Newsflash about oil&gas industry on Dec 13. 2018

Time: 2018-12-13 09:55:01 Source: Rigzone ;OGJ



New Exploration and Production Company Created.
Eni S.p.A. announced Wednesday the creation of Var Energi AS. Described by Eni as an “independent leader in the exploration and production of hydrocarbons in Norway", the company was created following the completion of the merger of Point Resources AS and Eni Norge AS.
 

Mexico Cancels Two Oil and Gas Auctions. Mexico’s administration, led by new president Andres Manuel Lopez Obrador, has canceled two February bidding rounds, including one auction that would have been the first in Mexico’s history offering blocks targeting shale resources.
 

McDermott and BHGE Join Australia Gas Project. McDermott International, Inc and Baker Hughes, a GE company (BHGE) have signed a memorandum of understanding (MOU) with Western Gas Corp. Pty Ltd to be the exclusive development partners for the Equus Gas Project in Western Australia, McDermott reported Wednesday.
 

Oil and Gas Futures Edge Downward. January West Texas Intermediate (WTI) crude oil futures lost 50 cents Wednesday to settle at $51.15 a barrel. The WTI peaked at $52.88 and bottomed out at $50.94 during the midweek session.
 
EIA STEO revises Brent, WTI oil-price forecasts downward for 2019. In its latest Short-Term Energy Outlook (STEO), the US Energy Information Administration has revised its 2019 price forecasts for Brent and West Texas Intermediate to $61/bbl and $54/bbl, respectively, which are both $11/bbl lower than forecast in the STEO for November.
 

Parker Drilling Files for Chapter 11 Bankruptcy. Houston-based Parker Drilling Company has filed for Chapter 11 bankruptcy, the company announced Dec. 12. The oilfield services provider entered into a restructuring support agreement (RSA) with debtors to strengthen its financial foundation and position it to capitalize on further market opportunities. To implement the terms of the RSA, Parker has voluntarily filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Texas.


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