Business/economics
Lower operating expenditures and a changing asset mix helped UKCS operators cut average production costs by 9% year over year, despite relatively flat production levels, according to the NSTA.
The deal adds 40,000 B/D of production and epands Cenovus’ SAGD footprint with three Alberta assets.
The Federal Reserve Bank of Dallas’ third-quarter energy survey reflects industry views on the drawdown of the US Strategic Petroleum Reserve, the outlook for Persian Gulf crude exports, and expectations for oil prices.
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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. -
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.
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BHGE will sell the division, acquired by GE in 2011 when it bought Dresser, to a private equity investment firm, and a provider of products and services for the distribution and usage of natural gas in Italy. The combined value of the two deals is $375 million.
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The $1.5-billion deal delivers a world market share of 10%, including a 16.6% stake in the US Cameron LNG project.
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Norway hopes for a continued rise in offshore exploration and development activity to ensure steady oil and gas production through the next decade.
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Energy activity has shown solid expansion, but to increase drilling, companies need a higher average oil price compared to last year’s surveys, reflecting a steady increase since 2Q and 4Q in 2017. The ability to find workers and limited pipeline capacity could limit near-term growth.
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The oil and gas industry has vastly accelerated the pace of approving investments for new projects over the past 18 months. New facilities worth more than $110 billion have been approved for development since the beginning of 2017 vs. only $50 billion in 2016.
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Supply growth into next year is projected to outpace global demand, bringing markets once again into a state of relative imbalance.
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Just 2 months after issuing more than a hundred licenses, the Oil and Gas Authority begins the process again for a whole new set of blocks.
