UK Offshore Workers Call for Gov't to Invest in Oil Projects
British unions representing offshore workers said on Monday the government should invest taxpayer money directly into oil and gas projects to save the sector rather than extend welfare payments to furloughed staff.In a joint statement, the unions said they expected around 3,500 workers to be out of a job by September and that their members in the drilling sector were told their employers did not see any upturn in their sector before 2022."We see it as vital that we get the government to invest in projects, not as operating partners but as equity partners, providing low cost loans to operators
Schlumberger CFO Ayat to Retire Soon
will have to increase spending to overcome declining output from existing fields and meet future demand.Ayat's successor will face pressure from investors concerned about past investments by the company's Schlumberger Production Management, or SPM business, which takes direct stakes in oil projects."It's something that investors don't like. You buy Schlumberger because it is an oil services company, not a producer," said Cowen & Co analyst Marc Bianchi. The new CFO would have to continue selling assets from the unit, Bianchi said.Last year, Schlumberger launched a reorganiza
Ghana Climbing Oil Producer Ranks
ship. "Based on existing fields and field development plans Ghana crude oil output is estimated to be over 240,000 bpd by 2019. This could potentially make Ghana the fourth largest oil producer in Sub Saharan Africa by 2020," the report said. Production costs for Ghana's oil projects, which are all in deep water, mean that the crude remains viable if global prices fall to $40 per barrel, allowing it to remain attractive to investors in the event of price fluctuations, it said. Gas from TEN, Sankofa and MTA could eliminate the need for Ghana to import gas from Nigeria
Oil Heads for Third Straight Weekly Loss
to cut oil production to prop up prices. The seemingly unstoppable decline in oil is raising concerns about investment in future supplies, IEA Executive Director Fatih Birol said on Friday in Singapore. "The current low oil price makes me worried because it means lower investments in new oil projects," he said. "This year, oil investments declined more than 20 percent and more importantly we expect it will decline next year as well," Birol said. "We have never seen in the last 30 years oil investments decline two years in a row in the world." By Karolin Schap
Offshore Floating Production Market Update
go to contract by the end of 2014. This would bring the 2014 orders to within the forecast range, though at the lower end of the forecast range. But near term underlying market conditions have been trending a bit south. Energy companies have been reducing Capex budgets and unconventional oil projects are drawing investment resources from deepwater. This could delay some investment decisions and dampen production floater contracts over the next 6 to 12 months. Breakdown of Planned Projects by Location of Field (As of June 1, 2014) Project Location
