SHELL STOP SHALE
Royal Dutch Shell Plc (RDSA) has halted drilling for shale gas in eastern Ukraine to protect its personnel from clashes between pro-Russian separatists and the Ukrainian army, Bloomberg reported on June 3.
Shell is taking a "time-out" on exploration work after drilling two wells since the Hague-based explorer signed a production-sharing agreement last year, Chief Financial Officer Simon Henry said in an interview with Bloomberg TV in London.
Europe's largest oil company has an exploration license for the 8,000-square-kilometer (3,100-square-mile) Yuzivska field in the eastern provinces where hundreds of people have died as armed separatists try to split from Ukraine and join Russia. The company's operations are more exposed that those of Chevron Corp (CVX), which is exploring the Oleska field in western Ukraine.
"We obviously need to assess the future security situation as it develops because the safety of our own people is our first priority," Henry said. "There's no pulling out, but we take a time out on the actual drilling activity on the ground."
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Libya’s oil production increased steeply to the current level of 850,000 b/d from a low point in August 2016 of below 300,000 b/d. Production surpassed 1 million b/d in July.
- Revenue of $7.9 billion increased 6% sequentially - Pretax operating income of $1.1 billion increased 11% sequentially - GAAP EPS, including Cameron integration-related charges of $0.03 per share, was $0.39 - EPS, excluding Cameron integration-related charges, was $0.42 - Cash flow from operations was $1.9 billion; free cash flow was $1.1 billion
“The combination of GE Oil & Gas and Baker Hughes closed on July 3, and we are pleased with our progress during our first operating quarter. Despite the continuing challenging environment, we delivered solid orders growth and secured important wins from customers, advanced existing projects and enhanced our technology offerings in the quarter. We also achieved key integration milestones and made significant progress working as a combined company. I am now more convinced than ever that we combined the right companies at the right time,” said Lorenzo Simonelli, BHGE chairman and chief executive officer.
U.S. Rig Count is up 360 rigs from last year's count of 553, with oil rigs up 293, gas rigs up 69, and miscellaneous rigs down 2 to 2. Canada Rig Count is up 59 rigs from last year's count of 143, with oil rigs up 38 and gas rigs up 21.