KKR and Contango are doubling down on investing in exploration and production companies as many in the sector seek to recover from years of poor returns amid the shale boom and bust. The combination will allow the merged company to reach greater scale, boost access to capital and drive down the cost of production, the...Continue Reading
The Texas AandM Engineering Experiment Station will collaborate with energy-sector stakeholders, several national labs and universities in ten states as the manager of a new Ocean Energy Safety Institute. SourceContinue Reading
Energy giant BP sees a strong recovery in global crude demand and expects it to last for some time, with U.S. shale production being kept in check, according to CEO Bernard Looney. SourceContinue Reading
The Deepwater Atlas and Deepwater Titan are the world’s first eighth generation ultra-deepwater drillships, and the only rigs to feature a 3,000,000 pound hook-load. These drillships will include the offshore industry’s first 20,000 psi well control systems. SourceContinue Reading
The decline in U.S. drilling and output leaves little competition to OPEC’s efforts to manage markets, Mike Muller, Vitol’s head of Asia, said during an online conference on Sunday. Brent crude closed above $70 a barrel last week for the first time in two years, as buyers demand more oil than producers are pumping. SourceContinue Reading
Oil and gas employment has remained fairly flat in 2021 as companies have focused on reducing debt, repaying investors and focusing on research and development instead of boosting production. Employment in the sector is down 13.8% since the onset of the pandemic in March 2020. SourceContinue Reading
Costs for everything from labor to diesel to steel have climbed in the oil field this year as explorers return to work following last year’s pandemic-driven crash in crude prices. Steel prices for the drill pipe used in new wells could rise about 50% in 2021, Citigroup said. SourceContinue Reading
“The world risks a severe deficit of oil and gas,” Rosneft CEO Igor Sechin said Saturday at the St. Petersburg International Economic Forum. “The world consumes oil, but isn’t ready to invest in it.” SourceContinue Reading
Turkish President Recep Tayyip Erdogan announced that state energy company Tpao has found 135 billion cubic meters of gas at the Amasra-1 offshore well, bringing the total amount of deposits discovered in the Black Sea over the past year to 540 billion cubic meters. SourceContinue Reading
Saudi Arabia increased oil prices for customers in its main market of Asia by more than expected after crude surged above $70 a barrel and OPEC forecast that global demand would heavily outstrip supply over the rest of the year. SourceContinue Reading
