The worldwide oil and gas industry is “resilient, confident and ready to spend” but is at risk of reverting to overspending, just as an increase in large-project approvals loom.That’s the gist of a new report from Oslo-based, all-in-one classification society…
Oil platform builder Kvaerner on Tuesday unexpectedly proposed its first dividend since 2015 and said it may make another such payment later this year, sending its shares soaring.The company said it expected to compete for contracts worth 30-50 billion Norwegian crowns ($3…
U.S. oil and gas company Apache Corp said on Thursday it expects to spend much less on exploration and production this year than originally planned, becoming the latest shale producer to cut capital spending amid a fall in crude prices.Apache set a capital budget for oil production of $2…
BP's profit doubled to $12.7 billion in 2018, driven by strong growth in oil and gas output following the acquisition of a large portfolio of U.S. shale assets.The company's debt rose however, and the pace of its share buyback scheme slowed in the last quarter as it completed the $10…
The majority of senior energy industry executives expect to maintain or increase spending this year to meet demand for oil and gas after years of austerity, a survey by DNV GL shows.DNV, a technical adviser to the energy industry, surveyed 791…
Spending on the offshore service sector will outpace spending on the onshore shale sector this year, said Rystad Energy.According to Rystad's Oilfield Service Research report, service companies exposed to the offshore subsea market and the maintenance…
Oil rose to $51 a barrel on Wednesday on perceptions that a price slide to 2017 lows prompted by economic worries had been overdone amid an OPEC-led effort to tighten supply.Crude has been caught up in wider financial market weakness as the U…
The outlook for offshore oilfield service contractors is strong as more than 100 new projects are aiming for 2019 sanctions, according to Rystad Energy, a Norway-based energy research and consulting firm.An expected $210 billion will be spent on offshore oilfield services globally next year…
The number of new oil and gas projects will rise five-fold next year from a 2015 trough but overall spending is still unlikely to be enough to meet future demand, consultancy Wood Mackenzie said in a report.Shaken by a sharp drop in oil prices in recent months…
British oilfield services company Hunting Plc expects oil and gas producers to defer some projects as a recent decline in crude prices could hit their short-term budgets, it said on Monday.Oilfield service companies, including U.S.-based Schlumberger…
Oil and gas producer Hess Corp and Conocophillips both expect production for 2019 to be higher than this year even as they spend roughly the same amount of money on exploration, the companies said on Monday.Investors have been urging U.S. oil…
The spending plans of oil majors BP and Equinor are unaffected by the more than 25 percent drop in oil prices since early October, their CEOs said on Wednesday.Oil and gas companies were boosted over the first nine months of the year by a recovery…
SBM Offshore signed a contract Wednesday for a second hull in its planned series of Fast4Ward floating production, storage and offloading units (FPSO) with Chinese shipyard Shanghai Waigaoqiao Shipbuilding and Offshore Co., Ltd. (SWS).The order…
Wind power is set overtake coal, nuclear and gas to become the EU’s largest power source well before 2030. This is according to the International Energy Agency’s (IEA) 2018 World Energy Outlook.According to the IEA’s projections, wind energy will become the EU’s largest power source in 2027…
Danish energy group Orsted posted third-quarter profit well above analyst expectations on Thursday and lifted its outlook for the year, in part thanks to the contribution from new offshore wind projects.Orsted now expects EBITDA for the year…
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