Offshore Energy News


Equinor Finds Gas in the Norwegian Sea

Sep 17, 2019

Norway's Equinor has discovered a gas field in its Eagle prospect in the Norwegian Sea, the energy company said on Tuesday, adding that it plans to extract resources via existing platforms in the areaThe company discovered the gas field along with Norwegian partners Aker BP and Wellesley Petroleum…

Oil Soars 10%

Sep 16, 2019

Oil futures jumped 10% on Monday after an attack on Saudi Arabian crude oil processing facilities over the weekend sliced the kingdom's production in half and threatened to hamper shipments from the world's largest crude exporter.Prices initially…

New Age Sells Stake in Marine XII

Sep 12, 2019

Privately held oil and gas exploration and production company New Age (African Global Energy) Limited has announced the completion of the US$800 million sale of its 25% non-operated interest in the offshore Marine XII permit in Congo (Brazzaville) to LUKOIL Upstream Congo SAU…

OFS Sector Expected to Take a Hit

Sep 12, 2019

Lower oil prices will push the global oilfield services (OFS) sector into a recession in 2020 after three successive years of growth, according to Rystad Energy.In a new sector outlook update, Audun Martinsen, head of oilfield services research at Rystad Energy…

Mexico Gives Pemex $5 Bln to Pay Debt

Sep 11, 2019

Mexico's government will give state-owned Pemex $5 billion so the world's most indebted oil company can pay off bonds, part of a plan to shore up accounts that also includes refinancing other bonds, the company said on Wednesday.Pemex, burdened by some $104 billion of debt…

Brazil Sells Rights in Minor Oil Areas

Sep 10, 2019

Brazil auctioned off the exploration rights to 33 minor onshore and offshore oil and gas blocks on Tuesday, in what authorities framed as a bid to boost the industry outside of the nation's core, offshore pre-salt play.At an event in downtown Rio de Janeiro…

Exxon Discussing Norway Asses Sale with Var Energi

Sep 09, 2019

Oil major ExxonMobil said on Friday it had signed an exclusivity agreement with Var Energi for negotiations regarding a possible sale of Exxon's Norwegian upstream assets.An acquisition of Exxon's production assets in Norway would cement Var…

Johan Sverdrup: 660,000 bpd Output by 2022

Sep 09, 2019

Output from the Equinor-operated Johan Sverdrup oil field in the North Sea will rise to 660,000 barrels per day (bpd) by 2022, from 440,000 bpd by early 2020, a company executive said on Monday.Output from the field will start up in October…

Baker Hughes: U.S. Oil Drillers Cut Rigs Again

Sep 06, 2019

U.S. energy firms this week reduced the number of oil rigs operating for a third week in a row after drilling slowed for nine straight months as independent producers cut spending by about 10% this year.Drillers cut four oil rigs in the week to Sept…

LEKOIL Makes Progress Offshore Nigeria

Sep 05, 2019

Africa-focused oil and gas exploration, development and production company LEKOIL announced progress in one of its Nigerian projects months after a temporary setback in its asset acquisition spree in the West African country.The company said…

Russia Open to Private Firms Developing Arctic

Sep 04, 2019

Russia's natural resources and environment minister said on Wednesday he supported allowing private oil and gas companies to work on the Arctic shelf.Speaking to reporters at an economic forum in the far eastern Russian city of Vladivostok, the minister…

Norway: 33 Firms Seek Blocks in Mature Areas

Sep 04, 2019

Thirty-three oil companies submitted bids for exploration blocks offshore Norway in a so-called predefined areas (APA) licensing round, the Ministry of Oil and Energy said on Wednesday.This year's round comprised 48 blocks in the Arctic Barents Sea…

A 'NOC' on Wind?

Sep 03, 2019

Late last week, a large Equinor spending allotment passed under the radar of many a news stream: the Norwegian offshore operator was given a $230 million grant by largest shareholder, Oslo, to pursue wind projects, or at least one in particular…

Total Eyes $10 Billion North Sea Investments

Sep 03, 2019

French energy producer Total could invest up to $10 billion in the North Sea over the next five years but cost discipline must be maintained as a matter of urgency, Chief Executive Officer Patrick Pouyanne said on Tuesday.As part of its efforts…

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