General Electric Co is selling a portion of its stake in oilfield services provider Baker Hughes, the U.S. industrial conglomerate said on Tuesday, its latest move to raise cash and repay debt.GE, which bought Baker Hughes in July 2017, has…
U.S. President Donald Trump on Monday said he hoped there would be no oil output reductions, after Saudi Arabia said OPEC was considering cutting oil supply next year, citing softening demand.'Hopefully, Saudi Arabia and OPEC will not be cutting oil production…
Saudi Aramco Chief Executive Officer Amin Nasser said the initial public offering of the state-oil producer will 'certainly' happen when the conditions are right.Saudi Aramco said it is still in discussions to buy a stake in petrochemicals company Saudi Basic Industries Corp…
Hedge funds have sold the equivalent of almost half a billion barrels of crude oil and refined products in the last six weeks, as worries about slowing demand replaced earlier concern over sanctions on Iran.Hedge funds and other money managers…
While the offshore industry is showing signs of recovery, it may still be some time before the supply chain starts to feel a sense of relief.“The offshore and deepwater are coming back,” said Caitlin Shaw, director of upstream supply chain research at Wood Mackenzie…
Austria's OMV has agreed to establish a joint venture with Malaysia's Sapura Energy Bhd , paying $540 million for a 50 percent stake in its exploration assets in line with its strategy to expand in Southeast Asia.Sapura Energy will transfer $350 million of its debt into the new firm…
Gabon plans to scrap a 35 percent corporate tax on energy companies as part of a revised hydrocarbons law and has launched a new offshore oil and gas exploration licensing round for 34 blocks, Oil Minister Pascal Ambouroue said on Wednesday…
Paul Smith has been appointed as future chief financial officer (CFO) and member of the management board of European exploration and production company Wintershall DEA, BASF and LetterOne announced on Tuesday.The appointment will take effect on closing of the merger of Wintershall and DEA…
Norwegian drillship and rig operator Fred. Olsen Energy, proposes to sell one of its drilling units and to issue $130-140 million in new equity to pay off debt, as part of a refinancing plan published on Tuesday.The proposal includes issuing about $90 million in new loan capital…
Russia's largest oil producer Rosneft almost tripled third-quarter net profit to 142 billion roubles ($2.15 billion), citing higher crude output and prices, despite taking a heavy hit on downstream operations.The company took a 133 billion rouble ($2 billion) impairment in refining and distribution…
Brazil's Petroleo Brasileiro SA on Tuesday reported a surge in third-quarter net profit that still lagged forecasts as oil prices rose but spending at the state-owned company jumped.Petrobras made a net profit of 6.644 billion reais ($1.78 billion)…
More stringent fuel regulations regarding sulphur content could significantly increase global shipping companies' operating costs and capex needs, says Fitch Ratings in a new report.'This may negatively affect their credit quality unless they manage to pass these costs to customers…
Abu Dhabi-based offshore oil and gas Industries service provider Zakher Marine International (ZMI) announced the conclusion of a first-of-its-kind financing in the shipping industry worth $125 million.It is the first China Export and Credit Insurance Corporation…
Changes to the petroleum resource rent tax (PRRT) announced today by the Commonwealth must be assessed carefully by Australia’s oil and gas industry, said the Australian Petroleum Production & Exploration Association (APPEA).“Attracting investment…
Drilling company Ades International Holding has bought 12 onshore rigs from Weatherford in Kuwait for $ 123 million.The oil & gas drilling and production services provider in the Middle East and North Africa (MENA) said in a press release that…