MAERSK CUTTING U.S. JOBS
According to REUTERS, Maersk Drilling will cut 122 jobs in the United States due to the early termination of a contract for deepwater rig Maersk Valiant.
Maersk Drilling, a unit of conglomerate A.P. Moller-Maersk , said last week it had signed a deal with ConocoPhilips and Marathon Oil to end the contract for the rig with effect from mid-September, a year earlier than originally scheduled.
The rig firm announced earlier in July it would cut up to 140 jobs in Norway due to lack of work for two other rigs.
The offshore drilling industry is facing challenges as oil companies postpone or cancel exploration and development projects due to low crude prices.
Oil in January hit its lowest levels in more than a decade.
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REUTERS - India’s natural gas consumption is expected to rise to 70 billion cubic metres (bcm) by 2022 and 100 bcm by 2030, according to a government think tank and the Oxford Institute of Energy Studies, up from 50 bcm now. India burns just 7 percent of what top user the United States consumes in a year with about a quarter of India’s population.
Norway, which relies on oil and gas for about a fifth of economic output, would be less vulnerable to declining crude prices without its fund investing in the industry, the central bank said Thursday. The divestment would mark the second major step in scrubbing the world’s biggest wealth fund of climate risk, after it sold most of its coal stocks.
WSJ - Light, sweet crude for December delivery rose $1.41, or 2.6%, to $56.55 a barrel on the New York Mercantile Exchange, snapping a three-session losing streak. Brent, the global benchmark, advanced $1.36, or 2.2%, to $62.72 a barrel.
U.S. Rig Count is up 327 rigs from last year's count of 588, with oil rigs up 267, gas rigs up 61, and miscellaneous rigs down 1 to 1. Canada Rig Count is up 24 rigs from last year's count of 184, with oil rigs up 9 and gas rigs up 15.