Author hkrichiedistribution
Apache is officially calling it quits on a highly publicized but disappointing shale discovery in West Texas after vehemently defending the play’s prospects for about three years. The Houston-based company posted a roughly $3 billion writedown on its Alpine High project, a find from 2016 that fizzled when it turned out to hold more natural
Petroleos Mexicanos reported its biggest quarterly loss in two years as production growth stalled. Despite an accelerated drilling program at a group of onshore and shallow-water fields, crude and condensate production was 1.69 million barrels a day, little changed from the previous quarter. Revenue slumped in the fourth quarter, boosting Pemex’s net loss to 169.8
Vroon Offshore Services (VOS) Ltd has secured a three-year contract extension with BP, worth around £30million. One of the largest providers of emergency response and rescue vessels (ERRV) in the North Sea, VOS will continue its exclusive provision of four class-leading, high-performing vessels to support BP’s North Sea and West of Shetland assets until 2023.
Oil rebounded from its worst week since 2008 as the world’s central banks sought to stabilize financial markets, while hopes grew that OPEC+ will deepen output cuts following the coronavirus outbreak. Futures rose as much as 4.4% in New York, after sinking 16% last week. Russia, which is due to meet other OPEC+ members in
Oil continued to plunge after closing at a 13-month low as more new coronavirus cases were reported outside of China, adding to fears the world is on the brink of a pandemic that will stunt economic growth. Futures fell as much as 5.3% in New York on Thursday and headed for the worst weekly loss
Schlumberger has announced that the company’s board of directors in January 2020 approved the cancellation of the listing of the company’s common stock on the standard segment of the Official List of the London Stock Exchange and the cancellation of admission to trading of such shares on the main market of the LSE. Consequently, the
The European Union blacklisted two Turkish nationals as retaliation over Ankara’s energy drilling off Cyprus in a move that has more political symbolism than economic punch. The EU asset freezes and travel bans on the two people, whom the bloc plans to identify later on Thursday, make good on its months-long vow to counter Turkey’s
The energy-focused private equity firm Kimmeridge Energy Management is looking for a U.S. shale producer to target for an overhaul, saying the sector has become “uninvestable.” The New York-based firm, which is focused entirely on U.S. oil and gas investments, is part of a growing chorus calling for radical action in the shale industry. Producers
Shell is pushing ahead on its massive deep-water drilling plan in Mexico, even as it doesn’t foresee production starting under the current government. The global oil major plans to drill four wells this year, and a similar amount next year, said Alberto de La Fuente, Shell’s Mexico country chief. It’s part of a drilling campaign
The global oil and gas market was once dominated by a select group of Western energy companies called “The Seven Sisters”. The unparalleled influence of these International Oil Companies (IOC) was broken in a wave of nationalism in the Middle East and South America. The birth of the National Oil Companies (NOC) was a significant gamechanger