The House Energy and Commerce Committee has passed a bill to lift America’s decades-long ban on crude oil. Three Democrats joined all of the Republicans in passing the bill out of committee, 31-19.
The bill now goes to the full House for passage.
Houston-based oil and gas giant Halliburton announced additional layoffs on Wednesday. This time, the layoffs are going to affect management level positions.
The company did not provide a certain number of job cuts but did state those affected would be notified within the next couple of weeks.
Insiders close to the situation state total worldwide layoffs could go as high as 20,000 employees. (read full article)
The buzz from the oil sector is that operators from around the world need to brace themselves due to the economic changes to $50 oil as potentially the next benchmark. This is going to push the operators to look for more ways of efficiency. They will have to decrease allotted budgets to upcoming new projects by 20 to 30 percent. The amount is double of the usual expected squeezing amount. This decrease and cutting will affect the services and supply chain sectors, making its effect very prominent at lower levels of the industry specifically. (read full article)
Halliburton is dead set on continuing their dominance of the oilfield services market. First, came the $34 billion acquisition of Baker Hughes and now the revolution in refracking technology.
ACTIVATE Refracking Service, is Halliburton’s new extension to help bring consistency to refracking. According to Priyesh Ranjan, senior manager of business development, previous refracturing methods were not successful because they were unpredictable and not repeatable just like the odds of gambling in Las Vegas. (read full article)