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Oilfield Service Technology Pitfalls And how to avoid them.

Oilfield Service Technology Pitfalls And how to avoid them.

Oilfield service is a tricky business for a number of reasons. But fluctuating demand driven by commodity prices are the root cause behind a number of the challenges executives in this industry face

API issues offshore operations integrity management standards

API published three new integrity management standards on Sept. 10 to assure continued reliable and efficient operation of offshore floating production platforms, including facilities designed to produce crude oil and natural gas as well as export LNG.

EIA: US crude inventories down 6.9 million bbl

US crude oil inventories for the week ended Sept. 6, excluding the Strategic Petroleum Reserve, decreased by 6.9 million bbl from the previous week, according to data from the US Energy Information Administration.

MARKET WATCH: Crude benchmarks drop more than $1/bbl

Light, sweet crude oil for October fell by $1.65 to settle under $56/bbl on Sept. 11 while Brent for November dropped nearly $1.60 to settle under $61/bbl.

US gas resource base broke records by yearend 2018, PGC reports

Estimated US gas resources increased to a record 3,374 tcf at yearend 2018, 20% more than 2 years earlier, which represents the largest 2-year increase in the assessment’s 54-year history, the CSM's Potential Gas Committee and the AGA jointly reported.

Alberta files Bill C-69 court challenge

The government of Alberta has filed a legal challenge to a federal law enacted earlier this year that opponents say impedes permitting of oil and gas pipelines and other major projects.

Obsidian studying strategic alternatives

Obsidian Energy Ltd., Calgary, has begun a formal study of strategic alternatives. Options might be a sale, merger, or other business combination; disposition of all or some assets; refinancing of the capital structure; or a combination.

Share sales to end GE’s control of Baker Hughes

General Electric Co. and affiliates plan share sales that will end their control of Baker Hughes, a GE Company.

New EQT leaders cutting staff by 23%

New managers of EQT Corp., Pittsburgh, have announced a 23% staff reduction. In a press statement, the company said the 196 jobs to be cut account for about $50 million/year of general and administrative costs.

MARKET WATCH: Crude benchmarks fall after Bolton firing

Crude oil benchmarks fell in New York and London markets Sept. 10 after US President Donald Trump fired US National Security Advisor John Bolton, which at least one analyst suggests could be a move toward easing US-Iran relations.

O’Grady appointed president of Northern Oil & Gas

Nicholas O’Grady will serve as president of Northern Oil & Gas Inc. (NOG) in addition to his current role as chief financial officer.

BP deploys Mars technology in methane-monitoring project

BP PLC’s North Sea business executed a pilot project combining Mars technology with a fixed-wing remote-piloted air system (RPAS), or drone, testing ways to remotely monitor methane emissions on its offshore assets.

190910 Eia Steo Chart

EIA continues to lower oil price, demand growth forecasts

In its September Short-Term Energy Outlook, the US Energy Information Administration reduced its 2019 Brent crude oil price forecast to $63/bbl, which is $2/bbl lower than in its August STEO.

Encana makes leadership changes

Encana Corp. has made changes to its executive leadership team. Michael McAllister has been named president and Greg Givens has been named chief operating officer.