How Will The UK’s Abandonment Of The EU Impact Oil Prices? If the UK votes to leave the European Union on Thursday, oil prices would likely fall, but not for a long time, said Societe Generale’s head of oil market research, Michael Wittner, in a Monday note. [Oilpro]
Oil Rises Further Above $50 On API Report, Braced For Brexit Volatility. Oil rose further above $50 a barrel on Wednesday after an industry report showed a large drop in U.S. crude inventories, with analysts expecting volatile trading ahead of Britain’s referendum on EU membership. [CNBC]
Subsea 7 Sheds Another 1,200 Jobs. Offshore service vessel operator Subsea 7 is to make a second round of downsizing across its global operations and will reorganise its corporate structure in response to “continued difficult business and economic conditions in the oil and gas market.” [Splash 247, Oilpro]
QEP’s $600 Million Expansion In The Heart Of The Permian. QEP Resources announced Tuesday that it will spend $600 million to acquire 9,400 acres in the heart of the Permian Basin. In order to fund the acquisition, the company said it would offer 20 million shares of its stock. [Oilpro]
U.S. Says Venezuela Guilty Of Oil Sector ‘Malpractice.’ Venezuela has badly mismanaged its vast oil resources, a senior U.S. diplomat told Reuters in an interview on Tuesday in which he said a change in government could quickly turn the OPEC member’s fortunes around. [Reuters]
Germany Agrees To Indefinitely Ban Fracing. Following years of heated controversy, the German government agreed on Tuesday to indefinitely ban hydraulic fracturing for shale gas. [Oilpro]
Japan’s Largest City Gas Supplier Buys Stake In Eagle Ford Shale. Tokyo Gas announced Tuesday that it has acquired a 25% stake in the Eagle Ford shale formation.This is one of the first shale investments in the U.S. by a Japanese company since the oil price collapse began in mid-2014. [Oilpro]
Songa Delta Suspended. Statoil has informed Songa Offshore that it will suspend theSonga Delta semisubmersible contract after the current well, Slemmestad, in the North Sea. From end June, 2016, the rig will go on 75% suspension rate ($277/day). Statoil expects the rig to resume work in mid-August 2016. [Oilpro]
Alaska Gets No Relief From Oil Rebound As Downgrades Sting Bonds. Alaska, which plans to sell $128 million of bonds on Wednesday, lost its AAA rank from the three biggest credit-rating companies this year amid a political standoff over how to close a $4 billion budget deficit. [Bloomberg]
Sea Trucks Provides Flotel For Malikai Project. Sabah Shell Petroleum Co. has awardedSea Trucks Group a contract for the provision of flotel services. This contract covers services for the Malikai deepwater development project, 100 km off Sabah, Malaysia, in 500 m of water. [Oilpro]
Meet Benjamin Pepple Of Houston, Texas, #HUMANSofOG. He writes, “It is said that ‘dreams drive men of purpose.’ Noteworthy achievers have always been driven by a simple goal, to make a difference. I am Benjamin Pepple and I am currently living my dream as an entry-level petroleum-production engineer in Houston, Texas.” [Oilpro]
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