Oil prices bounced nearly 7% on Thursday after a three-day selloff drove them to their lowest in almost two decades as demand plummeted due to the coronavirus and supplies surged in a fight for market share between Russia and Saudi Arabia.Benchmark Brent…
Oil prices fell for the third session on Wednesday with U.S. crude futures tumbling to a 17-year low as travel and social lockdowns sparked by the coronavirus epidemic knocked the outlook for demand.U.S. crude was down $1.49 cents, or 5.53%…
More than 200 oilfield services companies might be forced to declare bankruptcy - most of them in Norway and the UK - due to the effects of the Covid-19 pandemic and its effect on oil prices.This is according to Norway-based energy intelligence firm Rystad Energy…
Malaysian FPSO leasing company Yinson has signed a longer-term charter deal for the provision of the FPSO PTSC Lam Son to Vietnam's PTSC AP.After several short-term extensions, Yinson's Vietnam JV PTSC AP has signed a charter deal for the FPSO…
Energy companies across the Asia Pacific responding to unprecedented challenges on multiple fronts 2020 has hit us like a fist. Coronavirus is already the most severe shock to hit the world economy since the financial crisis over a decade ago…
Santos Ltd, Australia's No. 2 independent gas producer, said on Tuesday it is reviewing all its capital spending plans in light of the collapse in oil prices and would stop all new hiring.Santos had planned to spend $1.45 billion in 2020, including $500 million on major growth activities…
Climate change has been a hot topic over the last few years, with tighter environmental regulations being introduced.Large multinational companies are under increasing pressure to reduce their carbon footprint and transition to cleaner energy solutions…
Franco-American oil services firm TechnipFMC Plc is putting on hold plans to split itself into two due to turbulence in financial markets linked to the coronavirus outbreak, it said on Sunday.The group, created three years ago via the merger of Technip and FMC…
Italian oilfield services company Saipem has agreed to buy Solstad Offshore's lay barge vessel DLN Norce Endeavour.Saipem had in December 2019, chartered the vessel from Solstad Offshore. The charter included an option for Saipem to acquire the vessel…
Oil prices were set for their biggest weekly slide since the 2008 financial crisis despite a 7% bounce on Friday, as the coronavirus outbreak threatened demand and crude producers promised more supply.Brent crude was up $2.50, or 7.3% on the day…
Malaysia’s Sapura Energy has completed the installation of a satellite platform topside offshore Mexico, as part of Hokchi Energy's Hokchi field development.In a post on social media on Friday, Sapura Energy said it successfully lifted and set down the Hokchi Satellite Platform topside…
Mubadala Petroleum has increased its ownership share in the G1/48 block containing the Manora oil field in the Gulf of Thailand.The company has, via its subsidiary MP G1, taken a 10 percent interest in the offshore block from Northern Gulf Petroleum…
Equinor reported the oil industry's first coronavirus infection on an offshore installation on Wednesday, highlighting the challenge in preventing contamination for thousands of workers living in the close quarters on rigs and platforms.A worker…
Australia's oil and gas company Santos will sell a 25% interest in Darwin LNG and Bayu Undan gas condensate offshore field to SK E&S for US$390 million with effect from October 1, 2019 with customary adjustments on completion.Santos also said…
Subsea well intervention is on the rise around the world. It has already become established in Europe, where each subsea well now experiences an average of 1.5 intervention days per year, according to speakers at last year’s OWI APAC conference…
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