Although there is huge price rise, still Oil traded highest close in more than three years because Iraq echoed a call by the United Arab Emirates and other producers for OPEC-led output cuts to continue. In the last week, there was 4.7 percent increase which leads to slight change in Fu.
During Q3, there is huge labour shortage in Canada from the oil and natural gas industry. Approximately 176, 000 people have been employed in both the upstream and midstream sectors of the industry which is a 3% increase from Q2. The major cause of the shortage of labour is not the growing indust.
Recently, a significant law has been passed by the French Parliament. According to the passed law, by 2040 there will be ban on the production of oil and gas. Due to this law, no new permit or renewing of permit will be granted. They will not allow fracking or the extraction of fossil fuels in th.
OVL, ONGC Videsh Ltd, the overseas investment arm of ONGC, is all set to acquire stake in offshore Namibia block. As stated by the company, a binding agreement has been signed by OVL with Tullow Namibia Ltd (Tullow), which is a wholly-owned subsidiary of Tullow Oil plc, through ONGC Videsh Vankor.
Recently, during a press conference on the sidelines of a UN Climate Change conference held in Germany, Fatih Birol, the Executive Director of the International Energy Agency (IEA), stated that The United States is all set to be the undisputed leader of oil and gas production across the world in .
According to the current scenario, US is all set to be the largest oil and gas producer across the world, whereas overtakes as the biggest oil consumer. It seems that International energy markets are ready for "major upheaval". The report is generated from the International Energy Agenc.
Since June 2014, there is consistent drop in oil price as it collapsed from nearly $120 a barrel which led to the cost cutting along with seeking new paths to increase efficiency. Recently the CEO of Baker Hughes, a GE company, stated that continuous disruption is 'new normal' for oil and.
The oil and gas industry across the globe is witnessing huge decline from the last two year. However, there is some good news for the oil industry professionals as in Texas it appears to be making a comeback. As reported by Morgan Stanley, “The exploration and production (E&P) outlook i.
The head of energy trading at Seaport Global Securities, Roberto Friedlander recently stated that, “Oil prices are more likely to rise toward $70 a barrel than sink back to $50 in the wake of the biggest political shakeup in Saudi Arabia in decades.” Almost two years back, Saudi Crown.
Here is some good news for Oil industry job seekers! Aberdeen based new Oilfield services company, FOS Group is all set to create more than 100 new jobs. As stated on the web portal of FOS Group, that with the merger of Apollo’s engineering knowledge and AquaTerra Group Ltd’s offshore.
For increased performance as well as reliability, Halliburton made announcement about the release of GeoTech HE. It is a robust drill bit comprises of new features and material. With the advancement of technology, there is significant advancement in drilling equipment and practices. This ma.
At Odisha's Paradip Port, the first in a series of shipments of United States crude oil has made its arrival in India on Monday. The United States Consul General to Hyderabad Katherine Hadda, Joint Secretary for International Cooperation from the Ministry for Petroleum and Natural Gas Sunjay .
A MoU, memorandum of understanding which has been signed by the governments of Kuwait and Iraq for the development of four shared oil fields in the southern part of Iraq is all set to make its way to the Kuwaiti Parliament for the approval as well as implementation of them. The four oil fields ar.
According to latest report, in order to enhance the usage of digitalisation within the offshore oil and gas industry to attain lower operating costs (Opex), more needs have to be accomplished. A joint study is conducted by AVEVA which is a leading software company along with Westwood Global.
According to the renowned Energy Consultant, Wood Mackenzie, in case the tension mounts between North Korea and North Asia neighbours then approximately half of China's oil production will be in trouble. China, Japan and South Korea have to face huge oil crisis, as Military action could stop .
According to a survey conducted by Reuters, the output of OPEC oil has increased this month by 90,000 barrels per day (bpd) which is a 2017 high. It was headed by a further recovery in supply from Libya. This is one of the countries which has been exempted from a production-cutting deal. .
According to recent reports, the Gulf Petrochem Group (GP) has raised US$ 150 million from a group of international and local financial institutions. These financial institutions have origins in the GCC. In the current scenario of consistent low global oil prices, this financing will be a great s.
Recently, a major announcement has been made by the US oilfield services giant Schlumberger. For a stake in Russia’s largest drilling company, Eurasia Drilling Co. (EDC), Schlumberger has launched a second bid. On 20th July, announcement of striking a deal to purchase 51% equity .
During the 22nd World Petroleum Congress in Istanbul, Turkey, Oil Minister Dharmendra Pradhan addressed the investors and stated that there will be more market-friendly reforms in the natural gas sectors of India. This will be a huge assistance in forming a trading hub in the country. Pradhan als.
As OPEC is working hard to minimize inventories across the globe, Goldman Sachs has reduced its three-month price forecast for WTI from US$55 to US$47.50 a barrel after observing output gains in Libya and Nigeria. The Goldman analysts duo, Damien Courvalin and Jeff Currie stated in a re.
The CEO of Netherlands-based Royal Dutch Shell plc, Nitin Prasad has made some serious announcement during a recent interview. Being the world’s second-largest oil company, it is all set to concentrate on managing the transitions of energy markets across the world. During this transformatio.
During the recent round of oil and gas field auction in Mexico, some of the major oil industry giants like Shell, Chevron and Total are shortlisted for bidding. Besides these giants, ONGC has been also considered to bid for this auction. ONGC Videsh Ltd. Is an overseas branch of state-owned Oil a.
Norway on monday 13th-march-2017 announced their preliminary plans for exploration of different blocks in Barents sea, Norwegian sea and the Arctic.This move&n.
Due to oversupply even after OPEC led production cut oil crashed to its three months low on Thursday 9th march, Brent crude closed at slightly less .
The renowned oilfield services company Weatherford International has recently made some significant announcement which is a part of further cost cutting and debt reduction. The company has stated that they plan to reduce head count reduction plan by upto 3,000 employees. .
BP Plc has made significant announcement regarding the starting up of Thunder Horse South Expansion project in the deepwater Gulf of Mexico. The project has been started 11 months ahead of schedule which leads to astounding savings of $150m . This project is expected to.
According to a new analysis in Evaluate Energy’s M&A Review for Q1 2016, there is huge impact on the upstream oil and gas industry which has affected most of the privately held companies of United States. Recently, there is a huge deal in the U.S. which comprises of two public companies.