Anatoly Menzhiliy / Shutterstock By Stephen Cunningham and Robert Tuttle (Bloomberg) -- A fleet of supertankers carrying Saudi oil will add to the growing congestion at U.S. ports in coming weeks at the same time producers are shutting in output as they run out of space to store unwanted supplies. A total of 43 million barrels of Saudi oil is set to arrive on the U.S. … [Read more...]
Big Oil Seems to Be Falling Out of Love With Big Projects
By Liam Denning (Bloomberg Gadfly) -- Big Oil just doesn't seem to be as enamored with the 'big' thing as it once was. Another major project, Alaska LNG, has bitten the dust: The Wall Street Journal reported over the weekend that Exxon Mobil wants to sell its stake to the state government. Granted, liquefied natural gas is maxed out on supply right now; only last week, … [Read more...]
Transocean, Schlumberger See Oil Industry Recovery Delayed
By David Wethe (Bloomberg) -- Leaders of the world’s largest suppliers of offshore drilling rigs and the services that go with them see the oil market recovery taking even longer than expected last year. Transocean Ltd. Chief Executive Officer Jeremy Thigpen expects it will have to wait at least another three years before his company can begin charging higher rates for … [Read more...]
Report Estimates 22,000 New Oil and Gas Jobs In Norway
A new report by the International Research Institute of Stavanger showed that oil and gas industry will need to recruit more than 20,000 workers by 2020 in Norway, the Norwegian Oil and Gas Association said March 10. The report forecasts 13,000 new recruitment, plus replacement for 9,000 retiring workers. Overall demand for new recruitment will be 22,000 … [Read more...]