Lower oil prices will push the global oilfield services (OFS) sector into a recession in 2020 after three successive years of growth, according to Rystad Energy.In a new sector outlook update, Audun Martinsen, head of oilfield services research at Rystad Energy…
General Electric is looking to raise up to $3 billion in sale of majority-owned Baker Hughes shares, resulting in a reduction of the U.S industrial conglomerate's stake in the oilfield services provider to less than 50%, Baker Hughes said on Tuesday…
Mexico's government will give state-owned Pemex $5 billion so the world's most indebted oil company can pay off bonds, part of a plan to shore up accounts that also includes refinancing other bonds, the company said on Wednesday.Pemex, burdened by some $104 billion of debt…
According to DNV GL’s latest energy report ‘Energy Transition Outlook: Power Supply and Use’, eight times more wind and solar power is needed by 2030 to help meet the Paris Agreement on climate change’s target. This transition will require more…
Marine seismic surveyor SeaBird Exploration said it has been awarded a contact to acquire 2D seismic data in the Australasia region. The survey is due to commence during the fourth quarter of 2019 and is estimated to run for approximately three to four months plus mobilization…
MAN Energy Solutions said that its marine LNG fuel-gas-system manufacturer MAN Cryo has been contracted to supply an LNG fuel-gas supply system for Norwegian shipowner, Egil Ulvan Rederi newbuild.According to MAN, the LNG fuel-gas system will…
The global oil demand will peak in the mid-2020s and gas demand will keep rising to 2033, says DNV GL.Gas demand will then plateau, and the fuel will remain dominant until the end of the forecast period in 2050, when it will account for over 29% of the world’s energy supply…
Share of electricity in the final demand energy mix will more than double from today’s level to 40% in 2050, with two thirds of that electricity provided by solar PV and wind, said DNV GL.Electrification will transform how energy is produced and consumed…
Gas and variable renewables must work together alongside greater uptake of carbon capture and storage (CCS) to secure a rapid energy transition, according to a new forecast of the energy transition by DNV GL.According to the report '2019 Energy…
Brazil auctioned off the exploration rights to 33 minor onshore and offshore oil and gas blocks on Tuesday, in what authorities framed as a bid to boost the industry outside of the nation's core, offshore pre-salt play.At an event in downtown Rio de Janeiro…
The head of Russia's Rosnedra subsoil agency said on Tuesday that the development of the Pobeda (Victory) offshore Arctic oilfield in the Kara Sea is feasible only at oil prices of $130 to $140 per barrel, Interfax news agency reported.Rosneft…
Australian oil and gas producer Woodside is seeking to reduce its stakes in the Scarborough gas field at home and in Canada's Kitimat liquefied natural gas (LNG) project to cut its capital exposure, its chief executive told Reuters on Tuesday…
Siemens plans to list its energy unit by around September next year, the head of its gas and power division said on Tuesday.The German conglomerate said in May that it was spinning off its gas and power business, which has dragged on the German…
Drilling wells more than three miles deep in the late 1960s was something that GHK Company and partner Lone Star Producing Company believed would product massive amounts of natural gas. The two companies that began this project discovered in…
France-based Vallourec said it has been awarded a contract by Abu Dhabi National Oil Company (ADNOC) for the supply of tubing and casing, over a five year period, with a possible two-year extension, for an amount of $900 million.The award, which…
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