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Arrested Chevron workers could face treason charge in Venezuela

April 24, 2018
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HOUSTON/CARACAS (Reuters) – Two Chevron Corp. employees detained in Venezuela last week could be charged with treason for refusing to sign a parts contract for a joint venture with state-owned oil company PDVSA, according to two sources familiar with draft charges against the U.S. firm’s executives. The arrests, by national intelligence agents, marked the first at a Western

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Hit by lower revenues, Saipem slips into the red

April 24, 2018
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Affected by lower revenues, Italian offshore contractor Saipem sank to a loss during the first quarter of the year.  In its financial report on Tuesday, Saipem said its revenues were down by 15.4% during the first quarter of the year, amounting to €1.9 billion, compared to €2.26 billion in the prior-year quarter. The decrease was due to a contraction in the

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Halliburton Returns To Q1 Profit On Strong North America Business

April 23, 2018
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On Monday, Halliburton (NYSE:HAL) reported a net income for the first quarter, compared to a net loss for the same period last year, as the oilfield service group’s revenue jumped on the back of a robust drilling market in North America so far this year. Halliburton booked a net income of US$46 million, or US$0.05 per diluted share, for Q1

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Brazil Poised For Historic Oil Boom

April 23, 2018
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After being caught up in major corruption scandals and suffering from what some have claimed was its worst economic downturn in 100-years, Brazil has pulled itself back from the brink. The economy commenced growing again in 2017 with gross domestic product (GDP) expanding by 1 percent and 2018 GDP growth forecast by the International Monetary Fund (IMF) to be

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The Week Ahead for Crude Oil, Gas and NGLs Markets – 4/23/2018

April 23, 2018
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CRUDE OIL US crude oil inventories decreased by 1.1 MMBbl, according to the weekly EIA report. Gasoline inventories and distillates inventories decreased by 3.0 MMBbl and 3.1 MMBbl, respectively. Total petroleum inventories posted a large withdrawal, declining 10.6 MMBbl. US production was estimated to be up 15 MBbl/d. Imports decreased by 720 MMBbl/d to an average of 7.9

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Offshore Rig Operator Borr Drilling Cuts Jobs in Texas

April 23, 2018
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HOUSTON, April 23 (Reuters) – Offshore rig operator Borr Drilling cut 66 jobs in Texas at the end of March, according to a state regulatory notice, as the company prepared to close on its purchase of Paragon Offshore. The filing with the Texas Workforce Commission did not provide a reason for the layoffs. A Borr representative was not immediately

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Saudi says it intercepted missiles fired at Aramco facility

April 23, 2018
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Yemen’s armed Houthi movement fired two ballistic missiles at a Saudi Aramco facility in the southern city of Jizan on Monday, but Saudi state media said both projectiles were destroyed. The Houthis’ al-Masirah TV said they had targeted a port belonging to the Saudi state oil giant. The Saudi state news agency quoted the spokesman for the Saudi-led coalition that intervened against

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Oil Soars To Highest Price Since 2014

April 20, 2018
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Oil prices reached highs last seen at the end of 2014 early on Thursday, with WTI Crude trading just below $70 a barrel after another drop in U.S. inventories and talk of Saudi Arabia reportedly pushing for oil prices as high as $100 a barrel. At 10:20 a.m. EDT on Thursday WTI Crude was up 0.73 percent at $68.97 and Brent

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How High Can Trump Push Oil Prices?

April 20, 2018
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Saudi Arabia wants $100 oil and Donald Trump might help them achieve that goal. Behind the scenes, Saudi officials are eyeing $100 per barrel as a goal, which would help plug a chronic fiscal deficit, but more importantly, it would inflate the value of Saudi Aramco ahead of the company’s IPO next year. Up until only recently, it seemed that triple-digit

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“Jackup Scrapfest 2018â€

April 20, 2018
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Nearly 20 jackups left the offshore rig fleet during the first quarter of the year. A lot more are coming as rig owners throw in the towel for their old assets. As we’ve mentioned before, nobody likes scrapping jackups. They’re cheap to stack, risky and expensive to move, and generally have lower steel value than drillships and semisubs. Until

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