Enterprise Group Innovates new Software to Stay Ahead of the Pack.

The large equipment rental industry isn’t typically known for technological innovation, but Enterprise Group—the largest specialized equipment rental organization in Western Canada—has come up with a software that is set to completely revolutionize the industry. The company has developed a proprietary new tracking and reporting software called Star, that helps companies keep constant track of their assets, maximizes efficiencies, and…

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Oil Rises Amid Shrinking US Surplus as OPEC Prepares to Gather

(Bloomberg) — Crude climbed to the highest since 2014 after across-the-board declines in U.S. stockpiles of oil, gasoline, diesel and jet fuel signaled increasing tightness in supplies. Futures in New York rose 2.9 percent on Wednesday. An Energy Information Administration report showed shrinking American petroleum surpluses and the first crude withdrawal from the largest U.S. storage complex in six weeks.…

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Report Identifies Emerging Decommissioning Hotspots

The Boston Consulting Group (BCG) has identified several emerging decommissioning hotspots in a new report released Wednesday. Beyond the North Sea and the Gulf of Mexico, BCG suggested that southeast Asia, Latin America and West Africa are key regions for the decommissioning sector. “Taken together, the structures and wells in these regions represent approximately 50 percent of those expected to…

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Energen Profit More Than Triples On Higher Oil Prices

May 8 (Reuters) – Oil and gas company Energen Corp on Tuesday reported a first-quarter profit that more than tripled, helped by a surge in production and higher average prices for its oil. The company sold oil at $57.65 per barrel, up from an average of $46.95 per barrel in the same period a year ago. The company was largely helped by a resurgence in…

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Oil Rebounds as Trump Dumps Iran Deal, Promises New Sanctions

(Bloomberg) — Crude rebounded from earlier losses after U.S. President Donald Trump withdrew from the Iranian nuclear accord and said new sanctions will be imposed on OPEC’s third-biggest oil producer. Futures pared losses to 2.4 percent in New York on Tuesday after earlier dipping more than 4 percent. Trump characterized the 2015 accord intended to halt Iran’s quest for atomic…

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UKCS Production Efficiency Rises for Fifth Straight Year

Production efficiency (PE) in the UK Continental Shelf (UKCS) has risen for a fifth consecutive year, increasing to 74 percent in 2017, the UK’s Oil and Gas Authority (OGA) has revealed. The rise in production efficiency is estimated to have contributed to an additional 11.8 million barrels of oil equivalent during 2017, according to the OGA. “This is very welcome and…

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US Crude Output To Hit 12 MMBpd In Late 2019

NEW YORK, May 8 (Reuters) – U.S. crude oil production is expected to rise more than previously expected to 12 million barrels per day by the fourth quarter of 2019, the U.S. Energy Information Administration said on Tuesday in a monthly report. The agency forecast that U.S. crude oil output will rise by 1.14 million barrels per day (bpd) to…

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