New Round of Layoffs at Maersk Drilling
Offshore drilling company Maersk Drilling has announced a new wave of layoffs and has revised its financial guidance for 2020, citing oil and gas companies' budget cuts and delays and cancellations in offshore drilling tenders.As previously reported…
Key Offshore Wildcat Wells At Risk of Being Suspended
At least nine of the world’s top planned exploration wells for 2020 are at risk of being suspended as a result of the blended impact of COVID-19 on oil and gas activities and the oil price war, Rystad Energy said Tuesday.These wells…
GoM Oil Output Set for Record Year
The U.S. Gulf of Mexico is positioned for another year of record oil production in 2020, despite massive cuts in investment.According to Rystad Energy, most of this growth coming from deep water projects.“2020 is expected to be another…
US Sets Gulf of Mexico O&G Lease Auction for March
The U.S. Interior Department said it will hold its largest offshore auction to date, nearly 77 million acres, to energy companies in March 2018 to conduct oil and gas development. The proposed lease of offshore Texas, Louisiana, Mississippi, Alabama and Florida blocks continues U.S.
Glencore Sees Record Oil Trading Volumes as Margins Shrink
Glencore looks set to cement its position as the world's second-largest oil trader as it tries to offset low volatility and tight margins with record volumes this year, its global head of oil, Alex Beard, told Reuters. The London…
Private Equity Firm Energy Ventures Rebrands
A continuing low oil price has led to a re-focus of the investment strategy and a recent rebranding for independent private equity firm Energy Ventures. The company, which is headquartered in Stavanger and has offices in Houston and Aberdeen, has changed its name to EV Private Equity.
Petronas Raises Government Payout as Profit Surges
Malaysia's state-owned energy firm Petroliam Nasional Bhd on Friday raised its dividend payment commitment to the government after reporting that second-quarter profit quadrupled because of higher oil prices and improved margins.
Arnlea Lands Contracts with Chevron and Chrysaor
Aberdeen-based oil and gas asset management software business Arnlea said it has secured contracts with two operators for its mobile software inspection and maintenance product Intrinsix Ex. Arnlea signed an agreement with Chevron…
Low Oil Price Hurts Norway's Case for Arctic Exploration
Low oil prices mean drilling for oil and gas in an offshore zone between Russia and Norway will not bring the economic benefits Oslo had predicted, according to a report commissioned by two green groups that are suing the Norwegian state over its plans.
Norway OKs Statoil’s Trestakk Plan
Norwegian authorities have approved the Plan for Development and Operation (PDO) of the Trestakk discovery on the Halten Bank in the Norwegian Sea. Investments are calculated at NOK 5.5 billion ($646 million), almost half of the original estimate.
Premier Oil CEO Pay Rises as Company Recovers
The head of North Sea oil producer Premier Oil saw his final pay package rise by a third last year to 1.4 million pounds ($1.7 million) as a reward for his work to cut costs amid weak oil prices, the company said in its annual report.
ConocoPhillips Sheds Canadian Oil & Gas Assets
ConocoPhillips on Wednesday agreed to sell oil sands and western Canadian natural gas assets to Cenovus Energy Inc for C$17.7 billion ($13.3 billion), making it the latest international oil major to pull back from a region where…
U.S. Shale Back in Business, Buoyed by OPEC, Trump
U.S. shale producers are redeploying cash, rigs and workers, cautiously confident the energy sector has turned a corner after Donald Trump's election victory and OPEC's recent signal that it plans to curb production. The downturn produced a leaner, more efficient U.S.
Deepwater Projects Survive, Even with Low Oil Price
Deepwater seen working in Brazil, Gulf of Mexico; long-cycle projects require $60-$80/bbl oil price. The deepwater oil industry is not dead, even after the brutal drop in oil prices in recent years, but activity will focus on regions…
Keppel FELS Delivers Accommodation Unit to Floatel
Keppel FELS, a wholly owned subsidiary of Keppel Offshore & Marine (Keppel O&M) has delivered Floatel Triumph, a fifth high-specification accommodation semisubmersible (semi), to Floatel International Ltd (Floatel). The semi, which is built to Keppel's proprietary SSAUTM5000NG design…
Total Looks Beyond Bolivia's Incahuasi to Regional Gas Market
Oil and gas giant Total could start the second phase of its Incahuasi gas project in Bolivia as early as 2017 if the right market conditions and incentives for investments are in place, the company's director for the Americas said on Friday.
Iran Crude Exports at 5-yr High
August exports highest since Jan 2012; exports to Europe rise 48 pct from July to 630,000 bpd. Iran's August crude oil exports jumped 15 percent from July to more than 2 million barrels per day (bpd), according to a source with knowledge of its tanker loading schedule…
Statoil: Considerable Johan Castberg spin-offs
Statoil’s proposed impact assessment programme for the Johan Castberg project reveals that the project will be important to Norwegian industry and have strong ripple effects. During our improvement work we have created new opportunities for the Johan Castberg field in the far north.
Sasol's Earnings Plunge on Low Oil Price
Company earnings down 17 percent, in line with guidance; $680 mln write-down on Canadian shale assets. South African energy and chemicals group Sasol reported a 17 percent fall in full-year earnings on Monday due to lower crude oil…
Sasol boosts Lake Charles Project Price
Petrochemicals company Sasol Ltd on Tuesday raised the price tag of its U.S. ethane cracker project to $11 billion from $8.9 billion, in line with an estimate it flagged to the market in June. Project is under construction near Lake Charles…
