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Crude Oil Price Trend

2018-01-16 | 10pm

Although there is huge price rise, still Oil traded highest close in more than three years because Iraq echoed a call by the United Arab Emirates and other producers for OPEC-led output cuts to continue. In the last week, there was 4.7 percent increase which leads to slight change in Fu.

Huge Shortage of Labour in Canada Oil and Gas Industry

2018-01-07 | 10pm

During Q3, there is huge labour shortage in Canada from the oil and natural gas industry. Approximately 176, 000 people have been employed in both the upstream and midstream sectors of the industry which is a 3% increase from Q2. The major cause of the shortage of labour is not the growing indust.

France to Enforce Ban in Energy Production

2017-12-29 | 10pm

Recently, a significant law has been passed by the French Parliament. According to the passed law, by 2040 there will be ban on the production of oil and gas. Due to this law, no new permit or renewing of permit will be granted. They will not allow fracking or the extraction of fossil fuels in th.

15% stake in Namibia block for OVL

2018-09-22 | 10pm

OVL, ONGC Videsh Ltd, the overseas investment arm of ONGC, is all set to acquire stake in offshore Namibia block. As stated by the company, a binding agreement has been signed by OVL with Tullow Namibia Ltd (Tullow), which is a wholly-owned subsidiary of Tullow Oil plc, through ONGC Videsh Vankor.

U.S. : All Set To Lead Oil and Gas Industry in the Coming Years

2017-11-17 | 10pm

Recently, during a press conference on the sidelines of a UN Climate Change conference held in Germany, Fatih Birol, the Executive Director of the International Energy Agency (IEA), stated that The United States is all set to be the undisputed leader of oil and gas production across the world in .

IEA Reports US Leads in Oil and Gas Production

2017-11-16 | 10pm

According to the current scenario, US is all set to be the largest oil and gas producer across the world, whereas overtakes as the biggest oil consumer. It seems that International energy markets are ready for "major upheaval". The report is generated from the International Energy Agenc.

Baker CEO Stated about Oil and Gas Industry Current situation

2017-11-15 | 10pm

Since June 2014, there is consistent drop in oil price as it collapsed from nearly $120 a barrel which led to the cost cutting along with seeking new paths to increase efficiency. Recently the CEO of Baker Hughes, a GE company, stated that continuous disruption is 'new normal' for oil and.

Some Stable‘Rise’ in Oil And Gas Industry

2017-11-12 | 10pm

The oil and gas industry across the globe is witnessing huge decline from the last two year. However, there is some good news for the oil industry professionals as in Texas it appears to be making a comeback. As reported by Morgan Stanley, “The exploration and production (E&P) outlook i.

Struggle for Power in Saudi Hits Oil Prices

2017-11-08 | 10pm

The head of energy trading at Seaport Global Securities, Roberto Friedlander recently stated that, “Oil prices are more likely to rise toward $70 a barrel than sink back to $50 in the wake of the biggest political shakeup in Saudi Arabia in decades.” Almost two years back, Saudi Crown.

100 New Jobs to be offered by New Aberdeen Oilfield Services Group

2019-04-25 | 10pm

Here is some good news for Oil industry job seekers! Aberdeen based new Oilfield services company, FOS Group is all set to create more than 100 new jobs. As stated on the web portal of FOS Group, that with the merger of Apollo’s engineering knowledge and AquaTerra Group Ltd’s offshore.

New Drill Bit by Halliburton

2017-11-07 | 10pm

For increased performance as well as reliability, Halliburton made announcement about the release of GeoTech HE. It is a robust drill bit comprises of new features and material.  With the advancement of technology, there is significant advancement in drilling equipment and practices. This ma.

First US Crude Oil Shipment to India After 1975

2018-11-08 | 10pm

At Odisha's Paradip Port, the first in a series of shipments of United States crude oil has made its arrival in India on Monday. The United States Consul General to Hyderabad Katherine Hadda, Joint Secretary for International Cooperation from the Ministry for Petroleum and Natural Gas Sunjay .

Kuwait Strategy Of Oilfield Development

2017-10-11 | 10pm

A MoU, memorandum of understanding which has been signed by the governments of Kuwait and Iraq for the development of four shared oil fields in the southern part of Iraq is all set to make its way to the Kuwaiti Parliament for the approval as well as implementation of them. The four oil fields ar.

Lower Operating Costs With Enhancement In The Digitalization Of Offshore Oil And Gas Sector

2017-10-11 | 10pm

According to latest report, in order to enhance the usage of digitalisation within the offshore oil and gas industry to attain lower operating costs (Opex), more needs have to be accomplished. A  joint study is conducted by AVEVA which is a leading software company along with Westwood Global.

Crisis In North Korea Would Threaten Oil Import

2019-03-17 | 10pm

According to the renowned Energy Consultant, Wood Mackenzie, in case the tension mounts between North Korea and North Asia neighbours then approximately half of China's oil production will be in trouble. China, Japan and South Korea have to face huge oil crisis, as Military action could stop .

Output of OPEC Oil Jumps High

2017-08-05 | 10pm

According to a survey conducted by Reuters, the output of OPEC oil has increased this month by 90,000 barrels per day (bpd) which is a 2017 high. It was headed by a further recovery in supply from Libya. This is one of the countries which has been exempted from a production-cutting deal. .

Gulf Petrochem Group Finance Deal Closed at US$150m

2019-04-25 | 10pm

According to recent reports, the Gulf Petrochem Group (GP) has raised US$ 150 million from a group of international and local financial institutions. These financial institutions have origins in the GCC. In the current scenario of consistent low global oil prices, this financing will be a great s.

Schlumberger’s Second Bid for Largest Drilling Company of Russia

2017-07-29 | 10pm

Recently, a major announcement has been made by the US oilfield services giant Schlumberger. For a stake in Russia’s largest drilling company, Eurasia Drilling Co. (EDC), Schlumberger  has launched a second bid. On 20th July, announcement of striking a deal to purchase 51% equity .

Oil Minister Pradhan Discusses Market Friendly Reforms

2017-07-18 | 10pm

During the 22nd World Petroleum Congress in Istanbul, Turkey, Oil Minister Dharmendra Pradhan addressed the investors and stated that there will be more market-friendly reforms in the natural gas sectors of India. This will be a huge assistance in forming a trading hub in the country. Pradhan als.

Goldman Sachs revises three months oil price forecast

2017-07-05 | 10pm

As OPEC is working hard to minimize inventories across the globe, Goldman Sachs has reduced its three-month price forecast for WTI from US$55 to US$47.50 a barrel after observing output gains in Libya and Nigeria. The Goldman analysts duo, Damien Courvalin and Jeff Currie stated in a re.

Shell India to Expand Business

2017-06-28 | 10pm

The CEO of Netherlands-based Royal Dutch Shell plc, Nitin Prasad has made some serious announcement during a recent interview. Being the world’s second-largest oil company, it is all set to concentrate on managing the transitions of energy markets across the world. During this transformatio.

ONGC Videsh Limited Shortlisted for Auction in Mexico

2017-06-23 | 10pm

During the recent round of oil and gas field auction in Mexico, some of the major oil industry giants like Shell, Chevron and Total are shortlisted for bidding. Besides these giants, ONGC has been also considered to bid for this auction. ONGC Videsh Ltd. Is an overseas branch of state-owned Oil a.

Norway offers 102 blocks in its 24th oil gas licensing round

2017-03-14 | 10pm

Norway  on  monday   13th-march-2017 announced their preliminary    plans  for   exploration  of  different  blocks   in  Barents  sea,  Norwegian  sea   and  the Arctic.This  move&n.

Oil price crashed to three months low

2017-03-10 | 10pm

Due  to  oversupply  even  after  OPEC  led  production  cut   oil  crashed  to  its   three  months  low  on  Thursday  9th  march,  Brent crude  closed at   slightly less .

Weatherford Announces Major Steps for Cost Cutting and Debt Reduction

2017-02-06 | 10pm

The renowned oilfield services company Weatherford International has recently made some significant announcement which is a part of further cost cutting and debt reduction. The company has stated that they  plan to reduce  head count reduction plan by upto 3,000 employees. .

Early Kicks Off Leads to Huge Saving by BP

2017-01-29 | 10pm

BP Plc has made significant announcement regarding the starting up of Thunder Horse South Expansion project in the deepwater Gulf of Mexico. The project has been started 11 months ahead of schedule which leads to  astounding savings of  $150m . This project is expected to.

Q1 2016: Private Companies are Major Acquirers in U.S.

2017-01-05 | 10pm

According to a new analysis in Evaluate Energy’s M&A Review for Q1 2016, there is huge impact on the upstream oil and gas industry which has affected most of the privately held companies of United States. Recently, there is a huge deal in the U.S. which comprises of two public companies.