Expected drop in refining runs to produce product stock draws. Crude inventory to continue reducing but at slower pace. Hurricane Florence to impact products demand and potentially pipeline supplies in Lower-Mid-Atlantic region.
Transocean Ltd. and Ocean Rig UDW Inc. that they have entered into a definitive merger agreement under which Transocean will acquire Ocean Rig in a cash and stock transaction valued at approximately $2.7 billion, inclusive of Ocean Rig’s net debt.
Westwood estimates 2017 global utilization reached a low of 32%, down from 55% in 2014.
CGG S.A. (“CGG”) announces that the Board of Directors has unanimously approved the voluntary delisting of its American Depositary Shares (“ADSs”) from the New York Stock Exchange (“NYSE”) and its voluntary deregistration with the United States Securities and Exchange Commission (“SEC”). CGG believes that the costs associated with continuing the listing and registration of its ADSs exceed the benefits received by CGG, as the primary market for CGG shares is Euronext Paris.
Ithaca Energy Limited announces it has entered into agreements to acquire all the Greater Stella Area (“GSA”) licenses and associated infrastructure interests of Dyas UK Limited (“Dyas”) and Petrofac Limited (“Petrofac”). The acquisition materially increases the Company’s production and reserves base, while simultaneously delivering full control and flexibility over the long-term development of the GSA production hub.
The United States likely surpassed Russia and Saudi Arabia to become the world’s largest crude oil producer earlier this year, based on preliminary estimates in EIA’s Short-Term Energy Outlook (STEO). In February, U.S. crude oil production exceeded that of Saudi Arabia for the first time in more than two decades. In June and August, the United States surpassed Russia in crude oil production for the first time since February 1999.
Natural gas projects will receive a significant investment boost over the coming years. This will enable gas to overtake oil as the world’s primary energy source in 2026, and account for a quarter of the world’s energy by mid-century.
Talos Energy Inc. announces that the Company entered into and completed a transaction to acquire Whistler Energy II, LLC ("Whistler") on August 31, 2018. Year to date gross production from Whistler's assets is approximately 1,900 barrels of oil equivalent per day ("Boepd"), or net production after royalties of approximately 1,500 Boepd, of which 82% is oil.
VesselsValue (VV), a world leading online valuation provider, is launching daily Discounted Cash Flow (DCF) valuations for Mobile Offshore Drilling Units (MODUs).
Petrotechnics, the developer of Proscient - the hazardous industries’ first software platform for Operational Excellence (OE), has released part one of its 2018 Operational Risk and Process Safety Management Report, which explores how far the oil price downturn and knock-on budgetary squeezes are affecting safety performance.
A new Westwood report reviews exploration potential across both the US and Mexican sides of the deepwater Gulf of Mexico. The Industry and Government are hoping for a bonanza of oil discoveries in Mexican waters of the Southern Gulf of Mexico but could be frustrated by the complex and variable geology which is quite different from the prolific US waters to the north.
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