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Economy

Oil steadies near two-month high as U.S. drilling slows down

oil productionOil steadied near a two-month high in New York amid a pullback in U.S. drilling activity, while ongoing U.S.-China trade talks left an uncertain outlook for demand. Futures rose 0.2% Monday after surging 3.3% on Friday. According to Baker Hughes data, the number of rigs drilling for oil in the U.S. fell to the lowest […]

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Blockchain-based Oil and Gas trading launched

blockchainWhat is it? PermianChain Technologies has launched the prototype of its blockchain-based platform for trading potential oil and gas reserves. The platform – when fully developed – will simplify the process of placing values on reserves before production. This enhances efficiency and improve understanding of a project’s viability.  Designed to improve the way that firms […]

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Oil prices surged on China truce – signals brighter outlook

US China TruceWorries Diminished Oil prices surged to a two-month high as China trade truce offers trillion-dollar buying spree to defuse trade tensions with the United States. Futures climbed 3.3% in New York to cap the third straight weekly increase. China has proposed a six-year shopping spree for American goods as a trade truce. This reduces concerns […]

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Should Singapore banks prepare for another O&G nightmare?

The indebted crude oil supplier owes the three Singapore banks a combined US$172.1m. The liquidation process undertaken by crude oil supplier Coastal Oil Singapore is unlikely to result in the previous oil and gas (O&G) downturn that pushed up the banking sector’s bad debt and credit costs although lenders are likely to take a one-off hit, according […]

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Digital Investment Set to Surge for Oil and Gas

Global oil and gas executives are preparing to accelerate their investment in digital technologies, according to a new report from EY. The report, titled ‘New technology can lead the way, but do you know where you’re headed?’, found that 89 percent of executives surveyed expect to step up their investment in digital over the next […]

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