Finance News


IEA Sees Oil Markets Tightening as PDVSA Output Sags

Jan 19, 2018

As U.S. oil output is poised to overtake Saudi Arabia, Venezuelan oil output is at 30-year low - and could fall further. Global oil markets are tightening quickly on falling supply from Venezuela, which posted 2017's biggest unplanned output fall and could see a further decline in 2018…

Venezuela's Oil Output Plummeted in 2017

Jan 18, 2018

Venezuela's oil production fell nearly 13 percent last year according to figures released by OPEC on Thursday, hitting a 28-year annual low that suggested a deepening economic crisis and increased chances of a debt default.The South American country produced 2…

Consultants willing to take 39% rate cut

Jan 18, 2017

Consultants who were active in the exploration and production sector sector in 2013, but not currently working due to the cutbacks in the industry, would take a day rate that is 39% lower, according to OPC Consultant Market Report 2016. OPC's…

Slow recovery likely, but still at risk

Sep 19, 2016

The pace and timing of an oil price recovery depends on four key drivers, according to McKinsey Energy Insights (MEI), a data and analytics firm.  The firm forecasts that it will take more than six months for the oil markets to fully rebalance…

Lowest greenfield investment pot since 1998

Jul 29, 2016

Exploration and production companies have been hesitating to engage in greenfield projects amid the current market downturn, resulting in the lowest offshore project commitment since 1998, according to Norwegian analysts Rystad Energy. Only…

475 Shell UK and Ireland jobs to go

May 26, 2016

Oil major Shell has said it is to cut around 475 jobs from its UK and Ireland business by the end of this year as it further reduces its cost base.  The firm has already announced more than 10,000 jobs cuts globally, including some 2800…

Wood Group further cuts contractor rates

Feb 19, 2016

Wood Group PSN says it is to reduce rates paid to about a third of its UK-based contractors by about 9% 'in response to continuing cost and efficiency challenges affecting the UK North Sea oil and gas sector.' Wood Group, which already…

BP profits plummet

Feb 02, 2016

BP has reported a 91% drop in Q4 2015 earnings, revealing the impact of the lowest oil prices in more than a decade on the business, and says oil prices look set to 'continue to be challenging in the near term.' The firm's full year underlying profit was a loss of $5…

Oil well below US$50/bbl through 2018

Jan 27, 2016

Ratings and investor service firm Moody's has lowered its price estimate for Brent crude in 2016 to US$33/bbl, from $43/bbl, and suggests crude 'will remain well below $50/bbl through 2018.'  West Texas Intermediate has also been lowered to $33/bbl…

WoodMac: US$380 billion of projects on hold

Jan 14, 2016

Some US$380 billion worth of upstream oil and gas projects have been put on hold as a result of the fall in oil prices, according to new research by analysts Wood Mackenzie.  The Edinburgh based firm says the last six months of 2015 saw…

WoodMack: M&A to ramp up in 2016

Jan 06, 2016

In contrast to 2015, upstream oil and gas deal activity is set to ramp up this year regardless of what happens to the oil price, according to Wood Mackenzie's M&A outlook for 2016. Should oil prices stay low, companies will be forced to sell assets and merge businesses: to free up capital…

DW: Expect consolidation in 2016

Jan 04, 2016

2015 was a tough year. Spending and headcounts have been slashed across the industry and the specter of bankruptcy is an all too common concern. Recent trends in commodity prices have not helped. Late December saw Moody’s downgrade its…

Moody's paints grim 2016 outlook

Dec 15, 2015

Ratings agency Moody's has painted a bleak picture for 2016 for the upstream oil and gas industry. The firm predicts a prolonged period of oversupply will keep oil prices lower for longer and continue to pressure issuers in the oil and gas industry in 2016…

£217 billion working capital untapped

Oct 19, 2015

UK oil and gas firms are sitting on a war chest of £20 billion that could be released by simply improving their working capital management according to new research released today by business consultancy PwC.  With no sign of an oil price rebound in sight…

Shell: Downturn to last several years

Jul 30, 2015

Oil major Shell today said the oil price downturn could last for several years, as it revealed 6500 expected staff and contractor reductions in 2015, as well as further capital and operational spending cuts. “Operating costs are expected to fall by over $4 billion…

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