Petrofac Ltd on Friday warned of delays in new projects until 2021 due to coronavirus-induced supply chain disruptions and travel restrictions as well as lower oil prices and said it was taking steps to conserve cash.The crash in oil prices…
Offshore accommodation company Prosafe has seen its fleet utilization rate drop to 32 percent in the first quarter of 2020 - down from 62.5% a year ago - and based on its clients' recent actions caused by low oil prices and the coronavirus pandemic…
SBM Offshore, one of the world's largest FPSO solutions providers, on Wednesday slightly reduced 2020 guidance due to uncertainty caused by the COVID-19 pandemic and the low oil price environment, but the CEO is optimistic the company will not just weather the storm…
Oil demand is still set for a record fall in 2020, the International Energy Agency (IEA) said on Thursday, but it trimmed its forecast for the drop citing easing lockdown measures.Demand is expected to fall by 8.6 million barrels per day (bpd)…
Offshore drilling firm Seadrill Partners has said it has received a notice of termination for the 2008-built West Polaris drillship contract.'As a result, the contract is expected to conclude in early November 2020, and the backlog is expected to decrease by approximately $23 million…
Australian oil and gas company Santos, with its partner Carnarvon, is progressing works on the development of the Dorado oil field off W. Australia, with pre-FEED contracts for the FPSO awarded to three 'world-class' contractors. The final investment decision date however…
Prices for spot liquefied natural gas (LNG) cargoes imported into Japan, the world's biggest buyer of the fuel, fell in April to their lowest since the country's trade ministry started compiling data in 2014. The latest low for LNG cargoes into…
Mubadala Petroleum and its partner Tap Oil have approved the 2020 Manora field development drilling program, with the first well set for spud this week.Tap Oil said Thursday that the three-well drilling campaign at the Gulf of Thailand would…
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…
The Russian government has extended a contract for Igor Sechin, a close ally of President Vladimir Putin, to stay as the chief executive officer of giant oil producer Rosneft for five more years, Vedomosti daily reported on Wednesday.The daily…
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…
U.S. engineering and construction giant KBR has been awarded a contract for Carbon Capture and Sequestration works at JX Nippon's offshore oil and gas fields in South East Asia.Under a Master Service Agreement (MSA) and Feasibility Study awarded to KBR by Japan-based oil and gas company JX Nippon…
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…
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