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TransCanada Corp. is taking the Canada out of its name. The Calgary-based firm that was created in 1951 as TransCanada Pipelines Ltd. to bring natural gas to Eastern Canada from Alberta, will change its name to TC Energy in the second quarter. The TRP ticker symbol used on the Toronto and New Stock Exchanges will remain.
Maersk Supply Service has been awarded a contract with Chevron Australia, which will see two of its newbuild anchor handling tug supply vessels support the Chevron-operated Gorgon Stage Two drilling program.
Oil exploration in the North Sea is poised for a recovery with more drilling and acquisitions this year, driven by privately-owned companies, according to consultancy Wood Mackenzie. Drilling in the UK sector in 2018 was at its lowest level since the 1960s following the price slump of 2014.
Oil exploration in the North Sea is poised for a recovery with more drilling and acquisitions this year, driven by privately-owned companies, according to consultancy Wood Mackenzie. Drilling in the UK sector in 2018 was at its lowest level since the 1960s following the price slump of 2014.
...Nigeria producing 1.78m bpd The Federal Executive Council (FEC) on Wednesday approved the engineering, procurement, construction and installation contract for Opoho-Okoho flexible pipelines in OML 119 and Escravos to Lagos gas pipeline phase one.
...Egina field to push output by 10% in 2019 ...Energy bill key to sector's renaissance ...Fiscal, militancy challenge ahead of elections Nigeria's oil sector is in urgent need of disentangling itself from the web of economic stagnancy, stalled reforms and a risk of rising militancy.
The Nigerian National Petroleum Corporation (NNPC) is set to implement effective commercial framework that would halt the export of propane and butane which are major components in the production of Liquefied Petroleum Gas (LPG), also known as cooking gas.
Drillers in the Eagle Ford, Texas’s other shale oil patch, will likely scale back activity in 2019 as lower crude prices eat into cash flows. Production has already started slowing. Supplies this month are expected to average below 1.3 MMbod for the first time since May, according to consulting firm Rystad Energy AS. If West Texas Intermediate crude prices stay under $50/bbl, output could fall as low as 1.2 MMbbl by year-end, said Artem Abramov, Rystad’s V.P. of shale analysis. That’s 12% below the two-year high reached in October.
Brent oil extended its longest rally in a year and a half, rebounding above $60/bbl, on hopes of a resolution in the U.S.-China trade dispute. Futures in London -- which last traded over $60 in December -- are up for an eighth session, recovering from a 35% collapse in the last quarter of 2018. U.S. President Donald Trump is said to be eager to strike a deal with China soon to perk up financial markets that have slumped on concerns over a trade war between the nations. Meanwhile, an industry report Tuesday was said to show American crude inventories declined.
Wood Mackenzie noted drilling activity on the United Kingdom Continental Shelf is set to increase markedly this year after hitting record lows following the crude price plunge that took a heavy toll on the industry. Declaring “exploration is back in the UK,” the oil and gas consultancy said as many as 15 wells could be drilled in the UK North Sea this year, compared with just eight in 2018.
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