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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…

Malaysia Calls for Peaceful End to South China Sea Standoff

Apr 23, 2020

Malaysia called on Thursday for disputes over the South China Sea to be resolved by peaceful means, amid a standoff between Chinese and Malaysian vessels that a U.S. think tank said had been going on for months.U.S. and Australian warships arrived…

Australia Joins U.S. Ships in South China Sea Amid Rising Tension

Apr 22, 2020

An Australian frigate has joined three U.S. warships in the South China Sea near an area where a Chinese vessel is suspected to be exploring for oil, near waters also claimed by Vietnam and Malaysia, officials said on Wednesday.The warships…

Oil Prices Hit 1990s Low

Apr 22, 2020

Oil prices slumped again on Wednesday, with Brent falling to the lowest since 1999, as the market struggled with a massive crude glut amid a collapse in demand for everything from gasoline to jet fuel caused by the coronavirus outbreak.Brent crude…

Jadestone Delays Stag, Montara Drilling

Apr 22, 2020

After recently delaying projects in Vietnam, London-listed oil company Jadestone Energy has decided to postpone infill drilling programs at its Stag and Montara offshore fields in Australia, in a move to reduce cash spending due to the oil price rout…

Two U.S. Warships in South China Sea Amid China-Malaysia Standoff

Apr 21, 2020

Two U.S. warships are operating in the South China Sea, the Navy said on Tuesday, with three regional security sources saying they were near an area of a standoff between China and Malaysia.The Haiyang Dizhi 8, a Chinese government research ship…

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