International Energy Agency (IEA) Executive Director Fatih Birol said on Thursday that recently announced oil output cuts by major Gulf Arab producers would likely not be enough to balance global markets as coronavirus lockdowns hollow out demand…
Oslo-listed offshore drilling contractor Awilco Drilling did not generate revenue during the first quarter of 2020, and it on Wednesday reported a net loss of $9,4 million. However, the company is optimistic about the future, that is, when its high-end rigs…
Mitsubishi UFJ Financial Group said on Wednesday it has put oil sands extraction and drilling for crude oil and gas in the Arctic on its 'restricted transaction' list, potentially a further tightening on financing fossil fuels by Japanese banks…
Australia's offshore oil and gas safety body NOPSEMA has approved oil company Santos' plan to carry out a geotechnical and geophysical survey within Permit WA-437-P offshore W. Australia, containing the large oil discovery Dorado.Santos is planning…
Austrian energy group OMV sees hope for a recovery in oil prices in the second half of 2020 helped by increased fuel demand and output cuts by producers such as Saudi Arabia, its chief executive said.The spread of the coronavirus has knocked…
Offshore helicopter service providers Bristow and Era have elected new executive leadership to lead the company once their proposed merger is complete, which is expected to happen next month.The companies said the executive leadership team will…
Inpex Corp, Japan's top oil and gas company, on Tuesday cut its annual net profit forecast by 93% after first-quarter earnings slumped due to an oil price collapse and as the coronavirus pandemic choked off international energy demand.The group…
None of the big oil companies currently meet U.N. targets to limit global warming despite the most ambitious targets set by Royal Dutch Shell and Eni , investors managing $19 trillion said on Tuesday.The Transition Pathway Initiative (TPI),…
'The swift oil price crash caused by the Covid-19 pandemic will reduce the combined free cash flow of FPSO fields, which have produced above three-quarters of their original resources at just $2.20 per barrel this year. This is a jaw-dropping decline from 2019’s $11…
Engineering and project management firm Penspen has won an engineering services contract by Target Engineering Construction Co LLC for slug catcher replacement support on a project on Zirku Island in UAE.The Penspen contract is for work on the island’s Satah slug catcher replacement project…
Saudi Arabia will voluntarily deepen oil output cuts from June as low oil prices are causing huge pain to the kingdom's budget and global demand remains weak due to lockdowns to contain the coronavirus pandemic.The announcement by the kingdom…
Norwegian offshore EPC contractor Aragon has won a contract to deliver topside modules for Malaysia-based Yinson's Anna Nery FPSO that will produce oil from Petrobras' Marlim field in Brazil.The Bergen-based company, part of Singapore's SembMarine…
Shanghai-based SWS shipyard has delivered two newbuild platform supply vessels to Sinoocean.The vessels the 'Guo Hai Min Xing' and the 'Guo Hai Min Sheng' - both of the ULSTEIN PX121 design - are operating for COSL – China Oilfield Services Limited…
China's energy and chemical giant Sinopec has said it has put China's largest petrochemical port into operation with the successful docking and unloading of the New Renown, a very large crude carrier (VLCC) from the Middle East. The tanker was welcomed at the new 300…
China's Shanghai Waigaoqiao Shipbuilding has this month delivered the newbuild jack-up Energy Edge to its owner Northern Offshore.The delivery of the CJ-50 design jack-up drilling unit took place in Shanghai on May 2.According to previous reports…
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