The historic slump in oil drilling is likely to result in the largest monthly decline in completions activity ever recorded in the United States, according to an analysis by Rystad Energy.
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NOV CEO: Buckle Your Seat Belts, Keep Your Eyes On China
National Oilwell Varco Inc. (NOV) CEO Pete Miller believes a slump in North American onshore drilling will continue through this year, but offshore activity is strong, and international activity is high on his radar, particularly in China.
NOV’s Miller: Buckle Your Seat Belts, Keep Your Eyes On China
National Oilwell Varco Inc. (NOV) CEO Pete Miller believes a slump in North American onshore drilling will continue through this year, but the international energy equipment business is high on his radar, particularly in China.
Decline in U.S. Onshore Gas Activity Slams Baker Hughes
Baker Hughes Inc., the industry’s third-largest oilfield services provider, said Friday the slump in U.S. natural gas activity weighed heavily on its latest quarterly profits. However, the No. 1 oilfield services provider, Schlumberger Ltd., managed to avoid the carnage in North America’s onshore by accelerating activity overseas.
Unconventional Rig Count Continues to Show Gas-to-Oil Migration
With the natural gas price slump now being measured in terms of years instead of months, producers continue to pull rigs from dry gas unconventional plays to pursue oil targets, according to NGI’s Shale Daily Unconventional Rig Count.
Global Natural Gas Demand Rebounded in ’10
Asia and the United States helped boost global consumption of natural gas by 7.4% in 2010 to a record 111.9 Tcf, effectively rebounding from a 2009 slump, according to the Worldwatch Institute, an environmental research firm based in Washington, DC.
Report: Global Natural Gas Consumption Regains Momentum
Asia and the United States helped boost global consumption of natural gas by 7.4% in 2010 to a record 111.9 Tcf, effectively rebounding from a 2009 slump, according to the Worldwatch Institute, a global environmental research firm based in Washington, DC.
Hefty Expected Inventory Pull No Help for Bulls; May Falls Again
May natural gas futures continued their slide as traders reported no interest by commercial players and seemed resigned to the ongoing slump. Expectations are for a withdrawal in Thursday’s inventory report, but that is seen as little help to the bullish cause. At the end of the day May had retreated another 8.5 cents to $4.146 and June had given up 8.4 cents to $4.220. May crude oil continued its run higher, adding 49 cents to $108.83/bbl.
E&P Spending Down Worldwide
A slump in North American natural gas prices has led to higher-than-expected spending cuts by oil and gas producers this year, Barclays Capital analysts said last week.
Producers Worldwide Say They’re Cutting More E&P
A slump in North American natural gas prices has led to higher-than-expected spending cuts by oil and gas producers this year, Barclays Capital analysts said Monday.