By Dmitry Zhdannikov DAVOS, Switzerland (Reuters) – Facing one of its worst crises in a generation, the oil industry is trying to open up – to women. Even when oil was selling at above $100 a barrel, most of the industry’s top executives said they struggled to find and retain young talent. Year afte
Schlumberger, world’s largest oilfield services provider slashed 10.000 jobs in the fourth quarter of 2015. The company said that the reason was an expected extended activity weakness in the first half of 2016. This led the company to recognize in the fourth quarter $530 million in pretax restructur
Rowan Companies, an offshore drilling contractor, has been awarded a contract for one of its jack-up rigs from BP in Trinidad. According to Rowan’s latest fleet status report, the company’s high-spec jack-up drilling rig Joe Douglas was awarded a 300-day contract at a dayrate of $157,000. The contra
Fitch Ratings has lowered its corporate forecast assumptions for oil and gas as follows due to recent weakening in supply and demand fundamentals: –2016 oil price base case: $45/bbl; –Long-term base case oil price: $65/bbl; –2016 oil price stress case: $35/bbl; –2016 natural gas base case: $2.50/mcf
Plexus Holdings, an oil and gas engineering services business and owner of the POS-GRIP friction-grip method of wellhead engineering, has been awarded a contract with new customer, Masirah Oil Limited. Masirah is the Oman branch of an oil and gas company REX International Holdings Limited. The new c
Britain’s BP Plc aims to double natural gas production in Egypt in the next four years despite weak oil prices as Egypt’s burgeoning energy market offers hope for its battered economy.
As we all know by now, in the past 18 months oil prices fell significantly, due to increased production in the U.S., and OPEC’s decision not to act as the swing producer, from $114 a barrel in June 2014, to below $30 on Monday, a knee-jerk reaction to the lifting of the sanctions against Iran. [&hel
Exceptionally mild temperatures in the early part of the winter in Japan, Europe and the United States – alongside weak economic sentiment in China, Brazil, Russia and other commodity-dependent economies – saw global oil demand growth flip from a near five-year high in the third quarter of last year
Oil and gas workers saw their salaries fall 1.4 percent over the past year after a sharp decline in oil prices forced their employers to trim costs, but their average global salaries remain high at more than $80,000 (£56,057) a year.
Saudi Arabia’s reluctance to cut production to maintain its share of the global crude market has paid off, Douglas-Westwood, an energy intelligence group, said in its DW Monday report. By not “blinking first”, the Kingdom has succeeded in driving rigs out of the US shale market with current rotary r
Oil prices hit their lowest since 2003 on Monday, as the market braced for a jump in Iranian exports after the lifting of sanctions against the country over the weekend.
Popular news, January 11 – 17, 2016
Brent crude futures plunged more than 4 percent to fresh 12-year lows on Friday as the market braced for increased Iranian oil exports, with the lifting of international sanctions possible within days.
Iranian President Hassan Rouhani informed on Monday that the development of giant South Pars gas field, lying on the territorial border between Iran and Qatar in the Persian Gulf, will be complete by March 2018. President Rouhani on Monday inaugurated two new phases of the South Pars Energy Zone in
