Fool Me Once, Shame On You; Fool Me Twice, Shame On Me. In 2015, a similar spring rally to the one we’ve seen recently stabilized the rig count. Not so in 2016. This time, the rig count is defying rising oil prices by continuing to drift lower. The bifurcation is a clear signal that operators are skeptical of the rally. [Oilpro]
Goldman Cuts 2017 Oil Price Forecast Due To Slower Market Rebalancing… “We expect that the return of some of these outages as well as higher Iran and Iraq production will more than offset lingering issues in Nigeria and our higher demand forecast,” Goldman said in a note. [Zerohedge, Oilpro]
…& Nigeria Arrests ‘Avengers’ Oil Militants… The Nigerian army has arrested several suspected members of a militant group called the “Niger Delta Avengers” (NDA), thought to be behind recent attacks on oil pipelines in the south. [BBC News]
…While Oil Prices Rise Early Monday On These Events. In early trading Monday, oil prices jumped over 2 percent on Monday to their highest since November 2015 on growing Nigerian oil output disruptions and after long-time bear Goldman Sachs said the market had ended almost two years of oversupply and flipped to a deficit. [Reuters, Oilpro]
C&J Energy Services Educates Employees On Bankruptcy, But Path Forward Remains Undecided. Last week, C&J Energy Services spoke with investors about its financial difficulties (including a debt covenant breach) and filed its quarterly report which addressed restructuring options (more on this below). While the path forward has not been decided, Chapter 11 bankruptcy is a potential option being evaluated. [Oilpro]
Petrobras Reports $360M Loss. Pre-salt Production Up. The company said several factors contributed to the result: higher interest costs, and negative monetary and exchange rate variations; 7% reduction in oil and natural gas production (in Brazil and abroad)…[Offshore Energy Today, Oilpro]
How To Secure An Internship In The Current Oil Market Downturn. With oil and gas companies cutting their costs, reducing their workforce and scaling back their recruitment activities, students are met with a tough time securing an internship placement. Alahdal Hussein offers 3 pieces of valuable advice. [Oilpro]
How Mexican Energy Reforms Have Affected the Service Sector. Of all the buzz generated over the opening of the Mexican oil and gas sector to the outside world, one consideration has been largely left out of the discussion: What does it all mean for the service companies? [spe.org, Oilpro]
Libyan Oil Blockade Takes First Step Toward Easing. Libya’s divided oil officials have agreed to allow petroleum to flow again between the country’s east and west but have yet to end a crisis that is blocking exports, Libyan officials said Sunday. [MarketWatch]
ExxonMobil Terminates Seadrill Contract. Seadrill Partners has announced that it has received a notice of termination from its current operator for the contract for the drillship West Capella. [Splash 247, Oilpro]
Meet James Drouin Of Houston, Texas, #HUMANSofOG. He writes, “My career started out in inspection and has included sales, service, manufacturing, and field operations- all in the upstream and midstream sectors. In the past 15 to 20 years, work has migrated exclusively to quality control and assurance.” [Oilpro]
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