US Subsea Equipment Firm Sets Up Shop in Brazil
grateful for the strong partnership and support from local customers and suppliers,” said Erik Wiik, Koil Energy’s President and CEO.“Koil Energy's decision to prioritize Brazil in its growth strategy is driven by this country's ambitious plan to become one of the top five oil producers in the world by 2030 and maintain that position for years to come,” added Gustavo Goncalves, Managing Director of Koil Energy in Brazil
As Oil Crisis Deepens, Hedge Funds Sense a Turnaround
perspective, the balance of price risks has shifted to the upside, with a large number of bearish short positions that will have to be repurchased at some point, and few long ones left to be liquidated.From a fundamental perspective, too, the balance of risks is shifting to the upside, with many oil producers making operating losses, rigs being idled, and intense diplomatic pressure for an end to the volume war.The collapse of business activity and transportation around the world as a result of the novel coronavirus and lockdowns will continue to weigh heavily on oil prices for many months.But the
U.S. to send envoy to Saudi Arabia to Stabilize Oil Prices
said, on condition of anonymity.Trump administration officials said Saudi Arabia has for decades been a steadfast leader of stability in the global oil market. The energy representative would help the countries return to a path of stability, they said.The price crash is also devastating to U.S. oil producers, some of which have already begun putting employees on furlough.The hope is that President Donald Trump could negotiate with Saudi Arabia and Russia and convince them to match cuts with a similar cut in production in Texas, said Ryan Sitton, a commissioner with the Texas Railroad Commission,
TGS Remains Upbeat as Shares Drop
cash flows this year and a need to replenish depleted reserves.It maintained its guidance for new multi-client investments - seismic surveys that TGS can sell to several customers - at $260 million for 2018, and kept the quarterly dividend unchanged at $0.20 per share.In the U.S. onshore region, oil producers are facing increasingly complex geology and will need more seismic surveys, while oil independents replacing majors in the North Sea and the U.S. Gulf of Mexico could be more aggressive in exploration, its executives told an earnings presentation.As activity picks up, the oil companies will also
Argentina Offshore Auction Attracting Oil Producers
International oil firms including Norway's Statoil, U.S. Anadarko Petroleum, China's CNOOC and Malaysia's Petronas have shown interest in Argentina's auction this year of offshore blocks for exploration and production, the country's energy minister said on Wednesday.Argentina, which is still defining the areas to be included in the auction, also wants oil companies currently exploring at its large Vaca Muerta shale field to move from pilot to full development phase after offering incentives to cut costs.Six projects have moved to the production stage in recent months, and the
In US Gulf, Robots, Drones Take on Dangerous Offshore Oil Work
to cut costs and improve safety in some of the world's tougher working environments. Drones inspect gear high up on floating rigs. Robots crawl underwater to test subsea equipment for microscopic metal cracks. Remotely operated mini submarines can replace divers. Big oil producers such as BP and Statoil are racing to create the oilfields of the future, where smart devices replace workers. They have the potential to cut costs, save lives, and reduce the scope for human error. "This is going to change the way oil and gas does business," Carri Lockhart, senior vice
Energy Industry Says 'No Thanks' to Trump Offer of Marine Sanctuaries
businesses first,” according to the order Trump signed in April that triggered it. But interviews with energy industry representatives signal the effort will likely miss its target. Opening up these areas would likely help wind power companies - which Trump has lambasted - more than oil producers, they say. And neither industry is interested because of the high costs of offshore development, comparatively rich opportunities on land and the public relations headaches of developing protected oceanscapes. The White House did not respond to a request for comment. The U.S
Latest Gulf of Mexico Auction Signals Offshore Return
Major oil producers pushed up high bids at a Gulf of Mexico offshore auction to $121 million on Wednesday, a nearly seven-fold increase from a year ago, as their return to deep water exploration gained momentum. This compared with $18 million in high bids at the Bureau of Ocean Energy Management's (BOEM) Outer Continental Shelf auction last summer. Winners will be announced after a 90-day review. Some producers have signaled that they expect Gulf of Mexico projects to become more profitable now that they have trimmed operations to adapt to low oil prices. Offshore drilling
BP Doubles Down on Deepwater
four Gulf of Mexico platforms on which BP has staked its future in U.S. oil production. Seven years after its Deepwater Horizon explosion and oil spill, BP is betting tens of billions of dollars on the prospect that it can slash the costs of offshore drilling by half or more - just as shale oil producers have done onshore. The firm says it can do that while it continues to pay an estimated $61 billion in total costs and damages from the worst spill in history - and without compromising safety. BP's Gulf platforms are key to a global strategy calling for up to $17 billion in
February 2025
