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Sri Lanka Coming Back? | OutPut by Rig Lynx

June 5, 2018
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Interest in oil and gas exploration in Sri Lanka is showing signs of rebounding, according to oil and gas analysts at BMI Research. “After years of muted exploration activity amid a global oil price downturn, appetite for oil and gas exploration in Sri Lanka is gradually returning, alongside stronger prices and improving market fundamentals,†the analysts said in

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Shale Drillers Tech Worrying OPEC | OutPut by Rig Lynx

June 5, 2018
| Archives

Interesting article below from Wall Street Journal on the technology our friends in the Permian are using… What doesn’t kill you makes you stronger. Two years ago, it looked like Saudi Arabia was winning its fight against the U.S. shale oil industry by furiously pumping crude to drive down prices. Some drillers went bust and many more flirted with

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Mass Exodus from Iran | OutPut by Rig Lynx

June 4, 2018
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The threat of U.S. sanctions has prompted Russian oil giant Lukoil to put its plans to develop projects in Iran on hold while the Indian company that owns the world’s largest oil refining complex plans to stop buying oil from Iran, Reuters reported on May 30. Both developments showed the difficulty faced by governments like Russia, France, and

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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
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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
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  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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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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