Archive | Global and Regional Markets

Adkins: Bearish outlook in near term, $75 oil in 2015

Posted on 18 November 2014 in Global and Regional Markets, News

The global industry outlook is bearish in the near-term. Oil supply is growing twice as fast as demand, and the simple solution to this oversupply is to lower prices…

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Jenkins: Addressing BOP maintenance can help to curb rising costs in GOM

Posted on 18 November 2014 in Global and Regional Markets, News

The continuing increase in drilling and completion costs is a concern involving all industry stakeholders, Murphy Oil’s President & CEO emphasized at the 2014 IADC Annual General Meeting…

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Statoil suspends 2 rigs due to overcapacity

Posted on 06 November 2014 in Global and Regional Markets, News, The Offshore Frontier

Statoil has decided to suspend two new rigs due to overcapacity in the rig portfolio. Transocean Spitsbergen and Songa Trym will be suspended through 2014, a period which might be extended…

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Troubled waters

Posted on 05 November 2014 in 2014, Features, Global and Regional Markets, November/December, The Offshore Frontier

The ingredients for a troubled deepwater market – flattening rig demand, increasing costs and falling oil prices – have been brewing in the past year. A number of deepwater projects have been postponed, and the industry…

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Fertile grounds

Posted on 05 November 2014 in 2014, Features, Global and Regional Markets, November/December, Onshore Advances

The onshore market has been a beacon for the global drilling industry, reflecting growth and improved efficiencies in the past year. This momentum is expected to guide the industry in the coming year…

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Business as usual, but with caution

Posted on 05 November 2014 in 2014, Features, Global and Regional Markets, November/December, Onshore Advances, The Offshore Frontier

Geopolitical concerns, notably worrisome aggression from the Islamic State of Iraq and the Levant (ISIL) across northern Iraq, is signaling a cautionary mood in the Middle East. However, it is business as usual for the oil…

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Africa Briefs: Industry educates employees amid Ebola outbreak; Angola, Nigeria to lead Africa growth

Posted on 05 November 2014 in 2014, Drilling It Safely, Global and Regional Markets, November/December

West Africa has been hit hard by the largest Ebola epidemic in history. Sierra Leone, Guinea and Liberia have seen the highest number of infections…

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Mexico sets sights on foreign investment through energy reform

Posted on 05 November 2014 in 2014, Global and Regional Markets, November/December

Mexico has vast oil and gas reserves but not enough capital resources to drill for it. Consider this: In the US-controlled part of the Gulf of Mexico, more than 300,000 bbl…

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Drilling potential abounds in Mexico, but so does uncertainty

Posted on 05 November 2014 in 2014, Global and Regional Markets, November/December, Onshore Advances, The Offshore Frontier

The tides are turning in Mexico after the government ended PEMEX’s 76-year monopoly over the country’s oil and gas market. On 20 December 2013, Mexico’s energy reform bill became a law…

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Analyst: Drilling sees little impact, for now, from Russian sanctions

Posted on 05 November 2014 in 2014, Global and Regional Markets, November/December

When the US and European Union expanded sanctions on Russia in September, the energy industry took note. Companies such as ExxonMobil have announced their compliance…

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