Crude Oil News

 

Norway: Troll, Sverdrup Oil Field Flow at Risk Over Potential Workers' Strike

Feb 11, 2021

A potential strike at Norway's Mongstad refinery next week could affect the export of crude oil from the offshore Johan Sverdrup and Troll fields, while gas exports would not be interrupted, the Safe labour union said on Thursday.Wage talks are due between the union and employers on Monday…

NOV Wins Offshore Wind Vessel Deal in China

Feb 11, 2021

Chinese shipbuilder China Merchants Heavy Industry (CMHI) has awarded NOV a contract to design and supply equipment for GustoMSC NG-14000XL-G wind turbine installation jack-up vessel to be built for OHT, a Norwegian heavy transport and installation contractor…

Shell Accelerates Carbon Emissions Reduction Plans

Feb 11, 2021

Energy giant Royal Dutch Shell vowed to eliminate net carbon emissions by 2050, raising its ambition from previous targets, as its oil output declines from a 2019 peak.The Anglo-Dutch company is in the midst of its largest overhaul yet as it…

SBM Offshore Expects Lower 2021 Earnings as Clients Cut Spending

Feb 11, 2021

SBM Offshore forecast that 2021 core earnings will be slightly below market expectations, the multinational oil firm said on Thursday, noting 2020 challenges will spill into 2021 as many of its clients had to cut budgets.The Dutch company, which supplies floating oil and gas production vessels…

Inpex Slumps to First Annual Loss in 12 years

Feb 10, 2021

Japan's biggest oil and gas explorer Inpex Corp posted a net loss of 111.7 billion yen ($1.1 billion) in 2020 as the COVID-19 pandemic hammered oil prices, cutting its sales and forcing it to book hefty impairment losses.The result marks Inpex's…

Subsea Equipment Rental Firm Opens Facility in Norway

Feb 10, 2021

GoSubsea, a newly established subsea equipment and service company has launched its Norway-based facility, targeting Scandinavian clients across the oil and gas, renewables, aquaculture, and educational research industries.According to the company's statement released Wednesday…

With 28 Bidders Disqualified, Guyana Taps Hess to Market its Crude

Feb 10, 2021

U.S. oil producer Hess Corp has been selected to market two Guyana crude oil shipments as the emerging oil power seeks a permanent partner to handle its share of a major offshore oil find, the country's vice president said on Tuesday.The South…

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…

Current News

Shell Accelerating Renewables Push in Germany

Shell Accelerating Renewables Push in Germany

Denmark Might Not Reach Its 2030 Emissions Reduction Goal as It 'Relies on Unproven Tech'

Denmark Might Not Reach Its 2030 Emissions Reduction Goal as It 'Relies on Unproven Tech'

Borr Drilling Expects Demand for Modern Jack-Up Rigs to Grow

Borr Drilling Expects Demand for Modern Jack-Up Rigs to Grow

Eni Officially Enters Giant Offshore Wind Project in UK

Eni Officially Enters Giant Offshore Wind Project in UK

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