
PGS Calls off Debt Refinancing, Shares Fall
past weeks, sending the Norwegian company's shares down 24%.Oslo-listed PGS, which owns a fleet of seismic vessels that scan the seabed for buried hydrocarbons and sells the data to oil and gas explorers, had announced plans on May 27 to raise debt of $675 million as part of a refinancing.Brent crude oil prices have fallen by more than 10% since the company announced its refinancing plans."We see that the investor sentiment regarding oil services has been considerably weaker since we launched the refinancing plans at the end of May, and that has impacted the interest for the facilities negatively
EIA Release Short-Term Energy Outlook
Brent crude oil spot prices averaged $52 per barrel (b) in April, $1/b higher than the March average and the fifth consecutive month that Brent crude oil spot prices averaged between $50/b and $55/b. EIA forecasts Brent prices to average $53/b in 2017 and $57/b in 2018. West Texas Intermediate (WTI) crude oil prices are forecast to average $2/b less than Brent prices in both 2017 and 2018. • NYMEX contract values for August 2017 delivery traded during the five-day period ending May 4 suggest that a range of $37/b to $63/b encompasses the market expectation for WTI prices in August 2017
Greece to Evaluate Deep-sea O&G Exploration Bids
Greece will conclude the evaluation of deep-sea oil and gas exploration bids in the coming weeks and will name the preferred bidders soon after, its energy minister said on Friday, as the country seeks to tap into its limited oil reserves. Plunging crude oil prices have cut spending on oil projects around the world but cash-strapped Greece is pushing ahead with investment in the industry in a bid to reduce dependence on oil imports and boost public finances. "We are evaluating three bids made by oil companies whose financial strength, experience and infrastructure ensure they
Schlumberger to Buy Cameron in $14.8 Bln Deal
Corp in a deal valued at $14.8 billion to streamline supply chains and offer cost-effective services to oil and gas customers who have slashed budgets. The deal is the latest in a line of mergers in the energy industry as companies struggle to cope with a 60 percent plunge in global crude oil prices since June last year. Most oil and gas producers, including oil majors Royal Dutch Shell PLC and Total SA, have drastically cut spending, which has hurt demand for oilfield services companies. Schlumberger, the world's No.1 oilfield services company, has cut 20,000 jobs this
Conoco Cutting Deepwater Spending
ConocoPhillips said on Thursday it will reduce future spending on deepwater drilling due to low crude oil prices while raising its dividend one cent. The largest spending reductions will come in the Gulf of Mexico, where the Houston-based company said it will terminate a three-year contract for an Ensco deepwater drill ship that was due to be delivered late this year. Conoco said it raised its quarterly dividend to 74 cents per share from 73 cents per share. (Reporting by Anna Driver, editing by G Crosse)
Subsea 7 to Slash Workforce, Cull Fleet
Oil services firm Subsea 7 plans to cuts its workforce by close to 20 percent and reduce its fleet of 39 by up to 11 vessels as global oil and gas firms continue to cut spending after the plunge in crude oil prices. Subsea 7, which focuses on the North Sea but has a global operation, expects to cuts it workforce by around 2,500 by early 2016 from about 13,000 at the end of end of 2014, it said in a statement. "The global fleet will be reduced by up to 11 vessels, based on a mixture of non-renewal of charter vessels and either disposal or stacking of owned vessels," it said in a statement
Global O&G Exploration Spending Expected to Slide 17%
The world's oil and gas exploration companies are expected to cut capital expenditures 17 percent this year as a deep slump in crude oil prices takes a toll on budgets, according to a survey by Cowen and Company released on Wednesday. The survey, based on an average oil price of $70 per barrel, estimates that global exploration and production expenditures will slide 17 percent to $571 billion. If oil prices average $60 per barrel, spending should drop by 30 percent to 35 percent, according to the survey of 476 oil companies. Crude oil futures traded in New York closed under
An Open Arctic and its Impact on Oil Drilling
MatthewsDaniel Weather, a division of the Bureau Veritas Group, explains why improvements in drilling technologies and weather monitoring systems have made offshore shelf drilling operations in the Arctic Circle increasingly attractive to upstream oil and gas companies and their investors. Rising crude oil prices motivate not only technological innovators to explore cheaper alternative energy sources, such as solar panels and wind turbines, but also upstream oil and gas companies to explore new oil reserves which had not otherwise been economical. While the exact amount is less certain than highly developed
February 2024
