Oil Prices News

(Image: Aker Solutions)

Aker Solutions Beats Forecasts

Aker Solutions beat second-quarter earnings on Wednesday citing demand from the offshore oil sector despite price pressure from ongoing high capacity.Service providers are slowly recovering from a 2014 slump in oil prices that prompted companies to curb offshore projects.Earnings before interest, tax, depreciation and amortization (EBITDA), excluding one-offs, rose to 629 million crowns ($73 million) from 441 million crowns a year earlier.That beat the 585 million crowns expected by four analysts in a Refinitiv poll."There is still a lot of capacity available in some areas, not all," Chief

Courtesy PGS

PGS Calls off Debt Refinancing, Shares Fall

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

Offshore: New Project Pace Quickens

As the oil and gas industry comes out of the recent downturn, E&P companies are tempted to chase the rewards of higher oil prices by accelerating the sanctioning of new projects.However, haste can lead to less certainty of what the ultimate cost of any given project will be. Projects with high levels of so-called engineering definition are generally expected to remain within about 20% of the initial cost estimates, according to Rystad Energy.“For offshore operators, that means the expected variation for projects to be sanctioned during the period from 2019 to 2023 could be as high as $220

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Rebuilding Confidence in Reactivated DP Assets

periods.  While not an ideal status, lay-up is a proven cost saving alternative in situations where charter rates are below vessel operating cost and provides an option that owners can use for short or long-term financial respite.More recently, however, 2018 has seen an upturn in production as oil prices have risen. While exploration activity has not directly mirrored this trend, the establishment of new supply chain contracting models, along with new standards for efficiency established by the operators, generates optimism that 2019 will continue the trend of slow but steady growth within the

Boosting technology from Schlumberger's OneSubsea (File image: Schlumberger)

Schlumberger Sees International Growth in 2019

Schlumberger NV on Friday reported quarterly revenue that topped estimates and forecast single-digit growth in international markets this year even as crude prices have tumbled roughly 30 percent since October.With the drop in oil prices many producers were evaluating spending budgets for 2019, stoking concerns that a slowdown in activity would hurt oilfield service companies that have struggled to boost prices since the 2014 downturn.Schlumberger, a bellwether for the oilfield services sector, said recent volatility in crude prices has led to more uncertainty in the spending outlook for oil and gas

Graph: Rystad Energy

Offshore Service Market to Outspace Onshore Shale

drastically as shale, but offshore budgets were at a 10-year low last year, after four years of intense cost focus, and from that level you don’t need much additional activity or inflation to drive up the market,” Rystad Energy head of oilfield services research Audun Martinsen said.Since oil prices fell in the fourth quarter of 2018 and the oil market outlook for 2019 appeared more bearish, shale budgets for this year have been cut drastically to compensate for the anticipated loss of revenues.“We saw the tendency already last month that the shale service market started to hit the brakes

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Crude & Fuel Outlook: Fund Managers Neutral

Hedge fund managers show signs of having completed their recent sale of crude and refined fuels, with positions edging up slightly in the first week of the new year, amid hopes a recession can be averted.Oil prices have bounced off their recent lows, the U.S. dollar has weakened against most other major currencies and expectations of a trade deal between the United States and China are rising.Portfolio managers raised their net long position in ICE Brent crude futures and options by 6 million barrels to 158 million barrels in the week to Jan. 8.Funds also boosted their net long position in European

(File photo: TechnipFMC)

TechnipFMC Names New Chairman

Oil services group TechnipFMC said on Thursday Doug Pferdehirt would replace Thierry Pilenko as its executive chairman, following Pilenko's imminent retirement.Pilenko was one of the key directors behind the 2016 merger between French company Technip and U.S. rival FMC, as a drop in oil prices spurred consolidation within the oil services sector.(Reporting by Sudip Kar-Gupta; Editing by Mark Potter)

David Millar, Director TechX Program, The Oil & Gas Technology Center

TechX: Pioneering and Accelerating

didn’t exist 18 months ago.Historically, it has taken up to 15 years for some new technology to be accepted by the U.K. oil and gas industry. Start-ups faced an uphill battle, with unprecedented failure rates in excess of 90 percent.However, the downturn has upended that trend. The impact $30/bbl oil prices had on the U.K. industry and the North East of Scotland is still fresh in our minds. Nonetheless, with 20 billion boe still out there to recover in the U.K., we have a huge opportunity ahead of us.A realization has dawned within the industry that they have done as much as they can to make themselves

(Photo: Fugro)

Fugro Q3 Revenue Jumps

Dutch deep-sea prospector Fugro has reported a 29.1 percent rise in third-quarter revenue on a comparable basis, driven by the expansion of offshore wind developments and a recovery in the global oil and gas market.Rising oil prices have helped Fugro by making it more economic to prospect for the hard-to-reach subsea deposits in which it specializes."In our early cyclical marine site characterisation activities we are experiencing sharp growth and improving prices, resulting in strongly improved profitability," Chief Executive Mark Heine said in a statement on Friday.Third-quarter revenue

(Photo: Aker BP)

Aker BP Q3 Operating Profit Beats Forecast

Aker BP's third-quarter operating profit rose more than expected, helped by a boom in oil prices, the Norwegian oil firm said on Friday, while reducing planned capital and exploration spending.Earnings before interest and taxes (EBIT) rose to $548 million from $219 million in the same quarter a year ago, beating the $521 million expected by analysts in a Reuters poll.The company slightly reduced its 2018 capital spending guidance to $1.25 billion from $1.3 billion, and exploration spending to $400 million from $425 million, while maintaining its production guidance at 155,000-160,000 barrels of

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