Oil prices fell more than 2% on Tuesday on worries that new clampdowns on businesses to stem surging U.S. coronavirus cases could threaten fuel demand recovery and expectations that OPEC+ might ease output cuts from August in an upcoming meeting…
Two former managers of Monaco-based energy consultancy Unaoil have been convicted in Britain of bribing Iraqi officials to clinch lucrative oil projects as the war-ravaged country tried to boost exports after the fall of Saddam Hussein in 2003…
Classification and consultancy company ABS has provided a remote survey for steel certification at a steel mill, enabling Lamprell to continue work on jack-up drilling rigs, despite COVID-19 restrictions.Lamprell ordered 8855 MT of steel for…
Petroleum consumption growth has been slowing for decades and the industry shows increasing signs of maturity, which will have profound implications for the business strategies of oil-producing companies and countries.Slower growth will intensify…
The global active offshore drilling rig count for June 2020 was lower by 65 units, compared to June 2019, Baker Hughes' monthly rig count report has shown.Latin America was the only region that saw its offshore rig count rise, Europe and North America saw their numbers halved…
Israeli conglomerate Delek Group swung to a big first-quarter loss as a fall in oil prices brought an impairment at its North Sea operations, Ithaca Energy.Delek has been hard hit by the global coronavirus crisis and a drop in oil prices and…
Saudi oil giant Saudi Aramco has suspended the contract for the Seadrill co-owned jack-up drilling rig AOD II.The rig has an $89,900 a day contract with Saudi Aramco in Saudi Arabia running until April 2023. The contract was signed in April 2020…
Oilfield services giant Schlumberger has this week introduced two interesting technologies for remote well operations and downhole reservoir testing, the Performance Live and the Symphony, respectively.Performance Live is a digital service that optimizes remote well site operations control…
Israel's Delek Drilling wants to refinance about $2 billion in loans it had taken to develop the major Leviathan natural gas field either by issuing bonds or through bank finance.The company said in a statement on Monday it approached international…
OPEC has cut oil output in June by 1.25 million barrels per day (bpd) from May levels as it works to implement a supply restraint agreement with Russia and other allies, according to estimates from tanker-tracking company Petro-Logistics.OPEC and its allies…
Marine and engineering consulting firm LOC Group has won a contract with Seafox, a provider of offshore jack-up support units for oil & gas and offshore wind operations.Seafox has hired LOC for the provision of Rig Move Master Services and Geotechnical Services for rig moves…
Oil rose to above $42 a barrel on Friday, adding to gains in the previous session, after OPEC producers and allies promised to meet supply cuts and signs of demand, hit by the coronavirus crisis, recovering.Iraq and Kazakhstan, during a meeting of an OPEC+ panel on Thursday…
Saudi oil giant Saudi Aramco has decided to suspend a contract with Shelf Drilling for the High Island IV jack-up drilling rig.The offshore drilling contractor said Monday it had received a notification from 'a customer' on the suspension of…
Dutch offshore jack-up company Seafox has had its push to appoint two directors to the board of the UAE-based jack-up provider Gulf Marine Services, rejected.Seafox, a shareholder at GMS, on Thursday said it had written to Gulf Marine Services…
Marine and engineering consulting firm LOC Group has recently completed Marine Warranty Surveyor work for the Qatargas North Field Bravo Expansion Project, offshore Qatar.The scope of work included the review of the engineering and procedures for the design…