Vietnam has cancelled a major oil project in the South China Sea for the second time in a year, in the wake of Chinese pressure, the BBC has learned. State-owned PetroVietnam ordered Spanish energy firm Repsol to suspend a project off the south-east coast, a well-placed industry source said. Source: BBC
It is less than two months since U.S. President Donald Trump travelled to Texas to declare that the U.S. energy industry, laid low by this year’s oil price crash, was back on its feet. “We’re OK now,” the president told the assembled crowd.
But bankruptcy numbers released this week tell a different story. Another 16 upstream U.S. oil and gas companies — producers and service providers — hit the wall in August, the same number as in July, according to law firm Haynes and Boone. Source Financial Post
Austria has said it still supports the Nord Stream 2 gas pipeline, despite growing reservations about the project in parts of Europe following the poisoning of Russian opposition figure Aleksei Navalny. Source Radio Free Europe
Baker Hughes reported on Friday that the number of oil rigs in the United States fell by 1 to 180.
The total number of active oil and gas rigs decreased for the week by 2, with oil rigs falling by 1 and gas rigs falling by 1.
Total oil and gas rigs in the United States are now down by 632 compared to this time last year. Source OilPrice
