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IEV Wins Subsea Pipeline Inspection Gig in Malaysia

May 05, 2020

IEV, an asset integrity services provider to the oil and gas industry, has won a contract to provide advanced inspection solutions for an oil company in Malaysia.Singapore-based IEV said Monday it had won the contract through its 49%-owned associate…

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…

GMS Rejects 'Opportunistic' Takeover Proposal by Seafox

May 04, 2020

Gulf Marine Services (GMS), a UAE-based provider of offshore service jack-up units has rejected a takeover proposal from Seafox.Seafox on April 30, 2020, announced an unsolicited and non-binding approach to acquire the entire issued and to be issued share capital of Gulf Marine Services…

Oil Futures Markets Need More Transparency

May 01, 2020

Recent turbulence in the price of light sweet crude oil futures has highlighted how little is known about the positions of traders and their impact on the formation of prices.Exchanges and regulators see the positions of all members and traders…

KrisEnergy Secures Loan for Offshore Project in Cambodia

May 01, 2020

Southeast Asia-focused oil company KrisEnergy has said it has secured a loan for the development of a gas field offshore Cambodia.The company on April 30, 2020, entered into a credit facility agreement with Kepinvest Singapore Pte. Ltd. as a lender for a loan of up to $87 million…

India's Reliance Cuts Pay of Oil & Gas Division's Execs

Apr 30, 2020

India's Reliance Industries has cut the pay of some top oil-and-gas division employees by up to 50%, according to six sources and a letter seen by Reuters, as it battles lower profitability because of the coronavirus epidemic.Reliance, headed by India's richest man…

Seafox Proposes to Take Over GMS

Apr 30, 2020

The Dutch owner of a fleet of offshore jack-up service vessels Seafox has made a non-binding proposal to take over the UAE-based jack-up specialist GMS. Both companies provide offshore service support jack-up units for hook-up and commissioning in the oil & gas and offshore wind industries…

Woodside Holding Off on $11B Scarborough Project FID until Prices Improve

Apr 30, 2020

Woodside Petroleum's final investment decision on the $11 billion Scarborough gas project will require stable oil prices and credit ratings, the company's CEO said on Thursday.The company in March deferred a final investment decision on the…

Yinson Welcomes Sumitomo as Partner in Brazil FPSO Project

Apr 28, 2020

Malaysian FPSO supplier Yinson has signed a deal with Japan's Sumitomo for the latter's participation in the Marlim FPSO project.Yinson said Thursday that the two companies concluded an agreement for their participation in the charter, operations…

BP's Profit Tumbles

Apr 28, 2020

BP's first-quarter profits tumbled by two-thirds as the coronavirus crisis hammered oil demand and the energy major's debt rose sharply as it warned of exceptional uncertainty ahead.London-based BP said it expected significantly lower refining…

China's Crude Imports from Saudi Slip, Russia Up 31%

Apr 27, 2020

China's March crude oil imports from top supplier Saudi Arabia fell 1.6% from a year earlier, while purchases from No.2 supplier Russia rose 31%, Reuters' calculations based on customs data showed on Sunday.China's March crude oil imports rose 4…

KrisEnergy Sues Rubicon

Apr 27, 2020

KrisEnergy, a Southeast Asia-focused oil company, has started proceedings against FPSO owner Rubicon at the High Court of Justice Business and Property Courts of England and Wales.The oil company is reacting to a claim recently made by Rubicon demanding a $2…

Diamond Offshore Files for Bankruptcy

Apr 27, 2020

Diamond Offshore Drilling Inc filed for bankruptcy protection in Texas on Sunday, after the company recently skipped making an interest payment and said it had retained restructuring advisers.The Houston-based contract drilling company's filing…

Supertanker Rates Ease After Spike. Could Jump Again Soon

Apr 24, 2020

Supertanker freight rates eased this week as surging demand for floating storage cooled and crude oil output is set to fall, but rates could jump again as fewer tankers become available and as traders take advantage of weak oil prices, sources said…

Current News

Oil Drops but Still Set for Biggest Monthly Gain in Years

Oil Drops but Still Set for Biggest Monthly Gain in Years

Melbana Gets More Time for Find Beehive Drilling Partner

Melbana Gets More Time for Find Beehive Drilling Partner

Industry Group Calls for 'Key Worker' Status for Offshore Energy Workers

Industry Group Calls for 'Key Worker' Status for Offshore Energy Workers

UAE: Jack-Up Providers Team Up to Cut Costs

UAE: Jack-Up Providers Team Up to Cut Costs

Pertamina to Develop Cilacap Refinery without Saudi Aramco

Pertamina to Develop Cilacap Refinery without Saudi Aramco

Petrofac in Iraq Contract Extension

Petrofac in Iraq Contract Extension

Gastech Postponed for 2021

Gastech Postponed for 2021

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