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IEA: Early Signs of Recovery Visible, But Oil Demand Still Set For Record Fall

May 14, 2020

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)…

Three Firms Compete for Dorado FPSO FEED. WHP Shortlist 'Soon'

May 14, 2020

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…

Awilco Drilling Posts 'Nil' in 1Q Revenue. In Talks for Newbuilds Funding, Deployment

May 13, 2020

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…

Bristow, Era Elect Executive Leadership Ahead of Merger Wrap

May 13, 2020

Offshore helicopter service providers Bristow and Era have elected new executive leadership to lead the company once their proposed merger is complete, which is expected to happen next month.The companies said the executive leadership team will…

Rystad: Oil Firms May Need to Kill Old, Loss-Making FPSOs

May 12, 2020

'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…

Saudi Arabia to Reduce Oil Production Further

May 11, 2020

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…

SWS Shipyard Delivers Two Platform Suppliers for COSL

May 11, 2020

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…

Guyana's Liza Phase 2 on Track for First Oil in 2022

May 08, 2020

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…

Saudi Aramco 'Suspends' Noble Corp. Jack-Up Rig

May 07, 2020

Offshore drilling company Noble Corp has said that its jack-up rig Noble Scott Marks, located offshore Saudi Arabia, will be suspended at the request of its client.The rig is on a contract with Saudi Aramco, which, as Noble Corp. said in April…

Virus Lockdowns Pummel Global Gas Demand, Force LNG Output Cuts

May 07, 2020

Lockdowns to slow the coronavirus pandemic are pummelling gas demand in the world's biggest buyers of liquefied natural gas (LNG), pushing Asia's spot prices to record lows and forcing some suppliers to start cutting output. Economies worldwide…

Equinor CEO Doesn't Believe in Quick Oil Market Rebound

May 07, 2020

More global oil production curtailments will be needed to reduce the gap between supply and demand and normalize the oil market, the chief executive of Norway's Equinor said on Thursday.Eldar Saetre, who led the company through the previous market downturn in 2014-2016…

Oil Prices Extend Gains on Demand Hopes as Lockdowns ease

May 05, 2020

Oil prices jumped again on Tuesday on hopes for a recovery in vehicle traffic and fuel demand as some European and Asian countries along with several U.S. states began to ease coronavirus lockdown measures.West Texas Intermediate (WTI) crude futures were 7…

Coronavirus Pushes Oil Majors to Biggest Output Cuts in 17 years

May 05, 2020

Oil and gas output from some of the world's top oil companies is set to drop by nearly 11% in the second quarter of 2020 to levels not seen in at least 17 years, according to Reuters calculations. The output cuts are driven by an unprecedented…

Drones Might Soon Deliver Goods for Offshore Rigs

May 04, 2020

Shipping, logistics, and marine services provider GAC has teamed up with a Singapore-based start-up to work on the delivery of supplies to vessels and offshore platforms via drones.GAC and the start-up named F-Drones will work to develop large…

ADNOC to Power Offshore Platforms from Shore

May 01, 2020

Abu Dhabi National Oil Company (ADNOC) and Abu Dhabi Power Corporation (ADPower) have this week jointly announced tender for they development and operation of the region’s first high-voltage, direct current (HVDC) sub-sea transmission system…

Current News

Fred. Olsen Windcarrier Picks Jack-Up for 1600t Huisman Crane

Fred. Olsen Windcarrier Picks Jack-Up for 1600t Huisman Crane

Japan Identifies 10 Areas for Offshore Wind Projects

Japan Identifies 10 Areas for Offshore Wind Projects

Jadestone, Inpex in Arbitration over Offshore Block in Vietnam

Jadestone, Inpex in Arbitration over Offshore Block in Vietnam

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

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

Japan's LNG Investments Drive Faces Risk of Souring

Japan's LNG Investments Drive Faces Risk of Souring

Spring Oil Flood Causes Summer Queues in Chinese Ports

Spring Oil Flood Causes Summer Queues in Chinese Ports

MAN Compressors for Yinson's Brazil-bound FPSO

MAN Compressors for Yinson's Brazil-bound FPSO

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