Sharp Price Retreat May be Good Thing. The sharp retreat in price may turn out to be a good thing, injecting a healthy dose of reality to the industry at just the right time. That’s what Wood Mackenzie’s (WoodMac) Chairman and Chief Analyst Simon Flowers stated in his latest The Edge column, which was published on WoodMac’s website on Tuesday.
Permian's Growth Spurt at Risk of Being Stunted. The U.S.’s biggest oil field may be about to pump the brakes if crude keeps plunging.
Just 10 weeks ago, the Permian Basin was on course to grow almost 1 million barrels a day by the end of 2019, potentially surpassing Iraq, OPEC’s second-largest producer. Now, it may not grow at all, removing a large chunk of expected production from global oil markets.
Arctic LNG Contract Goes to Saipem. Arctic LNG 2 has awarded a joint venture (JV) of Saipem and the Turkey-based oil and gas services company Renaissance a 2.2 billion-euro onshore engineering and construction contract in Russia, Saipem reported Wednesday.
Eni Makes Gas Discovery Offshore Indonesia. Italian oil and gas company Eni S.p.A. has made a new gas discovery offshore Indonesia – its third consecutive successful find in the country – the company announced Dec. 19.
Eni successfully drilled and tested the Merakes East prospect in East Sepinggan block, Offshore Kalimantan, Indonesia. The well was drilled to 3,400 meters measured depth in 1,592 meters of water depth and encountered 15 meters of gas bearing net sands in two levels of Miocene Age.
Oil Stays Battered. Oil’s struggling to recover from its biggest three-day slump since 2016 as the specter of slowing global growth haunts investors who are already worried about a glut.
Futures were little changed in New York after tumbling 12 percent over the past three sessions. Fears over growth persisted as Chinese President Xi Jinping showed little signs of backing down in a trade dispute with the U.S. and the market braced for a Federal Reserve rate hike. Meanwhile, there are doubts over the effectiveness of output cuts pledged by the OPEC+ coalition at a time when American inventories are rising and Russia is pumping more.
