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Global and Regional Markets

BP publishes 2019 Energy Outlook

The 2019 edition of BP’s Energy Outlook explores the key uncertainties that could impact the shape of global energy markets out to 2040. The greatest uncertainties over this period involve the need for more energy to support continued global economic growth and rising prosperity, together with the need for a more rapid transition to a lower-carbon future. These scenarios highlight the dual challenge that the world is facing. The outlook also considers a number of other issues including the possible impact of an escalation in trade disputes and the implications of a significant tightening in the regulation of plastics. Much of the narrative in the outlook is based on its evolving transition scenario. This scenario and the others considered in the outlook are not predictions of what is likely to happen; ...

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Wood Mackenzie: US independent E&P players look to balance their books

According to Wood Mackenzie, the US Lower 48 E&P sector is under pressure from investors demanding greater capital discipline, positive free cash flow and increasing returns. There’s a tug-of-war between value and volume, and value has emerged as the winner. The Lower 48’s independents, who traditionally pursued growth at all costs, must now rein in their impulses and focus on delivering returns to their shareholders. How does this affect their 2019 spending plans, and how do they manage volatile oil prices?  “As US independents release their budgets over the course of this month, we expect to see their growth aspirations take a back seat,” Roy Martin, from Wood Mackenzie’s corporate analysis team, said. “Cash flow neutrality is more important than ever – and ...

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Rowan announces contract with Petronas Mexico for Rowan Renaissance

Rowan has announced that the Rowan Renaissance, an R-Class ultra-deepwater drillship, has been awarded a one-well contract in Mexico by Petronas for an estimated duration of 80 days, which is expected to commence in Q2 2019.  Following the initial contract term, Petronas has a one-well priced option with an estimated duration of 80 days. The Rowan Renaissance is currently under contract with Total in Mexico’s Gulf of Mexico until about March 2019.

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Tenaris to open sucker rods manufacturing facility in Conroe, Texas

Tenaris will open its sucker rods manufacturing facility in Conroe, Texas, in July, offering customers sucker rods and accessories, produced domestically, further streamlining the US supply chain. The company will start preparing the mill in March, training plant employees, activating mill systems and equipment to ensure a safe startup for operations and in line with the company’s integrated principles for quality, health, safety and the environment. “With this investment, we are better positioned to serve our customers in the US shales in their artificial lift operations, offering a wide range of locally produced products, and with the support of our new service center in Midland, we also have the flexibility to respond quickly and efficiently,” Luca Zanotti, Tenaris President, USA, ...

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BP starts gas production from second stage of Egypt’s West Nile Delta development

BP has announced first gas production from the second stage of its West Nile Delta development offshore Egypt. The project, which produces gas from the Giza and Fayoum fields, was developed as a deepwater, long-distance tie-back to an existing onshore plant. The successful startup is the second in a string of new upstream major projects expected to be brought on line in 2019 for BP. “This important project startup benefitted from the excellent working relationship between BP and the Egyptian government,” Bob Dudley, BP Chief Executive, said. “We simply could not have delivered it successfully without the steadfast support of the Minister of Petroleum, his excellent team and the entire government. “With the second stage of West Nile Delta now online, BP has now safely brought 21 new upstream major projects ...

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Eni renews contract with Lloyd’s Register for global rig inspections

Eni has awarded Lloyd’s Register (LR) a new tender. The latest contract is for coverage of rigs contracted by Eni globally for the next three years and represents a continuation of the strong relationship between both companies since 2007. “This contract award with Eni is testament to the high standard of service we have provided for over a decade,” Mark Watson, LR’s Business Development Manager of Drilling Integrity Services, said. “We look forward to working with Eni and other operators as drilling operations continue to increase.” The company is experiencing increased demand for its rig inspection services, including rig surveys and crew competency management through to dynamic positioning, drilling systems assessments, BOP and well control surveys. “Our integrated package of services ...

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