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Accenture and SAP have launched a new data management application for oil and gas companies to help them manage upstream businesses
Egypt has signed its first contract with Apache and Shell Egpyt to extract gas by fracking by investing US$30mn to US$40mn in order to boost output and ease a lingering energy crunch in the North African country
Provider of fabrication, engineering and contracting services to oil and gas industry Lamprell has announced that it has completed the construction of a further jackup drilling rig Shuwehat for Abu Dhabi’s National Drilling Company (NDC) and delivered it to the company
Shell has announced that it uses big data to predict in real-time the success of drilling operations and get more oil or gas out of new and existing wells
Small companies could add value to their current production portfolio by applying data analytics to their existing assets, said US-based oil and gas intelligence service provider Drillinginfo
Full Article on FT.com
Almost $1tn of spending on future oil projects is at risk after a brutal plunge in crude prices to nearly $60 a barrel, Goldman Sachs has warned.
Any cancellation of these developments would deprive the world of 7.5m barrels a day of new output over the coming decade — or 8 per cent of current global oil demand.
The findings suggest the supply glut that has sent prices tumbling could soon vanish as the oil majors delay big-ticket production projects — the lifeblood of future petrol supplies, heating fuels and chemicals.
Brent, the international benchmark, has fallen more than 45 per cent since mid-June amid surging US shale production, strong supply from the Opec cartel and weak oil demand in Europe and Asia.
The price plunge has shaken the energy industry, throwing some of the majors’ most ambitious plans into doubt and pummelling oil company shares. Projects in challenging frontier regions like the deep waters of the Gulf of Mexico are predicated on high oil prices and may not be economic with oil at $60 a barrel — the level Brent was trading at on Monday afternoon.
Goldman has examined 400 oil and gasfields around the world, many of which are still awaiting a final investment…
Posted by Brian Simpson on December 15, 2014 at 19:30
BP is preparing to shed several thousand jobs across the group under a sweeping cost-cutting programme that will lead to $1bn in restructuring charges over the coming year as it responds to sharply tumbling oil prices.
Posted by Brian Simpson on December 10, 2014 at 7:00
Mr El-Kaber, who is fighting his dismissal in the courts, has continued to disburse state salaries and subsidies across Libya but has blocked other spending from the budget that was agreed before the government split.
The Tubruq parliament has appointed Ali Hibri, the former deputy bank governor, to replace Mr El-Kaber, but Mr Hibri has no access to national financial assets, which are still managed in Tripoli, the capital.
Rival claims over national institutions, taking place against a backdrop of fighting across the country, threaten to push the country to the brink of breaking up.
“It is very difficult for the government [in the east] because there are no funds,” said Abdul Salam Nasiya, the head of the Tubruq parliament’s financial committee. “We can’t go on like this next year, when we will have to have a new budget. Hibri has promised parliament he will take steps to transfer the accounts.” …
Posted by Brian Simpson on December 8, 2014 at 12:30
Posted by Brian Simpson on November 21, 2014 at 11:11
Posted by Brian Simpson on November 10, 2014 at 11:52
Posted by Brian Simpson on November 2, 2014 at 17:00
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