Oil prices drop on IEA Report. Record-high oil stockpiles continue to threaten “the recent stability of oil prices,” even as the re-balancing of the global oil market is progressing, the IEA said [Oilpro]
Shale Drillers Adapting to Low Oil Prices, Report Finds. Shale drillers have cut the costs of producing new supplies of oil by as much as 40% in the past two years by pushing for lower rates from the firms that provide equipment such as rigs, pipes and other services. [WSJ]
Energy Lead All Sectors in US Q2 Market Growth Those in the oilfield would not know it, but the ML Energy Index was the top-performing industry group in the quarter, up 6.7% based on the oil price rebound… if you can call it that. [Bloomberg]
Cuban-Venezuelan Oil Refinery Shut Down. Cuba’s 65,000-barrels-per-day (bpd) Cienfuegos refinery will be partially shut for 120 days this year due to maintenance and produce only minimum output, a top official at Venezuelan state oil firm PDVSA said on Tuesday. [Reuters]
Import terminals across U.S. lie idle; Boston’s is booming. Thanks to the shale revolution, the U.S. has plenty of natural gas of its own. All along the eastern seaboard, a chain of import terminals — built when the country expected to get its fuel from abroad — now lie idle. Except one. [Bloomberg]
Wood Group Extends North Sea Contract. Wood Group has been awarded an extension to its master service agreement (MSA) contract with Apache Corp. in the North Sea. [Oilpro]
Oceaneering Wins Heerema Contract. Oceaneering International Inc. has entered into a Master Service Agreement with Heerema Marine Contractors Nederland SE (HMC) through December 2020. [Oilpro]
OGA Awards Seismic Contracts. The UK Oil and Gas Authority (OGA) has awarded contracts for the second UK Government funded ￡20 million seismic campaign to promote underexplored areas of UK Continental Shelf (UKCS) [Oilpro]
Canadian Upstream Oil & Gas M&A. In June 2016, the total value of announced M&A deals in the Canadian E&P sector totalled Cdn$2.7 billion, according to CanOils’ new report that looks at all upstream deals involving Canadian E&P companies in June. [Evaluate Energy & CanOils]
OPEC delegates show higher oil price desire. OPEC delegates say comments from top exporter Saudi Arabia, which two years ago led the group to drop its historic role of supporting oil prices, are a change in tone and a sign the kingdom is looking – verbally for now – to prop up the market. [Reuters]
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