Oil & Gas 360 – Page 651

Transocean Deepwater plans to lay off as many as 110 workers after the Houston offshore driller could not secure a new contract for one of its drillships amid low oil prices.

October 22, 2020

Houston Chronicle Between 50 and 110 working on the Deepwater Asgard, an ultra-deepwater drillship operating in the Gulf of Mexico, will be laid off after its contract ends. Layoffs are expected to begin on Dec. 15, and affected workers will receive severance, Transocean told the Texas Workforce Commission last Thursday. “In the event that (Transocean) obtains a contract for additional

Patterson-UTI sees drilling activity picking up through early next year

October 22, 2020

Reuters U.S. oilfield services firm Patterson-UTI Energy PTEN.O expects activity to continue to improve through at least the first quarter of 2021, Chief Executive Andy Hendricks told investors on Thursday during an earnings call. The company, which offers contract drilling and hydraulic fracturing services in North America, expects to average 61 rigs in the current quarter, up from 60 in the third

France halts Engie’s U.S. LNG deal amid trade, environment rows

October 22, 2020

Reuters PARIS/NEW YORK – The French government asked power group Engie ENGIE.PA to hold off on signing a multi-billion dollar U.S. liquefied natural gas import contract on concerns over the deal’s environmental implications, a source familiar with the matter said. The intervention comes amid growing scrutiny over the effects of shale gas extraction methods such as fracking and their impact on

Weekly Gas Storage: Inventories increase by 88 Bcf- oil and gas 360

Weekly Gas Storage: Inventories increase by 49 Bcf

October 22, 2020

Natural Gas Inventories as of October 16, 2020 The EIA has released its natural gas inventory report, showing a net increase of 49 Bcf as of October 16, 2020. Working gas in storage was 3,926 Bcf as of Friday, October 16, 2020, according to EIA estimates. This represents a net increase of 49 Bcf from the previous week. Stocks were

Exxon Mobil to workers: Job cuts are coming – it’s not going to stop here either

October 21, 2020

Bloomberg Oil & Gas 360 Publishers Note: With Exxon and the other major oil companies migrating away from oil and gas production, more layoffs will be coming. New jobs in the renewable markets will not be able to fill all of the oil jobs lost. Exxon Mobil Corp. plans to lay off an unspecified number of employees as low oil

India loses giant gas field in Iran -oilandgas360 - credit aa.com

India loses giant gas field in Iran – even though 3 Indian companies discovered the field

October 21, 2020

AA Iran has booted out India from the development of Farzad-B gas field in the Persian Gulf, a highly-placed government source in Tehran told Anadolu Agency. The source said Iran decided to use local firms to develop the gas field after New Delhi failed to respond to “multiple ultimatums” issued by Iran over the years. “We gave them multiple ultimatums,

The GDP report next week will likely show record-breaking economic growth, but it may not help Trump

October 21, 2020

CNBC The economy regained nearly 4 million jobs during the quarter, and that was after 7.5 million in May and June. Housing sales and builder confidence has been remarkable, and shoppers easily outpaced expectations in September with retail sales rising 1.9%, nearly tripling the Wall Street estimate. Moreover, corporate executives remain confident. The Conference Board’s CEO Confidence index, a gauge that measures the

U.S. crude exports likely to be muted through 2020 as production slides

October 21, 2020

Reuters NEW YORK – U.S. crude oil exports are expected to sputter through the end of 2020 due to weak production and unfavorable economics for foreign buyers of U.S. oil, traders and analysts said. U.S. oil demand is down about 13% from last year due to the coronavirus pandemic. Exports have become critical revenue sources for many oil companies, and

Suncor said to study sale of North Sea oil and gas fields

October 21, 2020

Bloomberg Canada’s Suncor Energy Inc. is exploring the sale of a handful of oil and gas fields in the North Sea, according to people with knowledge of the matter. Suncor is studying divesting the 30,000-barrel-a-day Golden Eagle Area on the U.K. side of the sea, the people said. Its 26.69 per cent stake could be valued at about US$400 million,

Analysis: Biden presidency could cut slow path to resumed Iran, Venezuela oil exports

October 21, 2020

Reuters WASHINGTON/MEXICO CITY/LONDON – Democratic U.S. presidential hopeful Joe Biden’s promised return to diplomacy with OPEC-members Iran and Venezuela could cut a path for a return of their oil exports should he win, but not before many months at least of verifications, talks and deal-making. Source: Reuters The timing of a potential resumption of shipments is crucial to world oil

Factbox: Libya’s troubled oil sector sees new revival

October 21, 2020

Reuters LONDON – Libya’s oil sector, shattered by unrest since the toppling of long-time leader Muammar Gaddafi in 2011, is back on the rise. The easing of a blockade by eastern forces, which had cut output by more than 90% to around 100,000 barrels per day (bpd), has seen production recover to about 500,000 bpd. The government in Tripoli expects

Baker Hughes posts third straight quarterly loss as demand still hurt

October 21, 2020

Reuters Oilfield services provider Baker Hughes Co BKR.N reported a third straight quarterly loss on Wednesday and warned that activity may be lower next year, as a coronavirus-induced slump in commodity prices continued to hurt demand for equipment and services. Producers have been drilling fewer wells following a collapse in crude oil prices this year as demand for oil products has

Premium Content