Oil and Gas Energy Equipment and Services

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  • *Merged entity to be domiciled in London. The new group, to be domiciled in London, would have combined revenue of $20 billion and the merger is expected to deliver annual pretax savings of at least $400 million by 2019, as well as boost earnings per share significantly, the companies said in a statement. Shares in Technip, which builds oil rigs and refineries and...

  • PARIS, May 19- France's Technip announced an all-stock merger with U.S. rival FMC Technologies to create an oil services group with combined revenue of $20 billion. The transaction is expected to deliver annual pretax savings of at least $400 million as of 2019 and boost earnings per share significantly, the companies said in a statement on Thursday.

  • leak at the giant Aliso Canyon storage facility will threaten electric reliability in the southern part of the state this summer. In April, several California agencies prepared a report on potential power shortages related to last year's gas leak at the Aliso Canyon storage facility in the Los Angeles area. That report found significant risks to electricity...

  • May 18- The operator of the California power grid. said on Wednesday that natural gas shortages related to a. leak at the giant Aliso Canyon storage facility will threaten electric reliability in the southern part of the state this summer.

  • SYDNEY, May 16- Monaco- based oil services company Unaoil denied on Monday a media report linking it to corrupt practices involving big oil companies said it has been the victim of an extortion attempt by unidentified criminals. The Australian newspaper group Fairfax Media and the Huffington Post said in a joint report in April that the U.S. Department of...

  • NEW YORK/ LONDON, May 16- Libya will resume oil shipments from the port of Marsa El Hariga after an agreement was reached at talks in Vienna between rival oil officials representing the east and west of the country, Libyan oil sources told Reuters. The NOC in Tripoli, which is keen to work with a new U.N.-backed unity government to revive Libya's oil production, said...

  • SYDNEY, May 16- Monaco- based oil services company Unaoil denied on Monday a media report linking it to corrupt practices involving big oil companies said it has been the victim of an extortion attempt by unidentified criminals. The Australian newspaper group Fairfax Media and the Huffington Post said in a joint report in April that the U.S. Department of...

  • *Nigeria oil production halved to 1.65 mln bpd. *OPEC output rises in April to highest since at least 2008. NEW YORK, May 13- Oil slipped on Friday on a stronger dollar and as investors cashed in on a three-day rally, but prices still ended the week higher after production in Nigeria fell to its lowest in two decades and wildfires slashed output from Canada's oil sands.

  • *Iraq asked oil firms to make drastic spending cuts. *Some companies said to consider halting Iraq operations. BAGHDAD, May 13- International oil firms have warned Iraq that projects to increase its crude output will be delayed if the government insists on drastic spending cuts this year, a senior Iraqi oil official said on Friday.

  • LONDON/ SINGAPORE, May 12- Five oil product traders have resigned from Noble Group, Asia's biggest commodity trader by revenue, some of whom are moving to rival trader Glencore, sources with knowledge of the issue said. Three of Noble's London- based gasoline traders are joining Glencore, according to the sources. Noble had also subleased storage tanks in the key...

  • NEW YORK/ HOUSTON May 11- U.S. Midwest refiners are rushing to secure alternatives for crude supply as they worry about prolonged outages after a raging wildfire in Canada shut nearly half of production capacity from the vast oil sands. They pointed to record crude stocks at the U.S. hub of Cushing, Oklahoma, swelling domestic supplies as well as growing imports...

  • *Oscar Spieler to replace Gary Smith as CEO. May 10- Golar LNG Ltd said former Chief Executive Oscar Spieler would return to the top job as the natural gas shipping company pushes deeper into the Brazilian power generation market to cope with weakness in freight rates. Spieler, who led the company between July 2009 and June 2011, will replace Gary Smith, who is...

  • May 10- Golar LNG Ltd said Oscar Spieler would replace Gary Smith as chief executive as the natural gas shipping company pushes deeper into the Brazilian power generation market in a bid to diversify operations amid weak freight rates. Weak demand for LNG from key markets such as South Korea and Japan, coupled with growing supply of tankers, has hurt rates for...

  • May 10- Golar LNG Ltd said Oscar Spieler would replace Gary Smith as chief executive, as the natural gas shipping company realigns operations, including building up its presence in the Brazilian power generation market. The company said on Tuesday it was in talks with a private equity firm for investments in Golar Power, its unit that holds an interest in a 1.5...

  • SINGAPORE, May 10- Oil prices fell early on Tuesday as Canadian wildfires that have knocked out over 1 million barrels worth of daily crude capacity moved away from production facilities, while brimming inventories and a strong U.S. dollar weighed on markets. U.S. crude futures were trading at $43.09 per barrel at 0040 GMT, down 35 cents from their last settlement.

  • LONDON, May 9- A growing overhang of gasoline and diesel fuelled a sharp sell-off in oil futures on Monday that reversed a recent rally over the wildfires in the heart of Canada's oil sands region, traders and analysts said. While crude oil supplies have significantly tightened in recent weeks due to outages linked to unrest in Libya, militant attacks in Nigeria,...

  • NEW YORK/ CONKLIN, Alberta, May 8- The mass evacuation of residents from the wildfire-devastated Canadian oil town of Fort McMurray is likely to significantly delay the restart of production, even though energy facilities themselves have escaped major damage from the flames. Energy facilities were barely touched through the first week of Alberta's...

  • May 6- U.S. oil drillers cut rigs for a seventh week in a row to the lowest level since October 2009, oil services company Baker Hughes Inc said Friday, although as analysts see an end to the nearly two-year slump in drilling for new wells. RIG-OL-USA- BHI> In 2015, drillers cut on average 18 oil rigs per week for a total of 963 for the year, the biggest annual decline since...

  • NEW YORK, May 6- For the past year and a half, a chart of the number of U.S. oil rigs in operation has resembled a death-defying ski slope- but it may be time to get back on the chair lift. The number of active oil rigs in the U.S. has fallen for six weeks, and was at a seven-year low as of April 29, according to data from oil service company Baker Hughes. Some believe the rig count...

  • HOUSTON, May 5- Apache Corp's cost savings in the first three months of 2016 exceeded its own expectations and are likely to continue even if oilfield services costs rise, executives of the Houston- based oil and gas producer said on Thursday. The cost cuts mean the company could achieve its goal of cash flow neutrality for 2016 with oil prices at $35 per barrel and...