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U.S. shale production is set to snap a five-month decline in January, the U.S. government said on Monday, a move that comes just days after OPEC and rival producers agreed to reduce crude output in an effort to boost prices. The month-on-month increase in production would be the first since July and the second rise
CHC Group has announced that three new Sikorsky S-92 aircraft will begin serving Shell for the company’s Prelude FLNG project from its base in Broome, Australia. These new aircraft will join a fourth S-92 already in use as part of a two-year extension of the current Shell contract in place since mid-2012. Shell Australia’s Prelude
Total has been awarded exploration licenses on three blocks in offshore Mexico, following the country’s first competitive deep water bid round. Total will be operator of Block 2 in the Perdido basin with a 50% interest, while Exxon Mobil has the remaining 50%. The block covers a surface area of 2,977 km2 at water depths
An estimated 20 billion barrels of oil valued at up to $900 billion has been discovered in a West Texan shale formation, the US Geological Survey announced this week. Three times the size of the Bakken oilfields in North Dakota, it could be the largest such deposit ever assessed in the United States. The USGS
Money managers, producers and consumers made the biggest bets on West Texas Intermediate crude prices in nine years, amid signals more volatility is coming. Global markets were roiled after Donald Trump’s election as U.S. president and as OPEC continued negotiations on a deal to cap output. The U.S. dollar climbed to the highest since January.
Now that the dust has settled after Donald Trump’s unexpected, earth-shattering win on Nov. 8 and 9 in the U.S. presidential election, we’re beginning to see more clearly the shape that his administration’s oil and gas policy may take. Soon to be gone are the anti-industry stands and actions of Barack Obama, which the defeated
NorSea Group (UK) Ltd and Scotoil Services Ltd, two of the leading service companies in the onshore decommissioning sector, have joined forces as NSDecom. The new collaborative venture aims to deliver more efficient and cost effective benefits to the sector by providing a single project focal point for all services related to quayside and onshore
The forward curve for U.S. crude oil futures has steepened in recent days as worries that proposed OPEC supply cuts won’t hold, or even materialize, turned the market’s outlook for 2017 deliveries more bearish relative to longer-term contracts. With the Organization of the Petroleum Exporting Countries dragging out negotiating the terms of a production cap,
Libya’s oil production is 580,000 to 600,000 barrels per day (bpd) and officials are negotiating with western municipalities to return another 380,000 bpd output from those areas, Prime Minister Fayez Serraj said on Sunday. Libya’s production has been battered by port shutdowns, strikes and protests closing pipelines since the fall of Muammar Gaddafi in 2011.
Halliburton eked out a surprise profit in the third quarter as the world’s second-largest oil services company gained business from oil producers that are beginning to ramp up operations following the worst crude-market crash in a generation. The Houston-based company that helps oil explorers drill and complete wells reported net income of $6 million, or