Russia's No.2 oil producer Lukoil's fourth-quarter net profit rose to 159 billion roubles ($2.42 billion), up from 120.5 billion roubles in the same period a year earlier, the company said on Monday.Fourth-quarter revenue stood at 2 trillion roubles…
Equinor has, together with partners Petoro, ConocoPhillips and Repsol, made an oil discovery from the Visund A platform in the Telesto exploration well in the northern part of the North Sea. The resources are estimated at 12-28 million barrels of recoverable oil…
UK-based water company Northumbrian Water has signed what is believed to be the UK’s first corporate power purchase (PPA) agreement with Danish renewable energy specialist Ørsted for offshore wind.The 10-year deal is an expansion of a renewable electricity supply agreement between the companies…
Indonesian state-owned energy company PT Pertamina and Petroliam Nasional Berhad (Petronas) of Malaysia have signed a Memorandum of Understanding (MoU) to develop oil and gas business – upstream and downstream, not only in Indonesia or Malaysia but also in other countries…
German wind turbine manufacturer Senvion Group has concluded a 30-megawatt (MW) contract with Renexia for the first offshore wind farm in the Italian Mediterranean Sea.The wind farm will feature ten Senvion 3.0M122 turbines, installed on monopile…
The EU Marinet2 project has awarded 36 offshore renewable energy developers total funds of EUR 1.2 million for testing technology under its latest funding call.Thedevelopers will benefit from the free lab, tank and open-sea testing, courtesy of the MaRINET2 project…
Oil giant ExxonMobil, together with partner Qatar Petroleum (QP), made giant gas discovery to the east Mediterranean region after finding a gas-bearing reservoir offshore Cyprus and estimated in-place gas resources in the reservoir at 5 to 8 trillion cubic feet (tcf) of gas…
Last week, the first electricity has been generated by the Belgian offshore wind farm Norther. Only 7 months ago, the Dutch maritime contracting company Van Oord started with the installation of the first foundation and already the first power is delivered to the grid…
Two Belgian companies - Aerospace industry supplier SABCA and DEME Offshore - have formed a partnership to use drones for inspection services in the offshore wind energy industry.SABCA, a leading tier 1 aerospace industry supplier and DEME Offshore…
U.S. energy firms this week cut the number of oil rigs operating to the lowest in almost nine months as some producers follow through on plans to cut spending despite an over 20-percent increase crude futures so far this year.Drillers cut 10 oil rigs in the week to March 1…
Aker BP ASA announced it has awarded frame agreements with three suppliers for the provision of platform supply vessels (PSV), in a move that aims to reorganize the value chain.The three suppliers Simon Møkster Shipping AS, Eidesvik Offshore…
Petroleo Brasileiro SA is expanding its ambitious divestment program and has 'bold' plans for future sales, the Brazilian state-run oil company's chief executive said after the firm reported its first annual profit in five years.On a post-results conference call with analysts on Thursday…
Norwegian oil and gas company Aker BP is switching emphasis from M&A towards exploration, taking a potentially riskier path to increase its resources after years when it has relied on acquisitions to add the bulk of its new barrels.The company…
Anyone who works in business knows the importance of following processes to achieve successful outcomes. When it comes to the oil and gas industry, one misstep, change or delay can throw the entire process off, rendering resources useless and costing a company thousands…
TechnipFMC announced Friday it has been awarded a contract from BP for the engineering, procurement, construction, installation and commissioning (EPCIC) of the floating production storage and offloading (FPSO) unit to be deployed for the Greater Tortue Ahmeyim project offshore West Africa…