Business/economics
Proposed and final notices of sale represent nearly 80 million acres in the Gulf of Mexico and approximately 1 million acres in Alaska’s Cook Inlet.
The US and UK sanctioned Russian independent Lukoil International and state-owned Rosneft in a bid to pressure Russia over Ukraine.
Ranger acquires American Well Services for $90.5 million, adding 39 workover rigs and boosting its fleet by 25%.
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An offshore survey identified a decrease in focusing on cost cutting and an increase in preparing to expand operations. With the oil prices above $60/bbl the impetus for negotiation for lower prices by companies and service providers appears to be waning. -
ExxonMobil and Hess led the way in the most active regionwide US gulf lease sale thus far.
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Diamondback is slated to become the Permian’s latest pure-play giant with its pending purchases of Energen and Ajax Resources.
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If approved by the US Department of Transportation, the port facility would allow VLCCs and other tankers to directly load cargo, potentially removing a major hurdle for US crude oil exports.
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While US onshore still holds an edge, international oil companies are finding attractive options for diversifying their portfolios, mixing onshore with offshore conventional fields, where finding and development costs are down , and the time it takes to bring them on line.
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RDS, a KCA Deutag division, and Kavin Engineering and Services entered into a strategic alliance to jointly pursue design and engineering projects across the upstream and midstream oil and gas market. Last month, KCA Deutag agreed to form a joint venture with SOCAR.
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Globally, a growing number of the general public and decision makers appear to have the opinion that climate change caused by greenhouse gases is likely. The E&P sector has the competencies and capabilities to develop mitigating solutions.
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The oilfield services and equipment sector, while optimistic, has not yet seen the effects of the improved oil price in the recovery of its overall business.
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BP ends a year of speculation as to who will buy BHP Billiton’s much-coveted US unconventional business, transforming its Lower 48 portfolio in the process.
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Pipeline bottlenecks have created a wide gap in the price of gas at a key pipeline hub in the Permian compared to the US benchmark level.
