UK-based engineering and construction services firm Petrofac has won secured an Engineering, Procurement, Construction, Pre-commissioning and Commissioning (EPCC) contract in Kazakhstan.The contract is worth about US$135 million for new water…
Norway-based energy intelligence firm Rystad Energy said Tuesday it didn't expect any new FPSO orders this year, however, it expects the situation will improve next year when it foresees seven new FPSO to be ordered.'Hit by the second industry downturn in five years…
Vietnam's state oil firm PetroVietnam is seeking to venture into renewable energy sources like wind farms and floating solar panels, as domestic crude oil production has peaked at most of its offshore oil fields.The company, formally known as Vietnam Oil and Gas Group…
Petroleum consumption growth has been slowing for decades and the industry shows increasing signs of maturity, which will have profound implications for the business strategies of oil-producing companies and countries.Slower growth will intensify…
South East Asia focused oil and gas company Jadestone Energy has started arbitration against Inpex's subsidiary Teikoku over Jadestone’s acquisition of an interest in Blocks 05-1 b and c, offshore Vietnam.Jadestone in August 2016 signed an agreement…
MAN Energy Solutions will deliver six compressor trains for Yinson's FPSO being built for deployment in Brazil.For the FPSO named Anna Nery, MAN Energy Solutions will deliver four RB-type centrifugal-compressor trains for gas production and export…
Global oil demand and carbon dioxide emissions probably peaked in 2019 as the COVID-19 pandemic will have a lasting impact on both, energy consultancy DNV GL said on Wednesday.The Norway-based consultancy, which advises both petroleum and renewable energy companies on risk management and technology…
Offshore wind turbine maker MHI Vestas has signed a purchase agreement with local Taiwanese company, YGG, to source additional components for the upcoming production of V174 turbines to be installed offshore in Taiwan. The agreement covers rotor hubs…
Royal Dutch Shell said on Tuesday it would write off assets worth up to $22 billion after the coronavirus crisis knocked oil and gas demand and weakened the energy price outlook.The impairments follow the Anglo-Dutch company's decision to shift…
OPEC has cut oil output in June by 1.25 million barrels per day (bpd) from May levels as it works to implement a supply restraint agreement with Russia and other allies, according to estimates from tanker-tracking company Petro-Logistics.OPEC and its allies…
Construction of Gazprom's ice-resistant offshore production platform for the development of the Kamennomysskoye-Sea field began Thursday at the shipyard of Southern Shipbuilding and Repair Center (part of United Shipbuilding Corporation) in the Astrakhan Region…
According to Wood Mackenzie’s analysis, the oil price crash wiped US$1.6 trillion off the valuation of the global upstream industry.Andrew Pearson, vice president, upstream, said: 'This figure captures the impact of Wood Mackenzie’s downgraded…
Oil and gas major Chevron has signed a gas sales agreement in Australia, to supply BHP Nickel West from its Wheatstone gas project.Starting in July 2020, Chevron plans to supply BHP Nickel West with a total of 22 Petajoules of equity domestic gas over the 3…
Australian-listed oil and gas company FAR Ltd said on Wednesday its Senegalese unit had defaulted on its obligations to the Sangomar joint venture, as the company looked to sell its interest in the project.The company owns 15% of the Sangomar oil and gas field being developed off Senegal…
Brent futures prices have risen by more than 80% over the last two months, the fastest increase at any point for more than a quarter of a century, as the market has rebounded from its worst crisis in decades.Front-month Brent futures have averaged…
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