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Exxon to Cut 14,000 Jobs as Pandemic Hits Oil Demand

Oct 29, 2020

ExxonMobil Corp said on Thursday it could cut its global workforce by about 15%, including deep white-collar staff reductions in the United States, as the COVID-19 pandemic batters energy demand and prices.Exxon and other oil producers have been slashing costs due to a collapse in oil demand and ill-timed bets on new projects. The top U.S. oil company earlier outlined more than $10 billion in budget cuts this year…

Hess Cuts 2020 Output Forecast Slightly Due to Hurricanes, Lower SE Asia Production

Oct 28, 2020

U.S. oil and gas producer Hess Corp reported a bigger-than-expected quarterly loss on Wednesday and slightly lowered its full year production forecast, as its operations were hit by hurricanes in the Gulf of Mexico and lower production in South East Asia…

Oil Major Chevron Tells Employees to Delete WeChat from Phones

Sep 23, 2020

U.S. oil giant Chevron Corp has asked employees globally to delete Tencent Holdings Ltd's WeChat from their work phones, following the Trump administration's executive order to ban the social media app, Bloomberg News reported https://bloom…

Keppel Offshore & Marine Clinches $146,5M in New Orders

Sep 22, 2020

Singapore's Keppel Offshore & Marine has secured new construction orders worth around S$200 million (USD146,5 million). The orders include the construction of a Floating Storage Regasification Unit, as well as the largest U.S. hopper dredger…

Once an American Foe, Now a Friend: OPEC Turns 60

Sep 14, 2020

In 1973, Arab members of the Organization of Petroleum Exporting Countries brought the U.S. economy to its knees. Now, the cartel created 60 years ago is more likely to do Washington's bidding.Since Saudi Arabia and other Arab OPEC members imposed their famous oil embargo as retribution for U…

U.S. Sends First Crude Shipment to Saudi Arabia in Years

Aug 06, 2020

The United States sent a shipment of crude to Saudi Arabia in June, data from the U.S. Census Bureau showed on Wednesday, in what appears to be the first such delivery since the U.S. ban on crude exports ended in 2015.The United States shipped about 550…

Oil Prices Hit 5-Month High

Aug 05, 2020

Oil prices rose to their highest since early March on Wednesday on data showing a big drop in U.S. crude inventories, and a weak dollar, but mounting coronavirus infections weighed on the demand outlook.Brent crude was up $1.63, or 3.67%, at $46…

Headache for OPEC as Oil Market Structure Signals Return of Glut

Jul 30, 2020

Rising OPEC and U.S. oil supply, coupled with stalled economic and crude demand recovery, have pushed the futures market structure back to indicating a surplus, last observed during oil's collapse in April and May amid the coronavirus pandemic…

U.S. Crude Floods into Asia, but It's a Short-Term Blip

Jul 28, 2020

Asia will import record volumes of U.S. crude oil this month, with China leading the way, but the surge is more likely a short-term blip rather than a sustained trend. A total of 57.7 million barrels of U.S. crude is expected to land in Asia in July…

Baker Hughes Posts Q2 Loss as Oil Slump Hits Demand

Jul 22, 2020

Baker Hughes Co posted its second consecutive quarterly loss on Wednesday and said it would continue to rein in costs in preparation for a longer period of volatility in oil prices.Oil producers halted the drilling of new wells and drastically…

OPEC+ Meets to Decide on Oil Output Cuts Easing

Jul 15, 2020

OPEC and allies such as Russia meet on Wednesday to decide oil output policy from August amid broad market expectations the group will ease supply curbs as the global economy slowly recovers from the coronavirus pandemic.The Organization of the Petroleum Exporting Countries and allies…

OPEC Expects Record Rise in Oil Demand in 2021

Jul 14, 2020

Global oil demand will soar by a record 7 million barrels per day (bpd) in 2021 as the global economy recovers from the coronavirus pandemic but will remain below 2019 levels, OPEC said in its monthly report.It was the first report in which OPEC assessed oil markets next year…

Seacor Marine Completes Seacosco Acquisition

Jul 07, 2020

The U.S.-based offshore support vessel company Seacor Marine has completed the acquisition of the remaining 50 percent stake in Seacosco from affiliates of China's Cosco Shipping Group.Seacor Marine will consolidate the operating results of…

Global Offshore Rig Count in June Falls to 208. Africa Suffers the Biggest Loss

Jul 02, 2020

The global active offshore drilling rig count for June 2020 was lower by 65 units, compared to June 2019, Baker Hughes' monthly rig count report has shown.Latin America was the only region that saw its offshore rig count rise, Europe and North America saw their numbers halved…

Schlumberger Introduces Remote Well Op and Downhole Reservoir Testing Tech

Jun 30, 2020

Oilfield services giant Schlumberger has this week introduced two interesting technologies for remote well operations and downhole reservoir testing, the Performance Live and the Symphony, respectively.Performance Live is a digital service that optimizes remote well site operations control…

Current News

Coronavirus, Consolidation Taking Toll On Energy Jobs

Coronavirus, Consolidation Taking Toll On Energy Jobs

Total Keeps Dividend But Cuts Investment Target

Total Keeps Dividend But Cuts Investment Target

MODEC Sets Out to Reduce Cost of Floating Wind Turbines

MODEC Sets Out to Reduce Cost of Floating Wind Turbines

Chevron Posts Q3 Profit

Chevron Posts Q3 Profit

GIEK Doubling Down on Offshore Wind

GIEK Doubling Down on Offshore Wind

World's Largest Wealth Fund Cites Paucity of Good Green Energy Deals

World's Largest Wealth Fund Cites Paucity of  Good Green Energy Deals

Class Societies Help Navigate Offshore Sector’s Coronavirus Challenge

Class Societies Help Navigate Offshore Sector’s Coronavirus Challenge

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