Saipem Plans Renewables Push as Oil Clients Keep Lid on Spending

By Chiara Albanese (Bloomberg) -- Saipem SpA is looking beyond black gold, to green. The Italian oil-services provider, which builds projects for the fossil-fuel industry, says it may get more than half its work from clean-energy clients in a decade. That reflects a persistent lack of oil-company investment in the wake of crude’s crash, and a boom in renewables. “In 10 … [Read more...]

Offshore Drillers Eye Market Recovery by 2020

By John Benny Oct 15 (Reuters) - Battered oil and gas drilling companies are finally seeing piecemeal signs that the prices they charge for offshore rigs are bottoming out with Brent crude selling for more than $80 a barrel and some are forecasting a full turn in the market by 2020. At the depths of a global slide that took oil below $27 a barrel in early 2016, daily rates … [Read more...]

Nordea Sees Tough Years Ahead in Norway’s Oil Services Industry

OSLO, Jan 26 (Reuters) - Subcontractors to the oil industry, including supply vessel owners, seismic shippers and rig firms, will continue to face difficult times in 2017 and 2018 as energy companies hold back investments, the head of Nordea's Norwegian unit said. Snorre Storset made the following comments to Reuters on the sidelines of Nordea Norway's earnings presentation … [Read more...]

Oil Executives See Market ‘Volatility’ Through 2017

By Mikael Holter and Rakteem Katakey (Bloomberg) -- Crude markets will continue to be plagued by volatility in the short and medium term after suffering the biggest downturn in a generation over the past two years, according to oil-company executives gathering for one of the industry’s biggest conferences in Norway. “The volatility is here to stay,” ConocoPhillips Chief … [Read more...]

IEA: Oil Markets to Tighten Slowly After Months of Oversupply

By Dmitry Zhdannikov MOSCOW, Aug 11 (Reuters) - Oil markets will begin to tighten in the second half of 2016 but at a slow pace as global demand growth declines and non-OPEC supplies rebound, the International Energy Agency said on Thursday. The IEA, in its monthly report, forecast a healthy draw in global oil stocks in the next few months that would help ease a glut that … [Read more...]