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Analysis: Crude Likely To Hit $60 In Second Quarter

Crude’s latest decline has thrown the market into a mild panic. Higher than expected inventories combined with bearish commentary from the Saudi oil minister last week have cost crude prices roughly 10% since March 8. If nothing else, recent trading days have reflected a psychologically fragile oil market. With all of the current geopolitical unknowns, […]

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Canadian UAVs Completes The First BVLOS Pipeline and Powerline Inspections in Canada, Ushering in New Age of Unmanned Aviation & Industrial Compliance

  FOREMOST, AB, March 14, 2017 /CNW/ – Regular Beyond Visual Line Of Sight (BVLOS) operations significantly advance as Canadian UAVs and Lockheed Martin CDL Systems completes the first BVLOS pipeline, well site and power line inspections using the Transport Canada Compliant Lockheed Martin Indago 2 at the Foremost Testing Range. Canadian UAVs seeks to provide its’ […]

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One of the first US refineries to be built in 40 years planned for Permian Basin

AUSTIN, Texas — MMEX Resources Corp., a global energy company focusing on the acquisition, development and financing of oil, gas, refining and infrastructure projects in Texas and South America, announced that it plans to build a $450 million, 50,000-bpd capacity crude oil refinery in the West Texas Permian Basin, subject to the receipt of required […]

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Norway Buries Oil-tax Incentive as Crude Crisis Seen Moving On

Norway’s government won’t propose any tax incentives for oil companies to boost recovery at aging fields and marginal offshore discoveries before parliamentary elections later this year. “There are no planned initiatives related to this,” Petroleum and Energy Minister Terje Soviknes said in an interview in Trondheim on Tuesday. “My experience is that the market for […]

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US oil rig count rises for 7th straight week, Baker Hughes says

The US oil-rig count rose by seven to 609 this week, according to oilfield-services giant Baker Hughes. The gas rig count fell by five to 146. With miscellaneous rigs unchanged at one, the total rig count rose by two to 756. Last week the tally of oil rigs rose by six. West Texas Intermediate crude oil futures […]

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Gastech Exhibition & Conference 2018, 17-20 September 2018, Fira Barcelona, Gran Via Venue

              Gastech Exhibition & Conference 2018, 17-20 September 2018, Fira Barcelona, Gran Via Venue Barcelona, Spain has been announced as host city to the world’s largest natural gas & liquefied natural gas (LNG) event – the Gastech Exhibition & Conference – when it will return to Europe between 17-20 […]

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Venture Global LNG selects GE Oil & Gas advanced technology plant-wide solution…

            Venture Global LNG selects GE Oil & Gas advanced technology plant-wide solution for LNG export facilities under develop. in Louisiana   WASHINGTON, D.C. February 21, 2017 – Venture Global LNG, Inc. has selected GE Oil & Gas as a strategic partner to provide a plant-wide technology solution for its […]

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PESA Welcomes New Member Companies

Please join us in welcoming two new members to PESA: BJ Services and Industrial Tax Consulting. BJ Services is a hydraulic fracturing, pressure pumping and cementing business headquartered in Tomball, Texas, with operations strategically located throughout North America. BJ Services’ President and CEO is Warren Zemlak.   Industrial Tax Consulting is a premier leader in […]

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Rig count hops up 12; Permian Basin again drives rise

The number of oil and gas rigs in U.S. fields rose again this week, up 12 or about 170 over the past three months. This week’s count marks the fourth increase in a row, and a boom of more than 335 rigs since the count fell to its recent low, last spring. U.S. oil drillers […]

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Dakota Access Pipeline Gets Final Go-Ahead

  The Dakota Access pipeline project, hampered by months of protests that led to a suspension by the Obama administration, has now received the approval of the U.S. Army, after President Trump signed an executive order allowing the project to proceed. According to a court filing, the Army will issue a permit for the final […]

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Oil Prices Tank After API Reports 2nd Biggest Crude Build In U.S. History

U.S. crude oil inventories increased by a whopping 14.227 million barrels, according to this week’s American Petroleum Institute (API) inventory report published on Tuesday afternoon, pressing down further on already falling prices. The build is the second largest build in U.S. history, according to Zerohedge. Analysts were anticipating a much more conservative crude oil inventory […]

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Gas Discovery Near North Sea Valemon Field

  Two years after Valemon came on stream Statoil has made a new gas discovery on the field, called Valemon West. The discovery is estimated to contain between 20 and 50 million barrels of oil equivalent. “This is an important discovery for the further development of Valemon,” says Gunnar Nakken, Statoil’s senior vice president for […]

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