Business/economics
Crude benchmarks spiked amid concerns that the US-Iran ceasefire is collapsing as commercial shipping comes under renewed attack.
Schneider Electric says the deal advances its vision of creating intelligent industrial ecosystems that connect physical assets with digital insights across the asset life cycle.
The firm’s latest analysis puts the bulk of the blame on a fragmented supply chain.
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The $635-million deal sees Oman-based Petrogas and Norwegian private equity company HitecVision acquire a package of non-core North Sea assets, including 100% ownership stake in four fields. -
Driven by Mozambique’s Area 1 and Area 4 projects, Africa is poised to become the dominant LNG investment destination by the end of this year, with the continent seeing nearly one-third of total greenfield investment.
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As a disturbance in the Gulf of Mexico continues to develop, about 32% of the oil production and 18% of the natural gas production in the GOM has been shut in.
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The new milestone was reached less than a year after the country surpassed 11 million B/D last summer, and is driven by activity in the Permian Basin and new fields in the Gulf of Mexico.
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Growing supply of Permian crude oil means the basin will need extra takeaway capacity of up to 500,000 B/D by the end of the 2020s, according to new research from Wood Mackenzie.
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With almost 10 Bcf/D of liquefaction capacity scheduled to go into service by 2025, a new report from Moody’s says that US LNG exports should help solidify a floor under natural gas prices as LNG markets see a shortfall in supply.
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Kuwait Oil Co. signed a $597-million offshore drilling services contract with Halliburton for six high-pressure/high-temperature exploration wells on two jackup rigs in the Arabian Gulf.
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With the shale industry still awash in red ink, and oil prices falling, it may take more consolidation to try to bring some financial stability to the sector.
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Norwegian authorities approved development plans for Duva and Gjøa P1, both of which are expected to produce first oil in late 2020. The fields will each tie back to the Gjøa platform on the Norwegian Continental Shelf.
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The deal consists of stakes in nine shallow-water producing fields covering 108,000 gross acres in 10–50 m of water.
