Devon Energy has entered into definitive agreements with undisclosed parties to monetize nearly $1 billion of non-core upstream assets in east Texas, the Anadarko basin and an overriding royalty interest in the northern Midland basin. These transactions are expected to close in the third quarter.
The largest transaction is an agreement to divest upstream assets in east Texas for $525 million. Net production from these properties averaged 22,000 boed in the first quarter of 2016, of which approximately 5% was oil. Field-level cash flow accompanying these assets, which excludes overhead costs, totaled $10 million in the first quarter. At Dec. 31, 2015, proved reserves associated with these properties amounted to approximately 87 MMboe.
In a separate transaction, Devon agreed to sell its non-core position in the Anadarko basin’s Granite Wash area for $310 million. Net production associated with these properties averaged 14,000 boed in the first quarter of 2016, of which 13% was oil. Field-level cash flow accompanying these assets, which excludes overhead costs, totaled $6 million in the first quarter. At Dec. 31, 2015, proved reserves associated with these properties amounted to 31 MMboe.
In the northern Midland basin, Devon entered into an agreement to sell its overriding royalty interest across 11,000 net acres for $139 million. Current production from this overriding royalty interest is approximately 1,000 boed. The transaction does not include the company’s working interest across 15,000 net acres in Martin County, Texas, that is being marketed separately.
OSLO, Norway -- Aker Solutions won a contract to deliver its longest-ever umbilicals system at the Zohr offshore gas field in the Egyptian part of the Mediterranean Sea.
The agreement with Petrobel in Egypt is worth more than NOK 1 billion and will be booked in the second quarter. It stipulates the delivery of 180 km of steel tube umbilicals that will connect the Zohr subsea development to an offshore control platform. Petrobel, a joint venture between The Egyptian General Petroleum Corporation (EGPC) and Eni, is responsible for the development and operations at Zohr.
The work will be led by Aker Solutions' subsea division in Oslo, and manufacturing will start immediately at the umbilicals plant in Moss, Norway.
The umbilicals system will be delivered by mid-April 2017.
Seadrill旗下子公司North Atlantic Drilling和新加坡Sembcorp Marine公司已经延长了West Rigel号半潜式钻井平台的停滞协议，将该协议的截止日期延长至2016年9月。
双方将继续出售或出租这座价值5.68亿美元的钻井平台，目前该钻井平台被安置在Jurong Shipyard。石油圈原创www.oilsns.com
如果没有哪家公司愿意租赁或购买West Rigel号钻井平台，North Atlantic Drilling将和Sembcorp Marine成立一家联合控股公司继续出售或出租这座钻井平台，其中North Atlantic Drilling将持有该公司23%的股份，Jurong Shipyard将持有77%的股份。
来自/Splash 247 6月7日消息 编译/赵宁
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Seadrill’s North Atlantic Drilling has extended a standstill agreement with Singapore’s Sembcorp Marine for semi-submersible drilling rig West Rigel, delaying delivery to September 2016.
Both parties will continue to market the $568m rig which is currently located at Jurong Shipyard.
If the rig isn’t employed or sold, the two companies will form a joint asset holding company to be owned 23% by North Atlantic Drilling and 77% by Jurong Shipyard. The new company will continue to market the rig for employment and for sale.
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CAPE TOWN 6月6日消息（路透社） --- 赤道几内亚正式开始新一轮石油勘探授权环节，此次授权环节既包含陆上区块，也包含海洋区块。
授权环节截止日期为2016年11月30日，几内亚希望在当今油价低迷的情况下通过此次授权推动勘探活动发展。
此次授权环节共涉及37个区块，其中32个区块为海洋区块，包括Marathon Oil公司最近放弃开发的Block A-12，以及曾由Glencore公司运营的EG-05区块。石油圈原创www.oilsns.com
来自/Rig Zone 6月6日消息 编译/赵宁
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CAPE TOWN, June 6 (Reuters) - Equatorial Guinea officially launched its latest oil exploration licensing round, with onshore and offshore blocks available in one of Africa's top oil producers.
The round will close on Nov. 30, said Mercedes Milam, the director general of hydrocarbons, as the former Spanish colony looks to boost exploration amid globally low oil prices.
"The EG Ronda 2016 makes available all acreages not currently operated or under direct negotiation," the ministry said at a news conference later.
In total 37 blocks are available, 32 of them offshore and including Block A-12, newly relinquished by Marathon Oil.
"Also open is the former EG-05 block which was once operated by Glencore. EG-05 was then split into four prospective offshore licences which have never been drilled," the ministry said.
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1. Devon Energy出售价值10亿美元的Texas/Oklahoma资产
周一，Oklahoma州E&P Devon Energy公司发布消息称：今年年初Devon Energy曾计划通过剥离资产筹资20亿到30亿美元。按照该计划，Devon Energy现今出售公司旗下价值约10亿美元的Texas和Oklahoma资产。
2. 美Oregon州油罐列车脱轨起火
周五，Union Pacific公司一列载有高度易燃物Bakken原油的火车在途径Oregon州Columbia River George地区时发生脱轨事故，并引发火灾。周日，官方发布消息称此次脱轨事故对Oregon州Mosier地区的公共设施造成严重损害。
3. 尼日尔三角洲复仇者愈加猖狂
尼日尔三角洲复仇者(Niger Delta Avengers)不断袭击Niger Delta的石油设施，并声称可以在兵不血刃地情况下把尼日利亚石油产量降为零！
4. 英国油气公司计划进一步削减开支
据调查显示：由于油气行业低迷，超过40%的英国油气公司计划进一步缩减开支。
5. 伊朗石油出口量增加 沙特对欧降低石油价格
周日，沙特阿拉伯对欧洲降低石油价格，这意味着在OPEC限产失败、伊朗出口量攀升后，石油市场竞争变得更加激烈。
6. Diamond Offshore成功为Ocean Patriot钻井平台安装Xtegra Blast Curtains
Diamond Offshore已经成功为公司旗下Ocean Patriot钻井平台安装Xtegra Blast Curtains。目前，Ocean Patriot钻井平台正在北海地区为Shell提供服务。
7. Solstad Offshore将为Glen Lyon FPSO提供服务
Solstad Offshore与SBM Offshore公司和BP公司签订合同，将为Glen Lyon FPSO提供拖拽和安装服务。
8. 伊朗石油出口量激增
路透社发布的数据显示：超过25艘欧洲和亚洲超级油轮正在运输伊朗石油。这表明，自从一月份对伊制裁取消后，伊朗石油出口量迅速增加，增速远远超过预期。
9. 11家公司获得爱尔兰授权
在“大西洋海域授权环节”（Offshore Atlantic Margin Licensing Round）的第二阶段中，有11家公司获得授权。2016年2月份，“大西洋海域授权环节”进行了第一阶段。爱尔兰自然资源部部长Seán Kyne表示：目前，爱尔兰总共在“大西洋海域授权环节”授予了28项许可权。
10. Shell董事长提议建造LNG接收站
Shell Australia董事长Andrew Smith表示：悉尼现在或许应该建造一个LNG接收站以解决NSW州和Victoria州的天然气短缺问题。石油圈原创www.oilsns.com
来自/Oil Pro 6月6日消息 编译/赵宁
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Devon Energy Sells $1 billion In Texas/Oklahoma Assets. Oklahoma-based E&P Devon Energy announced Monday that it is selling nearly $1 billion of its Texas and Oklahoma assets and that it is making progress on the sale of other assets, in accordance with its plan announced earlier this year to raise $2 billion to $3 billion from divestitures. [Oilpro]
Bakken Oil Train Derails, Erupts In Flames, While Passing Through Oregon. A Union Pacific train transporting highly flammable Bakken crude oil derailed and erupted in flames on Friday in Oregon's Columbia River George. Authorities said on Sunday said the derailment and fire has damaged essential city services in Mosier, Oregon. [Oilpro, The Guardian]
Niger Delta Avengers Claim Benevolence- Target: Zero Output. A militant group waging war on oil installations in the Niger Delta said they can bring regional production down significantly without bloodshed. [UPI, Oilpro]
UK: O&G Firms "Plan More Cuts," According To Report. More than four in 10 of the UK's oil and gas firms plan to cut costs further in response to the downturn in the industry, according to survey evidence. The Bank of Scotland/Lloyds Banking Group report took industry opinion between last December and February. [BBC News]
Saudi Arabia Cuts Oil Prices in Europe as Iran Ramps Up Exports. Saudi Arabia on Sunday cut its oil prices to Europe, signaling mounting competition after OPEC failed to cap its output amid Iran's exports ramp up. [Wall Street Journal, Oilpro]
Diamond Offshore Installs Blast Curtains On Drill Deck On "The Ocean Patriot".Diamond Offshore has completed the installation of Xtegra blast curtains around the choke & kill, cement and mud manifolds of its drill deck its Ocean Patriot rig. [Oilpro]
Solstad Offshore Wins Glen Lyon FPSO Work. Solstad Offshore has won work with SBM Offshore and BP for the towing and installation of the Glen Lyon FPSO representing a firm commitment of 220 days plus options. [Splash 247, Oilpro]
As Iran's Oil Exports Surge, International Tankers Help Ship Its Fuel. More than 25 European and Asian-owned supertankers are shipping Iranian oil, data seen by Reuters shows, allowing Tehran to ramp up exports much faster than analysts had expected following the lifting of sanctions in January. [Reuters]
Ireland Awards 11 Offshore Opportunities. Offshore Atlantic Margin Licensing Round has seen 11 companies snapping up opportunities the Emerald Isle. Ireland’s Minister of State for Natural Resources Seán Kyne announced the final awards under the second phase of the 2015 Atlantic Margin Licensing Round, bringing the total to 28. [Oilpro]
Shell Boss Talks Up Sydney LNG Import Terminal - Solution To Oz LNG Export Glut?Shell Australia chairman Andrew Smith says it may be time to build an LNG import terminal in Sydney as a way of dealing with a looming gas shortage in NSW and Victoria. [Yahoo News, Oilpro]
Meet Senior Energy Advisor, Mark Harrington, #HUMANSofOG. "Think for yourself,always ask why, reflect more, then make a decision," he writes. [Oilpro]
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阿布扎比经济发展部主席Ali Majed Al Mansoori认为，全球原油过剩局面正在逐渐改善，比预想的要快，已经具有可能使得油价恢复到60美元一桶。原油过剩已经从150万桶/天下降到120万桶/天，减少速度超过预期。Mansoori在阿联酋首都迪拜介绍彭博社电视采访时做上述表示的。国际能源署上个月说今年上半年供应将超过需求130万桶/天，世界需求将增加10万桶/天，达到9590万桶/天。布伦特原油价格在周五为49.64美元/桶。今年1月，曾经达到27.10美元/桶的低点。（彭博社，Wordoil，6月5日消息）
最近几周，土库曼斯坦已经同国际机构（例如：伊斯兰开发银行、沙特发展基金和日本政府）就TAPI项目的资金问题举行多次会谈。这些国际机构将参与TAPI项目的贸易、设备供应和投资，以及Galkynysh天然气田的开发。2013年11月，亚洲开发银行被任命为TAPI天然气管道项目的贸易顾问。石油圈原创www.oilsns.com
土库曼斯坦每年可通过TAPI天然气管道向阿富汗、巴基斯坦和印度输送330亿立方米的天然气。
来自/Natural Gas Asia 6月5日消息 编译/赵宁
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Government of Turkmenistan has allocated more than $45 million to finance the initial phase of construction of the TAPI gas pipeline at the Afghan-Pakistan segment.
A decree was signed by President Gurbanguly Berdimuhamedov on June 3 during a cabinet meeting, the government said in a statement. Currently, welding of pipes is in progress in Turkmenistan. The 214 kilometer Turkmen section is planned to be complete by the end of 2018.
The $45 million allocated by Ashgabat is in accordance with an investment agreement signed by TAPI countries earlier this year. In April, Turkmenistan, Afghanistan, Pakistan and India (TAPI) agreed to invest $200 million in the next stage of the multibillion dollar TAPI pipeline project. The agreement was signed during 24th meeting of the steering committee of the TAPI pipeline project which was held in Ashgabat.
Turkmengaz and Turkmennebitgazgurlushyk are undertaking construction of the Turkmen section of the pipeline which will run from Galkynysh gas field to the Afghan border. In Afghanistan and Pakistan contractors will be chosen on the basis of international tenders.
In recent weeks, Turkemnistan has held talks regarding financing of the project with international agencies such as Islamic Development bank, the Saudi Fund for Development and the Japanese government. These international entities are expected to participate in areas of trade, supply equipment, financing through provision of loans and investment in the TAPI project and in development of the Galkynysh gas field.
ADB was appointed the transaction advisor for the TAPI gas pipeline project in November 2013.
The TAPI pipeline will export up to 33 billion cubic meters of natural gas a year from Turkmenistan to Afghanistan, Pakistan, and India over 30 years.
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Halliburton公司发布消息称: Halliburton已经与Eclipse Resources公司合作完成Purple Hayes号延伸水平测试井的水力压裂作业。该井横向长度超过18,500英尺，总深度为27,046英尺，Eclipse认为该井是迄今为止美国陆上最长的水平井。
Halliburton启用公司旗下的顶尖水泵进行压裂作业，该水泵采用双燃料技术，在保证零故障时间的情况下完成了作业。Halliburton区域副总裁Tony Angelle表示：Halliburton和Eclipse的工作团队以超乎想象的高效率完成了Purple Hayes号井的相关作业。Eclipse执行副总裁兼首席运营官Thomas Liberatore表示： Purple Hayes号井的钻井作业按照计划顺利进行，令人甚感欣慰。此次作业是由公司团队完成的一项具有突破性的壮举。石油圈原创www.oilsns.com
来自/Energy-pedia 6月5日消息 编译/赵宁
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Halliburton has announced that it worked with Eclipse Resources Corp to complete hydraulic fracturing of the extended reach lateral test well known as 'Purple Hayes'. The Utica Shale well had a lateral length of over 18,500 feet and was completed with 124 frac stages in 24 days. The total depth was 27,046 feet, including the lateral extension which Eclipse believes is the longest horizontal onshore lateral ever drilled in the United States.
The fracturing operations performed by Halliburton utilized the company’s industry-leading Q10™ pumps equipped with dual fuel technology, which performed with zero down time. In addition, SandCastle® PS-2500 units equipped with Halliburton Dust Control systems provided superior sand loading logistics while reducing the environmental footprint on site. The efficiencies achieved with this equipment allowed Eclipse to improve its daily completion rate by 20 percent over the original plan, lowering their ultimate cost per BOE
Tony Angelle, area vice president for Halliburton said, 'The Halliburton and Eclipse team worked incredibly efficiently on this well, setting 124 of our Obsidian® Frac plugs, averaging 5.3 frac stages per day and achieving a North America land record of 26,641 feet in plug set depth. We are proud this accomplishment was made using our complete Frac of the Future fleet, including dual fuel pumps that reduced fuel consumption by 40 percent.'
Thomas Liberatore, executive vice president and chief operating officer for Eclipse said, 'I am pleased to say that the drilling and completion of the well progressed almost exactly as designed, which, although expected by us, was truly remarkable and groundbreaking execution by our team.'
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HOUSTON --- Kinder Morgan旗下子公司Elba Liquefaction Company (ELC)和Southern LNG Company (SLNG)已获得联邦管理委员会(FERC)对Elba Liquefaction Project的许可。
2012年，能源部批准Elba Liquefaction Project向自由贸易区国家出口天然气。目前，该项目正在申请向非自由贸易区国家出口天然气。该项目价值大约20亿美元，位于Georgia 州Savannah 市附近的Elba Island LNG Terminal。Elba Liquefaction Project每年可出口250万吨LNG，共有10个液化装置，第1个液化装置将于2018年第二季度投入使用，而剩余9个液化装置将在2018年年末之前投入使用。石油圈原创www.oilsns.com
Kinder Morgan还表示：FERC已经向Elba Express Company (EEC)和Southern Natural Gas Company (SNG)颁发了EEC Modification Project和SNG Zone 3 Expansion Project的公共服务许可证（Certificates of Public Convenience and Necessity）。
来自/World Oil 6月5日消息 编译/赵宁
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HOUSTON -- Kinder Morgan subsidiaries Elba Liquefaction Company (ELC) and Southern LNG Company (SLNG), have received authorization from the Federal Energy Regulatory Commission (FERC) for the Elba Liquefaction Project.
The approximate $2-billion project will be constructed and operated at the existing Elba Island LNG Terminal near Savannah, Georgia. The first of 10 liquefaction units is expected to be placed in service in the second quarter of 2018, with the remaining nine units coming online before the end of 2018. This project is supported by a 20-year contract with Shell.
Kinder Morgan also announced that Elba Express Company (EEC) and Southern Natural Gas Company (SNG) have received from FERC Certificates of Public Convenience and Necessity for the EEC Modification Project and SNG Zone 3 Expansion Project, respectively.
Together these projects total $306 million and include additional compression and related work for north-to-south capacity expansions on Elba Express Pipeline that will supply additional gas to industrials and utilities in Georgia and Florida and to Elba Island for liquefaction. Facilities for these pipeline projects are expected to be placed in service late in the fourth quarter of 2016.
In 2012, the Elba Liquefaction Project received authorization from the Department of Energy to export to FTA countries. An application to export to non-FTA countries is pending, but is not required for the project to move ahead.
The liquefaction project is expected to have a total capacity of approximately 2.5 million tonnes per year of LNG for export, equivalent to approximately 350,000 Mcfgd.
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Ireland’s department of natural resources announced the offer of 14 new licensing options in the Irish offshore following the conclusion of the 2015 Atlantic Margin Licensing Round.
This second phase of awards follows on from the first phase, which was made in February this year. A total of 28 new Licensing Options have now been awarded under the 2015 Licensing Round, with Europa Oil and Gas, Faroe Petroleum and Providence Resources all as receiving acreage as operators in the second phase.
"The industry response to the 2015 Round has been very positive, with a total of 43 applications for Licensing Options received by the deadline last September,” said Seán Kyne, the Minister of State for Natural Resources, in a government statement.
“The response to the 2015 Atlantic Margin Licensing Round is by far the largest number of applications received in any licensing round held in the Irish offshore. At a time of very low oil prices, the strong interest in the Round is very positive,” he added.
"Industry's response to the Round demonstrates the perceived positive prospectivity of Ireland's offshore and highlights confidence in the Irish regulatory process and the ability of industry to do business in Ireland,” Kyne continued.
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Johan Sverdrup项目总监Kjetel Digre表示：“Stavanger是建造三座桥梁和两座火炬塔重要的制造和组装基地，这批装置的交付对该项目来说非常重要，我们期待在未来时间加强同Stavanger的合作，目前项目正按计划进行”。
Johan Sverdrup油田开发一期工程共包括四座平台及平台间的连接桥梁。两座火炬塔分别作为冒口平台和处理平台。
目前该项目合同总额接近600亿挪威克朗，其中挪威公司的份额超过70%。
来自/Oilvoice 6月5日消息 编译/吴海君
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Statoil has, on behalf of the Johan Sverdrup licence, awarded Rosenberg WorleyParsons AS a contract for fabrication of three bridges and two flare towers.
The contract value is close to NOK 600 million. The fabrication and assembly will mainly be carried out in Stavanger, but also with contribution from other Norwegian and international sub-suppliers.
A bridge between the riser platform and the drilling platform and one flare tower (riser platform) will be delivered in 2018, and the remaining two bridges and one flare tower (processing platform) will be delivered in 2019.
'Stavanger is put on the map as a key fabrication and assembly site for Johan Sverdrup when the contract for three bridges and two flare towers are awarded to Rosenberg WorleyParsons. This is an important delivery for the Johan Sverdrup project, and we look forward to a close collaboration in Stavanger in the time ahead. The project execution is progressing as planned,' says Johan Sverdrup project director Kjetel Digre.
Phase 1 of the Johan Sverdrup field development consists of four platforms, and these bridges will connect all the platforms. The two flare towers will be distributed on the processing and riser platforms.
The project has so far awarded contracts totalling close to NOK 60 billion, with a Norwegian share of more than 70%.
The combined weight of all three bridges is 4,700 tonnes, and if put together the overall length of all three bridges totals 260 metres.
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Schlumberger has announced the acquisition of Saltel Industries, a France-based engineering, manufacturing and service company that offers expandable patches and steel packers technology for the oil and gas industry.
“Saltel Industries has an impressive track record in providing expandable steel patch technology to the remedial services market, and has developed an innovative portfolio of open hole steel packer technology,” said Olivier Le Peuch, president, Schlumberger Completions.
Over the last few years, Saltel Industries has established a commercial track record in both inflatable packers and expandable tubulars for steel patches or packer technology applications.
The company’s deployment of expandable steel patches is recognized for its effective water shut-off applications to restore production in wells. Also, in cementing operations the application of expandable open steel packer technology for external casing packers has resulted in lowering operational risk and cost compared to traditional inflatable packers.
Saltel Industries is headquartered in Bruz, near Rennes, France, and has offices in five locations globally with 70 employees who will continue to operate under the leadership of Jean-Louis Saltel and his management team.
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VIENNA, Austria (Bloomberg) -- Oil prices at $50 won’t allow shale oil and other higher-cost producers to lift supply to levels that hinder market recovery, Saudi Arabia’s oil minister said.
Prices need to be at level above $50/bbl for more crude supplies to come back to the market following a slump over the past two years, Khalid Al-Falih, Minister of Energy, Industry and Mineral Resources, told reporters in his suite in a Vienna hotel.
"I talk to a lot of industry executives and board members. I don’t think you are going to see a rush back into investments at $50," he said after attending the biannual meeting of the Organization of Petroleum Exporting Countries on Thursday in the Austrian capital.
OPEC, which produces about 40% of the world’s crude output, decided Thursday to stick to its policy of unfettered production after its 13 members failed to agree on a ceiling. Thursday’s meeting follows a recovery in oil to almost $50/bbl from below $30 in January. That suggests OPEC’s Saudi-led decision in 2014 to maintain output amid a global glut is finally paying off, with higher-cost producers cutting back.
Oil Prices
Al-Falih, who was appointed oil minister last month to replace Ali al-Naimi, said that he doesn’t have a clear number for the price that will allow crude supply to come back rapidly.
“I don’t know what that level is,” he said. “But I think the level is going to be higher than $50. I think we tested $100 to $110 and we’ve found it was bringing in too much supply. So take a guess, it’s somewhere in between.”
Saudi Arabia is not against shale oil development and would like to see more of such supplies, though at levels that don’t disrupt the market balance, Al-Falih said.
Shale production growth of 200,000 to 300,000 bpd is “fine,” Al-Falih said. Shale output is necessary because it fills a gap in the market, but its growth should not be at levels before 2015 when annual production was rising by 800,000 bpd, he said.
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STAVANGER, Norway, June 3 (UPI) -- Norwegian energy company Statoil said it awarded a $72 million contract to build part of the platforms for the giant offshore Johan Sverdrup field.
Statoil awarded a fabrication contract to Rosenberg WorleyParsons, a Norwegian company, to help with platform construction for installations planned for the Johan Sverdrup field. With construction planned for the port city of Stavanger, the energy company said the program is a domestic triumph.
"This is an important delivery for the Johan Sverdrup project, and we look forward to a close collaboration in Stavanger in the time ahead," project director Kjetel Digre said in a statement. "The project execution is progressing as planned."
Statoil and its partners at Johan Sverdrup, Maersk Oil and Lundin Petroleum, in early 2014 outlined the development plan for the field using multiple phases. At least half of the secondary construction contracts for Johan Sverdrup are slated for Norwegian companies.
The first phase of development of the Johan Svedrup field calls for four platforms and Rosenberg WorleyParsons will build the structures that connect those platforms. The first phase of operations at the offshore field should yield up to 380,000 barrels of oil per day, roughly half of the expected peak production rate. Once in full swing, the field, the fifth largest discovered off the Norwegian coast, should account for up to 25 percent of all Norwegian petroleum production.
Contracts worth more than $5.7 billion have been awarded for the project, with more than 70 percent of them going to Norwegian companies. Norway's energy regulator said production at Johan Svedrup is expected to start at the end of 2019 and last through 2050.
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PetroChoice announces the acquisition of Hagan Kennington Oil Company in Charlotte, North Carolina. The deal further broadens PetroChoice's distribution reach in North and South Carolina.
"Hagan Kennington is a great company and together we will continue to provide the quality products and high level of service expected by lubricant customers throughout the Carolina Region," said Bob Crouch, Executive Vice President of the PetroChoice Eastern Division.
Located in Gastonia, NC, Hagan Kennington Oil Company has been servicing Western portions of North and South Carolina for over 50 years. The company distributes lubricants, equipment and a wide range of related services to the commercial, automotive, and industrial markets. "Our mission of delivering quality products with great customer service fits really well with PetroChoice's vision," said Grady Kennington. "We are excited for the opportunity to bring our teams together and build on our company's legacy." Mr. Kennington is joining PetroChoice and will lead sales and operations in the Charlotte market.
PetroChoice continues to grow through acquiring best-in-class lubricant distributors that are a strategic fit with its business model, expanding its product and service offering as well as its geographic footprint.
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Prospects for growth in the Norwegian economy are dimmed even as the market for crude oil continues to improve, the government said Thursday.
"The downturn in the Norwegian oil industry continues, despite an appreciable rise in oil prices from the bottom level in January 2016," the government's statistics office said.
Crude oil prices are holding just below the $50 per barrel mark, up more than 80 percent from the low point for the year. The recovery comes as global economic growth continues a slow pace forward at the same time that production from some markets fades under the pressure of low oil prices, which are still about 50 percent less than levels from just two years ago.
Statistics Norway said demand pressures on the petroleum industry started to wane at the end of 2013, which triggered the downturn in crude oil prices. That, in turn, put negative pressure on the Norwegian economy, which as a main oil and gas exporter to the European market relies heavily on the industry for revenue.
Mainland gross domestic product for Norway increased by about 1 percent last year and the government said lower growth is expected this year.
"The oil downturn, and particularly the sharp drop in oil investments, thereby implies considerable negative impulses for virtually all industries throughout the country," the government said.
The Norwegian Petroleum Directorate, the nation's energy regulator, said oil production in April, the last full month for which data are available, averaged 1.63 million barrels per day, about 3 percent higher than the agency had expected and about 4 percent higher than last year.
Early this year, the NPD said industry investments are expected to remain suppressed through the latter half of the decade, with levels expected to hold at around $22.5 billion for the next few years before a moderate uptick by 2019.
Statistics Norway said the price for crude oil will stay relatively even at around $50 per barrel, recovering only to around $60 per barrel by the end of the decade.
"We therefore expect that the decline in petroleum investments will be curbed going forward, but the decline in the annual average may still surpass 16 percent in 2016," its report read. "After stabilizing through 2017, investments may increase slightly in 2018 and 2019."
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