Value Investor Favoring Commodity Paradigm Shift Recants. Jeremy Grantham, one of the founders of value money manager GMO, is well known for his focus on macro industry trends in seeking value investments. Mr. Grantham today believes the cost to develop new oil reserves has risen to at least $65 a barrel, a level that will challenge both the petroleum industry and world economies. [Oilpro]
Oil Posts 4th Straight Monthly Gain…But Closes Lower Ahead Of OPEC Meeting. Oil posted its fourth consecutive monthly gain on Tuesday, though both WTI and Brent closed lower for the day, after the UAE energy minister said ahead of OPEC’s Thursday meeting that he was “optimistic” that “the market is correcting upward.” [Oilpro]
CGG Seismic Data Helps Attract Bidders To Gabonese Deepwater Licensing Round.The Gabonese 11th deepwater licensing round closed for bid submissions on May 31having attracted considerable interest from both International Oil Companies (IOC’s) and newcomers alike. [Oilpro]
World Wide Supply: Ray of hope from Brazil? Norwegian offshore ship supplier World Wide Supply (WWS) has received somewhat positive news from Brazil. Namely, there is a possibility the company might keep two of its vessels busy working for Petrobras, however, not for long. [Oilpro, Offshoreenergytoday.com]
Petrobras terminates charter of Subsea 7 pipelay vessel. Brazil’s Petrobras hasterminated its day-rate contract for Subsea 7’s pipelay support vessel (PLSV) Seven Marahead of schedule. [Oilpro, splash247.com]
China seizes oil tanker in tax evasion probe. China seized a tanker and detained several people last month, including one employee of Swiss trading house Gunvor, as part of a probe into suspected tax evasion on imported oil, Chinese and trading industry officials said. [Oilpro, Reuters]
NDA ‘blows up Chevron oil wells’. Chevron has seen two oil wells in Nigeria blown up in the latest assault by the Niger Delta Avengers (NDA), the militant group has claimed. [Upstream, Paywall]
How OPEC Won The Battle And Lost The War. In a Bloomberg chart book, Liam Denning explores OPEC milestones this downturn. [Bloomberg]
4Subsea’s Gets Framework Agreement Extension. Statoil has extended 4Subsea’s framework agreement covering 10 installations on the NCS from 2012-June 2016 to June 2018. [Oilpro]
Shale Shell Game – Yet Another Opinion Piece. This article was engendered by wondering “Why are there so many Drilled but UnCompleted (DUC) wells?” If it were merely a lack of fracturing equipment, wouldn’t all of these DUCs be getting fractured now that most of the frac fleet is sitting idle?
Meet Ramiro Limón Sánchez Of Villahermosa, Mexico #HUMANSofOG. Ramiro Limón Sánchez: “I’m very grateful for the oil & gas industry. It has given me experience and especially the good fortune to meet many people. This pic represents my work and my enthusiasm for contributing at all times to this industry for my family and my country.”
石油圈
