Saudi Arabia, the world’s largest exporter of oil, has put forth several plans for a hike in the production of oil to the other OPEC members, as it aims to bridge the gap with Russia. Saudi Arabia has put up different scenarios to raise the oil output including a two-step hike to smoothen the effect of the increase. The ideas have been discussed informally among the delegates and ministers as...Continue Reading
Bahrain has planned to invite international oil companies to help develop the first major discovery in decades. It hopes to begin production in 5-years. Currently, this oldest and smallest energy producer of the Persian Gulf derives most of its revenue from crude exports. However, its finances are under strain due to lower oil prices. This new discovery can raise the production manifold. Source: Oil and Gas PeopleContinue Reading
The oil and gas industry has seen some horrific incidents in its existence. Learning from these incidents help us understand what went wrong as well as figure out what could have been done differently. 1. Piper Alpha Disaster, North Sea, UK This is by far the deadliest accident in this industry which claimed 167 lives in July 1988. It happened due to a leakage from one of the condensate pipes. The...Continue Reading
There has been a cyber-attack on Latitude Technologies, which supplied electronic data interchange services to several large energy providers in the US. Following this, several major US natural gas pipeline was shut off, out of which at least 5 confirmed a service disruption caused due to hacking. However, the companies didn’t alert the US Transportation Security Administration since the same is not mandatory as per the law of the land....Continue Reading
The Canadian energy sector is predicted to face extinction unless certain mergers and acquisition takes place. There is some opportunity for the same north of the Canadian border. The choice is now to merge and innovate or to face extinction. The mix of potential M&A candidates varies, with natural consolidators among the oil-weighted producers “self-explanatory,” including the likes of Canadian Natural Resources Ltd., Whitecap Resources Inc., and Torc Oil &...Continue Reading
