
Spending on oil and gas projects collapses

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Schlumberger, the worlds largest oilfield services company, said yesterday that its 2008 profits would fail to meet expectations, blaming a rapid slowdown in the global economy and its impact on spending on oil and gas projects.
Schlumberger, which is based in Houston, Texas, helps private and government-owned companies to drill for and produce oil and gas. It employs 84,000 people in 80 countries. In a trading update, Andrew Gould, the chairman and chief executive, said that results had been hit by a severe global economic downturn, forcing many of its customers to delay or scrap multibillion-dollar investment programmes.
The shares slipped 11 per cent to $39.03 in afternoon trading in New York, but Mr Gould insisted that the outlook remained robust. We still maintain that in the longer term the fundamentals of our industry are sound, he said.
A collapse in the price of crude oil and the turmoil in global financial markets has prompted energy companies to delay or scrap big investment projects around the world. The groups full results will be published on January 23.
A string of oil companies have announced delays and cancellations to big oil projects in recent weeks, reflecting a drop of about $100 in global crude prices since July. This week it emerged that Royal Dutch Shell had shelved plans for a $3 billion (£2 billion) coal-to-liquid fuels project in Australia. Last month the group announced a delay to the expansion of its oil sands mining project in Northern Alberta, Canada.
Saudi Aramco, the worlds largest oil company in terms of production, scrapped plans to upgrade its onshore Dammam oilfield at a cost of $1.2 billion last month. A number of marginal, smaller projects in the British sector of the North Sea are also believed to be under threat.
Posted in: Oil, Oil Prices, Oil Sands, Royal Dutch Shell Plc, Shell, The Times.
Tagged: Saudi Aramco
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Zik Gbemre: ON HOW TO REVAMP NIGERIA’S UPSTREAM AND DOWNSTREAM OIL & GAS SECTOR With recent reports that the President Muhammadu Buhari-led Federal Executive Council (FEC) had approved a whopping $1.5 billion to rehabilitate the epileptic Port Harcourt refinery, I consider it a national tragedy and a shame of a nation that Nigeria, despite its over fifty decades of oil and gas exploration and production activities, has been exporting its hugely produced crude oil and natural gas at commercial quantity, and then import ‘refined petroleum products’ at higher costs to satisfy domestic demands. The said move, according to the government, is to ensure that the obsolete Port-Harcourt refinery, which last benefitted from a Turn-Around Maintenance (TAM) work in 2000, comes back to life, while also supposedly contributing to the development of Nigeria’s oil sector. We Mobilize Others To Fight For Individual Causes As If Those Were Our Causes https://ndpc-zik.org/publications/on-who-to-revamp-nigeria-upstream-and-downstream-oil-and-gas-sector COMPLETE COMMENTS
Bonus Group: https://www.energyvoice.com/oilandgas/north-sea/310420/shell-looking-options-new-aberdeen-headquarters/
Bogus Group: "Under the Hammer", again!https://www.reuters.com/article/us-tunisia-oil/tunisia-faces-exodus-of-western-oil-giants-idUSKBN2BI1XF
Bogus Group: Serica finally kicks-off development on Columbus, years after BG 'kicked them in the teeth'. https://www.upstreamonline.com/field-development/serica-energy-kicks-off-development-drilling-at-north-sea-field/2-1-982427
Bonus Group: https://www.egypttoday.com/Article/3/48093/Shell-to-develop-Phase-9B-of-WDDM-within-2-months
Bonus Group: I have mentioned before how the contaminated produced water from Shell's Western Delta Deep Marine gas fields, acquired during the takeover of BG Group, used to be tankered and dumped in the desert.Khaled Gad, Shell's Onshore and Offshore Asset Manager in Egypt, should be able to answer the question as to what now happens to the produced water from Shell's assets in Egypt.
Bonus Group: Selling off parts of the BG millstone. See: https://www.upstreamonline.com/lng/shell-completes-2-5bn-australian-lng-asset-sale/2-1-980042
Bonus Group: Further to Bogus Group's post, very little at BG Group was proven. The majority of their work was of low integrity and dissolved at the slightest scrutiny. This was to be expected with a 'do as I say, not do as I do' Line Management.
Bogus Group: https://trinidadexpress.com/business/local/shell-takes-biggest-hit/article_ca33aea4-73d5-11eb-8a6e-ff41b564d669.html It's surely been proven that BG proven reserves were not actually proven and that Shell did inherit a 'pig in the poke'. The statement “Our preference is to deal with these arrangements, not in a clandestine way but there is a deeper confidentiality to it. We have these arrangements all over the world. We need to ensure that we maintain a degree of confidentiality but what I will confirm is that hundreds of millions of US dollars converts to billions of TT dollars and we have confirmed that Trinidad will benefit to billions,”beggars belief.
Bonus Group: It is not clear why the once upon a time VP Developments, Brazil is now VP Subsurface Excellence, given that the Brazil Asset under her stewardship spent at least five years down a giant rabbit hole using a corrupt workflow that resulted in a significant overbooking of reserves.
Bonus Group: On this day in 2016 the fate of BG Group, an Internet Cafe and Cappuccino Lifestyle company was sealed. See: https://www.shell.com/about-us/what-we-do/combining-shell-and-bg-a-simpler-and-more-profitable-company.html https://www.theguardian.com/business/2016/jan/28/35bn-shell-takeover-approved-bg-shareholders
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