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Month: June 2018

No Oil to Carry, Where to Go? | OutPut by Rig Lynx

June 4, 2018
| Archives

The shipping industry will this year scrap the largest number of oil tankers in over half-a-decade, driven by weak earnings, firm prices for scrap steel and the need to prepare fleets for strict new environmental regulations. Workers pull a rope tied to a decommissioned oil rig to dismantle it at the Alang shipyard in Gujarat, May 29, 2018.

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“Not in my backyard†is not sound economic policy | OutPut by Rig Lynx

June 3, 2018
| Archives

U.S. offshore drilling – concentrated primarily in the Gulf of Mexico (GoM) – is an often-overlooked component of America’s rise to Energy Superpower status. However, it would be a strategic mistake to dismiss or limit off-shore drilling for hydrocarbons, as some not-in-my-back-yard (NIMBY) parochial interests suggest. Yet, New Jersey local officials are leading the charge against the Trump

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OPEC Deficit Checkpoint | OutPut by Rig Lynx

June 2, 2018
| Archives

  Increased geopolitical risk has substantially increased oil prices since last fall. WTI averaged $55/bbl in 4Q17 and $51/bbl for all of 2017. Political risk will remain elevated for several months at least, primarily as it relates to Iran and Venezuela. The 380 million-barrel (MMBbl) reduction in surplus OECD inventories, which OPEC targeted when it implemented its production cut

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Rig Count Up This Week | OutPut by Rig Lynx

June 2, 2018
| Weekly Rig Count

  June 1 (Reuters) – U.S. energy companies added oil rigs for a second week in a row even though crude prices have declined about 7 percent over the past two weeks and analysts do not expect any big changes in the rig count for the rest of the year. Drillers added two oil rigs in the week to

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GustoMSC Snatched up by NOV | OutPut by Rig Lynx

June 2, 2018
| Archives

  Houston rig and equipment builder National Oilwell Varco said Friday it bought GustoMSC, a Dutch rig design and engineering firm. GustoMSC, which also has a Houston presence, focuses on designing offshore oil and gas rigs. The deal allows NOV to expand and further vertically integrate its offshore rig business now that oil prices are healthier and the languishing deepwater

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90% of Oil and Gas Execs Expect Mergers to Increase | OutPut by Rig Lynx

June 1, 2018
| Archives

  Ninety-percent of oil and gas executives now expect the global mergers and acquisitions (M&A) market to improve in the next 12 months, according to EY’s Oil & Gas Global Capital Confidence Barometer (CCB). The CCB found that oil and gas companies represented the highest ‘deal-making appetite’ among all sectors surveyed, with 62 percent of executives intending to pursue M&A in

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Groundwater and Fracking | OutPut by Rig Lynx

June 1, 2018
| Archives

  A recent media report on a peer-reviewed study based on 180 samples from water wells near Ohio fracking sites was headlined: “Univ. of Cincy fracking study finds surprising groundwater results.†What exactly was so surprising? The report is one of more than two dozen scientific studies published since 2010 that concluded fracking is not a major threat to groundwater. No fewer than 10 peer-reviewed studies

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