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Once an American Foe, Now a Friend: OPEC Turns 60

Sep 14, 2020

In 1973, Arab members of the Organization of Petroleum Exporting Countries brought the U.S. economy to its knees. Now, the cartel created 60 years ago is more likely to do Washington's bidding.Since Saudi Arabia and other Arab OPEC members imposed their famous oil embargo as retribution for U.S. support for Israel during the Yom Kippur War, shifts in global politics and a surge in America's oil production have tamed the group…

Woodside, Cairn Ink Binding Deal for Senegal Oil Field Rights Transfer

Sep 04, 2020

Australian oil and gas giant Woodside has signed binding agreements with Cairn for the acquisition of Cairn's 40 percent interest in Woodside-operated offshore oil blocks in Senegal.The firm deal, announced Friday, comes after Cairn had in July agreed to sell its interest in the Rufisque Offshore…

FAR OK with Cairn's Sangomar Stake Sale. Won't Trigger Buy Option

Aug 27, 2020

FAR, an Australian oil and gas company with a share in the $4.2 billion Sangomar oil and gas field in Senegal, will not stand in the way to its partner Cairn divesting its stake in the project.Namely, Cairn last month agreed to sell its 40% ownership in the Woodside-operated Rufisque…

Headache for OPEC as Oil Market Structure Signals Return of Glut

Jul 30, 2020

Rising OPEC and U.S. oil supply, coupled with stalled economic and crude demand recovery, have pushed the futures market structure back to indicating a surplus, last observed during oil's collapse in April and May amid the coronavirus pandemic…

LR Names Marine & Offshore President for SAMEA

Jul 28, 2020

LR has appointed Mike Holliday as Marine & Offshore president for South Asia, the Middle East, and Africa (SAMEA).In his new role, Holliday will lead LR’s Marine and Offshore operations across SAMEA, primarily based in Singapore, and be responsible…

OPEC+ Meets to Decide on Oil Output Cuts Easing

Jul 15, 2020

OPEC and allies such as Russia meet on Wednesday to decide oil output policy from August amid broad market expectations the group will ease supply curbs as the global economy slowly recovers from the coronavirus pandemic.The Organization of the Petroleum Exporting Countries and allies…

OPEC Expects Record Rise in Oil Demand in 2021

Jul 14, 2020

Global oil demand will soar by a record 7 million barrels per day (bpd) in 2021 as the global economy recovers from the coronavirus pandemic but will remain below 2019 levels, OPEC said in its monthly report.It was the first report in which OPEC assessed oil markets next year…

Rystad: FPSO Contract Awards to Rebound in 2021 after Poor 2020

Jul 08, 2020

Norway-based energy intelligence firm Rystad Energy said Tuesday it didn't expect any new FPSO orders this year, however, it expects the situation will improve next year when it foresees seven new FPSO to be ordered.'Hit by the second industry downturn in five years…

Global Offshore Rig Count in June Falls to 208. Africa Suffers the Biggest Loss

Jul 02, 2020

The global active offshore drilling rig count for June 2020 was lower by 65 units, compared to June 2019, Baker Hughes' monthly rig count report has shown.Latin America was the only region that saw its offshore rig count rise, Europe and North America saw their numbers halved…

OPEC Production in June Cut by 1.25 mbpd

Jun 29, 2020

OPEC has cut oil output in June by 1.25 million barrels per day (bpd) from May levels as it works to implement a supply restraint agreement with Russia and other allies, according to estimates from tanker-tracking company Petro-Logistics.OPEC and its allies…

FAR Misses Sangomar Payment

Jun 24, 2020

Australian-listed oil and gas company FAR Ltd said on Wednesday its Senegalese unit had defaulted on its obligations to the Sangomar joint venture, as the company looked to sell its interest in the project.The company owns 15% of the Sangomar oil and gas field being developed off Senegal…

Oil Majors, Governments Haggle over Oil Output Cuts

Apr 28, 2020

From Kazakhstan and Azerbaijan to Nigeria and Angola, oil majors are haggling with national governments over how to share out deep production cuts that add to their pain from low oil prices and depressed fuel sales because of the coronavirus pandemic…

New Offshore Acreage Licensing to Drop 60% in 2020, Rystad says

Apr 15, 2020

Newly licensed offshore oil and gas exploration acreage is likely to fall by about 60% and onshore acreage by 30% compared with 2019 levels, Rystad Energy has said, as the Norwegian energy market analytics company expects more than half of the…

Total Sells Brunei, Sierra Leone, and Liberia Assets for $400M+

Apr 07, 2020

French oil firm Total has said it has sold assets in Brunei, Liberia, and Sierra Leone for more than $400 million, as part of its plan to divest $5B worth of assets in 2019-2020 period.The divestments announced Tuesday include non-core assets…

Aker Energy Delays Ghana Offshore Project 'Indefinitely'

Apr 01, 2020

Ghana's President Nana Akufo-Addo in February said he expected Norwegian oil firm Aker Energy to make a final investment decision on the Pecan offshore development 'within a month or two.' The wait is now set to be prolonged 'indefinitely.'Namely…

Current News

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Iberdrola, Macquarie Enter Offshore Wind JV in Japan

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