Asset Management
Industry fundamentals continue to strengthen as rising utilization and scarce replacement capacity support higher rig valuations.
The GRMS system of standardization and classification for geothermal resources, led by a coalition of stakeholders in collaboration with Project InnerSpace and the Society of Petroleum Engineers, will be published in November.
Argentina’s President Javier Milei met with TotalEnergies CEO Patrick Pouyanné and Eni CEO Claudio Descalzi in Paris to discuss Argentina’s energy sector, including projects linked to the Vaca Muerta shale formation and the development of the Argentina LNG export project.
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TechnipFMC and McPhy signed a memorandum of understanding to work together on the development and project implementation of hydrogen technology. Separately, McPhy and Chart Industries also signed a memorandum to scale up hydrogen projects across various markets. -
Deloitte discusses the “great compression” of the oil and gas industry in which companies’ room to maneuver is restricted. How can the industry avoid a talent gap and stop an organizational challenge from becoming a precarious business problem?
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Forty-four percent of oil production and 30% of natural gas production remain shut in as operators return workers to offshore platforms. Production from undamaged facilities are being brought back online once all standard checks are completed. Facilities with damage may take longer to bring back up.
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The majority of energy firms surveyed by the Federal Reserve Bank don’t expect the business environment to significantly improve until 2022 or 2023.
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Chevron is initiating its layoffs of up to 15% of its global workforce of 45,000 first announced in late May by asking employees to reapply for positions. It closed its $4.1-billion acquisition of Noble Energy this week in which it gained 2,200 employees.
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The deal includes Sandvik’s exploration rigs, consumables, production stock, and selected trademarks and patents.
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Hurricane Delta leads to shut-ins of 92% oil and 60% gas production in GOM as landfall is expected today.
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GOM production shut-ins increased to 80% of the oil and 49% of natural gas. Hurricane Delta weakened from a category 4 storm to a category 2 storm on Wednesday and is expected reach the US Gulf later in the week.
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Hurricane Delta is expected to hit Mexico’s Yucatan Peninsula on Wednesday and reach the US Gulf later in the week. Twenty-nine percent of the current oil production and 9% of natural gas production in the Gulf of Mexico is shut in.
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With oil prices still low, Hess decided to sell a stake in one offshore project to help pay to develop a much larger one.
