Oil Begins 2019 With Renewed Slide. Oil started 2019 with another price slide as weaker Chinese manufacturing data pointed to slowing demand in the world’s second-biggest consumer of the fuel and to growing risks of a global crude surplus.
Shell Extends Jackup Contract in Trinidad. Shell has extended its contract for the Rowan Gorilla VI jackup in Trinidad, Rowan Companies plc reported Wednesday.
According to Rowan, the Super Gorilla class jackup will continue its current drilling program until approximately March of this year. Afterward, the rig will be used for platform support and accommodations work until approximately November 2019, the company noted. Shell will also have an option to extend the work further until November 2019, Rowan also stated.
OPEC Output Falls Most in Almost 2 Years. Before its agreement to cut oil supplies even started, OPEC’s production plunged by the most in almost two years last month.
In a sign of the urgency felt by the cartel amid tumbling crude prices, leading member Saudi Arabia throttled back production, according to a Bloomberg survey of officials, analysts and ship-tracking data. The group’s pact to curb output only formally started this week.
Medco in Talks to Potentially Take Over Ophir Energy. Indonesian oil and gas company PT Medco Energi Global PTE Ltd (Medco) has been in talks with London-based Ophir Energy plc to potentially take over the company, both parties confirmed Monday.
Russia's Oil Output Reaches Record Levels in 2018. Russia’s oil production reached a post-Soviet high last year even as it coordinated supply with the Organization of Petroleum Exporting Countries.
Output averaged 11.16 million barrels a day, up 1.6 percent from 2017, according to preliminary data from the Energy Ministry’s CDU-TEK unit. That compares with an all-time high of 11.416 million barrels a day in 1987, BP Plc figures show.
Deepwater Nigeria Field Starts Production. Total S.A. reported Wednesday that it started production Dec. 29, 2018, from the deepwater Egina Field, located approximately 150 miles offshore Nigeria.