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Oil and Gas Energy Equipment and Services

  • SINGAPORE, July 14- Some energy traders in Southeast Asia are cutting their use of storage tanks as short-term demand for oil products soars, hitting companies that rent out storage at a time when many of them have just expanded their capacity. A shift away from storage could potentially be bad news for tank operators running in the region like the Netherlands'...

  • LONDON, July 13- Saudi Arabia is trying to support oil prices by reducing its crude shipments to the United States in a bid to cut the amount of oil in commercial storage. U.S. crude imports from Saudi Arabia averaged less than 900,000 barrels per day in the four weeks ending on July 7, according to the U.S. Energy Information Administration. Saudi Arabia is cutting...

  • BASTROP, Texas— Authorities say nobody has been hurt after a contractor accidentally cut an underground crude oil pipeline in Central Texas and caused about 50,000 gallons to spill. A spokesman with Magellan Midstream Partners of Tulsa, Oklahoma, says cleanup has begun at the rural site near Bastrop, about 30 miles east of Austin. Nearby Farm- to-Market 20 was...

  • LONDON, July 13- Saudi Arabia is trying to support oil prices by reducing its crude shipments to the United States in a bid to cut the amount of oil in commercial storage. U.S. crude imports from Saudi Arabia averaged less than 900,000 barrels per day in the four weeks ending on July 7, according to the U.S. Energy Information Administration. Saudi Arabia is cutting...

  • *OPEC expects demand for its crude to fall by 60,000 bpd in 2018. Brent crude fell 20 cents to $47.54 a barrel by 0730 GMT and U.S. light crude was down 15 cents at $45.34. OPEC said its output rose by 393,000 bpd in June to 32.611 million bpd, thanks to extra output from Nigeria and Libya.

  • *China imported 8.55 mln bpd of crude in H1 2016, up 13.8 pct. The dips came after the International Energy Agency's chief economist, Laszlo Varro, said that oil markets were still oversupplied. Also, the Organization of the Petroleum Exporting Countries said late on Wednesday that the world would need 32.20 million bpd of crude from its members next year, down...

  • BUENOS AIRES, July 12- Argentina needs oil rigs to develop its vast shale oil and gas resources. But moving that machinery from the plains of Texas to the windswept Patagonian desert is proving complex and costly for global oil majors who say Argentina's protectionist past is slowing efforts to spark its own shale revolution. A move by Argentina's government to...

  • BUENOS AIRES, July 12- Argentina needs oil rigs to develop its vast shale oil and gas resources. But moving that machinery from the plains of Texas to the windswept Patagonian desert is proving complex and costly for global oil majors who say Argentina's protectionist past is slowing efforts to spark its own shale revolution. A move by Argentina's government to...

  • ISTANBUL, July 11- The U.S. shale drilling boom is likely to ease next year as demand on the industry's service sector is unsustainable, Halliburton's business development head said on Tuesday. The number of rigs drilling for oil in the United States rose to 763 last week, the highest in more than two years, showing that despite oil trading below $50 a barrel, shale...

  • BISMARCK, N.D.— A natural gas company has proposed an expansion for a processing plant in the most prolific part of the Bakken oil patch in North Dakota. Oasis Midstream wants to expand the Wild Basin Gas Plant in McKenzie County to make it the largest natural gas processing complex in the state, The Bismarck Tribune reported. "In order for the state to continue...

  • HOUSTON, July 7- Venezuelan crude exports to the United States fell to 491,340 barrels per day in June, the lowest monthly level since early 2003, because of fewer sales by state-run PDVSA to its unit Citgo Petroleum, according to Thomson Reuters Trade Flows data. Venezuela's crude production has sharply decreased since 2012 amid a lack of investment and...

  • *Japan is Saudi Arabia's biggest market for crude. TOKYO, July 7- Japan said on Friday that it was preparing to raise the crude oil storage capacity that it lends for free to Saudi Aramco by 30 percent from this summer. Japan is Saudi Arabia's biggest market for crude, but oil stored at the site on the southern islands of Okinawa has also been supplied to South Korea and...

  • July 5- Halliburton Co said on Wednesday it has acquired oilfield equipment supplier Summit ESP Inc, a move that helps the third largest oilfield services company by revenue enhance its presence in the artificial lift business. Tulsa, Oklahoma- based Summit ESP, which is backed by Oklahoma energy and banking billionaire George Kaiser, makes electric...

  • July 5- Oilfield services provider Halliburton Co said on Wednesday it would buy oilfield equipment supplier Summit ESP Inc, which is backed by Oklahoma energy and banking billionaire George Kaiser. Tulsa, Oklahoma- based Summit ESP makes pumps used to maintain well pressure to increase oil and gas production in aging wells. The company has expanded quickly in...

  • OIL PRICES HIT SESSION HIGHS AFTER BAKER HUGHES DATA SHOWS OIL DRILLERS CUT RIGS FOR FIRST WEEK SINCE JANUARY.

  • OIL DRILLERS CUT RIGS FOR FIRST WEEK SINCE JANUARY- BAKER HUGHES.

  • LONDON, June 30- U.S. shale firms are drilling themselves into a deep hole despite warnings from industry leaders about the risk of flooding the market with too much crude. Current oil prices are not sustainable according to Harold Hamm, the chief executive of Continental Resources, said in an interview on June 28. Prices need to be above $50 per barrel to be...

  • LONDON, June 30- U.S. shale firms are drilling themselves into a deep hole despite warnings from industry leaders about the risk of flooding the market with too much crude. Current oil prices are not sustainable according to Harold Hamm, the chief executive of Continental Resources, said in an interview on June 28. Prices need to be above $50 per barrel to be...

  • Exports to Asia at 1.28 mln bpd, Europe to take 580,000 bpd. TOKYO, June 30- Iran's crude oil exports in July are set to fall 7 percent from this month's three-month high, mainly due to a decline in exports to Europe, a person with knowledge of the Middle Eastern country's tanker loading schedule said. Total crude exports for July will be 1.86 million bpd, up 2 percent on a...

  • HOUSTON, June 28- Halliburton Co is in late-stage talks to acquire a fast-growing U.S. oilfield equipment supplier backed by Oklahoma energy and banking billionaire George Kaiser, according to sources familiar with the matter. Houston- based Halliburton has set its sights on Summit ESP Inc, said the sources, who spoke in recent days. Tulsa, Oklahoma- based Summit...