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40 Million in Fuel “Poof†Gone | OutPut by Rig Lynx

May 23, 2018
| Archives

  Singapore authorities have levied new charges against a group of fuel thieves operating at Royal Dutch Shell’s oil refinery in the city-state, raising the value of the stolen fuel to over $40 million from around $10 million in earlier charges, according to court documents reviewed by Reuters on Tuesday. Five former employees of Shell’s Singapore subsidiary received 51

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Cost Hike on Steel for TX Tubular Goods | OutPut by Rig Lynx

May 23, 2018
| Archives

The imposition of steel import tariffs and quotas will directly burden Texas oil and gas producers with higher costs for oilfield steel goods, which could result in job losses, reduced activity, and smaller companies struggling to absorb additional costs, the Texas Alliance of Energy Producers (TAEP) said in comments on the U.S. tariffs on steel. “Clearly the tariffs themselves will

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Jobs Added to Midland in One Year? 11k | OutPut by Rig Lynx

May 23, 2018
| Archives

Midland has been welcoming an influx of new residents with a wide range of job opportunities, sending its unemployment rate to a record low. The Texas Workforce Commission said Friday the Midland metropolitan statistical area had an unemployment rate of 2.1 percent in April, the lowest dating back to 2000 and beating the previous low of 2.3 percent

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Offshore Drilling Resuscitation | OutPut by Rig Lynx

May 21, 2018
| Archives

As global crude oil has hit the $80/b mark, the industry is now wondering if there is a magic price that would jump-start the offshore sector which is lagging an otherwise steadily recovering oil patch. Higher crude prices near-term may not be enough to entice operators back to the risky business of greenfield offshore projects—as opposed to the

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Natural Gas Exports Building A Strong US Commerce | OutPut by Rig Lynx

May 21, 2018
| Archives

A recent article caught my attention and hopefully yours, “Trump’s Iran Move May Kick Worst U.S. Gas Market While It’s Down.†There is indeed logic to the simplified idea: rising oil prices mean rising rig counts and rising oil production, which means rising associated natural gas production and thus falling natural gas prices. The notion stems from the booming Permian basin in

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OPEC Keeps the Cut Going | OutPut by Rig Lynx

May 21, 2018
| Archives

A global oil glut has been virtually eliminated, figures published by OPEC showed on Monday, thanks to an OPEC-led pact to cut supplies that has been in place since January 2017 and due to rising global demand. Despite this, OPEC’s latest report said producers were cutting more than required under the deal, while producers not party to the

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IEA Ready To Keep Market Supplied With Oil | OutPut by Rig Lynx

May 20, 2018
| Archives

  The International Energy Agency (IEA) is ready to act if “necessary to ensure that markets remain well supplied,†the IEA’s Director for Energy Markets and Security, Keisuke Sadamori, told S&P Global Platts on Friday. The agency is talking to both oil producers and oil consumers as crude prices recently reached their highest level since November 2014 on the back of

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Green Energy in the Shadows of the Biggest Energy Revolution in History | OutPut by Rig Lynx

May 20, 2018
| Archives

  Another day, another spate of headlines about the growing mess at Tesla. Last week, the electric carmaker announced that its head of engineering, Doug Field, was taking a leave of absence to “spend time with his family.†That news came just a few days after the company announced dreadful first-quarter financial results. As usual, the company posted a huge loss

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Want a Nightmare, Let’s Talk About Pipelines | OutPut by Rig Lynx

May 19, 2018
| Archives

  Justin Trudeau’s pipeline nightmare may be only getting started. As Kinder Morgan Inc. drives a hard bargain in Canada’s attempt to save the Houston-based company’s embattled Trans Mountain project, the prime minister could end up fighting for an asset that hardly anybody wants. Pipeline giant Enbridge Inc., for one, signaled it doesn’t. Trudeau’s government upped the ante this week,

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Ghana Looking To Open Up 9 More Blocks? | OutPut by Rig Lynx

May 19, 2018
| Archives

  West African country Ghana, a relative newcomer to the oil industry, plans to award as many as nine offshore blocks off its west coast in 2018 and 2019, Ghana’s energy ministry said on Thursday. Ghana—where commercial crude oil production started in 2010—plans to award six of those new offshore blocks in 2018 and the other three next year, in a

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