Offshore Energy News - page 396


Shell: LNG Supply Shortage Possible as Demand Surges

Feb 26, 2018

The global liquefied natural gas (LNG) market has continued to defy expectations of many market observers, with demand growing by 29 million tonnes to 293 million tonnes in 2017, according to Shell’s annual LNG Outlook. Such strong growth in demand is consistent with Shell’s first LNG Outlook…

Largest foundation for Kriegers Flak OWF installed

Feb 24, 2018

Only a few days after the first Gravity Based Foundation was installed, the project team of Jan De Nul Group floated off and installed the second and even larger GBF for the offshore wind farm Kriegers Flak in Denmark. The weather was favourable and the installation operation of this 10…

Borr Drilling Buys Paragon Offshore

Feb 22, 2018

Offshore rig firm Borr Drilling, controlled by Norwegian investor Tor Olav Troeim, is proposing to buy its rival Paragon Offshore for $232.5 million in a push to consolidate the fragmented rig market, it said on Thursday. A plunge in oil…

Transocean Upbeat About Offshore Recovery, Despite Quarterly Loss

Feb 21, 2018

Drilling contractor Transocean Ltd on Wednesday expressed optimism about a recovery in offshore drilling activity this year, despite reporting its third quarterly loss in a row. Companies that provide services and equipment for oil and gas exploration and production…

Brent Crude Eases, as Canadian Supply Drop Boosts U.S. Futures

Feb 20, 2018

Monday U.S. holiday pulls WTI's Friday gain into Tuesday. Brent crude oil prices eased on Tuesday, pulled down by a stronger dollar and a bout of profit-taking, while U.S. futures gained, bringing the discount between the two key futures contracts to a six-month low…

GTT Bags Order for Three LNG Carriers, One Bunkering Vessel

Feb 18, 2018

GTT announces it has received several orders, since the beginning of the year, for the equipment of three LNG Carriers (LNGCs) and one bunkering vessel. The three LNGCs, offering capacities ranging from 174,000 to 180,000 m3, will be built…

BP Plans No Azeri Platform Shutdowns in 2018

Feb 16, 2018

British oil major BP, which operates a number of oil and gas fields in Azerbaijan, plans no maintenance shutdowns of platforms there this year and intends to advance with new projects, BP's regional president told Reuters. 'There aren't any turnarounds planned for this year…

Wyoming, Utah Mull Funding Legal Challenges to West Coast Coal Policies

Feb 13, 2018

Lawmakers in coal-producing Utah and Wyoming, faced by a shrinking market for the fuel, this week introduced laws to fund legal challenges in California and Washington of policies that they believe hurt coal sales. A Utah lawmaker on Monday…

BP to Invest $1 Bln in Egypt This Year

Feb 12, 2018

BP is looking to invest over $1 billion in Egypt this year, making the country once again a top destination for investment, its CEO said on Monday.Speaking at an industry event in Egypt, Bob Dudley said the company was no longer owed any money by the Egyptian government…

Oil Faces Weekly Loss as Supply Worries Weigh

Feb 09, 2018

Oil prices fell for a sixth day on Friday, and were on track for their biggest weekly losses in 10 months, as record-high U.S. crude output added to concerns about a sharp rise in global supplies. The drop came amid a rout in global equity markets sparked by inflation fears…

North Sea Forties Pipeline Ramps Up Again Slowly

Feb 08, 2018

Buzzard oilfield restarts, pumping below full rate-source; Forties has temporary flow restriction. Oil and natural gas flows along Britain's biggest and most important oil pipeline, Forties, were ramping up slowly on Thursday as the system…

Allseas Plans World's Largest Construction Vessel

Feb 07, 2018

Swiss offshore services firm Allseas is planning to build a vessel big enough to be able to remove the world's largest oil and gas platforms when they reach the end of their production lives, its chief executive said. The vessel, to be called Amazing Grace…

Brent Crude Nears $70 on OPEC Cuts, Demand

Feb 02, 2018

UBS sees upside for demand growth in 2018. Reuters survey shows strong compliance with output cuts. Brent oil prices held near $70 per barrel, supported by strong compliance with output cuts by OPEC and its ally Russia, as well as expectations for strong demand growth in 2018…

Oil Rises as OPEC Compliance Eclipses US Output

Feb 01, 2018

U.S. production tops 10 mln bpd for first time since 1970 as U.S. inventories rise by 6.8 mln bbls. Oil prices rose on Thursday after a survey showed OPEC's commitment to its supply cuts remains in place, even as U.S. production topped 10 million barrels per day for the first time since 1970…

Why Canada is the Next Frontier for Shale Oil

Jan 29, 2018

The revolution in U.S. shale oil has battered Canada's energy industry in recent years, ending two decades of rapid expansion and job creation in the nation's vast oil sands. Now Canada is looking to its own shale fields to repair the economic damage…

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