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…
Greek shipowner GasLog has taken delivery of a newbuild liquefied natural gas (LNG) carrier from Korean shipbuilder Samsung Heavy Industries. The 180,000-cubic-meter-capacity GasLog Wales will operate on a 12-year time charter agreement with the principal LNG shipping entity of Japan’s JERA…
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…
China has issued 28 million tonnes of refined fuel export quotas in the second allotment for this year, little changed from the first batch of 27.99 million tonnes issued last December, according to four sources with knowledge of the matter…
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…
Liza Unity, an under-construction FPSO that will be Guyana's second offshore facility in production, remains on schedule for first oil in 2022, Hess Corp. said Thursday.Guyana became an oil-producing nation in December 2019, when Exxon brought online the Liza Destiny FPSO…
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…
Oil and gas engineering firm Wood has teamed up with National Energy Resources Australia (NERA) to develop and deliver an AI Inspection tool for subsea oil and gas infrastructure.The companies say that the solution has the potential to revolutionize…
South Korean shipbuilder Hyundai Heavy Industries has shared more details on its newly secured contract to build two crude oil carriers.The company had on Thursday issued a brief statement on the Korea Exchange sharing it had won contracts to build two tankers for a European client…
Exxon Neftegaz Ltd (ENL) is adjusting the schedule and scope of some of its activities at the Sakhalin-1 oil and gas project in far eastern Russia as it moves to cut spending in response to the coronavirus crisis and weak oil prices, it said on Friday…
Analysts from Norway's Rystad Energy expect that the global oil and gas investment cuts will severely hit demand for subsea equipment, with demand for subsea umbilicals expected to fall by 32%.Rystad sees just 713 kilometers (km) of lines ordered in 2020…
China's crude oil imports rebounded in April from a month earlier on daily basis as refiners ramped up output amid a recovery in fuel demand with the impact of the coronavirus outbreak easing while crude prices crashed on slumping consumption elsewhere…
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