Offshore Engineer Industry News News

Saudi Aramco CEO says IPO will 'certainly' happen

Nov 12, 2018

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…

Mubadala Buys Stake in Egypt's Nour Offshore Concession

Nov 12, 2018

Abu Dhabi state fund Mubadala Investment Company's oil business Mubadala Petroleum has agreed to buy a 20 percent participating interest in Egypt's Nour North Sinai Offshore concession from Italy's Eni, it said on Monday.Egypt's main producer…

Hedge Funds Enforce Correction to Oil Market's Course

Nov 12, 2018

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…

OMV Forms JV with Sapura

Nov 09, 2018

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…

Rosneft Snubs Government Oil Meeting

Nov 08, 2018

Russia's largest oil firm, Rosneft, snubbed a meeting chaired by Energy Minister Alexander Novak on Thursday aimed at consulting domestic energy companies as leading global producers signal a possible cut in crude output.A return to oil production…

Petrobras CEO Not Expected to Stay On

Nov 07, 2018

Brazil's right-wing President-elect Jair Bolsonaro said on Wednesday that the chief executive of state-controlled oil company Petroleo Brasileiro SA, Ivan Monteiro, is not expected to stay on during the new administration.Speaking to reporters…

W&T Offshore Reshuffles Executive Management

Nov 06, 2018

The US-based oil and natural gas acquisition, exploitation and exploration company W&T Offshore announced certain executive management changes within the Company, effective immediately.The Company announced the appointment of Janet Yang to Executive Vice President and Chief Financial Officer…

Tighter North Sea Rig Market Suggests Brighter 2019

Nov 06, 2018

North Sea drilling activity this year could surpass 2017 levels while seeding a brighter 2019, as a range of indicators point to recovery after four years of rig glut and “cannibalization”.Boldest among bellwethers is oil company spending. After campaigning since 2014 for lower supplier costs…

Rosneft Nearly Triples Net Profit

Nov 06, 2018

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…

Petrobras Earnings Miss Forecasts

Nov 06, 2018

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)…

Kosmos Energy, Shell Form Alliance

Nov 05, 2018

Oil and gas exploration and production company Kosmos Energy said that it has entered into a strategic alliance with Shell Exploration Company B.V. to jointly explore in Southern West Africa.Initially, the alliance will focus on Namibia, where…

Israel Exploring Eastern Mediterranean

Nov 05, 2018

Israel will tender off 19 new offshore blocks to oil and gas companies, its energy ministry said on Sunday, hoping to rebound from a disappointing bidding round a year ago.Israel discovered in 2009 that it had large reserves of natural gas off its Mediterranean coast…

Sinosure Supports ZMI in Offshore Deal

Nov 04, 2018

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…

Chevron Profit Doubles

Nov 02, 2018

U.S. oil and natural gas producer Chevron Corp on Friday reported that its quarterly profit doubled on record oil and gas production, sending its shares up as much as 5 percent.The results reflected strong gains in its oil and gas production…

Exxon Mobil Profit Tops Estimates

Nov 02, 2018

Exxon Mobil Corp on Friday reported a quarterly profit that topped analysts' estimate on higher prices received for its oil and natural gas but its production volumes fell on a year-over-year basis.The company's third-quarter net income rose 57 percent to $6…

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