News
Oil steadies near two-month high as U.S. drilling slows down
Oil 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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Read MoreBlockchain-based Oil and Gas trading launched
What 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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Read MoreOil prices surged on China truce – signals brighter outlook
Worries 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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Read MoreBP Discovered a Billion Barrels of Oil in the Gulf of Mexico
BP’s investment in next-generation technology just paid off to the tune of a billion barrels of oil. The British energy company has discovered 1 billion barrels of crude at an existing oilfield in the Gulf of Mexico. BP also announced two new offshore oil discoveries and a major new investment in a nearby field. BP […]
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Read MoreOpportunities open up for heavy lifting
After years of tough market conditions, owners of heavy-lift vessels are turning to new sectors in search of lucrative contracts Engineering contractors and heavy-lifting vessel owners are now beginning to secure new contracts for platform installation and subsea projects. However, tough market conditions since 2014 have led these companies to turn to alternative sectors – […]
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Read MoreShould 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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Read MoreLNG Trends to Watch in 2019
Looking ahead to the next 12 months, Wood Mackenzie foresees a mixed mood in the global liquefied natural gas (LNG) market. In an emailed statement to Rigzone, the consultancy observed that the LNG market in 2019 will feature a return of “big LNG buyers” and “a record year for supply” based on growth in production […]
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Read MoreNorth Sea Exploration is Back
North Sea exploration is back in 2019, according to Wood Mackenzie (WoodMac). Across the UK, Norway, Netherlands and Denmark North Sea, WoodMac expects more than 60 exploration wells to spud this year, up 25 percent on 2018. Budgets are bigger and company portfolios are “brimming with prospects matured through the downturn,” according to WoodMac, which […]
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Read MoreDigital 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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