Though the Permian Basin still dominates US land drilling, the pace of growth in this region has slowed significantly.Older tight oil wells decline by 20% per year without material intervention, according to Rystad Energy.Contrary to common belief…
Sembcorp Marine said it has won a raft of new projects valued at S$400 million (US$288 million) that includes floating production conversion projects, offshore wind farm jacket foundations fabrication and cruise ship upgrades.THe company's Sembcorp…
In spite of low gas prices due to ample LNG supply growth and muted demand so far in 2019 spot shipping rates have gradually increased over the last few months and are currently about USD 70,000 per day on average, said Awilco LNG Group.According to Norwegian LNG transportation provider…
China's national offshore producer CNOOC Ltd reported a near 19% rise in first-half profit on Thursday, as higher sales of oil and gas offset weaker global oil prices.The listed arm of state-owned China National Offshore Oil Corp said that it…
British oil major BP Alaska announced that it is selling its entire business to Hilcorp Alaska, marking the exit from Alaska after six decades.The $5.6 billion sale includes Opens a New Window. interests in the Prudhoe Bay oil field, Point Thomson gas field and the trans-Alaska pipeline system…
Houston-based Stabilis Energy has joined SEA\LNG, the multi-sector industry coalition which is seeking to accelerate the widespread adoption of liquefied natural gas (LNG) as a marine fuel.Commenting on the development, Peter Keller, Chairman…
So far in 2019, 41 VLCCs have been added to the global fleet compared to three vessel demolitions, said the world's largest oil tanker shipping company Frontline Ltd.An additional 33 VLCCs are scheduled to be delivered in 2019 with 43 more to follow in 2020 before the order-book declines sharply…
British oil major BP Plc on Tuesday agreed to sell all its Alaskan properties for $5.6 billion to privately held Hilcorp Energy Co, exiting a region where it operated for 60 years.The deal, which includes interests in the most prolific oil field in U…
The highest US crude oil exports to China in 11 months lifted total seaborne US crude oil exports to a record high at 11.9 million (m) tonnes in June 2019. Also contributing to the June record was South Korea, as exports to the other main Far Eastern buyer reached an all-time high volume of 2…
The U.S. offshore wind project development pipeline grew to a potential generating capacity of 25,824 MW across 13 states, including the Block Island Wind Farm commissioned in 2016.Projects totaling 21,225 MW have exclusive site control, meaning…
Top Russian oil producer Rosneft has put up marine fuel cargos for sale with the euro as the default currency, a tender document showed on Monday, in line with its plan to sell oil products in the single currency instead of the U.S. dollar.Rosneft said it had tendered to sell up to 70…
Engineering and industrial software company AVEVA announced that Worley has selected AVEVA’s Enterprise Resource Management solution as its preferred materials management platform. The partnership combines Worley’s engineering, procurement…
A staggering 61% of the world’s new oil and gas production over the next decade is set to come from one country alone: the United States.According to a report by Global Witness, the sheer scale of this new production dwarfs that of every other…
Nigeria and West Africa-focused oil and gas exploration and development company Lekoil has agreed to acquire, subject to the receipt of the required consents, a 45% participating interest in the production sharing contract (PSC) in relation to the oil prospecting licence (OPL) 276…
Estonia's energy group Eesti Energia is all set to import gas from Russia's largest private gas company Novatek via Lithuania's LNG terminal based in Klaipeda, which is operated by KN, in September.The contract with the new Klaipeda LNG terminal user was signed on Thursday…
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