Offshore Energy News

Coronavirus to Cut 2020 Oil, Gas Spend by $30B

6 hours ago

The coronavirus outbreak could cut oil industry investment this year by tens of billions of dollars and delay the delivery of offshore installations currently being built at Asian yards, Oslo-based consultancy Rystad Energy predicted on Friday…

Sonangol to Start Asset Sale in April

7 hours ago

Angolan state oil company Sonangol will begin in April to sell its stakes in several private firms, chair Sebastiao Gaspar Martins said, as part of a government bid to privatize key state assets including parts of Sonangol itself by 2022. The…

IOG, CalEnergy in Further Harvey Farm-In Talks After Option Lapses

12 hours ago

UK-focused oil firm Independent Oil and Gas has said that it remains in talks with CalEnergy over the latter's participation in IOG's North Sea blocks.Namely, CalEnergy Resources, part of Berkshire Hathaway Energy, had an option to acquire a…

Energean Buys Total's Share in Greek Offshore Block

13 hours ago

Greek oil company Energean Oil and Gas has signed a deal to buy Total’s stake in Block 2, offshore Western Greece.Energean said the acquisition would provide material exploration opportunities in its core area of the Eastern Mediterranean with limited financialexposure…

Eni Pledges to Cut GHG Emissions by 80%

13 hours ago

Italian energy group Eni on Friday pledged to shrink its greenhouse gas emissions by 80% in one of the industry's most ambitious clean-up drives, just weeks before a decision on its chief executive's future. In its new business plan, Eni said its oil and gas production - forecast to grow 3…

Operators Could Soon Pay More for FPSOs

Feb 27, 2020

Amid a raft of February orders and near-orders for floating production storage and offloading vessels, or FPSOs, comes a new report suggesting those shipyards and engineers able to piece them together may soon be feeling the strain.'The strong pace of recent orders has a downside…

Project Delays are Not the Worst Effect of Coronavirus on Upstream O&G

Feb 27, 2020

The upstream oil and gas sector’s biggest commercial fear from the Coronavirus (COVID-19) epidemic is its impact on demand and prices. Only a small proportion of global supply comes from the worst-affected regions.Manufacturing shutdowns and shipping bottlenecks are causing project delays…

Rystad Further Cuts Oil Price Forecast

Feb 27, 2020

Norwegian energy intelligence firm Rystad Energy has further slashed its expected oil price estimates for 2020, citing the effect of the coronavirus epidemic. What is more, Rystad says another downward revision might happen soon.'As China’s…

Shell, Gasunie Building Giant Wind-Powered Hydrogen Plant

Feb 27, 2020

A consortium of Gasunie, Groningen Seaports, and Shell on Thursday announced plans to build a massive green hydrogen plant in Groningen.The project, dubbed Europe's largest green hydrogen project, and named the NortH2, envisions the production…

Oil Prices Drop To Lowest In a Year

Feb 27, 2020

Oil prices fell over 2% on Thursday, plunging for a fifth day to their lowest since January 2019 as a rise in new coronavirus cases outside China fuelled fears of a pandemic that could slow the global economy and dent demand for crude.Brent crude was down $1…

Maersk Decom P&A Services for Tullow's Mauritania Wells

Feb 27, 2020

Denmark's Maersk Decom has won a contract for complete plugging and abandonment of Tullow Oil’s Banda and Tiof fields offshore Mauritania.This is Maersk Decom's first project where the company will provide an end-to-end plugging and abandonment solution under one single contract…

Engie, EDPR Offshore Wind JV Gets EU Green Light

Feb 27, 2020

The European Commission has given its approval for the proposed offshore wind joint venture between France's Engie and Portugal's EDP Renewables.The two companies back in January signed a deal to form 50/50 joint-venture (JV) in fixed and floating offshore wind…

TechnipFMC Posts $2,4B Loss in 4Q

Feb 27, 2020

Oilfield services giant TechnipFMC reported a net loss of $2,4 billion in the third quarter on after tax-charges. TechnipFMC said Thursday that result included impairment and other charges and provisions for goodwill and fixed assets totaling $2…

Bahamas Petroleum Gets Gov't Nod for Perseverance #1 Offshore Well

Feb 27, 2020

Bahamas Petroleum Company has received environmental authorization for its Perseverance #1 offshore well, expected to spud in April offshore The Bahamas.'Authorization represents the conclusion of an extensive and thorough process over many years…

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