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Month: December 2018

‘This Too Shall End’: Loews CEO Sees Oil Back at $75 in Two Years

December 11, 2018
| Archives

Bloomberg- While oil prices remain stubbornly low despite a pledge by OPEC to curb global output, the head of one U.S. conglomerate is eyeing a rebound that’ll bring crude back to $75 a barrel. “What we’ve seen this year is a dramatic increase in production,†Jim Tisch, chief executive officer of Loews Corp., which bought the rest of Boardwalk

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Northern Drilling Exercises Extension Option for Cobalt Explorer

December 10, 2018
| Archives

Northern Drilling Limited (OSE: NODL) (together with its subsidiaries, the “Companyâ€) is pleased to announce that it has agreed to extend the Cobalt Explorer option for approximately four months against a down-payment of $12 million. The $12 million will be deducted against the first instalment of $105 million should the option be exercised. Following this amended agreement

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Eni announces a new oil discovery in Block 15/06, offshore Angola

December 10, 2018
| Archives

  San Donato Milanese (Milan), 10 December 2018 – Eni struck a new oil discovery in the Afoxé exploration prospect located in Block 15/06, offshore Angola. The discovery is estimated to contain between 170 and 200 million barrels of light oil in place. The Afoxé-1 NFW well, which has led to the new oil discovery, is located in the south-east

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Drillers Lay Down U.S. Rigs With Oil Volatility Crushing Plans

December 10, 2018
| Archives

  Bloomberg- Oil explorers dialed back on drilling at the fastest pace in 2 1/2 years in U.S. fields as volatile crude prices crippled efforts to plan for growth. Working oil rigs fell by 10 this week to 877, according to data released Friday by oilfield-services provider Baker Hughes. The last time the rig fleet shrank by a larger

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Brazil denies Total license to drill near Amazon mouth

December 9, 2018
| Archives

Brazil’s environmental regulator on Friday denied French oil giant Total a license to drill for crude in five blocks near the mouth of the Amazon river. Regulatory agency Ibama said the license was denied “due to a set of technical problems†identified during the application process. It explained that the decision was based “on the deep uncertainties†detected in

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National Oilwell Varco Announces Frame Agreement with Equinor to Outfit Offshore Drilling Rig Fleet with Wired Drillpipe

December 9, 2018
| Archives

HOUSTON–(BUSINESS WIRE)–National Oilwell Varco, Inc. (NYSE: NOV) announced the signing of a frame agreement with Equinor ASA for the provision of IntelliServTM Wired Drillpipe to outfit their global fleet of offshore drilling rigs. This agreement is based on the success of recent field deployments of version two of Wired Drillpipe that have demonstrated the value of high-speed telemetry

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OPEC Cut Throws Wrench Into Record Oil Short-Selling Streak

December 8, 2018
| Archives

Bloomberg: OPEC’s surprise output reduction has wrong-footed short-sellers. Hedge funds cut bets on rising Brent crude prices to the lowest in more than three years in the week through Tuesday as short positions increased for a 10th straight time, the longest streak on record. Then on Friday, OPEC and its allies surprised the oil market with a bigger-than-expected

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Worldwide Rig Count Update

December 8, 2018
| International Rig Count

According to Baker Hughes data that was published on December 7th, 2018 At the end of 2017 the worldwide rig count was 2089 The chart below shows the change from month to month during 2018 up until the end of November 2018 For the past 12 months on record, it shows an increase of 177 rigs worldwide! That is a 8.47%

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This weeks rig count!

December 8, 2018
| Weekly Rig Count

Baker Hughes Rig Count: U.S. -1 to 1,075 rigs U.S. Rig Count is down 1 rig from last week to 1,075, with oil rigs down 10 to877 and gas rigs up 9 to 198. U.S. Rig Count is up 144 rigs from last year’s count of 931, with oil rigs up126 and gas rigs up 18. The U.S. Offshore Rig

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New USGS study for Delaware Basin holds 46.3 billion barrels of oil, largest continuous resource ever found

December 7, 2018
| Archives

Yesterday the U.S. Department of the Interior announced the Wolfcamp Shale and overlying Bone Spring Formation in the Delaware Basin portion of Texas and New Mexico’s Permian Basin province contain an estimated mean of 46.3 billion barrels of oil, 281 trillion cubic feet of natural gas, and 20 billion barrels of natural gas liquids, according to an

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