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Singapore tightens monetary policy amid steady growth outlook

15th October 2018

SINGAPORE (Oct 12): Singapore’s central bank tightened monetary policy for a second time this year, encouraged by steady economic growth despite worsening US-China trade tensions. The Monetary Authority of Singapore, which uses the exchange rate as its main policy tool, raised the slope of its currency band slightly, it said in a statement on its website on Friday. That implies it will seek an appreciation in the currency. Just over half of the 21 economists surveyed by Bloomberg predicted the move, with the rest expecting no change. The Singapore dollar gained less than 0.1% to 1.3758 against the US currency...

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Oil Demand and Supply Close to New Peaks

15th October 2018

Both global oil demand and supply are now close to new, historically significant peaks at 100 million barrels per day (MMbpd) “and neither show signs of ceasing to grow any time soon,” according to the International Energy Agency (IEA). “Fifteen years ago, forecasts of peak supply were all the rage, with production from non-OPEC countries supposed to have started declining by now. In fact, production has surged, led by the US shale revolution, and supported by big increases in Brazil, Canada and elsewhere,” the IEA said in a statement published on its website Friday. “In future, a lot of potential...

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Decline Rates from Maturing Oil Wells in the Permian are on the Rise

15th October 2018

Oil producers in the Permian basin and elsewhere could soon find themselves facing the oilfield equivalent of trying to walk up the down escalator.The oil industry, and particularly the Permian, is in the midst of a boom. But analysts say new hints that maturing wells are falling well short of projections are prompting fresh worries that the industry may not be able to meet robust demand moving forward. It’s a concern that could add new strength to an oil ally that’s been building since January, largely driven by volatile geopolitical issues. A study by Wood Mackenzie Ltd. found maturing wells...

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Offshore Helicopter Crashes: Improving Safety and Saving Lives

15th October 2018

In the last thirty years or so, a number of offshore workers have lost their lives in helicopter crashes. The need for better offshore helicopter safety is paramount for UK organisations, such as the Health and Safety Executive (HSE) and the Civil Aviation Authority (CAA), which have worked to improve regulations and protect the 18,000 UK oil rig workers during their risky commute. What are the worst offshore helicopter crashes and how have industry authorities attempted to improve matters? In the last thirty years or so, a number of workers have lost their lives in offshore helicopter crashes. The need...

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Oil, Gas CEOs Sold on Tech Benefits, but Unprepared for Disruption

15th October 2018

While oil and gas CEOs recognize the benefits of technology, many still haven’t mastered how to bolster that technology to become a disruptor in the industry. Data from KPMG’s 2018 Oil and Gas CEO Outlook, released Oct. 10, reveals that globally, 97 percent of oil and gas CEOs believe new technology creates opportunities. Eighty-five percent are piloting or have already implemented Artificial Intelligence (AI). But realized benefits don’t always equate to confidence. The report also finds that 59 percent of oil and gas CEOs feel their organization is an active disruptor in their sector and 57 percent believe lead times...

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Offshore Australia Contract Goes to KBR

15th October 2018

Woodside Energy Ltd has awarded KBR the Concept Definition engineering contract for the two gas floating production storage and offloading (FPSO) facilities for the proposed Browse to North West Shelf Development offshore Western Australia, KBR reported Thursday. “We are delighted to be awarded the Concept Definition engineering of the two FPSO facilities delivering our operational agility in the execution of projects strong base business and world class asset performance to the project,” KBR President and CEO Stuart Bradie said in a written statement. Woodside awarded the contract in its capacity as operator of the Browse Joint Venture (JV), a proposed...

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Oil Tanker Rates To Asia Hit 2018 High

15th October 2018

Freight rates for Aframax tankers to Asia have reached their highest level so far this year, as China’s small refiners received new crude import quotas and as Asian refiners are hastening to hire ships to transport more crude oil from the Middle East to Asia in view of dwindling supply from Iran, market participants tell S&P Global Platts. Demand for Aframaxes has increased in recent months amid higher oil supply from Saudi Arabia and Russia and the freshly issued import quotas for China’s independent refiners—the so-called teapots—which are larger than before, S&P Global Platts quoted Ole-Rikard Hammer, an Oslo-based senior analyst...

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Oil and Gas Cyber Attacks Increased in Past Year

8th October 2018

Cyber attacks in the oil and gas sector increased over the past year, according to Mike Spear, industrial cyber security global operations director at Honeywell. “You’re looking at about 365,000 new malware every year … that’s like four per second,” Spear told Rigzone during a briefing at a recent conference in Madrid. “What we’re seeing is in the space, or in what we call the process industries … the level of the malware, the more sophistication that’s coming up,” he added. “Some of it now is being very targeted, which is kind of different than it was say five years...

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Australia Upstream to See Greater Tech Integration

8th October 2018

Australia’s upstream sector will see greater integration of technology over the coming years, according to a new report from Fitch Solutions Macro Research. “As one of the few developed markets in the [Asia Pacific] region with a fully-liberalized upstream industry, stable operating environment and a relatively tech-savvy workforce, Australia’s oil and gas sector offers an ideal environment for technology and innovation to prosper,” Fitch Solutions Macro Research said in the report, which was sent to Rigzone. “A forecast upturn in industry-wide capital spending is expected to drive stronger spending on technology, as firms’ near-term strategies shift to focus on maximizing...

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Oil producers need to pump more or put demand growth at risk

8th October 2018

MUMBAI (Bloomberg) — Rising oil prices may hurt demand in some of the world’s fastest-growing nations unless producers take steps to boost supplies, according to the International Energy Agency. “I wouldn’t be surprised if we revise our numbers,” Fatih Birol, the executive director of the Paris-based adviser, said in a phone interview, referring to the IEA’s forecast for demand growth this year of 1.4 MMbpd. High energy prices are hurting consumers today, and could hurt the economies of exporting countries tomorrow, he said. Brent crude, benchmark for half the world’s oil, has gained more than 20% since mid-August due to...

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