BP will cut its oil production in Azerbaijan by 76,000 barrels per day (bpd) in May and June as part of the ex-Soviet country's efforts to curb supply, state energy firm SOCAR said on Thursday.SOCAR plans to cut production by 17,000 bpd over the same period…
Oil and gas company Spirit Energy has been given the approval to drill an offshore well in the Barents Sea, offshore Norway.The country's offshore oil and gas safety body PSA Norway, said this week that it had given Spirit Energy permission to drill the 7321/8-2 S offshore well…
Offshore installation company Seajacks has won contract with Kajima Corporation for the transport and installation of wind turbine foundations at the Akita Port and Noshiro Port offshore wind farms in Japan.The project is being developed by Akita Offshore Wind Corporation (AOW)…
Southeast Asia-focused oil company KrisEnergy has said it has secured a loan for the development of a gas field offshore Cambodia.The company on April 30, 2020, entered into a credit facility agreement with Kepinvest Singapore Pte. Ltd. as a lender for a loan of up to $87 million…
India's Reliance Industries has cut the pay of some top oil-and-gas division employees by up to 50%, according to six sources and a letter seen by Reuters, as it battles lower profitability because of the coronavirus epidemic.Reliance, headed by India's richest man…
Offshore drilling company Transocean reported a net loss for the first quarter of $392 million, or $0.34 per diluted share. The company expects delays with new contracts due to COVID-19 but says it expects to continue to deliver offshore drilling 'industry’s best margins…
Sweden's Lundin Energy will cut its spending plans after a smaller-than-expected rise in first-quarter profit, the partner in Norway's Johan Sverdrup oilfield said on Thursday.Its earnings before interest and tax (EBIT) rose to $404 million…
CDWE, a joint venture company between Taiwanese company CSBC and Belgian offshore contractor DEME, has initiated the early works contract for the very first floating heavy lift and installation vessel to be built in Taiwan.To be named ‘Green Jade’…
Jack-up rig specialist Borr Drilling has sold two jack-up drilling rigs and backlog associated with them effective from April 1, 2020, for $15.8 million.The two jack-ups, the Dhabi II and Paragon B152, built in 1981 and 1982, respectively, are on contracts with UAE's ADNOC…
Qatar Petroleum, one of the world's biggest energy companies, plans a new wave of job cuts and spending reductions to cope with the slump in oil and gas demand which has hit global economies, two sources familiar with the matter said.Economic…
Offshore drilling contractor Valaris on Thursday reported a net loss of $3.01 billion, or $15.19 per share, for the first quarter 2020 compared to a net loss of $216 million, or $1.09 per share, in fourth-quarter 2019.First-quarter 2020 results included a non-cash asset impairment charge of $2…
Danish offshore drilling company Maersk Drilling has won an 11-month contract extension for its jack-up drilling rig Maersk Intrepid with Equinor in Norway, which will see the drilling firm earn more than $100 million.Maersk Drilling said Thursday…
The Dutch owner of a fleet of offshore jack-up service vessels Seafox has made a non-binding proposal to take over the UAE-based jack-up specialist GMS. Both companies provide offshore service support jack-up units for hook-up and commissioning in the oil & gas and offshore wind industries…
Norwegian oil and gas company Equinor has completed drilling of the offshore exploration well Helleneset, formally known as well 30/6-31 S, without finding hydrocarbons.The well was using the West Hercules semi-submersible drilling rig drilled…
The Dutch government said on Thursday it is providing ailing shipbuilder Royal IHC with a lifeline of up to almost 400 million euros ($435 million), enabling the company's takeover by a consortium of marine companies and investors from Benelux countries…
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