Author: Irina Slav

  • Will Demand For Offshore Rigs Ever Recover?

    Last quarter, offshore drilling rig companies retired more rigs than ever before in a three-month period, according to one energy advisory firm. Embattled Transocean is sending six floating rigs to the junkyard that will cost it $1.4 billion. According to Bloomberg’s David Wethe, it doesn’t get much worse than this: There’s a major overhang of offshore drilling rigs ordered during the boom years prior to 2014, and there’s little hope that it will ever clear, even if offshore drilling recovers, which he believes is highly…

  • Schlumberger Warns Of Moderating Investment In North America

    Schlumberger (NYSE:SLB) reported on Friday a higher net profit for the third quarter, driven by North America’s onshore—but the world’s largest oilfield services group now warns that investment appetite in North America is moderating as drillers focus on financial returns instead of volume. Schlumberger’s diluted earnings per share (EPS)—excluding integration charges—came in at $0.42 in the third quarter, up by 20 percent on the quarter and up by 68 percent compared to Q3 2016. Schlumberger’s EPS this past…

  • Oil Prices Set For Weekly Loss As Profit Taking Trumps Mideast Tensions

    Despite renewed geopolitical risk on the oil market hailing from the Middle East, oil prices were down on Friday morning and set for a weekly loss as profit-taking weighed more on the price of oil than the Iraq-Kurdistan standoff and increased U.S.-Iran tensions. At 9:55 a.m. EDT on Friday, WTI Crude was down 0.31 percent at $51.35, while Brent Crude was trading down 0.09 percent at $57.18.  Both benchmarks rallied somewhat around noon EST, to $51.59 for WTI and $57.48 for Brent. “There’s a little bit of profit-taking…The…

  • Schlumberger Warns Of Moderating Investment In North America

    Schlumberger (NYSE:SLB) reported on Friday a higher net profit for the third quarter, driven by North America’s onshore—but the world’s largest oilfield services group now warns that investment appetite in North America is moderating as drillers focus on financial returns instead of volume. Schlumberger’s diluted earnings per share (EPS)—excluding integration charges—came in at $0.42 in the third quarter, up by 20 percent on the quarter and up by 68 percent compared to Q3 2016. Schlumberger’s EPS this past…

  • Mexico Says OPEC Has Not Approached It For Deal Extension

    OPEC has not yet approached Mexico to discuss the possibility of extending the oil production cut deal sealed last November, Mexico’s deputy energy minister Aldo Flores told Reuters. Mexico was one of the ten non-OPEC producers that agreed to join the cut in December 2016. Yesterday, OPEC’s Secretary General Mohammad Barkindo told reporters at the Oil & Money conference in London that the platform of 24 countries should be made permanent, and that it would be discussed at the November 30 meeting in Vienna. Flores added that Mexican…

  • Energy Regulators Look To Guard Grid From Cyberattacks

    The Federal Energy Regulatory Commission (FERC) has set its sights on making the less important parts of the national grid safer against hackers, and has proposed a set of controls to address the growing threat of cyberattacks. Specifically, the agency aims to install mandatory controls to tackle the risks inherent in the use of mobile devices such as laptops and thumb drives that are used at low-impact bulk electric systems. The FERC also said it will put up for approval a Critical Infrastructure Protection Reliability Standard CIP-003-7, designed…

  • London Stock Exchange Boss Defends Push To Win Aramco IPO

    Xavier Rolet, the chief executive of the London Stock Exchange (LSE) Group has defended the bourse’s campaign for winning the secondary listing of Saudi Aramco that has drawn a lot of criticism in recent months. Rolet, who joined PM Theresa May on a trip to Riyadh several months ago to try and convince Aramco to pick London for its international listing, told Bloomberg that there is no rule that requires companies applying for a premium segment listing to float at least 25 percent of their shares. “There is not a 25 percent governance…

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  • Norway’s Energy Minister Sees Strong Long-Term Demand For Oil

    Norway is at the forefront of Europe’s green energy shift, but it is also its biggest crude oil producer. The country has so far juggled successfully with the two opposing concepts of emission-reduction and oil production, and according to its energy minister, it will continue to do so in the decades to come, despite forecasts about impending peak oil demand. In an interview with Bloomberg, Terje Soviknes said that despite the renewables revolution, it still made sense—financially and morally—to explore for more oil. “I’m…

  • London Stock Exchange Boss Defends Push To Win Aramco IPO

    Xavier Rolet, the chief executive of the London Stock Exchange (LSE) Group has defended the bourse’s campaign for winning the secondary listing of Saudi Aramco that has drawn a lot of criticism in recent months. Rolet, who joined PM Theresa May on a trip to Riyadh several months ago to try and convince Aramco to pick London for its international listing, told Bloomberg that there is no rule that requires companies applying for a premium segment listing to float at least 25 percent of their shares. “There is not a 25 percent governance…

  • UK Oil And Gas Costs To Rise 100% If Brexit Fails

    The UK’s embattled oil industry might have to tackle a twofold increase in trade costs if its separation from the European Union takes place under a no-deal scenario, an industry group has warned. The warning comes just as the region’s oil and gas companies start to boost investments in the UK’s continental shelf, thanks to generous government incentives. The UK government is attempting to negotiate a trade deal with the European Union, but optimism is fading as talks struggle to get off the ground. As Bloomberg noted earlier…