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Category Archives: Outlook

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Schlumberger Cuts 9000 Jobs

January 20, 2015

Oilfield services major, Schlumberger, has decided to reduce its overall headcount, in response to lower commodity pricing and anticipated lower exploration and production spending in 2015. The company, which employs approximately 120,000 people in more than 85 countries, recorded a $296 million charge associated with a headcount reduction of approximately 9,000. Earlier in December, the company… Continue Reading »

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Wood Mackenzie: Operators Could See up to 40% in Cost Reductions

January 19, 2015

The drop in oil prices has led to an unprecedented level of uncertainty going into 2015, especially for the prospects of the North American upstream oil and gas sector. While there is a lack of consensus about when oil prices will stabilize and at what level, Wood Mackenzie expects service cost relief, asset high-grading, and… Continue Reading »

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Mexico Has Stamina to Maintain Energy Reform

January 19, 2015

Despite low oil prices and political challenges faced by the Mexican President Enrique Pena Nieto’s government, Mexico possesses the stamina to fully implement reform of its energy sector. However, Mexico may need to show more flexibility in its requirements to encourage the oil and gas investment it seeks, according to an expert on Mexican energy… Continue Reading »

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BSEE to Support Oil Spill Research Projects

January 18, 2015

The Bureau of Safety and Environmental Enforcement (BSEE) announced this week that it is soliciting proposals for oil spill response research projects and will be investing up to $6 million to support these projects in 2015. In a Broad Agency Announcement (BAA), the bureau called for white papers focusing specifically on one of seven topic… Continue Reading »

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OPEC Sees 2015 Supply Surplus Rising, Even As Oil Slump Slows Shale Boom

January 17, 2015

The collapse in oil prices is starting to slow growth in U.S. output, OPEC said on Thursday, although the slowdown will not prevent an increasing global surplus in 2015 and demand for the exporter group’s oil falling to its lowest in a decade. In a monthly report, the Organization of the Petroleum Exporting Countries (OPEC)… Continue Reading »

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Kemp: Breakeven And Shut-In Prices For Oil Wells

January 15, 2015

How low must oil prices fall before production starts to level off and even decline to rebalance the market? There is no straightforward answer because it depends on so many factors most of which are uncertain or not observable. These include the depth and duration of price falls; expectations about the extent and timing of… Continue Reading »

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Oil, Gas M&A in Upstream Sector Climbs to $37 Billion in 4Q 2014

January 14, 2015

The total value of upstream oil and gas m&a deals, according to data from the Evaluate Energy M&A database, reached $37 billion in Q4 2014, a slight increase from the $35 billion total of Q3. However, the falling oil price would have resulted in a sharp decline in total deal value this quarter, had it not been… Continue Reading »

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Expro Nets USD 200 Mln Statoil Contract

January 13, 2015

Expro has secured a significant Europe CIS (Commonwealth of Independent States) contract, providing fully integrated well testing and fluid sampling services for Statoil Petroleum AS in the Norwegian Continental Shelf (NCS). Starting on 1st January 2015, the initial 4-year contract is valued at $200 million with options to extend for a further 6 years. The… Continue Reading »

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Kemp: Bakken Oil Producers Need $55 To Keep Production Steady

January 12, 2015

North Dakota needs an oil price of around $55 per barrel at the wellhead and a fleet of about 140 rigs to sustain production at the current level of 1.2 million barrels per day, the U.S. state’s chief regulator told legislators on Thursday. Department of Mineral Resources Director Lynn Helms outlined breakeven rates for wells… Continue Reading »

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Investment Bank Analyst Discusses Slide in Crude Prices

January 11, 2015

“May we live in interesting times,” Bill Marko, managing director at Jefferies & Co., began his presentation Wednesday on the state of the oil and gas market at the IPAA/TIPRO Leaders in Industry luncheon in Houston. Marko’s talk included a brief overview of mergers and acquisitions amid the steep drop in crude oil prices in… Continue Reading »

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