Offshore Energy News


Sirius Stuck with Ororo Development Plan

Aug 08, 2019

Nigeria-focused oil and gas development and production company Sirius Petroleum now says its license for the shallow water Ororo field in Nigeria hangs in the balance after the firm failed to launch its next phase of the field work program on…

Energy Companies’ Pounding a Periodic Thing

Aug 06, 2019

Although Norway’s offshore segments took a pounding in share-price value on Monday — with every segment incurring losses — the consensus here is that fundamentals offshore are good, and a combination of general uncertainty and specific contract losses are what rocked investors starting their week…

Chevron Profit Surges 26%

Aug 05, 2019

Chevron Corp reported a 26.3% jump in quarterly profit on Friday, as higher oil and gas production and a one-time breakup fee from its failed bid for a rival more than offset lower energy prices and a rise in expenses.Results benefited from…

Exxon Mobil Profit Sinks

Aug 05, 2019

Exxon Mobil Corp on Friday reported a 21% drop in quarterly profit, its third period in a row of weaker year-over-year results, as sharply higher oil production was offset by weaker refining and chemicals business.Shares slipped 1.6 percent to $71…

Petrobras Reports Production Boost

Aug 05, 2019

Brazilian state-run oil company Petroleo Brasileiro SA, or Petrobras, posted a long-awaited production boost in July after a disappointing June, as it ramped up production in the promising offshore 'pre-salt' region.In a presentation to discuss record quarterly profits…

Kosmos Sees Mauritania, Senegal Deal by Year-end

Aug 05, 2019

Oil and gas explorer Kosmos Energy expects to have agreed by the end of this year to sell down its stake in projects off the coast of Mauritania and Senegal in which it partners with BP, Kosmos said on Monday.In December, BP and its partners…

Baker Hughes: U.S. Cuts Rigs for Fifth Straight Week

Aug 02, 2019

U.S. energy firms this week reduced the number of oil rigs operating for a fifth week in a row as most independent producers cut spending even though majors were still pushing ahead with investments in new drilling.Drillers cut six oil rigs in the week to Aug…

Shell Takes FID for PowerNap Tieback

Aug 01, 2019

Shell has taken the final investment decision (FID) for the PowerNap deepwater project in the US Gulf of Mexico, the supermajor announced on Thursday.PowerNap, a subsea tie-back to the Shell-operated Olympus production hub, is expected to start production in late 2021 and produce up to 35…

Apache Corp Quarterly Profit Falls

Jul 31, 2019

U.S. oil and gas producer Apache Corp reported a 78.6% fall in second-quarter adjusted profit on Wednesday, hit by lower prices of oil, gas and natural gas liquids (NGL) and higher operating costs.The company reported a 43.6% fall in natural…

Shell Completes Caesar-Tonga Sale

Jul 30, 2019

Shell announced on Tuesday it has completed the sale of 22.45% non-operated interest in the Caesar-Tonga asset in the US Gulf of Mexico to Equinor as part of its divestment plan currently underway.In April 2019, Shell announced it had signed an agreement to sell its interest to Delek…

BP Profits Lifted by Production Uptick

Jul 30, 2019

A strong rise in oil and gas production helped BP offset weaker crude prices and refining profit to again beat profit expectations on Tuesday, boosting its shares.BP's second quarter contrasts with Total and Norway's Equinor, which posted sharp earnings drops…

KNOC Aims to Sell Stake in Dana Petroleum

Jul 30, 2019

State-run Korea National Oil Corp (KNOC) is considering upping the stake it is planning to sell in its British unit Dana Petroleum after failing to lure a buyer for the 30% previously on offer, banking and industry sources said.KNOC had hired…

ConocoPhillips Profit Slides

Jul 30, 2019

ConocoPhillips missed Wall Street estimates for quarterly profit on Tuesday as it spent more than expected and took a hit from lower crude prices due to fears of a slowing global economy.The OPEC and Russia have put a lid on production, but…

Qatar Petroleum Enters Guyana

Jul 29, 2019

Qatar Petroleum has entered into an agreement with Total for a share of exploration and production rights in two blocks offshore Guyana in Latin America.Under the agreement, which is subject to customary regulatory approvals by the government of Guyana…

Australia Ratifies Maritime Boundaries with East Timor

Jul 29, 2019

Australia passed a legislation that sets down maritime boundaries with East Timor on Monday, providing a framework for the two countries to split revenue from the offshore Greater Sunrise natural gas field.Both sides signed the historic treaty…

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