Crude Oil News

 

Apache Appoints Ex-BP Upstream Chief to its Board

Feb 10, 2021

Oil and gas company Apache Corporation on Wednesday appointed Lamar McKay, former BP upstream chief, to its board of directors.McKay, 62, served as the chief transition officer of BP p.l.c. (BP) from October 2019 until his retirement in December 2020…

Tullow Oil CEO: "We will be able to repay the debt"

Feb 10, 2021

Tullow Oil CEO Rahul Dhir said on Wednesday he expected talks with creditors, including bondholders, to end in the second quarter with a focus on matching maturities with expected cashflows.Tullow had a market capitalization of around $596 million on Wednesday and net debt of $2…

Sapura Energy Nets E&C and Drilling Deals Worth $457M

Feb 10, 2021

Sapura Energy, a Malaysian integrated oil and gas services and solutions provider, said Wednesday its Engineering and Construction (E&C) and Drilling divisions have recently secured contracts with a combined value of about RM1.85 billion (around USD 457 million)…

Cummins QSK95s: Big Electric Power for Conversion of Ariake to FPSO

Feb 10, 2021

Floating Production Storage and Offloading (FPSO) vessels are essential tools in the search for oil  in deeper waters, further from shore-based facilities. Typically, the large FPSO is stationary with a number of wells feeding oil into its holds…

Japan's Cosmo Awarded Offshore Exploration Concession in Abu Dhabi

Feb 10, 2021

Japanese oil company Cosmo has been awarded exploration concession for Offshore Block 4 in Abu Dhabi, ADNOC, the Abu Dhabi national oil firm said.Under the agreement, Cosmo will own a 100 percent stake in the exploration phase, investing up to $145 million towards exploration and appraisal drilling…

Equinor Posts Record Annual Loss. Sells U.S. Bakken Shale Assets

Feb 10, 2021

Norway's Equinor has agreed to sell its assets in the U.S. Bakken shale oil province after a decade of multi-billion-dollar losses and criticism for poor investment decisions.Equinor will sell its entire Bakken acreage, located in the states of North Dakota and Montana to Grayson Mill Energy…

Taggart Development: LLOG Gets Access to Eni's Gulf of Mexico Infrastructure

Feb 10, 2021

U.S. Gulf of Mexico focused oil firm LLOG Exploration Offshore, and the Italian oil company Eni have signed an infrastructure agreement in the deepwater Gulf of Mexico, that will help LLOG develop its Taggart discovery.The agreement provides…

Tullow to Sell E. Guinea, Gabon Assets to Panoro for Up to $180M

Feb 09, 2021

Oil firm Tullow has struck a deal to sell its assets in Equatorial Guinea and an offshore block stake in Gabon to Panoro for $180 million and will use the proceeds to reduce debt.Tullow said Tuesday that Panoro would acquire all of its assets in Equatorial Guinea and the Dussafu asset in Gabon…

Blue Water-backed Kentech to Buy SNC-Lavalin's Oil and Gas Business

Feb 09, 2021

SNC-Lavalin Group Inc said on Tuesday it would sell its oil and gas business to Kentech Corporate Holdings Ltd, an energy services company backed by private equity firm Blue Water Energy, and focus on its high-performing engineering services…

France's Total to Change Name in Pivot Away from Oil

Feb 09, 2021

France's Total posted better than expected earnings in the fourth quarter as oil prices stabilized, and said it would change its name as part of a push to diversify and grow renewable power and electricity production.The French oil and gas major…

Risky Bet: NOCs Risk Wasting $400B as Energy Transition Accelerates

Feb 09, 2021

State-owned oil companies could squander about $400 billion on investments in the next decade on new oil projects that will struggle to turn a profit as the world shifts away from fossil fuels, a non-governmental organization said on Tuesday…

Shell in Norway: Focus on Gas and Offshore Wind

Feb 09, 2021

Royal Dutch Shell will narrow its exploration scope in Norway to focus on natural gas production and possibly offshore wind in future, it told the Norwegian oil and energy ministry.Shell said in October it planned to reduce its oil and gas operations…

HitecVision, Agder Energi Partner Up to Build Companies for 'Green Future'

Feb 09, 2021

HitecVision, a Norwegian private equity investor specializing in the oil and gas sector, has teamed up with the Norwegian power company Agder Energi to develop new companies for the coming energy transition.'There are strong forces in Europe…

PTTEP Taps Petrofac for P&A Project Off Australia

Feb 09, 2021

Oilfield services company Petrofac said Tuesday it has secured a Well Project Management contract in Australia with the Thai oil firm PTTEP.Petrofac will provide all project manpower to enable the execution of plug and abandonment operations…

CNOOC's Giant Semi-submersible Platform Arrives at Lingshui 17-2 Field

Feb 09, 2021

China's offshore oil and gas major CNOOC Ltd has delivered Shenhai-1, a 53,000-tonne, 120-meter tall locally built semi-submersible production and storage platform to its deepsea gas project in the South China Sea, a state-owned media has reported…

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