Oil Set for Weekly Drop. Oil’s poised for its biggest weekly drop in a month on concerns of weakening growth and doubts over whether the OPEC+ coalition’s output curbs will counter surging U.S. supply.
Oil Tanker Owners Scrap Record Number of Ships. Oil tanker owners scrapped a record number of ships this year. Those who did missed out on a sharp rally in rates.
Owners purged a record 100 of the industry’s main crude carriers so far, with most of that happening in the first half of the year, according to data from Clarkson Research Services Ltd., part of the world’s biggest shipbroker. That’s no surprise, as up to September the vessels -- which transport roughly 40 percent of the world’s crude -- were on course for the worst average earnings in at least three decades.
Global Drilling And Well Services Activity Sees An Upswing. Since the industry’s all-time low in 2016, field service activities have rebounded and are expected to grow at an average annual rate of 4 percent towards 2021. This is in response to stronger demand for oil and gas and to some of the 30 major energy projects that received final investment decisions in 2017. Industry analysts Rystad Energy predicts 72,000 wells will be drilled and completed in 2019, an increase of 3 percent on 2018. However, field services growth will not be evenly spread either between oil and gas sectors or by countries, given that Iranian oil is subject to sanctions on exports, Libya is vulnerable to interruptions by local tribes and insurgents, and Venezuela’s oil industry is in freefall. Local and international factors will govern the level and location of demand for the type of drilling and field development services.
LNG Shipping on Track to Stay Strong in 2019. The liquefied natural gas (LNG) freight market has enjoyed strong growth over the past 12 months, a London-based market observer with Braemar ACM Shipbroking told Rigzone.
ONE, Dyas Merger Agreed. Oranje-Nassau Energie B.V. (ONE) revealed Thursday that an agreement has been reached on the merger of ONE and SHV Holdings’ upstream energy businesses.
The combined entity will be called ONE-Dyas and its executive board will consist of Robert Baurdoux (CEO), Alexander Berger (executive director) and Chris de Ruyter van Steveninck (CFO), according to ONE.
Kosmos Energy to Relocate to Delaware. Kosmos Energy Ltd. has filed with the U.S. Securities and Exchange Commission (SEC) to move out of Bermuda and reincorporate in the U.S. State of Delaware.
