Space Travel News  
OIL AND GAS
Oilfield services company Wood Group sees only modest recovery
by Daniel J. Graeber
Washington (UPI) Jun 29, 2017


Oilfield services company Wood Group said it was seeing signs of only minor recovery in the energy market, even as it lands a new offshore contract.

"In the first half [of the year], we have seen continued challenges in our core oil and gas market with modest recovery only in certain areas," the company said in a statement Thursday.

Profits for full-year 2016 were 62 percent lower than the previous year, which the company said matched its expectations.

Looking forward to a 2017 market on the road to recovery, Chief Executive Robin Watson said in February that challenges remain and caution prevailed for near-term conditions on the oil and gas market.

Spending on exploration and production was supported in the first half of the year by oil prices moving above $50 per barrel on the back of an agreement led by the Organization of Petroleum Exporting Countries to stem production. Gains elsewhere, notably from the United States, have led to lingering over-supply concerns and oil prices are now about 12 percent below where they started the year.

In a separate statement, Wood Group said it was awarded a "multimillion dollar contract" to help Canadian oil company Husky Energy complete the design work for a platform designated for waters off the eastern coast of Canada.

Wood Group CEO Robin Watson said the agreement to help complete the White Rose development offshore Canada aligns with the company's "clear focus on adding value and delivering cost savings and efficient project delivery."

Nevertheless, the company said its performance during the first half of the year was weaker than expected.

"We are more cautious on the full year outlook but anticipate a stronger second half," the company said.

In June, shareholders of Wood Group approved an all-share offer to take over rival Amec Foster Wheeler, which the company said should strengthen its sector footprint.

OIL AND GAS
Washington: An energy-dominant U.S. is free from external shocks
Washington (UPI) Jun 28, 2017
An energy-dominant United States means the country is self-reliant and isolated from countries that aim to use energy as a weapon, the energy secretary said. U.S. President Donald Trump is highlighting his energy strategy this week as the Energy Department's independent Energy Information Administration holds its annual conference in the nation's capital. Earlier this week, White ... read more

Related Links
All About Oil and Gas News at OilGasDaily.com


Thanks for being here;
We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceDaily Contributor
$5 Billed Once


credit card or paypal
SpaceDaily Monthly Supporter
$5 Billed Monthly


paypal only


Comment using your Disqus, Facebook, Google or Twitter login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle

OIL AND GAS
OIL AND GAS
No One Under 20 Has Experienced a Day Without NASA at Mars

Mars Orbiter spots rover ascending Mount Sharp

India's Mars Orbiter Mission Completes First 1,000 Earth Days

University Students Mine for Water at NASA's Mars Ice Challenge

OIL AND GAS
Russian aerospace firm to cooperate with China on Lunar exploration missions

New NELIOTA project detects flashes from lunar impacts

Cube Quest Challenge Team Spotlight: Cislunar Explorers

Winning plans for CubeSats to the Moon

OIL AND GAS
NASA Completes Study of Future 'Ice Giant' Mission Concepts

King of the Gods: Jupiter Dated to Be Oldest Planet in the Solar System

New Horizons Team Digs into New Data on Next Flyby Target

A whole new Jupiter with first science results from Juno

OIL AND GAS
Could a Dedicated Mission to Enceladus Detect Microbial Life There

New branch in family tree of exoplanets discovered

NASA discovers 10 new Earth-size exoplanets

Finding new Earths: PLATO spacecraft to be built

OIL AND GAS
Falcon 9 launches Bulgaria's first geostationary communications satellite

India launches PSLV rocket with 31 satellites

Orbex reveals space rocket factory

Developing Landing Tech for Space

OIL AND GAS
China's cargo spacecraft completes second docking with space lab

China to launch four more probes before 2021

New broadcasting satellite fails to enter preset orbit

China launches remote-sensing micro-nano satellites

OIL AND GAS
Are NEOs Coming to Earth?

ESA boss urges action on 'ticking timebombs' in Earth orbit

B612 Creates Asteroid Institute

Rosetta finds comet connection to Earth's atmosphere









The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us.