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PermianChain Technologies launches its blockchain-based oil and gas trading and investment platform

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PermianChain Technologies has launched the prototype of its platform for trading potential oil and gas reserves that have yet to be developed. PermianChain’s blockchain-based approach will make it easier to put a value on reserves before they have been produced, enhancing efficiency and improving understanding of a project’s viability. PermianChain has been designed to augment the way that firms across the oil and gas sector interact and trade. The platform takes a blockchain-based approach using the PermianToken (XPR) to put a value on potential oil and gas reserves and a market where these tokens can be traded securely and transparently. By digitizing oil reserves, it becomes far easier to get a comprehensive understanding of a project’s viability and current status. ...

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Rystad Energy: Frac water demand is sky-rocketing

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As oil production in the US shale industry soars to record levels, so does the need for water. New research from Rystad Energy shows that demand for so-called frac water has more than doubled from 2016 levels. Current demand in the Permian, the prolific shale basin located in western Texas and southeastern New Mexico, now exceeds the total US demand of 2016. Rystad Energy forecasts demand will grow by an additional 6% in 2019. In the Permian, demand will likely surpass 2.5 billion bbl by 2020. “Frac water demand has sky-rocketed. This surge is driven by both increased activity and higher proppant intensity. But even with such steep growth, market concerns about sourcing challenges and bottlenecks appear to be minimal,” Ryan Carbrey, ...

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New voestalpine Specialty Metals processing facility opens in Houston, Texas

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It has been announced that voestalpine Specialty Metals (vSM) has opened its new processing facility in Houston specializing in deep hole drilling, honing and machining services of nickel, stainless and other specialty alloy products. “This expansion continues our commitment to providing oil and gas customers with the highest level of quality, service and on-time delivery” Brian Van Burkleo, Division Manager, said. The new facility provides customers with access to multiple offerings from a single source through the integration of these new processing capabilities with its existing specialty metals service center in Houston. Whether a single piece or a large production run for a specific project, vSM has the machining capacity and personnel to deliver a best-in-class service. Oil and gas customers will benefit from this ...

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Wood Mackenzie: 2019 looks sluggish for upstream M&A

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Upstream dealmakers start 2019 facing an uphill battle. Volatile oil prices and bearish equity markets impede deal flow by creating uncertainty, widening the bid-ask spread, altering financial conditions and making companies rethink near-term strategies. In Q4 2018, as these factors emerged, deal count dropped to its lowest level since Q1 2015, with December being the slowest month since January 2015. “It is difficult to see 2019 being a bumper period for upstream M&A,” Greig Aitken, Director, M&A Research, said. “If volatility cedes to stable but lower oil prices, history suggests we’ll see a relatively sluggish year – we tend to see more deals when confidence and investment are high.” “That said, in any environment there are always motivated sellers and opportunistic ...

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Rystad Energy: Offshore service market growth to outpace shale in 2019

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Rystad Energy forecasts offshore spending will outgrow spending on onshore shale activities this year. Service companies exposed to the offshore subsea market and the maintenance, modifications and operations (MMO) sector are set to benefit from this trend reversal. At current oil price levels, spending on land rigs, fracking and other services for the shale industry is likely to stay essentially flat in 2019. The offshore service market, too, will feel the effects of the recent oil price slide, but this sector is nevertheless projected to grow by a robust 4% this year, according to Rystad Energy forecasts. “Many would expect offshore spending to be cut as drastically as shale, but offshore budgets were at a 10-year low last year, after ...

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