Oslo-based energy market intelligence firm Rystad Energy has slashed its global oil demand forecast for 2020 by a quarter, citing the impact of the novel coronavirus.Rystad has pointed to the fact that the coronavirus epidemic in China has triggered…
Oil prices slipped lower on Monday as traders assessed China's oil demand following the coronavirus outbreak and waited to see if major producers will cut output further to balance markets. Oil is off more than 20% from peaks struck in January…
The Mediterranean-focused oil and gas company Energean might see further delay with the delivery of its FPSO hull from China on the back of the Coronavirus outbreak in the country.Just last week, Energean said that the delivery of the hull of…
Oil prices edged higher on Tuesday as investors focused on the signing of a preliminary trade deal between the United States and China, the world's top oil consumers, and on expectations of a drawdown in U.S. crude oil inventories.However, price gains were capped by receding Middle East tensions…
Chinese oil company CNOOC plans to drill 227 exploration wells in 2020 and has set aside up to around $13,8 billion for capital expenditures, CNOOC's highest annual Capex since 2014, according to Reuters.CNOOC said Monday that its targeted net…
China's state-owned offshore oil and gas producer CNOOC Ltd said it is confident of achieving its spending target this year, the highest since 2014, as its responds to a call to build up the nation's petroleum output and reserves.The company plans to spend 70 billion to 80 billion yuan ($10…
CNOOC's Weizhou 12-2 phase II project started production, the company announced today (28 November). The Weizhou 12-2 phase II project is in Beibu Gulf in the South China Sea with an average water depth of approximately 35.7m. The project…
After more than 40 years service, an icon of the inustry, Heerema Marine Contractor's semisubmersible crane vessel Hermod, was loaded onto Boskalis' heavy transport vessel Dockwise Vanguard in the port of Rotterdam. The Vanguard will…
Dutch heavy life and accomodation vessel firm OOS International has agreed a memorandum of understanding with Chinese offshore services company Jiangsu Fanzhou Shipping to form a strategic alliance. The two hope to work together to expand the coverage of their vessels globally…
Wison Offshore & Marine has signed a strategic cooperation agreement with LNG transport and containment system firm GTT work together on various LNG projects, including LNG floating storage regasification units and floating LNG. Wison says…
Andrew Hodgson is stepping down as CEO of Tyneside-based subsea engineering firm Soil Machine Dynamics (SMD). He will be will be succeeded by his deputy Mike Jones from 23 October. Jones has worked for SMD for over 25 years. A director since 2004…
Empyrean Energy has encountered a new prospect, Pearl, offshore China, following recently acquired 3D seismic in the area. Map from Empyrean. The company finalized the preliminary…
Heerema Marine Contractor’s iconic semisubmersible crane vessel Hermod is set to retire after a 40-year operational service history. Hermod's first job in 1979, installing the Piper A platform topsides in the UK North Sea…
CNOOC has signed a production sharing contract (PSC) with South Korea's SK Innovation for Block 17/08 in the South China Sea. Block 17/08 is in the Pearl River Mouth basin, covering a total area of 466sq km with a water depth of 100-130m…
The Dresser-Rand business, part of Siemens Power and Gas, was awarded two orders to supply power generation equipment for the Penglai and Dongfang projects, offshore China. At China National Offshore Oil Corp.’s (CNOOC) Penglai oil field in Bohai Bay…
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