Business/economics
The transaction creates a new company, NEO NEXT+, which is now the largest independent producer on the UK Continental Shelf.
Conflict‑driven price gains may be offset by higher costs, supply‑chain risks, and a limited appetite for new drilling activity.
The companies' combined technologies enable real-time control of well placement, hydraulics, and rig operations.
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From the highest courts of the US judicial branch to the C-suite, contests involving patents have recently come to the fore in the innovation hungry US oilfield services industry, even as filings and litigation have declined in recent years. -
The Spanish E&P company plans to invest more than $11 million by the end of 2018 on startups working in established priority areas, which include resource reuse and sustainability measures.
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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.
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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.
