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New voestalpine Specialty Metals processing facility opens in Houston

It has been announced that voestalpine Specialty Metals (vSM) has opened a 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 integrated ...

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Wood Mackenzie: 2019 looks sluggish for upstream M&A

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

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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NOK 2.3 billion to be invested to recover more oil from Gullfaks

The Gullfaks partners have decided to drill seven new wells and improve oil recovery by 17 million bbl with good profitability. On behalf of the license partners, Arne Sigve Nylund, Equinor’s Executive Vice President for Development and Production Norway, presented an amended plan for development and operation (PDO) to Kjell-Børge Freiberg, Minister of Petroleum and Energy. “Our ambition is to maintain profitable production from the Norwegian Continental Shelf (NCS) for several decades. Wells that can be drilled fast and at a low cost, near existing infrastructure, will be a major contributor,” Mr Nylund said. The wells will be drilled in the Shetland Group, a carbonate reservoir that lies above the main reservoir at the North Sea Gullfaks field. Drilling on Gullfaks is challenging ...

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Equinor awarded 29 new licences on Norwegian Continental Shelf

Equinor has been awarded 29 new licenses by Norway’s Ministry of Petroleum and Energy as part of the Award in Predefined Areas (APA) for 2018 – 13 licenses as operator and 16 as partner. “The APA rounds are important for Equinor to maintain exploration activity and replenish our portfolio on the Norwegian Continental Shelf (NCS). We are pleased with this significant addition of opportunities to our exploration portfolio,” Nick Ashton, Senior Vice President for Exploration in Norway and the UK, said. In the APA 2018 awards, announced by the Ministry of Petroleum and Energy today, Equinor is awarded seven licenses in the North Sea, 16 in the Norwegian Sea and six in the Barents Sea. “Equinor is committed to a high exploration activity ...

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