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More free time for analysts usually means a lot less interest in the sector they cover. No group illustrates this better than oil and gas, especially oilfield service stocks. The Philadelphia Oil Service Sector Index sank 2% Tuesday and has fallen more than 15% this year. Meanwhile, the S&P 500 has risen 25% in 2019.
Almost 40% of North Sea operators and contractors are concerned about diversification and energy transition with around half (49%) working to reduce their carbon footprints or develop low carbon solutions, according to an industry report. The findings of the 31st Oil and Gas survey, conducted by Aberdeen & Grampian Chamber of Commerce in partnership with
Under the auspices of the Ministry of Mines and Hydrocarbons and supported by the African Energy Chamber, “Equatorial Guinea 2020 Year of Investment” is aimed at attracting foreign direct investment into key industries in Equatorial Guinea that will diversify the country’s economy, boost entrepreneurship, generate profit for investors and create jobs. The campaign will showcase
Equinor will reduce its focus on the frontier areas of the Barents Sea in another blow to Norway’s ambition to build a new oil province in its Arctic region. “Our focus going forward will be on the more prolific areas of the Barents Sea,” Tim Dodson, the company’s executive vice president for exploration, said in
Companies that help keep Mexico’s faltering oil wells operating are waiting months to get paid and the debts are building up, complicating efforts to revive an industry whose production has plunged by half since 2004. Pemex, facing pressure from the government to slow spending, has delayed some payments to contractors for as long as seven
New York City urged a U.S. appeals court to reinstate a lawsuit against five of the world’s biggest oil companies, after a federal judge last year rejected a claim that the industry should reimburse the municipal government for costs tied to climate change. The biggest U.S. city sued in January 2018, seeking to pin financial
Russia’s gas giant Gazprom is rushing to hire an engineering contractor to have an underwater natural gas pipeline, which has broken off the seabed in the Arctic, fixed, Russian news agency Interfax reports. This is the second time a pipeline on the route that crosses the Baydaratskaya Bay has come to the surface in the past
A Reuters investigation has concluded that an Iranian coalition was behind the September 14 attack on the oil facilities of oil giant Saudi Aramco, with Iran’s Supreme Leader Ayatollah Ali Khamenei giving the order to attack, according to Arab News, citing the Reuters report released on Monday. The attack came after several secret meetings, starting in May,
Specialist well construction and intervention company Coretrax has acquired Churchill Drilling Tools as part of an ongoing growth and expansion strategy. It has acquired Churchill for an undisclosed sum and will integrate its extensive downhole product portfolio into a new group, with Churchill’s employees joining the Coretrax team. Churchill Drilling Tools launched in 2002 and
For the first time, an exploration well is being drilled in the North Sea where the objective is not to find oil or gas. The well is being drilled south of the Troll field in the North Sea, and the objective is to investigate whether the reservoir in the deep Johansen Formation is suitable for