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2015-09-08 18:15:00

OILFIELD SERVICES: 36% DECLINE

OILFIELD SERVICES: 36% DECLINE

Amidst the gloomy days of August when Brent Crude bottomed out at $42/bbl, the acquisition of Cameron by Schlumberger ($14.8 billion) took place as one of the largest mergers in the oil patch, following the tie-up of Halliburton and Baker Hughes ($32 billion) in November 2014. This consolidation has resulted in an integrated service & equipment provider covering the full oil & gas lifecycle from reservoir to first flow.

Douglas Westwood latest research suggests that the Global Oilfield Services sector will face a 36% decline in expenditure in 2015, prompting industry players to cut costs and reposition themselves through shedding underperforming/non-core business units. Prior to the Cameron merger, Schlumberger had already cut 15% of its workforce while the former had been consolidating business lines since 2014, selling several business units to GE and Ingersoll Rand, and subsequently the Letourneau jackup rig designs, rig kits and aftermarket service businesses to Keppel in late August 2015.

This move suggests a strategic intention towards integration of equipment and service/engineering to improve on efficiency and cost effectiveness of field development. 

oilandgaseurasia.com

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More: 

SCHLUMBERGER BUYS CAMERON: $14.8 BLN 

ROSNEFT REDUCES PLANS 

ACCENTURE BUYS SCHLUMBERGER 

ROSNEFT BUYS MULTI-FRACKING 

BAKER HUGHES LOSS $(188) MLN 

HALLIBURTON CUTS 9,000 JOBS 

SCHLUMBERGER CUTS MORE JOBS

 

 

Tags: OILFIELD, SERVICE, OIL, GAS

Chronicle:

OILFIELD SERVICES: 36% DECLINE
2018, August, 13, 13:35:00

INDIA BUYS U.S. OIL

PLATTS - State-run Indian Oil Corp has signed its first US term crude oil deal, buying 6 million barrels, as the Asian buyer steps up efforts to devise an alternative buying strategy amid uncertainty about purchases from Iran because of US sanctions.

OILFIELD SERVICES: 36% DECLINE
2018, August, 13, 13:30:00

ANGOLA'S OIL EXPORTS UP TO 1.63 MBD

PLATTS - Angola's crude oil exports rebounded to a four-month high of 1.63 mil b/d in June even as the OPEC member struggles to arrest declines at some of its ageing deepwater oil fields, finance ministry data showed.

OILFIELD SERVICES: 36% DECLINE
2018, August, 13, 13:25:00

U.S. RIGS UP 13 TO 1,057

BAKER HUGHES A GE - U.S. Rig Count is up 13 rigs from last week to 1,057, with oil rigs up 10 to 869, gas rigs up 3 to 186, and miscellaneous rigs unchanged at 2. Canada Rig Count is down 14 rigs from last week to 209, with oil rigs down 12 to 140 and gas rigs down 2 to 69.

OILFIELD SERVICES: 36% DECLINE
2018, August, 10, 10:55:00

OIL PRICE: ABOVE $71

REUTERS - Front-month Brent crude oil futures LCOc1 were at $71.88 per barrel at 0646 GMT, down 19 cents, or 0.3 percent from their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were down by 22 cents, or 0.3 percent, at $66.59 a barrel.

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