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Oil Hits $70 as Supply Disruption Fear Deepens

Industry Headlines

77彩票注册官网man Says Oil Rally Likely Shortlived
Monday, January 06, 2020 An actual disruption to global crude supplies is needed to keep prices at current levels, according to 77彩票注册官网man Sachs Group Inc.

Saudi Aramco Faces Tough Test
Monday, January 06, 2020 Few could have expected the stock to face so stern a test less than a month after the company's historic $25.6 billion initial offering.

Oil Hits $70 as Supply Disruption Fear Deepens
Monday, January 06, 2020 Oil extended its dramatic surge above $70 a barrel as the fallout between the U.S. and Iran escalated after the assassination of one of the Islamic Republic's most powerful generals.

Oil Prices Up After US Drone Strike
Friday, January 03, 2020 WTI and Brent oil futures posted strong gains Friday.

US Rig Count Drops by Nine
Friday, January 03, 2020 The U.S. closed out the first week of the new year dropping a total of nine rigs.

US Not Considering Immediate Oil Release in Response to Iran Crisis
Friday, January 03, 2020 The Trump admin isn't actively considering an immediate release of oil from the national petroleum reserve in response to the Iran crisis that has sent oil prices higher.


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Exploration

Repsol to Abandon Offshore Guyana Well
Thursday, January 02, 2020 Tullow exec says oil discovery has positive implications for Kanuku and Orinduik blocks, though.

Exxon Secures Exploration Acreage Offshore Egypt
Monday, December 30, 2019 Exxon Mobil Corp. said Monday it has secured more than 1.7 million acres for exploration offshore Egypt.

MF Bags 2 Deepwater Gulf of Mexico OBN Projects
Monday, December 30, 2019 Magseis Fairfield has been awarded two consecutive deepwater ocean bottom node projects in the Gulf of Mexico by 'an undisclosed repeat customer'.

Gulf of Mexico Oil Output Targeting Record Year
Friday, December 27, 2019 2020 is expected to be another record year for the region with average production above 1.9 million barrels per day.

Offshore Drilling Poised for an Upswing in 2020?
Friday, December 27, 2019 Increasing interest in offshore drilling owes much to the industry's success in reducing costs by between 30-40 percent and increasing productivity.

FPSO Prospects Look Promising for 2020
Thursday, December 26, 2019 The global market for Floating Production, Storage and Offloading vessels is headed for a major recovery.


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Production

Iran-Driven Oil Rally Boon to Struggling US Producers
Friday, January 03, 2020 The U.S. airstrike that killed a powerful Iranian general and heightened tensions in the oil-rich region could boost the fortunes of troubled North American energy companies.

OPEC Output Falls as Gulf Producers Amp Up Delivery of Oil Cuts
Thursday, January 02, 2020 OPEC's output declined last month as several Persian Gulf producers stepped up their implementation of cutbacks aimed at balancing global oil markets.

Delek and Partners Achieve First Gas Offshore Israel
Tuesday, December 31, 2019 A trio of E&P companies have begun natural gas production from the Leviathan field located offshore Israel.

Iraq Resumes Oil Output at Halted Field
Monday, December 30, 2019 Iraq resumed pumping at the Nasiriya oil field one day after protesters forced a halt in operations.

Russia Says OPEC+ Cuts Cannot Last Forever
Friday, December 27, 2019 OPEC+ output cuts have stabilized the global oil market but can't last forever, Russia said.

Leviathan Delays Start of Commercial Operations
Tuesday, December 24, 2019 The launch of production at Israel's Leviathan natural gas field has been delayed pending permits from the Ministry of Environmental Protection.


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Finance and Investing

Bankrupt Alta Mesa Gets $310MM Bid
Monday, January 06, 2020 JV BCE-Mach III LLC offered up a stalking horse bid for the embattled energy company and its midstream affiliate.

TAQA Secures $3.5B Revolving Credit Facility
Tuesday, December 24, 2019 Abu Dhabi National Energy Company PJSC (TAQA) revealed Monday that it has secured a $3.5 billion revolving credit facility.

Permian Banks Latest Drag on Texas Economy
Friday, December 20, 2019 The slowdown in Permian Basin oil drilling and fracking is spreading to the lenders as austerity takes hold.

Aramco Loses a Third of Initial IPO Rally
Thursday, December 19, 2019 Aramco's shares have reversed more than a third of their initial rally.

Aramco Falls Below $2T
Wednesday, December 18, 2019 Shares in Saudi Aramco dropped for a second day in a row.

Aramco Shares Dip
Tuesday, December 17, 2019 Shares in Aramco fell, losing ground for the first time since the oil giant's record initial public offering last week.


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Company Operations

Equinor Launches New Near Zero Emissions Goal
Monday, January 06, 2020 Equinor has launched a new goal to reduce the absolute greenhouse gas emissions from its operated offshore fields and onshore plants in Norway by 40 percent by 2030, 70 percent by 2040 and to near zero by 2050.

Perry Appointed Director of LE GP
Monday, January 06, 2020 On January 1, former U.S. Energy Secretary Rick Perry was appointed as a director of LE GP LLC, the general partner of Energy Transfer LP.

EQT Names New CFO
Friday, January 03, 2020 Pittsburgh-based gas producer names former CONSOL exec to top finance post.

Tenaris Embarks on US Expansion
Friday, January 03, 2020 Tenaris S.A. has acquired U.S. steel pipe manufacturer IPSCO Tubulars, Inc. from PAO TMK for nearly $1.1 billion in cash.

Subsea 7 Gets New CEO
Thursday, January 02, 2020 The company also announced other changes to its executive management team.

Oxy Elects Former Schlumberger CEO to Board
Thursday, January 02, 2020 Occidental Petroleum Corporation announced the election of former Schlumberger Ltd. CEO Andrew Gould to its board of directors.


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