Industry News

Chrysaor submits decommissioning plan for Caister offshore platform

22 January 2020, 3:03pm
Chrysaor has submitted a plan for decommissioning of the Caister CM offshore platform in the UK North Sea to the UK authorities. ...
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Baker Hughes sees 49 pct jump in adjusted profit

22 January 2020, 1:24pm
Baker Hughes saw its fourth quarter 2019 net income drop 63 percent when compared to the same period in 2018 while its revenues saw a small increase of 1 percent. ...
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EIA projects less than a quarter of the world’s electricity generated from coal by 2050

22 January 2020, 1:00pm
According to the U.S. Energy Information Administration’s (EIA) International Energy Outlook 2019 (IEO2019), global electric power generation from renewable sources will increase more than 20% throughout the projection period (2018–2050), providing almost half of the world’s electricity generation in 2050. In that same period, global coal-fired generation will decrease 13%, representing only 22% of the generation mix in 2050. EIA projects that worldwide electricity generation will grow by 1.8% per year through 2050.
Read more... (source: www.eia.gov)


Equinor faces legal challenge over Great Australian Bight drilling plans

22 January 2020, 10:44am
Norwegian oil and gas company Equinor is facing a legal challenge over its offshore drilling plans in the Great Australian Bight following a legal action by an organization looking to protect... ...
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Dana awards Triton job to Ocean Installer

22 January 2020, 9:53am
Dana Petroleum has awarded Ocean Installer a contract for work at the Triton Area Development, located in the Central North Sea around 190 km east of Aberdeen. ...
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New deals for DOF Subsea’s Skandi Singapore vessel

22 January 2020, 9:29am
Norwegian subsea service business DOF Subsea has won several contract awards in the Asia-Pacific (APAC) region. ...
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Glencore to market Sangomar crude oil for FAR

22 January 2020, 8:25am
FAR Limited has signed a binding Memorandum of Understanding with Glencore for the full allocation of the company’s share of crude oil from the Sangomar field, located offshore Senegal.  ...
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Shearwater wins second seismic campaign offshore India

22 January 2020, 7:54am
Marine seismic acquisition company Shearwater GeoServices has been awarded a 3D broadband marine seismic acquisition campaign by ONGC in Western Offshore India. ...
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Vaalco restores production at two Etame wells

22 January 2020, 7:39am
Houston-based Vaalco Energy has restored production at two Etame wells, located offshore Gabon, following workover operations. ...
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BW to start production from two new Tortue wells in March

22 January 2020, 7:16am
BW Energy has completed the second production well of the Tortue Phase 2 development located offshore Gabon.  ...
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Pemex orders more seismic acquisition work from EMGS

22 January 2020, 7:08am
The Norwegian offshore survey company EMGS is nearing the completion of all acquisition work ordered by Mexican oil company Pemex in mid-2019. ...
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Premier farms into Mubadala’s Indonesian blocks

22 January 2020, 7:00am
Mubadala Petroleum has completed the farmout of a 20 percent participating interest in each of the Andaman I and South Andaman Gross Split Production Sharing Contracts to Premier Oil.  ...
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Lekoil agrees financial obligations delay for Ogo with Optimum

22 January 2020, 6:50am
Lekoil has reached an agreement with Optimum Petroleum, the operator of the OPL 310 license which includes the Ogo discovery, on deferring the company's financial and operational obligations due... ...
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Are US Anti-OPEC Efforts Fading?

22 January 2020, 12:00am
The current view within the White House is that OPEC's clout "is already waning and there's no pressing need for action".
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Kuwait to Resume Oil Output in Area Shared With Saudis

22 January 2020, 12:00am
Khafji was shut down in 2014 after a spat between the neighbors.
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Aramco International Listing Still on the Cards

22 January 2020, 12:00am
Saudi Aramco is still considering listing shares abroad, the kingdom's Finance Minister Mohammed Al-Jadaan said.
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Oil Chiefs at Davos Debate Tougher CO2 Cuts

22 January 2020, 12:00am
The bosses of some of the world's biggest oil companies discussed adopting much more ambitious carbon targets at a closed-door meeting in Davos on Wednesday.
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LNG Sector Enters Unprecedented Territory

22 January 2020, 12:00am
The LNG industry achieved six all-time highs last year, according to IHS Markit.
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Oil Prices Fall Sharply

22 January 2020, 12:00am
WTI and Brent crude oil prices dropped sharply during midweek trading amid ongoing concerns about key market indicators.
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Oil Down as Virus Concern Seen Countering Disruptions

22 January 2020, 12:00am
Oil declined as Goldman Sachs Group said demand concerns over a potential coronavirus epidemic would counter fears of supply disruptions in OPEC producers Libya, Iran and Iraq.
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McDermott Expects to Keep Paying Wages and Benefits

22 January 2020, 12:00am
All of McDermott's businesses are expected to continue to operate as normal for the duration of its recently announced restructuring, the company has confirmed.
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Phillips 66 and REG Scrap Renewable Diesel Project

22 January 2020, 12:00am
Phillips 66 and Renewable Energy Group have announced that they are discontinuing their joint effort to construct a large-scale renewable diesel plant in Ferndale, Washington.
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Oil, Gas Bankruptcy Filings Climb in 2019

22 January 2020, 12:00am
The price of oil has been stubbornly immune to sustained increases despite key geopolitical catalysts.
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Manufacturers Seek Broader FERC Pipeline Authority

22 January 2020, 12:00am
A trade group representing US manufacturers is urging Congress to grant FERC authority to oversee the reliability of interstate gas pipeline capacity.
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Suncor slapped with another safety order over Terra Nova incident

21 January 2020, 2:21pm
Canadian offshore regulator has sent another safety order to Suncor Energy and started a formal enquiry of an incident on the Terra Nova FPSO located offshore Canada.  ...
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McDermott files for Chapter 11 bankruptcy to eliminate $4.6 billion of debt

21 January 2020, 1:21pm
McDermott's restructuring transaction will be implemented through a prepackaged Chapter 11 process that will be financed by a debtor-in-possession financing facility of $2.81 billion. ...
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EIA forecasts crude oil prices will fall in the first half of 2020, then rise through 2021

21 January 2020, 1:00pm
In the U.S. Energy Information Administration's (EIA) January Short-Term Energy Outlook (STEO), EIA forecasts that the Brent crude oil spot price will average $65 per barrel (b) in 2020 and $68/b in 2021 and that the West Texas Intermediate (WTI) spot price will average $59/b in 2020 and $62/b in 2021.
Read more... (source: www.eia.gov)


Halliburton swings to $1.7 billion loss in 4Q

21 January 2020, 12:36pm
Halliburton sank to a $1.7 billion loss in the last quarter of 2019 as its revenues dropped compared to the same period of 2018. ...
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Offshore wind firm decommissions two Perenco’s gas platforms

21 January 2020, 12:06pm
Transport and installation services provider for the offshore wind industry Fred. Olsen Windcarrier has completed the offshore work related to decommissioning of two gas platforms for Perenco UK... ...
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Kazakhstan-based player to buy Caspian Explorer drilling vessel

21 January 2020, 11:24am
Caspian Sunrise, an oil and gas company with a focus on Kazakhstan, has decided to buy the Caspian Explorer drilling vessel for $25 million.  ...
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Total delays South African well spud

21 January 2020, 9:51am
French oil major Total will drill the Luiperd-1 well, located in Block 11B/12B offshore South Africa, in the second quarter of 2020, instead of its initial plan for the first quarter of the year.... ...
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Bad weather defers rig arrival to Byron’s well

21 January 2020, 8:25am
Enterprise Offshore Drilling’s EOD 264 jack-up drilling rig has completed operations for the current operator. However, the rig cannot be safely towed to Byron Energy’s SM71 F platform due to bad... ...
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BP chooses replacement as CFO decides to retire

21 January 2020, 7:45am
British oil major BP has named a new chief financial officer (CFO) following the decision by the current CFO to retire from the company and step down from the BP board on June 30, 2020. ...
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Tullow gets one-year extension for license off Namibia

21 January 2020, 7:43am
Oil and gas company Tullow Oil has received a one-year extension for the Second Renewal Exploration Period on PEL 37 offshore Namibia. ...
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Shell farms into Egdon’s license duo offshore UK

21 January 2020, 7:39am
Shell has signed a farm-in agreement to acquire 70 percent of Egdon Resources’ P1929 and P2304 licenses offshore the UK. ...
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Eni and ADNOC to collaborate on carbon capture utilization and storage program

21 January 2020, 7:36am
ADNOC has signed a strategic framework agreement with Italy’s energy company, Eni, to explore new opportunities for collaboration in carbon capture utilization and storage. ...
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GMS lands five-year contract for maintenance services

21 January 2020, 7:16am
Gulf Marine Services (GMS) has been awarded a five-year contract for maintenance services as an enhanced extension to an existing vessel contract.  ...
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Fugro, Colombian Maritime Authority wrap up seep hunting study in Caribbean Sea

21 January 2020, 7:04am
Geophysical services provider Fugro and the Colombian Maritime Authority (DIMAR) have completed a joint environmental seep hunting study to help assess the country’s resource potential in the... ...
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Australian regulator reassessing BP’s Ironbark environment plan

21 January 2020, 6:51am
Australia’s National Offshore Petroleum Safety and Environmental Management Authority (NOPSEMA) has begun reassessing BP’s Ironbark-1 exploration drilling environment plan. ...
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Premier preparing logistics base for drilling operations in Brazil

21 January 2020, 6:44am
APM Terminals has entered into a partnership with Brasco, a Wilson Sons Group company, to set up a logistics base in Brazil to support Premier Oil's drilling operations on Block 717.  ...
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Valaris and Aramco Order Newbuild Jackups

21 January 2020, 12:00am
A Valaris-Saudi Aramco joint venture has ordered two newbuild jackup rigs from International Maritime Industries.
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Egypt Pulling Back on Selling LNG Cargoes

21 January 2020, 12:00am
The country canceled several LNG tenders in 2019 because the prices that it received didn't even match the cost of production.
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2020 Off to Rocky Start for Refiners

21 January 2020, 12:00am
Though less than a month in, the new year has been difficult for oil refiners.
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McDermott to Seek Bankruptcy and Sell Lummus Unit

21 January 2020, 12:00am
The company will file for bankruptcy after it reached an agreement with creditors to tackle debt acquired through a botched acquisition.
Read more... (source: www.rigzone.com)


Oil Prices Settle Lower Amid Libya and Iraq Tensions

21 January 2020, 12:00am
WTI and Brent crude oil prices posted modest declines during Tuesday's session.
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Nord Stream 2 Counting on Germany for EU Gas Rule Hurdle

21 January 2020, 12:00am
Nord Stream 2's owners are looking for an appraisal that grandfathers in earlier provisions that helped make the project economic.
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US Calls for Immediate Resumption of Libya Oil Output

21 January 2020, 12:00am
The U.S. embassy in Libya called Tuesday for an immediate resumption of oil production.
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Energy Chiefs Tout CO2 Capture

21 January 2020, 12:00am
Capturing carbon dioxide from the fossil-fuel industry is key to slowing dangerous global warming, energy chiefs said in Davos.
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US Shale Suffering From Sustained Contraction

21 January 2020, 12:00am
Slower output growth would have global ramifications, given additional US barrels are forecast to account for most of the increase in 2020 worldwide supply.
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Report: McDermott may file for bankruptcy as soon as next week

20 January 2020, 2:24pm
U.S. engineering and construction services company McDermott International could be filing for bankruptcy over the course of this week. ...
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FAR secures $300 million credit for Sangomar development

20 January 2020, 11:52am
Australia’s FAR Limited has received final credit approvals for an underwritten $300 million senior secured reserve-based lending facility for the Sangomar field development offshore Senegal. ...
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ADES secures second jack-up extension in two weeks

20 January 2020, 10:03am
ADES International, an oil & gas drilling and production services provider in the Middle East and North Africa (MENA), has secured a contract renewal for the Admarine 261 jack-up rig in Saudi... ...
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EIA expects U.S. energy-related CO2 emissions to decrease annually through 2021

17 January 2020, 1:00pm
In its latest Short-Term Energy Outlook (STEO), released on January 14, the U.S. Energy Information Administration (EIA) forecasts year-over-year decreases in energy-related carbon dioxide (CO2) emissions through 2021. After decreasing by 2.1% in 2019, energy-related CO2 emissions will decrease by 2.0% in 2020 and again by 1.5% in 2021 for a third consecutive year of declines.
Read more... (source: www.eia.gov)


EIA forecasts slower growth in natural gas-fired generation while renewable energy rises

16 January 2020, 1:00pm
In its latest Short-Term Energy Outlook (STEO), released on January 14, the U.S. Energy Information Administration (EIA) forecasts that generation from natural gas-fired power plants in the electric power sector will grow by 1.3% in 2020. This growth rate would be the slowest growth rate in natural gas generation since 2017. EIA forecasts that generation from nonhydropower renewable energy sources, such as solar and wind, will grow by 15% in 2020�the fastest rate in four years. Forecast generation from coal-fired power plants declines by 13% in 2020.
Read more... (source: www.eia.gov)


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