(Bloomberg) — When Khalid Al-Falih arrived at Davos in late January, the Saudi oil minister was exultant. The output cuts he’d painstakingly arranged with fellow OPEC states and Russia were working so well, he said, they could probably be phased out by June. Almost five months later, U.S. production is rising faster than anyone predicted… Read more »
Monthly Archives: May 2017
How Can Oil, Gas Firms Manage Talent Better?
Following an industry downturn that – by at least one account – led to a 400,000-plus reduction in the global oil and gas headcount, there are signs of a hiring rebound in some corners of the industry. The phrase “talent squeeze ” has even crept up on Rigzone in recent weeks. For many who have… Read more »
Saudi Aramco to Cut June Oil Supply to Asia by About 7 mln Barrels
NEW DELHI, May 9 (Reuters) – Saudi Aramco will reduce oil supplies to Asia by about 7 million barrels in June, a source said on Tuesday, as the oil giant cuts output as part of global supply pact and trims exports to meet rising domestic demand for power during hot summer months. An OPEC-led agreement… Read more »
All Washed Up? Shale Oil and Gas Drowns Out US Gulf of Mexico Shallows
Short-term contracts, dismantled infrastructure and lagging dayrates have long challenged shallow water drilling on the U.S. side of the Gulf of Mexico – but it’s the natural gas-belching shale plays that may finally turn the tide away from the shelf. In January 2007, there were 82 jackup rigs drilling in the shallow water of the… Read more »
Exxon, Petrobras Said to Hold Talks on Wide-Ranging Partnership
(Bloomberg) — Exxon Mobil Corp. and Petrobras have held talks on a strategic partnership that could involve multiple assets in Brazil and overseas in different segments of the industry, similar to the $2.2 billion deal signed with Total SA in December, said people familiar with the conversations. Such a deal could give Exxon access to… Read more »
New Investment Crucial to Keep Deepwater US GOM Production Afloat
Efficiency and historic investment in legacy U.S. Gulf of Mexico (GOM) deepwater fields are flooding inventories this year, but along with the rig count, deepwater investment there continues to plunge. “The CAPEX number for 2017 is going to be pretty flat,” said Imran Khan, senior research manager for GOM deepwater at Wood MacKenzie (WoodMac). “There… Read more »
OPEC Runs Out of Options as Bid to Boost Oil Price Fizzles
(Bloomberg) — OPEC’s plan to boost oil prices by cutting production has fizzled, yet it has little choice but to stick with it. Crude has surrendered all of its gains since the Organization of Petroleum Exporting Countries first agreed production cuts in November. While the group has implemented the curbs, a rebound in U.S. shale… Read more »
Change in Employee Engagement Levels Can Improve Safety
A small change or improvement in employee engagement levels can result in a significant drop in the rate of incidents per exposure hour, Sylvie Tran, Shell USA general manager for safety and environment, revealed. “We’ve done some research, looking at our Shell people survey, which is an annual survey that we conduct worldwide with our… Read more »
Oil, Gas Could See Recruitment Uptick in 2017
The oil and gas industry will see a rise in recruitment this year, said Huw Rothwell, Petroplan’s USA regional director. “I think this year we’re going to see an uptick, but it is very, very dependent on the oil price,” Rothwell told Rigzone during an interview at the Offshore Technology Conference in Houston, Texas. “The… Read more »
